Edgar Filing: PIMCO FLOATING RATE INCOME FUND

	UNITED STATES	OMB APPROVAL
	SECURITIES AND EXCHANGE COMMISSION	OMB Number: 3235-0578
	Washington, DC 20549	Expires: May 31, 2007
		Estimated average burden
	FORM N-Q	hours per response: 21.09

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act File Number: 811-21374

Registrant Name: PIMCO Floating Rate Income Fund

Address of Principal Executive Offices: 1345 Avenue of the Americas New York, New York 10105

Name and Address of Agent for Service: Lawrence G. Altadonna — 1345 Avenue of the Americas New York, New York 10105

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

Date of Fiscal Year End: 7/31/06

Date of Reporting Period: 4/30/06

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, 2006 (unaudited)

Principal
Amount
(000)			Value*

SENIOR LOANS (a)(b)(c)—71.1%
Aerospace—0.3%
		K & F Industries Inc., Term B,
$	1,200	7.08%, 11/18/12	$	1,217,063
625		7.34%, 11/18/12	633,887
			1,850,950

Airlines—0.5%
		United Airlines, Inc.,
2,625		8.625%, 1/9/11, Term B (g)	2,671,006
375		8.625%, 1/9/11, Term DD	381,000
			3,052,006

Automotive—1.2%
		Hayes Lemmerz International, Inc., Term B,
449		7.34%, 6/3/09	451,960
479		7.84%, 6/3/09	482,697
183		7.91%, 6/3/09	184,542
286		7.97%, 6/3/09	287,748
292		8.21%, 6/3/09	294,528
299		8.61%, 6/3/09	301,307
		Hertz Corp., (e)
223		4.93%, 12/21/12	225,181
261		5.00%, 12/21/12, Term DD	263,682
1,516		7.09%, 12/21/12, Term B	1,533,694
1,000		Lear Corp., 5.00%, 3/23/12	1,004,375
		Visteon Corp.,
1,104		9.25%, 6/25/07	1,119,057
827		9.575%, 6/25/07	838,176
			6,986,947

Automotive Products—4.5%
		Cooper Standard Automotive, Inc.,
2,275		7.50%, 12/31/11, Term B	2,287,842
3,660		7.50%, 12/31/11, Term C	3,680,442
2,408		Delphi Corp., 13.25%, 6/14/11	2,506,691
		Goodyear Tire & Rubber Co.,
4,000		7.954%, 4/30/10, Term A	4,061,252
1,000		8.704%, 4/1/11	1,010,179
2,674		Polypore, Inc., 7.98%, 11/12/11, Term B	2,707,471
		Tenneco Automotive, Inc.,
1,796		7.02%, 12/12/10, Term B	1,823,357
789		7.076%, 12/12/10, Term B1	800,969
3,456		TRW Automotive, Inc., 6.25%, 6/30/12, Term B	3,469,691
3,906		VWR International, Inc., 7.34%, 4/7/11, Term B	3,965,379
			26,313,273

Banking—1.1%
		Aster Co., Ltd.,
1,092		7.479%, 9/19/13, Term B1	1,091,898
1,132		7.979%, 9/19/14, Term C1 (g)	1,131,080
4,000		UPC Distribution Holding B.V., 7.33%, 9/30/12, Term H2	4,025,832
			6,248,810

PIMCO Floating Rate Income Fund Schedule of Investments
April 30, 2006 (unaudited)

Principal
Amount
(000)			Value*

Building/Construction—1.4%
		Masonite International Corp., Term B,
$	44	6.979%, 4/6/13	$	43,600
3,426		7.108%, 4/6/13	3,406,263
		Nortek, Inc.,
4,871		6.69%, 8/27/11	4,915,549
12		8.50%, 8/27/11	12,508
			8,377,920

Chemicals—5.1%
		Basell NV,
€	1,750	5.324%, 9/15/13, Term B	2,236,112
€	1,750	5.723%, 9/15/14, Term C	2,245,961
$	2,978	Celanese AG, 6.979%, 4/6/11, Term B	3,025,694
		Cognis B.V.,
1,992		6.871%, 5/12/13, Term C1	2,014,796
1,149		7.42%, 5/12/12, Term B1	1,157,900
1,889		Cognis Deutschland GMBH, 4.834%, 5/12/11, Term A	2,384,991
		Hercules, Inc., Term B,
85		6.479%, 10/8/10	85,890
1,875		6.528%, 10/8/10	1,894,629
1,021		Huntsman International LLC, 6.679%, 8/10/12	1,027,600
		INEOS Holdings Ltd.,
€	5,000	7.339%, 10/7/12, Term A4	5,057,500
€	750	7.339%, 10/7/13, Term B1	758,391
€	750	7.839%, 10/7/14, Term C1	761,860
		KRATON Polymers Group LLC,
$	56	7.00%, 12/2/09	55,694
1,078		7.50%, 12/2/09	1,080,391
1,778		7.50%, 12/23/10	1,782,222
		Nalco Co., Term B,
85		6.44%, 11/1/10	85,774
1,825		6.50%, 11/4/10	1,848,183
1,355		6.60%, 11/1/10	1,372,376
1,271		6.73%, 11/1/10	1,286,602
			30,162,566

Commercial Products—1.0%
		Rexel S.A.,
1,000		7.667%, 1/20/13, Term B1	1,015,384
1,000		8.167%, 4/18/14, Term C1	1,019,902
		Sigmakalon,
€	1,000	5.022%, 6/30/12, Term A	1,254,749
€	982	5.522%, 9/19/12, Term B	1,246,675
€	18	5.522%, 9/19/12, Term B1	22,517
€	269	6.022%, 9/19/13, Term C	342,357
€	731	6.022%, 9/19/13, Term C1	932,567
			5,834,151

Computer Services—0.6%
$	3,474	SunGard Data Systems, Inc., 7.215%, 2/11/13	3,518,103

Computer Software—0.5%
116		Spectrum Brands Corp., 6.78%, 2/6/12, Term B	116,645
2,976		UGS Corp., 7.00%, 3/31/12, Term B	3,015,488
			3,132,133

PIMCO Floating Rate Income Fund Schedule of Investments
April 30, 2006 (unaudited)

Principal
Amount
(000)			Value*

Consumer Products—2.2%
		Eastman Kodak Co., Term B,
$	330	6.82%, 10/14/12	$	333,413
132		7.101%, 10/14/12	133,736
167		7.18%, 10/14/12	168,646
333		7.19%, 10/18/12	337,292
1,028		7.33%, 10/14/12	1,040,557
3,748		Jarden Corp., 6.99%, 1/24/12, Term B1	3,789,423
		Rayovac Corp., Term B,
321		7.22%, 2/7/12	323,015
1,260		7.53%, 2/6/12	1,268,989
166		7.58%, 2/7/12	167,062
200		7.61%, 2/6/12	201,220
		Revlon, Inc.,
750		10.69%, 7/31/10	770,625
375		10.72%, 7/9/10	385,312
750		10.91%, 7/31/10	770,625
750		11.02%, 7/31/10	770,625
		Sealy Mattress Co., Term D,
177		6.50%, 4/14/13	179,287
531		6.57%, 4/14/13	537,860
885		6.651%, 4/1/13	896,433
		Spectrum Brands Corp., Term B,
458		7.24%, 2/6/12	461,450
136		7.27%, 2/7/12	137,232
115		7.36%, 2/7/12	115,363
			12,788,165

Containers & Packaging—5.2%
		Graham Packaging Co., Term B,
1,707		6.50%, 9/15/11	1,728,410
2,166		6.938%, 9/15/11	2,193,161
1,517		7.188%, 10/7/11	1,536,365
41		7.25%, 9/15/11	41,770
		Graphic Packaging Corp., Term C,
284		6.99%, 8/9/10	288,362
32		7.137%, 8/9/10	32,040
47		7.163%, 8/9/10	48,060
359		7.19%, 8/9/10	365,259
2,080		7.49%, 8/9/10	2,114,658
693		7.62%, 8/9/10	704,886
3,960		Horizon Lines LLC, 7.17%, 7/7/11	4,014,144
		Intertape Polymer Group, Inc., Term B,
1,290		7.14%, 7/28/11	1,308,812
188		7.278%, 7/28/11	190,234
		JSG Packaging, (g)
1,000		7.398%, 11/29/13, Term B	999,068
1,000		7.898%, 11/29/14, Term C	999,068
1,296		Owens-Illinois Group, Inc., 6.71%, 4/1/08, Term B	1,300,510
		Smurfit-Stone Container,
742		4.056%, 11/1/10	752,976
2,423		7.125%, 11/1/10, Term B	2,458,070
586		7.125%, 11/1/10, Term C	594,048
549		7.125%, 11/1/11	556,508
1,217		7.125%, 11/1/11, Term C	1,234,386
2,890		7.25%, 11/1/11, Term B	2,931,667

PIMCO Floating Rate Income Fund Schedule of Investments
April 30, 2006 (unaudited)

Principal
Amount
(000)			Value*

Containers & Packaging (continued)
		Solo Cup Co., Term B,
$	1,927	7.479%, 2/27/11	$	1,949,230
2,010		7.61%, 2/27/11	2,033,639
			30,375,331


Diversified Manufacturing—0.2%
1,145		Invensys PLC, 8.501%, 9/5/09, Term B1	1,159,527

Drugs & Medical Products—0.9%
		Warner Chilcott PLC,
123		7.44%, 6/30/06 (g)	124,878
308		7.44%, 1/4/12	310,866
1,369		7.44%, 1/18/12, Term B	1,380,533
308		7.53%, 1/4/12	310,983
495		7.86%, 1/18/12	499,354
1,291		7.86%, 1/18/12, Term B	1,301,973
1,072		7.86%, 1/18/12, Term C	1,080,919
			5,009,506

Electronics—1.0%
		Avago,
103		7.13%, 12/1/12	103,149
2,992		7.318%, 12/1/12, Term DD	3,010,269
€	2,000	KDG Media Technologies AG, 4.89%, 7/9/11, Term A	2,521,891
			5,635,309

Energy—2.8%
		Covanta Energy Corp.,
$	250	4.527%, 6/24/12	253,632
531		4.96%, 6/24/12	539,051
498		7.96%, 6/30/12, Term B	506,109
61		7.97%, 6/30/12, Term B	61,928
750		10.46%, 5/12/13, Term DHC	768,750
750		10.47%, 5/12/13, Term DHC	768,750
		Foundation Coal Holdings, Inc., Term B,
1,060		6.44%, 7/30/11	1,077,583
1,476		6.75%, 7/30/11	1,500,919
4,810		Headwaters, Inc., 7.08%, 4/30/11, Term B	4,854,468
		NRG Energy, Inc.,
2,443		6.82%, 9/30/12, Term B	2,472,361
557		6.979%, 9/30/12	563,690
		Targa Resources, Inc.,
290		4.854%, 10/5/11	294,103
1,500		6.83%, 10/5/07	1,519,532
6		7.229%, 10/5/12, Term B	6,127
823		7.23%, 10/5/12, Term B	833,292
375		7.25%, 10/5/12, Term B	379,883
			16,400,178

PIMCO Floating Rate Income Fund Schedule of Investments
April 30, 2006 (unaudited)

Principal
Amount
(000)			Value*

Entertainment—2.0%
$	1,995	AMC Entertainment, Inc., 7.114%, 1/5/13	$	2,017,444
5,300		MGM Studios, 7.229%, 4/8/12, Term B	5,364,596
		Warner Music Group, Inc., Term B,
929		6.406%, 2/27/11	940,017
1,235		6.58%, 2/28/11	1,248,618
196		6.59%, 2/27/11	197,815
929		6.78%, 2/27/11	940,017
920		7.09%, 2/27/11	930,616
194		7.205%, 2/27/11	195,837
			11,834,960

Financial Services—1.4%
3,294		Global Cash Access LLC, 6.75%, 3/10/10, Term B	3,336,451
		Satbirds Finance SARL,
€	2,500	1.167%, 4/4/12, Term A	3,150,112
€	1,250	4.667%, 4/4/13, Term B	1,589,088
			8,075,651

Food Services—1.8%
		Arby’s Restaurant Group, Inc., Term B,
$	2,004	7.06%, 7/25/12	2,029,212
965		7.229%, 7/25/12	976,628
1,011		7.376%, 7/25/12	1,023,445
2,565		Dominos, Inc., 6.50%, 6/25/10, Term B	2,590,200
4,000		Michael Foods, Inc., 6.671%, 11/21/10, Term B	4,051,668
			10,671,153

Funeral Services—0.1%
		Alderwoods Group, Inc., Term B,
102		6.901%, 9/17/08	103,267
132		6.91%, 9/17/09	133,521
43		6.929%, 9/17/08	43,494
148		7.00%, 9/17/08	149,345
			429,627

Healthcare & Hospitals—3.7%
3,960		Community Health Systems, Inc., 6.56%, 8/19/11, Term B	4,002,284
		DaVita, Inc., Term B,
667		6.69%, 5/16/12	674,576
305		6.69%, 10/5/12	308,201
3,807		6.99%, 5/16/12	3,852,517
305		6.99%, 10/5/12	308,201
365		7.02%, 5/16/12	369,842
228		7.05%, 5/16/12	231,151
365		7.07%, 5/16/12	369,841
1,270		7.125%, 5/16/12	1,285,200
6,000		HealthSouth Corp., 8.15%, 2/2/13	6,073,392
		Psychiatric Solutions, Inc., Term B,
1,000		6.041%, 7/7/12	1,014,375
1,000		6.46%, 7/7/12	1,014,375
1,990		Renal Advantage, Inc., 7.42%, 10/6/12, Term B	2,014,254
			21,518,209

PIMCO Floating Rate Income Fund Schedule of Investments
April 30, 2006 (unaudited)

Principal
Amount
(000)			Value*

Hotels/Gaming—2.6%
		Aladdin Gaming, Inc.,
$	2,286	7.99%, 8/31/10, Term A	$	2,240,346
51		8.99%, 8/31/10, Term B	50,112
308		CCM Merger, Inc., 6.85%, 7/21/12, Term B	310,559
		MotorCity Casino, Term B,
770		6.80%, 7/21/12	776,396
2,898		6.965%, 7/21/12	2,921,579
		Penn National Gaming, Inc., Term B,
388		6.34%, 5/26/12	393,701
388		6.46%, 5/26/12	393,701
50		6.73%, 5/26/12	50,711
1,164		6.86%, 5/26/12	1,180,182
1,980		Resorts International, Inc., 7.98%, 3/22/12, Term B	2,005,170
1,000		Venetian Casino, 6.73%, 2/22/12, Term B	1,011,797
4,000		Wynn Resorts Ltd., 7.085%, 12/14/11, Term B	4,047,084
			15,381,338

Household Products—0.7%
		Springer S.A., (g)
1,000		7.360%, 9/16/11, Term B2	1,020,466
2,800		8.230%, 9/16/12, Term C2	2,871,880
			3,892,346

Leasing—0.3%
		United Rentals, Inc.,
333		4.111%, 2/14/11, Term LC	336,726
1,630		7.00%, 2/14/11, Term B	1,649,957
			1,986,683

Machinery—1.2%
2,264		Agco Corp., 6.729%, 6/15/09, Term B	2,292,469
		Flowserve Corp.,
612		6.50%, 8/15/12	620,555
167		6.625%, 8/15/12	169,088
1,114		6.75%, 8/10/12	1,129,998
		Mueller Industries, Inc., Term B,
15		7.229%, 9/28/12	15,221
476		7.36%, 9/28/12	483,206
504		7.376%, 9/28/12	511,232
		Rexnord Corp., Term B,
1,022		6.93%, 12/31/11	1,034,711
709		7.32%, 12/31/11	717,399
55		8.50%, 12/31/11	55,184
			7,029,063

Manufacturing—0.3%
1,998		Berry Plastics Corp., 6.84%, 6/30/10	2,019,187

PIMCO Floating Rate Income Fund Schedule of Investments
April 30, 2006 (unaudited)

Principal
Amount
(000)			Value*

Measuring Instruments—0.9%
		Dresser, Inc.,
$	308	6.778%, 10/29/11, Term B	$	312,908
586		6.964%, 10/29/11, Term B	596,188
256		7.11%, 10/29/11, Term B	260,757
4,000		7.99%, 3/1/10, Term C3	4,068,332
			5,238,185

Metals & Mining—0.3%
		Novelis, Inc.,
1,252		6.44%, 1/7/12, Term B	1,267,014
721		6.44%, 1/7/12, Term B2	729,493
			1,996,507

Multi-Media—5.8%
2,000		American Media Operations, Inc., 8.12%, 1/30/13	2,025,750
1,000		Atlantic Broadband, Inc., 7.62%, 8/4/12, Term B	1,016,875
		Cablevision Systems Corp.,
857		6.58%, 3/29/13, Term B	861,874
857		6.74%, 3/29/13	861,874
8,500		Charter Communications Holdings LLC, 4/25/13, Term B (f)	8,545,364
1,286		CSC Holdings, Inc., 6.67%, 3/29/13, Term B	1,292,811
		DirecTV Holdings LLC, Term B,
1,500		6.276%, 4/13/13	1,514,414
1,500		6.423%, 4/13/13	1,514,414
€	2,000	Ekabel Hessen GMBH, 4.894%, 6/7/12, Term A	2,518,777
$	2,883	Insight Midwest Holdings LLC, 7.00%, 12/31/09, Term C (g)	2,937,142
2,985		Primedia, 7.09%, 9/30/13, Term B	2,960,126
3,970		Telecordia Technologies, Inc., 7.31%, 9/9/12, Term B	3,974,137
		Young Broadcasting, Inc., Term B,
1,001		7.00%, 5/2/12	1,003,130
2,963		7.125%, 11/3/12	2,969,265
10		7.25%, 5/2/12	10,031
			34,005,984

Oil & Gas—1.7%
		El Paso Corp.,
4,500		4.50%, 11/23/09, Term LC	4,552,501
2,172		7.75%, 11/23/09, Term B	2,199,565
1,734		Kinetic Concepts, Inc., 6.73%, 8/11/10, Term B	1,756,015
		Vetco International,
750		7.45%, 1/16/12, Term B4	756,844
750		7.95%, 1/16/13, Term C4	759,363
			10,024,288

Paper/Paper Products—2.2%
		Appleton Papers, Inc.,
1,085		6.33%, 6/9/10	1,100,934
1,167		6.83%, 6/11/10	1,184,129
2,606		Boise Cascade Holdings LLC, Term D, 6.75%, 10/28/11	2,642,855

PIMCO Floating Rate Income Fund Schedule of Investments
April 30, 2006 (unaudited)

Principal
Amount
(000)			Value*

Paper/Paper Products (continued)
		Buckeye Technologies, Inc., Term B,
$	350	6.53%, 11/4/10	$	350,784
195		6.69%, 11/4/10	196,026
206		6.70%, 11/4/10	206,344
411		6.89%, 11/4/10	412,687
136		7.01%, 11/4/10	136,641
144		7.04%, 4/15/10	144,440
162		7.07%, 11/4/10	162,496
411		7.17%, 11/4/10	412,687
		Georgia-Pacific Corp.,
3,095		6.88%, 12/20/12, Term B	3,116,035
147		6.979%, 12/20/12, Term B	147,622
1,583		7.88%, 12/23/13, Term C	1,619,568
389		7.92%, 12/23/13, Term C	397,788
389		7.958%, 12/23/13, Term C	397,789
389		8.029%, 12/23/13, Term C	397,789
			13,026,614

Printing/Publishing—2.1%
		Dex Media East LLC, Term B,
568		6.22%, 5/8/09	570,596
1,029		6.35%, 5/8/09	1,034,726
243		6.43%, 5/8/09	244,279
128		6.45%, 11/8/08	128,284
246		6.48%, 5/8/09	247,446
		Dex Media West LLC, Term B,
182		6.25%, 9/9/10	183,215
267		6.31%, 9/9/10	268,278
589		6.32%, 9/9/10	592,416
471		6.35%, 9/9/10	473,595
500		6.38%, 9/9/10	503,021
555		6.43%, 9/9/10	558,256
133		6.47%, 9/9/10	134,048
84		6.48%, 9/9/10	84,787
		RH Donnelly Corp.,
245		6.22%, 12/31/09, Term A3	245,686
676		6.348%, 12/31/09, Term A3	678,701
1,228		6.66%, 6/30/11, Term D	1,234,792
409		6.67%, 6/30/11, Term D	411,597
136		6.68%, 6/30/11, Term D	137,199
546		6.69%, 6/30/11, Term D	548,796
136		6.71%, 6/30/11, Term D	137,199
891		6.73%, 6/30/11, Term D	895,982
136		6.74%, 6/30/11, Term D	137,199
409		6.78%, 6/30/11, Term D	411,597
€	1,949	Seat Pagine Gialle SpA, 4.491%, 5/25/13	2,484,446
			12,346,141

Recreation—1.7%
		Amadeus Global Travel,
€	2,000	5.549%, 4/8/13, Term B	2,554,256
€	2,000	6.049%, 4/8/14, Term C	2,566,266
$	750	7.729%, 4/8/13, Term B	760,664
750		8.229%, 4/8/14, Term C	764,414

PIMCO Floating Rate Income Fund Schedule of Investments

April 30, 2006 (unaudited)

Principal
Amount
(000)			Value*

Recreation (continued)
		Six Flags Theme Parks, Inc., Term B,
$	673	6.96%, 6/30/09	$	678,962
1,106		7.26%, 6/30/09	1,115,166
		Worldspan L.P., Term B,
1,004		7.50%, 2/11/10	1,010,722
67		7.625%, 2/11/10	67,083
196		7.688%, 2/11/10	196,778
89		7.875%, 2/11/10	89,445
71		7.938%, 2/11/10	71,556
			9,875,312

Retail—0.3%

1,932		Jean Coutu Group, Inc., 7.625%, 7/30/11, UNIT	1,952,011

Semi-Conductors—0.5%
2,970		On Semiconductor Corp., 7.23%, 12/3/11, Term G	3,008,518

Telecommunications—5.1%
		Centennial Cellular Communications Corp., Term B,
1,500		6.45%, 2/9/11	1,522,032
167		6.83%, 1/20/11	169,115
1,667		7.229%, 1/20/11	1,691,147
97		7.23%, 1/20/11	98,086
237		7.318%, 1/20/11	240,143
		Consolidated Communications, Inc., Term B,
941		6.28%, 9/18/11	952,400
1,150		6.52%, 9/18/11	1,164,044
2,353		6.729%, 10/14/11	2,381,000
		Debitel AG,
€	1,272	5.417%, 6/30/12, Term B	1,612,364
€	1,272	5.917%, 6/30/14, Term C	1,617,372
$	2,000	Hawaiian Telcom Communications, Inc., 7.23%, 10/31/12, Term B	2,021,250
		Mediacom Broadband LLC,
5,000		5.00%, 2/28/14, Term D (g)	5,000,000
1,600		6.69%, 2/28/14, Term C	1,611,249
1,000		6.78%, 2/28/14, Term C	1,006,797
1,040		6.88%, 2/28/14, Term C	1,047,069
330		6.98%, 2/28/14, Term C	332,320
		Nordic Telephone Co. Holdings ApS (e),
€	700	5.018%, 11/30/13, Term B	893,580
€	700	5.018%, 11/30/14, Term C	897,204
		PanAmSat Corp.,
$	1,316	6.75%, 8/20/09, Term A1	1,330,879
688		6.75%, 8/20/09, Term A2	695,877
		Valor Telecommunications Enterprises LLC, Term B,
330		6.318%, 2/14/12	331,627
1,771		6.729%, 2/14/12	1,776,939
1,322		6.809%, 2/14/12	1,326,508
			29,719,002

PIMCO Floating Rate Income Fund Schedule of Investments
April 30, 2006 (unaudited)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)	Value*

Utilities—2.6%
		AES Corp., Term B,
$	786	5.69%, 8/10/11		$	794,063
786		6.75%, 4/30/08		794,062
		Allegheny Energy Supply Co. LLC,
826		6.35%, 3/8/11, Term C		828,914
257		6.352%, 3/8/11		258,054
463		6.41%, 3/8/11		464,497
3,429		6.43%, 3/8/11, Term C		3,439,629
		Midwest Generation LLC,
1,498		6.28%, 4/27/11, Term B1		1,514,234
1,074		6.39%, 4/27/11, Term B		1,086,049
1,173		6.50%, 4/27/11		1,186,214
		Reliant Energy, Inc.,
2,975		6.915%, 4/30/10, Term B2		2,978,125
1,629		7.465%, 4/30/10		1,629,315
				14,973,156

Waste Disposal—1.2%
		Allied Waste North America, Inc.,
1,983		4.74%, 1/15/12		1,991,684
1,001		6.48%, 1/15/12		1,006,299
841		6.72%, 1/15/12		845,164
801		6.84%, 1/15/12		805,039
2,463		6.86%, 1/15/12		2,475,496
				7,123,682

Wholesale—0.7%
		Roundy’s, Inc., Term B,
2,000		7.70%, 10/27/11		2,028,750
1,990		7.87%, 11/1/11		2,018,606
				4,047,356

Wire & Cable Products—3.4%
		Pirelli Cable S.A.,
€	1,000	5.066%, 6/23/13, Term B		1,264,532
€	1,000	5.566%, 6/23/14, Term C		1,294,291
€	1,500	9.442%, 6/23/12		1,941,436
		UPC Broadband Holding B.V.,
€	2,250	3/31/13, Term J1 (f)		2,848,385
$	2,000	3/31/13, Term J2 (f)		2,017,916
€	2,250	12/31/13, Term K1 (f)		2,848,385
$	2,000	12/31/13, Term K2 (f)		2,017,916
€	4,500	5.139%, 4/1/10, Term G		5,682,598
				19,915,459

		Total Senior Loans (cost—$411,478,644)		416,935,307

CORPORATE BONDS & NOTES—20.5%
Airlines—0.5%
$	1,019	Delta Air Lines, Inc., 7.379%, 5/18/10, Ser. 00-1	Ba2/BB	1,026,602
		JetBlue Airways Corp., FRN,
1,511		7.849%, 5/15/10, Ser. 04-2	Ba3/BB	1,521,910
529		9.16%, 9/15/09, Ser. 04-1	Ba3/BB	536,084
				3,084,596

PIMCO Floating Rate Income Fund Schedule of Investments
April 30, 2006 (unaudited)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)	Value*

Computer Services—0.4%
$	2,000	SunGard Data Systems, Inc., 9.431%, 8/15/13, FRN (d)	B3/B-	$	2,130,000

Financial Services—5.5%
1,500		Chukchansi Economic Dev. Auth., 8.06%, 11/15/12, FRN (d)	B2/BB-	1,556,250
1,400		Corsair Netherlands B.V., 11.075%, 3/3/16, FRN (g)	NR/NR	1,402,638
10,000		Ford Motor Credit Co., 7.68%, 11/2/07, FRN	Ba2/BB-	9,818,770
		General Motors Acceptance Corp., FRN,
4,000		6.018%, 7/16/07	Ba1/BB	3,883,344
7,000		7.02%, 12/1/14	Ba1/BB	6,630,001
4,000		Hexion US Finance Corp., 9.818%, 7/15/10, FRN	B3/B	4,105,000
		Universal City Florida Holding Co.,
2,000		8.375%, 5/1/10	B3/B-	2,070,000
2,500		9.43%, 5/1/10, FRN	B3/B-	2,587,500
				32,053,503

Food Services—0.3%
1,496		Bolthouse Farms, Inc., 7.37%, 11/17/12	NR/NR	1,522,123

Healthcare & Hospitals—0.3%
2,000		HCA, Inc., 5.50%, 12/1/09	Ba2/BB+	1,957,352

Hotels/Gaming—0.3%
2,000		Mandalay Resort Group, 7.625%, 7/15/13	Ba3/B+	2,040,000

Insurance—0.3%
1,500		Parametric Re Ltd., 8.88%, 5/19/08, FRN (d)	Ba2/NR	1,523,040

Multi-Media—4.0%
		Cablevision Systems Corp., Ser. B,
2,000		8.00%, 4/15/12	B3/B+	2,005,000
5,000		9.62%, 4/1/09, FRN	B3/B+	5,312,500
		CCO Holdings LLC,
1,000		8.75%, 11/15/13	B3/CCC-	985,000
4,000		9.035%, 12/15/10, FRN	B3/CCC-	4,090,000
4,000		Charter Communications Holdings II LLC, 10.25%, 9/15/10	Caa1/CCC-	4,050,000
5,665		Echostar DBS Corp., 8.24%, 10/1/08, FRN	Ba3/BB-	5,806,625
1,000		Paxson Communications Corp., 11.318%, 1/15/13, FRN (d)	B3/CCC-	1,015,000
				23,264,125

Paper/Paper Products—1.2%
		Abitibi-Consolidated, Inc.,
2,000		5.25%, 6/20/08	B1/B+	1,930,000
1,000		8.41%, 6/15/11, FRN	B1/B+	1,020,000
3,000		Boise Cascade LLC, 7.943%, 10/15/12, FRN	B1/B+	3,037,500
1,000		Bowater, Inc., 7.91%, 3/15/10, FRN	B1/B+	1,015,000
				7,002,500

PIMCO Floating Rate Income Fund Schedule of Investments
April 30, 2006 (unaudited)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)		Value*

Semi-Conductors—0.3%
$	2,000	Freescale Semiconductor, Inc., 7.818%, 7/15/09, FRN	Ba1/BBB	-	$	2,055,000

Telecommunications—7.2%
4,000		Cincinnati Bell, Inc., 8.375%, 1/15/14	B3/B	-	4,110,000
3,000		Dobson Cellular Systems, Inc., 9.899%, 11/1/11, FRN	B1/B	-	3,120,000
2,250		Hawaiian Telcom Communications, Inc., 9.948%, 5/1/13, FRN (d)	B3/CCC	+	2,340,000
2,500		Intelsat Subsidiary Holding Co., Ltd., 9.614%, 1/15/12, FRN	B2/B	+	2,550,000
2,500		New Skies Satellites NV, 9.573%, 11/1/11, FRN	B1/B	-	2,587,500
€	1,950	Nordic Telephone Co. Holdings ApS, 8.352%, 5/1/16, FRN (b)(d)(e)	B2/B		2,457,854
$	2,000	Qwest Capital Funding, Inc., 7.90%, 8/15/10	B3/B		2,062,500
12,000		Qwest Communications International, Inc., 8.249%, 2/15/09, FRN	B2/B		12,300,000
3,500		Rogers Wireless, Inc., 8.035%, 12/15/10, FRN	Ba2/BB		3,622,500
		Rural Cellular Corp.,
2,000		8.25%, 3/15/12	B2/B		2,110,000
2,000		9.41%, 3/15/10, FRN	B2/B	-	2,052,500
3,000		Time Warner Telecom Holdings, Inc., 8.749%, 2/15/11, FRN	B2/CCC	+	3,075,000
					42,387,854

Wire & Cable Products—0.2%
1,000		Superior Essex Communications Group, 9.00%, 4/15/12	B3/B		1,015,000

		Total Corporate Bonds & Notes (cost—$117,496,936)			120,035,093

SOVEREIGN DEBT OBLIGATIONS—1.1%
Brazil—1.1%
5,000		Federal Republic of Brazil, 11.00%, 8/17/40 (cost—$5,696,216)	Ba3/BB		6,443,750

MORTGAGE-BACKED SECURITIES—0.4%
2,582		Mellon Residential Funding Corp.,
		5.251%, 11/15/31, CMO, FRN (cost—$2,581,523)	Aaa/AAA		2,588,072

ASSET-BACKED SECURITIES—0.4%
		Credit Suisse First Boston Mortgage Securities Corp., FRN,
474		5.309%, 7/25/32	Aaa/AAA		474,600
539		5.329%, 8/25/32	Aaa/AAA		540,409
1,174		GSAMP Trust, 5.249%, 3/25/34, FRN	Aaa/AAA		1,174,254
222		Jade CBO Ltd., 7.67%, 10/24/11 (d)(g)	B2/NR		168,789

		Total Asset-Backed Securities (cost—$2,353,424)			2,358,052

PREFERRED STOCK (d)—0.5%
Shares
Financial Services—5%
30		Richmond Cnty. Capital Corp., 8.40%, FRN (cost—$3,068,307)	NR/NR		3,019,688

PIMCO Floating Rate Income Fund Schedule of Investments
April 30, 2006 (unaudited)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)	Value*
SHORT-TERM INVESTMENTS—6.1%
Commercial Paper—3.3%
Banking—2.4%
$	2,600	Dexia Del LLC, 4.98%, 7/25/06	VMIG1/NR	$	2,568,358
11,500		Societe Generale North America, Inc., 5.00%, 8/24/06	NR/NR	11,311,975
				13,880,333

Financial Services—0.9%
		UBS Finance, Inc.,
1,900		4.85%, 6/29/06	NR/NR	1,884,897
2,000		4.93%, 7/10/06	NR/NR	1,979,840
1,200		4.99%, 8/22/06	NR/NR	1,180,716
				5,045,453

		Total Commercial Paper (cost—$18,932,677)		18,925,786

Corporate Notes—0.6%
Financial Services—0.2%
1,000		General Motors Acceptance Corp., 5.645%, 5/18/06, FRN	Ba1/BB	999,788

Paper/Paper Products—0.3%
2,000		GP Canada Finance Co., 7.20%, 12/15/06 (d)	B2/B	2,030,000

Telecommunications—0.1%
500		Qwest Capital Funding, Inc., 7.75%, 8/15/06	B3/B	503,125

		Total Corporate Notes (cost—$3,517,717)		3,532,913

U.S. Treasury Bills (h)—0.6%
3,535		4.48%-4.58%,6/1/06-6/15/06 (cost—$3,515,530)		3,515,530

Repurchase Agreements—1.6%
6,000		Credit Suisse First Boston, dated 4/28/06, 4.62%, due 5/1/06, proceeds $6,002,310; collateralized by U.S. Treasury Notes, 2.625%, 5/15/08, valued at $6,165,189 including accrued interest		6,000,000
3,495		State Street Bank & Trust Co., dated 4/28/06, 4.40%, due 5/1/06, proceeds $3,496,282; collateralized by Fannie Mae, 3,125%, 7/15/06, valued at $3,566,422 including accrued interest		3,495,000


		Total Repurchase Agreements (cost—$9,495,000)		9,495,000

		Total Short-Term Investments (cost—$35,460,924)		35,469,229

PIMCO Floating Rate Income Fund Schedule of Investments
April 30, 2006 (unaudited)

Contracts		Value*
OPTIONS PURCHASED (i)—0.0%
	Call Options—0.0%
	U.S. Treasury Notes 10 yr. Futures, Chicago Board of Trade,
1,067	strike price $113, expires 5/26/06	$	16,672
414	strike price $114, expires 5/26/06	6,469
		23,141

	Put Options—0.0%
	Eurodollar Futures, Chicago Mercantile Exchange,
335	strike price $91.75, expires 3/19/07	2,094
53	strike price $92.50, expires 12/18/06	331
136	strike price $92.75, expires 12/18/06	850
613	strike price $93, expires 12/18/06	3,831
324	strike price $94.50, expires 6/19/06	2,025
	Japanese Yen, Over the Counter, (b)
3,400,000	strike price ¥115, expires 5/26/06	61,604
	U.S. Treasury Notes 10 yr. Futures, Chicago Board of Trade,
10	strike price $100, expires 5/26/06	156
657	strike price $101, expires 5/26/06	10,266
		81,157

	Total Options Purchased (cost—$108,494)	104,298

	Total Investments before options written (cost—$578,244,468)—100.1%	586,953,489

OPTIONS WRITTEN (i)—(0.1)%
	Call Options—(0.1)%
	U.S. Treasury Notes 10 yr. Futures, Chicago Board of Trade,
838	strike price $108, expires 8/25/06	(183,313		)
467	strike price $112, expires 5/26/06	(7,297		)
		(190,610		)

	Put Options—(0.0)%
	Japanese Yen, Over the Counter, (b)
3,400,000	strike price ¥112, expires 5/26/06	(16,948		)
	U.S. Treasury Notes 10 yr. Futures, Chicago Board of Trade,
150	strike price $104, expires 5/26/06	(9,375		)
517	strike price $105, expires 5/26/06	(129,250		)
		(155,573		)

	Total Options Written (premiums received—$579,925)	(346,183		)

	Total Investments net of options written (cost—$577,664,544)—100.0%	$	586,607,306

Other Investments:

(1) Futures contracts outstanding at April 30, 2006:

					Unrealized
		Notional Amount		Expiration	Appreciation
Type		(000)		Date	(Depreciation)
Long:	Financial Future Euro — 90 day	$2,963		12/18/06	$(1,186,565	)
	Financial Future Euro — 90 day	210		6/18/07	3,150
	Financial Future Euro — 90 day	210		9/17/07	(306	)
	Financial Future Euro — 90 day	210		12/17/07	(1,762	)
	Financial Future Euro — 90 day	210		3/17/08	(2,100	)
Short:	U.S. Treasury Note 10 yr. Future	(129	)	6/21/06	32,355
	U.S. Treasury Note 5 yr. Future	(250	)	6/30/06	226,562
					$(928,666	)

(2) Transactions in options written for the nine months ended April 30, 2006:

	Contracts		Premiums
Options outstanding, July 31, 2005	2,203		$691,208
Options written	3,407,560		2,044,312
Options terminated in closing purchase transactions	(7,791	)	(2,155,595	)
Options outstanding, April 30, 2006	3,401,972		$579,925

(3) Credit default swap contracts outstanding at April 30, 2006:

	Notional Amount		Fixed Payments		Unrealized
Swap Counterparty/	Payable on Default	Termination	Received (Paid)		Appreciation
Referenced Debt Issuer	(000)	Date	by Fund		(Depreciation)
Bank of America
AES Corp.	$1,000	12/20/07	1.50	%	$10,687
Allied Waste North America	600	9/20/09	2.75	%	27,980
Bombardier	1,400	6/20/10	3.80	%	102,227
Williams Cos.	875	9/20/09	2.05	%	36,580
Bear Stearns
Georgia-Pacific	700	9/20/09	1.24	%	5,936
Host Marriot	700	9/20/09	1.95	%	31,117
MGM Mirage	1,500	9/20/09	1.92	%	55,229
Citigroup
Allied Waste North America	1,500	9/20/07	2.18	%	27,497
Crown Cork	1,500	9/20/07	2.38	%	30,481
Host Marriot	900	9/20/07	1.90	%	23,261
Owens-Illinois Group	3,000	9/20/07	2.05	%	61,111
Starwood Hotels & Resort Worldwide	1,500	9/20/07	1.20	%	22,695
Credit Suisse First Boston
AES Corp.	900	9/20/09	3.85	%	72,699
Allied Waste North America	875	9/20/09	2.46	%	33,015
Delhaize Group	875	9/20/09	1.40	%	27,149
Intelsat Bermuda	3,000	3/20/10	3.21	%	(112,366	)
Samis	4,400	9/20/08	2.45	%	83,157
Goldman Sachs
HCA	1,000	12/20/07	0.75	%	5,719
Starwood Hotels & Resort Worldwide	1,000	12/20/07	1.10	%	15,338
TRW Automotive	875	9/20/09	2.15	%	26,691
JP Morgan
AES Corp.	1,500	9/20/07	2.15	%	30,361
Electronic Data System	1,000	12/20/07	1.30	%	19,590
Ford Motor Credit	5,000	6/20/06	3.25	%	22,250
Tenet Healthcare	5,000	12/20/07	(3.20	)%	(196,464	)
Tenet Healthcare	5,000	12/20/09	4.15	%	324,584
Lehman Brothers
Abitibi	1,000	9/20/06	1.00	%	2,459
Extendicare Health Services	2,600	9/20/09	2.10	%	72,571
L-3 Communications Group	5,000	12/20/08	1.50	%	149,314
Six Flags	1,000	3/20/10	2.70	%	(13,483	)
Merrill Lynch
PSEG Energy	3,500	12/4/06	2.95	%	73,536
SPX Corp.	900	9/20/09	2.25	%	30,205
Williams Cos.	700	9/20/09	1.71	%	21,658
Morgan Stanley
Georgia-Pacific	900	9/20/09	1.63	%	18,909
GMAC	1,000	9/20/06	1.70	%	(3,645	)
					$1,138,048

(4) Interest rate swap agreements outstanding at April 30, 2006:

	Notional		Rate Type		Unrealized
Swap Counterparty/	Amount	Termination	Payments made	Payments received	Appreciation
Referenced Debt Issuer	(000)	Date	by Fund	by Fund	(Depreciation)
Lehman Brothers	$144,100	12/15/07	3 Month LIBOR	5.00%	$33,489
Lehman Brothers	18,500	6/21/16	5.00%	3 Month LIBOR	85,801
UBS	118,000	6/21/25	5.70%	3 Month LIBOR	(44,083	)
UBS	115,000	6/21/25	3 Month LIBOR	5.70%	22,809
					$98,016

LIBOR - London Inter-Bank Offered Rate

(5) Forward foreign currency contracts outstanding at April 30, 2006:

	U.S.$ Value on	U.S.$ Value	Unrealized
	Origination Date	April 30, 2006	Depreciation
Sold:
€ 34,818,000 settling 5/25/06	$43,099,926	$43,944,353	$(844,427	)

(6) At April 30, 2006, the Fund held the following unfunded loan commitments which could be extended at the option of the borrower:

Borrower		Unfunded Commitments
Eastman Kodak		$2,529,687
El Paso Nova Scotia Revolver		4,975,000
Host Marriott L.P. Revolver A		2,537,585
Host Marriott L.P. Revolver B		1,633,333
		$11,675,605

* 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 a security, are fair-valued, in good faith, pursuant to guidelines established by the Board of Trustees, including certain fixed income securities which may be valued with reference to securities whose prices are more readily available. The Fund’s investments are valued on the last business day of each week using prices supplied by an independent pricing service or dealer quotations, or are valued at the last sale price on the exchange that is the primary market for such securities, or the last quoted mean 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. The Fund’s investments in senior floating rate loans (“Senior Loans”), for which a secondary market exists will be valued at the mean of the last available bid and asked prices in the market for such Senior Loans, as provided by an independent pricing service. Other Senior Loans are valued at fair-value by Pacific Investment Management Company LLC (the “Sub-Adviser”). Such procedures by the Sub-Adviser 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. Exchange traded options and futures are valued at the settlement price determined by the relevant exchange. Securities purchased on a when-issued or delayed delivery basis are marked to market daily until settlement at the forward settlement value. Short-term investments maturing in 60 days or less are valued at amortized cost, if their original term to 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 as of close of regular trading (normally, 4:00 p.m. Eastern time) on the New York Stock Exchange (“NYSE”) on each day the NYSE is open for business.

Notes to the Schedule of Investments:

(a) Private Placement. Restricted as to resale and may 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 major European banks, such as the “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. Remaining maturities of senior loans may be less than the stated maturities shown as a result of contractual or optional payments by the borrower. Such prepayments cannot be predicted with certainty.

(d) 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 buyers. Unless otherwise indicated, these securities are not considered to be illiquid.

(e) When-issued or delayed-delivery security. To be settled/delivered after April 30, 2006.

(f) Unsettled security, coupon rate undetermined at April 30, 2006.

(g) Fair-valued security.

(h) All or partial amount segregated as collateral for futures contracts, when-issued or delayed-delivery securities.

(i) Non-income producing.

Glossary

€ - Euros
¥ - Japanese Yen
CLO - Collateralized Loan Obligation
CMO - Collateralized Mortgage Obligation
FRN - Floating Rate Note. The interest rate disclosed reflects the rate in effect on April 30, 2006.
LIBOR - London Inter-Bank Offered Rate
NR - Not Rated
UNIT - More than one class of securities traded together.

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.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 26, 2006

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

Date: June 26, 2006

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 26, 2006

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

Date: June 26, 2006