<?xml version="1.0"?>

<ownershipDocument>

    <schemaVersion>X0201</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2003-08-21</periodOfReport>


    <noSecuritiesOwned>1</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001244183</issuerCik>
        <issuerName>PIMCO FLOATING RATE INCOME FUND</issuerName>
        <issuerTradingSymbol>PFL</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001201898</rptOwnerCik>
            <rptOwnerName>POWERS WILLIAM C</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>840 NEWPORT CENTER DRIVE, SUITE 300</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEWPORT BEACH</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>92660</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>1</isOther>
            <otherText>Executive Committee</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>


    <remarks>Pacific Investment Management Company LLC (PIMCO) is the investment adviser of the Issuer.  Mr. Powers is a member of PIMCO's Executive Committee.</remarks>

    <ownerSignature>
        <signatureName>Francis C. Poli, Attorney in fact for William C. Powers</signatureName>
        <signatureDate>2003-08-21</signatureDate>
    </ownerSignature>

</ownershipDocument>

