UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                    FORM N-Q

             QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
                         MANAGEMENT INVESTMENT COMPANY


Investment Company Act File Number: 811-21601

Registrant Name: PIMCO FLOATING RATE STRATEGY 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: 8/31

Date of Reporting Period: 11/30

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 (ss.ss.  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. ss. 3507.


ITEM 1. SCHEDULE OF INVESTMENTS

                        PIMCO FLOATING RATE STRATEGY FUND
                             SCHEDULE OF INVESTMENTS
                                NOVEMBER 30, 2004
                                   (UNAUDITED)


    PRINCIPAL
      AMOUNT
      (000)                                                                                                               VALUE*
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                    
                   SENIOR LOANS (a) (b) (c) (g)-36.5%
                   ADVERTISING-0.8%
$     7,000        Advert Direct Sol, 4.09%, 11/9/11, Term B ..................                                        $ 7,064,897
                                                                                                                       -----------

                   AUTOMOTIVE PRODUCTS-1.4%
      5,000        Plastec, 4.73%, 2/15/10 ....................................                                          5,082,290
      5,000        TRW Automotive Inc., 3.88%, 10/29/10, Term E 20 ............                                          5,029,165
      2,746        Volkswagon AG, 4.58%, 4/7/11 ...............................                                          2,799,547
                                                                                                                       -----------
                                                                                                                        12,911,002
                                                                                                                       -----------

                   BUILDING/CONSTRUCTION-0.6%
      5,094        Nortek, 4.62%, 8/24/11 .....................................                                          5,187,770
        392        Nortek, 5.50%, 8/24/11 .....................................                                            395,059
                                                                                                                       -----------
                                                                                                                         5,582,829
                                                                                                                       -----------
                   CHEMICALS-1.8%
      2,000        Brenntag AG, 4.73%, 2/28/12, Term B2 .......................                                          2,036,250
         80        Hercules Inc., 3.73%, 10/8/10, Term B ......................                                             81,097
      1,311        Hercules Inc., 3.97%, 10/8/10 ..............................                                          1,322,234
      2,000        Huntsman International LLC., 5.38%, 12/30/10 ...............                                          2,040,500
     10,500        Rockwood Sprical, 4.63%, 7/30/12 ...........................                                         10,581,564
                                                                                                                       -----------
                                                                                                                        16,061,645
                                                                                                                       -----------
                   DIVERSIFIED MANUFACTURING-1.6%
      5,000        Invensys plc, 6.76%, 12/30/09, Term B ......................                                          5,150,000
      3,555        Kraton Polymers Group, 4.38%, 12/2/09 ......................                                          3,602,058
      5,985        Lyondell Citgo, 3.59%, 5/30/07, Term B .....................                                          6,029,850
         15        Lyondell Citgo, 3.87%, 5/30/07 .............................                                             15,150
                                                                                                                       -----------
                                                                                                                        14,797,058
                                                                                                                       -----------
                   COMPUTER SOFTWARE-0.1%
      1,000        UGS Corp., 4.46%, 5/26/11, Term B ..........................                                          1,016,875
                                                                                                                       -----------

                   CONSUMER PRODUCTS-1.3%
        587        Graham Packaging Co., 4.56%, 9/15/11, Term B ...............                                            596,282
      6,913        Graham Packaging Co., 4.63%, 9/15/11, Term B ...............                                          7,027,603
      4,000        Revlon Inc., 7.86%, 7/31/10, Term B ........................                                          4,100,000
                                                                                                                       -----------
                                                                                                                        11,723,885
                                                                                                                       -----------

                   CONTAINERS-2.2%
      3,000        Affinia Group, 11/30/11 (j) ................................                                          3,000,000
      3,000        Horizon Lines Holding LLC., 4.35%, 7/4/11 ..................                                          3,054,999
      2,500        Intertape Polymer Corp., 4.14%, 7/30/11 ....................                                          2,543,750
      4,363        Smurfit Stone Container Corp., 1.92%, 11/1/09 ..............                                          4,437,636
      5,637        Smurfit Stone Container Corp., 4.06%, 11/1/10 ..............                                          5,734,755
        630        Solo Cup Co., 4.40%, 2/27/11, Term B .......................                                            642,675
        151        Solo Cup Co., 4.46%, 2/27/11, Term B .......................                                            154,088
        487        Solo Cup Co., 4.48%, 2/27/11, Term B .......................                                            496,868
        232        Solo Cup Co., 4.62%, 2/27/11, Term B .......................                                            236,604
                                                                                                                       -----------
                                                                                                                        20,301,375
                                                                                                                       -----------
                   ENERGY-4.5%
     12,000        El Paso Corp., 11/22/09 (j) . ..............................                                         12,102,192
      8,000        El Paso Corp., 11/22/09 (j) ................................                                          8,048,568
      4,000        Foundation Coal Holdings Inc., 4.04%, 7/30/11, Term B ......                                          4,064,500
      7,183        Headwaters Inc., 5.33%, 4/30/11 . ..........................                                          7,285,209
        317        Headwaters Inc., 7.00%, 4/30/11, Term B ....................                                            321,043
      7,074        Polypore International Inc., 4.53%, 11/12/11, Term B .......                                          7,179,603
      1,000        Premcor Refining Group Inc., 3.74%,4/26/09  ................                                          1,015,625
                                                                                                                       -----------
                                                                                                                        40,016,740
                                                                                                                       -----------
                   ENTERTAINMENT-0.2%
      1,000        Warner Music Group Inc., 4.32%, 2/27/11 ....................                                          1,017,188
          5        Warner Music Group Inc., 4.66%, 2/27/11 ....................                                              5,111
        497        Warner Music Group Inc., 4.66%, 2/27/11 ....................                                            506,038
        497        Warner Music Group Inc., 4.97%, 2/27/11 ....................                                            506,038
                                                                                                                       -----------
                                                                                                                         2,034,375
                                                                                                                       -----------
                   FINANCIAL SERVICES-1.3%
      1,450        BCP Caylux Holdings Inc., 6.23%, 6/8/11, Term C ...........................                           1,484,437
      3,800        Nalco Co., 4.42%, 11/1/10, Term B .........................................                           3,843,343
      6,000        Refco Group Ltd., 4.89%, 7/30/11 ..........................................                           6,072,750
                                                                                                                       -----------
                                                                                                                        11,400,530
                                                                                                                       -----------

                   HEALTH & HOSPITALS-1.4%
      6,000        Ardent Health Inc., 6.00%, 8/15/11 ........................................                           6,022,500
      3,000        Community Health Systems Inc., 3.96%, 8/16/11, Term B (d) .................                           3,026,250
        877        Davita, Inc. 3.87%, 6/23/09, Term B .......................................                             889,240
        309        Davita, Inc. 3.98%, 6/23/09, Term B .......................................                             313,721
        877        Davita, Inc. 3.98%, 6/23/09, Term B .......................................                             889,240
        522        Davita, Inc. 4.07%, 6/23/09, Term B .......................................                             529,404
        866        Davita, Inc. 4.17%, 6/23/09, Term B .......................................                             878,238
        522        Davita, Inc. 4.34%, 6/23/09, Term B .......................................                             529,404
                                                                                                                       -----------
                                                                                                                        13,077,997
                                                                                                                       -----------




                        PIMCO FLOATING RATE STRATEGY FUND
                             SCHEDULE OF INVESTMENTS
                                NOVEMBER 30, 2004
                                   (UNAUDITED)



    PRINCIPAL
      AMOUNT
      (000)                                                                                                               VALUE*
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                 
                   SENIOR LOANS  (continued)
                   HOTELS/GAMING-1.4%
$     2,500        Ameristar Casinos Inc., 12/20/06 (j) ......................................                         $ 2,539,582
      5,500        Choctaw Resort Development Enterprise Inc., 11/4/11 (j) ...................                           5,606,562
      3,333        Host Marriott LP., 9/10/08 (d) (j) ........................................                           3,108,072
      1,667        Host Marriott LP., 9/10/08 (d) (j) ........................................                           1,554,036
                                                                                                                       -----------
                                                                                                                        12,808,252
                                                                                                                       -----------

                   MACHINERY-0.4%
      3,153        Agco Corp., 3.95%, 1/31/06 ................................................                           3,211,044
        683        Agco Corp., 3.98%, 1/31/06 ................................................                             695,962
                                                                                                                       -----------
                                                                                                                         3,907,006
                                                                                                                       -----------
                   MEASURING INSTRUMENTS-0.9%
      8,000        Dresser, Inc., 10/29/09 (j) ...............................................                           8,136,000
                                                                                                                       -----------

                   MISCELLANEOUS-0.4%
      3,238        Innophos Inc., 4.39%, 8/15/11, Term B .....................................                           3,312,032
                                                                                                                       -----------

                   MULTI-MEDIA-1.2%
                   DirectTV Holdings LLC,
        988          3.95%, 3/6/10 ...........................................................                           1,004,077
      1,012          4.09%, 3/6/10 ...........................................................                           1,027,673
      4,000        Insight Midwest Holdings LLC., 4.75%, 12/31/09, Term B ....................                           4,072,776
      2,500        Primedia Inc., 6.69%, 11/10/09, Term C ....................................                           2,507,292
      2,000        Thompson Media, 11/8/11 (j) ...............................................                           2,000,000
                                                                                                                       -----------
                                                                                                                        10,611,818
                                                                                                                       -----------
                   OFFICE EQUIPMENT-0.4%
      4,000        Xerox Corp., 3.73%, 4/30/05, Term B .......................................                           4,032,500
                                                                                                                       -----------

                   OIL & GAS-0.3%
      2,488        Midwest Generation LLC, 5.26%, 4/27/11 ....................................                           2,528,181
                                                                                                                       -----------

                   PAPER PRODUCTS-0.3%
      2,549        Roseburg Forest Products Co., 3.96%, 1/26/10 ..............................                           2,564,859
                                                                                                                       -----------

                   PIPELINES-0.4%
      2,000        Kinetics Concepts Inc., 3.98%, 7/14/10, Term B ............................                           2,029,584
      2,000        Kinetics Concepts Inc., 3.98%, 8/10/11, Term B ............................                           2,029,584
                                                                                                                       -----------
                                                                                                                         4,059,168
                                                                                                                       -----------
                   PRINTING/PUBLISHING-0.8%
      6,851        RH Donnelley Corp., 4.05%, 6/30/11, Term B ................................                           6,927,610
                                                                                                                       -----------

                   REAL ESTATE-0.7%
      6,000        General Growth Properties Inc.,- REIT, 4.35%, 11/12/08 ....................                           6,029,064
                                                                                                                       -----------

                   RETAIL-0.8%
          3        Jean Coutu Group Inc., 4.25%, 7/30/11 .....................................                               2,543
      2,998        Jean Coutu Group Inc., 4.44%, 7/30/11 .....................................                           3,049,276
      3,000        Simmons Co., 4.19%, 12/19/11, Term C ......................................                           3,039,999
      1,000        Simmons Co., 5.13%, 6/19/12 ...............................................                           1,020,000
                                                                                                                       -----------
                                                                                                                         7,111,818
                                                                                                                       -----------

                   TELECOMMUNICATIONS-7.4%
      2,500        Alliance Atlantis Communications Inc., 10/19/11, Term B (j) ...............                           2,534,375
      5,972        Centennial Cellular Communications Inc., 4.34%-5.15%, 1/20/11, Term B .....                           6,061,537
     12,000        Charter Communication Inc. 5.29%-5.38%, 4/26/11 ...........................                          11,986,068
      2,000        Dex Media East LLC, 4.18%, 5/8/09, Term B .................................                           2,025,000
      5,387        Dex Media West LLC, 4.38%, 9/9/10, Term B .................................                           5,443,153
      1,000        Inmarsat Ventures PLC., 4.89%-5.39%, 10/10/11, Term C .....................                           1,010,625
                   Mediacomm Communications Corp.,
      1,970          2.99%, 3/31/10, Term A ..................................................                           1,950,300
      2,000          4.17%, 9/30/10, Term B ..................................................                           2,032,876
      2,500        New Skies Satellite, 4.88%, 5/2/10 ........................................                           2,541,668
        881        Panamsat Corp., 4.63%, 8/20/09 ............................................                             887,157
        392        Panamsat Corp., 4.63%, 8/20/09 ............................................                           1,852,841
     10,500        Qwest Corp., 6.50%, 6/5/07, Term A ........................................                          10,961,559
      5,000        Qwest Corp., 6.95%, 6/5/10 ................................................                           5,113,750
      6,000        Valor Telecommnications., 9/23/09, Term B (j) .............................                           6,075,000
      1,265        Western Wireless Corp., 4.12%, 5/28/10 ....................................                           1,273,451
        616        Western Wireless Corp., 4.21%, 5/28/10 ....................................                             619,817
        887        Western Wireless Corp., 4.60%, 5/28/10 ....................................                             903,105




                        PIMCO FLOATING RATE STRATEGY FUND
                             SCHEDULE OF INVESTMENTS
                                NOVEMBER 30, 2004
                             (UNAUDITED) (CONTINUED)


    PRINCIPAL
      AMOUNT
      (000)                                                                                                                VALUE*
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                 
                   SENIOR LOANS (CONTINUED)
 $      298        Western Wireless Corp., 4.96%, 5/30/11, Term B ............................                         $   303,198
        411        Western Wireless Corp., 5.05%, 6/30/11 ....................................                             417,844
      1,642        Western Wireless Corp., 5.07%, 5/30/11, Term A ............................                           1,671,376
        411        Western Wireless Corp., 5.08%, 5/30/11 ....................................                             417,844
        411        Western Wireless Corp., 5.12%, 5/30/11 ....................................                             417,844
                                                                                                                       -----------
                                                                                                                        66,500,388
                                                                                                                       -----------

                   RECREATION-0.5%
          5        Loews Cineplex Inc., 4.42%, 7/8/11 ........................................                               5,072
      1,043        Loews Cineplex Inc., 4.42%, 7/8/11 ........................................                           1,057,688
        952        Loews Cineplex Inc., 4.44%, 7/8/11 ........................................                             966,146
      2,000        Six Flags Theme Parks, Inc., 4.57%, 6/30/09 ...............................                           2,022,500
                                                                                                                       -----------
                                                                                                                         4,051,406
                                                                                                                       -----------

                   RETAIL - 1.1%
      9,429        Boise Cascade LLC, 4.47%, 10/29/11 ........................................                           9,598,440
                                                                                                                       -----------

                   UTILITIES-0.2%
                   AES Corp,
        714          4.25%, 4/30/08, Term B ..................................................                             726,384
        714          4.44%, 4/30/04, Term B ..................................................                             727,827
                                                                                                                       -----------
                                                                                                                         1,454,211
                                                                                                                       -----------
                   WASTE DISPOSAL-2.1%
      2,000        Allegheny Energy Inc., 3/8/11 Term B (j) ..................................                           2,037,500
      9,000        Allegheny Energy Inc., 3/8/11 (j) .........................................                           9,168,750
      6,515        Allied Waste North America Inc., 4.62%, 4/30/10 ...........................                           6,611,811
         97        Allied Waste North America Inc., 4.62%, 4/30/10 ...........................                              97,649
        322        Allied Waste North America Inc., 4.62%, 4/30/10 ...........................                             325,498
        322        Allied Waste North America Inc., 4.63%, 4/30/10, Term B ...................                             325,498
          4        Allied Waste North America Inc., 4.82%, 4/30/12 ...........................                               3,733
         49        Allied Waste North America Inc., 4.95%, 4/30/10 ...........................                              49,381
        193        Allied Waste North America Inc., 4.97%, 4/30/10, Term B ...................                             195,299
                                                                                                                       -----------
                                                                                                                        18,815,119
                                                                                                                       -----------

                   Total Senior Loans (cost-$328,180,468) ....................................                         328,437,080
                                                                                                                       -----------

                                                                                                      CREDIT RATING
                   ASSET-BACKED SECURITIES-10.4%                                                       (MOODY'S/S&P)
                                                                                                     ---------------
      3,000        Accredited Mortgage Loan Trust, 2.29%, 1/25/35 (d) (f) ....................           Aaa/AAA         3,000,000
      7,130        Amortizing Residential Collateral Trust, 2.66%, 12/25/32 (f) ..............           Aaa/AAA         7,156,480
     11,069        Bear Stearns Asset Backed Securities, Inc. 2.63%, 12/25/33 (f) ............           Aaa/AAA        11,112,294
      7,000        Asset Backed Securities Corp., 2.53%, 12/25/34 (d) (f) ....................           Aaa/AAA         7,000,000
      1,087        Credit Based Asset Trust, 2.52%, 2/5/33 (f) ...............................           Aaa/AAA         1,088,968
      6,046        Chase Funding Mortgage Loan Trust 2.51%, 1/25/33 (f) ......................           Aaa/AAA         6,059,196
      8,524        Cit Group Home Equity Loan Trust, 2.45%, 6/25/33 (f) ......................           Aaa/AAA         8,521,957
      7,000        CWMBS Inc., 12/30/34 (d) (j) ..............................................           Aaa/AAA         6,998,906
      7,000        CWMBS Inc., 12/30/34 (d) (j) ..............................................           Aaa/AAA         6,996,719
      7,000        Fremont Home Loan Trust 2.34%, 12/25/34 (d) (f) ...........................           Aaa/AAA         7,000,000
      7,662        Indymac Home Equity, 2.34%, 7/25/34 (f) ...................................           Aaa/AAA         7,665,754
      7,808        Long Beach Mortgage Loan Trust, 2.50%, 7/25/33 (f).........................           Aaa/AAA         7,821,804
      3,362        Morgan Stanley Capital I, 2.34%, 1/25/34 (f) ..............................            NR/AAA         3,364,121
      5,041        Salomon Brothers Mortgage SecuritiesVII, 2.48%, 3/25/32 (f) ...............            NR/AAA         5,040,241
      4,563        Wells Fargo Bank NA., 2.34%, 6/25/19 (f) ..................................           Aaa/AAA         4,565,313
                                                                                                                       -----------
                   Total Asset-Backed Securities (cost-$93,344,749)                                                     93,391,753
                                                                                                                       -----------

                   COLLATERALIZED MORTGAGE OBLIGATIONS (d) (f)-0.8%
      7,000        Master Adjustable Rate Mortgage Trust, 3.787%, 12/21/34 (cost-$7,009,843)             Aaa/AAA         7,006,541
                                                                                                                       -----------

                   CORPORATE BONDS & NOTES-11.1%
                   AIRLINES - 0.7%
                   Jetblue Airways Corp., pass thru certificates,
      4,000          5.39%, 11/15/08 Ser. 04-2 (d) (f) .........................................            Ba1/NR       4,009,097
      2,300          6.13%, 3/15/08 Ser. 04-1(f) ...............................................           Ba1/BB+       2,380,857
                                                                                                                       -----------
                                                                                                                         6,389,954
                                                                                                                       -----------




                        PIMCO FLOATING RATE STRATEGY FUND
                             SCHEDULE OF INVESTMENTS
                                NOVEMBER 30, 2004
                             (UNAUDITED) (CONTINUED)


    PRINCIPAL
      AMOUNT                                                                                        CREDIT RATING
      (000)                                                                                         (MOODY'S/S&P)         VALUE*
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                              
                   CORPORATE BONDS & NOTES (continued)
                   FINANCIAL SERVICES-1.5%
$     5,750        Borden US Financial Corp., 6.82%, 7/15/10 (a) (e) (f) .....................            B3/B-        $ 6,037,500
      5,000        General Motors Acceptance Corp., 4.56%, 12/1/14 (f) .......................          Baa1/BBB-        4,955,505
      2,343        Indosuez Capital Funding III, 2.27%, 12/31/08 (a) (e) (f) .................            Aa3/NA         2,347,832
                                                                                                                       -----------
                                                                                                                        13,340,837
                                                                                                                       -----------

                   HEALTH & HOSPITALS-0.6%
      5,000        HCA Inc., 5.25%, 11/6/08 ..................................................           Ba2/BB+         5,013,085
                                                                                                                       -----------

                   HOTELS/GAMING-0.0%
        320        Park Place Entertainment Corp., 7.88%, 12/15/05 ...........................           Ba2/BB-           333,600
                                                                                                                       -----------

                   MULTI-MEDIA- 0.8%
      7,000        Cablevision Systems Corp., 6.67%, 4/1/09 (a) (e) (f) ......................            B3/B+          7,437,500
                                                                                                                       -----------

                   OIL & GAS-0.3%
      2,500        Gaz Capital SA, 9.125%, 4/25/07 ...........................................            NR/BB-         2,737,750
                                                                                                                       -----------

                   PAPER PRODUCTS-1.7%
      7,000        Abitibi-Consolidated Inc., 5.38%, 6/15/11 (f) .............................            Ba3/BB         7,197,500
      4,000        Boise Cascade LLC, 5.005%, 10/15/12 (a) (e) (f) ...........................            B1/B+          4,120,000
      4,000        Bowater Inc., 4.88%, 3/15/10 (f) ..........................................            Ba3/BB         4,040,000
                                                                                                                       -----------
                                                                                                                        15,357,500
                                                                                                                       -----------

                   SEMI-CONDUCTORS-0.3%
      2,750        Freescale Semiconductor, 4.82%, 7/15/09 (f) ...............................           Ba2/BB+         2,860,000
                                                                                                                       -----------

                   TELECOMMUNICATIONS-5.2%
      5,000        Dobson Cellular Systems Inc., 6.96%, 11/1/11(a) (e) (f) ...................            B2/B-          5,137,500
      5,499        Echostar DBS Corp., 5.26%, 10/1/08 (f) ....................................           Ba3/BB-         5,732,708
     11,500        MCI Inc., 5.91%-6.69%, 5/1/07-5/1/09 ......................................            NR/NR         11,662,500
      2,000        New Skies Satellites NV., 7.44%, 11/1/11 (a) (e) (f) ......................            B3/B-          2,060,000
      4,650        Quest Communications International, 5.79%, 2/15/09 (a) (e) (f) ............             B3/B          4,661,625
      7,750        Rogers Wireless Inc., 5.53%, 12/15/10 (a) (e) (f) .........................            Ba3/BB         8,060,000
      3,500        Rural Cellular Corp., 6.38%, 3/15/10 (f) ..................................            B2/B-          3,622,500
      5,820        Time Warner Telecom Holdings, 6.29%, 2/15/11 (f) ..........................             B1/B          5,834,550
                                                                                                                       -----------
                                                                                                                        46,771,383
                                                                                                                       -----------
                   Total Corporate Bonds & Notes (cost-$99,942,951)                                                    100,241,609
                                                                                                                       -----------

                   SOVEREIGN DEBT OBLIGATIONS (f)-1.5%
                   BRAZIL-1.5%
     14,118        Federal Republic of Brazil, 2.1875%, 4/15/09 (cost-$12,919,578) ...........            B2/B+         13,268,887
                                                                                                                       -----------

                   SHORT-TERM INVESTMENTS-39.7%
                   COMMERCIAL PAPER-11.8%
                   BANKING-7.0%
     17,700        Bank of America NA, 2.26%, 3/9/05 .........................................           Aaa/AAA        17,700,000
     17,700        Citigroup, 2.275%, 2/18/05 ................................................           Aaa/AAA        17,700,000
     14,900        HSBC Bank USA, 2.335%, 3/23/05 ............................................           Aaa/AAA        14,900,000
     12,800        Rabobank USA Financial Corp., 2.03%, 12/1/04 ..............................           Aaa/AAA        12,800,000
                                                                                                                       -----------
                                                                                                                        63,100,000
                                                                                                                       -----------
                   CONGLOMERATES-2.5%
     22,600        General Electronic Capital Corp., 2.32%-2.34%, 2/24/05-3/22/05 ............           P-1/AAA        22,437,528
                                                                                                                       -----------

                   OIL & GAS-2.3%
     20,600        TotalFinaElf SA, 2.05%, 12/1/04 ...........................................            B1/B+         20,600,000
                                                                                                                       -----------
                   Total Commercial Paper (cost-$106,140,589)                                                          106,137,528
                                                                                                                       -----------




                        PIMCO FLOATING RATE STRATEGY FUND
                             SCHEDULE OF INVESTMENTS
                                NOVEMBER 30, 2004
                             (UNAUDITED) (CONTINUED)


    PRINCIPAL
      AMOUNT                                                                                         CREDIT RATING
      (000)                                                                                          (MOODY'S/S&P)        VALUE*
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                              
                   SHORT-TERM INVESTMENTS (CONTINUED)
                   CORPORATE NOTES-1.7%
                   ENERGY - 0.6%
$     5,000        CMS Energy Corp., 7.00%, 1/15/05 ..........................................            B3/B+       $  5,035,135
                                                                                                                      ------------

                   FINANCIAL SERVICES-0.7%
      6,000        Ford Motor Credit Co., 7.60%, 8/1/05 ......................................           A3/BBB-         6,162,672
                                                                                                                      ------------

                   MULTI-MEDIA-0.4%
      4,000        Rogers Cable Systems., 10.00%, 3/15/05 Series B ...........................           Ba3/BB+         4,080,000
                                                                                                                      ------------
                   Total Corporate Notes-(cost-$15,281,373)                                                             15,277,807
                                                                                                                      ------------

                   U.S. GOVERNMENT & AGENCY SECURITIES - 18.2%
                   FANNIE MAE-8.3%
     75,300        1.98%-2.21%, 1/26/05-3/3/05 ...............................................           Aaa/AAA        74,988,753
                                                                                                                      ------------

                   FEDERAL HOME LOAN BANK - 9.7%
     87,800        1.759%-2.26%, 12/8/04-3/14/05 .............................................           Aaa/AAA        87,409,995
                                                                                                                      ------------

                   U.S. TREASURY BILLS (i)-0.2%
      1,450        1.83%-1.915%, 12/16/04 ....................................................           Aaa/AAA         1,448,873
                                                                                                                      ------------
                   Total U.S. Government & Agency Securities (cost-$163,897,134)                                       163,847,621
                                                                                                                      ------------

                   REPURCHASE AGREEMENTS-8.0%
     20,240        State Street Bank & Trust Co dated 11/30/04, 1.65%, due 12/1/04,
                   proceeds:$20,240,928; collateralized by Federal Home Loan Bank, 12/15/05,
                   valued at $20,649,317 (cost-$20,240,000) ..................................                          20,240,000
                                                                                                                      ------------

     50,000        U.S. Treasury Repo. dated 11/30/04, 1.90%, due 12/1/04,
                   proceeds:$50,002,639; collateralized by Federal Home Loan Bank, 12/15/05,
                   valued at $51,308,377 (cost-$50,000,000) ..................................                          50,000,000
                                                                                                                      ------------

      1,600        U.S. Treasury Repo. dated 11/30/04, 1.90%, due 12/1/04,
                   proceeds:$1,600,084; collateralized by Federal Home Loan Bank,12/15/05,
                   valued at $1,642,400 (cost-$1,600,000) ....................................                           1,600,000
                                                                                                                      ------------
                   Total U.S.Government & Agency Securities (cost-$71,840,000)                                          71,840,000
                                                                                                                      ------------
                   Total Short-Term Investments (cost-$357,159,096) ..........................                         357,102,956
                                                                                                                      ------------

                   PUT OPTIONS PURCHASED (h)-0.0%
    Contracts      CME Euro Futures,  Chicago Board of Trade:
   ---------
       275           Strike Price $93.75, expires 9/19/05 ....................................                               1,719
       205           Strike Price $97.375, expires 12/13/05 ..................................                               1,281
                                                                                                                      ------------
                   Total put options purchased (cost-$4,800)                                                                 3,000
                                                                                                                      ------------

                   TOTAL INVESTMENTS, BEFORE CALL OPTIONS WRITTEN
                   (cost-$898,561,485)-100.0% ................................................                         899,451,826
                                                                                                                      ------------

                   CALL OPTION WRITTEN (h)-0.0%
                   U.S. Treasury Notes Futures, Chicago Board of Trade:
      (341)          Strike Price $114, expires 2/18/05 ......................................                             (79,922)
      (341)          Strike Price $109, expires 2/18/05 ......................................                            (218,453)
                                                                                                                      ------------
                   Total call options written (premiums received-$301,146)                                                (298,375)
                                                                                                                      ------------
                   TOTAL INVESTMENTS, NET OF CALL OPTIONS WRITTEN
                   (cost-$898,260,339)-100.0% ................................................                        $899,153,451
                                                                                                                      ------------



OTHER INVESTMENTS:

(a) Credit default swaps outstanding at November 30, 2004:




                                                   NOTIONAL                       FIXED
SWAP                                            AMOUNT PAYABLE                   PAYMENTS      UNREALIZED
COUNTERPARTY/REFERENCED                           ON DEFAULT     TERMINATION    RECEIVED BY   APPRECIATION
DEBT OBLIGATION                                     (000)           DATE         THE FUND    (DEPRECIATION)
-----------------------                         --------------   -----------    -----------  --------------

                                                                                  
Bank of America
CMS Energy Credit                               $        5,000     12/20/09         2.15%     $    43,827

Bank of America
Nextel Credit                                            5,000     12/20/09         0.95%            (648)

Bank of America
Royal Carribbean Credit                                  5,000     12/20/09         1.12%           3,787

Bank of America
Williams Co. Inc. Credit                                 5,000     12/20/09         1.65%          55,857

Bear Stearns
Dura Operating Credit                                    4,500     12/20/09         4.15%         (16,849)

Bear Stearns
MGM Mirage Credit                                        5,000     12/20/09         1.54%          41,478

Bear Stearns
Smurfit Stone Credit                                     5,000     12/20/09         1.87%         (28,836)

Citibank
Host Marriott Credit                                     5,000     12/20/09         1.70%          11,855

Citibank
Reliant Resources Credit                                 5,000     12/20/09         3.20%          95,778

Credit Suisse
Dow Jones CDX                                           12,000     12/20/09         3.75%          43,900

Credit Suisse
Equistar Credit                                          5,000     12/20/09         2.25%          32,062

Credit Suisse
SAMI                                                    10,000      9/20/08         2.45%         111,396

Credit Suisse
SAMI                                                    10,000     12/20/09         2.15%          70,445






                                                   NOTIONAL                       FIXED
SWAP                                            AMOUNT PAYABLE                   PAYMENTS      UNREALIZED
COUNTERPARTY/REFERENCED                           ON DEFAULT     TERMINATION    RECEIVED BY   APPRECIATION
DEBT OBLIGATION                                     (000)           DATE         THE FUND    (DEPRECIATION)
-----------------------                         --------------   -----------    -----------  --------------

                                                                                  
Credit Suisse
Vintage Petroleum Credit                        $        5,000     12/20/09         1.95%     $       274

Goldman Sachs
Georgia Pacific Credit                                   5,000     12/20/09         1.15%          46,730

JP Morgan Chase Bank
Caesars Entertainment Credit                             5,000     12/20/09         0.78%          29,193

JP Morgan Chase Bank
Dow Jones Credit                                        12,000     12/20/09         3.75%         118,900

JP Morgan Chase Bank
NRG Energy Credit                                        5,000     12/20/09         2.20%             308

Lehman Brothers
Boyd Credit                                              5,000     12/20/09         1.65%          66,164

Lehman Brothers
Hayes Lemmerz Credit                                     5,000     12/20/09         2.50%          20,558

Lehman Brothers
HCA Credit                                               5,000     12/20/09         1.55%          (2,847)

Lehman Brothers, Inc.
Panamsat Credit                                          3,000     12/20/09         3.00%         109,383

Lehman Brothers
Starwood Credit                                          5,000     12/20/09         1.15%          10,265

Lehman Brothers
Stations Casinos Credit                                  5,000     12/20/09         1.45%           9,962

Lehman Brothers
TRW Credit                                               5,000     12/20/09         2.05%         122,196

Merrill Lynch
AES Credit                                               3,000     12/20/09         2.60%          24,470

Merrill Lynch
Arvinmeritor Credit                             $        4,500     12/20/09         2.25%     $    99,199

Merrill Lynch
Chesapeake Energy Credit                                 5,000     12/20/09         1.30%          44,347

Merrill Lynch
Delhaize America Credit                                  5,000     12/20/09         1.07%          61,212

Merrill Lynch
Electronic Data Systems Credit                           5,000     12/20/09         1.45%          28,590

Merrill Lynch
Toys R Us Credit                                         5,000     12/20/09         3.20%          98,167

Merill Lynch
Vintage Petroleum Credit                                 3,000     12/20/09         1.50%          26,342

Morgan Stanley
Dow Jones Credit                                        25,000     12/20/09         2.60%         320,417

Wachovia
Ford Motor Credit                                        5,000     12/20/09         2.14%          14,107

Wachovia
General Motors Credit                                    5,000     12/20/09         2.26%          (7,374)
                                                                                              -----------
                                                                                              $ 1,704,615
                                                                                              ===========




b) Options written for the period ended November 30, 2004:


                                                        CONTRACTS     PREMIUMS
                                                        ---------     --------
     Options outstanding, October 29, 2004                    --           --
     Options written                                          682     $301,146
                                                        ---------     --------
     Options outstanding, November 30, 2004                   682      301,146
                                                        =========     ========


c) Futures contracts outstanding at November 30, 2004:


                                       NOTIONAL                      UNREALIZED
TYPE                                    AMOUNT    EXPIRATION DATE   DEPRECIATION
----                                   --------   ---------------   ------------
Long: Financial Future Euro-CME         243,806       12/13/04       $  125,060


d) Forward foreign currency contracts outstanding at November 30, 2004:




                                                      U.S. $ VALUE       U.S. $ VALUE       UNREALIZED
SOLD:                                               ORIGINATION DATE   NOVEMBER 30, 2004   DEPRECIATION
-----                                               ----------------   -----------------   ------------
                                                                                   
2,808,000 Euro Dollars Settling 12/9/04              $    3,628,441     $     3,732,086     $  103,645


At November 30, 2004, the Fund had an unfunded loan commitment pursuant to the
following loan agreements:


     BORROWER                                              UNFUNDED COMMITMENT
     --------                                              -------------------
     Innophos Term Loan B                                             $371,318
     Innophos Term Loan B                                              386,650



-----------------------------------
 NOTES TO SCHEDULE 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 easily available or if a  development/event  occurs that may impact the
     value  of  the  security,   may  be  fair-valued   pursuant  to  procedures
     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 weekly by an
     independent  pricing  service  or, are valued at the last sale price on the
     exchange that is the primary market for such securities, 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.  The
     independent  pricing service uses information  provided by market makers or
     estimates of market value  obtained from yield data relating to investments
     or securities  with similar  characteristics  for which a secondary  market
     exists.  Senior  Loans for which a  secondary  market  does not exist,  are
     valued at fair  value by the Fund's  Sub-Adviser,  pursuant  to  procedures
     approved  by  the  Board  of   Trustees.   Such   procedures   may  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  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 at the close of  regular  trading  (normally,  4:00 p.m.
     Eastern  time) on the New York Stock  Exchange on the last  business day of
     the week.

(a)  Private  Placement.  Restricted  as to  resale  and may not have a  readily
     available market.

(b)  Remaining  maturities  of  floating  rate 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.

(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)  Fair-valued security.

(e)  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.

(f)  Floating  Rate  Security.  Interest  rate  shown is the rate in  effect  at
     November 30, 2004.

(g)  Illiquid security

(h)  Non-income producing security.

(i)  All or partial  principal  amount  segregated as initial  margin on futures
     contracts.

(j)  Unsettled security, coupon rate undetermined at November 30, 2004.

GLOSSARY:

NR - Not Rated

REIT - Real Estate Investment Trust



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 Strategy Fund

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

Date: January 25, 2005

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

Date: January 25, 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: January 25, 2005

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

Date: January 25, 2005