Edgar Filing: PIMCO HIGH INCOME FUND

	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549	OMB APPROVAL
		OMB Number: 3235-0578 Expires: February 28, 2006 Estimated average burden hours per response........20.00


	FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number		811-21311

PIMCO High Income Fund
(Exact name of registrant as specified in charter)

1345 Avenue of the Americas New York, New York			10105
(Address of principal executive offices)			(Zip code)

Lawrence G. Altadonna – 1345 Avenue of the Americas New York, New York 10105
(Name and address of agent for service)

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

Date of fiscal year end:	3/31/2007

Date of reporting period:	6/30/2006

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 High Income Fund Schedule of Investments

June 30, 2006 (unaudited)

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

CORPORATE BONDS & NOTES—85.3%
Aerospace—0.2%
$	5,600	Armor Holdings, Inc., 8.25%, 8/15/13	B1/B+	$5,824,000

Airlines—1.1%
8,760		American Airlines, Inc., pass thru certificates, 8.608%, 4/1/11	Baa3/BB+	9,109,783
		Continental Airlines, Inc., pass thru certificates,
14,842		6.92%, 4/2/13, 97-5A 9 (a)(b)(g)	NR/NR	14,943,850
4,439		7.373%, 6/15/17, Ser. 01-1	Ba1/BB+	4,230,740
1,944		8.307%, 10/2/19, Ser. 00-2	Ba2/BB-	1,865,005
50		Northwest Airlines, Inc., pass thru certificates, 6.841%, 4/1/11, Ser. 1A-2	Ba3/BB	49,781
396		United Air Lines, Inc., pass thru certificates, 6.602%, 3/1/15, Ser. 01-1	NR/NR	397,733
4,158		U.S. Airway Group, Inc., 9.625%, 9/1/24 (b)(f)(g)	NR/NR	14,970
				30,611,862

Automotive—4.0%
10,450		Arvin Capital I, 9.50%, 2/1/27	B1/B	10,606,750
18,725		ArvinMeritor, Inc., 8.75%, 3/1/12	Ba3/BB-	18,350,500
5,150		Cooper-Standard Automotive, Inc., 7.00%, 12/15/12	B3/B-	4,635,000
15,000		Ford Motor Co., 7.45%, 7/16/31	Ba3/B+	10,912,500
		General Motors Corp.,
3,000		7.20%, 1/15/11	Caa1/B-	2,670,000
10,000		8.25%, 7/15/23	Caa1/B-	7,925,000
		Goodyear Tire & Rubber Co.,
12,300		9.00%, 7/1/15	B3/B-	11,808,000
7,000		11.00%, 3/1/11	B3/B-	7,717,500
		Tenneco Automotive, Inc.,
14,000		8.625%, 11/15/14	B3/B	14,035,000
14,025		10.25%, 7/15/13, Ser. B	B2/B	15,445,031
8,245		TRW Automotive, Inc., 9.375%, 2/15/13	Ba3/BB-	8,801,538
				112,906,819

Chemicals—3.2%
		ARCO Chemical Co.,
3,808		9.80%, 2/1/20	Ba3/BB-	4,493,440
2,000		10.25%, 11/1/10	Ba3/BB-	2,210,000
15,000		Equistar Chemicals L.P., 10.125%, 9/1/08	B1/BB-	15,862,500
21,925		Ineos Group Holdings PLC, 8.50%, 2/15/16 (d)	B2/B-	20,636,906
15,300		Nalco Co., 8.875%, 11/15/13	Caa1/B-	15,491,250
13,660		PQ Corp., 7.50%, 2/15/13	NR/B-	12,908,700
		Rhodia S.A.,
6,650		7.625%, 6/1/10	B3/B-	6,616,750
980		8.875%, 6/1/11	Caa1/B-	981,225
10,500		Rockwood Specialties Group, Inc., 7.50%, 11/15/14	B3/B-	10,342,500
				89,543,271

Commercial Products—0.6%
15,800		Hertz Corp., 8.875%, 1/1/14 (d)	B1/B	16,274,000

Computer Services—1.2%
		Sungard Data Systems, Inc. (d),
17,100		9.125%, 8/15/13	B3/B-	17,826,750
14,000		10.25%, 8/15/15	Caa1/B-	14,542,500
				32,369,250

Computer Software—0.4%
9,500		UGS Corp., 10.00%, 6/1/12	B3/B-	10,260,000

PIMCO High Income Fund Schedule of Investments

June 30, 2006 (unaudited)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)	Value*
Consumer Products—0.6%
		Buhrmann US, Inc.,
$	500	7.875%, 3/1/15	B2/B	$496,250
6,875		8.25%, 7/1/14	B2/B	6,875,000
3,685		Russell Corp., 9.25%, 5/1/10	B2/B	3,873,856
7,398		Spectrum Brands, Inc., 7.375%, 2/1/15	Caa2/CCC	6,047,865
				17,292,971

Consumer Services—0.3%
9,200		Education Management Corp., 10.25%, 6/1/16 (d)	Caa1/CCC+	9,200,000

Containers & Packaging—2.0%
		Crown Americas LLC (d),
2,475		7.625%, 11/15/13	B1/B	2,444,062
5,650		7.75%, 11/15/15	B1/B	5,593,500
		Jefferson Smurfit Corp.,
11,200		7.50%, 6/1/13	B2/CCC+	10,080,000
10,263		8.25%, 10/1/12	B2/CCC+	9,672,878
		Smurfit-Stone Container,
14,000		8.375%, 7/1/12	B2/CCC+	13,300,000
15,338		9.75%, 2/1/11	B2/CCC+	15,836,485
				56,926,925

Diversified Manufacturing—0.0%
1,000		Quiksilver, Inc., 6.875%, 4/15/15	B1/BB-	935,000

Electronics—1.1%
15,000		Sanmina-SCI Corp., 8.125%, 3/1/16	B1/B	14,700,000
8,700		Sensata Technologies BV, 8.00%, 5/1/14 (d)	B2/B-	8,439,000
6,400		Solectron Global Finance Ltd., 8.00%, 3/15/16 (d)	B3/B-	6,336,000
				29,475,000

Energy—1.5%
18,000		Dynergy, Inc., 8.375%, 5/1/16 (d)	B2/B-	17,820,000
2,000		NRG Energy, Inc., 7.375%, 2/1/16	B1/B-	1,955,000
		Reliant Energy, Inc.,
600		6.75%, 12/15/14	B2/B	555,000
7,025		9.25%, 7/15/10	B2/B	7,060,125
15,525		9.50%, 7/15/13	B2/B	15,680,250
				43,070,375

Financial Services—12.7%
31,066		AES Ironwood LLC, 8.857%, 11/30/25	B2/B+	33,706,121
8,196		AES Red Oak LLC, 8.54%, 11/30/19, Ser. A	B2/B+	8,688,044
25,091		BCP Crystal U.S. Holding Corp., 9.625%, 6/15/14	B3/B	27,349,190
17,700		Bluewater Finance Ltd., 10.25%, 2/15/12	B2/B-	18,009,750
7,700		Chukchansi Economic Development Authority, 8.00%, 11/15/13 (d)	B2/BB-	7,786,625
€	275	Cirsa Finance Luxembourg S.A., 8.75%, 5/15/14	B1/B+	369,210
$	9,977	Consolidated Communications Holdings, 9.75%, 4/1/12	B3/B	10,326,195
6,500		Eircom Funding, 8.25%, 8/15/13	B1/BB-	6,922,500
		Ford Motor Credit Co.,
35,000		7.375%, 2/1/11	Ba2/B+	31,368,890
55,225		7.875%, 6/15/10	Ba2/B+	50,986,316
		General Motors Acceptance Corp.,
2,729		6.00%, 4/1/11	Ba1/BB	2,485,311
20,000		7.25%, 3/2/11	Ba1/BB	19,408,920
29,800		7.75%, 1/19/10	Ba1/BB	29,668,850
17,325		8.00%, 11/1/31	Ba1/BB	16,695,860

PIMCO High Income Fund Schedule of Investments

June 30, 2006 (unaudited)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)	Value*
Financial Services—(continued)
		JET Equipment Trust (d)(f)(g),
$	211	7.63%, 8/15/12, Ser. 95-B	NR/NR	$164,517
326		10.00%, 6/15/12, Ser. A11	NR/NR	316,932
36,270		JSG Funding PLC, 9.625%, 10/1/12	B3/B-	37,539,450
18,445		KRATON Polymers LLC, 8.125%, 1/15/14	B3/B-	18,398,887
19,203		Universal City Development Partners Ltd., 11.75%, 4/1/10	B2/B-	21,003,281
8,030		Universal City Florida Holding Co., 8.375%, 5/1/10	B3/B-	8,110,300
€	4,300	UPC Holding BV, 8.625%, 1/15/14	B3/CCC+	5,415,721
				354,720,870

Food & Beverage—0.9%
$	1	Dole Foods Co., Inc., 8.875%, 3/15/11	B3/B	766
24,925		Ingles Markets, Inc., 8.875%, 12/1/11	B3/B	26,202,407
				26,203,173

Healthcare & Hospitals—2.5%
8,000		DaVita, Inc., 7.25%, 3/15/15	B3/B	7,720,000
		HCA, Inc.,
7,475		7.50%, 12/15/23	Ba2/BB+	6,966,379
4,600		7.69%, 6/15/25	Ba2/BB+	4,369,949
3,000		9.00%, 12/15/14	Ba2/BB+	3,275,091
5,700		National Mentor Holdings, Inc., 11.25%, 7/1/14 (d)(g)	Caa1/CCC+	5,728,962
19,990		Rotech Healthcare, Inc., 9.50%, 4/1/12 (k)	B3/CCC	16,741,625
		Tenet Healthcare Corp.,
12,000		7.375%, 2/1/13	B3/B	11,010,000
13,925		9.875%, 7/1/14	B3/B	13,994,625
				69,806,631

Hotels/Gaming—1.6%
2,000		Gaylord Entertainment Co., 8.00%, 11/15/13	B3/B-	2,007,500
5,000		Herbst Gaming, Inc., 8.125%, 6/1/12	B3/B-	5,062,500
19,279		Mandalay Resort Group, 9.375%, 2/15/10	Ba3/B+	20,387,543
8,948		Premier Entertainment LLC, 10.75%, 2/1/12	Caa1/CCC	9,283,550
8,375		Wynn Las Vegas LLC, 6.625%, 12/1/14	B2/B+	7,935,312
				44,676,405

Machinery—0.1%
2,000		Chart Industries, Inc., 9.125%, 10/15/15 (d)	B3/B-	2,050,000

Manufacturing—0.7%
9,545		Dresser, Inc., 9.375%, 4/15/11	B2/CCC+	9,712,038
9,850		Invensys PLC, 9.875%, 3/15/11 (d)	B3/B-	10,736,500
				20,448,538

Medical Products—0.8%
22,785		VWR International, Inc., 8.00%, 4/15/14	Caa1/B-	22,243,856

Miscellaneous—7.3%
86,570		Dow Jones TRAC X North America High Yield Index,
		8.625%, 6/29/11, Ser. 6-T1 (d)(h)(k)	B3/NR	85,055,025
120,600		Targeted Return Index Securities Trust, 7.548%, 5/1/16, VRN (d)(h)(k)	B1/B+	118,389,523
				203,444,548

Multi-Media—5.8%
5,600		Cablevision Systems Corp., 8.00%, 4/15/12, Ser. B	B3/B+	5,551,000
39,300		CCO Holdings LLC, 8.75%, 11/15/13	B3/CCC-	38,514,000
4,605		Charter Communications Holdings II LLC, 10.25%, 9/15/10	Caa1/CCC-	4,639,538

PIMCO High Income Fund Schedule of Investments

June 30, 2006 (unaudited)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)	Value*
Multi-Media—(continued)
		Charter Communications Operating LLC (d),
$	13,000	8.00%, 4/30/12	B2/B-	$13,000,000
14,325		8.375%, 4/30/14	B2/B-	14,414,531
		CSC Holdings, Inc.,
6,300		7.625%, 7/15/18	B2/B+	6,268,500
1,485		7.875%, 2/15/18	B2/B+	1,488,712
5,265		8.125%, 7/15/09, Ser. B	B2/B+	5,383,463
2,175		8.125%, 8/15/09, Ser. B	B2/B+	2,223,938
4,000		DirecTV Holdings LLC, 8.375%, 3/15/13	Ba2/BB-	4,210,000
4,750		Iesy Repository GmbH, 10.375%, 2/15/15 (d)	Caa2/CCC+	4,560,000
€	6,370	Lighthouse International Co. S.A., 8.00%, 4/30/14 (d)	B3/B	8,623,518
$	24,595	Mediacom Broadband LLC, 11.00%, 7/15/13	B2/B	26,039,956
12,000		Rogers Cable, Inc., 8.75%, 5/1/32	Ba2/BB+	12,990,000
€	3,735	Telenet Communications NV, 9.00%, 12/15/13 (d)	B2/B-	5,253,332
		Young Broadcasting, Inc.,
$	7,300	8.75%, 1/15/14	Caa2/CCC-	6,132,000
1,350		10.00%, 3/1/11	Caa2/CCC-	1,208,250
				160,500,738

Oil & Gas—8.3%
		Dynergy-Roseton Danskammer, Inc., pass thru certificates,
5,050		7.27%, 11/8/10, Ser. A	B2/B	5,053,156
25,500		7.67%, 11/8/16, Ser. B	B2/B	25,452,188
		El Paso Corp.,
29,150		7.80%, 8/1/31	B2/B	28,457,687
27,850		8.05%, 10/15/30	B2/B	28,058,875
19,615		El Paso Production Holding Co., 7.75%, 6/1/13	B1/B+	19,860,188
		Ferrellgas L.P.,
3,000		6.75%, 5/1/14	Ba3/B+	2,857,500
14,325		8.75%, 6/15/12	B2/B-	14,611,500
10,000		Gaz Capital S.A., 8.625%, 4/28/34	Baa1/BB+	11,500,000
4,280		Gazprom AG, 9.625%, 3/1/13	NR/BB+	4,913,012
		Hanover Compressor Co.,
7,585		8.625%, 12/15/10	B3/B	7,888,400
3,965		9.00%, 6/1/14	B3/B	4,163,250
12,028		Hanover Equipment Trust, 8.50%, 9/1/08, Ser. A	B2/B+	12,388,840
3,625		Newpark Resources, Inc., 8.625%, 12/15/07, Ser. B	B2/B	3,634,062
4,000		Pogo Producing Co., 7.875%, 5/1/13 (d)	B2/B+	4,030,000
14,375		SemGroup L.P., 8.75%, 11/15/15 (d)	B1/NR	14,375,000
3,000		Sonat, Inc., 7.00%, 2/1/18	B2/B	2,805,000
3,000		TransMontaigne, Inc., 9.125%, 6/1/10	B3/B-	3,202,500
37,726		Williams Cos., Inc., 7.875%, 9/1/21	Ba2/BB-	38,480,520
				231,731,678

Paper/Paper Products—3.6%
		Abitibi-Consolidated, Inc.,
9,500		8.375%, 4/1/15 (k)	B1/B+	8,716,250
8,525		8.55%, 8/1/10	B1/B+	8,120,062
19,009		8.85%, 8/1/30	B1/B+	16,157,650
16,250		Bowater Canada Finance, 7.95%, 11/15/11	B1/B+	15,518,750
2,200		Bowater, Inc., 9.375%, 12/15/21	B1/B+	2,145,000
9,500		Cascades, Inc., 7.25%, 2/15/13	Ba3/BB-	8,835,000
		Georgia-Pacific Corp.,
2,050		7.75%, 11/15/29	B2/B	1,886,000
27,775		8.00%, 1/15/24	B2/B	26,386,250
13,750		8.875%, 5/15/31	B2/B	13,750,000
				101,514,962

PIMCO High Income Fund Schedule of Investments

June 30, 2006 (unaudited)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)	Value*
Printing/Publishing—2.2%
$	17,631	Dex Media West LLC, 9.875%, 8/15/13, Ser. B	B2/B	$19,195,663
1,000		Hollinger, Inc., 11.875%, 3/1/11 (d)	B3/NR	985,000
12,477		Primedia, Inc., 8.875%, 5/15/11	B2/B	12,040,305
25,835		RH Donnelley Corp., 8.875%, 1/15/16 (d)	Caa1/B	26,190,231
2,000		RH Donnelley, Inc., 10.875%, 12/15/12	B2/B	2,205,000
				60,616,199

Real Estate—1.3%
10,000		B.F. Saul REIT, 7.50%, 3/1/14	B2/BB-	10,200,000
11,550		Bon-Ton Stores, Inc., 10.25%, 3/15/14 (d)	B2/B-	10,770,375
3,000		Delhaize America, Inc., 9.00%, 4/15/31	Ba1/BB+	3,304,830
5,000		Grupo Gigante SA de CV, 8.75%, 4/13/16 (d)	NR/BB	4,725,000
6,950		NPC International, Inc., 9.50%, 5/1/14 (d)	Caa1/B-	6,758,875
				35,759,080

Telecommunications—14.1%
14,075		American Cellular Corp., 10.00%, 8/1/11, Ser. B	B3/B-	14,884,313
11,555		Centennial Communications Corp., 8.125%, 2/1/14	B3/CCC	11,179,462
31,800		Cincinnati Bell, Inc., 8.375%, 1/15/14	B3/B-	31,482,000
12,000		Citizens Communications Co., 9.00%, 8/15/31	Ba3/BB+	12,210,000
		Hawaiian Telcom Communications, Inc., Ser. B,
10,225		9.75%, 5/1/13 (k)	B3/CCC+	10,455,062
7,000		12.50%, 5/1/15	Caa1/CCC+	7,367,500
19,775		Insight Midwest L.P., 10.50%, 11/1/10	B2/B	20,714,313
		Intelsat Bermuda Ltd. (d)(e),
20,000		9.25%, 6/15/16	B2/B+	20,750,000
15,000		11.25%, 6/15/16	Caa1/B	15,450,000
		Intelsat Subsidiary Holding Co., Ltd.,
3,050		8.25%, 1/15/13	B2/B+	3,042,375
18,250		8.625%, 1/15/15	B2/B+	18,386,875
8,600		Nordic Telephone Co. Holdings ApS, 8.875%, 5/1/16 (d)	B2/B	8,879,500
24,095		PanAmSat Corp., 6.875%, 1/15/28	B1/BB	21,324,075
		Qwest Capital Funding, Inc.,
14,200		7.25%, 2/15/11	B3/B	13,880,500
46,500		7.90%, 8/15/10	B3/B	46,500,000
		Qwest Communications International, Inc.,
6,000		7.25%, 2/15/11	B2/B	5,850,000
15,275		7.50%, 2/15/14	B2/B	14,969,500
23,750		7.50%, 2/15/14, Ser. B	B2/B	23,275,000
10,450		Qwest Corp., 8.875%, 3/15/12	Ba3/BB	11,077,000
18,020		Rural Cellular Corp., 9.875%, 2/1/10	Caa1/CCC	18,628,175
9,400		Suncom Wireless, Inc., 8.50%, 6/1/13	Caa2/CCC-	8,671,500
12,400		Superior Essex Communications LLC, 9.00%, 4/15/12	B3/B	12,648,000
17,575		Time Warner Telecom Holdings, Inc., 9.25%, 2/15/14	B3/CCC+	18,102,250
13,000		Wind Acquisition Finance S.A., 10.75%, 12/1/15 (d)	B2/B-	13,877,500
9,000		Windstream Corp., 8.625%, 8/1/16 (b)(d)(e)	Ba3/BB-	9,247,500
				392,852,400

Tobacco—0.8%
4,325		Alliance One International, Inc., 11.00%, 5/15/12	B3/B-	4,130,375
20,000		Reynolds American, Inc., 7.75%, 6/1/18 (d)	Ba2/BB	19,300,000
				23,430,375

PIMCO High Income Fund Schedule of Investments

June 30, 2006 (unaudited)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)	Value*
Transportation—0.3%
		Grupo Transportacion Ferroviaria Mexicana S.A. De C.V.,
$	2,400	9.375%, 5/1/12	B2/B+	$2,568,000
5,000		12.50%, 6/15/12	B3/B-	5,537,500
				8,105,500

Utilities—5.2%
16,850		AES Corp., 8.75%, 5/15/13 (d)	Ba3/BB-	18,113,750
3,220		Homer City Funding LLC, 8.137%, 10/1/19	Ba2/BB	3,437,350
12,000		IPALCO Enterprises, Inc., 8.625%, 11/14/11	Ba1/BB-	12,780,000
19,450		Legrand Holding S.A., 8.50%, 2/15/25	Baa3/BB+	22,318,875
		Midwest Generation LLC, pass thru certificates,
16,900		8.30%, 7/2/09, Ser. A	B1/B+	17,164,063
26,521		8.56%, 1/2/16, Ser. B	B1/B+	27,864,092
1,500		8.75%, 5/1/34	Ba3/B	1,597,500
		PSE&G Energy Holdings LLC,
21,500		8.50%, 6/15/11	Ba3/BB-	22,682,500
3,500		10.00%, 10/1/09	Ba3/BB-	3,797,500
3,147		Sithe Independence Funding Corp., 9.00%, 12/30/13, Ser. A	Ba2/B	3,400,264
12,948		South Point Energy Center LLC, 8.40%, 5/30/12 (d)	Caa2/D	12,624,494
				145,780,388

Waste Disposal—0.9%
		Allied Waste North America, Inc.,
13,000		7.25%, 3/15/15	B2/BB-	12,480,000
11,823		9.25%, 9/1/12, Ser. B	B2/BB-	12,591,495
				25,071,495

		Total Corporate Bonds & Notes (cost—$2,374,241,337)		2,383,646,309

SENIOR LOANS (a)(b)(c)—3.5%
Chemicals—0.1%
2,000		Ineos Group Ltd. 7.339%, 10/7/12, Term A		2,009,000

Containers & Packaging—0.3%
		JSG Packaging,
€	431	5.331%, 1/12/13, Term B		553,980
€	287	5.413%, 1/12/13, Term B		369,320
€	559	5.463%, 1/12/13, Term B (g)		718,841
€	324	5.466%, 1/12/13, Term B		416,632
€	287	5.80%, 1/12/14, Term B		369,320
€	431	5.831%, 1/12/14, Term C		553,979
€	559	5.963%, 1/12/14, Term C (g)		720,613
€	324	5.966%, 1/12/14, Term C		416,632
€	1,049	5.991%, 11/29/13, Term B (g)		1,349,368
€	1,049	6.241%, 11/29/14, Term C (g)		1,352,695
$	750	7.398%, 1/12/13, Term B (g)		748,946
750		7.898%, 1/12/14, Term C (g)		748,946
				8,319,272

Diversified Manufacturing—0.2%
		Invensys PLC,
1,113		8.501%, 4/9/09, Term B1		1,121,020
3,000		9.431%, 12/30/09		3,037,500
				4,158,520

PIMCO High Income Fund Schedule of Investments

June 30, 2006 (unaudited)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)	Value*
Financial Services—0.1%
€	1,200	UPC Holding BV, 7.75%, 1/15/14		$1,446,153

Healthcare & Hospitals—0.3%
$	9,500	HealthSouth Corp., 8.52%, 3/10/13		9,511,029

Oil & Gas—0.7%
20,000		Ferrellgas L.P., 8.87%, 8/1/09 (g)		20,698,209

Recreation—0.2%
		Amadeus Global Travel,
€	2,785	5.313%, 4/8/12, Term A (e)		3,556,667
$	1,250	7.729%, 4/8/13, Term B		1,263,839
1,250		8.229%, 4/8/14, Term C		1,269,643
				6,090,149

Telecommunications—1.4%
€	6,500	Intersat Bridge, 4/24/16 (g)(l)		6,513,286
€	7,300	Nordic Telephone, 8.25%, 5/1/16		9,590,832
		Nordic Telephone Co. Holdings ApS,
€	3,200	5.207%, 11/30/14, Term B		4,135,538
€	3,200	5.707%, 11/30/15, Term C		4,151,991
€	7,000	Nortel Networks, Inc., 8.625%, 2/15/07, Term B		6,995,625
€	3,000	Weather Investments SARL, 4.955%, 6/17/12, Term A (e)		3,815,007
		Wind Acquisition Finance S.A. (e),
€	1,500	5.634%, 6/17/13, Term B		1,925,167
€	1,500	6.134%, 6/17/14, Term C		1,934,757
				39,062,203

Wholesale—0.2%
		Roundy’s, Inc., Term B,
$	12	8.15%, 10/27/11		12,595
2,500		8.17%, 10/27/11		2,519,010
2,475		8.29%, 11/3/11		2,493,820
				5,025,425

		Total Senior Loans (cost—$94,793,830)		96,319,960

SOVEREIGN DEBT OBLIGATIONS—0.6%
Brazil—0.6%
		Federal Republic of Brazil,
6,000		8.25%, 1/20/34	Ba3/BB	6,315,000
125		8.75%, 2/4/25	Ba3/BB	137,500
125		8.875%, 10/14/19	Ba3/BB	139,562
8,250		8.875%, 4/15/24	Ba3/BB	9,178,125

		Total Sovereign Debt Obligations (cost—$12,243,520)		15,770,187

CALIFORNIA MUNICIPAL SECURITIES—0.5%
		Los Angeles Community Redev. Agcy. Rev., Ser. H,
380		8.25%, 9/1/07	NR/NR	377,276
725		9.00%, 9/1/12	NR/NR	731,967
1,160		9.75%, 9/1/17	NR/NR	1,214,717
1,375		9.75%, 9/1/22	NR/NR	1,441,179
2,170		9.75%, 9/1/27	NR/NR	2,265,046
3,480		9.75%, 9/1/32	NR/NR	3,625,742

PIMCO High Income Fund Schedule of Investments

June 30, 2006 (unaudited)

Principal
Amount			Credit Rating
(000)			(Moody’s/S&P)	Value*
CALIFORNIA MUNICIPAL SECURITIES—(continued)
		San Diego Redev. Agcy., Tax Allocation,
$	1,785	6.59%, 11/1/13	Baa3/NR	$1,712,886
1,435		7.49%, 11/1/18	Baa3/NR	1,439,563
1,885		7.74%, 11/1/21	Baa3/NR	1,874,670

		Total California Municipal Securities (cost—$14,889,453)		14,683,046

ASSET-BACKED SECURITIES—0.2%
3,547		Northwest Airlines, Inc., pass thru certificates, 7.691%, 4/1/17, Ser. 01-B	Caa1/CCC	3,383,150
788		Reliant Energy Mid-Atlantic Power Holdings LLC, 9.237%, 7/2/17, Ser. B	B2/B	852,067

		Total Asset-Backed Securities (cost—$4,215,940)		4,235,217

PREFERRED STOCK—0.9%

Shares
Financial Services—0.9%
24,700	Fresenius Medical Care Capital Trust II, 7.875%, UNIT (j)	B1/B+	25,132,250

Telecommunications—0.0%
155,565	Superior Essex Holding Corp., 9.50%, Ser. A	NR/NR	124,452

	Total Preferred Stock (cost—$26,157,273)		25,256,702

SHORT-TERM INVESTMENTS — 9.1%

Principal
Amount
(000)
Sovereign Debt Obligations—4.7%
Germany—4.7%
€	103,000	Bundesschatzanweisungen, 2.50%, 3/23/07 (e) (cost—$129,397,839)	Aaa/AAA	131,008,572

Commercial Paper—1.7%
Banking—1.7355%
		Societe Generale North America, Inc.,
$	23,700	5.25%, 7/5/06	NR/NR	23,686,175
24,800		5.26%, 7/5/06	NR/NR	24,785,506

		Total Commercial Paper (cost—$48,471,681)		48,471,681

Corporate Bonds & Notes—0.4%
Financial Services—0.4207%
10,000		Bombardier Capital, Inc., 7.09%, 3/30/07, Ser. AI (a)(b)	NR/NR	10,050,000

Telecommunications—0.0%
1,688		Calpoint Receivable Structured Trust, 7.44%, 12/10/06 (d)	B3/NR	1,700,562

		Total Corporate Bonds & Notes (cost—$11,704,225)		11,750,562

U.S. Treasury Bills (i)—0.4%
11,610		4.71%-4.82%, 9/14/06 (cost—$11,494,098)		11,478,691

PIMCO High Income Fund Schedule of Investments

June 30, 2006 (unaudited)

Principal
Amount
(000)			Value*
Repurchase Agreements—1.9%
$	40,000	Lehman Brothers Holdings,
		dated 6/30/06, 4.60%, due 7/3/06,
		proceeds $40,015,333; collateralized by
		U.S. Treasury Bonds, 8.125%, due 8/15/19,	$40,000,000
		valued at $40,888,518 including accrued interest
11,456		State Street Bank & Trust Co.,
		dated 6/30/06, 4.90%, due 7/3/06,
		proceeds $11,460,678: collateralized by
		Fannie Mae, 5.00%, due 1/15/07, valued
		at $11,690,115 including accrued interest	11,456,000

		Total Repurchase Agreements (cost—$51,456,000)	51,456,000

		Total Short-Term Investments (cost—$252,523,843)	254,165,506

OPTIONS PURCHASED (j)—0.0%

Contracts/Notional
	Put Options—0.0%
	Eurodollar Futures, Chicago Mercantile Exchange,
1,346	strike price $90.25, expires 9/17/07	8,412
1,483	strike price $91.25, expires 6/18/07	9,269
1,544	strike price $91.75, expires 3/19/07	9,650
55	strike price $93, expires 12/18/06	344
408	strike price $93.25, expires 12/18/06	2,550
	Total Options Purchased (cost—$45,942)	30,225

	Total Investments before options written (cost—$2,779,111,138)—100.1%
		2,794,107,152

OPTIONS WRITTEN (j)—(0.0)%
	Call Options—(0.0)%
	Swap Option 3 month LIBOR, Over the Counter,
21,400,000	strike rate 4.60%, expires 1/2/07	(2,247	)
	U.S. Treasury Notes 10 yr. Futures, Chicago Board of Trade,
2,500	strike price $107, expires 8/25/06	(234,375	)
5,457	strike price $108, expires 8/25/06	(170,531	)
		(407,153	)

	Put Options—(0.1)%
	Swap Option 3 month LIBOR, Over the Counter,
21,400,000	strike rate 5.90%, expires 1/2/07	(231,912	)
	U.S. Treasury Notes 10 yr. Futures, Chicago Board of Trade,
4,424	strike price $103, expires 8/25/06	(622,125	)
		(854,037	)

	Total Options Written (premiums received—$3,105,435)	(1,261,190	)

	Total Investments net of options written (cost—$2,776,005,703)—100.0%	$2,792,845,962

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 readily available or if a development/event occurs that may significantly impact the value of a security, may be 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 daily using prices supplied by an independent pricing service or dealer quotations, using 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 daily as of the 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.

Footnotes:

(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 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 “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 June 30, 2006.

(f) Security in default.

(g) Fair-valued security.

(h) Credit-linked trust certificate.

(i) All or partial amount segregated as collateral for futures contracts, options written and/or when-issued or delayed-delivery securities.

(j) Non-income producing.

(k) All or partial amount segregated as collateral for reverse repurchase agreements.

(l) Unsettled security, coupon rate undetermined at June 30, 2006.

Glossary:

€ - Euros

LIBOR - London Inter-Bank Offered Rate

NR - Not Rated

REIT - Real Estate Investment Trust

UNIT - More than one class of securities traded together.

VRN - Variable Rate Note. The interest rate disclosed reflects the rate in effect on June 30, 2006.

Other Investments:

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

				Unrealized
		Notional Amount	Expiration	Appreciation
Type		(000)	Date	(Depreciation)
Long:	Eurodollar Futures	$20,070	12/18/06	$(12,004,677	)
Short:	U.S. Treasury Notes 10 yr. Futures	941	9/20/06	426,391
				$(11,578,286	)

(2) Transactions in options written for the three months ended June 30, 2006:

	Contracts/Notional		Premiums
Options outstanding, March 31, 2006	58,607,211		$2,490,254
Options written	12,381		2,745,915
Options terminated in closing transactions	(15,807,211	)	(2,130,734	)
Options outstanding, June 30, 2006	42,812,381		$3,105,435

(3) Credit default swap agreements outstanding at June 30, 2006:

	Notional Amount		Fixed Payments		Unrealized
Swap Counterparty/	Payable on Default	Termination	Received by		Appreciation
Referenced Debt Issuer	(000)	Date	Fund		(Depreciation)
Bank of America
Abitibi-Consolidated	$3,000	3/20/07	2.20	%	$13,486
AES Corp.	1,000	12/20/07	1.50	%	13,272
ArvinMeritor	3,000	3/20/07	2.35	%	34,759
Bombardier	3,000	12/20/06	1.75	%	10,710
Celestica	5,000	6/20/11	2.40	%	(93,643	)
Ford Motor Credit	10,000	12/20/06	4.75	%	153,615
Williams Cos.	2,000	12/20/07	1.25	%	19,188
Bear Stearns
CVC	3,000	12/20/07	2.15	%	65,505
Dow Jones CDX US High Yield	10,000	6/20/11	3.45	%	154,257
Georgia-Pacific Corp.	1,500	12/20/07	0.82	%	(317	)
MGM Mirage	3,500	9/20/09	1.92	%	86,096
Royal Caribbean Cruises	3,500	9/20/07	1.50	%	45,349
Citigroup
Allied Waste Industries	3,500	9/20/07	2.18	%	56,405
Crown Cork	3,500	9/20/07	2.38	%	66,505
Owens-Brockway	7,000	9/20/07	2.05	%	35,198
Starwood Hotels & Resorts Worldwide	3,500	9/20/07	1.20	%	30,034
Deutsche Bank AG
Federation of Russia	15,000	6/20/07	0.44	%	5,606
GMAC	8,000	9/20/06	3.45	%	66,677
Goldman Sachs
CMS Energy	5,000	9/20/11	2.03	%	82,072
Dow Jones CDX US High Yield	25,000	6/20/11	3.45	%	908,158
HCA	1,000	12/20/07	0.75	%	3,612
Starwood Hotels & Resorts Worldwide	1,000	12/20/07	1.10	%	8,135
JP Morgan Chase
AES Corp.	3,500	9/20/07	2.15	%	70,833
Bowater	3,000	3/20/07	1.60	%	5,922
Dow Jones CDX US High Yield	25,000	6/20/11	3.45	%	407,204
Electronic Data	1,000	12/20/07	1.30	%	15,654
Lear Corp.	5,000	9/20/06	6.80	%	73,780
Lear Corp.	5,000	3/20/07	7.50	%	199,737
Smurfit-Stone Container Corp.	4,700	12/20/09	2.30	%	(208,037	)
Lehman Securities
ArvinMeritor	3,000	12/20/09	2.35	%	2,544
Dow Jones CDX US High Yield	18,000	6/20/11	3.45	%	281,937
NRG Energy	5,000	9/20/11	2.25	%	(17,947	)
Merrill Lynch
AES Corp.	8,000	6/20/07	0.95	%	9,797

	Notional Amount		Fixed Payments		Unrealized
Swap Counterparty/	Payable on Default	Termination	Received by		Appreciation
Referenced Debt Issuer	(000)	Date	Fund		(Depreciation)
Morgan Stanley
Dow Jones CDX US High Yield	$22,000	6/20/11	3.45	%	$339,365
Gaz Capital	13,000	4/20/11	1.05	%	(125,293	)
Georgia-Pacific Corp.	5,000	12/20/09	1.15	%	(70,989	)
Royal Bank of Scotland
GMAC	25,000	3/20/07	5.00	%	581,927
UBS AG
Ford Motor Credit	2,500	12/20/06	5.00	%	41,525
GMAC	5,500	9/20/06	5.05	%	54,744
					$3,427,382

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

			Rate Type		Unrealized
	Notional Amount	Termination	Payments Made	Payments Received	Appreciation
Swap Counterparty	(000)	Date	by Fund	by Fund	(Depreciation)
Goldman Sachs	$1,800,000	6/21/26	6.00%	3 Month LIBOR	$222,660
Goldman Sachs	1,800,000	6/21/26	3 Month LIBOR	6.00%	(74,549	)
Lehman Securities	33,100	12/20/16	5.00%	3 Month LIBOR	409,282
Lehman Securities	255,300	12/15/07	3 Month LIBOR	5.00%	(754,207	)
UBS Securities	685,000	6/21/25	5.70%	3 Month LIBOR	1,517,823
UBS Securities	680,000	6/21/25	3 Month LIBOR	5.70%	(7,611,382	)
					$(6,290,373)

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

	Unrealized
	U.S.$ Value	U.S.$ Value	Appreciation
	Origination Date	June 30, 2006	(Depreciation)
Purchased:
€ 5,000,000 settling 7/20/06	$6,273,550	$6,402,435	$128,885
5,302,391,000 Japanese Yen settling 8/15/06	46,916,133	46,693,935	(222,198	)
Sold:
€ 23,305,000 settling 7/20/06	29,344,003	29,841,749	(497,746	)
€ 25,802,000 settling 7/31/06	33,186,882	33,065,256	121,626
879,252,990 Japanese Yen settling 8/15/06	7,700,000	7,742,881	(42,881	)
			$(512,314)

(6) Open reverse repurchase agreements at June 30, 2006:

				Maturity	Principal &
Counterparty	Rate		Trade Date	Date	Interest	Par
Lehman Securities	1.00	%	5/24/06	5/23/08	$8,416,375	$8,407,500
	1.00	%	5/26/06	5/26/08	4,892,388	4,887,500
	0.00	%	5/30/06	5/30/08	4,031,250	4,031,250
	4.50	%	6/26/06	6/26/08	37,723,563	37,700,000
	5.00	%	6/26/06	6/26/08	36,725,486	36,700,000
	5.25	%	6/29/06	6/27/08	36,760,719	36,750,000
						$128,476,250

Collateral for open reverse repurchase agreements at June 30, 2006 as reflected in the schedule of investments:

				Maturity
Counterparty	Description	Rate		Date	Par	Value
Lehman Securities	Abitibi-Consolidated, Inc.	8.375	%	4/1/15	$9,500,000	$8,716,250
	Dow Jones TRAC X North America High Yield Index	8.625	%	6/29/11	80,000,000	78,600,000
	Hawaiian Telcom Communications, Inc.	9.750	%	5/1/13	5,000,000	5,112,500
	Rotech Healthcare, Inc.	9.500	%	4/1/12	5,000,000	4,187,500
	Targeted Return Index Securities Trust	7.548	%	5/1/16	40,000,000	39,268,000
						$135,884,250

Item 2. Controls and Procedures

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

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

Item 3. Exhibits

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

SIGNATURES

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

Registrant: PIMCO High Income Fund

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

Date: August 17, 2006

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

Date: August 17, 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: August 17, 2006

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

Date: August 17, 2006