SCHEDULE 14A INFORMATION
(RULE 14A-101)
INFORMATION REQUIRED IN PROXY STATEMENT
SCHEDULE 14A INFORMATION
PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE
SECURITIES EXCHANGE ACT OF 1934 (AMENDMENT NO. )

[X] Filed by the Registrant
[ ] Filed by a Party other than the Registrant
Check the appropriate box:
[ ] Preliminary Proxy Statement
[ ] Confidential, for Use of the Commission Only (as permitted by
Rule 14a-6(e)(2))
[X] Definitive Proxy Statement
[ ] Definitive Additional Materials
[ ] Soliciting Material Pursuant to Rule 14a-11(c) or Rule 14a-12

THE EMERGING MARKETS FLOATING RATE FUND INC.

(Name of Registrant as Specified In Its Charter)

Payment of Filing Fee (check the appropriate box):
[X] No fee required.
[ ] Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.

(1) Title of each class of securities to which transaction applies:

______________________________________________________________________

(2) Aggregate number of securities to which transaction applies:

______________________________________________________________________

(3) Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule 0-11 (set forth the amount on which the
filing fee is calculated and state how it is determined):
______________________________________________________________________

(4) Proposed maximum aggregate value of transaction:

______________________________________________________________________

(5) Total fee paid:

______________________________________________________________________

[ ] Fee paid previously with preliminary materials.
[ ] Check box if any part of the fee is offset as provided by Exchange Act
Rule 0-11(a) (2) and identify the filing for which the offsetting fee
was paid previously. Identify the previous filing by registration
statement number, or the Form or Schedule and the date of its filing.

(1) Amount Previously Paid:

______________________________________________________________________

(2) Form, Schedule or Registration Statement No.:

______________________________________________________________________

(3) Filing Party:

______________________________________________________________________

(4) Date Filed:

______________________________________________________________________

THE EMERGING MARKETS FLOATING RATE FUND INC.
125 BROAD STREET, NEW YORK, NEW YORK 10004

NOTICE OF ANNUAL MEETING OF STOCKHOLDERS

May 20, 2002

To the Stockholders:

The Annual Meeting of Stockholders (the "Meeting") of The Emerging Markets
Floating Rate Fund Inc. (the "Fund") will be held at 388 Greenwich Street, 26th
Floor, Conference Room N, New York, New York, on Thursday, June 20, 2002 at
3:30 p.m., New York time, for the purposes of considering and voting upon the
following:

1. The election of Directors (Proposal 1); and

2. Any other business that may properly come before the Meeting.

The close of business on May 3, 2002 has been fixed as the record date for
the determination of stockholders entitled to notice of and to vote at the
Meeting.

By Order of the Board of Directors,

Christina T. Sydor
Secretary

TO AVOID UNNECESSARY EXPENSE OF FURTHER SOLICITATION, WE URGE YOU TO
INDICATE VOTING INSTRUCTIONS ON THE ENCLOSED PROXY, DATE AND SIGN IT AND
RETURN IT PROMPTLY IN THE ENVELOPE PROVIDED, NO MATTER HOW LARGE OR HOW
SMALL YOUR HOLDINGS MAY BE.

INSTRUCTIONS FOR SIGNING PROXY CARDS

The following general rules for signing proxy cards may be of assistance
to you and avoid the time and expense to the Fund involved in validating your
vote if you fail to sign your proxy card properly.

1. Individual Accounts: Sign your name exactly as it appears in the
registration on the proxy card.

2. Joint Accounts: Either party may sign, but the name of the party signing
should conform exactly to a name shown in the registration.

3. All Other Accounts: The capacity of the individual signing the proxy
card should be indicated unless it is reflected in the form of
registration. For example:

REGISTRATION VALID SIGNATURE
------------ ---------------

CORPORATE ACCOUNTS
------------------
(1) ABC Corp. ................................................... ABC Corp. (by John Doe, Treasurer)
(2) ABC Corp. ................................................... John Doe, Treasurer
(3) ABC Corp., c/o John Doe, Treasurer .......................... John Doe
(4) ABC Corp. Profit Sharing Plan ............................... John Doe, Trustee

TRUST ACCOUNTS
--------------
(1) ABC Trust ................................................... Jane B. Doe, Trustee
(2) Jane B. Doe, Trustee, u/t/d 12/28/78 ........................ Jane B. Doe

CUSTODIAL OR ESTATE ACCOUNTS
----------------------------
(1) John B. Smith, Cust., f/b/o John B. Smith, Jr. UGMA ......... John B. Smith
(2) John B. Smith ............................................... John B. Smith, Jr., Executor

THE EMERGING MARKETS FLOATING RATE FUND INC.
125 BROAD STREET, NEW YORK, NEW YORK 10004

----------------
PROXY STATEMENT

This proxy statement is furnished in connection with a solicitation by the
Board of Directors of The Emerging Markets Floating Rate Fund Inc. (the "Fund")
of proxies to be used at the Annual Meeting of Stockholders of the Fund to be
held at 388 Greenwich Street, 26th Floor, Conference Room N, New York, New
York, on Thursday, June 20, 2002 at 3:30 p.m. New York time (and at any
adjournment or adjournments thereof) for the purposes set forth in the
accompanying Notice of Annual Meeting of Stockholders. This proxy statement and
the accompanying form of proxy are first being mailed to stockholders on or
about May 20, 2002. Stockholders who execute proxies retain the right to revoke
them in person at the Meeting or by written notice received by the Secretary of
the Fund at any time before they are voted. Unrevoked proxies will be voted in
accordance with the specifications thereon and, unless specified to the
contrary, will be voted FOR the election of Directors. The close of business on
May 3, 2002 has been fixed as the record date for the determination of
stockholders entitled to notice of and to vote at the Meeting. Each stockholder
is entitled to one vote for each full share and an appropriate fraction of a
vote for each fractional share held. On May 3, 2002, there were 4,289,945
shares of the Fund's common stock outstanding.

In accordance with the Fund's By-Laws, a quorum is constituted by the
presence in person or by proxy of the holders of record of a majority of the
outstanding shares of the Fund's common stock entitled to vote at the Meeting.
In the event that a quorum is not present at the Meeting, or in the event that
a quorum is present but sufficient votes to approve any of the proposals are
not received, the persons named as proxies may propose one or more adjournments
of the Meeting to a date not more than 120 days after the original record date
to permit further solicitation of proxies. Any such adjournment will require
the affirmative vote of a majority of those shares represented at the Meeting
in person or by proxy. The persons named as proxies will vote those proxies
which they are entitled to vote FOR or AGAINST any such proposal in their
discretion. A stockholder vote may be taken on one or more of the proposals in
this proxy statement prior to any such adjournment if sufficient votes have
been received for approval.

PIMCO Funds Advisors LLC ("PIMCO Advisors"), whose principal business
address is 1345 Avenue of the Americas, New York, New York 10105, is the Fund's
investment manager.

Salomon Brothers Asset Management Inc ("SBAM"), whose principal business
address is 388 Greenwich Street, New York, New York 10013, is the Fund's
investment adviser. SBAM is an indirect wholly-owned subsidiary of Citigroup
Inc.

PROPOSAL 1: ELECTION OF DIRECTORS

In accordance with the Fund's Charter, the Fund's Board of Directors is
divided into three classes: Class I, Class II and Class III. At the Meeting,
stockholders will be asked to elect two Class I Directors to hold office until
the year 2005 Annual Meeting of Stockholders or thereafter when their
respective successors are duly elected and qualified. The terms of office of
the Class II and Class III Directors expire at the year 2003 and 2004 Annual

Meetings of Stockholders, respectively, or thereafter in each case when their
respective successors are duly elected and qualified. The effect of these
staggered terms is to limit the ability of other entities or persons to acquire
control of the Fund by delaying the replacement of a majority of the Board of
Directors.

The persons named in the accompanying form of proxy intend to vote at the
Meeting (unless directed not to vote) FOR the election of the nominees named
below. All of the nominees for election are currently members of the Fund's
Board of Directors and have been previously elected a Director by the Fund's
stockholders. Each nominee has indicated that he will serve if elected, but if
any nominee should be unable to serve, the proxy will be voted for any other
person determined by the persons named in the proxy in accordance with their
judgment. As of April 20, 2001, Charles F. Barber became a director emeritus*
of the Fund.

The following table provides information concerning the nominees for
election as Class I Directors of the Fund:

NUMBER OF
PORTFOLIOS
ADVISED BY
SBAM, (1)
SBAM AND
PIMCO ADVISORS, (2)
AND PIMCO
ADVISORS(3) AND
PRINCIPAL OVERSEEN BY OTHER
OCCUPATION(S) NOMINEE DIRECTORSHIPS
NAME, ADDRESS POSITION(S) HELD LENGTH OF DURING PAST (INCLUDING HELD BY
AND AGE WITH FUND TIME SERVED 5 YEARS THE FUND) NOMINEE
- ------------------------------- ------------------ ------------- ----------------------- ------------------ -----------------------

NON-INTERESTED DIRECTOR NOMINEES
Jeswald W. Salacuse Director and Since 1994
Tufts University Member of Henry J. Braker 4(1) Director of two
The Fletcher School of Law the Audit Professor of 6(2) registered
& Diplomacy Committee Commercial Law and 1(3) investment
Packard Avenue formerly Dean, The companies advised
Medford, MA 02155 Fletcher School of by Advantage Advisers,
Age: 64 Law & Diplomacy, Inc. ("Advantage").

Dr. Riordan Roett Director and Since 1995 Tufts University.
The Johns Hopkins University Member of Professor and 4(1) The Latin America
1710 Massachusetts Ave., NW the Audit Director, Latin 6(2) Equity Fund, Inc.
Washington, DC 20036 Committee American Studies 0(3)
Age: 63 Program, Paul H.
Nitze School
of Advanced
International Studies,
The Johns Hopkins
University.

- ----------
* Upon attainment of age 80, Fund Directors are required to change to
emeritus status. Directors emeritus are entitled to serve in emeritus
status for a maximum of 10 years, during such time they are paid 50% of
the annual retainer fee and meeting fees otherwise applicable to Fund
Directors together with reasonable out-of-pocket expenses for each
meeting attended.

(1) Number of portfolios advised by SBAM or affiliates of SBAM.

(2) Number of portfolios advised by SBAM or affiliates of SBAM and PIMCO
Advisors or affiliates of PIMCO Advisors.

(3) Number of portfolios advised by PIMCO Advisors or affiliates of PIMCO
Advisors.

The following table provides information concerning the remaining Directors of
the Fund:

NUMBER OF
PORTFOLIOS
ADVISED BY
SBAM,(1)
SBAM AND
PIMCO ADVISORS,(2)
AND PIMCO
ADVISORS(3) AND
PRINCIPAL OVERSEEN BY OTHER
OCCUPATION(S) DIRECTOR DIRECTORSHIPS
NAME, ADDRESS POSITION(S) HELD LENGTH OF DURING PAST (INCLUDING HELD BY
AND AGE WITH FUND TIME SERVED 5 YEARS THE FUND) DIRECTOR
- ---------------------------- ------------------ ------------- ------------------------- ------------------- ------------------

CLASS II DIRECTORS SERVING UNTIL THE 2003 ANNUAL MEETING OF STOCKHOLDERS
NON-INTERESTED DIRECTOR
Leslie H. Gelb Director and Since 1994 President, 4(1) Britannica.com;
The Council on Member of The Council on 6(2) Director of two
Foreign Relations the Audit Foreign Relations; 0(3) registered
58 East 68th Street Committee formerly, Columnist, investment
New York, NY 10021 Deputy Editorial companies advised
Age: 64 Page Editor and by Advantage.
Editor, Op-Ed Page,
The New York Times.
INTERESTED DIRECTOR
*Heath B. McLendon Director and Since 1998 Managing Director 102(1) SBFM; TIA;
Salomon Smith Barney Inc. Co-Chairman of SBAM and 6(2) The Travelers
125 Broad Street Salomon Smith 0(3) Investment
New York, NY 10004 Barney Inc. ("SSB"); Management
Age: 68 Chairman, President and Company.
Chief Executive Officer
of Smith Barney Fund
Management LLC
("SBFM"); President of
Travelers Investment
Adviser, Inc. ("TIA").

CLASS III DIRECTOR SERVING UNTIL THE 2004 ANNUAL MEETING OF STOCKHOLDERS
INTERESTED DIRECTOR
**Stephen J. Treadway Director and Since 2000 Managing Director of 0(1) None
PIMCO Funds Co-Chairman Allianz Dresdner Asset 6(2)
Distributors LLC Management of 8(3)
2187 Atlantic Street America LP
Stamford, CT 06902 ("ADAMA"); Managing
Age: 54 Director and Chief
Executive Officer of
PIMCO Funds
Distributors LLC
("PFD") since May
1996.

- ----------
* Mr. McLendon is an "interested person" as defined in the Investment
Company Act of 1940, as amended (the "1940 Act"), because he is a
Managing Director of SBAM and a director and/or officer of affiliates of
SBAM, the Fund's investment adviser.

** Mr. Treadway is an "interested person" as defined in the 1940 Act because
he is a director and/or officer of affiliates of PIMCO Advisors, the
Fund's investment manager.

(1) Number of portfolios advised by SBAM or affiliates of SBAM.

(2) Number of portfolios advised by SBAM or affiliates of SBAM and PIMCO
Advisors or affiliates of PIMCO Advisors.

(3) Number of portfolios advised by PIMCO Advisors or affiliates of PIMCO
Advisors.

The following table provides information concerning the dollar range of
equity securities owned beneficially by each Director and nominee for election
as Director:

DOLLAR RANGE OF EQUITY AGGREGATE DOLLAR RANGE OF EQUITY SECURITIES IN ALL FUNDS OVERSEEN
NAME OF DIRECTOR/NOMINEE SECURITIES IN THE FUND BY DIRECTOR/NOMINEE AND ADVISED BY SBAM
- ---------------------------------- ------------------------ ------------------------------------------------------------------

NON-INTERESTED DIRECTORS/NOMINEES
Leslie H. Gelb $1 - $10,000 $1 - $10,000
Dr. Riordan Roett None $1 - $10,000
Jeswald W. Salacuse $1 - $10,000 $10,001 - $50,000
INTERESTED DIRECTORS
*Stephen J. Treadway None None
*Heath B. McLendon $10,001- $50,000 over $100,000

- ----------
* Messrs. McLendon and Treadway are "interested persons" as defined in the
1940 Act.

No Director or nominee for election as Director who is not an "interested
person" of the Fund as defined in the 1940 Act, nor any immediate family member
of such persons, had any interest in SBAM, the Fund's investment adviser, or
PIMCO Advisors, the Fund's investment manager, or any person or entity (other
than the Fund) directly or indirectly controlling, controlled by, or under
common control with SBAM and/or PIMCO Advisors as of May 1, 2002.

RESPONSIBILITIES OF THE BOARD OF DIRECTORS

The Board of Directors is responsible for ensuring that the Fund is
managed in the best interest of its stockholders. The Directors oversee the
Fund's business by, among other things, meeting with the Fund's management and
evaluating the performance of the Fund's service providers including PIMCO
Advisors, SBAM, the custodian, the transfer agent and the administrator. As
part of this process, the Directors consult with the Fund's independent
auditors and with their own separate independent counsel.

The Board of Directors has four regularly scheduled meetings each year and
additional meetings are scheduled as needed. In addition, the Board has an
audit committee which meets periodically during the year and whose
responsibilities are described below.

The Directors regularly review the Fund's financial statements,
performance and market price as well as the quality of the services being
provided to the Fund. As part of this process, the Directors review the Fund's
fees and expenses to determine if they are reasonable and competitive in light
of the services being received and while also ensuring that the Fund continues
to have access to high quality services in the future. Based on these reviews,
the Directors periodically make suggestions to the Fund's management and
monitor to ensure that responsive action is taken. The Directors also monitor
potential conflicts of interest among the Fund, PIMCO Advisors, SBAM and their
affiliates and other funds and clients managed by PIMCO Advisors and/or SBAM to
ensure that the Fund is managed in a manner which is in the best interest of
the Fund's stockholders.

At February 28, 2002, directors and officers of the Fund as a group owned
beneficially less than 1% of the outstanding shares of the Fund's common stock.
To the knowledge of the Fund's management, no person owned of record, or owned
beneficially, more than 5% of the Fund's outstanding shares of common stock at
that date, except that Cede & Co., a nominee for participants in Depository
Trust Company, held of record 3,967,105 shares, equal to approximately 92% of
the outstanding shares of the Fund's common stock.

The Fund's executive officers are chosen each year at the meeting of the
Board of Directors of the Fund immediately following the Annual Meeting of
Stockholders, to hold office until the meeting of the Board following the next
Annual Meeting of Stockholders and until their respective successors are duly
elected and qualified. In addition to Messrs. McLendon and Treadway, the Fund's
Co-Chairmen, the executive officers of the Fund currently are:

POSITION(S)
HELD WITH LENGTH OF PRINCIPAL OCCUPATION(S)
NAME, ADDRESS AND AGE FUND TIME SERVED DURING PAST 5 YEARS
- ---------------------------------- ---------------- ------------- ---------------------------------------

Peter Wilby President Since 2002 Managing Director of SSB and SBAM
Salomon Smith Barney Inc. Executive Vice 1994-2002 since January 1998.
388 Greenwich Street President
New York, NY 10013
Age: 43

James Craige Executive Vice Since 1999 Managing Director of SSB and SBAM
Salomon Smith Barney Inc. President since December 1998; Director of SSB
388 Greenwich Street and SBAM since January 1998 and
New York, NY 10013 Vice President of SSB and SBAM from
Age: 33 May 1992 to January 1998.

Lewis E. Daidone Executive Vice Since 1998 Managing Director of SSB; Director and
Salomon Smith Barney Inc. President and Senior Vice President of SBFM and TIA.
125 Broad Street, 11th Floor Treasurer
New York, NY 10004
Age: 44

Thomas Flanagan Executive Vice Since 1994 Managing Director of SSB and SBAM
Salomon Smith Barney Inc. President since December 1998; Prior to December
388 Greenwich Street 1998, Director of SSB and SBAM.
New York, NY 10013
Age: 49

Newton Schott Executive Vice Since 1997 Chief Administrative Officer, Managing
PIMCO Funds Distributors LLC President Director and General Counsel of PFD;
2187 Atlantic Street, Suite 100 Senior Vice President of Mutual Funds
Stamford, CT 06902 division of ADAMA.
Age: 59

Brian S. Shlissel Vice President Since 2002 Senior Vice President of ADAMA since
PIMCO Funds Advisors LLC July 1999; Vice President of Mitchell
1345 Avenue of the Americas Hutchins Asset Management
New York, NY 10105 (1993-1999).
Age: 37

Irving David Controller Since 2002 Director of SSB.
Salomon Smith Barney Inc.
125 Broad Street, 10th Floor
New York, NY 10004
Age: 41

Christina T. Sydor Secretary Since 1998 Managing Director of SSB; General
Salomon Smith Barney Inc. Counsel and Secretary of SBFM and TIA.
300 First Stamford Place
Stamford, CT 06902
Age: 51

The Fund's Audit Committee is composed entirely of Directors who are not
"interested persons" of the Fund, PIMCO Advisors, SBAM or their affiliates
within the meaning of the 1940 Act, and who are "independent" as defined in the
New York Stock Exchange listing standards. The Fund's Audit Committee is
composed of Messrs. Gelb and Salacuse and Dr. Roett. The principal functions of
the Audit Committee are: (i) to recommend to the Board the appointment of the
Fund's independent auditors; (ii) to review with the independent auditors the
scope and anticipated cost of their audit; and (iii) to receive and consider a
report from the independent auditors concerning their conduct of the audit,
including any comments or recommendations they might want to make in that
connection. This Committee met twice during the fiscal year ended February 28,
2002. The Fund has no nominating or compensation committees. The Fund adopted
an Audit Committee Charter at a meeting held on May 23, 2000.

REPORT OF THE AUDIT COMMITTEE

Pursuant to a meeting of the Audit Committee on April 18, 2002, the Audit
Committee reports that it has: (i) reviewed and discussed the Fund's audited
financial statements with management; (ii) discussed with
PricewaterhouseCoopers LLP ("PwC"), the independent auditors to the Fund, the
matters (such as the quality of the Fund's accounting principals and internal
controls) required to be discussed by Statement on Auditing Standards No. 61;
and (iii) received written confirmation from PwC that it is independent and
written disclosures regarding such independence as required by Independence
Standards Board Standard No. 1, and discussed with PwC the auditors'
independence. Based on the review and discussions referred to in items (i)
through (iii) above, the Audit Committee recommended to the Board of Directors
(and the Board has approved) that the audited financial statements be included
in the Fund's annual report for the Fund's fiscal year ended February 28, 2002.

During the fiscal year ended February 28, 2002, the Board of Directors met
four times. Each Director attended at least 75% of the aggregate number of
meetings of the Board and the committees for which he was eligible.

A representative of PwC will be available by telephone at the Meeting to
answer appropriate questions and will have an opportunity to make a statement
if he or she chooses to do so.

Under the federal securities laws, the Fund is required to provide to
stockholders in connection with the Meeting information regarding compensation
paid to the Directors by the Fund, as well as by the various other investment
companies advised by PIMCO Advisors and/or SBAM. The following table provides
information concerning the compensation paid from the Fund to each Director
during the fiscal year ended February 28, 2002 and the total compensation paid
to each Director during the calendar year ended December 31, 2001. Certain of
the Directors listed below are members of the Fund's Audit Committee and other
committees of certain other investment companies advised by PIMCO Advisors
and/or SBAM and its affiliates, and accordingly, the amounts provided in the
table include compensation for service on such committees. The Fund does not
provide any pension or retirement benefits to Directors. In addition, no
remuneration was paid during the fiscal year ended February 28, 2002 by the
Fund to Messrs. McLendon or Treadway, who are "interested persons" as defined
in the 1940 Act.

TOTAL COMPENSATION
AGGREGATE FROM THE FUND AND
COMPENSATION OTHER FUNDS
FROM THE FUND ADVISED BY SBAM
FOR THE FISCAL AND ITS AFFILIATES FOR
YEAR ENDED CALENDAR YEAR ENDED
NAME OF DIRECTORS 2/28/02 12/31/01
- ----------------- ---------------- -----------------------
DIRECTORSHIPS(A)

Leslie H. Gelb ............... $8,500 $ 51,700(10)
Dr. Riordan Roett ............ $8,500 $ 83,600(10)
Jeswald W. Salacuse* ......... $8,500 $ 83,600(10)

- ----------
(A) The numbers in parentheses indicate the applicable number of investment
company directorships held by that Director.

* Mr. Salacuse also was compensated $8,150 during the calendar year ended
December 31, 2001 for his services as director of the Municipal Advantage
Fund Inc. which is managed by PIMCO Advisors.

SECTION 16(A) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE

Section 16(a) of the Securities Exchange Act of 1934 and Section 30(h) of
the 1940 Act in combination require the Fund's Directors and officers, persons
who own more than 10% of the Fund's common stock, PIMCO Advisors, SBAM, and
their respective directors and officers, to file reports of ownership and
changes in ownership with the Securities and Exchange Commission and the New
York Stock Exchange, Inc. The Fund believes that all relevant persons have
complied with applicable filing requirements during its most recently completed
fiscal year.

REQUIRED VOTE

Directors are elected by a plurality of the votes cast by the holders of
shares of the Fund's common stock present in person or represented by proxy at
a meeting at which a quorum is present. For purposes of the election of
Directors, abstentions and broker non-votes will not be considered votes cast,
and do not affect the plurality vote required for directors.

THE DIRECTORS, INCLUDING THE DIRECTORS WHO ARE NOT "INTERESTED PERSONS,"
UNANIMOUSLY RECOMMEND THAT THE STOCKHOLDERS VOTE "FOR" THE NOMINEES FOR
DIRECTOR.

FEES PAID TO INDEPENDENT ACCOUNTANTS

AUDIT FEES. The fees for the annual audit of the Fund's financial
statements by PricewaterhouseCoopers LLP ("PwC") for the fiscal year ended
February 28, 2002 were $50,000.

FINANCIAL INFORMATION SYSTEMS DESIGN AND IMPLEMENTATION FEES. There were
no fees billed for financial information systems design and implementation
services rendered by PwC to the Fund, SBAM, PIMCO Advisors and entities
controlled by or affiliated with SBAM and/or PIMCO Advisors that provide
services to the Fund for the fiscal year ended February 28, 2002.

ALL OTHER FEES. The aggregate fees billed for all other non-audit
services, including fees for tax-related services, rendered by PwC to the Fund,
SBAM, PIMCO Advisors and entities controlled by or affiliated with SBAM and/or
PIMCO Advisors that provide services to the Fund for the fiscal year ended
February 28, 2002 were $2,724,189. The Fund's Audit Committee has determined
that provision of these non-audit services is compatible with maintaining the
independence of PwC.

PROPOSALS TO BE SUBMITTED BY STOCKHOLDERS

All proposals by stockholders of the Fund which are intended to be
presented at the Fund's next Annual Meeting of Stockholders to be held in 2003
must be received by the Fund for inclusion in the Fund's proxy statement and
proxy relating to that meeting no later than January 20, 2003. Any stockholder
who desires to bring a proposal at the Fund's 2003 Annual Meeting of
Stockholders without including such proposal in the Fund's proxy statement must
deliver written notice thereof to the Secretary of the Fund (addressed to The
Emerging Markets Floating Rate Fund Inc., 125 Broad Street, New York, New York
10004) during the period from March 22, 2003 to April 21, 2003.

OTHER INFORMATION

The Fund's Annual Report containing financial statements for the fiscal
year ended February 28, 2002 is available free of charge by writing to the Fund
c/o Salomon Brothers Asset Management Inc at the address listed on the front
cover, or by calling toll-free 1-888-777-0102.

EXPENSES OF PROXY SOLICITATION

The costs of preparing, assembling and mailing material in connection with
this solicitation of proxies will be borne by the Fund. Proxies may also be
solicited personally by officers of the Fund and by regular employees of SBAM,
PIMCO Advisors or their affiliates, or other representatives of the Fund or by
telephone or telegraph, in addition to the use of mails. Brokerage houses,
banks and other fiduciaries may be requested to forward proxy solicitation
material to their principals to obtain authorization for the execution of
proxies, and will be reimbursed by the Fund for such out-of-pocket expenses.

OTHER BUSINESS

The Board of Directors of the Fund does not know of any other matter which
may come before the Meeting. If any other matter properly comes before the
Meeting, it is the intention of the persons named in the proxy to vote the
proxies in accordance with their judgment on that matter.

May 20, 2002

- -------------------------------------------------------------------------------

THE EMERGING MARKETS FLOATING RATE FUND INC.
PROXY SOLICITED ON BEHALF OF THE DIRECTORS

The undersigned hereby appoints Heath B. McLendon, Lewis E. Daidone, Robert
A. Vegliante and Harris C. Goldblat, and each of them, attorneys and proxies for
the undersigned, with full power of substitution and revocation to represent the
undersigned and to vote on behalf of the undersigned all shares of The Emerging
Markets Floating Rate Fund (the "Fund") which the undersigned is entitled to
vote at the Annual Meeting of Stockholders of the Fund to be held at 388
Greenwich Street, 26th Floor, Conference Room N, New York, New York on Thursday,
June 20, 2002, at 3:30 p.m., and at any adjournments thereof. The undersigned
hereby acknowledges receipt of the Notice of Meeting and accompanying Proxy
Statement and hereby instructs said attorneys and proxies to vote said shares as
indicated hereon. In their discretion, the proxies are authorized to vote upon
such other business as may properly come before the Meeting. A majority of the
proxies present and acting at the Meeting in person or by substitute (or, if
only one shall be so present, then that one) shall have and may exercise all of
the power and authority of said proxies hereunder. The undersigned hereby
revokes any proxy previously given.

THIS PROXY, IF PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED BY THE
STOCKHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR THE ELECTION
OF THE NOMINEES AS DIRECTORS.

Please refer to the Proxy Statement for a discussion of the Proposals.

(CONTINUED ON REVERSE SIDE)

- -------------------------------------------------------------------------------

PLEASE DATE, SIGN AND MAIL YOUR
PROXY CARD BACK AS SOON AS POSSIBLE!

ANNUAL MEETING OF STOCKHOLDERS
THE EMERGING MARKETS FLOATING RATE FUND INC.

JUNE 20, 2002

Please Detach and Mail in the Envelope Provided
- -------------------------------------------------------------------------------
A [X] PLEASE MARK YOUR -- |
VOTES AS IN THIS | |
EXAMPLE | ---

WITHHOLD
FOR Authority to vote
Nominees for the nominees
listed at right listed at right

1. ELECTION [ ] [ ] NOMINEES:
OF Riordan Roett
DIRECTORS Jeswald W. Salacuse

(INSTRUCTION: To withhold authority to vote for any
individual nominee, write the name of the nominee on
the line below.)

- -----------------------------------------------------

2. Any other business that may properly come before the meeting.

3. I will be attending the meeting. [ ]

PLEASE COMPLETE, SIGN AND DATE HEREON AND MAIL IN ACCOMPANYING POSTPAID
ENVELOPE.

SIGNATURE DATE , 2002 SIGNATURE DATE , 2002
------------------ ----- --------------- -------
IF JOINTLY HELD

NOTE: Please sign this proxy exactly as your name appears on this Proxy. If
joint owners, EITHER may sign this Proxy. When signing as attorney, executor,
administrator.

- --------------------------------------------------------------------------------