Edgar Filing: PIMCO FLOATING RATE INCOME FUND

	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549	OMB APPROVAL
		OMB Number: 3235-0578 Expires: February 28, 2006 Estimated average burden hours per response:.20.0


	FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number			811-21374
PIMCO FLOATING RATE INCOME FUND
(Exact name of registrant as specified in charter)
1345 Avenue of the Americas New York, New York					10105
(Address of principal executive offices)					(Zip code)
Lawrence G. Altadonna – 1345 Avenue of the Americas New York, New York 10105
(Name and address of agent for service)

Registrant's telephone number, including area code:				212-739-3371

Date of fiscal year end:	July 31, 2005

Date of reporting period:		April 30, 2005

Form N-Q is to be used by the registered management investment company, other than a small business investment company registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b 1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Schedule of Investments

PIMCO FLOATING RATE INCOME FUND

SCHEDULE OF INVESTMENTS

April 30, 2005

(unaudited)

Principal
Amount
(000)			Value*
		SENIOR LOANS (a) (b) (c) - 58.4%
		Aerospace-0.3%
$	1,900	K&F Industries Inc., 5.20%-7.25%, 11/18/12, Term B	$	1,934,240

		Apparel & Textiles-1.3%
2,692		Arteva DBA Kosa, 5.875%, 4/30/11, Term B1	2,744,520
1,168		Kosa Canada Co., 5.875%, 4/30/11, Term B2	1,190,756
4,000		Simmons & Co., 7.00%, 6/19/12, Term C	4,085,000
			8,020,276

		Automotive Products-5.0%
2,298		Cooper Standard Automotive, Inc., 5.125%, 12/23/11, Term B	2,308,615
3,697		Cooper Standard Automotive, Inc., 4.75%, 12/23/11, Term C	3,713,860
2,255		Federal-Mogul Corp.,.0.00%, 12/8/11, Term B (d)	2,263,358
245		Federal-Mogul Corp., 0.00%, 12/8/11, Term LC (d)	245,711
5,000		Goodyear Tire & Rubber Co., 5.89%-6.64%, 4/7/10-4/1/11	4,976,697
3,141		Hayes Lemmerz International Inc., 5.71%-6.69%, 6/30/09, Term B	3,141,295
2,494		Pacificare Systems Inc., 4.25%-4.938%, 12/17/08, Term B	2,515,570
2,661		Tenneco Automotive Inc., 4.94%-5.11%, 12/30/10, Term B1	2,716,028
3,491		TRW Automotive Inc., 4.375%, 12/17/11, Term B	3,503,033
4,256		Volkswagon, ADR 5.65%, 4/7/11, Term B	4,328,125
			29,712,292

		Building/Construction-0.5%
2,938		Nortek, 5.34%-7.00%, 8/24/11-8/27/11	2,979,855

		Chemicals-3.3%
2,500		Brenntag AG, 5.88%, 2/28/12 Term B2	2,536,355
2,995		Celanese AG, 5.625%, 4/6/11, Term B	3,051,683
1,149		Cognis BV, 5.44%, 5/12/12, Term B1	1,159,079
1,992		Cognis BV, 5.94%, 3/31/13, Term C1	2,013,738
1,980		Hercules Inc., 4.842%-4.873%, 10/8/10, Term B	2,008,462
1,565		Huntsman International LLC, 5.50%, 12/30/10, Term B	1,592,634
2,941		Kraton Polymers Group 5.5625%-6.125%, 12/2/09	2,992,275
4,578		Nalco Co., 4.92%-5.05%, 11/1/10, Term B	4,651,638
			20,005,864

		Computer Software-0.2%
995		UGS Solutions Inc., 4.87%, 5/26/11, Term B	1,014,900

		Consumer Products-1.7%
3,039		Jarden Corp., 5.0925%, 1/21/12, Term B	3,057,796
1,000		Jarden Corp., 0.00%, 1/24/12, Term B (d)	1,006,146
3,000		Rayovac Corp., 4.77%-5.13%, 2/6/12-2/7/12, Term B	3,055,314
2,625		Revlon Inc., 8.77%-9.38%, 7/9/10-7/31/10	2,736,562
			9,855,818

		Containers-4.1%
5,486		Graham Packaging Co., 5.00%-5.688%, 9/15/11-10/7/11, Term B	5,565,603
1,500		Graham Packaging Co., 7.3125%, 3/15/12	1,539,188
3,650		Graphic Packaging International Corp., 5.06%-5.91%, 8/9/10, Term C	3,706,316
1,493		Intertape Polymer Group, Inc., 4.96%-5.204%, 7/28/11-7/30/11, Term B	1,513,022
1,296		Owens-Illinois Inc., 5.73%, 4/1/08	1,321,888
1,981		Solo Cup Co., 4.969%-5.09%, 2/27/11, Term B	2,007,552
742		Stone Container Corp., 2.812%, 11/1/10	754,909
5,918		Stone Container Corp., 4.688%-4.938%, 11/1/10-11/1/11, Term B	6,017,998
1,821		Stone Container Corp., 4.875%-4.938%, 11/1/10-11/1/11, Term C	1,851,692
			24,278,168

Principal
Amount
(000)			Value*
		SENIOR LOANS (continued)
		Diversified Manufacturing-0.7%
$	3,923	Invensys plc, 6.881%, 9/30/09, Term B1	$	3,983,956

		Drugs & Medical Products-0.7%
3,180		Warner Chilcott plc, 5.72%-7.50%, 1/18/12, Term B	3,211,584
1,080		Warner Chilcott plc, 5.72%, 1/18/12, Term C	1,091,016
			4,302,600

		Energy-3.0%
1,970		Calpine Corp., 8.86%, 8/13/09	2,053,725
1,500		Covanta Energy Corp., 0.00%, 4/6/13 (d) (e)	1,501,411
4,481		Dynegy, Inc., 6.72%, 5/28/10	4,516,262
1,638		Foundation Coal Holdings Inc., 4.78%-5.38%, 7/30/11, Term B	1,664,237
2,940		Headwaters Inc., 5.40%, 4/30/11, Term B	2,983,105
667		Headwaters Inc., 8.65%, 4/30/11, Term C	676,528
1,969		NRG Energy Inc., 2.992%, 12/24/11	1,993,605
2,525		NRG Energy Inc., 4.967%-5.255%, 12/24/11, Term B	2,556,799
			17,945,672

		Entertainment-1.3%
3,447		Loews Cineplex Entertainment Corp., 4.814%-5.12%, 7/8/11-7/22/11	3,504,433
4,455		Warner Music Group Inc., 4.319%-5.65%, 2/27/11, Term B	4,496,766
			8,001,199

		Financial Services-2.0%
1,000		Atlantic Broadcast, Inc., 5.70%, 7/30/11, Term B	1,022,500
1,500		Nextel Finance Corp., 5.438%, 3/15/11, Term C	1,524,375
4,423		Refco Group Ltd., 5.02%, 8/5/11, Term B	4,466,725
500		SatBirds Finance 0.00%, Term A (d)	633,373
1,250		SatBirds Finance 0.00%, Term B (d)	1,600,779
3,000		UPC Financing, 5.752%, 9/15/12, Term H2	3,004,713
			12,252,465

		Food & Beverage-0.8%
4,455		Constellation Brands, Inc., 4.83%-5.564%, 9/18/11, Term B	4,485,628

		Food Services-1.2%
2,868		Dominos Inc., 4.313%, 6/25/10, Term B	2,916,081
4,000		Michaels Foods, Inc., 6.59%, 11/30/11, Term C	4,120,000
			7,036,081

		Funeral Services-0.1%
573		Alderwoods Group Inc., 4.54%-5.296%, 9/17/08-9/17/09, Term B	581,520

		Health & Hospitals-1.8%
3,980		Ardent Health Inc., 5.25%, 8/15/11, Term B	3,987,463
1,970		Beverly Enterprises Inc., 5.05%-5.88%, 10/30/08, Term B	1,987,647
2,000		Community Health Systems, Inc., 4.64%, 8/9/11, Term B	2,024,792
3,000		HealthSouth Corp., 2.85%-5.52%, 3/31/10	3,019,218
			11,019,120

Principal
Amount
(000)			Value*
		SENIOR LOANS (continued)
		Hotels/Gaming-1.9%
$	2,286	Aladdin Gaming, 5.56%, 8/31/10, Term A	$	2,296,069
47		Aladdin Gaming, 7.10%, 8/31/10, Term B	47,473
995		Argosy Gaming Co., 4.85%, 6/30/11, Term B	1,002,877
2,300		MGM Mirage, 0.00%, 4/21/11, Term B (d)	2,305,391
3,000		MGM Mirage, 5.38%, 3/15/12, Term B	3,007,032
829		Venetian Casino, 4.81%, 2/22/12, Term B	834,967
2,000		Wynn Resorts Ltd., 5.175%, 12/14/11, Term B	2,032,812
			11,526,621

		Household Products-0.6%
1,000		Springer S.A., 6.026%, 9/16/11, Term B2	1,005,250
2,800		Springer S.A., 6.026%, 9/16/12, Term C2	2,826,309
			3,831,559

		Leasing-0.3%
333		United Rentals, Inc., 2.40%, 2/15/11, Term LC	337,523
1,647		United Rentals, Inc., 4.692%, 2/15/11, Term B	1,671,254
			2,008,777

		Machinery-0.6%
2,289		Agco Corp., 4.82%-4.842%, 1/31/06, Term B	2,323,504
1,022		Flowserve Corp., 5.313%-5.875%, 6/30/09, Term C	1,042,621
			3,366,125

		Manufacturing-0.7%
2,000		Hexcel, 4.625%, 3/1/12	2,024,688
1,500		Masonite International Corp., 6.75%-7.25%, 4/6/13, Term B	1,502,344
788		SPX Corp., 5.375%, 9/30/09, Term B1	792,960
			4,319,992

		Measuring Instruments-0.7%
4,000		Dresser Inc. 5.84%, 2/18/10	4,082,500

		Metals & Mining-0.5%
2,804		Novelis Inc. 4.50%, 12/30/11, Term B	2,848,772

		Multi-Media-5.3%
2,831		Canwest Media Inc., 5.044%, 8/15/09, Term E	2,866,085
2,000		Charter Communications Holdings, LLC, 5.98%, 4/26/10, Term A	1,973,522
6,422		Charter Communications Holdings, LLC, 5.98%, 4/26/11, Term B	6,360,122
4,500		DirecTV Holdings LLC, 4.454%, 4/8/13, Term B	4,518,563
6,913		Insight Midwest Holdings LLC., 5.75%, 12/31/09, Term B	7,024,109
3,000		MediaCom Broadband LLC, 0.00%, 2/28/14, Term B (d)	3,000,000
2,978		MediaCom Broadband LLC, 5.24%-5.34%, 9/30/10, Term B	2,994,826
1,400		Primedia Inc., 5.775%, 6/30/09, Term B	1,409,117
1,493		Primedia Inc., 7.375%, 12/31/09, Term C	1,509,758
			31,656,102

Principal
Amount
(000)			Value*
		SENIOR LOANS (continued)
		Office Equipment-1.0%
$	3,600	Boise Cascade Inc., 4.74%, 10/29/11, Term D	$	3,638,750
2,000		Xerox Corp., 4.82%, 9/30/08, Term B	2,026,786
			5,665,536

		Paper Products-0.8%
2,481		Appleton Papers Inc., 4.79%-5.55%, 6/9/10-6/11/10	2,508,390
2,044		Buckeye Technologies Inc., 4.45%-5.39%, 11/4/10, Term B	2,078,222
			4,586,612

		Pipelines-0.4%
2,556		Kinetics Concepts, Inc., 4.85%, 7/14/10, Term B	2,597,080

		Plastics-0.6%
3,413		Berry Petroleum Corp., 0.00%, 6/30/10 (d)	3,471,070

		Printing/Publishing-0.9%
1,651		RH Donnelley Corp., 4.50%-5.03%, 12/31/09, Term A3	1,670,921
3,923		RH Donnelley Corp., 4.70%-4.88%, 6/30/11, Term D	3,977,544
			5,648,465

		Real Estate-0.8%
991		General Growth Properties Inc., 5.11%, 11/12/07, Term A	997,290
3,991		General Growth Properties Inc., 5.10%, 11/12/08, Term B	4,023,665
			5,020,955

		Recreation-0.3%
1,797		Six Flags Theme Parks Inc., 5.38%, 6/30/09, Term B	1,806,103

		Retail-0.3%
1,990		Jean Coutu Group Inc., 5.50%, 7/30/11	2,022,803

		Semi-Conductors-0.5%
2,993		On Semiconductor Corp., 6.125%, 12/3/11, Term G	3,033,647

		Special Purpose Entity-0.3%
1,629		Global Cash Access, 5.314%, 3/15/10, Term B	1,654,807

		Technology-0.7%
4,000		Telcordia Technologies, 5.82875%, 9/9/12, Term B	3,982,500

		Telecommunications-6.0%
4,954		Advert Direct Sol, 5.07%, 11/19/11, Term B	4,973,357
3,960		Centennial Communications Corp., 4.88%-5.63%, 1/20/11-2/9/11, Term B	4,013,832
1,500		Dex Media East LLC, 4.14%-5.05%, 11/8/08, Term A	1,521,105
2,380		Dex Media East LLC, 4.52%-5.05%, 5/8/09, Term B	2,418,345
1,081		Dex Media West LLC, 4.73%-5.30%, 9/9/09, Term A	1,096,414
3,111		Dex Media West LLC, 4.48%-5.05%, 9/9/10, Term B	3,159,359
2,292		Inmarsat Ventures PLC., 5.50235%, 10/10/10, Term B	2,304,825
2,298		Inmarsat Ventures PLC., 6.5311%, 10/10/11, Term C	2,319,186
3,614		New Skies Satellite NV, 5.50%-5.6875%, 5/2/10, Term B	3,634,066
1,476		Panamsat Corp., 5.45%, 8/20/09, Term A1	1,488,999
688		Panamsat Corp., 5.45%, 8/20/09, Term A2	694,196
3,490		Valor Telecommunications Group, Inc., 4.85%-5.10%, 2/15/12, Term B	3,513,375
4,963		Western Wireless Corp., 5.87%-6.19%, 5/30/11, Term B	4,990,930
			36,127,989

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)	Value*
		SENIOR LOANS (continued)
		Tobacco-0.3%
$	1,648	Commonwealth Brands, Inc. 6.375%, 8/28/07, Term B		$	1,673,498

		Transportation-0.5%
3,000		Horizon Lines LLC, 0.00%, 7/7/11, Term C (d)		3,017,499

		Travel Services-0.3%
1,996		WorldSpan LP, 5.625%-5.875%, 2/16/10, Term B		1,953,150

		Utilities-4.2%
1,571		AES Corp, 5.25%-5.57%, 4/30/08-8/10/11, Term B		1,588,321
3,271		Allegheny Energy Inc., 4.81%-5.88%, 3/8/11, Term B1		3,302,423
4,500		El Paso Corp., 5.55%, 11/22/09, Term LC		4,530,627
2,460		El Paso Corp., 5.875%, 11/23/09, Term B		2,480,752
1,887		Midwest Generation LLC, 5.47%-6.11%, 4/27/11, Term B		1,917,664
8,978		Reliant Resources Inc., 5.067%-5.395%, 4/30/10		8,988,722
2,000		Tucson Electric Power, 2.992%, 3/30/09, Term B		2,018,750
				24,827,259

		Waste Disposal-1.6%
9,500		Allied Waste North America, Inc., 2.00%-5.37%, 1/15/12		9,531,892

		Wholesale-0.3%
2,022		Roundy’s Inc., 4.80%-5.01%, 6/6/09, Term B1		2,040,462

		Total Senior Loans (cost-$346,871,141)		349,711,429

		CORPORATE BONDS & NOTES-23.2%
		Air-Conditioning-0.5%
3,000		Goodman Global Holdings, 5.76%, 6/15/12 (a) (f) (g)	B3/B-	2,880,000

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)	Value*
		CORPORATE BONDS & NOTES (continued)
		Airlines-0.6%
$	1,219	Delta Air Lines, Inc., pass thru certificates, 7.379%, 5/18/10	Ba1/BB	$	1,149,960
1,750		JetBlue Airways Corp., pass thru certificates, 5.89%, 11/15/08 (f)	Ba1/BB+	1,750,131
678		JetBlue Airways Corp., pass thru certificates, 7.26%, 3/15/08 (f)	Ba1/BB+	694,463
					3,594,554

		Automotive Products-0.3%
2,000		Dura Operating Corp., 8.625%, 4/15/12, Ser. B	B3/B-	1,710,000

		Building/Construction-0.1%
500		North American Energy Partners, 8.75%, 12/1/11	Caa1/CCC+	424,375

		Energy-1.9%
1,228		Calpine Corp., 8.89%, 7/15/07 (a) (f) (g)	NR/B-	902,672
2,000		CMS Energy Corp., 7.75%, 8/1/10	B1/B+	2,065,000
2,500		Dynegy Holdings, Inc., 9.64%, 7/15/08 (a) (f) (g)	B3/B-	2,612,500
3,129		NRG Energy Inc., 8.00%, 12/15/13 (a) (g)	B1/B	3,175,935
2,500		PPL Capital Fund Trust I, 7.29%, 5/18/06	Ba1/BB+	2,573,668
				11,329,775

		Financing-0.7%
2,000		General Motors Acceptance Corp., 3.695%, 5/18/06, (f)	Baa2/BB	1,960,864
3,000		General Motors Acceptance Corp., 5.11%, 12/1/14 (f)	Baa2/BB	2,438,424
				4,399,288

		Forestry-0.3%
2,000		GP Canada Finance Co., 7.20%, 12/15/06 (a) (g)	Ba3/BB+	2,075,000

		Hospitals-0.3%
2,000		HCA Inc., 5.50%, 12/1/09	Ba2/BB+	1,994,306

		Hotels/Gaming-1.1%
1,000		Boyd Gaming Corp., 7.75%, 12/15/12	B1/B+	1,055,000
1,250		La Quinta Corp., 7.00%, 8/15/07	Ba3/BB-	1,281,250
2,000		Mandalay Resort Group, 7.625%, 7/15/13	Ba3/B+	2,075,000
2,000		Starwood Hotels Resorts, Inc., 7.375%, 5/1/07	Ba1/BB+	2,080,000
				6,491,250

		Insurance-0.6%
1,500		Parametric Re Ltd., 6.84%, 5/19/08 FRN (a) (f) (g)	Ba2/NR	1,559,955
2,000		Residential Reinsurance Ltd., 7.86%, 6/8/06 (a) (e) (f) (g)	Ba2/BB+	1,946,976
				3,506,931

		Manufacturing-0.2%
1,000		Superior Essex Inc., 9.00%, 4/15/12	B3/B	1,015,000

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)	Value*
		CORPORATE BONDS & NOTES (continued)
		Multi-Media-3.8%
$	5,000	Cablevision Systems Corp., 7.88%, 4/1/09 (a) (f) (g)	B3/B+	$	5,125,000
2,000		Cablevision Systems Corp., 8.00%, 4/15/12 (a) (g)	B3/B+	1,982,500
4,000		CCO Holdings LLC, 7.135%, 12/15/10 (a) (f) (g)	B3/CCC-	3,860,000
1,000		CCO Holdings LLC, 8.75%, 11/15/13	B3/CCC-	967,500
4,000		Charter Communications Holdings, 10.25%, 9/15/10	Caa1/CCC-	4,015,000
5,665		Echostar DBS Corp., 6.35%, 10/1/08 (f)	Ba3/BB-	5,820,788
1,000		Primedia Inc., 8.16%, 5/15/10 (f)	B2/B	1,055,000
				22,825,788

		Paper Products-1.0%
2,000		Abitibi-Consolidated Inc., 5.25% 6/20/08	Ba3/BB-	1,850,000
3,000		Boise Cascade LLC, 6.01563%, 10/15/12 (a) (f) (g)	B1/B+	2,985,000
1,000		Bowater Inc., 6.01%, 3/15/10 (f)	Ba3/BB	977,500
				5,812,500

		Retail-0.3%
2,000		Toys “R” Us Inc., 7.63%, 8/1/11	Ba2/BB	1,815,000

		Semi-Conductors-0.9%
2,000		Freescale Semiconductor Inc., 5.89063%, 7/15/09 (f)	Ba2/BB+	2,060,000
3,500		Magnachip Semiconductor Inc., 6.26%, 12/15/11 (a) (f) (g)	Ba3e/B+	3,290,000
				5,350,000

		Special Purpose Entity-1.6%
4,000		Borden US Finance Corp., 7.89063%, 7/15/10 (a) (f) (g)	B3/B-	4,020,000
3,000		Pioneer 2002 Ltd., 2002-3 8.26%, 6/15/06 (a) (e) (f) (g)	Ba3/BB+	3,049,029
2,500		Univeral City Florida Holdings, 7.49250%, 5/1/10 (a) (f) (g)	B3/B-	2,606,250
				9,675,279

		Telecommunications-8.3%
2,000		Cincinnati Bell Inc., 8.375%, 1/15/14	B3/B-	1,915,000
3,000		Dobson Cellular Systems, Inc., 7.49250%, 11/1/11 (a) (f) (g)	B2/B-	3,075,000
2,250		Hawaiian Telcom Communications, 8.914%, 5/1/13 (a) (f) (g)	B3e/B-	2,238,750
2,500		Intelsat Bermuda Ltd., 7.805%, 1/15/12 (a) (f) (g)	B2/B+	2,518,750
2,500		New Skies Satellites NV, 8.54%, 11/1/11 (a) (f) (g)	B3/B-	2,543,750
3,500		Qwest Capital Funding, 7.75%-7.90%, 8/15/06-8/15/10	Caa2/B	3,365,000
12,000		Qwest Communications International Inc., 6.29%, 2/15/09 (a) (f) (g)	B3/B	11,970,000
10,000		Qwest Services Corp., 13.50%, 12/15/10 (a) (g)	Caa1/B	11,300,000
3,500		Rogers Wireless Inc., 6.14%, 12/15/10 (e) (f)	Ba3/BB	3,613,750
2,000		Rural Cellular Corp., 7.51%, 3/15/10 (f)	B2/B-	2,030,000
2,000		Rural Cellular Corp., 8.25%, 3/15/12	B2/B-	2,035,000
3,000		Time Warner Telecommunications Inc., 6.79%, 2/15/11 (f)	B1/B	2,970,000
				49,575,000

		Tobacco-0.7%
1,000		Commonwealth Brands, Inc. 10.91%, 4/15/08 (a) (f) (g)	NR/NR	1,035,000
2,500		Dimon Corp., 7.75%, 6/1/13	WR/NR	2,831,250
1,100		North Atlantic Trading Co., 9.25%, 3/1/12	B3/CCC	797,500
				4,663,750

		Total Corporate Bonds & Notes (cost-$140,908,045)		139,137,796

		ASSET-BACKED SECURITIES-4.3%
283		Ameriquest Mortgage Securities Inc., 3.11%, 4/25/34 (f)	Aaa/AAA	283,631
1,365		Amortizing Residential Collateral Trust, 3.50%, 12/25/32 (f)	Aaa/AAA	1,371,628
1,061		CDC Mortgage Capital Trust, 3.37%, 10/25/33 (f)	Aaa/AAA	1,065,714
322		Centex Home Equity Loan Trust, 3.31%, 3/25/33 (f)	Aaa/AAA	321,843
966		Chec Loan Trust, 3.14%, 7/25/34 (f)	Aaa/AAA	966,422
18		Citifinancial Mortgage Securities Inc., 3.32%, 1/25/33 (f)	Aaa/AAA	18,076
1,745		Countrywide Asset-Backed Certificates, 3.20%, 7/25/21 (f)	NR/AAA	1,745,833
2,880		Credit-Suisse First Boston Mortgage Securities Corp., 3.37%-3.39%, 7/25/32-8/25/32 (f)	Aaa/AAA	2,791,048
1,625		FC CBO, 3.001%, 6/3/09, Ser. 1A (f) (g)	Ba2/BB	1,598,070
196		First Franklin Mortgage Loan, 3.14%, 7/25/33 (f)	NR/AAA	195,870
2,042		GSAMP Trust, 3.31%, 3/25/34 (f)	Aaa/AAA	2,042,720
2,361		Isles CBO, 4.14%, 10/27/10, Ser. 1 (e) (f) (g)	Ba2/NR	2,067,389
959		Jade CBO Ltd., 7.67%, 10/24/11 (e) (f) (g)	B2/NR	752,332
913		Long Beach Mortgage Loan Trust, 3.34%-3.42%, 3/25/33-6/25/33 (f)	Aaa/AAA	914,296
3,634		Mellon Residential Funding Corp., 3.30%, 11/15/31 (f)	Aaa/AAA	3,635,374
293		Merrill Lynch CBO, 3.22%, 11/7/06, Ser. A (e) (f) (g)	Ca/D	91,931
803		Nelnet Student Loan Trust, 2.017%, 4/25/11 (f)	Aaa/AAA	802,664
3,208		Park Place Securities Inc., 3.17%-3.22%, 10/25/34 (f)	Aaa/AAA	3,208,542
1,599		Terwin Mortgage Trust, 3.22%, 9/25/34 (f) (g)	Aaa/AAA	1,598,398
		Total Asset-Backed Securities (cost-$25,494,525)		25,471,781

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)	Value*
		SOVEREIGN DEBT OBLIGATIONS-2.8%
		Brazil-2.8%
$	11,530	Federal Republic of Brazil, 4.3125%, 4/15/09-4/15/12 (f)	B1/BB-	$	10,977,385
5,000		Federal Republic of Brazil, 11.00%, 8/17/40	B1/BB-	5,671,250
		Total Sovereign Debt Obligation (cost-$16,299,781)		16,648,635

Shares
		PREFERRED STOCK (f)-0.6%
		Financing-0.1%
9,815		Fannie Mae, 7.00%, 12/31/07 (f)	Aa3/AA-	547,493

		Special Purpose Entity-0.5%
30		Richmond County Cap. Corp., 6.39%, 7/15/08 (a) (f) (g)	NR/NR	3,045,000
		Total Preferred Stock (cost-$3,559,057)		3,592,493

		WARRANTS-0.0%
18,230		Reliant Energy, Inc. (i) (cost-$0)		103,648

		FOREIGN BONDS-0.5%
		Germany-0.1%
		Financial Services-0.1%
400		SatBirds Finance 6.9365%, 10/4/13	NR/NR	515,751

		Luxembourg-0.4%
		Multi-Media-0.4%
2,000		Cablecom Luxembourg, 4.898%, 4/15/12 (a) (f) (g)	B2/B	2,616,774
		Total Foreign Bonds (cost-$3,093,900)		3,132,525

		SHORT-TERM INVESTMENTS-10.3%
		ASSET-BACKED SECURITIES-1.0%
3,000		Redwood Capital II Ltd., 5.40%, 1/9/06 FRN (f) (g)	Baa3/BBB-	2,995,530
3,000		Redwood Capital II Ltd., 6.95%, 1/9/06 FRN (f) (g)	Ba1/BB+	3,001,320
		Total Asset-Backed Securities (cost-$6,000,000)		5,996,850

		COMMERCIAL PAPER-4.9%
		Banking-1.1%
6,700		Skandinaviska Enskilda, 2.68%-3.04%, 5/3/05-7/14/05	NR/NR	6,677,152

		Conglomerates-0.6%
3,800		General Electric Capital Corp., 3.09%, 7/25/05	P-1/A-1+	3,771,690

		Financing-3.2%
5,500		IXIS Corp., 2.81%, 6/8/05	P-1/A-1+	5,484,116
13,500		UBS Finance, Inc. 2.725%-2.87%, 5/6/05-6/14/05	P-1/A-1+	13,470,142
				18,954,258
		Total Commercial Paper (cost-$29,405,046)		29,403,100

		CORPORATE NOTES-1.0%
		Chemicals-0.3%
1,500		Arco Chemical Co., 9.375%, 12/15/05	B1/BB-	1,554,375

		Financing-0.2%
1,500		Ford Motor Credit Corp., 7.60%, 8/1/05	Baa2/BB+	1,510,602

		Hotels/Gaming-0.5%
3,000		La Quinta Corp., 7.40%, 9/15/05	Ba3/BB-	3,037,500
		Total Corporate Notes (cost-$6,054,994)		6,102,477

Principal
Amount
(000)				Value*
		SHORT-TERM INVESTMENTS (continued)
		U.S. GOVERNMENT AGENCY NOTES-1.9%
$	11,400	Fannie Mae, 2.97%-3.01%, 7/18/05-8/1/05 (cost-$11,320,375)	Aaa/AAA	$	11,315,220

		U.S. TREASURY BILLS (h)-0.6%
3,225		2.427%-2.75%, 5/5/05-6/16/05 (cost-$3,219,703)	Aaa/AAA	3,219,703

		REPURCHASE AGREEMENT-0.9%
5,512		State Street Bank & Trust Co. dated 4/29/05, 2.40%, due 5/2/05, proceeds: $5,513,102; collateralized by Freddie Mac, 1.50%, 8/15/05, valued at $5,625,082 with accrued interest (cost-$5,512,000)		5,512,000

		Total Short-Term Investments (cost-$61,512,118)		61,549,350

Contracts
		CALL OPTIONS PURCHASED (i)-0.0%
		U.S. Treasury Notes 10 yr., Futures, Chicago Board of Trade:
370		strike price $115, expires 5/20/05 (cost-$7,169)		5,781

		PUT OPTIONS PURCHASED (i)-0.0%
		Eurodollar Futures,
480		strike price $94.00, expires 9/19/05		3,000
20		strike price $94.25, expires 9/19/05		125
60		strike price $94.50, expires 9/19/05		375
		U.S. Treasury Notes 10 yr. Futures, Chicago Board of Trade,
358		strike price $102, expires 5/20/05		5,594
202		strike price $104, expires 5/20/05		3,156
130		strike price $107, expires 5/20/05		2,031
		Total Put Options Purchased (cost-$18,969)		14,281

		Total Options Purchased-(cost-$26,138)		20,062

		Total Investments before options written (cost-$597,764,705)-100.1%		599,367,719

Contracts			Value*
		CALL OPTIONS WRITTEN (i)-(0.1)%
		U.S. Treasury Notes 10 yr. Futures, Chicago Board of Trade,
(386	)	strike price $111, expires 5/20/05	$	(319,656	)
(272	)	strike price $113, expires 5/20/05	(34,000		)
		Total Call Options Written (premium received-$120,580)	(353,656		)

		PUT OPTIONS WRITTEN (i)-(0.0)%
		U.S. Treasury Bond Futures, Chicago Board of Trade,
(130	)	strike price $108, expires 5/20/05	(2,031		)
		U.S. Treasury Notes 10 yr. Futures, Chicago Board of Trade,
(235	)	strike price $107, expires 5/20/05	(3,672		)
(440	)	strike price $108, expires 5/20/05	(13,750		)
		Total Put Options Written (premium received-$431,153)	(19,453		)
		Total Options Written ($551,733)	(373,109		)

		Total Investments, net of options written (cost-$597,212,972)-100.0%	$	598,994,610

Notes to Schedule of investments:

* Valuation of Investments

Portfolio securities and other financial instruments for which market quotations are readily available are stated at market value. Portfolio securities and other financial instruments for which market quotations are not readily available or if a development/event occurs that may significantly impact the value of the security, may be fair-valued in good faith pursuant to guidelines established by the Board of Trustees. The Fund’s investments in senior floating rate loans (“Senior Loans”) are valued in accordance with guidelines established by the Board of Trustees. Under the Fund’s guidelines, Senior Loans for which a secondary market exists will be valued by an independent pricing service. Other Senior Loans are valued at fair-value by Pacific Investment Management Company LLC (the “Sub-Adviser”), pursuant to procedures approved by the Board of Trustees. Such procedures include consideration and evaluation of: (1) the creditworthiness of the borrower and any intermediate participants; (2) the term of the Senior Loan; (3) recent prices in the market for similar loans, if any; (4) recent prices in the market for loans of similar quality, coupon rate, and period until next interest rate reset and maturity, and (5) general economic and market conditions affecting the fair value of the Senior Loan. Other portfolio securities and financial instruments are valued by an independent pricing service, dealer quotations, or are valued at the last sale price on the exchange that is the primary market for such securities or financial instrument, or the last quoted bid price for those securities for which the over-the-counter market is the primary market or for listed securities in which there were no sales. Independent pricing services use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Exchange traded options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Short-term investments maturing in 60 days or less are valued at amortized cost, if their original maturity was 60 days or less, or by amortizing their value on the 61st day prior to maturity, if the original term to maturity exceeded 60 days. The prices used by the Fund to value securities may differ from the value that would be realized if the securities were sold. The Fund’s net asset value is determined weekly on the last business day of the week at the close of regular trading (normally, 4:00 p.m., Eastern Time) on the New York Stock Exchange.

(a)	Private Placement. Restricted as to resale and does not have a readily available market.
(b)	Illiquid security
(c)	These securities generally pay interest at rates which are periodically pre-determined by reference to a base lending rate plus a premium. These base lending rates are generally either the lending rate offered by one or more major European banks, such as the London Inter-Bank Offered Rate (“LIBOR”) or the prime rate offered by one or more major United States banks, or the certificate of deposit rate. These securities are generally considered to be restricted as the Fund is ordinarily contractually obligated to receive approval from the Agent Bank and/or borrower prior to disposition.
(d)	Unsettled security, coupon rate undetermined at April 30, 2005.
(e)	Fair-valued security.
(f)	Floating Rate Security. Interest rate shown is the rate in effect at April 30, 2005.
(g)	144A Security- Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, typically only to qualified institutional investors.
(h)	All or partial principal amount segregated as initial margin on futures contracts.
(i)	Non-income producing.

GLOSSARY:

ADR - American Depositary Receipt

CBO - Collateralized Bond Obligation

FRN - Floating Rate Note

NR - Not Rated

(a) Credit default swap contracts outstanding at April 30, 2005:

	Notional
Swap	Amount
Counterparty/	Payable on		Payments		Unrealized
Referenced Debt	Default	Termination	Received		Appreciation
Obligation	(000)	Date	by Fund		(Depreciation)
Bank of America
AES Corp.	1,000	12/20/2007	1.50	%	$	3,886
Allied Waste	600	9/29/2009	2.75	%	14,121
Bombardier	3,000	12/20/2005	2.00	%	(3,011		)
MCI	875	9/20/2007	4.57	%	73,095
Williams	875	9/20/2009	2.05	%	23,655
Bear Stearns
Georgia-Pacific	700	9/20/2009	1.24	%	2,484
Host Marriott	700	9/20/2009	1.95	%	(3,242		)
MCI	5,000	9/20/2005	1.75	%	30,434
MGM	1,500	9/20/2009	1.92	%	20,868
Nextel	1,500	12/20/2007	0.95	%	22,161
Royal Carribean	1,500	9/20/2007	1.50	%	26,887
Citibank
Allied Waste	1,500	9/20/2007	2.18	%	23,160
Crown Cork	1,500	9/20/2007	2.38	%	22,783
Host Marriott	900	9/20/2007	1.90	%	6,977
Owens Illinois	3,000	9/20/2007	2.05	%	18,264
Starwood	1,500	9/20/2007	1.20	%	8,227
Williams	1,500	12/20/2006	1.15	%	10,317
Credit Suisse
AES Corp.	900	9/20/2009	3.85	%	54,414
Allied Waste	875	9/20/2009	2.46	%	11,068
Delhaize	875	9/20/2009	1.40	%	13,996
Intelsat Bermuda	3,000	3/20/2010	3.21	%	30,507
SAMI	3,640	9/20/2008	2.45	%	42,057
SAMI	2,600	9/20/2008	2.45	%	22,241
SAMI	5,200	9/20/2008	2.45	%	79,582
Goldman Sachs
Dow Jones CDX	10,000	6/20/2010	3.60	%	(105,991		)
Dow Jones CDX	3,250	6/20/2010	3.60	%	(38,510		)
Echostar	1,000	12/20/2005	0.85	%	601
HCA Inc.	1,000	12/20/2007	0.75	%	(1,521		)
Starwood	1,000	12/20/2007	1.10	%	1,938
TRW Automotive	875	9/20/2009	2.15	%	(27,069		)
JP Morgan Chase
AES Corp.	1,500	9/20/2007	2.15	%	31,407
Echostar	1,000	12/20/2007	1.10	%	(5,857		)
Electronic Data	1,000	12/20/2007	1.30	%	15,885
DowJones CDX	1,500	6/20/2010	3.60	%	(19,649		)
DowJones CDX	4,900	12/20/2009	2.60	%	79,992
DowJones CDX	4,100	6/20/2010	2.10	%	26,826
DowJones CDX	6,000	6/20/2010	2.10	%	48,258
Ford Motor	5,000	6/20/2006	3.25	%	35,383
JC Penney	2,000	12/20/2007	0.65	%	(17,204		)

	Notional
Swap	Amount
Counterparty/	Payable on		Payments		Unrealized
Referenced Debt	Default	Termination	Received		Appreciation
Obligation	(000)	Date	by Fund		(Depreciation)
JP Morgan Chase (continued)
Nextel	1,000	12/20/2007	0.95	%	$	14,774
Tenet Healthcare	5,000	12/20/2007	3.20	%	(129,299			)
Tenet Healthcare	5,000	12/20/2009	4.15	%	198,181
Lehman Brothers
Extendicare	2,000	9/20/2009	2.10	%	45,019
Extendicare	600	9/20/2009	2.10	%	13,506
General Motors Corp.	4,000	12/20/2005	0.92	%	(99,305			)
L-3Com Revolver	5,000	12/20/2008	1.50	%	56,062
Dynegy - LIBOR Revolver	3,000	12/20/2009	3.05	%	58,603
Six Flags Theme Parks Revolver	1,000	3/20/2010	2.70	%	20,112
Merrill Lynch
PSEG Energy	3,500	12/4/2006	2.95	%	83,082
SPX	900	9/20/2009	2.25	%	(2,965			)
Williams	700	9/20/2009	1.71	%	9,364
Morgan Stanley
Georgia Pacific	900	9/20/2009	1.63	%	17,350
UBS
Dow Jones	2,250	6/20/2010	3.60	%	(29,473			)
Wachovia
Dow Jones CDX	3,000	6/20/2010	3.60	%	(39,297			)
					$		795,134

(b) Interest rate swap contracts outstanding at April 30, 2005:

	Notional		Payments	Payments	Unrealized
Swap	Amount	Termination	Made	Received	Appreciation
Counterparty	(000)	Date	by Fund	by Fund	(Depreciation)
Bank of America	2,400	6/15/2015	5.00%	3 Month LIBOR-BBA	$	(9,957	)
Bank of America	3,400	6/15/2015	5.00%	3 Month LIBOR-BBA	(13,003		)
Bank of America	115,000	1/7/2025	5.13%	3 Month LIBOR-BBA	2,759,635
Bank of America	115,000	6/15/2025	3 Month LIBOR-BBA	5.25%	(3,781,058		)
Barclay’s Bank	10,500	6/15/2025	6.00%	3 Month LIBOR-BBA	(329,019		)
Goldman Sachs	2,000	6/15/2015	5.00%	3 Month LIBOR-BBA	(3,758		)
Goldman Sachs	1,650	6/15/2015	5.00%	3 Month LIBOR-BBA	(9,422		)
Lehman Brothers	3,900	6/15/2015	5.00%	3 Month LIBOR-BBA	(3,793		)
Morgan Stanley	6,000	6/15/2015	5.00%	3 Month LIBOR-BBA	(9,512		)
Morgan Stanley	2,400	6/15/2015	5.00%	3 Month LIBOR-BBA	(8,973		)
Morgan Stanley	1,200	6/15/2015	5.00%	3 Month LIBOR-BBA	(7,127		)
					$	(1,415,987	)

BBA - British Bankers Association

LIBOR - London Interbank Offerred Rate

		Notional		Unrealized
		Amount	Expiration	Appreciation
Type		(000)	Date	(Depreciation)
Long:	Eurodollar Futures September 2005	440	9/19/2005	$	(852,971	)
	Eurodollar Future December 2005	120	12/19/2005	(234,000		)
	U.S. Treasury 10 Year Note	286	6/21/2005	309,953
				$	(777,018	)

(d) Options written during the nine months ended April 30, 2005:

	Contracts		Premiums

Options outstanding, July 31, 2004	—		$	—
Options written	39,203,008		1,118,908
Options expired	(11,101,116	)	(375,991		)
Options terminated in closing purchase transactions	(28,100,429	)	(191,184		)
Options outstanding, April 30, 2005	1463		$	551,733

(e) Forward foreign currency contracts outstanding at April 30, 2005:

	U.S. $ Value		U.S. $ Value		Unrealized
	Origination Date		April 30, 2005		Appreciation
Purchased:
569,894,000 Japenese Yen, settling 6/13/05	$	5,315,977	$	5,453,179	$	137,202

Sold:
1,980,000 Euro Dollars, settling 5/25/05	2,593,355		2,557,906		35,449
					$	172,651

(f) At April 30, 2005, the Fund had the following unfunded loan commitments which could be extended at the option of the borrower:

Borrower	Unfunded Commitments
Celanese	$	1,528,359
El Paso Revolver	4,953,125
Host Marriott Revolver	4,837,500
Venetian Casino	171,688
Warner Chilcott Co. Inc.	747,400
	$	12,238,072

Item 2. Controls and Procedures

a) The registrant’s President and Chief Executive Officer and Principal Financial Officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-2(c) under the Investment Company Act of 1940, as amended are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this document.

(b) There were no significant changes in the registrant’s internal controls or in factors that could affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

Item 3. Exhibits

(a) Exhibit 99.302 Cert. – Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant: PIMCO Floating Rate Income Fund

By	/s/ Brian S. Shlissel
President & Chief Executive Officer

Date: June 29, 2005

By	/s/ Lawrence G. Altadonna
Treasurer, Principal Financial & Accounting Officer

Date: June 29, 2005

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dated indicated.

By	/s/ Brian S. Shlissel
President & Chief Executive Officer

Date: June 29, 2005

By	/s/ Lawrence G. Altadonna
Treasurer, Principal Financial & Accounting Officer

Date: June 29, 2005