# EDGAR Filing Document

**Accession Number:** 0001047304
**File Stem:** 0001193125-23-055697
**Filing Date:** 2023-3
**Character Count:** 6140031
**Document Hash:** 1b24f5cb78c153f9152d2faa42036247
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-055697.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001193125-23-055697

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 131

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230301

**EFFECTIVENESS DATE**: 20230301

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PIMCO VARIABLE INSURANCE TRUST
- **CENTRAL INDEX KEY:** 0001047304
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08399
- **FILM NUMBER:** 23692018

**BUSINESS ADDRESS:**
- **STREET 1:** 650 NEWPORT CENTER DRIVE
- **CITY:** NEWPORT BEACH
- **STATE:** CA
- **ZIP:** 92660
- **BUSINESS PHONE:** 9497204721

**MAIL ADDRESS:**
- **STREET 1:** 650 NEWPORT CENTER DRIVE
- **CITY:** NEWPORT BEACH
- **STATE:** CA
- **ZIP:** 92660

## Series and Classes Contracts Data

### PIMCO All Asset Portfolio (Series ID: S000009659)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000026478 | Administrative | VPVAADV         |
| C000026479 | M              | VPVAAPM         |
| C000026480 | Advisor Class  | VPVAAVV         |
| C000030992 | Institutional  | VPVAAIV         |

### PIMCO Real Return Portfolio (Series ID: S000009661)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000026482 | Administrative | VPVRRDV         |
| C000026483 | Institutional  | VPVRRIV         |
| C000030983 | Advisor        | VPVRRVV         |

### PIMCO Short-Term Portfolio (Series ID: S000009662)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000026484 | Administrative | VPVSTDV         |
| C000026485 | Institutional  | VPVSTIV         |
| C000081128 | Advisor        | VPVSTAD         |

### PIMCO Total Return Portfolio (Series ID: S000009665)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000026489 | Administrative | VPVTRDV         |
| C000026490 | Institutional  | VPVTRIV         |
| C000030985 | Advisor        | VPVTRVV         |

### PIMCO CommodityRealReturn Strategy Portfolio (Series ID: S000009667)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000026493 | Administrative | VPVCRDV         |
| C000030986 | Advisor        | VPVCRVV         |
| C000030994 | Institutional  | PCOMRSI         |
| C000148731 | M              | PCOMRSM         |

### PIMCO Emerging Markets Bond Portfolio (Series ID: S000009668)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000026494 | Administrative | VPVEMDV         |
| C000030987 | Advisor        | VPVEMVV         |
| C000030995 | Institutional  | PVEMBPA         |
| C000148732 | M              | PVEMBPM         |

### PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (Series ID: S000009669)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000026495 | Administrative | VPVFHIV         |
| C000026496 | Institutional  | VPVFHDV         |
| C000139585 | Advisor        | PVITFBP         |

### PIMCO Global Bond Opportunities Portfolio (Unhedged) (Series ID: S000009670)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000026497 | Administrative | VPVGBDV         |
| C000030988 | Advisor        | VPVGBVV         |
| C000030996 | Institutional  | VPVGBIV         |

### PIMCO High Yield Portfolio (Series ID: S000009671)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000026498 | Administrative | VPVHYDV         |
| C000026499 | Institutional  | VPVHYIV         |
| C000030989 | Advisor        | VPVHYVV         |

### PIMCO Long-Term U.S. Government Portfolio (Series ID: S000009672)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000026500 | Administrative | VPVLTDV         |
| C000026501 | Institutional  | VPVLTIV         |
| C000081129 | Advisor        | VPVLTAV         |

### PIMCO Low Duration Portfolio (Series ID: S000009673)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000026502 | Administrative | VPVLDDV         |
| C000026503 | Institutional  | VPVLDIV         |
| C000030990 | Advisor        | VPVLDVV         |

### PIMCO International Bond Portfolio (Unhedged) (Series ID: S000010206)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000028252 | Administrative | VPVFBDV         |
| C000030991 | Advisor        | VPFBHEV         |
| C000109754 | Institutional  | PVFUHBI         |

### PIMCO Global Managed Asset Allocation Portfolio (Series ID: S000024339)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000072063 | Administrative Class | VPVGMMV         |
| C000072064 | Advisor Class        | VPVGMVV         |
| C000109755 | Institutional        | PVGMAPI         |

### PIMCO Global Core Bond (Hedged) Portfolio (Series ID: S000031688)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000098620 | Administrative | PGASADM         |

### PIMCO Dynamic Bond Portfolio (Series ID: S000031689)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000098623 | Administrative | PUNCBDA         |
| C000098624 | Institutional  | PVUCBPA         |
| C000098625 | Advisor        | PUNCBAD         |
| C000139587 | M              | PUNCBAM         |

### PIMCO Balanced Allocation Portfolio (Series ID: S000036160)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000110708 | Administrative | PIMGMVA         |

### PIMCO Global Diversified Allocation Portfolio (Series ID: S000036850)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000112709 | Administrative Class | PIMGDAA         |
| C000123329 | Advisor Class        | PIMGDAD         |

### PIMCO Income Portfolio (Series ID: S000052997)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000166584 | Administrative Class | PIINCAM         |
| C000166585 | Advisor Class        | PIINCAV         |
| C000166586 | Institutional Class  | PIINCIS         |

##### [**Table of Contents**](#toc)
**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM N-CSR** 

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT** 

**INVESTMENT COMPANIES** 

Investment Company Act file number: 811-08399

**PIMCO Variable Insurance Trust** 

**(Exact name of registrant as specified in charter)** 

650 Newport Center Drive, Newport Beach, CA 92660

**(Address of principal executive office)** 

**Bijal Y. Parikh** 

**Treasurer (Principal Financial & Accounting Officer)** 

**PIMCO Variable Insurance Trust** 

**650 Newport Center Drive, Newport Beach, CA 92660** 

**(Name and address of agent for service)** 

Copies to:

**Adam T. Teufel** 

**Dechert LLP** 

**1900 K Street, N.W.** 

**Washington, D.C. 20006** 

Registrant's telephone number, including area code: (888) 877-4626

Date of fiscal year end: December 31

Date of reporting period: December 31, 2022

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR 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 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.

------

##### [**Table of Contents**](#toc)
**Item 1.** **Reports to Shareholders.** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment
Company Act of 1940, as amended (the "Act") (17 CFR 270.30e-1).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PIMCO All Asset Portfolio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PIMCO Balanced Allocation Portfolio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PIMCO CommodityRealReturn Strategy Portfolio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PIMCO Dynamic Bond Portfolio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PIMCO Emerging Markets Bond Portfolio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PIMCO Global Bond Opportunities Portfolio (Unhedged)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PIMCO Global Core Bond (Hedged) Portfolio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PIMCO Global Diversified Allocation Portfolio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PIMCO Global Managed Asset Allocation Portfolio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PIMCO High Yield Portfolio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PIMCO Income Portfolio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PIMCO International Bond Portfolio (U.S. Dollar-Hedged)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PIMCO International Bond Portfolio (Unhedged)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PIMCO Low Duration Portfolio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PIMCO Long-Term U.S. Government Portfolio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PIMCO Real Return Portfolio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PIMCO Short-Term Portfolio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PIMCO Total Return Portfolio

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Not applicable to the Registrant

------

##### [**Table of Contents**](#toc)
![LOGO](g432587g13e39.jpg)

PIMCO VARIABLE INSURANCE TRUST

## Annual Report
December 31, 2022

PIMCO All Asset Portfolio

------

##### [**Table of Contents**](#toc)
**Table of Contents** 

---

| | |
|:---|:---|
|  | Page |
| &nbsp;&nbsp; [Chairman's Letter](#tx432587_1) | 2 |
| &nbsp;&nbsp; [Important Information About the PIMCO All Asset Portfolio](#tx432587_2) | 4 |
| &nbsp;&nbsp; [Portfolio Summary](#tx432587_3) | 8 |
| &nbsp;&nbsp; [Expense Example](#tx432587_4) | 9 |
| &nbsp;&nbsp; [Financial Highlights](#tx432587_5) | 10 |
| &nbsp;&nbsp; [Statement of Assets and Liabilities](#tx432587_6) | 12 |
| &nbsp;&nbsp; [Statement of Operations](#tx432587_7) | 13 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets](#tx432587_8) | 14 |
| &nbsp;&nbsp; [Schedule of Investments](#tx432587_9) | 15 |
| &nbsp;&nbsp; [Notes to Financial Statements](#tx432587_10) | 17 |
| &nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm](#tx432587_11) | 34 |
| &nbsp;&nbsp; [Glossary](#tx432587_12) | 35 |
| &nbsp;&nbsp; [Distribution Information](#tx432587_13) | 36 |
| &nbsp;&nbsp; [Federal Income Tax Information](#tx432587_14) | 37 |
| &nbsp;&nbsp; [Management of the Trust](#tx432587_15) | 38 |
| &nbsp;&nbsp; [Privacy Policy](#tx432587_16) | 40 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements](#tx432587_17) | 41 |

---

This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust (the "Trust") prospectus for the Portfolio. (The variable product prospectus may be obtained by contacting your Investment Consultant.)

------

##### [**Table of Contents**](#toc)
**Chairman's Letter** 

Dear Shareholder,

2022 was a challenging year in the financial markets. We continue to work tirelessly to navigate global markets and manage the assets that you have entrusted with us. Following this letter is the PIMCO Variable Insurance Trust Annual Report, which covers the 12-month reporting period ended December 31, 2022 (the "reporting period"). On the subsequent pages, you will find details regarding investment results and a discussion of the factors that most affected performance during the reporting period.

For the 12-month reporting period ended December 31, 2022

The global economy faced significant headwinds in 2022, including those related to higher inflation, the COVID-19 pandemic, and the Russia-Ukraine conflict. First and second quarter 2022 U.S. annualized gross domestic product ("GDP") returned -1.6% and -0.6%, respectively. The economy strengthened in the third quarter, with annualized GDP rising 3.2%. The Commerce Department's initial estimate for fourth quarter 2022 annualized GDP — released after the reporting period ended — was 2.9%.

The Federal Reserve Board (the "Fed" or "U.S. central bank") took actions to combat elevated inflation. In March 2022, the Fed raised the federal funds rate 0.25% to a range between 0.25% and 0.50%, its first rate hike since 2018. The U.S. central bank then raised rates at its next six meetings, for a total increase of 4.25% in 2022. At the end of the year, the federal funds rate was in a range between 4.25% and 4.50%.

Economies outside the U.S. also faced several headwinds. In its October 2022 World Economic Outlook Update, the International Monetary Fund (the "IMF") downgraded its expectation for 2022 GDP citing "turbulent challenges" including high inflation, tightening financial conditions, as well as the ongoing Russia-Ukraine conflict and COVID-19 pandemic. For 2022, the IMF included in its projections that GDP would grow 1.6% in the U.S. (from 5.7% in 2021), 3.1% in the eurozone (from 5.2% in 2021), 3.6% in the U.K. (from 7.4% in 2021), and 1.7% in Japan (the same as in 2021).

Several central banks tightened their respective monetary policies in recent years. For example, in December 2021, prior to the beginning of the reporting period, the Bank of England (the "BoE") raised rates for the first time since COVID-19 began. The BoE again raised rates at its next eight meetings, for a total of 3.50% in rate hikes since its first increase. The European Central Bank raised rates four times in 2022, for a total increase of 2.50%. In contrast, the Bank of Japan (the "BoJ") maintained its loose monetary policy for most of 2022. However, in December 2022 the BoJ announced that it would allow its 10-year government bond yield to rise to 0.5% (previously limited to 0.25%). The news sent the 10-year bond yield and Japanese yen higher, as market participants interpreted the announcement to mean that the BoJ may pivot from its previous monetary stance.

During the reporting period, short- and long-term U.S. Treasury yields moved higher. The yield on the benchmark 10-year U.S. Treasury note was 3.88% on December 31, 2022, versus 1.52% on December 31, 2021. The Bloomberg Global Treasury Index (USD Hedged), which tracks fixed-rate, local currency government debt of investment grade countries, including developed and emerging markets, returned -10.79%. Meanwhile, the Bloomberg Global Aggregate Credit Index (USD Hedged), a widely used index of global investment grade credit bonds, returned -14.22%. Riskier fixed income asset classes, including high yield corporate bonds and emerging market debt, were also weak. The ICE BofAML Developed Markets High Yield Constrained Index (USD Hedged), a widely used index of below-investment-grade bonds, returned -10.56%, whereas emerging market external debt, as represented by the JPMorgan Emerging Markets Bond Index (EMBI) Global (USD Hedged), returned -16.45%. Emerging market local bonds, as represented by the JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged), returned -11.69%. Finally, the municipal market, as represented by the Bloomberg Municipal Bond Index, returned -8.53%.

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| | |
|:---|:---|
| **2** | **PIMCO VARIABLE INSURANCE TRUST** |

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##### [**Table of Contents**](#toc)
Amid periods of volatility, global equities generally posted weak results during the reporting period as economic and geopolitical concerns weighed on investor sentiment. U.S. equities, as represented by the S&P 500 Index, returned -18.11%. Global equities, as represented by the MSCI World Index, returned -18.14%, while emerging market equities, as measured by the MSCI Emerging Markets Index, returned -20.09%. Meanwhile, Japanese equities, as represented by the Nikkei 225 Index (in Japanese yen), returned -7.37% and European equities, as represented by the MSCI Europe Index (in euro), returned -9.49%.

Commodity prices were volatile and generated mixed returns during the reporting period. Brent crude oil, which was approximately $77.24 a barrel at the start of the reporting period, rose to roughly $82.82 a barrel at the end of December 2022. Prices of other commodities, such as copper and gold, declined during the period.

Finally, there were also periods of volatility in the foreign exchange markets. We believe this was driven by several factors, including economic growth expectations and changing central bank monetary policies, as well as rising inflation, COVID-19 variants, and geopolitical events. The U.S. dollar strengthened against several major currencies. For example, during the reporting period, the U.S. dollar returned 5.85%, 10.71%, and 12.23% versus the euro, the British pound and the Japanese yen, respectively.

Thank you for the assets you have placed with us. We deeply value your trust, and we will continue to work diligently to meet your broad investment needs.

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| | |
|:---|:---|
| ![LOGO](g432587g19a01.jpg) | Sincerely,<br>![LOGO](g432587g65f33.jpg) <br>Peter G. Strelow<br> Chairman of the Board<br>PIMCO Variable Insurance Trust<br>|

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Past performance is no guarantee of future results. Unless otherwise noted, index returns reflect the reinvestment of income distributions and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. It is not possible to invest directly in an unmanaged index.

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| | | |
|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>3</sub> |

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##### [**Table of Contents**](#toc)
**Important Information About the PIMCO All Asset Portfolio**

PIMCO Variable Insurance Trust (the "Trust") is an open-end management investment company that includes the PIMCO All Asset Portfolio (the "Portfolio"). The Portfolio is only available as a funding vehicle under variable life insurance policies or variable annuity contracts issued by insurance companies ("Variable Contracts"). Individuals may not purchase shares of the Portfolio directly. Shares of the Portfolio also may be sold to qualified pension and retirement plans outside of the separate account context.

The Portfolio is a "fund of funds," which is a term used to describe mutual funds that pursue their investment objective by investing in other mutual funds instead of investing directly in stocks or bonds of other issuers. Under normal circumstances, the Portfolio may invest substantially all of its assets in the least expensive class of shares of any actively managed or smart beta funds (including mutual funds or exchange-traded funds) of PIMCO Funds, PIMCO ETF Trust or PIMCO Equity Series, each an affiliated open-end investment company, except other funds of funds and PIMCO California Municipal Intermediate Value Fund, PIMCO California Municipal Opportunistic Value Fund, PIMCO National Municipal Intermediate Value Fund and PIMCO National Municipal Opportunistic Value Fund (collectively, "Underlying PIMCO Funds"). The cost of investing in these Funds will generally be higher than the cost of investing in a mutual fund that invests directly in individual stocks and bonds.

We believe that equity funds and bond funds have an important role to play in a well-diversified portfolio. It is important to note, however, that equity funds and bond funds are subject to notable risks.

Among other things, equity and equity-related securities may decline in value due to both real and perceived general market, economic, and industry conditions. The values of equity securities, such as common stocks and preferred securities, have historically risen and fallen in periodic cycles and may decline due to general market conditions, which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. Equity securities may also decline due to factors that affect a particular industry or industries, such as labor shortages, increased production costs and competitive conditions within an industry. In addition, the value of an equity security may decline for a number of reasons that directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets. Different types of equity securities may react differently to these developments and a change in the financial condition of a single issuer may affect securities markets as a whole.

During a general downturn in the securities markets, multiple asset classes, including equity securities, may decline in value simultaneously. The market price of equity securities owned by the Portfolio may go up

or down, sometimes rapidly or unpredictably. Equity securities generally have greater price volatility than fixed income securities and common stocks generally have the greatest appreciation and depreciation potential of all corporate securities.

Bond funds and fixed income securities are subject to a variety of risks, including interest rate risk, liquidity risk and market risk. In an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed income securities and other instruments held by the Underlying PIMCO Funds are likely to decrease in value. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that management will anticipate such movement accurately. The Portfolio may lose money as a result of movements in interest rates.

As of the date of this report, interest rates in the United States and many parts of the world, including certain European countries, continue to increase. In efforts to combat inflation, the U.S. Federal Reserve raised interest rates multiple times in 2022 and has indicated an expectation that it will continue to raise interest rates in 2023. Thus, the Portfolio currently faces a heightened level of risk associated with rising interest rates and/or bond yields. This could be driven by a variety of factors, including but not limited to central bank monetary policies, changing inflation or real growth rates, general economic conditions, increasing bond issuances or reduced market demand for low yielding investments. Further, while bond markets have steadily grown over the past three decades, dealer inventories of corporate bonds are near historic lows in relation to market size. As a result, there has been a significant reduction in the ability of dealers to "make markets".

Bond funds and individual bonds with a longer duration (a measure used to determine the sensitivity of a security's price to changes in interest rates) tend to be more sensitive to changes in interest rates, usually making them more volatile than securities or funds with shorter durations. All of the factors mentioned above, individually or collectively, could lead to increased volatility and/or lower liquidity in the fixed income markets, or negatively impact the Portfolio's performance, or cause the Portfolio to incur losses. As a result, the Portfolio may experience increased shareholder redemptions, which among other things, could further reduce the net assets of the Portfolio.

The Portfolio may be subject to various risks as described in the Portfolio's prospectus and in the Principal and Other Risks in the Notes to Financial Statements.

Classifications of the Portfolio's portfolio holdings in this report are made according to financial reporting standards. The classification of a particular portfolio holding as shown in the Allocation Breakdown and

Schedule of Investments sections of this report may differ from the

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| | |
|:---|:---|
| **4** | **PIMCO VARIABLE INSURANCE TRUST** |

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##### [**Table of Contents**](#toc)
classification used for the Portfolio's compliance calculations, including those used in the Portfolio's prospectus, investment objectives, regulatory, and other investment limitations and policies, which may be based on different asset class, sector or geographical classifications. The Portfolio is separately monitored for compliance with respect to prospectus and regulatory requirements.

The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. In 2022, many countries lifted some or all restrictions related to COVID-19. However, the effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations and individual issuers, all of which may negatively impact the Portfolio's performance. In addition, COVID-19 and governmental responses to COVID-19 may negatively impact the capabilities of the Portfolio's service providers and disrupt the Portfolio's operations.

The United States' enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from certain other countries has contributed to and may continue to contribute to international trade tensions and may impact portfolio securities held by the Underlying PIMCO Funds. The United States' enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government's response, may also negatively impact securities and instruments that are economically tied to Russia.

The United Kingdom's withdrawal from the European Union may impact Portfolio returns. The withdrawal may cause substantial volatility in foreign exchange markets, lead to weakness in the exchange rate of the British pound, result in a sustained period of market uncertainty, and destabilize some or all of the other European Union member countries and/or the Eurozone.

The Portfolio may invest in certain instruments that rely in some fashion upon the London Interbank Offered Rate ("LIBOR"). LIBOR is an average interest rate, determined by the ICE Benchmark Administration, that banks charge one another for the use of short-term money. The United Kingdom's Financial Conduct Authority, which regulates LIBOR, has announced plans to ultimately phase out the use of LIBOR. There remains uncertainty regarding future utilization of LIBOR and the nature of any replacement rate (e.g., the Secured Overnight Financing Rate, which is intended to replace U.S. dollar LIBOR and measures the cost of overnight borrowings through repurchase agreement transactions collateralized with U.S. Treasury securities). Any potential effects of the transition away from LIBOR on the Portfolio or on certain instruments in which the Portfolio invests can be difficult to ascertain, and they may vary depending on a variety of factors. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to the Portfolio.

On the Portfolio Summary page in this Shareholder Report, the Average Annual Total Return table and Cumulative Returns chart measure performance assuming that any dividend and capital gain distributions were reinvested. The Cumulative Returns chart reflects only Administrative Class performance. Performance may vary by share class based on each class's expense ratios. The Portfolio measures its performance against at least one broad-based securities market index ("benchmark index"). The benchmark index does not take into account fees, expenses, or taxes. The Portfolio's past performance, before and after taxes, is not necessarily an indication of how the Portfolio will perform in the future. There is no assurance that the Portfolio, even if the Portfolio has experienced high or unusual performance for one or more periods, will experience similar levels of performance in the future. High performance is defined as a significant increase in either 1) the Portfolio's total return in excess of that of the Portfolio's benchmark between reporting periods or 2) the Portfolio's total return in excess of the Portfolio's historical returns between reporting periods. Unusual performance is defined as a significant change in the Portfolio's performance as compared to one or more previous reporting periods. Historical performance for the Portfolio or a share class thereof may have been positively impacted by fee waivers or expense limitations in place during some or all of the periods shown, if applicable. Future performance (including total return or yield) and distributions may be negatively impacted by the expiration or reduction of any such fee waivers or expense limitations.

The following table discloses the inception dates of the Portfolio and its share classes along with the Portfolio's diversification status as of period end:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Name** | **Portfolio<br>Inception** | **Institutional<br>Class** | **Class M** | **Administrative<br>Class** | **Advisor<br>Class** | **Diversification<br>Status** |
|  PIMCO All Asset Portfolio | 04/30/03 | 01/31/06 | 04/30/04 | 04/30/03 | 04/30/04 | Diversified |

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An investment in the Portfolio is not a bank deposit and is not guaranteed or insured by the Federal Deposit Insurance Corporation or

any other government agency. It is possible to lose money on investments in the Portfolio.

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>5</sub> |

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| **Important Information About the PIMCO All Asset Portfolio** | **(Cont.)** |

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The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Portfolio. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither this Portfolio's prospectus nor summary prospectus, the Trust's Statement of Additional Information ("SAI"), any contracts filed as exhibits to the Trust's registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or the Portfolio creates a contract between or among any shareholder of the Portfolio, on the one hand, and the Trust, the Portfolio, a service provider to the Trust or the Portfolio, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service providers or other delegates acting under authority of the Trustees) may amend the most recent prospectus or use a new prospectus, summary prospectus or SAI with respect to the Portfolio or the Trust, and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which the Trust or the Portfolio is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to the Portfolio, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust's then-current prospectus or SAI.

PIMCO has adopted written proxy voting policies and procedures ("Proxy Policy") as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at (888) 87-PIMCO, on the Portfolio's website at www.pimco.com/pvit and on the Securities and Exchange Commission's ("SEC") website at www.sec.gov.

The Portfolio files portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The Portfolio's complete schedule of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC's website at www.sec.gov and on PIMCO's website at www.pimco.com/pvit, and will be made available, upon request, by calling PIMCO at (888) 87-PIMCO.

SEC rules allow shareholder reports to be delivered to investors by providing access to such reports online free of charge and by mailing a notice that the report is electronically available. Investors may elect to receive all future reports in paper free of charge by contacting their insurance company. Any election to receive reports in paper will apply to all portfolio companies available under the investor's contract at the insurance company.

In October 2020, the SEC adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover transactions. Subject to certain exceptions, the rule requires portfolios that trade derivatives and other transactions that create future payment or delivery obligations to comply with a value-at-risk leverage limit and certain derivatives risk management program and reporting requirements. These requirements may limit the ability of the Portfolio to use derivatives and reverse repurchase agreements and similar financing transactions as part of its investment strategies and may increase the cost of the Portfolio's investments and cost of doing business, which could adversely affect investors. The rule went into effect on February 19, 2021. The compliance date for the new rule and related reporting requirements was August 19, 2022.

In December 2020, the SEC adopted a rule for the fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value, establish conditions under which a market quotation is considered readily available for purposes of the definition of "value" under the Investment Company Act of 1940 (the "Act"), and the SEC noted that this definition will apply in all contexts under the Act. The effective date for the rule was March 8, 2021. The compliance date for the new rule and the related reporting requirements was September 8, 2022.

In May 2022, the SEC proposed amendments to a current rule governing portfolio naming conventions. In general, the current rule requires portfolios with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The proposed amendments would expand the scope of the current rule in a number of ways that would result in an expansion of the types of portfolio names that would require the portfolio to adopt an 80% investment policy under the rule. Additionally, the proposed amendments would modify the circumstances under which a portfolio may deviate from its 80% investment policy and address the use and valuation of derivatives instruments for purposes of the rule. The proposal's impact on the Portfolio will not be known unless and until any final rulemaking is adopted.

In May 2022, the SEC proposed a framework that would require certain registered portfolios (such as the Portfolio) to disclose their

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| **6** | **PIMCO VARIABLE INSURANCE TRUST** |

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##### [**Table of Contents**](#toc)
environmental, social, and governance ("ESG") investing practices. Among other things, the proposed requirements would mandate that portfolios meeting three pre-defined classifications (i.e., integrated, ESG focused and/or impact funds) provide prospectus and shareholder report disclosure related to the ESG factors, criteria and processes used in managing the portfolio. The proposal's impact on the Portfolio will not be known unless and until any final rulemaking is adopted.

In October 2022, the SEC adopted changes to the mutual fund and exchange-traded fund ("ETF") shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which will impact the disclosures provided to shareholders. The rule amendments are effective as of January 24, 2023, but the SEC is providing an 18-month compliance period following the effective date for such amendments other than those addressing fee and expense information in advertisements that might be materially misleading.

In November 2022, the SEC proposed rule amendments which, among other things, would require funds to adopt swing pricing in order to mitigate dilution of shareholders' interests in a fund by requiring the adjustment of fund net asset value per share to pass on costs stemming from shareholder purchase or redemption activity. In addition the proposed rule would amend the liquidity rule framework. The proposal's impact on the Portfolio will not be known unless and until any final rulemaking is adopted.

In November 2022, the SEC adopted amendments to Form N-PX under the Act to improve the utility to investors of proxy voting information reported by mutual funds, ETFs and certain other funds. The rule amendments will expand the scope of funds' Form N-PX reporting obligations, subject managers to Form N-PX reporting obligations for "Say on Pay" votes, enhance Form N-PX disclosures, permit joint reporting by funds, managers and affiliated managers on Form N-PX; and require website availability of fund proxy voting records. The amendments will become effective on July 1, 2024. Funds and managers will be required to file their first reports covering the period from July 1, 2023 to June 30, 2024 on amended Form N-PX by August 31, 2024.

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>7</sub> |

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##### [**Table of Contents**](#toc)
**PIMCO All Asset Portfolio** 

Cumulative Returns Through December 31, 2022

![LOGO](g432587g59u09.jpg)

$10,000 invested at the end of the month when the Portfolio's Administrative Class commenced operations.

Top 10 Holdings as of December 31, 2022<sup>†</sup><sup>§</sup>

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|  PIMCO All Asset: Multi-RAE PLUS Fund | 20.3% |
|  PIMCO All Asset: Multi-Real Fund | 15.0% |
|  PIMCO Total Return Fund | 8.4% |
|  PIMCO Low Duration Fund | 7.4% |
|  PIMCO Emerging Markets Bond Fund | 5.4% |
|  PIMCO Emerging Markets Local Currency and Bond Fund | 5.2% |
|  PIMCO TRENDS Managed Futures Strategy Fund | 3.9% |
|  PIMCO RAE Worldwide Long/Short PLUS Fund | 3.5% |
|  PIMCO RAE Fundamental Advantage PLUS Fund | 3.4% |
|  PIMCO Real Return Fund | 2.7% |

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| <sup>†</sup> | % of Investments, at value.  |

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| <sup>§</sup> | Top 10 Holdings and % of Investments exclude securities sold short, financial derivative instruments and short-term instruments, if any.  |

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|:---|:---|:---|:---|:---|:---|
| Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 |  |
|  |  | 1 Year | 5 Years | 10 Years | Inception<sup>≈</sup> |
|  | PIMCO All Asset Portfolio Institutional Class | (11.66)% | 3.37% | 3.41% | 4.63% |
|  | PIMCO All Asset Portfolio Class M | (12.12)% | 2.91% | 2.94% | 4.81% |
| ![LOGO](g432587g94o20.jpg) | PIMCO All Asset Portfolio Administrative Class | (11.84)% | 3.22% | 3.25% | 5.33% |
|  | PIMCO All Asset Portfolio Advisor Class | (11.87)% | 3.12% | 3.15% | 5.03% |
| ![LOGO](g432587g08y58.jpg) | Bloomberg U.S. TIPS: 1-10 Year Index<sup>±</sup> | (7.34)% | 2.50% | 1.29% | 3.37%<sup>¨</sup> |
| ![LOGO](g432587g52z21.jpg) | Consumer Price Index + 500 Basis Points<sup>±±</sup> | 11.42% | 8.77% | 7.57% | 7.50%<sup>¨</sup> |

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All Portfolio returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

<sup>≈</sup> For class inception dates please refer to the Important Information.

<sup>¨</sup> Average annual total return since 04/30/2003.

<sup>±</sup> Bloomberg U.S. TIPS: 1-10 Year Index is an unmanaged market index comprised of U.S. Treasury Inflation-Protected Securities having a maturity of at least 1 year and less than 10 years.

It is not possible to invest directly in an unmanaged index.

*Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. The Portfolio's performance does not reflect the deduction of additional charges and expenses imposed in connection with investing in Variable Contracts, which will reduce returns. Differences in the Portfolio's performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the prices of individual positions (which may be sourced from different pricing vendors or other sources) used by the Portfolio and the index. For performance current to the most recent month-end, visit www.pimco.com/pvit or via (888) 87-PIMCO.* 

*The Portfolio's total annual operating expense ratio in effect as of period end, which includes the Acquired Fund Fees and Expenses (Underlying PIMCO Fund expenses), was 1.185% for Institutional Class shares, 1.635% for Class M shares, 1.335% for Administrative Class shares, and 1.435% for Advisor Class shares. Details regarding any changes to the Portfolio's operating expenses, subsequent to period end, can be found in the Portfolio's current prospectus, as supplemented.* 

Investment Objective and Strategy Overview

PIMCO All Asset Portfolio seeks maximum real return, consistent with preservation of real capital and prudent investment management, by investing under normal circumstance substantially all of its assets in the least expensive class of shares of any actively managed or smart beta funds (including mutual funds or exchange-traded funds) of PIMCO Funds, PIMCO ETF Trust or PIMCO Equity Series, each an affiliated open-end investment company, except other funds of funds and PIMCO California Municipal Intermediate Value Fund, PIMCO California Municipal Opportunistic Value Fund, PIMCO National Municipal Intermediate Value Fund and PIMCO National Municipal Opportunistic Value Fund (collectively, "Underlying PIMCO Funds") and does not invest directly in stocks or bonds of other issuers. Research Affiliates, the Portfolio's asset allocation sub-adviser, determines how the Portfolio allocates and reallocates its assets among the Underlying PIMCO Funds. In doing so, the asset allocation sub-adviser seeks concurrent exposure to a broad spectrum of asset classes. In addition to investing in Underlying PIMCO Funds, at the discretion of PIMCO and without shareholder approval, the Portfolio may invest in additional Underlying PIMCO Funds created in the future. Portfolio strategies may change from time to time. Please refer to the Portfolio's current prospectus for more information regarding the Portfolio's strategy.

Portfolio Insights

The following affected performance (on a gross basis) during the reporting period:

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| » | Positions in commodities, through exposure to the Bloomberg Commodity Total Return Index and Credit Suisse Commodity Total Return Index gained via the PIMCO All Asset: Multi-Real Fund and the PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund, contributed to performance, as such Underlying PIMCO Funds and exposures posted positive returns.  |

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» Positions in liquid alternative strategies, primarily through the PIMCO RAE Fundamental Advantage PLUS Fund benefited performance, as this Underlying PIMCO Fund posted positive returns.

» There were no other material contributors for this Portfolio.

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|:---|:---|
| » | Positions in Real Estate Investment Trusts ("REITs"), principally through exposure to the Dow Jones U.S. Select REIT Total Return Index gained via the PIMCO All Asset: Multi-Real Fund and the PIMCO RealEstateRealReturn Strategy Fund, detracted from performance, as these exposures and Underlying PIMCO Funds posted negative returns.  |

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» Positions in emerging markets bonds, primarily through the PIMCO Emerging Markets Bond Fund and the PIMCO Emerging Markets Local Currency and Bond Fund, detracted from performance, as such Underlying PIMCO Funds posted negative returns.

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| » | Positions in U.S. and global core bonds, through the PIMCO Total Return Fund and the PIMCO International Bond Fund (U.S. Dollar-Hedged), detracted from performance, as such Underlying PIMCO Funds posted negative returns.  |

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| » | Positions in long duration bonds, through the PIMCO Extended Duration Fund, PIMCO Long Duration Total Return Fund, and the PIMCO Long-Term U.S. Government Fund, detracted from performance, as such Underlying PIMCO Funds posted negative returns.  |

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| **8** | **PIMCO VARIABLE INSURANCE TRUST** |

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| **Expense Example** | **PIMCO All Asset Portfolio** |

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Example

As a shareholder of the Portfolio, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including investment advisory fees, supervisory and administrative fees, distribution and/or service (12b-1) fees (if applicable), and other Portfolio expenses. The Example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The Expense Example does not reflect any fees or other expenses imposed by the Variable Contracts. If it did, the expenses reflected in the Expense Example would be higher. The Example is based on an investment of $1,000 invested at the beginning of the period and held from July 1, 2022 to December 31, 2022 unless noted otherwise in the table and footnotes below.

Actual Expenses

The information in the table under the heading "Actual" provides information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60), then multiply the result by the number in the appropriate row for your share class, in the column titled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information in the table under the heading "Hypothetical (5% return before expenses)" provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other portfolios. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other portfolios.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the information under the heading "Hypothetical (5% return before expenses)" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. In addition, if these transactional costs were included, your costs would have been higher.

Expense ratios may vary period to period because of various factors, such as an increase in expenses that are not covered by the investment advisory fees and supervisory and administrative fees, such as fees and expenses of the independent trustees and their counsel, extraordinary expenses and interest expense.

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|  | **Actual** | **Actual** | **Actual** | **Hypothetical<br>(5% return before expenses)** | **Hypothetical<br>(5% return before expenses)** | **Hypothetical<br>(5% return before expenses)** | |
|  | **Beginning<br>Account Value<br>(07/01/22)** | **Ending<br>Account Value<br>(12/31/22)** | **Expenses Paid<br>During Period\*** | **Beginning<br>Account Value<br>(07/01/22)** | **Ending<br>Account Value<br>(12/31/22)** | **Expenses Paid<br>During Period\*** | **Net Annualized<br>Expense Ratio\*\*** |
| Institutional Class | $1000.00 | $1006.30 | $1.62 | $1000.00 | $1023.87 | $1.63 | 0.32% |
| Class M | 1000.00 | 1003.70 | 3.91 | 1000.00 | 1021.58 | 3.95 | 0.77 |
| Administrative Class | 1000.00 | 1005.60 | 2.38 | 1000.00 | 1023.10 | 2.40 | 0.47 |
| Advisor Class | 1000.00 | 1004.90 | 2.89 | 1000.00 | 1022.60 | 2.92 | 0.57 |

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\* Expenses Paid During Period are equal to the net annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 186/365 (to reflect the one-half year period). Overall fees and expenses of investing in the Portfolio will be higher because the example does not reflect variable contract fees and expenses.

\*\* Net Annualized Expense Ratio is reflective of any applicable contractual fee waivers and/or expense reimbursements or voluntary fee waivers. Details regarding fee waivers, if any, can be found in Note 8, Fees and Expenses, in the Notes to Financial Statements.

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>9</sub> |

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**Financial Highlights PIMCO All Asset Portfolio**

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|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year Ended^: | **Net Asset Value<br>Beginning of<br>Year<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **<br>Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gain** | **Total** |
| Institutional Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | $&nbsp;&nbsp;&nbsp;&nbsp;11.66 | $&nbsp;&nbsp;&nbsp;&nbsp;0.63 | $(1.92) | $(1.29) | $(0.78) | $&nbsp;&nbsp;&nbsp;&nbsp;(0.83) | $(1.61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 11.20 | 1.33 | 0.46 | 1.79 | (1.33) | 0.00 | (1.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 10.91 | 0.44 | 0.38 | 0.82 | (0.53) | 0.00 | (0.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2019 | 10.05 | 0.36 | 0.83 | 1.19 | (0.33) | 0.00 | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2018 | 10.97 | 0.51 | &nbsp;&nbsp;&nbsp;&nbsp;(1.07) | &nbsp;&nbsp;&nbsp;&nbsp;(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;(0.36) | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;(0.36) |
| Class M |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 11.76 | 0.62 | (1.97) | (1.35) | (0.74) | (0.83) | (1.57) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 11.29 | 1.29 | 0.46 | 1.75 | (1.28) | 0.00 | (1.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 10.99 | 0.37 | 0.41 | 0.78 | (0.48) | 0.00 | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2019 | 10.12 | 0.31 | 0.84 | 1.15 | (0.28) | 0.00 | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2018 | 11.04 | 0.50 | (1.11) | (0.61) | (0.31) | 0.00 | (0.31) |
| Administrative Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 11.51 | 0.65 | (1.94) | (1.29) | (0.77) | (0.83) | (1.60) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 11.07 | 1.46 | 0.29 | 1.75 | (1.31) | 0.00 | (1.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 10.79 | 0.39 | 0.40 | 0.79 | (0.51) | 0.00 | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2019 | 9.93 | 0.33 | 0.84 | 1.17 | (0.31) | 0.00 | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2018 | 10.85 | 0.48 | (1.06) | (0.58) | (0.34) | 0.00 | (0.34) |
| Advisor Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 11.66 | 0.64 | (1.95) | (1.31) | (0.76) | (0.83) | (1.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 11.21 | 1.30 | 0.45 | 1.75 | (1.30) | 0.00 | (1.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 10.92 | 0.39 | 0.40 | 0.79 | (0.50) | 0.00 | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2019 | 10.05 | 0.32 | 0.85 | 1.17 | (0.30) | 0.00 | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2018 | 10.97 | 0.47 | (1.06) | (0.59) | (0.33) | 0.00 | (0.33) |

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| ^ | A zero balance may reflect actual amounts rounding to less than $0.01 or 0.01%.  |

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<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Portfolio.

<sup>(b)</sup> Per share amounts based on average number of shares outstanding during the year. 

<sup>(c)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

<sup>(d)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Portfolio. Additionally, excludes initial sales charges and contingent deferred sales charges.

<sup>(e)</sup> Ratios shown do not include expenses of the investment companies in which the Portfolio may invest. See Note 8, Fees and Expenses, in the Notes to Financial Statements for more information regarding the expenses and any applicable fee waivers associated with these investments.

<sup>(f)</sup> Includes in-kind purchases and sales of underlying funds. Please see Note 4, Investments in Securities, in the Notes to Financial Statements for more information.

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| **10** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | |
|<br>**Net Asset<br>Value End of<br>Year<sup>(a)</sup>** |<br>**Total Return<sup>(d)</sup>** |<br>**Net Assets<br>End of Year<br>(000s)** | **Expenses** | **Expenses<br>Excluding<br>Waivers** | **Expenses<br>Excluding<br>Interest<br>Expense** | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** | **Net<br>Investment<br>Income (Loss)** |<br>**Portfolio<br>Turnover<br>Rate** |
| $8.76 | (11.66)% | $9740 | 0.315% | 0.425% | 0.315% | 0.425% | 6.36% | 84% |
| &nbsp;&nbsp;&nbsp;&nbsp;11.66 | 16.41 | 15277 | 0.295 | 0.425 | 0.295 | 0.425 | 11.36 | 88 |
| 11.20 | 8.17 | 14097 | 0.325 | 0.425 | 0.325 | 0.425 | 4.22 | 141 <sup>(f)</sup> |
| 10.91 | 11.92 | 11788 | 0.275 | 0.425 | 0.275 | 0.425 | 3.36 | 31 |
| 10.05 | (5.20) | 10616 | 0.305 | 0.425 | 0.305 | 0.425 | 4.78 | 37 |
| 8.84 | (12.12) | 61421 | 0.765 | 0.875 | 0.765 | 0.875 | 6.18 | 84 |
| 11.76 | 15.90 | 78418 | 0.745 | 0.875 | 0.745 | 0.875 | 10.91 | 88 |
| 11.29 | 7.74 | 71618 | 0.775 | 0.875 | 0.775 | 0.875 | 3.57 | 141 <sup>(f)</sup> |
| 10.99 | 11.44 | 74777 | 0.725 | 0.875 | 0.725 | 0.875 | 2.88 | 31 |
| 10.12 | (5.59) | 73521 | 0.755 | 0.875 | 0.755 | 0.875 | 4.62 | 37 |
| 8.62 | (11.84) | 66927 | 0.465 | 0.575 | 0.465 | 0.575 | 6.71 | 84 |
| 11.51 | 16.23 | 76996 | 0.445 | 0.575 | 0.445 | 0.575 | 12.62 | 88 |
| 11.07 | 8.01 | 381112 | 0.475 | 0.575 | 0.475 | 0.575 | 3.85 | 141 <sup>(f)</sup> |
| 10.79 | 11.90 | 426305 | 0.425 | 0.575 | 0.425 | 0.575 | 3.14 | 31 |
| 9.93 | (5.41) | 444136 | 0.455 | 0.575 | 0.455 | 0.575 | 4.56 | 37 |
| 8.76 | (11.87) | &nbsp;&nbsp;&nbsp;&nbsp;147977 | 0.565 | 0.675 | 0.565 | 0.675 | 6.45 | 84 |
| 11.66 | 16.04 | 183020 | 0.545 | 0.675 | 0.545 | 0.675 | 11.11 | 88 |
| 11.21 | 7.91 | 167756 | 0.575 | 0.675 | 0.575 | 0.675 | 3.78 | 141 <sup>(f)</sup> |
| 10.92 | 11.74 | 180653 | 0.525 | 0.675 | 0.525 | 0.675 | 3.06 | 31 |
| 10.05 | (5.45) | 178643 | 0.555 | 0.675 | 0.555 | 0.675 | 4.38 | 37 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>11</sub> |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **PIMCO All Asset Portfolio** | December 31, 2022 |

---

---

| | |
|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) |  |
|  **Assets:** |  |
|  *Investments, at value* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities\* | $804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 285501 |
|  Receivable for investments in Affiliates sold | 25 |
|  Receivable for Portfolio shares sold | 52 |
|  Dividends receivable from Affiliates | 481 |
|  Reimbursement receivable from PIMCO | 25 |
|  **Total Assets** | 286888 |
|  **Liabilities:** |  |
|  Payable for investments in Affiliates purchased | $561 |
|  Payable for Portfolio shares redeemed | 82 |
|  Accrued investment advisory fees | 46 |
|  Accrued supervisory and administrative fees | 65 |
|  Accrued distribution fees | 48 |
|  Accrued servicing fees | 21 |
|  **Total Liabilities** | 823 |
|  **Net Assets** | $286065 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | $381736 |
|  Distributable earnings (accumulated loss) | (95671) |
|  **Net Assets** | $&nbsp;&nbsp;&nbsp;&nbsp;286065 |
|  **Net Assets:** |  |
|  Institutional Class | $9740 |
|  Class M | 61421 |
|  Administrative Class | 66927 |
|  Advisor Class | 147977 |
|  **Shares Issued and Outstanding:** |  |
|  Institutional Class | 1112 |
|  Class M | 6950 |
|  Administrative Class | 7767 |
|  Advisor Class | 16900 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |
|  Institutional Class | $8.76 |
|  Class M | 8.84 |
|  Administrative Class | 8.62 |
|  Advisor Class | 8.76 |
|  Cost of investments in securities | $804 |
|  Cost of investments in Affiliates | $311393 |
|  \* Includes repurchase agreements of: | $804 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Portfolio.

---

| | | |
|:---|:---|:---|
| **12** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Statement of Operations** | **PIMCO All Asset Portfolio** |

---

---

| | |
|:---|:---|
| Year Ended December 31, 2022 |  |
| (Amounts in thousands<sup>†</sup>) |  |
|  **Investment Income:** |  |
|  Interest | $3 |
|  Dividends from Investments in Affiliates | 21921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 21924 |
|  **Expenses:** |  |
|  Investment advisory fees | 546 |
|  Supervisory and administrative fees | 779 |
|  Distribution and/or servicing fees - Class M | 310 |
|  Distribution and/or servicing fees - Administrative Class | 104 |
|  Distribution and/or servicing fees - Advisor Class | 402 |
|  Trustee fees | 9 |
|  Interest expense | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 2151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (340) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 1811 |
|  **Net Investment Income (Loss)** | 20113 |
|  **Net Realized Gain (Loss):** |  |
|  Investments in Affiliates | (23371) |
|  Net capital gain distributions received from Affiliate investments | 2588 |
|  **Net Realized Gain (Loss)** | (20783) |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in Affiliates | (40864) |
|  **Net Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;(40864) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $(41534) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>13</sub> |

---

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Statements of Changes in Net Assets** | **PIMCO All Asset Portfolio** |

---

---

| | | |
|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2021** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
|  Net investment income (loss) | $20113 | $57876 |
|  Net realized gain (loss) | (20783) | 90303 |
|  Net change in unrealized appreciation (depreciation) | (40864) | (60636) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | (41534) | 87543 |
|  **Distributions to Shareholders:** |  |  |
|  From net investment income and/or net realized capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (2044) | (1628) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class M | (10652) | (8135) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (11249) | (27759) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (24956) | (19480) |
|  **Total Distributions<sup>(a)</sup>** | (48901) | &nbsp;&nbsp;&nbsp;&nbsp;(57002) |
|  **Portfolio Share Transactions:** |  |  |
|  Net increase (decrease) resulting from Portfolio share transactions\* | 22789 | (311413) |
|  **Total Increase (Decrease) in Net Assets** | (67646) | &nbsp;&nbsp;&nbsp;&nbsp;(280872) |
|  **Net Assets:** |  |  |
|  Beginning of year | 353711 | 634583 |
|  End of year | $&nbsp;&nbsp;&nbsp;&nbsp;286065 | $353711 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

\* See Note 12, Shares of Beneficial Interest, in the Notes to Financial Statements.

<sup>(a)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

---

| | | |
|:---|:---|:---|
| **14** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO All Asset Portfolio** | December 31, 2022 |

---

**(Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **INVESTMENTS IN SECURITIES 0.3%** | **INVESTMENTS IN SECURITIES 0.3%** | **INVESTMENTS IN SECURITIES 0.3%** | **INVESTMENTS IN SECURITIES 0.3%** |
| **SHORT-TERM INSTRUMENTS 0.3%** | **SHORT-TERM INSTRUMENTS 0.3%** | **SHORT-TERM INSTRUMENTS 0.3%** | **SHORT-TERM INSTRUMENTS 0.3%** |
| **REPURCHASE AGREEMENTS (c) 0.3%** | **REPURCHASE AGREEMENTS (c) 0.3%** | **REPURCHASE AGREEMENTS (c) 0.3%** | **REPURCHASE AGREEMENTS (c) 0.3%** |
|  |  | $— | 804 |
|  **Total Short-Term Instruments (Cost $804)** | **Total Short-Term Instruments (Cost $804)** |  | **804** |
|  **Total Investments in Securities (Cost $804)** | **Total Investments in Securities (Cost $804)** |  | **804** |
| **INVESTMENTS IN AFFILIATES 99.8%** | **INVESTMENTS IN AFFILIATES 99.8%** | **INVESTMENTS IN AFFILIATES 99.8%** | **INVESTMENTS IN AFFILIATES 99.8%** |
| **MUTUAL FUNDS (a) 99.2%** | **MUTUAL FUNDS (a) 99.2%** | **MUTUAL FUNDS (a) 99.2%** | **MUTUAL FUNDS (a) 99.2%** |
|  **PIMCO All Asset: Multi-RAE PLUS Fund** | 6325638 |  | 58259 |
|  **PIMCO All Asset: Multi-Real Fund** | 5005649 |  | 42949 |
|  **PIMCO Emerging Markets Bond Fund** | 1925973 |  | &nbsp;&nbsp;&nbsp;&nbsp;15331 |
|  **PIMCO Emerging Markets Currency and Short-Term Investments Fund** | 870846 |  | 6418 |
|  **PIMCO Emerging Markets Local Currency and Bond Fund** | 2719566 |  | 14958 |
|  **PIMCO Extended Duration Fund** | 1184692 |  | 4478 |
|  **PIMCO Income Fund** | 346131 |  | 3583 |
|  **PIMCO International Bond Fund (U.S. Dollar-Hedged)** | 470448 |  | 4375 |
|  **PIMCO Investment Grade Credit Bond Fund** | 220202 |  | 1900 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **PIMCO Long Duration Total Return Fund** | 1002993 | $— | 7151 |
|  **PIMCO Long-Term Real Return Fund** | 1642571 |  | 7244 |
|  **PIMCO Long-Term U.S. Government Fund** | 1276785 |  | 4762 |
|  **PIMCO Low Duration Fund** | 2324538 |  | 21153 |
|  **PIMCO RAE Emerging Markets Fund** | 749199 |  | 6391 |
|  **PIMCO RAE Fundamental Advantage PLUS Fund** | 1072922 |  | 9839 |
|  **PIMCO RAE International Fund** | 867030 |  | 6381 |
|  **PIMCO RAE PLUS EMG Fund** | 304458 |  | 1806 |
|  **PIMCO RAE PLUS International Fund** | 323450 |  | 2031 |
|  **PIMCO RAE US Fund** | 165977 |  | 2008 |
|  **PIMCO RAE US Small Fund** | 494827 |  | 4028 |
|  **PIMCO RAE Worldwide Long/Short PLUS Fund** | 1302029 |  | 9895 |
|  **PIMCO Real Return Fund** | 783154 |  | 7824 |
|  **PIMCO RealEstateRealReturn Strategy Fund** | 775744 |  | 4336 |
|  **PIMCO StocksPLUS Long Duration Fund** | 359950 |  | 1595 |
|  **PIMCO Total Return Fund** | 2830308 |  | 23944 |
|  **PIMCO TRENDS Managed Futures Strategy Fund** | 994292 |  | 11156 |
| **Total Mutual Funds (Cost $309,687)** | **Total Mutual Funds (Cost $309,687)** |  | **283795** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **SHORT-TERM INSTRUMENTS 0.6%** | **SHORT-TERM INSTRUMENTS 0.6%** | **SHORT-TERM INSTRUMENTS 0.6%** | **SHORT-TERM INSTRUMENTS 0.6%** |
| **MUTUAL FUNDS 0.6%** | **MUTUAL FUNDS 0.6%** | **MUTUAL FUNDS 0.6%** | **MUTUAL FUNDS 0.6%** |
|  **PIMCO Government Money Market Fund** |  |  |  |
|  4.310% (a)(b) | 1705964 | $— | 1706 |
| **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.0%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.0%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.0%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.0%** |
|  **PIMCO Short-Term Floating NAV Portfolio III** | 11 |  | 0 |
| **Total Short-Term Instruments**<br> **(Cost $1,706)** | **Total Short-Term Instruments**<br> **(Cost $1,706)** |  | **1706** |
| **Total Investments in Affiliates**<br> **(Cost $311,393)** | **Total Investments in Affiliates**<br> **(Cost $311,393)** |  | **285501** |
| **Total Investments 100.1%**<br> **(Cost $312,197)** | **Total Investments 100.1%**<br> **(Cost $312,197)** | $— | **286305** |
| **Other Assets and Liabilities, net (0.1)%** | **Other Assets and Liabilities, net (0.1)%** |  | **(240)** |
| **Net Assets 100.0%** | **Net Assets 100.0%** | $— | **286065** |

---

**NOTES TO SCHEDULE OF INVESTMENTS:** 

**\*** **A zero balance may reflect actual amounts rounding to less than one thousand.** 

**(a)** **Institutional Class Shares of each Fund.** 

**(b)** **Coupon represents a 7-Day Yield.** 

**BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;**(c) REPURCHASE AGREEMENTS:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Lending<br>Rate** | **Settlement<br>Date** | **Maturity<br>Date** | **Principal<br>Amount** | **Collateralized By** | **Collateral<br>(Received)** | **Repurchase<br>Agreements,<br>at Value** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** |
| FICC | 1.900% | 12/30/2022 | 01/03/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804 | U.S. Treasury Bills 0.000% due 12/28/2023 | $(820) | $804 | $804 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** |  | $**(820)** | $**804** | $**804** |

---

**BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY** 

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** | **Payable for<br>Reverse<br>Repurchase<br>Agreements** | **Payable for<br>Sale-Buyback<br>Transactions** | **Total<br>Borrowings and<br>Other Financing<br>Transactions** | **Collateral<br>Pledged/(Received)** | **Net Exposure<sup>(2)</sup>** |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  FICC | $804 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(820) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) |
|  **Total Borrowings and Other Financing Transactions** | $**804** | $**0** | $**0** |  |  |  |

---

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 7, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **15** |

---

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **Schedule of Investments** | **PIMCO All Asset Portfolio** | **(Cont.)** | December 31, 2022 |

---

**FAIR VALUE MEASUREMENTS** 

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Repurchase Agreements | $0 | $804 | $0 | $804 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804 |
|  **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** |
|  Mutual Funds | 283795 | 0 | 0 | 283795 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 1706 | 0 | 0 | 1706 |
|  | $285501 | $0 | $0 | $285501 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285501 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286305 |

---

There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.

---

| | | |
|:---|:---|:---|
| **16** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Notes to Financial Statements** | December 31, 2022 |

---

1. ORGANIZATION

PIMCO Variable Insurance Trust (the "Trust") is a Delaware statutory trust established under a trust instrument dated October 3, 1997. The Trust is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Trust is designed to be used as an investment vehicle by separate accounts of insurance companies that fund variable annuity contracts and variable life insurance policies and by qualified pension and retirement plans. Information presented in these financial statements pertains to the Institutional Class, Class M, Administrative Class and Advisor Class shares of the PIMCO All Asset Portfolio (the "Portfolio") offered by the Trust. Pacific Investment Management Company LLC ("PIMCO") serves as the investment adviser (the "Adviser") for the Portfolio. Research Affiliates, LLC ("Research Affiliates") serves as the asset allocation sub-adviser to the Portfolio.

The Portfolio may invest substantially all or a significant portion of its assets in the least expensive class of shares of any actively managed or smart beta funds (including mutual funds or exchange-traded funds) of PIMCO Funds, PIMCO ETF Trust or PIMCO Equity Series, each an affiliated open-end investment company, except other funds of funds and PIMCO California Municipal Intermediate Value Fund, PIMCO California Municipal Opportunistic Value Fund, PIMCO National Municipal Intermediate Value Fund and PIMCO National Municipal Opportunistic Value Fund (collectively, "Underlying PIMCO Funds").

Hereinafter, the Board of Trustees of the Portfolio shall be collectively referred to as the "Board."

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The Portfolio is treated as an investment company under the reporting requirements of U.S. GAAP. The functional and reporting currency for the Portfolio is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(a) Securities Transactions and Investment Income Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities

sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Portfolio is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statement of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statement of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statement of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

(b) Multi-Class Operations Each class offered by the Trust has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets. Realized and unrealized capital gains (losses) are allocated daily based on the relative net assets of each class of the Portfolio. Class specific expenses, where applicable, currently include supervisory and administrative and distribution and servicing fees. Under certain circumstances, the per share net asset value ("NAV") of a class of the Portfolio's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(c) Distributions to Shareholders Distributions from net investment income, if any, are declared and distributed to shareholders quarterly. In addition, the Portfolio distributes any net capital gains it earns from the sale of portfolio securities to shareholders no less frequently than annually. A Portfolio may revise its distribution policy or postpone the payment of distributions at any time.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **17** |

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##### [**Table of Contents**](#toc)

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| | |
|:---|:---|
| **Notes to Financial Statements** | **(Cont.)** |

---

different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on the Portfolio's annual financial statements presented under U.S. GAAP.

Separately, if the Portfolio determines or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources other than net investment income in accordance with its policies, accounting records (if applicable), and accounting practices, the Portfolio will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, the Portfolio determines or estimates, as applicable, the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is determined or estimated, as applicable, that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between the Portfolio's daily internal accounting records and practices, the Portfolio's financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, the Portfolio's internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include but are not limited to, for certain Portfolios, the treatment of periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that the Portfolio may not issue a Section 19 Notice in situations where the Portfolio's financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution's tax character will be provided to shareholders when such information is available.

Distributions classified as a tax basis return of capital at the Portfolio's fiscal year end, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital on the Statement of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Statement of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(d) New Accounting Pronouncements and Regulatory Updates In March 2020, the Financial Accounting Standards Board ("FASB") issued an Accounting Standards Update ("ASU"), ASU 2020-04, which provides optional guidance to ease the potential accounting burden associated with transitioning away from the London Interbank Offered Rate and other reference rates that are expected to be discontinued. ASU 2020-04 is effective for certain reference rate-related contract modifications that occurred during the period March 12, 2020 through December 31, 2022. In March 2021, the administrator for LIBOR announced the extension of the publication of a majority of the USD LIBOR settings to June 30, 2023. In December 2022, FASB issued ASU 2022-06, which includes amendments to extend the duration of the LIBOR transition relief to December 31, 2024, after which entities will no longer be permitted to apply the reference rate reform relief. Management is continuously evaluating the potential effect a discontinuation of LIBOR could have on the Portfolio's investments and has determined that it is unlikely the ASU's adoption will have a material impact on the Portfolio's financial statements.

In October 2020, the U.S. Securities and Exchange Commission ("SEC") adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover transactions. Subject to certain exceptions, the rule requires funds that trade derivatives and other transactions that create future payment or delivery obligations to comply with a value-at-risk leverage limit and certain derivatives risk management program and reporting requirements. The effective date for the rule was February 19, 2021. The compliance date for the new rule and the related reporting requirements was August 19, 2022. Management has implemented changes in connection with the rule and has determined that there was no material impact to the Portfolio's financial statements.

In October 2020, the SEC adopted a rule regarding the ability of a fund to invest in other funds. The rule allows a fund to acquire shares of another fund in excess of certain limitations currently imposed by the Act without obtaining individual exemptive relief from the SEC, subject to certain conditions. The rule also includes the rescission of certain exemptive relief from the SEC and guidance from the SEC staff for funds to invest in other funds. The effective date for the rule was January 19, 2021, and the compliance date for the rule was January 19, 2022. Management has implemented changes in connection with the rule and has determined that there was no material impact to the Portfolio's financial statements.

In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value as well as for the performance of fair value

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determinations, including related oversight and reporting obligations. The new rule also defines "readily available market quotations" for purposes of the definition of "value" under the Act, and the SEC noted that this definition would apply in all contexts under the Act. The effective date for the rule was March 8, 2021. The compliance date for the new rule and the related reporting requirements was September 8, 2022. Management has implemented changes in connection with the rule and has determined that there was no material impact to the Portfolio's financial statements.

In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820), which affects all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring the fair value. The amendments also require additional disclosures for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The effective date for the amendments in ASU 2022-03 is for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years. At this time, management is evaluating the implications of these changes on the financial statements.

In October 2022, the SEC adopted changes to the mutual fund and ETF shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which will change the disclosures provided to shareholders. The rule is effective as of January 24, 2023, but the SEC is providing an 18-month compliance period after the effective date other than for rule amendments addressing fee and expense information in advertisements that might be materially misleading. At this time, management is evaluating the implications of these changes on the financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies The NAV of the Portfolio's shares, or each of its share classes as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Portfolio or class, less any liabilities, as applicable, by the total number of shares outstanding.

On each day that the New York Stock Exchange ("NYSE") is open, the Portfolio's shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) ("NYSE Close"). Information that becomes known to the Portfolio or its agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than

scheduled, the Portfolio may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. The Portfolio generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, the Portfolio may calculate its NAV as of the NYSE Close for such day or such other time that the Portfolio may determine.

The assets of the Portfolio consist of shares of the Underlying PIMCO Funds, which are valued at their respective NAVs at the time of valuation of the Portfolio's shares. For purposes of calculating the NAV of the Underlying PIMCO Funds, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Portfolio will normally use pricing data for domestic equity securities received shortly after the NYSE Close and does not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange, or the NYSE Close, if the NYSE Close occurs before the end of trading on the foreign exchange.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated PIMCO as the valuation designee ("Valuation Designee") for the Portfolio to perform the fair value determination relating to all Portfolio investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee's policies and procedures govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Portfolio investments. The Valuation Designee may value Portfolio securities for which market quotations are not readily available and other Portfolio assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, "Pricing Sources").

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Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives, and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Exchange-traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Swap agreements are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of the Portfolio's assets that are invested in one or more open-end management investment companies (other than ETFs), the Portfolio's NAV will be calculated based on the NAVs of such investments. Open-end management investment companies may include affiliated funds.

If a foreign (non-U.S.) equity security's value has materially changed after the close of the security's primary exchange or principal market but before the NYSE Close, the security may be valued at fair value. Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, the Portfolio may determine the fair value of investments based on information provided by Pricing Sources, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indexes) that occur after the close of the relevant market and before the NYSE Close. The Portfolio may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, unless otherwise determined by the Valuation Designee, any movement in the applicable reference index or instrument ("zero trigger") between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Trust is not open for business, which may result in the Portfolio's portfolio investments being affected when shareholders are unable to buy or sell shares.

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Sources. As a result, the value of such investments and, in turn, the

NAV of an Underlying PIMCO Fund's shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Trust is not open for business. As a result, to the extent that the Portfolio invests in Underlying PIMCO Funds that hold foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in the Portfolio's next calculated NAV.

Fair valuation may require subjective determinations about the value of a security. While the Trust's and Valuation Designee's policies and procedures are intended to result in a calculation of the Portfolio's and Underlying PIMCO Funds' NAVs that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values accurately reflect the price that an Underlying PIMCO Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by an Underlying PIMCO Fund may differ from the value that would be realized if the securities were sold. An Underlying PIMCO Fund's use of fair valuation may also help to deter "stale price arbitrage" as discussed under the "Frequent or Excessive Purchases, Exchanges and Redemptions" section in the Portfolio's prospectus.

Under certain circumstances, the per share NAV of a class of the Portfolio's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2, or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2, and 3 of the fair value hierarchy are defined as follows:

<sup>∎</sup> Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

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| <sup>∎</sup> | Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest |

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rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

<sup>∎</sup> Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for the Portfolio.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between Levels of the Portfolio's assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy, and if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for the Portfolio.

(c) Valuation Techniques and the Fair Value Hierarchy

Level 1, Level 2 and Level 3 trading assets and trading liabilities, at fair value The valuation methods (or "techniques") and significant inputs used in determining the fair values of portfolio securities or other

assets and liabilities categorized as Level 1, Level 2 and Level 3 of the fair value hierarchy are as follows:

Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

Investments in registered open-end investment companies (other than ETFs) will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in unregistered open-end investment companies will be calculated based upon the NAVs of such investments and are considered Level 1 provided that the NAVs are observable, calculated daily and are the value at which both purchases and sales will be conducted.

Short-term debt instruments (such as commercial paper) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost value of such short-term debt instruments is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price.

When a fair valuation method is applied by PIMCO that uses significant unobservable inputs, investments will be priced by a method that the Valuation Designee believes reflects fair value and are categorized as Level 3 of the fair value hierarchy.

4. SECURITIES AND OTHER INVESTMENTS

Investments in Affiliates

The Portfolio invests under normal circumstances substantially all or a significant portion of its assets in Underlying PIMCO Funds which are considered to be affiliated with the Portfolio. The Portfolio may invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III ("Central Funds") to the extent permitted by the Act and rules thereunder. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Portfolio. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC's website at www.sec.gov. A copy of each affiliate fund's shareholder report is also available at the SEC's website at www.sec.gov, on the Portfolio's website at www.pimco.com, or upon request, as applicable. The table below shows the Portfolio's transactions in and earnings from investments in the affiliated Funds for the period ended December 31, 2022 (amounts in thousands<sup>†</sup>):

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| **Underlying PIMCO Funds** | **Market Value<br>12/31/2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Market Value<br>12/31/2022** | **Dividend<br>Income<sup>(1)</sup>** | **Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup>** |
|  PIMCO All Asset: Multi-RAE PLUS Fund | $&nbsp;&nbsp;&nbsp;&nbsp;67611 | $&nbsp;&nbsp;&nbsp;&nbsp;33945 | $&nbsp;&nbsp;&nbsp;&nbsp;(30186) | $&nbsp;&nbsp;&nbsp;&nbsp;(4482) | $&nbsp;&nbsp;&nbsp;&nbsp;(8629) | $&nbsp;&nbsp;&nbsp;&nbsp;58259 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;0 |

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| **Notes to Financial Statements** | **(Cont.)** |

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| **Underlying PIMCO Funds** | **Market Value<br>12/31/2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Market Value<br>12/31/2022** | **Dividend<br>Income<sup>(1)</sup>** | **Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup>** |
|  PIMCO All Asset: Multi-Real Fund | $55966 | $28537 | $(24349) | $(2002) | $(15203) | $42949 | $10893 | $149 |
|  PIMCO CommoditiesPLUS<sup>®</sup> Strategy Fund | 3816 | 623 | (5245) | 1446 | (640) | 0 | 426 | 0 |
|  PIMCO CommodityRealReturn Strategy Fund<sup>®</sup>  | 3497 | 2152 | (5409) | (331) | 91 | 0 | 755 | 0 |
|  PIMCO Dynamic Bond Fund | 6489 | 180 | (6292) | (445) | 68 | 0 | 63 | 0 |
|  PIMCO Emerging Markets Bond Fund | 16733 | 10738 | (8578) | (1900) | (1662) | 15331 | 1023 | 0 |
|  PIMCO Emerging Markets Currency and Short-Term Investments Fund | 7163 | 3029 | (3327) | (123) | (324) | 6418 | 166 | 0 |
|  PIMCO Emerging Markets Local Currency and Bond Fund | 20223 | 16870 | (18525) | (2853) | (757) | 14958 | 899 | 0 |
|  PIMCO Extended Duration Fund | 4454 | 4679 | (2714) | (788) | &nbsp;&nbsp;&nbsp;&nbsp;(1153) | 4478 | 129 | 0 |
|  PIMCO Government Money Market Fund | 2119 | 46718 | (47131) | 0 | 0 | 1706 | 23 | 0 |
|  PIMCO High Yield Fund | 7669 | 3369 | (9853) | (226) | (959) | 0 | 281 | 0 |
|  PIMCO High Yield Spectrum Fund | 174 | 0 | (173) | (2) | 1 | 0 | 0 | 0 |
|  PIMCO Income Fund | 4423 | 2377 | (2627) | 77 | (667) | 3583 | 233 | 0 |
|  PIMCO International Bond Fund (U.S. Dollar-Hedged) | 11563 | 7190 | (12998) | (1152) | (228) | 4375 | 201 | 79 |
|  PIMCO Investment Grade Credit Bond Fund | 2106 | 435 | (187) | (28) | (426) | 1900 | 84 | 0 |
|  PIMCO Long Duration Total Return Fund | 6951 | 6093 | (4021) | (950) | (922) | 7151 | 222 | 0 |
|  PIMCO Long-Term Real Return Fund | 5407 | 7921 | (4938) | (1211) | 65 | 7244 | 430 | 0 |
|  PIMCO Long-Term U.S. Government Fund | 3461 | 4524 | (2082) | (297) | (844) | 4762 | 87 | 0 |
|  PIMCO Low Duration Credit Fund | 3415 | 650 | (3856) | (78) | (131) | 0 | 92 | 0 |
|  PIMCO Low Duration Fund | 16467 | 28292 | (22181) | (784) | (641) | 21153 | 387 | 0 |
|  PIMCO RAE Emerging Markets Fund | 1291 | 11287 | (4483) | (913) | (791) | 6391 | 34 | 612 |
|  PIMCO RAE Fundamental Advantage PLUS Fund | 13038 | 3797 | (8338) | 138 | 1204 | 9839 | 177 | 0 |
|  PIMCO RAE International Fund | 2847 | 5702 | (1972) | (242) | 46 | 6381 | 145 | 295 |
|  PIMCO RAE PLUS EMG Fund | 0 | 1915 | (28) | (1) | (80) | 1806 | 18 | 145 |
|  PIMCO RAE PLUS Fund | 8478 | 8142 | (15751) | (458) | (411) | 0 | 115 | 0 |
|  PIMCO RAE PLUS International Fund | 0 | 2628 | (33) | (1) | (563) | 2031 | 7 | 712 |
|  PIMCO RAE PLUS Small Fund | 0 | 305 | (318) | 13 | 0 | 0 | 4 | 0 |
|  PIMCO RAE US Fund | 6965 | 5949 | &nbsp;&nbsp;&nbsp;&nbsp;(10507) | (602) | 203 | 2008 | 24 | &nbsp;&nbsp;&nbsp;&nbsp;128 |
|  PIMCO RAE US Small Fund | 1177 | 4428 | (1346) | (106) | (125) | 4028 | 56 | 312 |
|  PIMCO RAE Worldwide Long/Short PLUS Fund | 13498 | 4204 | (6868) | (64) | (875) | 9895 | 1449 | 0 |
|  PIMCO Real Return Fund | 3932 | 8126 | (3943) | 210 | (501) | 7824 | 193 | 0 |
|  PIMCO RealEstateRealReturn Strategy Fund | 11677 | 5366 | (8534) | (1756) | (2417) | 4336 | 829 | 148 |
|  PIMCO Short-Term Floating NAV Portfolio III | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  PIMCO StocksPLUS Long Duration Fund | 6004 | 2477 | (4228) | (2029) | (629) | 1595 | 72 | 0 |
|  PIMCO Total Return Fund | &nbsp;&nbsp;&nbsp;&nbsp;29074 | &nbsp;&nbsp;&nbsp;&nbsp;25540 | (26533) | &nbsp;&nbsp;&nbsp;&nbsp;(1862) | (2275) | &nbsp;&nbsp;&nbsp;&nbsp;23944 | 917 | 0 |
|  PIMCO TRENDS Managed Futures Strategy Fund | 6161 | 10600 | (5347) | 431 | (689) | 11156 | &nbsp;&nbsp;&nbsp;&nbsp;1487 | 8 |
|  **Totals** | $**353849** | $**308788** | $**(312901)** | $**(23371)** | $**(40864)** | $**285501** | $**21921** | $**2588** |

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| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(1)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund, unless otherwise advised on IRS Form 1099-DIV. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Portfolio (and where applicable, certain Underlying PIMCO Funds) may enter into the borrowings and other financing transactions described below to the extent permitted by the Portfolio's investment policies.

The following disclosures contain information on the Portfolio's ability to lend or borrow cash or securities to the extent permitted under the Act, which may be viewed as borrowing or financing transactions by

the Portfolio. The location of these instruments in the Portfolio's financial statements is described below.

(a) Repurchase Agreements Under the terms of a typical repurchase agreement, the Portfolio purchases an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and the Portfolio to resell, the obligation at an agreed-upon price and time. In an open maturity repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Portfolio or counterparty at any time. The underlying securities for all repurchase

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agreements are held by the Portfolio's custodian or designated subcustodians under tri-party repurchase agreements and in certain instances will remain in custody with the counterparty. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, if any, including accrued interest, are included on the Statement of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Statement of Operations. In periods of increased demand for collateral, the Portfolio may pay a fee for the receipt of collateral, which may result in interest expense to the Portfolio.

(b) Interfund Lending In accordance with an exemptive order (the "Order") from the SEC, each Portfolio of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Portfolio's investment policies and restrictions. Each Portfolio is currently permitted to borrow under the Interfund Lending Program. A lending portfolio may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing portfolio through the Interfund Lending Program. A borrowing portfolio may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the portfolio's investment restrictions). If a borrowing portfolio's total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending portfolio and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended December 31, 2022, the Portfolio did not participate in the Interfund Lending Program.

6. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in the Portfolio, which could adversely affect its net asset value, yield and total return, are listed below. The principal risks of investing in the Portfolio include risks from direct investments and/or for certain Portfolios that invest in Acquired Funds or Underlying PIMCO Funds, indirect exposure through investment in such Acquired Funds or Underlying PIMCO Funds. Please see

"Description of Principal Risks" in the Portfolio's prospectus for a more detailed description of the risks of investing in the Portfolio.

The following risks are principal risks of investing in the Portfolio.

Allocation Risk is the risk that the Portfolio could lose money as a result of less than optimal or poor asset allocation decisions. The Portfolio could miss attractive investment opportunities by underweighting markets that subsequently experience significant returns and could lose value by overweighting markets that subsequently experience significant declines.

Fund of Funds Risk is the risk that the Portfolio's performance is closely related to the risks associated with the securities and other investments held by the Underlying PIMCO Funds and that the ability of a Portfolio to achieve its investment objective will depend upon the ability of the Underlying PIMCO Funds to achieve their investment objectives.

The following risks are principal risks of investing in the Portfolio that include risks from direct investments and/or indirect exposure through investment in Acquired Funds.

Market Trading Risk is the risk that an active secondary trading market for shares of an Underlying PIMCO Fund that is an exchange- traded fund does not continue once developed, that such Underlying PIMCO Fund may not continue to meet a listing exchange's trading or listing requirements, or that such Underlying PIMCO Fund's shares trade at prices other than the Fund's net asset value, particularly during times of market stress.

Municipal Project-Specific Risk is the risk that an Underlying PIMCO Fund may be more sensitive to adverse economic, business or political developments if it invests a substantial portion of its assets in the bonds of specific projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, or in bonds from issuers in a single state.

Municipal Bond Risk is the risk that an Underlying PIMCO Fund may be affected significantly by the economic, regulatory or political developments affecting the ability of issuers of debt securities whose interest is, in the opinion of bond counsel for the issuer at the time of issuance, exempt from federal income tax ("Municipal Bonds") to pay interest or repay principal.

Interest Rate Risk is the risk that fixed income securities will decline in value because of an increase in interest rates; a portfolio with a longer average portfolio duration will be more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

Call Risk is the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their maturity for a number of reasons

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| **Notes to Financial Statements** | **(Cont.)** |

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(*e.g.*, declining interest rates, changes in credit spreads and improvements in the issuer's credit quality). If an issuer calls a security that the Portfolio has invested in, the Portfolio may not recoup the full amount of its initial investment and may be forced to reinvest in lower- yielding securities, securities with greater credit risks or securities with other, less favorable features.

Credit Risk is the risk that the Portfolio could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations.

High Yield Risk is the risk that high yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") are subject to greater levels of credit, call and liquidity risks. High yield

securities are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments, and may be more volatile than higher-rated securities of similar maturity.

Distressed Company Risk is the risk that securities of distressed companies may be subject to greater levels of credit, issuer and liquidity risk than a portfolio that does not invest in such securities. Securities of distressed companies include both debt and equity securities. Debt securities of distressed companies are considered predominantly speculative with respect to the issuers' continuing ability to make principal and interest payments.

Market Risk is the risk that the value of securities owned by the Portfolio may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries.

Issuer Risk is the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services.

Liquidity Risk is the risk that a particular investment may be difficult to purchase or sell and that the Portfolio may be unable to sell illiquid investments at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity.

Derivatives Risk is the risk of investing in derivative instruments (such as forwards, futures, swaps and structured securities), and other similar investments including leverage, liquidity, interest rate, market,

counterparty (including credit), operational, legal and management risks and valuation complexity. Changes in the value of a derivative or other similar investment may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and the Portfolio could lose more than the initial amount invested. Changes in the value of a derivative or other similar investment may also create margin delivery or settlement payment obligations for the Portfolio. An Underlying PIMCO Fund's use of derivatives or other similar investments may result in losses to the Portfolio, a reduction in the Portfolio's returns and/or increased volatility. Over-the-counter ("OTC") derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for OTC derivatives or other similar investments. The primary credit risk on derivatives that are exchange-traded or traded through a central clearing counterparty, resides with the Portfolio's clearing broker, or the clearinghouse. Changes in regulation relating to a registered fund's use of derivatives and related instruments could potentially limit or impact the Portfolio's ability to invest in derivatives, limit the Underlying PIMCO Fund's ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and the Portfolio's performance.

Futures Contract Risk is the risk that, while the value of a futures contract tends to correlate with the value of the underlying asset that it represents, differences between the futures market and the market for the underlying asset may result in an imperfect correlation. Futures contracts may involve risks different from, and possibly greater than, the risks associated with investing directly in the underlying assets. The purchase or sale of a futures contract may result in losses in excess of the amount invested in the futures contract.

Model Risk is the risk that an Underlying PIMCO Fund's investment models used in making investment allocation decisions, and the indexation methodologies used in constructing an underlying index for an Underlying PIMCO Fund that seeks to track the investment results of such underlying index, may not adequately take into account certain factors and may result in a decline in the value of an investment in the Underlying PIMCO Fund.

Commodity Risk is the risk that investing in commodity-linked than investments in traditional securities. The value of commodity- linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, public health emergencies, embargoes, tariffs and international economic, political and regulatory developments.

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Equity Risk is the risk that the value of equity securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity securities generally have greater price volatility than fixed income securities.

Mortgage-Related and Other Asset-Backed Securities Risk is the risk of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk.

Foreign (Non-U.S.) Investment Risk is the risk that investing in foreign (non-U.S.) securities may result in the Portfolio experiencing more rapid and extreme changes in value than a portfolio that invests exclusively in securities of U.S. companies, due to smaller markets, differing reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, or political changes, diplomatic developments or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.

Real Estate Risk is the risk that a Portfolio's investments in Real Estate Investment Trusts ("REITs") or real estate-linked derivative instruments will subject the Portfolio to risks similar to those associated with direct ownership of real estate, including losses from casualty or condemnation, and changes in local and general economic conditions, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes and operating expenses. A Portfolio's investments in REITs or real estate-linked derivative instruments subject it to management and tax risks. In addition, privately traded REITs subject a Portfolio to liquidity and valuation risk.

Emerging Markets Risk is the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk.

Sovereign Debt Risk is the risk that investments in fixed income instruments issued by sovereign entities may decline in value as a result of default or other adverse credit event resulting from an issuer's derivative instruments may subject the Portfolio to greater volatility inability or unwillingness to make principal or interest payments in a timely fashion.

Currency Risk is the risk that foreign (non-U.S.) currencies will change in value relative to the U.S. dollar and affect the Portfolio's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies.

Leveraging Risk is the risk that certain transactions of the Portfolio, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing the Portfolio to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss.

Smaller Company Risk is the risk that the value of securities issued by a smaller company may go up or down, sometimes rapidly and unpredictably as compared to more widely held securities, due to narrow markets and limited resources of smaller companies. A Portfolio's investments in smaller companies subject it to greater levels of credit, market and issuer risk.

Issuer Non-Diversification Risk is the risk of focusing investments in a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. Portfolios that are "non-diversified" may invest a greater percentage of their assets in the securities of a single issuer (such as bonds issued by a particular state) than portfolios that are "diversified".

Management Risk is the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to PIMCO, or Research Affiliates, and the individual portfolio manager in connection with managing the Portfolio and may cause PIMCO or Research Affiliates to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of the Portfolio will be achieved.

Short Exposure Risk is the risk of entering into short sales or other short positions, including the potential loss of more money than the actual cost of the investment, and the risk that the third party to the short sale or other short position will not fulfill its contractual obligations, causing a loss to the Portfolio.

Tax Risk is the risk that the tax treatment of swap agreements and other derivative instruments, such as commodity-linked derivative instruments, including commodity index-linked notes, swap agreements, commodity options, futures, and options on futures, may be affected by future regulatory or legislative changes that could affect whether income from such investments is "qualifying income" under Subchapter M of the Internal Revenue Code, or otherwise affect the character, timing and/or amount of the Portfolio's taxable income or gains and distributions.

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **25** |

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| **Notes to Financial Statements** | **(Cont.)** |

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Subsidiary Risk is the risk that, by investing in certain Underlying PIMCO Funds that invest in a subsidiary (each a "Subsidiary"), the Portfolio is indirectly exposed to the risks associated with a Subsidiary's investments. The Subsidiaries are not registered under the Act and may not be subject to all the investor protections of the Act. There is no guarantee that the investment objective of a Subsidiary will

be achieved.

Value Investing Risk is the risk that a value stock may decrease in price or may not increase in price as anticipated by PIMCO if it continues to be undervalued by the market or the factors that the portfolio manager believes will cause the stock price to increase do not occur.

Convertible Securities Risk is the risk that arises when convertible securities share both fixed income and equity characteristics.

Convertible securities are subject to risks to which fixed income and equity investments are subject. These risks include equity risk, interest rate risk and credit risk.

Exchange-Traded Fund Risk is the risk that an exchange-traded fund may not track the performance of the index it is designed to track, among other reasons, because of exchange rules, market prices of shares of an exchange-traded fund may fluctuate rapidly and materially, or shares of an exchange-traded fund may trade significantly above or below net asset value, any of which may cause losses to the Portfolio invested in the exchange-traded fund.

Tracking Error Risk is the risk that the portfolio of an Underlying PIMCO Fund that seeks to track the investment results of an underlying index may not closely track the underlying index for a number of reasons. The Underlying PIMCO Fund incurs operating expenses, which are not applicable to the underlying index, and the costs of buying and selling securities, especially when rebalancing the Underlying PIMCO Fund's portfolio to reflect changes in the composition of the underlying index. Performance of the Underlying PIMCO Fund and the underlying index may vary due to asset valuation differences and differences between the Underlying PIMCO Fund's portfolio and the underlying index due to legal restrictions, cost or liquidity restraints. The risk that performance of the Underlying PIMCO Fund and the underlying index may vary may be heightened during periods of increased market volatility or other unusual market conditions. In addition, an Underlying PIMCO Fund's use of a representative sampling approach may cause the Underlying PIMCO Fund to be less correlated to the return of the underlying index than if the Underlying PIMCO Fund held all of the securities in the underlying index.

Indexing Risk is the risk that an Underlying PIMCO Fund that seeks to track the investment results of an underlying index is negatively affected by general declines in the asset classes represented by the underlying index.

LIBOR Transition Risk is the risk related to the anticipated discontinuation of the London Interbank Offered Rate ("LIBOR"). Certain instruments held by an Underlying PIMCO Fund rely in some fashion upon LIBOR. Although the transition process away from LIBOR has become increasingly well-defined in advance of the anticipated discontinuation date, there remains uncertainty regarding the nature of any replacement rate, and any potential effects of the transition away from LIBOR on the Underlying PIMCO Fund or on certain instruments in which the Underlying PIMCO Fund invests can be difficult to ascertain. The transition process may involve, among other things, increased volatility or illiquidity in markets for instruments that currently rely on LIBOR and may result in a reduction in the value of certain instruments held by the Underlying PIMCO Fund.

(b) Other Risks

In general, the Portfolio may be subject to additional risks, including, but not limited to, risks related to government regulation and intervention in financial markets, operational risks, risks associated with financial, economic and global market disruptions, and cyber security risks. Please see the Portfolio's prospectus and Statement of Additional Information for a more detailed description of the risks of investing in the Portfolio. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments that may impact the Portfolio's performance.

Market Disruption Risk The Portfolio is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/ environmental disasters, which can all negatively impact the securities markets and cause the Portfolio to lose value. These events can also impair the technology and other operational systems upon which the Portfolio's service providers, including PIMCO as the Portfolio's investment adviser, rely, and could otherwise disrupt the Portfolio's service providers' ability to fulfill their obligations to the Portfolio. For example, the recent spread of an infectious respiratory illness caused by a novel strain of coronavirus (known as COVID-19) has caused volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities the Portfolio holds, and may adversely affect the Portfolio's investments and operations. Please see the Important Information section for additional discussion of the COVID-19 pandemic.

Government Intervention in Financial Markets Federal, state, and other governments, their regulatory agencies, or self-regulatory organizations may take actions that affect the regulation of the instruments in which the Portfolio invests, or the issuers of such

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instruments, in ways that are unforeseeable. Legislation or regulation may also change the way in which the Portfolio itself is regulated. Such legislation or regulation could limit or preclude the Portfolio's ability to achieve its investment objective. Furthermore, volatile financial markets can expose the Portfolio to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Portfolio. The value of the Portfolio's holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which the Portfolio invests. In addition, it is not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.

Regulatory Risk Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/or intervention may change the way the Portfolio is regulated, affect the expenses incurred directly by the Portfolio and the value of its investments, and limit and/or preclude the Portfolio's ability to achieve its investment objective. Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects.

Operational Risk An investment in the Portfolio, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Portfolio. While the Portfolio seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Portfolio.

Cyber Security Risk As the use of technology has become more prevalent in the course of business, the Portfolio has become potentially more susceptible to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional cyber events that may, among other things, cause the Portfolio to lose proprietary information, suffer data corruption and/or destruction or lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Cyber security failures or breaches may result in financial losses to the Portfolio and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially

resulting in financial losses; interference with the Portfolio's ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. There is also a risk that cyber security breaches may not be detected. The Portfolio and its shareholders may suffer losses as a result of a cyber security breach related to the Portfolio, its service providers, trading counterparties or the issuers in which the Portfolio invests.

7. MASTER NETTING ARRANGEMENTS

The Portfolio may be subject to various netting arrangements ("Master Agreements") with select counterparties. Master Agreements govern the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow the Portfolio to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes the Statement of Assets and Liabilities generally presents derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Statement of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the

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| **Notes to Financial Statements** | **(Cont.)** |

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Statement of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. The Portfolio's overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively "Master Repo Agreements") govern repurchase, reverse repurchase, and certain sale-buyback transactions between the Portfolio and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default, and maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Schedule of Investments.

Master Securities Forward Transaction Agreements ("Master Forward Agreements") govern certain forward settling transactions, such as TBA securities, delayed-delivery or certain sale-buyback transactions by and between the Portfolio and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Schedule of Investments.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant ("FCM") registered with the Commodity Futures Trading Commission. In the United States, counterparty risk may be reduced as creditors of an FCM cannot have a claim to Portfolio assets in the segregated account. Portability of exposure reduces risk to the Portfolio. Variation margin, which reflects changes in market value, is generally exchanged daily, but may not be netted between futures and cleared OTC derivatives unless the parties have agreed to a separate arrangement in respect of portfolio margining. The market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin as of period end are disclosed in the Notes to Schedule of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes ("ISDA Master Agreements") govern bilateral OTC derivative transactions entered into by the Portfolio with select counterparties. ISDA Master Agreements maintain

provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. The ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level or as required by regulation. Similarly, if required by regulation, the Portfolio may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent the Portfolio is required by regulation to post additional collateral beyond coverage of daily exposure, it could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedule of Investments.

8. FEES AND EXPENSES

(a) Investment Advisory Fee PIMCO is a majority-owned subsidiary of Allianz Asset Management of America LLC ("Allianz Asset Management") and serves as the Adviser to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from the Portfolio at an annual rate based on average daily net assets (the "Investment Advisory Fee"). The Investment Advisory Fee for all classes is charged at an annual rate as noted in the table in note (b) below.

(b) Supervisory and Administrative Fee PIMCO serves as administrator (the "Administrator") and provides supervisory and administrative services to the Trust for which it receives a monthly supervisory and administrative fee based on each share class's average daily net assets (the "Supervisory and Administrative Fee"). As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs.

The Investment Advisory Fee and Supervisory and Administrative Fees for all classes, as applicable, are charged at the annual rate as noted in the following table (calculated as a percentage of the Portfolio's average daily net assets attributable to each class):

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| **Investment Advisory Fee** | **Supervisory and Administrative Fee** | **Supervisory and Administrative Fee** | **Supervisory and Administrative Fee** | **Supervisory and Administrative Fee** |
| **All Classes** | **Institutional<br>Class** | **Class M** | **Administrative<br>Class** | **Advisor<br>Class** |
| 0.175% | 0.25% | 0.25% | 0.25% | 0.25% |

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(c) Distribution and Servicing Fees PIMCO Investments LLC, a wholly-owned subsidiary of PIMCO, serves as the distributor ("Distributor") of the Trust's shares.

The Trust has adopted an Administrative Services Plan with respect to the Administrative Class shares of the Portfolio pursuant to Rule 12b-1 under the Act (the "Administrative Plan"). Under the terms of the Administrative Plan, the Trust is permitted to compensate the Distributor, out of the Administrative Class assets of the Portfolio, in an amount up to 0.15% on an annual basis of the average daily net assets of that class, for providing or procuring through financial intermediaries administrative, recordkeeping and investor services for Administrative Class shareholders of the Portfolio.

The Trust has adopted a separate Distribution and Servicing Plan for each of the Advisor Class and Class M shares of the Portfolio (the "Distribution and Servicing Plans"). The Distribution and Servicing Plans have been adopted pursuant to Rule 12b-1 under the Act. The Distribution and Servicing Plans permit the Portfolio to compensate the Distributor for providing or procuring through financial intermediaries, distribution, administrative, recordkeeping, shareholder and/or related services with respect to Advisor Class and Class M shares. The Distribution and Servicing Plans permit the Portfolio to make total payments at an annual rate of up to 0.25% of its average daily net assets attributable to its Advisor Class or Class M shares, respectively. The Distribution and Servicing Plan for Class M shares also permits the Portfolio to compensate the Distributor for providing or procuring administrative, recordkeeping, and other investor services at an annual rate of up to 0.20% of its average daily net assets attributable to its Class M shares.

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|  | **Distribution Fee** | **Servicing Fee** |
|  **Class M** | 0.25% | 0.20% |
|  **Administrative Class** |  | 0.15% |
|  **Advisor Class** | 0.25% |  |

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(d) Portfolio Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Portfolio, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust's executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Portfolio, and any other

expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust's Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual portfolio operating expenses per share class.

The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates.

(e) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has agreed, through May 1, 2023, to waive a portion of the Portfolio's Supervisory and Administrative Fee, or reimburse the Portfolio, to the extent that the Portfolio's organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata share of Trustee Fees exceed 0.0049%, the "Expense Limit" (calculated as a percentage of the Portfolio's average daily net assets attributable to each class). The Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. The waiver, if any, is reflected on the Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO. For the period ended December 31, 2022, there were no waivers.

In any month in which the supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by the Portfolio of any portion of the supervisory and administrative fee waived or reimbursed as set forth above (the "Reimbursement Amount") within thirty-six months of the time of the waiver, provided that such amount paid to PIMCO will not: i) together with any organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee fees, exceed, for such month, the Expense Limit (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit); ii) exceed the total Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. At December 31, 2022, there were no recoverable amounts.

(f) Acquired Fund Fees and Expenses Underlying PIMCO Fund expenses incurred by the Portfolio, if any, will vary with changes in the expenses of the Underlying PIMCO Funds, as well as the allocation of the Portfolio's assets.

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The cost of investing in a fund of funds will generally be higher than the cost of investing in a mutual fund that invests directly in individual stocks and bonds. By investing in a fund of funds, an investor will indirectly bear fees and expenses charged by Underlying PIMCO Funds in addition to the Portfolio's direct fees and expenses. In addition, the use of a fund of funds structure could affect the timing, amount and character of distributions to the shareholders and may therefore increase the amount of taxes payable by shareholders.

PIMCO has contractually agreed, through May 1, 2023, to waive its Investment Advisory Fee to the extent that the Investment Advisory Fees, Supervisory and Administrative Fees and Management Fees charged by PIMCO to the Underlying PIMCO Funds exceed 0.64% of the total assets invested in Underlying PIMCO Funds. This waiver will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. In any month in which the investment advisory contract is in effect, PIMCO is entitled to reimbursement by the Portfolio of any portion of the Investment Advisory Fee waived as set forth above (the "Asset Allocation Reimbursement Amount") within thirty-six months of the time of the waiver, provided that such amount paid to PIMCO will not: i) together with any Underlying PIMCO Fund Fees exceed, for such month, the Expense Limit (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit); ii) exceed the total Asset Allocation Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. The recoverable amounts to PIMCO at December 31, 2022 were (amounts in thousands<sup>†</sup>):

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| **12 months** | **13-24 months** | **25-36 months** | **Total** |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1464 |

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| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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The waivers are reflected on the Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO. For the period ended December 31, 2022, the amount was $339,741.

9. RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties. Fees paid to these parties are disclosed in Note 8, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

10. GUARANTEES AND INDEMNIFICATIONS

Under the Trust's organizational documents, each Trustee, officer, employee or other agent of the Trust (including the Trust's investment manager) is indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Portfolio. Additionally, in the normal course of business, the Portfolio enters into contracts that contain a variety of indemnification clauses. The Portfolio's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred. However, the Portfolio has not had prior claims or losses pursuant to these contracts.

11. PURCHASES AND SALES OF SECURITIES

The length of time the Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by the Portfolio is known as "portfolio turnover." The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective(s), particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by the Portfolio. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates when distributed to shareholders). The transaction costs associated with portfolio turnover may adversely affect the Portfolio's performance. The portfolio turnover rates are reported in the Financial Highlights.

Purchases and sales of securities (excluding short-term investments) for the period ended December 31, 2022, were as follows (amounts in thousands<sup>†</sup>):

---

| | | | |
|:---|:---|:---|:---|
| **U.S. Government/Agency** | **U.S. Government/Agency** | **All Other** | **All Other** |
| **Purchases** | **Sales** | **Purchases** | **Sales** |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262111 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265770 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

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| | |
|:---|:---|
| **30** | **PIMCO VARIABLE INSURANCE TRUST** |

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##### [**Table of Contents**](#toc)
December 31, 2022

12. SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with a $0.001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br>12/31/2022** | **Year Ended<br>12/31/2022** | **Year Ended<br>12/31/2021** | **Year Ended<br>12/31/2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Receipts for shares sold** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 127 | $1223 | 160 | $1869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class M | 671 | 6686 | 890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 2479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24710 | 1330 | 15452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 1287 | 13405 | 1463 | 17172 |
|  **Issued as reinvestment of distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 212 | 2044 | 139 | 1628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class M | 1098 | 10652 | 689 | 8135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 1191 | 11249 | 2386 | 27759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 2598 | 24956 | 1663 | 19480 |
|  **Cost of shares redeemed** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (537) | (4976) | (247) | (2916) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class M | (1490) | (14356) | (1254) | (14830) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (2595) | (25756) | (31465) | (367429) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (2676) | (27048) | (2406) | (28204) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | 2365 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22789 | (26652) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(311413) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

As of December 31, 2022, three shareholders each owned 10% or more of the Portfolio's total outstanding shares comprising 46% of the Portfolio.

13. REGULATORY AND LITIGATION MATTERS

The Portfolio is not named as a defendant in any material litigation or arbitration proceedings and is not aware of any material litigation or claim pending or threatened against it.

On May 17, 2022, Allianz Global Investors U.S. LLC ("AGI U.S.") pleaded guilty in connection with the proceeding United States of America v. Allianz Global Investors U.S. LLC. AGI U.S. is an indirect subsidiary of Allianz SE. The conduct resulting in the matter described above occurred entirely within AGI U.S. and did not involve PIMCO or the Distributor, or any personnel of PIMCO or the Distributor. Nevertheless, because of the disqualifying conduct of AGI U.S., their affiliate, PIMCO would have been disqualified from serving as the investment adviser, and the Distributor would have been disqualified from serving as the principal underwriter, to the Portfolio in the absence of SEC exemptive relief. PIMCO and the Distributor have received exemptive relief from the SEC to permit them to continue serving as investment adviser and principal underwriter for U.S.-registered investment companies, including the Portfolio.

The foregoing speaks only as of the date of this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

14. FEDERAL INCOME TAX MATTERS

The Portfolio intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (the "Code") and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

The Portfolio may be subject to local withholding taxes, including those imposed on realized capital gains. Any applicable foreign capital gains tax is accrued daily based upon net unrealized gains, and may be payable following the sale of any applicable investments.

In accordance with U.S. GAAP, the Adviser has reviewed the Portfolio's tax positions for all open tax years. As of December 31, 2022, the Portfolio has recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions it has taken or expects to take in future tax returns.

The Portfolio files U.S. federal, state, and local tax returns as required. The Portfolio's tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **31** |

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##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Notes to Financial Statements** | **(Cont.)** |

---

The Portfolio, through the Underlying PIMCO Funds, may gain exposure to the commodities markets primarily through investment in swap agreements, futures and options. The Underlying PIMCO Funds may also gain exposure indirectly to commodity markets by investing in a subsidiary ("Commodity Subsidiary") which may invest without limit in commodity-linked swap agreements and other commodity-linked derivative instruments.

One of the requirements for favorable tax treatment as a regulated investment company under the Code is that the Portfolio must derive at least 90% of its gross income from certain qualifying sources of income. The Internal Revenue Service ("IRS") has issued a revenue ruling which holds that income derived from commodity index-linked derivatives, if earned directly by the Portfolio, is not qualifying income under Subchapter M of the Code. The IRS has issued private letter rulings in which the IRS specifically concluded that income derived from an investment in a subsidiary that provides commodity-linked exposure through its investments will be qualifying income. Based on the reasoning in such rulings, the Portfolio will continue to seek to gain exposure to the commodity markets primarily through investments in the Commodity Subsidiary and perhaps through commodity-linked notes and through investments in the Commodity Subsidiary.

It should be noted, however, that the IRS currently has ceased the issuance of such rulings. In addition, the IRS also issued a revenue procedure, which states that the IRS will not in the future issue private letter rulings that would require a determination of whether an asset (such as a commodity index-linked note) is a "security" under the Act.

The IRS issued in September 2016 proposed regulations that would have generally treated the Portfolio's income inclusion (under Subpart F of the Code) with respect to the Commodity Subsidiary as qualifying income only if there were a distribution during the same taxable year out of the earnings and profits of the Commodity Subsidiary attributable to such income inclusion. In March 2019, the IRS issued final regulations (so

modifying the proposed regulations) providing that (i) it will not rule on the determination of whether a financial instrument or position is a security under the Act; (ii) any earnings and profits paid out in the same taxable year as earned by a controlled foreign corporation to a Portfolio is treated as qualifying dividends; and (iii) that income inclusion by a Portfolio of its Commodity Subsidiary's earnings would be treated as other qualifying income if derived with respect to the Portfolio's business of investing in stock, securities, or currencies.

There can be no assurance that the IRS will not change its position that income derived from commodity-linked notes and wholly-owned subsidiaries is qualifying income. Furthermore, the tax treatment of commodity-linked notes, other commodity-linked derivatives, and the Portfolio's investments in the Commodity Subsidiary may otherwise be adversely affected by future legislation, court decisions, Treasury Regulations and/or guidance issued by the IRS. Such developments could affect the character, timing and/or amount of the Portfolio's taxable income or any distributions made by the Portfolio or result in the inability of the Portfolio or an Underlying PIMCO Fund to operate as described in its prospectus.

If, during a taxable year, the Commodity Subsidiary's taxable losses (and other deductible items) exceed its income and gains, the net loss will not pass through to the Portfolio as a deductible amount for income tax purposes. In the event the Commodity Subsidiary's taxable gains exceed its losses and other deductible items during a taxable year, the net gain will pass through to the Portfolio as ordinary income for Federal income tax purposes.

Shares of the Portfolio currently are sold to segregated asset accounts ("Separate Accounts") of insurance companies that fund variable annuity contracts and variable life insurance policies ("Variable Contracts"). Please refer to the prospectus for the Separate Account and Variable Contract for information regarding Federal income tax treatment of distributions to the Separate Account.

As of December 31, 2022, the components of distributable taxable earnings are as follows (amounts in thousands<sup>†</sup>):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed<br>Ordinary<br>Income<sup>(1)</sup>** | **Undistributed<br>Long-Term<br>Capital Gains** | **Net Tax Basis<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup>** | **Other<br>Book-to-Tax<br>Accounting<br>Differences <sup>(3)</sup>** | **Accumulated<br>Capital<br>Losses<sup>(4)</sup>** | **Qualified<br>Late-Year<br>Loss Deferral -<br>Capital<sup>(5)</sup>** | **Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Ordinary<sup>(6)</sup>** | **Total<br>Components of<br>Distributable<br>Earnings** |
|  PIMCO All Asset Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;4120 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;(41189) | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;(58602) | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;(95671) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(1)</sup> Includes undistributed short-term capital gains, if any.

<sup>(2)</sup> Adjusted for open wash sale loss deferrals.

<sup>(3)</sup> Represents differences in income tax regulations and financial accounting principles generally accepted in the United States of America.

<sup>(4)</sup> Capital losses available to offset future net capital gains as shown below.

<sup>(5)</sup> Capital losses realized during the period November 1, 2022 through December 31, 2022 which the Portfolio elected to defer to the following taxable year pursuant to income tax regulations.

<sup>(6)</sup> Specified losses realized during the period November 1, 2022 through December 31, 2022 which the Portfolio elected to defer to the following taxable year pursuant to income tax regulations.

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| | |
|:---|:---|
| **32** | **PIMCO VARIABLE INSURANCE TRUST** |

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##### [**Table of Contents**](#toc)
December 31, 2022

Under the Regulated Investment Company Modernization Act of 2010, the Portfolio is permitted to carry forward any new capital losses for an unlimited period. Additionally, such capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term under previous law.

As of December 31, 2022, the Portfolio had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

---

| | | |
|:---|:---|:---|
|  | **Short-Term** | **Long-Term** |
|  PIMCO All Asset Portfolio\* | $&nbsp;&nbsp;&nbsp;&nbsp;21893 | $&nbsp;&nbsp;&nbsp;&nbsp;36709 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

\* Portion of amount represents realized loss and recognized built-in loss under IRC sections 382-83, which is carried forward to future years to offset future realized gain subject to certain limitations. 

As of December 31, 2022, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal<br>Tax Cost** | **Unrealized<br>Appreciation** | **Unrealized<br>(Depreciation)** | **Net Unrealized<br>Appreciation/<br>(Depreciation)<sup>(7)</sup>** |
|  PIMCO All Asset Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;327494 | $&nbsp;&nbsp;&nbsp;&nbsp;1951 | $&nbsp;&nbsp;&nbsp;&nbsp;(43140) | $&nbsp;&nbsp;&nbsp;&nbsp;(41189) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(7)</sup> Adjusted for open wash sale loss deferrals.

For the fiscal years ended December 31, 2022 and December 31, 2021, respectively, the Portfolio made the following tax basis distributions (amounts in thousands<sup>†</sup>):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** |
|  | **Ordinary<br>Income<br>Distributions<sup>(8)</sup>** | **Long-Term<br>Capital Gain<br>Distributions** | **Return of<br>Capital<sup>(9)</sup>** | **Ordinary<br>Income<br>Distributions<sup>(8)</sup>** | **Long-Term<br>Capital Gain<br>Distributions** | **Return of<br>Capital<sup>(9)</sup>** |
|  PIMCO All Asset Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;34885 | $&nbsp;&nbsp;&nbsp;&nbsp;14016 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;57002 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(8)</sup> Includes short-term capital gains distributed, if any.

<sup>(9)</sup> A portion of the distributions made represents a tax return of capital. Return of capital distributions have been reclassified from undistributed net investment income to paid-in capital to more appropriately conform financial accounting to tax accounting.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **33** |

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##### [**Table of Contents**](#toc)
**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of PIMCO Variable Insurance Trust and Shareholders of PIMCO All Asset Portfolio

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of PIMCO All Asset Portfolio (one of the portfolios constituting PIMCO Variable Insurance Trust, hereafter referred to as the "Portfolio") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements are the responsibility of the Portfolio's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolio in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

February 17, 2023

We have served as the auditor of one or more investment companies in PIMCO Variable Insurance Trust since 1998.

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| | |
|:---|:---|
| **34** | **PIMCO VARIABLE INSURANCE TRUST** |

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| | | |
|:---|:---|:---|
| **Glossary:** | **(abbreviations that may be used in the preceding statements)** | (Unaudited) |

---

---

| | |
|:---|:---|
|  **Counterparty Abbreviations:** | **Counterparty Abbreviations:** |
| **FICC** | Fixed Income Clearing Corporation |
|  **Currency Abbreviations:** | **Currency Abbreviations:** |
| **USD (or $)** | United States Dollar |
|  **Other Abbreviations:** | **Other Abbreviations:** |
| **TBA** | To-Be-Announced  |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **35** |

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##### [**Table of Contents**](#toc)

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| | |
|:---|:---|
| **Distribution Information** | (Unaudited) |

---

For purposes of Section 19 of the Investment Company Act of 1940 (the "Act"), the Portfolio estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended December 31, 2022 calculated as of each distribution period pursuant to Section 19 of the Act. The information below is not provided for U.S. federal income tax reporting purposes. The tax character of all dividends and distributions is reported on Form 1099-DIV (for shareholders who receive U.S. federal tax reporting) at the end of each calendar year. See the Financial Highlights section of this report for the tax characterization of distributions determined in accordance with federal income tax regulations for the fiscal year.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PIMCO All Asset Portfolio** | **PIMCO All Asset Portfolio** | **PIMCO All Asset Portfolio** | **PIMCO All Asset Portfolio** | **PIMCO All Asset Portfolio** |
| **Institutional Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  July 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  August 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  September 2022 | $0.0678 | $0.0000 | $0.0000 | $0.0678 |
|  October 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  November 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  December 2022 | $0.2730 | $0.0000 | $0.0000 | $0.2730 |
| **Class M** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  July 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  August 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  September 2022 | $0.0568 | $0.0000 | $0.0000 | $0.0568 |
|  October 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  November 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  December 2022 | $0.2611 | $0.0000 | $0.0000 | $0.2611 |
| **Administrative Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  July 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  August 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  September 2022 | $0.0645 | $0.0000 | $0.0000 | $0.0645 |
|  October 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  November 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  December 2022 | $0.2692 | $0.0000 | $0.0000 | $0.2692 |
| **Advisor Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  July 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  August 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  September 2022 | $0.0621 | $0.0000 | $0.0000 | $0.0621 |
|  October 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  November 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  December 2022 | $0.2665 | $0.0000 | $0.0000 | $0.2665 |

---

\* The source of dividends provided in the table differs, in some respects, from information presented in this report prepared in accordance with generally accepted accounting principles, or U.S. GAAP. For example, net earnings from certain interest rate swap contracts are included as a source of net investment income for purposes of Section 19(a). Accordingly, the information in the table may differ from information in the accompanying financial statements that are presented on the basis of U.S. GAAP and may differ from tax information presented in the footnotes. Amounts shown may include accumulated, as well as fiscal period net income and net profits. 

\*\* Occurs when a fund distributes an amount greater than its accumulated net income and net profits. Amounts are not reflective of a fund's net income, yield, earnings or investment performance. 

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| | |
|:---|:---|
| **36** | **PIMCO VARIABLE INSURANCE TRUST** |

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| | |
|:---|:---|
| **Federal Income Tax Information** | (Unaudited) |

---

As required by the Internal Revenue Code ("Code") and Treasury Regulations, if applicable, shareholders must be notified within 60 days of the Portfolio's fiscal year end regarding the status of qualified dividend income and the dividend received deduction.

Dividend Received Deduction. Corporate shareholders are generally entitled to take the dividend received deduction on the portion of the Portfolio's dividend distribution that qualifies under tax law. The percentage of the following Portfolio's fiscal 2022 ordinary income dividend that qualifies for the corporate dividend received deduction is set forth below.

Qualified Dividend Income. Under the Jobs and Growth Tax Relief Reconciliation Act of 2003, the following percentage of ordinary dividends paid during the fiscal year ended December 31, 2022 was designated as ''qualified dividend income'' as defined in the Jobs and Growth Tax Relief Reconciliation Act of 2003 subject to reduced tax rates in 2022.

Qualified Interest Income and Qualified Short-Term Capital Gain (for non-U.S. resident shareholders only). Under the American Jobs Creation Act of 2004, the following amounts of ordinary dividends paid during the fiscal year ended December 31, 2022 are considered to be derived from "qualified interest income," as defined in Section 871(k)(1)(E) of the Code, and therefore are designated as interest-related dividends, as defined in Section 871(k)(1)(C) of the Code. Further, the following amounts of ordinary dividends paid during the fiscal year ended December 31, 2022 are considered to be derived from "qualified short-term capital gain," as defined in Section 871(k)(2)(D) of the Code, and therefore are designated as qualified short-term gain dividends, as defined by Section 871(k)(2)(C) of the Code.

Section 163(j) Interest Dividends. The Portfolio intends to pass through the maximum amount allowable as Section 163(j) Interest defined in Proposed Treasury Section 1.163(j)-1(b). The 163(j) percentage of ordinary income distributions are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Dividend<br>Received<br>Deduction%** | **Qualified<br>Dividend<br>Income%** | **Qualified<br>Interest<br>Income<br>(000s)<sup>†</sup>** | **Qualified<br>Short-Term<br>Capital Gains<br>(000s)<sup>†</sup>** | **163(j) Interest<br>Dividends<br>(000s)<sup>†</sup>** |
|  PIMCO All Asset Portfolio | 0% | 0% | $&nbsp;&nbsp;&nbsp;&nbsp;9 | $&nbsp;&nbsp;&nbsp;&nbsp;11300 | $&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

Shareholders are advised to consult their own tax advisor with respect to the tax consequences of their investment in the Trust. In January 2023, you will be advised on IRS Form 1099-DIV as to the federal tax status of the dividends and distributions received by you in calendar year 2022.

Section 199A Dividends. Non-corporate portfolio shareholders of the Portfolio below meeting certain holding period requirements may be able to deduct up to 20 percent of qualified REIT dividends passed through and reported to the shareholders by the Portfolio as IRC section 199A dividends. The IRC section 199A percentage of ordinary dividends are as follows:

---

| | |
|:---|:---|
|  | **199A<br>Dividends** |
|  PIMCO All Asset Portfolio | 0% |

---

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **37** |

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##### [**Table of Contents**](#toc)
**Management of the Trust**

The charts below identify the Trustees and executive officers of the Trust. Unless otherwise indicated, the address of all persons below is 650 Newport Center Drive, Newport Beach, CA 92660.

The Portfolio's Statement of Additional Information includes more information about the Trustees and Officers. To request a free copy, call PIMCO at (888) 87-PIMCO or visit the Portfolio's website at www.pimco.com/pvit.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Year of Birth and <br>Position Held with Trust\*** | **Term of**<br> **Office and**<br> **Length of <br>Time Served<sup>†</sup>** | **Principal Occupation(s) During Past 5 Years** | **Number of Funds<br>in Fund Complex <br>Overseen by Trustee** | **Other Public Company and Investment<br>Company Directorships Held by Trustee<br>During the Past 5 Years** |
| **Interested Trustees<sup>1</sup>** |  |  |  |  |
| **Peter G. Strelow (1970)**<br> *Chairman of the Board <br>and Trustee* | 05/2017 to present<br>Chairman of the Board - 02/2019 to present | Managing Director and Co-Chief Operating Officer, PIMCO. Senior Vice President of the Trust, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. Formerly, Chief Administrative Officer, PIMCO. | 158 | Chairman and Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT. |
| **Kimberley G. Stafford (1978)**<br> *Trustee* | 02/2021 to present | Managing Director, Global Head of Product Strategy, PIMCO; and Member of Executive Committee, PIMCO. Formerly, Head of Asia-Pacific, Global Head of Consultant Relations and Head of US Institutional and Alternatives Sales, PIMCO. | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT. |
| **Independent Trustees** |  |  |  |  |
| **George E. Borst (1948)**<br> *Trustee* | 04/2015 to present | Executive Advisor, McKinsey & Company (since 10/14); Formerly, Executive Advisor, Toyota Financial Services (10/13-12/14); and CEO, Toyota Financial Services (1/01-9/13). | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT; Director, MarineMax Inc. |
| **Jennifer Holden Dunbar (1963)**<br> *Trustee* | 04/2015 to present | Formerly, Managing Director, Dunbar Partners, LLC (business consulting and investments) (05/05-05/21); and Partner, Leonard Green & Partners, L.P. | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT; Director, PS Business Parks; Director, Big 5 Sporting Goods Corporation. |
| **Kym M. Hubbard (1957)**<br> *Trustee* | 02/2017 to present | Formerly, Global Head of Investments, Chief Investment Officer and Treasurer, Ernst & Young. | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT; Director, State Auto Financial Corporation. |
| **Gary F. Kennedy (1955)**<br> *Trustee* | 04/2015 to present | Formerly, Senior Vice President, General Counsel and Chief Compliance Officer, American Airlines and AMR Corporation (now American Airlines Group) (1/03-1/14). | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |
| **Peter B. McCarthy (1950)**<br> *Trustee* | 04/2015 to present | Formerly, Assistant Secretary and Chief Financial Officer, United States Department of Treasury; Deputy Managing Director, Institute of International Finance. | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |
| **Ronald C. Parker (1951)**<br> *Lead Independent Trustee* | 07/2009 to present<br>Lead Independent Trustee - 02/2017 to present | Director of Roseburg Forest Products Company. Formerly, Chairman of the Board, The Ford Family Foundation; and President, Chief Executive Officer, Hampton Affiliates (forestry products). | 158 | Lead Independent Trustee, PIMCO Funds and PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |

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\* Unless otherwise noted, the information for the individuals listed is as of December 31, 2022.

<sup>1</sup> Ms. Stafford and Mr. Strelow are "interested persons" of the Trust (as that term is defined in the 1940 Act) because of their affiliations with PIMCO.

<sup>†</sup> Trustees serve until their successors are duly elected and qualified.

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(Unaudited)

**Executive Officers** 

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|:---|:---|:---|
| **Name, Year of Birth and**<br> **Position Held with Trust\*** | **Term of Office and**<br> **Length of Time Served** | **Principal Occupation(s) During Past 5 Years<sup>†</sup>** |
| **Eric D. Johnson (1970)**<br> *President* | 06/2019 to present | Executive Vice President and Head of Funds Business Group Americas, PIMCO. President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| **Ryan G. Leshaw (1980)**<br> *Chief Legal Officer and Secretary* | 08/2021 to present | Executive Vice President and Senior Counsel, PIMCO. Chief Legal Officer and Secretary, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Chief Legal Officer, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. Formerly, Associate, Willkie Farr & Gallagher LLP. |
| **Keisha Audain-Pressley (1975)\*\***<br> *Chief Compliance Officer* | 01/2020 to present | Executive Vice President and Deputy Chief Compliance Officer, PIMCO. Chief Compliance Officer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Joshua D. Ratner (1976)\*\***<br> *Senior Vice President* | 05/2019 to present | Executive Vice President and Head of Americas Operations, PIMCO. Senior Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| **Peter G. Strelow (1970)**<br> *Senior Vice President* | 06/2019 to present | Managing Director and Co-Chief Operating Officer, PIMCO. Senior Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. Formerly, Chief Administrative Officer, PIMCO. |
| **Wu-Kwan Kit (1981)**<br> *Assistant Secretary* | 08/2017 to present | Senior Vice President and Senior Counsel, PIMCO. Assistant Secretary, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Vice President, Senior Counsel and Secretary, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. Formerly, Assistant General Counsel, VanEck Associates Corp. |
| **Douglas B. Burrill (1980)\*\***<br> *Vice President* | 08/2022 to present | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Elizabeth A. Duggan (1964)**<br> *Vice President* | 02/2021 to present | Executive Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Jason R. Duran (1977)**<br> *Vice President* | 02/2023 to present | Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |
| **Mark A. Jelic (1981)**<br> *Vice President* | 08/2021 to present | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Kenneth W. Lee (1972)**<br> *Vice President* | 08/2022 to present | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Brian J. Pittluck (1977)**<br> *Vice President* | 01/2020 to present | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Keith A. Werber (1973)**<br> *Vice President* | 05/2022 to present | Executive Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Bijal Y. Parikh (1978)**<br> *Treasurer* | 01/2021 to present | Executive Vice President, PIMCO. Treasurer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| **Erik C. Brown (1967)\*\*\***<br> *Assistant Treasurer* | 02/2001 to present | Executive Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Brandon T. Evans (1982)**<br> *Assistant Treasurer* | 05/2019 to present | Senior Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Deputy Treasurer, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| **Maria M. Golota (1983)\*\***<br> *Assistant Treasurer* | 02/2023 to present | Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |

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\* Unless otherwise noted, the information for the individuals listed is as of February 8, 2023.

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| <sup>†</sup> | The term "PIMCO-Sponsored Closed-End Funds" as used herein includes: PIMCO Access Income Fund, PIMCO California Municipal Income Fund, PIMCO California Municipal Income Fund II, PIMCO California Municipal Income Fund III, PIMCO Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO Municipal Income Fund III, PIMCO New York Municipal Income Fund, PIMCO New York Municipal Income Fund II, PIMCO New York Municipal Income Fund III, PCM Fund Inc., PIMCO Corporate & Income Opportunity Fund, PIMCO Corporate & Income Strategy Fund, PIMCO Dynamic Income Fund, PIMCO Dynamic Income Opportunities Fund, PIMCO Energy and Tactical Credit Opportunities Fund, PIMCO Global StocksPLUS<sup>®</sup> & Income Fund, PIMCO High Income Fund, PIMCO Income Strategy Fund, PIMCO Income Strategy Fund II and PIMCO Strategic Income Fund, Inc.; the term "PIMCO-Sponsored Interval Funds" as used herein includes: PIMCO Flexible Credit Income Fund, PIMCO Flexible Municipal Income Fund, PIMCO California Flexible Municipal Income Fund and PIMCO Flexible Emerging Markets Income Fund.  |

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\*\* The address of these officers is Pacific Investment Management Company LLC, 1633 Broadway, New York, New York 10019.

\*\*\* The address of these officers is Pacific Investment Management Company LLC, 401 Congress Ave., Austin, Texas 78701.

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **39** |

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| **Privacy Policy** | (Unaudited) |

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The Trust<sup>2,3</sup> consider customer privacy to be a fundamental aspect of their relationships with shareholders and are committed to maintaining the confidentiality, integrity and security of their current, prospective and former shareholders' non-public personal information. The Trust has developed policies that are designed to protect this confidentiality, while allowing shareholder needs to be served.

OBTAINING NON-PUBLIC PERSONAL INFORMATION

In the course of providing shareholders with products and services, the Trust and certain service providers to the Trust, such as the Trust's investment advisers or sub-advisers ("Advisers"), may obtain non-public personal information about shareholders, which may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder's brokerage or financial advisory firm, financial professional or consultant, and/or from information captured on applicable websites.

RESPECTING YOUR PRIVACY

As a matter of policy, the Trust does not disclose any non-public personal information provided by shareholders or gathered by the Trust to non-affiliated third parties, except as required or permitted by law or as necessary for such third parties to perform their agreements with respect to the Trust. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, conducting research on shareholder satisfaction and gathering shareholder proxies. The Trust or its affiliates may also retain non-affiliated companies to market Trust's shares or products which use Trust's shares and enter into joint marketing arrangements with them and other companies. These companies may have access to a shareholder's personal and account information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. In most cases, the shareholders will be clients of a third party, but the Trust may also provide a shareholder's personal and account information to the shareholder's respective brokerage or financial advisory firm and/or financial professional or consultant.

SHARING INFORMATION WITH THIRD PARTIES

The Trust reserves the right to disclose or report personal or account information to non-affiliated third parties in limited circumstances where the Trust believes in good faith that disclosure is required under law, to cooperate with regulators or law enforcement authorities, to protect their rights or property, or upon reasonable request by any fund in which a shareholder has invested. In addition, the Trust may disclose information about a shareholder or a shareholder's accounts to a non-affiliated third party at the shareholder's request or with the consent of the shareholder.

SHARING INFORMATION WITH AFFILIATES

The Trust may share shareholder information with their affiliates in connection with servicing shareholders' accounts, and subject to applicable law may provide shareholders with information about products and services that the Trust or its Advisers, distributors or their affiliates ("Service Affiliates") believe may be of interest to such shareholders. The information that the Trust may share may include, for example, a shareholder's participation in the Trust or in other investment programs sponsored by a Service Affiliate, a shareholder's ownership of certain types of accounts (such as IRAs), information about the Trust's experiences or transactions with a shareholder, information captured on applicable websites, or other data about a shareholder's accounts, subject to applicable law. The Trust's Service Affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

PROCEDURES TO SAFEGUARD PRIVATE INFORMATION

The Trust takes seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, the Trust has implemented procedures that are designed to restrict access to a shareholder's non-public personal information to internal personnel who need to know that information to perform their jobs, such as servicing shareholder accounts or notifying shareholders of new products or services. Physical, electronic and procedural safeguards are in place to guard a shareholder's non-public personal information.

INFORMATION COLLECTED FROM WEBSITES

The Trust or its service providers and partners may collect information from shareholders via websites they maintain. The information collected via websites maintained by the Trust or their service providers includes client non-public personal information.

CHANGES TO THE PRIVACY POLICY

From time to time, the Trust may update or revise this privacy policy. If there are changes to the terms of this privacy policy, documents containing the revised policy on the relevant website will be updated.

<sup>1</sup> Amended as of June 25, 2020.

<sup>2</sup> PIMCO Investments LLC ("PI") serves as the Trust's distributor and does not provide brokerage services or any financial advice to investors in the Trust solely because it distributes the Trust. This Privacy Policy applies to the activities of PI to the extent that PI regularly effects or engages in transactions with or for a shareholder of a series of a Trust who is the record owner of such shares. For purposes of this Privacy Policy, references to "the Trust" shall include PI when acting in this capacity.

<sup>3</sup> When distributing this Policy, the Trust may combine the distribution with any similar distribution of its investment adviser's privacy policy. The distributed, combined, policy may be written in the first person (i.e. by using "we" instead of "the Trust").

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| **40** | **PIMCO VARIABLE INSURANCE TRUST** |

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| **Approval of Investment Advisory Contract and Other Agreements** | (Unaudited) |

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At a meeting held on August 23-24, 2022, the Board of Trustees (the "Board") of PIMCO Variable Insurance Trust (the "Trust"), including the Trustees who are not "interested persons" of the Trust under the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered and unanimously approved the renewal of the Amended and Restated Investment Advisory Contract (the "Investment Advisory Contract") between the Trust, on behalf of the Trust's series (each, a "Portfolio" and collectively, the "Portfolios"), and Pacific Investment Management Company LLC ("PIMCO"), for an additional one-year term through August 31, 2023. The Board also considered and unanimously approved the renewal of the Amended and Restated Supervision and Administration Agreement (the "Supervision and Administration Agreement") between the Trust, on behalf of the Portfolios, and PIMCO for an additional one-year term through August 31, 2023. In addition, the Board considered and unanimously approved the renewal of the Amended and Restated Asset Allocation Sub-Advisory Agreement (the "Asset Allocation Agreement" and, together with the Investment Advisory Contract and the Supervision and Administration Agreement, the "Agreements") between PIMCO, on behalf of PIMCO All Asset Portfolio, a series of the Trust, and Research Affiliates, LLC ("Research Affiliates") for an additional one-year term through August 31, 2023. In addition, the Board considered and unanimously approved the renewal of the investment management agreements between PIMCO and each of the wholly-owned subsidiaries (each, a "Subsidiary" and, collectively, the "Subsidiaries") of certain of the Portfolios (collectively, the "Subsidiary Agreements"), each for the same additional one-year term through August 31, 2023.

The information, material factors and conclusions that formed the basis for the Board's approvals are summarized below.

1. INFORMATION RECEIVED

(a) Materials Reviewed: During the course of the past year, the Trustees received a wide variety of materials relating to the services provided by PIMCO and Research Affiliates to the Trust. At each of its quarterly meetings, the Board reviewed the Portfolios' investment performance and a significant amount of information relating to Portfolio operations, including shareholder services, valuation and custody, the Portfolios' compliance program and other information relating to the nature, extent and quality of services provided by PIMCO and Research Affiliates to the Trust and each of the Portfolios, as applicable. In considering whether to approve the renewal of the Agreements and the Subsidiary Agreements, the Board reviewed additional information, including, but not limited to: comparative industry data with regard to investment performance; advisory and supervisory and administrative fees and expenses; financial information for PIMCO and, where relevant, financial information for Research

Affiliates; information regarding the profitability to PIMCO of its relationship with the Portfolios; information about the personnel providing investment management services, other advisory services and supervisory and administrative services to the Portfolios; and information about the fees charged and services provided to other clients with similar investment mandates as the Portfolios, where applicable. In addition, the Board reviewed materials provided by counsel to the Trust and the Independent Trustees ("Counsel"), which included, among other things, a memorandum outlining legal duties of the Board in considering the renewal of the Agreements and Subsidiary Agreements.

With respect to the Subsidiary Agreements, the Trustees considered that each Portfolio that has a Subsidiary may utilize its Subsidiary to execute its investment strategy and that PIMCO provides investment advisory and administrative services to the Subsidiaries pursuant to the Subsidiary Agreements in the same manner as it does for such Portfolios that have Subsidiaries under the Investment Advisory Contract and Supervision and Administration Agreement. The Trustees also considered that, with respect to each Subsidiary, PIMCO does not retain a separate advisory or other fee from the Subsidiary, and that PIMCO's profitability with respect to each Portfolio that has a Subsidiary is not positively impacted as a result of the Subsidiary Agreements. The Trustees determined, therefore, that it was appropriate to consider the approval of the Subsidiary Agreements collectively with their consideration of the continuation of the Agreements.

(b) Review Process: In connection with considering the renewal of the Agreements, the Board reviewed written materials prepared by PIMCO and, where applicable, Research Affiliates in response to requests from Counsel encompassing a wide variety of topics. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from Counsel, and reviewed comparative fee and performance data prepared at the Board's request by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company performance information and fee and expense data. The Board received presentations on matters related to the Agreements and met both as a full Board and in a separate session of the Independent Trustees, without management present, at the August 23-24, 2022 meeting. The Independent Trustees also met via video conference with Counsel on July 14, 2022, and conducted a video conference meeting on August 10, 2022 with management and Counsel to discuss the materials presented and other matters deemed relevant to their consideration of the renewal of the Agreements. In connection with its review of the Agreements, the Board received comparative information on the performance, the risk-adjusted performance and the fees and expenses of other peer group funds and share classes. The Independent Trustees also requested and received supplemental information, including information regarding Broadridge peer classifications, the investment strategies and outflows for certain Portfolios, Portfolio performance and profitability.

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **41** |

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| **Approval of Investment Advisory Contract and Other Agreements** | **(Cont.)** |

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The approval determinations were made on the basis of each Trustee's business judgment after consideration and evaluation of all the information presented. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. In deciding to approve the renewal of the Agreements, the Board did not identify any single factor or particular information that, in isolation, was controlling. The discussion below is intended to summarize the broad factors and information that figured prominently in the Board's consideration of the renewal of the Agreements, but is not intended to summarize all of the factors considered by the Board.

2. NATURE, EXTENT AND QUALITY OF SERVICES

(a) PIMCO, Research Affiliates, their Personnel and Resources: The Board considered the depth and quality of PIMCO's investment management process, including, but not limited to: the experience, capability and integrity of its senior management and other personnel; the overall financial strength and stability of its organization; and the ability of its organizational structure to address changes in the Portfolios' asset levels. The Board also considered the various services in addition to portfolio management that PIMCO provides under the Investment Advisory Contract. The Board noted that PIMCO makes available to its investment professionals a variety of resources and systems relating to investment management, compliance, trading, performance and portfolio accounting. The Board also noted PIMCO's commitment to enhancing and investing in its global infrastructure, technology capabilities, risk management processes and the specialized talent needed to stay at the forefront of the competitive investment management industry and to strengthen its ability to deliver services under the Agreements. The Board considered PIMCO's policies, procedures and systems reasonably designed to assure compliance with applicable laws and regulations, including new regulations impacting the Portfolios, and its commitment to further developing and strengthening these programs; its oversight of matters that may involve conflicts of interest between the Portfolios' investments and those of other accounts managed by PIMCO; and its efforts to keep the Trustees informed about matters relevant to the Portfolios and their shareholders. The Board also considered PIMCO's investment in new disciplines and talented personnel, which has enhanced PIMCO's services to the Portfolios and has allowed PIMCO to introduce innovative new portfolios over time. In addition, the Board considered the nature, extent and quality of services provided by PIMCO to the Subsidiaries of certain applicable Portfolios.

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented, including the ongoing development of its own proprietary software and applications to support the Portfolios. Similarly, the Board considered the asset

allocation services provided by Research Affiliates to the PIMCO All Asset Portfolio. The Board further considered PIMCO's oversight of Research Affiliates in connection with Research Affiliates providing asset allocation services to the All Asset Portfolio. The Board also considered the depth and quality of Research Affiliates' investment management and research capabilities, the experience and capabilities of its portfolio management personnel and the overall financial strength of the organization. Ultimately, the Board concluded that the nature, extent and quality of services provided or procured by PIMCO under the Agreements and the Subsidiary Agreements and provided by Research Affiliates under the Asset Allocation Agreement are likely to continue to benefit the Portfolios and their shareholders, as applicable.

(b) Other Services: The Board also considered the nature, extent and quality of supervisory and administrative services provided by PIMCO to the Portfolios under the Supervision and Administration Agreement.

The Board considered the terms of the Supervision and Administration Agreement, under which the Trust pays for the supervisory and administrative services provided pursuant to that agreement under what is essentially an all-in fee structure (the "unified fee"). In return, PIMCO provides or procures certain supervisory and administrative services and bears the costs of various third party services required by the Portfolios, including, but not limited to, audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board also noted that the scope and complexity, as well as the costs, of the supervisory and administrative services provided by PIMCO under the Supervision and Administration Agreement continue to increase. The Board considered PIMCO's provision of supervisory and administrative services and its supervision of the Trust's third party service providers to assure that these service providers continue to provide a high level of service relative to alternatives available in the market.

Ultimately, the Board concluded that the nature, extent and quality of the services provided or procured by PIMCO has benefited, and will likely continue to benefit, the Portfolios and their shareholders.

3. INVESTMENT PERFORMANCE

The Board reviewed information from PIMCO concerning the Portfolios' performance, as available, over short- and long-term periods ended March 31, 2022 and other performance data, as available, over short- and long-term periods ended June 30, 2022 (the "PIMCO Report") and from Broadridge concerning the Portfolios' performance, as available, over short- and long-term periods ended March 31, 2022 (the "Broadridge Report"). The Board also noted that while historically the Broadridge Report included peer classifications from only Lipper, as part of this approval process the Broadridge Report incorporated peer classifications from Morningstar for the Portfolios for which it was believed that Morningstar provided a materially improved comparison.

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(Unaudited)

The Board considered information regarding both the short- and long-term relative and absolute investment performance of each Portfolio relative to its Portfolio peer group, where appropriate, and relevant benchmark index as provided to the Board in advance of each of its quarterly meetings throughout the year, including the PIMCO Report and Broadridge Report. The Trustees reviewed information indicating that classes of each Portfolio would have substantially similar performance to that of the Administrative Class of the relevant Portfolio on a relative basis because all of the classes are invested in the same portfolio of investments and that differences in performance among classes could principally be attributed to differences in the supervisory and administrative fees and distribution and/or servicing expenses of each class. The Board noted that, due to differences (such as specific investment strategies or fee structures) between certain of the Portfolios and their so-called peers in the Broadridge categories, performance comparisons may not be particularly relevant to the consideration of Portfolio performance, but found the comparative information supported its overall evaluation.

The Trustees noted that a majority of the Portfolios (based on the Administrative Class performance) have outperformed their respective benchmark indexes over the three-, five-, and ten-year periods ended March 31, 2022, and that a majority of the Portfolios (based on the Administrative Class performance) have outperformed their benchmarks since inception for the period ended March 31, 2022. The Board also discussed actions that have been taken by PIMCO to attempt to improve performance and took note of PIMCO's plans to monitor performance going forward.

The Board ultimately concluded, within the context of all of its considerations in connection with the Agreements and the Subsidiary Agreements, that PIMCO's performance record and process in managing the Portfolios indicates that its continued management is likely to benefit the Portfolios and their shareholders and merits the approval of the renewal of the Agreements and the Subsidiary Agreements.

4. ADVISORY FEES, SUPERVISORY AND ADMINISTRATIVE FEES AND TOTAL EXPENSES

The Board considered that PIMCO seeks to price new funds to scale at the outset. The Board noted that PIMCO generally seeks to price new funds competitively against the median total expense ratio of the respective Broadridge peer group, if available, while acknowledging that a fee premium may be appropriate for innovative investment offerings. PIMCO reported to the Board that, in proposing fees for any Portfolio or class of shares, it considers a number of factors, including, but not limited to, the type and complexity of the services provided, the cost of providing services, the risk assumed by PIMCO in the development of products and the provision of services and the competitive marketplace for financial products. Fees charged to or proposed for different Portfolios for advisory

services and supervisory and administrative services may vary in light of these various factors.

The Board reviewed the advisory fees, supervisory and administrative fees and total expenses of the Portfolios (each as a percentage of average net assets) and compared such amounts with the average and median fee and expense levels of other similar funds. The Board also reviewed information relating to the sub-advisory fees paid to Research Affiliates with respect to applicable Portfolios, taking into account that PIMCO compensates Research Affiliates from the advisory fees paid by such Portfolios to PIMCO. With respect to advisory fees, the Board reviewed data from the Broadridge Report that compared the average and median advisory fees of other funds in a "Peer Group" of comparable funds, where appropriate, as well as the universe of other similar funds. The Board reviewed materials indicating that, a number of Portfolios have total expense ratios that fall below the average and median expense ratios in their Peer Group and Broadridge universe. In addition, the Board considered the expense limitation agreement in place for all of the Portfolios and fee waivers in place for certain of the Portfolios and also noted the fee waivers in place with respect to the advisory fee and supervisory and administrative fee that might result from investments by applicable Portfolios in their respective Subsidiaries. The Board also considered that PIMCO reviews the Portfolios' fee levels and carefully considers changes where appropriate.

The Board also reviewed data comparing the Portfolios' advisory fees to the fee rates PIMCO charged to registered funds (open-end and closed-end), private funds, and non-U.S. registered funds, separate

accounts, sub-advised clients and collective investment trusts with similar investment strategies. In cases where the fees for other clients were lower than those charged to the Portfolios, the Trustees noted that the differences in fees were attributable to various factors, including, but not limited to, differences in the advisory and other services provided by PIMCO to the Portfolios, differences in the number or extent of the services provided by PIMCO to the Portfolios, the manner in which similar portfolios may be managed, different requirements with respect to liquidity management and the implementation of other regulatory requirements, and the fact that separate accounts may have other contractual arrangements or arrangements across PIMCO strategies that justify different levels of fees. The Board considered that, with respect to collective investment trusts, PIMCO performs fewer or less extensive services because collective investment trusts are generally exempt from SEC regulation; investors in a collective investment trust may receive shareholder services from a trustee bank, rather than PIMCO; collective investment trusts have less regulatory disclosure; and the management structure of collective investment trusts differs from that of funds. The Trustees also considered that PIMCO faces increased entrepreneurial, legal and regulatory risk in sponsoring and managing mutual funds and ETFs as

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **43** |

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| **Approval of Investment Advisory Contract and Other Agreements** | **(Cont.)** |

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compared to separate accounts, external sub-advised funds or other investment products. In addition, the Trustees considered that PIMCO may charge certain private funds with similar investment mandates lower fees than the Portfolios because such private funds are not required to accept daily redemptions or price their assets on a daily basis, generally do not accept small investors with small account balances and operate under a less complex regulatory regime.

Regarding advisory fees charged by PIMCO in its capacity as sub-adviser to third party/unaffiliated funds, the Trustees took into account that such fees may be lower than the fees charged by PIMCO to serve as adviser to the Portfolios. The Trustees also took into account that there are various reasons for any such differences in fees, including, but not limited to, the fact that PIMCO may be subject to varying levels of entrepreneurial, legal and regulatory risk and different servicing requirements when PIMCO does not serve as the sponsor of a fund and is not principally responsible for all aspects of a fund's investment program and operations as compared to when PIMCO serves as investment adviser and sponsor.

The Board considered the Portfolios' supervisory and administrative fees, comparing them to similar funds managed by other investment advisers in the Broadridge Report. The Board also considered that, as the Portfolios' business has become increasingly complex and the number of Portfolios has grown over time, PIMCO has provided an increasingly broad array of fund supervisory and administrative functions. In addition, the Board considered the Trust's unified fee structure, under which the Trust pays for the supervisory and administrative services it requires for one set fee. In return for this unified fee, PIMCO provides or procures supervisory and administrative services and bears the costs of various third party services required by the Portfolios, including audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board further considered that many other funds pay for comparable services separately, and thus it is difficult to directly compare the Trust's unified supervisory and administrative fees with the fees paid by other funds for administrative services alone. The Board also considered that the unified supervisory and administrative fee leads to Portfolio fees that are fixed over the contract period, rather than variable. The Board noted that, although the unified fee structure does not have breakpoints, it inherently reflects certain economies of scale by fixing the absolute level of Portfolio fees at competitive levels over the contract period even if the Portfolios' operating costs rise when assets remain flat or decrease. Other factors the Board considered in assessing the unified fee include PIMCO's approach of pricing Portfolios at scale at inception and reinvesting in other important areas of the business that support the Portfolios. The Board considered historical advisory and supervisory and administrative fee reductions implemented for different Portfolios and classes, noting that the unified fee can be

increased or decreased in subsequent contractual periods with Board approval and is subject to the periodic reviews discussed above. The Board noted that, with few exceptions, PIMCO has generally maintained Portfolio fees at the same level as implemented when the unified fee was adopted, and has reduced fees for a number of Portfolios in prior years. The Board concluded that the Portfolios' supervisory and administrative fees were reasonable in relation to the value of the services provided, including the services provided to different classes of shareholders, and that the expenses assumed contractually by PIMCO under the Supervision and Administration Agreement represent, in effect, a cap on overall Portfolio fees during the contractual period, which is beneficial to the Portfolios and their shareholders.

The Board considered the Portfolios' total expenses and discussed with PIMCO certain Portfolios and/or classes of Portfolios that had above median total expenses. Upon comparing the Portfolios' total expenses to other funds in the "Peer Groups" provided by the Broadridge Report, where appropriate, the Board found total expenses of each Portfolio to be reasonable.

The Trustees also considered the advisory fees charged to the Portfolios that operate as funds of funds (the "Funds of Funds") and the advisory services provided in exchange for such fees. The Trustees determined that such services were in addition to the advisory services provided to the underlying funds in which the Funds of Funds may invest and, therefore, such services were not duplicative of the advisory services provided to the underlying funds. The Board also considered the various fee waiver agreements in place for the Funds of Funds. The Board noted that PIMCO is continuing waivers for these Funds of Funds, as well as for certain other Portfolios of the Trust.

Based on the information presented by PIMCO and Research Affiliates, members of the Board determined, in the exercise of their business judgment, that the level of the advisory fees and supervisory and administrative fees charged by PIMCO under the Agreements and the Subsidiary Agreements, that the fees charged by Research Affiliates under the Asset Allocation Agreement, and that the total expenses of each Portfolio, are reasonable.

5. ADVISER COSTS, LEVEL OF PROFITS AND ECONOMIES OF SCALE

The Board reviewed information regarding PIMCO's costs of providing services to, as well as the resulting level of profits from, the Portfolios. To the extent applicable, the Board also reviewed information regarding the portion of a Portfolio's advisory fee retained by PIMCO, following the payment of sub-advisory fees to Research Affiliates, with respect to the Portfolios. Additionally, the Board discussed PIMCO's pre- and post-distribution profit margin ranges with respect to the Portfolios, as compared to the prior year. The Board also noted that it

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| **44** | **PIMCO VARIABLE INSURANCE TRUST** |

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(Unaudited)

had received information regarding the structure and manner in which PIMCO's investment professionals were compensated, and PIMCO's view of the relationship of such compensation to the recruitment and retention of quality personnel. The Board considered PIMCO's investment in global infrastructure, technology capabilities, risk management processes and qualified personnel to reinforce existing services, offer new services, and accommodate changing regulatory requirements.

The Board considered the existence of any economies of scale and noted that, to the extent that PIMCO achieves economies of scale in managing the Portfolios, PIMCO shares the benefits of such economies of scale, if any, with the Portfolios and their shareholders in a number of ways, including investing in portfolio and trade operations management, firm technology, middle and back office support, legal and compliance, and fund administration logistics; senior management supervision, governance and oversight of those services; and through fee reductions or waivers, the pricing of Portfolios to scale from inception and the enhancement of services provided to the Portfolios in return for fees paid. The Board reviewed the history of the Portfolios' fee structure. The Board considered that the Portfolios' unified fee rates had been set competitively and/or priced to scale from inception, had been held steady during the contractual period at that scaled competitive rate for most Portfolios as assets grew, or as assets declined in the case of some Portfolios, and continued to be competitive compared with peers. The Board also considered that the unified fee is a transparent means of informing a Portfolio's shareholders of the fees associated with the Portfolio, and that the Portfolio bears certain expenses that are not covered by the advisory fee or the unified fee. The Board further considered the challenges that arise when managing large funds, which can result in certain "diseconomies" of scale and noted that PIMCO has continued to reinvest in many areas of the business to support the Portfolios.

The Trustees considered that the unified fee has provided inherent economies of scale because a Portfolio maintains competitive fixed fees over the annual contract period even if the particular Portfolio's assets decline and/or operating costs rise. The Trustees further considered that, in contrast, breakpoints may be a proxy for charging higher fees on lower asset levels and that when a fund's assets decline, breakpoints may reverse, which causes expense ratios to increase. The Trustees also considered that, unlike the Portfolios' unified fee structure, funds with "pass through" administrative fee structures may experience increased expense ratios when fixed dollar fees are charged against declining fund assets. In addition, the Trustees considered that the unified fee protects shareholders from a rise in operating costs that may result from, among other things, PIMCO's investments in various business enhancements and infrastructure, including those referenced above. The Trustees noted that PIMCO's investments in these areas are extensive.

The Board concluded that the Portfolios' cost structures were reasonable and that PIMCO is appropriately sharing economies of scale, if any, through the Portfolios' unified fee structure, generally pricing Portfolios to scale at inception and reinvesting in its business to provide enhanced and expanded services to the Portfolios and their shareholders.

6. ANCILLARY BENEFITS

The Board considered other benefits realized by PIMCO and its affiliates as a result of PIMCO's relationship with the Trust. Such benefits may include possible ancillary benefits to PIMCO's institutional investment management business due to the reputation and market penetration of the Trust or third party service providers' relationship-level fee concessions, which decrease fees paid by PIMCO. The Board also considered that affiliates of PIMCO provide distribution and/or shareholder services to the Portfolios and their shareholders, for which they may be compensated through distribution and servicing fees paid pursuant to the Portfolios' Rule 12b-1 plans or otherwise. The Board noted that, while PIMCO has the authority to receive the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the Portfolios, it has adopted a policy not to enter into contractual soft dollar arrangements.

7. CONCLUSIONS

Based on their review, including their comprehensive consideration and evaluation of each of the broad factors and information summarized above, the Independent Trustees and the Board as a whole concluded that the nature, extent and quality of the services rendered to the Portfolios by PIMCO and Research Affiliates supported the renewal of the Agreements and the Subsidiary Agreements. The Independent Trustees and the Board as a whole concluded that the Agreements and the Subsidiary Agreements continued to be fair and reasonable to the Portfolios and their shareholders, that the Portfolios' shareholders received reasonable value in return for the fees paid to PIMCO by the Portfolios under the Investment Advisory Contract, Supervision and Administration Agreement and the Subsidiary Agreements and the fees paid to Research Affiliates by PIMCO under the Asset Allocation Agreement, and that the renewal of the Agreements and the Subsidiary Agreements was in the best interests of the Portfolios and their shareholders.

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **45** |

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**General Information** 

**Investment Adviser and Administrator** 

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

**Asset Allocation Sub-Adviser** 

Research Affiliates, LLC

620 Newport Center Drive, Suite 900

Newport Beach, CA 92660

**Distributor** 

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

**Custodian** 

State Street Bank and Trust Company

801 Pennsylvania Avenue

Kansas City, MO 64105

**Transfer Agent** 

SS&C Global Investor & Distribution Solutions, Inc.

430 W 7th Street STE 219024

Kansas City, MO 64105-1407

**Legal Counsel** 

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

**Independent Registered Public Accounting Firm** 

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the Portfolio listed on the Report cover.

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**pimco.com/pvit**![LOGO](g432587g06y60.jpg)

PVIT01AR_123122

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![LOGO](g435636g13e39.jpg)

PIMCO VARIABLE INSURANCE TRUST

## Annual Report
December 31, 2022

PIMCO Balanced Allocation Portfolio

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**Table of Contents** 

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|  | Page |
| &nbsp;&nbsp; [Chairman's Letter](#tx435636_1) | 2 |
| &nbsp;&nbsp; [Important Information About the PIMCO Balanced Allocation Portfolio](#tx435636_2) | 4 |
| &nbsp;&nbsp; [Portfolio Summary](#tx435636_3) | 8 |
| &nbsp;&nbsp; [Expense Example](#tx435636_4) | 9 |
| &nbsp;&nbsp; [Financial Highlights](#tx435636_5) | 10 |
| &nbsp;&nbsp; [Statement of Assets and Liabilities](#tx435636_6) | 12 |
| &nbsp;&nbsp; [Statement of Operations](#tx435636_7) | 13 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets](#tx435636_8) | 14 |
| &nbsp;&nbsp; [Schedule of Investments](#tx435636_9) | 15 |
| &nbsp;&nbsp; [Notes to Financial Statements](#tx435636_10) | 21 |
| &nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm](#tx435636_11) | 41 |
| &nbsp;&nbsp; [Glossary](#tx435636_12) | 42 |
| &nbsp;&nbsp; [Distribution Information](#tx435636_13) | 43 |
| &nbsp;&nbsp; [Federal Income Tax Information](#tx435636_14) | 44 |
| &nbsp;&nbsp; [Management of the Trust](#tx435636_15) | 45 |
| &nbsp;&nbsp; [Privacy Policy](#tx435636_16) | 47 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements](#tx435636_17) | 48 |

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This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust (the "Trust") prospectus for the Portfolio. (The variable product prospectus may be obtained by contacting your Investment Consultant.)

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**Chairman's Letter**

Dear Shareholder,

2022 was a challenging year in the financial markets. We continue to work tirelessly to navigate global markets and manage the assets that you have entrusted with us. Following this letter is the PIMCO Variable Insurance Trust Annual Report, which covers the 12-month reporting period ended December 31, 2022 (the "reporting period"). On the subsequent pages, you will find details regarding investment results and a discussion of the factors that most affected performance during the reporting period.

For the 12-month reporting period ended December 31, 2022

The global economy faced significant headwinds in 2022, including those related to higher inflation, the COVID-19 pandemic, and the Russia-Ukraine conflict. First and second quarter 2022 U.S. annualized gross domestic product ("GDP") returned -1.6% and -0.6%, respectively. The economy strengthened in the third quarter, with annualized GDP rising 3.2%. The Commerce Department's initial estimate for fourth quarter 2022 annualized GDP — released after the reporting period ended — was 2.9%.

The Federal Reserve Board (the "Fed" or "U.S. central bank") took actions to combat elevated inflation. In March 2022, the Fed raised the federal funds rate 0.25% to a range between 0.25% and 0.50%, its first rate hike since 2018. The U.S. central bank then raised rates at its next six meetings, for a total increase of 4.25% in 2022. At the end of the year, the federal funds rate was in a range between 4.25% and 4.50%.

Economies outside the U.S. also faced several headwinds. In its October 2022 World Economic Outlook Update, the International Monetary Fund (the "IMF") downgraded its expectation for 2022 GDP citing "turbulent challenges" including high inflation, tightening financial conditions, as well as the ongoing Russia-Ukraine conflict and COVID-19 pandemic. For 2022, the IMF included in its projections that GDP would grow 1.6% in the U.S. (from 5.7% in 2021), 3.1% in the eurozone (from 5.2% in 2021), 3.6% in the U.K. (from 7.4% in 2021), and 1.7% in Japan (the same as in 2021).

Several central banks tightened their respective monetary policies in recent years. For example, in December 2021, prior to the beginning of the reporting period, the Bank of England (the "BoE") raised rates for the first time since COVID-19 began. The BoE again raised rates at its next eight meetings, for a total of 3.50% in rate hikes since its first increase. The European Central Bank raised rates four times in 2022, for a total increase of 2.50%. In contrast, the Bank of Japan (the "BoJ") maintained its loose monetary policy for most of 2022. However, in December 2022 the BoJ announced that it would allow its 10-year government bond yield to rise to 0.5% (previously limited to 0.25%). The news sent the 10-year bond yield and Japanese yen higher, as market participants interpreted the announcement to mean that the BoJ may pivot from its previous monetary stance.

During the reporting period, short- and long-term U.S. Treasury yields moved higher. The yield on the benchmark 10-year U.S. Treasury note was 3.88% on December 31, 2022, versus 1.52% on December 31, 2021. The Bloomberg Global Treasury Index (USD Hedged), which tracks fixed-rate, local currency government debt of investment grade countries, including developed and emerging markets, returned -10.79%. Meanwhile, the Bloomberg Global Aggregate Credit Index (USD Hedged), a widely used index of global investment grade credit bonds, returned -14.22%. Riskier fixed income asset classes, including high yield corporate bonds and emerging market debt, were also weak. The ICE BofAML Developed Markets High Yield Constrained Index (USD Hedged), a widely used index of below-investment-grade bonds, returned -10.56%, whereas emerging market external debt, as represented by the JPMorgan Emerging Markets Bond Index (EMBI) Global (USD Hedged), returned -16.45%. Emerging market local bonds, as represented by the JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged), returned -11.69%. Finally, the municipal market, as represented by the Bloomberg Municipal Bond Index, returned -8.53%.

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| **2** | **PIMCO VARIABLE INSURANCE TRUST** |

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Amid periods of volatility, global equities generally posted weak results during the reporting period as economic and geopolitical concerns weighed on investor sentiment. U.S. equities, as represented by the S&P 500 Index, returned -18.11%. Global equities, as represented by the MSCI World Index, returned -18.14%, while emerging market equities, as measured by the MSCI Emerging Markets Index, returned -20.09%. Meanwhile, Japanese equities, as represented by the Nikkei 225 Index (in Japanese yen), returned -7.37% and European equities, as represented by the MSCI Europe Index (in euro), returned -9.49%.

Commodity prices were volatile and generated mixed returns during the reporting period. Brent crude oil, which was approximately $77.24 a barrel at the start of the reporting period, rose to roughly $82.82 a barrel at the end of December 2022. Prices of other commodities, such as copper and gold, declined during the period.

Finally, there were also periods of volatility in the foreign exchange markets. We believe this was driven by several factors, including economic growth expectations and changing central bank monetary policies, as well as rising inflation, COVID-19 variants, and geopolitical events. The U.S. dollar strengthened against several major currencies. For example, during the reporting period, the U.S. dollar returned 5.85%, 10.71%, and 12.23% versus the euro, the British pound and the Japanese yen, respectively.

Thank you for the assets you have placed with us. We deeply value your trust, and we will continue to work diligently to meet your broad investment needs.

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| ![LOGO](g435636g19a01.jpg) | Sincerely,<br>![LOGO](g435636g65f33.jpg) <br>Peter G. Strelow<br> Chairman of the Board<br>PIMCO Variable Insurance Trust<br>|

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Past performance is no guarantee of future results. Unless otherwise noted, index returns reflect the reinvestment of income distributions and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. It is not possible to invest directly in an unmanaged index.

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>3</sub> |

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**Important Information About the PIMCO Balanced Allocation Portfolio**

PIMCO Variable Insurance Trust (the "Trust") is an open-end management investment company that includes the PIMCO Balanced Allocation Portfolio (the "Portfolio"). The Portfolio is only available as a funding vehicle under variable life insurance policies or variable annuity contracts issued by insurance companies ("Variable Contracts"). Individuals may not purchase shares of the Portfolio directly. Shares of the Portfolio also may be sold to qualified pension and retirement plans outside of the separate account context.

We believe that equity funds and bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that equity funds and bond funds are subject to notable risks.

Among other things, equity and equity-related securities may decline in value due to both real and perceived general market, economic, and industry conditions. The values of equity securities, such as common stocks and preferred securities, have historically risen and fallen in periodic cycles and may decline due to general market conditions, which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. Equity securities may also decline due to factors that affect a particular industry or industries, such as labor shortages, increased production costs and competitive conditions within an industry. In addition, the value of an equity security may decline for a number of reasons that directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets. Different types of equity securities may react differently to these developments and a change in the financial condition of a single issuer may affect securities markets as a whole.

During a general downturn in the securities markets, multiple asset classes, including equity securities, may decline in value simultaneously. The market price of equity securities owned by the Portfolio may go up or down, sometimes rapidly or unpredictably. Equity securities generally have greater price volatility than fixed income securities and common stocks generally have the greatest appreciation and depreciation potential of all corporate securities.

Bond funds and fixed income securities are subject to a variety of risks, including interest rate risk, liquidity risk and market risk. In an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed income securities and other instruments held by the Portfolio are likely to decrease in value. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general

economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that management will anticipate such movement accurately. The Portfolio may lose money as a result of movements in interest rates.

As of the date of this report, interest rates in the United States and many parts of the world, including certain European countries, continue to increase. In efforts to combat inflation, the U.S. Federal Reserve raised interest rates multiple times in 2022 and has indicated an expectation that it will continue to raise interest rates in 2023. Thus, the Portfolio currently faces a heightened level of risk associated with rising interest rates and/or bond yields. This could be driven by a variety of factors, including but not limited to central bank monetary policies, changing inflation or real growth rates, general economic conditions, increasing bond issuances or reduced market demand for low yielding investments. Further, while bond markets have steadily grown over the past three decades, dealer inventories of corporate bonds are near historic lows in relation to market size. As a result, there has been a significant reduction in the ability of dealers to "make markets".

Bond funds and individual bonds with a longer duration (a measure used to determine the sensitivity of a security's price to changes in interest rates) tend to be more sensitive to changes in interest rates, usually making them more volatile than securities or funds with shorter duration. All of the factors mentioned above, individually or collectively, could lead to increased volatility and/or lower liquidity in the fixed income markets or negatively impact the Portfolio's performance or cause the Portfolio to incur losses. As a result, the Portfolio may experience increased shareholder redemptions, which, among other things, could further reduce the net assets of the Portfolio.

The Portfolio may be subject to various risks as described in the Portfolio's prospectus and in the Principal and Other Risks in the Notes to Financial Statements.

Classifications of the Portfolio's portfolio holdings in this report are made according to financial reporting standards. The classification of a particular portfolio holding as shown in the Allocation Breakdown and Schedule of Investments sections of this report may differ from the classification used for the Portfolio's compliance calculations, including those used in the Portfolio's prospectus, investment objectives, regulatory, and other investment limitations and policies, which may be based on different asset class, sector or geographical classifications. The Portfolio is separately monitored for compliance with respect to prospectus and regulatory requirements.

The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.

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| **4** | **PIMCO VARIABLE INSURANCE TRUST** |

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Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. In 2022, many countries lifted some or all restrictions related to COVID-19. However, the effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations and individual issuers, all of which may negatively impact the Portfolio's performance. In addition, COVID-19 and governmental responses to COVID-19 may negatively impact the capabilities of the Portfolio's service providers and disrupt the Portfolio's operations.

The United States' enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from certain other countries has contributed to and may continue to contribute to international trade tensions and may impact portfolio securities. The United States' enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government's response, may also negatively impact securities and instruments that are economically tied to Russia.

The United Kingdom's withdrawal from the European Union may impact Portfolio returns. The withdrawal may cause substantial volatility in foreign exchange markets, lead to weakness in the exchange rate of the British pound, result in a sustained period of market uncertainty, and destabilize some or all of the other European Union member countries and/or the Eurozone.

The Portfolio may invest in certain instruments that rely in some fashion upon the London Interbank Offered Rate ("LIBOR"). LIBOR is an average interest rate, determined by the ICE Benchmark Administration, that banks charge one another for the use of short-term money. The United Kingdom's Financial Conduct Authority, which regulates LIBOR, has announced plans to ultimately phase out the use

of LIBOR. There remains uncertainty regarding future utilization of

LIBOR and the nature of any replacement rate (e.g., the Secured Overnight Financing Rate, which is intended to replace U.S. dollar LIBOR and measures the cost of overnight borrowings through repurchase agreement transactions collateralized with U.S. Treasury securities). Any potential effects of the transition away from LIBOR on the Portfolio or on certain instruments in which the Portfolio invests can be difficult to ascertain, and they may vary depending on a variety of factors. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to the Portfolio.

On the Portfolio Summary page in this Shareholder Report, the Average Annual Total Return table and Cumulative Returns chart measure performance assuming that any dividend and capital gain distributions were reinvested. The Cumulative Returns chart reflects only Administrative Class performance. Performance may vary by share class based on each class's expense ratios. The Portfolio measures its performance against at least one broad-based securities market index ("benchmark index"). The benchmark index does not take into account fees, expenses, or taxes. The Portfolio's past performance, before and after taxes, is not necessarily an indication of how the Portfolio will perform in the future. There is no assurance that the Portfolio, even if the Portfolio has experienced high or unusual performance for one or more periods, will experience similar levels of performance in the future. High performance is defined as a significant increase in either 1) the Portfolio's total return in excess of that of the Portfolio's benchmark between reporting periods or 2) the Portfolio's total return in excess of the Portfolio's historical returns between reporting periods. Unusual performance is defined as a significant change in the Portfolio's performance as compared to one or more previous reporting periods. Historical performance for the Portfolio or a share class thereof may have been positively impacted by fee waivers or expense limitations in place during some or all of the periods shown, if applicable. Future performance (including total return or yield) and distributions may be negatively impacted by the expiration or reduction of any such fee waivers or expense limitations.

The following table discloses the inception dates of the Portfolio and its share classes along with the Portfolio's diversification status as of period end:

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| **Portfolio Name** | **Portfolio<br>Inception** | **Administrative<br>Class** | **Diversification<br>Status** |
|  PIMCO Balanced Allocation Portfolio | 04/27/12 | 04/27/12 | Diversified |

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An investment in the Portfolio is not a bank deposit and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in the Portfolio.

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service

agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Portfolio. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither this Portfolio's prospectus nor summary prospectus, the Trust's Statement of Additional Information ("SAI"),

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>5</sub> |

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| **Important Information About the PIMCO Balanced Allocation Portfolio** | **(Cont.)** |

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any contracts filed as exhibits to the Trust's registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or the Portfolio creates a contract between or among any shareholder of the Portfolio,

on the one hand, and the Trust, the Portfolio, a service provider to the Trust or the Portfolio, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service providers or other delegates acting under authority of the Trustees) may amend the most recent prospectus or use a new prospectus, summary prospectus or SAI with respect to the Portfolio or the Trust, and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which the Trust or the Portfolio is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to the Portfolio, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust's then-current prospectus or SAI.

PIMCO has adopted written proxy voting policies and procedures ("Proxy Policy") as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at (888) 87-PIMCO, on the Portfolio's website at www.pimco.com/pvit, and on the Securities and Exchange Commission's ("SEC") website at www.sec.gov.

The Portfolio files portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The Portfolio's complete schedule of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC's website at www.sec.gov and on PIMCO's website at www.pimco.com/pvit, and will be made available, upon request, by calling PIMCO at (888) 87-PIMCO.

SEC rules allow shareholder reports to be delivered to investors by providing access to such reports online free of charge and by mailing a notice that the report is electronically available. Investors may elect to receive all future reports in paper free of charge by contacting their insurance company. Any election to receive reports in paper will apply to all portfolio companies available under the investor's contract at the insurance company.

In October 2020, the SEC adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover transactions. Subject to certain exceptions, the rule requires portfolios that trade derivatives and other transactions that create future payment or delivery obligations to comply with a value-at-risk leverage limit and certain derivatives risk management program and reporting requirements. These requirements may limit the ability of the Portfolio to use derivatives and reverse repurchase agreements and similar financing transactions as part of its investment strategies and may increase the cost of the Portfolio's investments and cost of doing business, which could adversely affect investors. The rule went into effect on February 19, 2021. The compliance date for the new rule and related reporting requirements was August 19, 2022.

In December 2020, the SEC adopted a rule for the fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value, establish conditions under which a market quotation is considered readily available for purposes of the definition of "value" under the Investment Company Act of 1940 (the "Act"), and address the roles and responsibilities of a fund's board of trustees and the SEC noted that this definition will apply in all contexts under the Act. The effective date for the rule was March 8, 2021. The compliance date for the new rule and the related reporting requirements was September 8, 2022.

In May 2022, the SEC proposed amendments to a current rule governing portfolio naming conventions. In general, the current rule requires portfolios with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The proposed amendments would expand the scope of the current rule in a number of ways that would result in an expansion of the types of portfolio names that would require the portfolio to adopt an 80% investment policy under the rule. Additionally, the proposed amendments would modify the circumstances under which a portfolio may deviate from its 80% investment policy and address the use and valuation of derivatives instruments for purposes of the rule. The proposal's impact on the Portfolio will not be known unless and until any final rulemaking is adopted.

In May 2022, the SEC proposed a framework that would require certain registered portfolios (such as the Portfolio) to disclose their environmental, social, and governance ("ESG") investing practices. Among other things, the proposed requirements would mandate that portfolios meeting three pre-defined classifications (*i.e.*, integrated, ESG focused and/or impact funds) provide prospectus and shareholder report disclosure related to the ESG factors, criteria and processes used

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|:---|:---|
| **6** | **PIMCO VARIABLE INSURANCE TRUST** |

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##### [**Table of Contents**](#toc)
in managing the portfolio. The proposal's impact on the Portfolio will not be known unless and until any final rulemaking is adopted.

In October 2022, the SEC adopted changes to the mutual fund and exchange-traded fund ("ETF") shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which will impact the disclosures provided to shareholders. The rule amendments are effective as of January 24, 2023, but the SEC is providing an 18-month compliance period following the effective date for such amendments other than those addressing fee and expense information in advertisements that might be materially misleading.

In November 2022, the SEC proposed rule amendments which, among other things, would require funds to adopt swing pricing in order to mitigate dilution of shareholders' interests in a fund by requiring the adjustment of fund net asset value per share to pass on costs stemming from shareholder purchase or redemption activity. In addition the proposed rule would amend the liquidity rule framework. The proposal's impact on the Portfolio will not be known unless and until any final rulemaking is adopted.

In November 2022, the SEC adopted amendments to Form N-PX under the Act to improve the utility to investors of proxy voting information reported by mutual funds, ETFs and certain other funds. The rule amendments will expand the scope of funds' Form N-PX reporting obligations, subject managers to Form N-PX reporting obligations for "Say on Pay" votes, enhance Form N-PX disclosures, permit joint reporting by funds, managers and affiliated managers on Form N-PX; and require website availability of fund proxy voting records. The amendments will become effective on July 1, 2024. Funds and managers will be required to file their first reports covering the period from July 1, 2023 to June 30, 2024 on amended Form N-PX by August 31, 2024.

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| | | |
|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>7</sub> |

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##### [**Table of Contents**](#toc)
**PIMCO Balanced Allocation Portfolio** 

Cumulative Returns Through December 31, 2022

![LOGO](g435636g23a61.jpg)

$10,000 invested at the end of the month when the Portfolio's Administrative Class commenced operations.

Allocation Breakdown as of December 31, 2022<sup>†</sup><sup>§</sup>

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| | |
|:---|:---|
|  Short-Term Instruments<sup>‡</sup> | 57.1% |
|  U.S. Treasury Obligations | 18.8% |
|  U.S. Government Agencies | 10.4% |
|  Mutual Funds | 6.8% |
|  Corporate Bonds & Notes | 4.3% |
|  Asset-Backed Securities | 2.2% |
|  Other | 0.4% |

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| | |
|:---|:---|
| <sup>†</sup> | % of Investments, at value.  |

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| | |
|:---|:---|
| <sup>§</sup> | Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.  |

---

<sup>‡</sup> Includes Central Funds Used for Cash Management Purposes.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 |
|  |  | 1 Year | 5 Years | 10 Years | Inception<sup>≈</sup> |
| ![LOGO](g435636g94o20.jpg) | PIMCO Balanced Allocation Portfolio Administrative Class | (16.12)% | 3.05% | 2.92% | 3.05% |
| ![LOGO](g435636g08y58.jpg) | 35% S&P 500 Index / 25% MSCI EAFE Index / 40% Bloomberg U.S. Aggregate Index± | (14.86)% | 4.01% | 6.16% | 6.18%<sup>¨</sup> |

---

All Portfolio returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

<sup>≈</sup> For class inception dates please refer to the Important Information.

<sup>¨</sup> Average annual total return since 04/27/2012.

<sup>±</sup> The benchmark is a blend of 35% S&P 500 Index / 25% MSCI EAFE Index / 40% Bloomberg U.S. Aggregate Index. S&P 500 Index is an unmanaged market index generally considered representative of the stock market as a whole. The Index focuses on the large-cap segment of the U.S. equities market. MSCI EAFE (Morgan Stanley Capital International Europe, Australasia, Far East) Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada. Bloomberg U.S. Aggregate Index represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. These major sectors are subdivided into more specific indices that are calculated and reported on a regular basis.

It is not possible to invest directly in an unmanaged index.

*Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. The Portfolio's performance does not reflect the deduction of additional charges and expenses imposed in connection with investing in Variable Contracts, which will reduce returns. Differences in the Portfolio's performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the prices of individual positions (which may be sourced from different pricing vendors or other sources) used by the Portfolio and the index. For performance current to the most recent month-end, visit www.pimco.com/pvit or via (888) 87-PIMCO.* 

*The Portfolio's total annual operating expense ratio in effect as of period end which includes the Acquired Fund Fees and Expenses (Underlying PIMCO Fund expenses), was 0.89% for Administrative Class shares. Details regarding any changes to the Portfolio's operating expenses, subsequent to period end, can be found in the Portfolio's current prospectus, as supplemented.* 

Investment Objective and Strategy Overview

PIMCO Balanced Allocation Portfolio seeks total return which exceeds that of its benchmark by investing, under normal circumstances, in equity derivatives and other equity-related investments that provide equity-related exposure equivalent to 50-70% of its net assets (such portion of the Portfolio's portfolio, the "Equity Sleeve") and the remainder of its net assets in a diversified portfolio of Fixed Income Instruments (such portion of the Portfolio's portfolio, the "Fixed Income Sleeve"). "Fixed Income Instruments" include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. Portfolio strategies may change from time to time. Please refer to the Portfolio's current prospectus for more information regarding the Portfolio's strategy.

Portfolio Insights

The following affected performance (on a gross basis) during the reporting period:

» Exposure to U.S. equities detracted from performance, as U.S. equities had negative returns.

» Exposure to U.S. duration detracted from performance, as U.S. Treasury yields rose.

» Exposure to the Japanese yen ("JPY"), the British pound ("GBP"), and the euro ("EUR") detracted from performance, as the JPY, GBP, and EUR depreciated against the U.S. dollar.

» Exposure to eurozone equities detracted from performance, as eurozone equities had negative returns.

» Exposure to securitized credit, in particular agency mortgage-backed securities, and investment grade corporate credit detracted from performance, as the spreads on these securities widened.

» There were no material contributors for the Portfolio.

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| **8** | **PIMCO VARIABLE INSURANCE TRUST** |

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##### [**Table of Contents**](#toc)

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|:---|:---|
| **Expense Example** | **PIMCO Balanced Allocation Portfolio** |

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Example

As a shareholder of the Portfolio, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including investment advisory fees, supervisory and administrative fees, distribution and/or service (12b-1) fees (if applicable), and other Portfolio expenses. The Example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The Expense Example does not reflect any fees or other expenses imposed by the Variable Contracts. If it did, the expenses reflected in the Expense Example would be higher. The Example is based on an investment of $1,000 invested at the beginning of the period and held from July 1, 2022 to December 31, 2022 unless noted otherwise in the table and footnotes below.

Actual Expenses

The information in the table under the heading "Actual" provides information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60), then multiply the result by the number in the appropriate row for your share class, in the column titled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information in the table under the heading "Hypothetical (5% return before expenses)" provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other portfolios. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other portfolios.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the information under the heading "Hypothetical (5% return before expenses)" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. In addition, if these transactional costs were included, your costs would have been higher.

Expense ratios may vary period to period because of various factors, such as an increase in expenses that are not covered by the investment advisory fees and supervisory and administrative fees, such as fees and expenses of the independent trustees and their counsel, extraordinary expenses and interest expense.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Actual** | **Actual** | **Actual** | **Hypothetical<br>(5% return before expenses)** | **Hypothetical<br>(5% return before expenses)** | **Hypothetical<br>(5% return before expenses)** | |
|  | **Beginning<br>Account Value<br>(07/01/22)** | **Ending<br>Account Value<br>(12/31/22)** | **Expenses Paid<br>During Period\*** | **Beginning<br>Account Value<br>(07/01/22)** | **Ending<br>Account Value<br>(12/31/22)** | **Expenses Paid<br>During Period\*** | **Net Annualized<br>Expense Ratio\*\*** |
| Administrative Class | $1000.00 | $1005.00 | $4.29 | $1000.00 | $1021.20 | $4.33 | 0.84% |

---

\* Expenses Paid During Period are equal to the net annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 186/365 (to reflect the one-half year period). Overall fees and expenses of investing in the Portfolio will be higher because the example does not reflect variable contract fees and expenses.

\*\* Net Annualized Expense Ratio is reflective of any applicable contractual fee waivers and/or expense reimbursements or voluntary fee waivers. Details regarding fee waivers, if any, can be found in Note 9, Fees and Expenses, in the Notes to Financial Statements.

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| | | |
|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>9</sub> |

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##### [**Table of Contents**](#toc)

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| | |
|:---|:---|
| **Financial Highlights** | **PIMCO Balanced Allocation Portfolio** |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year Ended^: | **Net Asset<br>Value<br>Beginning<br>of Year<sup>(a)</sup>** | **<br>Net<br>Investment<br>Income<br>(Loss)<sup>(b)</sup>** | **Net<br>Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital<br>Gain** | **Total** |
| Administrative Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | $&nbsp;&nbsp;&nbsp;&nbsp;10.43 | $&nbsp;&nbsp;&nbsp;&nbsp;0.10 | $&nbsp;&nbsp;&nbsp;&nbsp;(1.76) | $&nbsp;&nbsp;&nbsp;&nbsp;(1.66) | $&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | $&nbsp;&nbsp;&nbsp;&nbsp;(0.88) | $&nbsp;&nbsp;&nbsp;&nbsp;(0.96) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 10.33 | 0.02 | 1.07 | 1.09 | (0.01) | (0.98) | (0.99) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 10.18 | 0.04 | 0.96 | 1.00 | (0.10) | (0.75) | (0.85) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2019 | 8.74 | 0.17 | 1.48 | 1.65 | (0.21) | 0.00 | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2018 | 10.73 | 0.16 | (0.73) | (0.57) | (0.13) | (1.29) | (1.42) |

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| | |
|:---|:---|
| ^ | A zero balance may reflect actual amounts rounding to less than $0.01 or 0.01%.  |

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<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Portfolio.

<sup>(b)</sup> Per share amounts based on average number of shares outstanding during the year. 

<sup>(c)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

<sup>(d)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Portfolio. Additionally, excludes initial sales charges and contingent deferred sales charges.

<sup>(e)</sup> Ratios shown do not include expenses of the investment companies in which the Portfolio may invest. See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information regarding the expenses and any applicable fee waivers associated with these investments.

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|:---|:---|:---|
| **10** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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##### [**Table of Contents**](#toc)

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | |
|<br>**Net Asset<br>Value End of<br>Year<sup>(a)</sup>** |<br>**Total Return<sup>(d)</sup>** |<br>**Net Assets<br>End of Year<br>(000s)** | **Expenses** | **Expenses<br>Excluding<br>Waivers** | **Expenses<br>Excluding<br>Interest<br>Expense** | **Expenses<br>Excluding<br>Interest<br>Expense<br>and**<br> **Waivers** | **Net<br>Investment<br>Income (Loss)** |<br>**Portfolio<br>Turnover<br>Rate** |
| $7.81 | (16.12)% | $167622 | 0.84% | 0.87% | 0.83% | 0.86% | 1.10% | 327% |
| &nbsp;&nbsp;&nbsp;&nbsp;10.43 | 10.96 | &nbsp;&nbsp;&nbsp;&nbsp;224774 | 0.83 | 0.86 | 0.83 | 0.86 | 0.24 | 280 |
| 10.33 | 11.12 | 88098 | 0.84 | 0.87 | 0.83 | 0.86 | 0.38 | 497 |
| 10.18 | 19.00 | 91875 | 0.91 | 0.93 | 0.84 | 0.86 | 1.81 | 534 |
| 8.74 | (5.59) | 86180 | 0.92 | 0.94 | 0.84 | 0.86 | 1.47 | 435 |

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|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>11</sub> |

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##### [**Table of Contents**](#toc)

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| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **PIMCO Balanced Allocation Portfolio** | December 31, 2022 |

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| | |
|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) | (Amounts in thousands<sup>†</sup>, except per share amounts) |
|  **Assets:** |  |
|  *Investments, at value* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities\* | $136022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 44926 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 1 |
|  Deposits with counterparty | 6734 |
|  Foreign currency, at value | 45 |
|  Receivable for TBA investments sold | 14901 |
|  Interest and/or dividends receivable | 215 |
|  Dividends receivable from Affiliates | 181 |
|  Reimbursement receivable from PIMCO | 5 |
|  **Total Assets** | 203030 |
|  **Liabilities:** |  |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | $606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 8 |
|  Payable for investments in Affiliates purchased | 189 |
|  Payable for TBA investments purchased | 33334 |
|  Deposits from counterparty | 52 |
|  Payable for Portfolio shares redeemed | 86 |
|  Overdraft due to custodian | 1000 |
|  Accrued investment advisory fees | 102 |
|  Accrued supervisory and administrative fees | 8 |
|  Accrued servicing fees | 23 |
|  **Total Liabilities** | 35408 |
|  **Net Assets** | $167622 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | $205306 |
|  Distributable earnings (accumulated loss) | (37684) |
|  **Net Assets** | $167622 |
|  **Net Assets:** |  |
|  Administrative Class | $167622 |
|  **Shares Issued and Outstanding:** |  |
|  Administrative Class | 21454 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |
|  Administrative Class | $7.81 |
|  Cost of investments in securities | $&nbsp;&nbsp;&nbsp;&nbsp;142350 |
|  Cost of investments in Affiliates | $46996 |
|  Cost of foreign currency held | $49 |
|  Cost or premiums of financial derivative instruments, net | $11 |
|  \* Includes repurchase agreements of: | $70733 |

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|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Portfolio.

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|:---|:---|:---|
| **12** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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##### [**Table of Contents**](#toc)

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| | |
|:---|:---|
| **Statement of Operations** | **PIMCO Balanced Allocation Portfolio** |

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| | |
|:---|:---|
| Year Ended December 31, 2022 |  |
| (Amounts in thousands<sup>†</sup>) |  |
|  **Investment Income:** |  |
|  Interest | $2347 |
|  Dividends from Investments in Affiliates | 1268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 3615 |
|  **Expenses:** |  |
|  Investment advisory fees | 1231 |
|  Supervisory and administrative fees | 93 |
|  Distribution and/or servicing fees - Administrative Class | 279 |
|  Distribution and/or servicing fees - Advisor Class | 1 <sup>(a)</sup> |
|  Trustee fees | 6 |
|  Interest expense | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 1621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (61) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 1560 |
|  **Net Investment Income (Loss)** | 2055 |
|  **Net Realized Gain (Loss)** |  |
|  Investments in securities | (5177) |
|  Investments in Affiliates | (160) |
|  Exchange-traded or centrally cleared financial derivative instruments | (18579) |
|  Over the counter financial derivative instruments | 47 |
|  Foreign currency | (35) |
|  **Net Realized Gain (Loss)** | (23904) |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in securities | (6285) |
|  Investments in Affiliates | (1582) |
|  Exchange-traded or centrally cleared financial derivative instruments | (5579) |
|  Over the counter financial derivative instruments | 6 |
|  Foreign currency assets and liabilities | (12) |
|  **Net Change in Unrealized Appreciation (Depreciation)** | (13452) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $&nbsp;&nbsp;&nbsp;&nbsp;(35301) |

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|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(a)</sup> Advisor Class Shares liquidated at the close of business on May 12, 2022.

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|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>13</sub> |

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| | |
|:---|:---|
| **Statements of Changes in Net Assets** | **PIMCO Balanced Allocation Portfolio** |

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| | | |
|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2021** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
|  Net investment income (loss) | $2055 | $387 |
|  Net realized gain (loss) | (23904) | 16837 |
|  Net change in unrealized appreciation (depreciation) | (13452) | (707) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | (35301) | 16517 |
|  **Distributions to Shareholders:** |  |  |
|  From net investment income and/or net realized capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (19900) | (8334) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (1)<sup>(a)</sup> | (112) |
|  **Total Distributions<sup>(b)</sup>** | (19901) | (8446) |
|  **Portfolio Share Transactions:** |  |  |
|  Net increase (decrease) resulting from Portfolio share transactions\* | (3149) | 128569 |
|  **Total Increase (Decrease) in Net Assets** | (58351) | 136640 |
|  **Net Assets:** |  |  |
|  Beginning of year | 225973 | 89333 |
|  End of year | $&nbsp;&nbsp;&nbsp;&nbsp;167622 | $&nbsp;&nbsp;&nbsp;&nbsp;225973 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

\* See Note 13, Shares of Beneficial Interest, in the Notes to Financial Statements.

<sup>(a)</sup> Advisor Class Shares liquidated at the close of business on May 12, 2022.

<sup>(b)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

---

| | | |
|:---|:---|:---|
| **14** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Balanced Allocation Portfolio** | December 31, 2022 |

---

**(Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)** 

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **INVESTMENTS IN SECURITIES 81.2%** | **INVESTMENTS IN SECURITIES 81.2%** | **INVESTMENTS IN SECURITIES 81.2%** |
| **CORPORATE BONDS & NOTES 4.6%** | **CORPORATE BONDS & NOTES 4.6%** | **CORPORATE BONDS & NOTES 4.6%** |
| **BANKING & FINANCE 3.4%** | **BANKING & FINANCE 3.4%** | **BANKING & FINANCE 3.4%** |
|  **American Express Co.** | **American Express Co.** | **American Express Co.** |
|  5.850% due 11/05/2027 | 300 | 313 |
|  **Bank of America Corp.** | **Bank of America Corp.** | **Bank of America Corp.** |
|  1.658% due 03/11/2027 •  | 200 | 177 |
|  3.864% due 07/23/2024 •  | 200 | 198 |
|  3.950% due 04/21/2025 | 200 | 195 |
|  **Barclays PLC** | **Barclays PLC** | **Barclays PLC** |
|  4.972% due 05/16/2029 •  | 200 | 188 |
|  **BGC Partners, Inc.** | **BGC Partners, Inc.** | **BGC Partners, Inc.** |
|  5.375% due 07/24/2023 | 100 | 100 |
|  **Blackstone Holdings Finance Co. LLC** | **Blackstone Holdings Finance Co. LLC** | **Blackstone Holdings Finance Co. LLC** |
|  5.900% due 11/03/2027 | 200 | 202 |
|  **BPCE SA** | **BPCE SA** | **BPCE SA** |
|  4.625% due 07/11/2024 | 100 | 97 |
|  **Broadstone Net Lease LLC** | **Broadstone Net Lease LLC** | **Broadstone Net Lease LLC** |
|  2.600% due 09/15/2031 | 100 | 75 |
|  **Brookfield Finance, Inc.** | **Brookfield Finance, Inc.** | **Brookfield Finance, Inc.** |
|  4.850% due 03/29/2029 | 100 | 96 |
|  **Carlyle Finance Subsidiary LLC** | **Carlyle Finance Subsidiary LLC** | **Carlyle Finance Subsidiary LLC** |
|  3.500% due 09/19/2029 | 100 | 85 |
|  **Corebridge Financial, Inc.** | **Corebridge Financial, Inc.** | **Corebridge Financial, Inc.** |
|  3.850% due 04/05/2029 | 200 | 183 |
|  **CPI Property Group SA** | **CPI Property Group SA** | **CPI Property Group SA** |
|  1.625% due 04/23/2027 | 100 | 76 |
|  **Credit Suisse Group AG** | **Credit Suisse Group AG** | **Credit Suisse Group AG** |
|  7.500% due 12/11/2023 •(a)(c) | 400 | 350 |
|  **Deutsche Bank AG** | **Deutsche Bank AG** | **Deutsche Bank AG** |
|  3.035% due 05/28/2032 •(d) | 200 | 152 |
|  **Discover Financial Services** | **Discover Financial Services** | **Discover Financial Services** |
|  4.500% due 01/30/2026 | 100 | 97 |
|  **GLP Capital LP** | **GLP Capital LP** | **GLP Capital LP** |
|  5.250% due 06/01/2025 | 150 | 148 |
|  **Goldman Sachs Group, Inc.** | **Goldman Sachs Group, Inc.** | **Goldman Sachs Group, Inc.** |
|  3.691% due 06/05/2028 •  | 400 | 372 |
|  **HSBC Holdings PLC** | **HSBC Holdings PLC** | **HSBC Holdings PLC** |
|  4.300% due 03/08/2026 | 200 | 194 |
|  4.583% due 06/19/2029 •  | 200 | 185 |
|  **ING Groep NV** | **ING Groep NV** | **ING Groep NV** |
|  4.100% due 10/02/2023 | 200 | 198 |
|  **JPMorgan Chase & Co.** | **JPMorgan Chase & Co.** | **JPMorgan Chase & Co.** |
|  3.782% due 02/01/2028 •  | 300 | 281 |
|  **Lloyds Banking Group PLC** | **Lloyds Banking Group PLC** | **Lloyds Banking Group PLC** |
|  4.450% due 05/08/2025 | 300 | 295 |
|  **LXP Industrial Trust** | **LXP Industrial Trust** | **LXP Industrial Trust** |
|  2.375% due 10/01/2031 | 300 | 228 |
|  **Mitsubishi UFJ Financial Group, Inc.** | **Mitsubishi UFJ Financial Group, Inc.** | **Mitsubishi UFJ Financial Group, Inc.** |
|  2.757% due 09/13/2026 | 200 | 183 |
|  **NatWest Group PLC** | **NatWest Group PLC** | **NatWest Group PLC** |
|  1.642% due 06/14/2027 •  | 200 | 173 |
|  **Realty Income Corp.** | **Realty Income Corp.** | **Realty Income Corp.** |
|  3.100% due 12/15/2029 | 100 | 87 |
|  **Sabra Health Care LP** | **Sabra Health Care LP** | **Sabra Health Care LP** |
|  3.900% due 10/15/2029 | 100 | 84 |
|  **Societe Generale SA** | **Societe Generale SA** | **Societe Generale SA** |
|  7.875% due 12/18/2023 •(a)(c) | 200 | 198 |
|  **Spirit Realty LP** | **Spirit Realty LP** | **Spirit Realty LP** |
|  4.000% due 07/15/2029 | 100 | 87 |
|  **Sumitomo Mitsui Financial Group, Inc.** | **Sumitomo Mitsui Financial Group, Inc.** | **Sumitomo Mitsui Financial Group, Inc.** |
|  2.448% due 09/27/2024 | 200 | 190 |
|  **Wells Fargo & Co.** | **Wells Fargo & Co.** | **Wells Fargo & Co.** |
|  3.196% due 06/17/2027 •  | 100 | 93 |
|  4.150% due 01/24/2029 | 200 | 188 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5768 |
| **INDUSTRIALS 1.0%** | **INDUSTRIALS 1.0%** | **INDUSTRIALS 1.0%** |
|  **Air Canada Pass-Through Trust** | **Air Canada Pass-Through Trust** | **Air Canada Pass-Through Trust** |
|  3.750% due 06/15/2029 | 69 | 60 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **American Airlines Pass-Through Trust** | **American Airlines Pass-Through Trust** | **American Airlines Pass-Through Trust** |
|  3.500% due 08/15/2033 | 173 | 131 |
|  **Arrow Electronics, Inc.** | **Arrow Electronics, Inc.** | **Arrow Electronics, Inc.** |
|  4.500% due 03/01/2023 | 100 | 100 |
|  **British Airways Pass-Through Trust** | **British Airways Pass-Through Trust** | **British Airways Pass-Through Trust** |
|  3.300% due 06/15/2034 | 267 | 227 |
|  **Broadcom, Inc.** | **Broadcom, Inc.** | **Broadcom, Inc.** |
|  3.187% due 11/15/2036 | 100 | 72 |
|  **Campbell Soup Co.** | **Campbell Soup Co.** | **Campbell Soup Co.** |
|  3.650% due 03/15/2023 | 58 | 58 |
|  **Choice Hotels International, Inc.** | **Choice Hotels International, Inc.** | **Choice Hotels International, Inc.** |
|  3.700% due 12/01/2029 | 100 | 87 |
|  **Energy Transfer LP** | **Energy Transfer LP** | **Energy Transfer LP** |
|  3.900% due 07/15/2026 | 100 | 95 |
|  **Las Vegas Sands Corp.** | **Las Vegas Sands Corp.** | **Las Vegas Sands Corp.** |
|  3.200% due 08/08/2024 | 100 | 95 |
|  **Nissan Motor Co. Ltd.** | **Nissan Motor Co. Ltd.** | **Nissan Motor Co. Ltd.** |
|  4.345% due 09/17/2027 | 300 | 273 |
|  **Penske Truck Leasing Co. LP** | **Penske Truck Leasing Co. LP** | **Penske Truck Leasing Co. LP** |
|  4.450% due 01/29/2026 | 100 | 96 |
|  **Reynolds American, Inc.** | **Reynolds American, Inc.** | **Reynolds American, Inc.** |
|  4.450% due 06/12/2025 | 100 | 98 |
|  **Shire Acquisitions Investments Ireland DAC** | **Shire Acquisitions Investments Ireland DAC** | **Shire Acquisitions Investments Ireland DAC** |
|  2.875% due 09/23/2023 | 80 | 79 |
|  **Syngenta Finance NV** | **Syngenta Finance NV** | **Syngenta Finance NV** |
|  4.441% due 04/24/2023 | 200 | 199 |
|  |  | 1670 |
| **UTILITIES 0.2%** | **UTILITIES 0.2%** | **UTILITIES 0.2%** |
|  **Exelon Corp.** | **Exelon Corp.** | **Exelon Corp.** |
|  3.950% due 06/15/2025 | 100 | 98 |
|  **IPALCO Enterprises, Inc.** | **IPALCO Enterprises, Inc.** | **IPALCO Enterprises, Inc.** |
|  3.700% due 09/01/2024 | 100 | 97 |
|  **ONEOK, Inc.** | **ONEOK, Inc.** | **ONEOK, Inc.** |
|  4.550% due 07/15/2028 | 100 | 94 |
|  |  | 289 |
|  **Total Corporate Bonds & Notes (Cost $8,551)** | **Total Corporate Bonds & Notes (Cost $8,551)** | **7727** |
| **MUNICIPAL BONDS & NOTES 0.1%** | **MUNICIPAL BONDS & NOTES 0.1%** | **MUNICIPAL BONDS & NOTES 0.1%** |
| **PENNSYLVANIA 0.1%** | **PENNSYLVANIA 0.1%** | **PENNSYLVANIA 0.1%** |
|  **Pennsylvania Higher Education Assistance Agency Revenue Bonds, Series 2006** | **Pennsylvania Higher Education Assistance Agency Revenue Bonds, Series 2006** | **Pennsylvania Higher Education Assistance Agency Revenue Bonds, Series 2006** |
|  4.488% (US0003M + 0.130%) due 10/25/2036 ~ | 73 | 71 |
| **VIRGINIA 0.0%** | **VIRGINIA 0.0%** | **VIRGINIA 0.0%** |
|  **University of Virginia Revenue Bonds, Series 2019** | **University of Virginia Revenue Bonds, Series 2019** | **University of Virginia Revenue Bonds, Series 2019** |
|  3.227% due 09/01/2119 | 100 | 59 |
|  **Total Municipal Bonds & Notes (Cost $172)** | **Total Municipal Bonds & Notes (Cost $172)** | **130** |
| **U.S. GOVERNMENT AGENCIES 11.3%** | **U.S. GOVERNMENT AGENCIES 11.3%** | **U.S. GOVERNMENT AGENCIES 11.3%** |
|  **Fannie Mae** | **Fannie Mae** | **Fannie Mae** |
|  3.281% due 09/25/2046 •  | 51 | 50 |
|  3.308% due 11/25/2046 •  | 73 | 71 |
|  3.448% due 11/25/2046 ~ | 66 | 64 |
|  3.462% due 05/01/2038 •  | 82 | 83 |
|  3.489% due 07/25/2046 •  | 48 | 47 |
|  **Freddie Mac** | **Freddie Mac** | **Freddie Mac** |
|  3.500% due 09/01/2047 | 57 | 53 |
|  4.000% due 08/01/2047 | 155 | 148 |
|  **Uniform Mortgage-Backed Security** | **Uniform Mortgage-Backed Security** | **Uniform Mortgage-Backed Security** |
|  3.500% due 11/01/2045 - 09/01/2046 | 160 | 149 |
|  **Uniform Mortgage-Backed Security, TBA** | **Uniform Mortgage-Backed Security, TBA** | **Uniform Mortgage-Backed Security, TBA** |
|  2.500% due 12/01/2051 | 6500 | 5505 |
|  3.000% due 02/01/2053 | 2800 | 2460 |
|  3.500% due 02/01/2053 | 6700 | 6092 |
|  4.000% due 01/01/2053 | 1500 | 1407 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.000% due 01/01/2053 | $— | 2800 | 2760 |
|  **Total U.S. Government Agencies (Cost $19,168)** | **Total U.S. Government Agencies (Cost $19,168)** | **Total U.S. Government Agencies (Cost $19,168)** | **18889** |
| **U.S. TREASURY OBLIGATIONS 20.3%** | **U.S. TREASURY OBLIGATIONS 20.3%** | **U.S. TREASURY OBLIGATIONS 20.3%** | **U.S. TREASURY OBLIGATIONS 20.3%** |
|  **U.S. Treasury Bonds** | **U.S. Treasury Bonds** | **U.S. Treasury Bonds** | **U.S. Treasury Bonds** |
|  1.750% due 08/15/2041 |  | 1100 | 753 |
|  1.875% due 02/15/2041 |  | 600 | 424 |
|  2.000% due 11/15/2041 |  | 2000 | 1429 |
|  2.250% due 05/15/2041 |  | 3400 | 2558 |
|  2.375% due 02/15/2042 |  | 200 | 153 |
|  2.375% due 05/15/2051 |  | 2500 | 1794 |
|  4.000% due 11/15/2052 |  | 900 | 902 |
|  **U.S. Treasury Notes** | **U.S. Treasury Notes** | **U.S. Treasury Notes** | **U.S. Treasury Notes** |
|  0.125% due 05/31/2023 |  | 9800 | 9625 |
|  0.375% due 04/30/2025 (g) |  | 1600 | 1461 |
|  0.750% due 05/31/2026 |  | 14600 | 13024 |
|  0.750% due 01/31/2028 |  | 1200 | 1021 |
|  4.125% due 10/31/2027 |  | 900 | 903 |
|  **Total U.S. Treasury Obligations (Cost $39,144)** | **Total U.S. Treasury Obligations (Cost $39,144)** | **Total U.S. Treasury Obligations (Cost $39,144)** | **34047** |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES 0.3%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 0.3%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 0.3%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 0.3%** |
|  **Banc of America Funding Trust** | **Banc of America Funding Trust** | **Banc of America Funding Trust** | **Banc of America Funding Trust** |
|  2.943% due 08/27/2036 ~ |  | 108 | 102 |
|  **BANK** | **BANK** | **BANK** | **BANK** |
|  4.165% due 05/15/2061 ~ |  | 100 | 96 |
|  **Citigroup Mortgage Loan Trust** | **Citigroup Mortgage Loan Trust** | **Citigroup Mortgage Loan Trust** | **Citigroup Mortgage Loan Trust** |
|  3.595% due 07/25/2037 ^~ |  | 39 | 34 |
|  **Deutsche ALT-B Securities, Inc. Mortgage Loan Trust** | **Deutsche ALT-B Securities, Inc. Mortgage Loan Trust** | **Deutsche ALT-B Securities, Inc. Mortgage Loan Trust** | **Deutsche ALT-B Securities, Inc. Mortgage Loan Trust** |
|  6.500% due 10/25/2036 þ |  | 31 | 27 |
|  **Grifonas Finance PLC** | **Grifonas Finance PLC** | **Grifonas Finance PLC** | **Grifonas Finance PLC** |
|  1.264% due 08/28/2039 ~ |  | 22 | 21 |
|  **Lehman XS Trust** | **Lehman XS Trust** | **Lehman XS Trust** | **Lehman XS Trust** |
|  4.789% due 07/25/2047 ^•  | $— | 216 | 203 |
|  **Total Non-Agency Mortgage-Backed Securities (Cost $502)** | **Total Non-Agency Mortgage-Backed Securities (Cost $502)** | **Total Non-Agency Mortgage-Backed Securities (Cost $502)** | **483** |
| **ASSET-BACKED SECURITIES 2.4%** | **ASSET-BACKED SECURITIES 2.4%** | **ASSET-BACKED SECURITIES 2.4%** | **ASSET-BACKED SECURITIES 2.4%** |
|  **CIT Mortgage Loan Trust** | **CIT Mortgage Loan Trust** | **CIT Mortgage Loan Trust** | **CIT Mortgage Loan Trust** |
|  5.889% due 10/25/2037 ~ |  | 100 | 95 |
|  **Citigroup Mortgage Loan Trust** | **Citigroup Mortgage Loan Trust** | **Citigroup Mortgage Loan Trust** | **Citigroup Mortgage Loan Trust** |
|  4.649% due 08/25/2036 •  |  | 50 | 49 |
|  **Countrywide Asset-Backed Certificates Trust** | **Countrywide Asset-Backed Certificates Trust** | **Countrywide Asset-Backed Certificates Trust** | **Countrywide Asset-Backed Certificates Trust** |
|  4.539% due 06/25/2047 ^•  |  | 1 | 1 |
|  4.589% due 06/25/2047 ^•  |  | 107 | 92 |
|  4.619% due 05/25/2037 ~ |  | 561 | 528 |
|  **Crestline Denali CLO Ltd.** | **Crestline Denali CLO Ltd.** | **Crestline Denali CLO Ltd.** | **Crestline Denali CLO Ltd.** |
|  5.465% due 10/23/2031 ~ |  | 300 | 295 |
|  **ECMC Group Student Loan Trust** | **ECMC Group Student Loan Trust** | **ECMC Group Student Loan Trust** | **ECMC Group Student Loan Trust** |
|  5.139% due 02/27/2068 •  |  | 54 | 51 |
|  **Fremont Home Loan Trust** | **Fremont Home Loan Trust** | **Fremont Home Loan Trust** | **Fremont Home Loan Trust** |
|  4.539% due 10/25/2036 ~ |  | 368 | 156 |
|  **GSAMP Trust** | **GSAMP Trust** | **GSAMP Trust** | **GSAMP Trust** |
|  5.169% due 07/25/2045 •  |  | 165 | 161 |
|  **Harvest CLO DAC** | **Harvest CLO DAC** | **Harvest CLO DAC** | **Harvest CLO DAC** |
|  2.433% due 11/18/2029 •  |  | 35 | 37 |
|  **JP Morgan Mortgage Acquisition Corp.** | **JP Morgan Mortgage Acquisition Corp.** | **JP Morgan Mortgage Acquisition Corp.** | **JP Morgan Mortgage Acquisition Corp.** |
|  4.974% due 05/25/2035 ~ | $— | 274 | 267 |
|  **Jubilee CLO DAC** | **Jubilee CLO DAC** | **Jubilee CLO DAC** | **Jubilee CLO DAC** |
|  2.846% due 12/15/2029 •  |  | 156 | 164 |
|  **Long Beach Mortgage Loan Trust** | **Long Beach Mortgage Loan Trust** | **Long Beach Mortgage Loan Trust** | **Long Beach Mortgage Loan Trust** |
|  5.439% due 06/25/2035 •  | $— | 220 | 213 |
|  **Madison Park Funding Ltd.** | **Madison Park Funding Ltd.** | **Madison Park Funding Ltd.** | **Madison Park Funding Ltd.** |
|  5.155% due 04/22/2027 ~ |  | 209 | 207 |
|  **Morgan Stanley ABS Capital, Inc. Trust** | **Morgan Stanley ABS Capital, Inc. Trust** | **Morgan Stanley ABS Capital, Inc. Trust** | **Morgan Stanley ABS Capital, Inc. Trust** |
|  4.519% due 10/25/2036 ~ |  | 134 | 118 |
|  **Navient Student Loan Trust** | **Navient Student Loan Trust** | **Navient Student Loan Trust** | **Navient Student Loan Trust** |
|  5.439% due 12/27/2066 •  |  | 103 | 101 |
|  **Option One Mortgage Loan Trust** | **Option One Mortgage Loan Trust** | **Option One Mortgage Loan Trust** | **Option One Mortgage Loan Trust** |
|  5.154% due 08/25/2035 ~ |  | 120 | 115 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **15** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Balanced Allocation Portfolio** | **(Cont.)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Palmer Square Loan Funding Ltd.** | **Palmer Square Loan Funding Ltd.** | **Palmer Square Loan Funding Ltd.** | **Palmer Square Loan Funding Ltd.** | **Palmer Square Loan Funding Ltd.** |
|  4.879% due 10/15/2029 ~ | $— | 253 | $— | 249 |
|  **S-Jets Ltd.** | **S-Jets Ltd.** | **S-Jets Ltd.** | **S-Jets Ltd.** | **S-Jets Ltd.** |
|  3.967% due 08/15/2042 |  | 150 |  | 117 |
|  **Sound Point CLO Ltd.** | **Sound Point CLO Ltd.** | **Sound Point CLO Ltd.** | **Sound Point CLO Ltd.** | **Sound Point CLO Ltd.** |
|  5.453% due 07/20/2032 ~ |  | 300 |  | 290 |
|  **Structured Asset Investment Loan Trust** | **Structured Asset Investment Loan Trust** | **Structured Asset Investment Loan Trust** | **Structured Asset Investment Loan Trust** | **Structured Asset Investment Loan Trust** |
|  4.561% due 07/25/2036 ~ |  | 570 |  | 338 |
|  **TICP CLO Ltd.** | **TICP CLO Ltd.** | **TICP CLO Ltd.** | **TICP CLO Ltd.** | **TICP CLO Ltd.** |
|  5.083% due 04/20/2028 •  |  | 77 |  | 77 |
|  **Vibrant CLO Ltd.** | **Vibrant CLO Ltd.** | **Vibrant CLO Ltd.** | **Vibrant CLO Ltd.** | **Vibrant CLO Ltd.** |
|  5.363% due 07/20/2032 •  |  | 300 |  | 292 |
|  **Total Asset-Backed Securities (Cost $4,080)** | **Total Asset-Backed Securities (Cost $4,080)** | **Total Asset-Backed Securities (Cost $4,080)** |  | **4013** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **SHORT-TERM INSTRUMENTS 42.2%** | **SHORT-TERM INSTRUMENTS 42.2%** | **SHORT-TERM INSTRUMENTS 42.2%** | **SHORT-TERM INSTRUMENTS 42.2%** |
| **REPURCHASE AGREEMENTS (e) 42.2%** | **REPURCHASE AGREEMENTS (e) 42.2%** | **REPURCHASE AGREEMENTS (e) 42.2%** | **REPURCHASE AGREEMENTS (e) 42.2%** |
|  |  | $— | 70733 |
| **Total Short-Term Instruments (Cost $70,733)** | **Total Short-Term Instruments (Cost $70,733)** |  | **70733** |
| **Total Investments in Securities (Cost $142,350)** | **Total Investments in Securities (Cost $142,350)** |  | **136022** |
| **INVESTMENTS IN AFFILIATES 26.8%** | **INVESTMENTS IN AFFILIATES 26.8%** | **INVESTMENTS IN AFFILIATES 26.8%** | **INVESTMENTS IN AFFILIATES 26.8%** |
| **MUTUAL FUNDS (b) 7.4%** | **MUTUAL FUNDS (b) 7.4%** | **MUTUAL FUNDS (b) 7.4%** | **MUTUAL FUNDS (b) 7.4%** |
|  **PIMCO Income Fund** | 1197257 |  | 12392 |
| **Total Mutual Funds (Cost $14,131)** | **Total Mutual Funds (Cost $14,131)** |  | **12392** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **SHORT-TERM INSTRUMENTS 19.4%** | **SHORT-TERM INSTRUMENTS 19.4%** | **SHORT-TERM INSTRUMENTS 19.4%** | **SHORT-TERM INSTRUMENTS 19.4%** |
| **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 19.4%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 19.4%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 19.4%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 19.4%** |
|  **PIMCO Short-Term<br>Floating NAV Portfolio III** | 3348495 | $— | 32534 |
| **Total Short-Term Instruments<br>(Cost $32,865)** | **Total Short-Term Instruments<br>(Cost $32,865)** |  | **32534** |
| **Total Investments in Affiliates<br>(Cost $46,996)** | **Total Investments in Affiliates<br>(Cost $46,996)** |  | **44926** |
| **Total Investments 108.0%<br>(Cost $189,346)** | **Total Investments 108.0%<br>(Cost $189,346)** | $— | **180948** |
|  **Financial Derivative<br>Instruments (f)(h) (0.4)%**<br> **(Cost or Premiums, net $11)** | **Financial Derivative<br>Instruments (f)(h) (0.4)%**<br> **(Cost or Premiums, net $11)** |  | **(613)** |
| **Other Assets and Liabilities, net (7.6)%** | **Other Assets and Liabilities, net (7.6)%** |  | **(12713)** |
| **Net Assets 100.0%** | **Net Assets 100.0%** | $— | **167622** |

---

**NOTES TO SCHEDULE OF INVESTMENTS:** 

**\*** **A zero balance may reflect actual amounts rounding to less than one thousand.** 

---

| | |
|:---|:---|
| **^** | **Security is in default.**  |

---

---

| | |
|:---|:---|
| **~** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.**  |

---

**•** **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** 

---

| | |
|:---|:---|
| **þ** | **Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.**  |

---

**(a)** **Perpetual maturity; date shown, if applicable, represents next contractual call date.** 

**(b)** **Institutional Class Shares of each Fund.** 

**(c)** **Contingent convertible security.** 

&nbsp;&nbsp;&nbsp;&nbsp;**(d) RESTRICTED SECURITIES:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Description** | **Coupon** | **Maturity<br>Date** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Market Value<br>as Percentage<br>of Net Assets** |
|  Deutsche Bank AG | 3.035% | 05/28/2032 | 06/16/2021 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152 | 0.09% |

---

**BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;**(e) REPURCHASE AGREEMENTS:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Lending<br>Rate** | **Settlement<br>Date** | **Maturity<br>Date** | **Principal<br>Amount** | **Collateralized By** | **Collateral<br>(Received)** | **Repurchase<br>Agreements,<br>at Value** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** |
| FICC | 1.900% | 12/30/2022 | 01/03/2023 | $5433 | U.S. Treasury Bills 0.000% due 06/29/2023 | $(5542) | $5433 | $5434 |
|  | 4.280 | 12/30/2022 | 01/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65300 | U.S. Treasury Inflation Protected Securities 0.250% due 07/15/2029 | (48581) | 65300 | 65331 |
|  |  |  |  |  | U.S. Treasury Notes 3.250% due 06/30/2029 | (18025) |  |  |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** |  | $**(72148)** | $**70733** | $**70765** |

---

---

| | | |
|:---|:---|:---|
| **16** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

**BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY** 

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** | **Payable for<br>Reverse<br>Repurchase<br>Agreements** | **Payable for<br>Sale-Buyback<br>Transactions** | **Total<br>Borrowings and<br>Other Financing<br>Transactions** | **Collateral<br>Pledged/(Received)** | **Net Exposure<sup>(2)</sup>** |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  FICC | $70765 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70765 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72148) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1383) |
|  **Total Borrowings and Other Financing Transactions** | $**70765** | $**0** | $**0** |  |  |  |

---

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

**The average amount of borrowings outstanding during the period ended December 31, 2022 was $(135) at a weighted average interest rate of 0.285%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** 

&nbsp;&nbsp;&nbsp;&nbsp;**(f) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** 

**FUTURES CONTRACTS:** 

**LONG FUTURES CONTRACTS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  E-Mini S&P 500 Index March Futures  | 03/2023 | 305 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58880 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2155) | $0 | $(162) |
|  Mini MSCI EAFE Index March Futures  | 03/2023 | 428 | 41717 | (1048) | 0 | (430) |
|  U.S. Treasury 5-Year Note March Futures  | 03/2023 | 32 | 3454 | (22) | 0 | (3) |
|  **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | $**(3225)** | $**0** | $**(595)** |

---

**SWAP AGREEMENTS:** 

**CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(1)</sup>** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2022<sup>(2)</sup>** | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(4)</sup>** | **Variation Margin** | **Variation Margin** |
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2022<sup>(2)</sup>** | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(4)</sup>** | **Asset** | **Liability** |
|  AT&T, Inc. | 1.000% | Quarterly | 06/20/2023 | 0.674% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | $1 | $0 | $1 | $0 | $0 |
|  AT&T, Inc. | 1.000 | Quarterly | 06/20/2024 | 0.901 | 100 | 0 | 0 | 0 | 0 | 0 |
|  General Electric Co. | 1.000 | Quarterly | 12/20/2024 | 0.564 | 200 | (5) | 7 | 2 | 0 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

**CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION<sup>(1)</sup>** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(4)</sup>** | **Variation Margin** | **Variation Margin** |
| **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(4)</sup>** | **Asset** | **Liability** |
|  CDX.EM-36 5-Year Index | 1.000% | Quarterly | 12/20/2026 | $552 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) | $(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  CDX.EM-38 5-Year Index | 1.000 | Quarterly | 12/20/2027 | 100 | (8) | 2 | (6) | 0 | 0 |
|  CDX.IG-38 5-Year Index | 1.000 | Quarterly | 06/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5200 | 20 | 36 | 56 | 0 | 0 |
|  CDX.IG-39 5-Year Index | 1.000 | Quarterly | 12/20/2027 | 4400 | 15 | 22 | 37 | 0 | 0 |
|  |  |  |  |  | $7 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 | $66 | $0 | $0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **17** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Balanced Allocation Portfolio** | **(Cont.)** |

---

**INTEREST RATE SWAPS** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Pay | 3-Month CAD-Bank Bill | 0.980% | Semi-Annual | 02/26/2024 | CAD | 2400 | $2 | $(98) | $(96) | $0 | $(1) |
|  Pay | 3-Month CAD-Bank Bill | 0.880 | Semi-Annual | 03/03/2024 |  | 1200 | 0 | (49) | (49) | 0 | 0 |
|  Pay | 3-Month CAD-Bank Bill | 1.235 | Semi-Annual | 03/04/2025 |  | 300 | 6 | (23) | (17) | 0 | 0 |
|  |  |  |  |  |  |  | $8 | $(170) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(162) | $0 | $(1) |
|  **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** |  |  | $**11** | $**(104)** | $**(93)** | $**0** | $**(1)** |

---

**FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY** 

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of December 31, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** |
|  | **Market Value** | **Variation Margin<br>Asset** | **Variation Margin<br>Asset** | **Total** | **Market Value** | **Variation Margin<br>Liability<sup>(5)</sup>** |  | **Total** |
| | **Purchased<br>Options** | **Futures** | **Swap<br>Agreements** | **Total** | **Written<br>Options** | **Futures** | | **Total** |
|  **Total Exchange-Traded or Centrally Cleared** | $**0** | $**0** | $**0** | $**0** | $**0** | $**(605)** | $**(1)** | $**(606)** |

---

**(g)** **Securities with an aggregate market value of $606 and cash of $6,734 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2022. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.** 

<sup>(1)</sup> If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(3)</sup> The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(4)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> Unsettled variation margin liability of $(10) for closed futures is outstanding at period end. 

&nbsp;&nbsp;&nbsp;&nbsp;**(h) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** 

**FORWARD FOREIGN CURRENCY CONTRACTS:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  MBC | 01/2023 | EUR | 325 | $340 | $0 | $(8) |
|  | 02/2023 | CAD | 36 | 27 | 1 | 0 |
|  **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | $**1** | $**(8)** |

---

**FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY** 

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2022:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | | | | |
| <br>**Counterparty** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Purchased<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Written<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** |<br>**Net Market<br>Value of OTC<br>Derivatives** |<br>**Collateral<br>Pledged/<br>(Received)** |<br>**Net<br>Exposure<sup>(1)</sup>** |
|  MBC | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) |

---

<sup>(1)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

---

| | | |
|:---|:---|:---|
| **18** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

**FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS** 

The following is a summary of the fair valuation of the Portfolio's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Portfolio.

Fair Values of Financial Derivative Instruments on the Statement of Assets and Liabilities as of December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
| | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $1 | $0 | $1 |
|  **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** |
|  Exchange-traded or centrally cleared |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $602 | $0 | $3 | $605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 1 | 1 |
|  | $0 | $0 | $602 | $0 | $4 | $606 |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $8 | $0 | $8 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614 |

---

The effect of Financial Derivative Instruments on the Statement of Operations for the period ended December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
| | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $(17903) | $0 | $165 | $(17738) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (295) | 0 | 0 | (546) | (841) |
|  | $0 | $(295) | $(17903) | $0 | $(381) | $(18579) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $47 | $0 | $47 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(295) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17903) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(381) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18532) |
|  **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $(5729) | $0 | $(23) | $(5752) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 38 | 0 | 0 | 135 | 173 |
|  | $0 | $38 | $(5729) | $0 | $112 | $(5579) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $6 | $0 | $6 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $38 | $(5729) | $6 | $112 | $(5573) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **19** |

---

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Balanced Allocation Portfolio** | **(Cont.)** | December 31, 2022 |

---

**FAIR VALUE MEASUREMENTS** 

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair**<br> **Value at**<br> **12/31/2022** |
|  **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $0 | $5768 | $0 | $5768 |
| &nbsp;&nbsp; Industrials | 0 | 1670 | 0 | 1670 |
| &nbsp;&nbsp; Utilities | 0 | 289 | 0 | 289 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Pennsylvania | 0 | 71 | 0 | 71 |
| &nbsp;&nbsp; Virginia | 0 | 59 | 0 | 59 |
|  U.S. Government Agencies | 0 | 18889 | 0 | 18889 |
|  U.S. Treasury Obligations | 0 | 34047 | 0 | 34047 |
|  Non-Agency Mortgage-Backed Securities | 0 | 483 | 0 | 483 |
|  Asset-Backed Securities | 0 | 4013 | 0 | 4013 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 70733 | 0 | 70733 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136022 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136022 |
|  **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** |
|  Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12392 | 0 | 0 | 12392 |

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|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair**<br> **Value at**<br> **12/31/2022** |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $32534 | $0 | $0 | $32534 |
|  | $44926 | $0 | $0 | $44926 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44926 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136022 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180948 |
|  **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** |
|  Over the counter | $0 | $1 | $0 | $1 |
|  **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** |
|  Exchange-traded or centrally cleared | (592) | (4) | 0 | (596) |
|  Over the counter | 0 | (8) | 0 | (8) |
|  | $(592) | $(12) | $0 | $(604) |
|  Total Financial Derivative Instruments | $(592) | $(11) | $0 | $(603) |
|  Totals | $44334 | $136011 | $0 | $180345 |

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There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.

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1. ORGANIZATION

PIMCO Variable Insurance Trust (the "Trust") is a Delaware statutory trust established under a trust instrument dated October 3, 1997. The Trust is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Trust is designed to be used as an investment vehicle by separate accounts of insurance companies that fund variable annuity contracts and variable life insurance policies and by qualified pension and retirement plans. Information presented in these financial statements pertains to the Administrative Class share of the PIMCO Balanced Allocation Portfolio (the "Portfolio") offered by the Trust. Pacific Investment Management Company LLC ("PIMCO") serves as the investment adviser (the "Adviser") for the Portfolio.

Hereinafter, the Board of Trustees of the Funds shall be collectively referred to as the "Board."

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The Portfolio is treated as an investment company under the reporting requirements of U.S. GAAP. The functional and reporting currency for the Portfolio is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(a) Securities Transactions and Investment Income Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Portfolio is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are

reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statement of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statement of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statement of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable.

(b) Foreign Currency Translation The market values of foreign securities, currency holdings and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies, if any, are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Portfolio does not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) from investments on the Statement of Operations. The Portfolio may invest in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains (losses) arising from sales of spot foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in net realized gain (loss) on foreign currency transactions on the Statement of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period are included in net change in unrealized appreciation (depreciation) on foreign currency assets and liabilities on the Statement of Operations.

(c) Multi-Class Operations Each class offered by the Trust has equal rights as to assets and voting privileges (except that shareholders of a

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class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets. Realized and unrealized capital gains (losses) are allocated daily based on the relative net assets of each class of the Portfolio. Class specific expenses, where applicable, currently include supervisory and administrative and distribution and servicing fees. Under certain circumstances, the per share net asset value ("NAV") of a class of the Portfolio's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(d) Distributions to Shareholders Distributions from net investment income, if any, are declared and distributed to shareholders quarterly. In addition, the Portfolio distributes any net capital gains it earns from the sale of portfolio securities to shareholders no less frequently than annually. The Portfolio may revise its distribution policy or postpone the payment of distributions at any time.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on the Portfolio's annual financial statements presented under U.S. GAAP.

Separately, if the Portfolio determines or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources other than net investment income in accordance with its policies, accounting records (if applicable), and accounting practices, the Portfolio will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, the Portfolio determines or estimates, as applicable, the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is determined or estimated, as applicable, that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between the Portfolio's daily internal accounting records and practices, the Portfolio's financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, the Portfolio's internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain

sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include but are not limited to, for certain Portfolios, the treatment of periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that the Portfolio may not issue a Section 19 Notice in situations where the Portfolio's financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution's tax character will be provided to shareholders when such information is available.

Distributions classified as a tax basis return of capital at the Portfolio's fiscal year end, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital on the Statement of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Statement of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(e) New Accounting Pronouncements and Regulatory Updates In March 2020, the Financial Accounting Standards Board ("FASB") issued an Accounting Standards Update ("ASU"), ASU 2020-04, which provides optional guidance to ease the potential accounting burden associated with transitioning away from the London Interbank Offered Rate and other reference rates that are expected to be discontinued. ASU 2020-04 is effective for certain reference rate-related contract modifications that occurred during the period March 12, 2020 through December 31, 2022. In March 2021, the administrator for LIBOR announced the extension of the publication of a majority of the USD LIBOR settings to June 30, 2023. In December 2022, FASB issued ASU 2022-06, which includes amendments to extend the duration of the LIBOR transition relief to December 31, 2024, after which entities will no longer be permitted to apply the reference rate reform relief. Management is continuously evaluating the potential effect a discontinuation of LIBOR could have on the Portfolio's investments and has determined that it is unlikely the ASU's adoption will have a material impact on the Portfolio's financial statements.

In October 2020, the U.S. Securities and Exchange Commission ("SEC") adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover transactions. Subject to certain exceptions, the rule requires funds that trade derivatives and other transactions that create future payment or delivery obligations to comply with a value-at-risk leverage limit and

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certain derivatives risk management program and reporting requirements. The effective date for the rule was February 19, 2021. The compliance date for the new rule and the related reporting requirements was August 19, 2022. Management has implemented changes in connection with the rule and has determined that there was no material impact to the Portfolio's financial statements.

In October 2020, the SEC adopted a rule regarding the ability of a fund to invest in other funds. The rule allows a fund to acquire shares of another fund in excess of certain limitations currently imposed by the Act without obtaining individual exemptive relief from the SEC, subject to certain conditions. The rule also includes the rescission of certain exemptive relief from the SEC and guidance from the SEC staff for funds to invest in other funds. The effective date for the rule was January 19, 2021, and the compliance date for the rule was January 19, 2022. Management has implemented changes in connection with the rule and has determined that there was no material impact to the Portfolio's financial statements.

In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value as well as for the performance of fair value determinations, including related oversight and reporting obligations. The new rule also defines "readily available market quotations" for purposes of the definition of "value" under the Act, and the SEC noted that this definition would apply in all contexts under the Act. The effective date for the rule was March 8, 2021. The compliance date for the new rule and the related reporting requirements was September 8, 2022. Management has implemented changes in connection with the rule and has determined that there was no material impact to the Portfolio's financial statements.

In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820), which affects all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring the fair value. The amendments also require additional disclosures for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The effective date for the amendments in ASU 2022-03 is for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years. At this time, management is evaluating the implications of these changes on the financial statements.

In October 2022, the SEC adopted changes to the mutual fund and ETF shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which will change the

disclosures provided to shareholders. The rule is effective as of January 24, 2023, but the SEC is providing an 18-month compliance period after the effective date other than for rule amendments addressing fee and expense information in advertisements that might be materially misleading. At this time, management is evaluating the implications of these changes on the financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies The NAV of the Portfolio's shares, or each of its share classes as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Portfolio or class, less any liabilities, as applicable, by the total number of shares outstanding.

On each day that the New York Stock Exchange ("NYSE") is open, the Portfolio's shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) ("NYSE Close"). Information that becomes known to the Portfolio or its agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, the Portfolio may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. The Portfolio generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, the Portfolio may calculate its NAV as of the NYSE Close for such day or such other time that the Portfolio may determine.

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Portfolio will normally use pricing data for domestic equity securities received shortly after the NYSE Close and does not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange, or the NYSE Close, if the NYSE Close occurs before the end of trading on the foreign exchange.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Act. As a general principle, the fair value of a security or

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other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated PIMCO as the valuation designee ("Valuation Designee") for the Portfolio to perform the fair value determination relating to all Portfolio investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee's policies and procedures govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Portfolio investments. The Valuation Designee may value Portfolio securities for which market quotations are not readily available and other Portfolio assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, "Pricing Sources").

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives, and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Exchange-traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Swap agreements are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of the Portfolio's assets that are invested in one or more open-end management investment companies (other than ETFs), the Portfolio's NAV will be calculated based on the NAVs of such investments. Open-end management investment companies may include affiliated funds.

If a foreign (non-U.S.) equity security's value has materially changed after the close of the security's primary exchange or principal market but before the NYSE Close, the security may be valued at fair value. Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, the Portfolio may determine the fair value of investments based on information provided by Pricing Sources, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indexes) that occur after the close of the relevant market and before the NYSE Close. The Portfolio may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, unless otherwise determined

by the Valuation Designee, any movement in the applicable reference index or instrument ("zero trigger") between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Trust is not open for business, which may result in the Portfolio's portfolio investments being affected when shareholders are unable to buy or sell shares.

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Sources. As a result, the value of such investments and, in turn, the NAV of the Portfolio's shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Trust is not open for business. As a result, to the extent that the Portfolio holds foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in the Portfolio's next calculated NAV.

Fair valuation may require subjective determinations about the value of a security. While the Trust's and Valuation Designee's policies and procedures are intended to result in a calculation of the Portfolio's NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values accurately reflect the price that the Portfolio could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Portfolio may differ from the value that would be realized if the securities were sold. The Portfolio's use of fair valuation may also help to deter "stale price arbitrage" as discussed under the "Frequent or Excessive Purchases, Exchanges and Redemptions" section in the Portfolio's prospectus.

Under certain circumstances, the per share NAV of a class of the Portfolio's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2, or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2, and 3 of the fair value hierarchy are defined as follows:

<sup>∎</sup> Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

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| <sup>∎</sup> | Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs. |

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<sup>∎</sup> Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for the Portfolio.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between Levels of the Portfolio's assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy, and if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for the Portfolio.

(c) Valuation Techniques and the Fair Value Hierarchy Level 1, Level 2 and Level 3 trading assets and trading liabilities, at fair value The valuation methods (or "techniques") and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1, Level 2 and Level 3 of the fair value hierarchy are as follows:

Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

Investments in registered open-end investment companies (other than ETFs) will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in unregistered open-end investment companies will be calculated based

upon the NAVs of such investments and are considered Level 1

provided that the NAVs are observable, calculated daily and are the value at which both purchases and sales will be conducted.

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities and non-U.S. bonds are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Sources' internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Fixed income securities purchased on a delayed-delivery basis or as a repurchase commitment in a sale-buyback transaction are marked to market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or pricing services. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

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Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers or Pricing Sources (normally determined as of the NYSE Close). Depending on the product and the terms of the transaction, financial derivative instruments can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as quoted prices, issuer details, indices, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing

Sources (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models may use inputs that are observed from actively quoted markets such as the overnight index swap rate, LIBOR forward rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

Short-term debt instruments (such as commercial paper) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost value of such short-term debt instruments is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price.

When a fair valuation method is applied by the Adviser that uses significant unobservable inputs, investments will be priced by a method that the Valuation Designee believes reflects fair value and are categorized as Level 3 of the fair value hierarchy.

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

The Portfolio may invest in a combination of affiliated and unaffiliated Funds, which may or may not be registered under the Act. The Portfolio may invest in Institutional Class or Class M shares of any funds of the PIMCO Funds and PIMCO Equity Series, affiliated open-end investment companies, except funds of funds ("Underlying PIMCO Funds"), other affiliated funds, including funds of PIMCO ETF Trust, and unaffiliated funds, which may or may not be registered under the Act (collectively, "Acquired Funds").The Portfolio may invest in such funds to the extent permitted under the Act. The Portfolio may invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III ("Central Funds") to the extent permitted by the Act and rules thereunder. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Portfolio. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC's website at www.sec.gov. A copy of each Acquired Fund's shareholder report is also available at the SEC's website at www.sec.gov, and a copy of each affiliate fund's shareholder report is available on the Portfolio's website at www.pimco.com, or upon request, as applicable. The table below shows the Portfolio's transactions in and earnings from investments in the affiliated Funds for the period ended December 31, 2022 (amounts in thousands<sup>†</sup>):

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| **Underlying PIMCO Funds** | **Market Value<br>12/31/2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Market Value<br>12/31/2022** | **Dividend<br>Income<sup>(1)</sup>** | **Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup>** |
|  PIMCO Income Fund | $12293 | $1854 | $0 | $0 | $(1755) | $12392 | $749 | $0 |
|  PIMCO Short-Term Floating NAV Portfolio III | 37802 | 59119 | (64400) | (160) | 173 | 32534 | 519 | 0 |
|  **Totals** | $**50095** | $**60973** | $**(64400)** | $**(160)** | $**(1582)** | $**44926** | $**1268** | $**0** |

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| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(1)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund, unless otherwise advise on IRS Form 1099-DIV. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

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(b) Investments in Securities

The Portfolio may utilize the investments and strategies described below to the extent permitted by the Portfolio's investment policies.

Mortgage-Related and Other Asset-Backed Securities directly or indirectly represent a participation in, or are secured by and payable from, loans on real property. Mortgage-related securities are created from pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. These securities provide a monthly payment which consists of both interest and principal. Interest may be determined by fixed or adjustable rates. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with the full faith and credit of the U.S. Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Many of the risks of investing in mortgage-related securities secured by commercial mortgage loans reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make lease payments, and the ability of a property to attract and retain tenants. These securities may be less liquid and may exhibit greater price volatility than other types of mortgage-related or other asset-backed securities. Other asset-backed securities are created from many types of assets, including, but not limited to, auto loans, accounts receivable, such as credit card receivables and hospital account receivables, home equity loans, student loans, boat loans, mobile home loans, recreational vehicle loans, manufactured housing loans, aircraft leases, computer leases and syndicated bank loans.

Collateralized Debt Obligations ("CDOs") include Collateralized Bond Obligations ("CBOs"), Collateralized Loan Obligations ("CLOs") and other similarly structured securities. CBOs and CLOs are types of asset-backed securities. A CBO is a trust which is backed by a diversified pool of high risk, below investment grade fixed income securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which the Portfolio invests. In addition to the normal risks associated with fixed income securities discussed elsewhere in this report and the Portfolio's

prospectus and statement of additional information (e.g., prepayment risk, credit risk, liquidity risk, market risk, structural risk, legal risk and interest rate risk (which may be exacerbated if the interest rate payable on a structured financing changes based on multiples of changes in interest rates or inversely to changes in interest rates)), CBOs, CLOs and other CDOs carry additional risks including, but not limited to, (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments, (ii) the quality of the collateral may decline in value or default, (iii) the risk that the Portfolio may invest in CBOs, CLOs, or other CDOs that are subordinate to other classes, and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

Collateralized Mortgage Obligations ("CMOs") are debt obligations of a legal entity that are collateralized by whole mortgage loans or private mortgage bonds and divided into classes. CMOs are structured into multiple classes, often referred to as "tranches", with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including prepayments. CMOs may be less liquid and may exhibit greater price volatility than other types of mortgage-related or asset-backed securities.

Perpetual Bonds are fixed income securities with no maturity date but pay a coupon in perpetuity (with no specified ending or maturity date). Unlike typical fixed income securities, there is no obligation for perpetual bonds to repay principal. The coupon payments, however, are mandatory. While perpetual bonds have no maturity date, they may have a callable date in which the perpetuity is eliminated and the issuer may return the principal received on the specified call date. Additionally, a perpetual bond may have additional features, such as interest rate increases at periodic dates or an increase as of a predetermined point in the future.

Restricted Investments are subject to legal or contractual restrictions on resale and may generally be sold privately, but may be required to be registered or exempted from such registration before being sold to the public. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933. Disposal of restricted investments may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Restricted investments held by the Portfolio as of December 31, 2022, as applicable, are disclosed in the Notes to Schedule of Investments.

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities.

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Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the "U.S. Treasury"); and others, such as those of the Federal National Mortgage Association ("FNMA" or "Fannie Mae"), are supported by the discretionary authority of the U.S. Government to purchase the agency's obligations. U.S. Government securities may include zero coupon securities which do not distribute interest on a current basis and tend to be subject to a greater risk than interest-paying securities of similar maturities.

Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac"). FNMA is a government-sponsored corporation. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. Government. FHLMC issues Participation Certificates ("PCs"), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

In June 2019, FNMA and FHLMC started issuing Uniform Mortgage Backed Securities in place of their current offerings of TBA-eligible securities (the "Single Security Initiative"). The Single Security Initiative seeks to support the overall liquidity of the TBA market and aligns the characteristics of FNMA and FHLMC certificates. The effects that the Single Security Initiative may have on the market for TBA and other mortgage-backed securities are uncertain.

Roll-timing strategies can be used where the Portfolio seeks to extend the expiration or maturity of a position, such as a TBA security on an underlying asset, by closing out the position before expiration and opening a new position with respect to substantially the same underlying asset with a later expiration date. TBA securities purchased or sold are reflected on the Statement of Assets and Liabilities as an asset or liability, respectively. Recently finalized FINRA rules include mandatory margin requirements for the TBA market that requires the Portfolio to post collateral in connection with its TBA transactions. There is no similar requirement applicable to the Portfolio's TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the Portfolio and impose added operational complexity.

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5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Portfolio may enter into the borrowings and other financing transactions described below to the extent permitted by the Portfolio's investment policies.

The following disclosures contain information on the Portfolio's ability to lend or borrow cash or securities to the extent permitted under the Act, which may be viewed as borrowing or financing transactions by the Portfolio. The location of these instruments in the Portfolio's financial statements is described below.

(a) Repurchase Agreements Under the terms of a typical repurchase agreement, the Portfolio purchases an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and the Portfolio to resell, the obligation at an agreed-upon price and time. In an open maturity repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Portfolio or counterparty at any time. The underlying securities for all repurchase agreements are held by the Portfolio's custodian or designated subcustodians under tri-party repurchase agreements and in certain instances will remain in custody with the counterparty. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, if any, including accrued interest, are included on the Statement of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Statement of Operations. In periods of increased demand for collateral, the Portfolio may pay a fee for the receipt of collateral, which may result in interest expense to the Portfolio.

(b) Reverse Repurchase Agreements In a reverse repurchase agreement, the Portfolio delivers a security in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed upon price and date. In an open maturity reverse repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Portfolio or counterparty at any time. The Portfolio is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. Cash received in exchange for securities delivered plus accrued interest payments to be made by the Portfolio to counterparties are reflected as a liability on the Statement of Assets and Liabilities. Interest payments made by the Portfolio to counterparties are recorded as a component of interest expense on the Statement of Operations. In periods of increased demand for the security, the Portfolio may receive a fee for use of the security by the counterparty, which may result in interest income to the Portfolio. The Portfolio will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under reverse repurchase agreements.

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(c) Sale-Buybacks A sale-buyback financing transaction consists of a sale of a security by the Portfolio to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. The Portfolio is not entitled to receive principal and interest payments, if any, made on the security sold to the counterparty during the term of the agreement. The agreed-upon proceeds for securities to be repurchased by the Portfolio are reflected as a liability on the Statement of Assets and Liabilities. The Portfolio will recognize net income represented by the price differential between the price received for the transferred security and the agreed-upon repurchase price. This is commonly referred to as the 'price drop.' A price drop consists of (i) the foregone interest and inflationary income adjustments, if any, the Portfolio would have otherwise received had the security not been sold and (ii) the negotiated financing terms between the Portfolio and counterparty. Foregone interest and inflationary income adjustments, if any, are recorded as components of interest income on the Statement of Operations. Interest payments based upon negotiated financing terms made by the Portfolio to counterparties are recorded as a component of interest expense on the Statement of Operations. In periods of increased demand for the security, the Portfolio may receive a fee for use of the security by the counterparty, which may result in interest income to the Portfolio. The Portfolio will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under sale-buyback transactions.

(d) Interfund Lending In accordance with an exemptive order (the "Order") from the SEC, each Portfolio of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Portfolio's investment policies and restrictions. Each Portfolio is currently permitted to borrow under the Interfund Lending Program. A lending portfolio may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing portfolio through the Interfund Lending Program. A borrowing portfolio may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the portfolio's investment restrictions). If a borrowing portfolio's total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending portfolio and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended December 31, 2022, the Portfolio did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

The Portfolio may enter into the financial derivative instruments described below to the extent permitted by the Portfolio's investment policies.

The following disclosures contain information on how and why the Portfolio uses financial derivative instruments, and how financial derivative instruments affect the Portfolio's financial position, results of operations and cash flows. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Statement of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table in the Notes to Schedule of Investments. The financial derivative instruments outstanding as of period end and the amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Schedule of Investments, serve as indicators of the volume of financial derivative activity for the Portfolio.

(a) Forward Foreign Currency Contracts may be engaged, in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of the Portfolio's securities or as part of an investment strategy. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked to market daily, and the change in value is recorded by the Portfolio as an unrealized gain (loss). Realized gains (losses) are equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed and are recorded upon delivery or receipt of the currency. These contracts may involve market risk in excess of the unrealized gain (loss) reflected on the Statement of Assets and Liabilities. In addition, the Portfolio could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar. To mitigate such risk, cash or securities may be exchanged as collateral pursuant to the terms of the underlying contracts.

(b) Futures Contracts are agreements to buy or sell a security or other asset for a set price on a future date and are traded on an exchange. The Portfolio may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by the Portfolio and the prices of futures contracts

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and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Portfolio is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by the Portfolio ("Futures Variation Margin"). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Statement of Assets and Liabilities. Gains (losses) are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the Futures Variation Margin included within exchange traded or centrally cleared financial derivative instruments on the Statement of Assets and Liabilities.

(c) Swap Agreements are bilaterally negotiated agreements between the Portfolio and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the over the counter market ("OTC swaps") or may be cleared through a third party, known as a central counterparty or derivatives clearing organization ("Centrally Cleared Swaps"). The Portfolio may enter into asset, credit default, cross-currency, interest rate, total return and other forms of swap agreements to manage its exposure to credit, currency, interest rate, equity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Statement of Operations. Daily changes in valuation of centrally cleared swaps ("Swap Variation Margin"), if any, are disclosed within centrally cleared financial derivative instruments on the Statement of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Statement of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap.

These upfront premiums are recorded as realized gain (loss) on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain (loss) on the Statement of Operations.

For purposes of applying certain of the Portfolio's investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by the Portfolio at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of the Portfolio's investment policies and restrictions, the Portfolio will value the credit default swap at its notional value or its full exposure value (i.e., the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of the Portfolio's other investment policies and restrictions. For example, the Portfolio may value credit default swaps at full exposure value for purposes of the Portfolio's credit quality guidelines (if any) because such value in general better reflects the Portfolio's actual economic exposure during the term of the credit default swap agreement. As a result, the Portfolio may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in the Portfolio's prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether the Portfolio is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by the Portfolio for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates or the values of the asset upon which the swap is based.

The Portfolio's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive. The risk may be mitigated by having a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral to the Portfolio to cover the Portfolio's exposure to the counterparty.

To the extent the Portfolio has a policy to limit the net amount owed to or to be received from a single counterparty under existing swap

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agreements, such limitation only applies to counterparties to OTC swaps and does not apply to centrally cleared swaps where the counterparty is a central counterparty or derivatives clearing organization.

Credit Default Swap Agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues are entered into to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where the Portfolio owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer's default. Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event that the referenced entity, obligation or index, as specified in the swap agreement, undergoes a certain credit event. As a seller of protection on credit default swap agreements, the Portfolio will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, the Portfolio would effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the notional amount of the swap.

If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection's right to choose the deliverable obligation with the lowest value following a credit event).

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name's weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index. Credit default swaps on credit indices may be used to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indices are instruments for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues as of period end, if any, are disclosed in the Notes to Schedule of Investments. They serve as an indicator of the current status of payment/performance risk and represent the likelihood or risk of default for the reference entity. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. For credit default swap agreements on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that the Portfolio as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of period end for which the Portfolio is the

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seller of protection are disclosed in the Notes to Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Portfolio for the same referenced entity or entities.

**Interest Rate Swap Agreements** may be entered into to help hedge against interest rate risk exposure and to maintain the Portfolio's ability to generate income at prevailing market rates. The value of the fixed rate bonds that the Portfolio holds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by the Portfolio with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap," (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor," (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in the Portfolio, which could adversely affect its net asset value, yield and total return, are listed below. The principal risks of investing in the Portfolio include risks from direct investments and/or for certain Portfolios that invest in Acquired Funds or Underlying PIMCO Funds, indirect exposure through investment in such Acquired Funds or Underlying PIMCO Funds. Please see "Description of Principal Risks" in the Portfolio's prospectus for a more detailed description of the risks of investing in the Portfolio.

Allocation Risk is the risk that a Portfolio could lose money as a result of less than optimal or poor asset allocation decisions. The Portfolio could miss attractive investment opportunities by underweighting

markets that subsequently experience significant returns and could lose value by overweighting markets that subsequently experience significant declines.

Equity Risk is the risk that the value of equity securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity securities generally have greater price volatility than fixed income securities.

Interest Rate Risk is the risk that fixed income securities will decline in value because of an increase in interest rates; a portfolio with a longer average portfolio duration will be more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

Call Risk is the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their maturity for a number of reasons (e.g., declining interest rates, changes in credit spreads and improvements in the issuer's credit quality). If an issuer calls a security that the Portfolio has invested in, the Portfolio may not recoup the full amount of its initial investment and may be forced to reinvest in lower- yielding securities, securities with greater credit risks or securities with other, less favorable features.

Credit Risk is the risk that the Portfolio could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations.

High Yield Risk is the risk that high yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") are subject to greater levels of credit, call and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments, and may be more volatile than higher-rated securities of similar maturity.

Market Risk is the risk that the value of securities owned by the Portfolio may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries.

Issuer Risk is the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services.

Liquidity Risk is the risk that a particular investment may be difficult to purchase or sell and that the Portfolio may be unable to sell illiquid investments at an advantageous time or price or achieve its desired

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level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity.

Derivatives Risk is the risk of investing in derivative instruments (such as forwards, futures, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks and valuation complexity. Changes in the value of a derivative or other similar investment may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and the Portfolio could lose more than the initial amount invested. Changes in the value of a derivative or other similar investment may also create margin delivery or settlement payment obligations for the portfolio. The Portfolio's use of derivatives or other similar investments may result in losses to the Portfolio, a reduction in the Portfolio's returns and/or increased volatility. Over-the-counter ("OTC") derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for OTC derivatives or other similar investments. The primary credit risk on derivatives that are exchange-traded or traded through a central clearing counterparty, resides with the Portfolio's clearing broker, or the clearinghouse. Changes in regulation relating to a registered fund's use of derivatives and related instruments could potentially limit or impact the Portfolio's ability to invest in derivatives, limit the Portfolio's ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and the Portfolio's performance.

Mortgage-Related and Other Asset-Backed Securities Risk is the risk of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk.

Foreign (Non-U.S.) Investment Risk is the risk that investing in foreign (non-U.S.) securities may result in the Portfolio experiencing more rapid and extreme changes in value than a portfolio that invests exclusively in securities of U.S. companies, due to smaller markets, differing reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, or political changes, diplomatic developments or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.

Emerging Markets Risk is the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk.

Sovereign Debt Risk is the risk that investments in fixed income instruments issued by sovereign entities may decline in value as a result of default or other adverse credit event resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion.

Currency Risk is the risk that foreign (non-U.S.) currencies will change in value relative to the U.S. dollar and affect the Portfolio's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies.

Leveraging Risk is the risk that certain transactions of the Portfolio, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing the Portfolio to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss.

Management Risk is the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio manager in connection with managing the Portfolio and may cause PIMCO to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of the Portfolio will be achieved.

Short Exposure Risk is the risk of entering into short sales or other short positions, including the potential loss of more money than the actual cost of the investment, and the risk that the third party to the short sale or other short position will not fulfill its contractual obligations, causing a loss to the Portfolio.

Convertible Securities Risk is the risk that arises when convertible securities share both fixed income and equity characteristics.

Convertible securities are subject to risks to which fixed income and equity investments are subject. These risks include equity risk, interest rate risk and credit risk.

LIBOR Transition Risk is the risk related to the anticipated discontinuation of the London Interbank Offered Rate ("LIBOR"). Certain instruments held by a Portfolio rely in some fashion upon LIBOR. Although the transition process away from LIBOR has become increasingly well-defined in advance of the anticipated discontinuation date, there remains uncertainty regarding the nature of any

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| **Notes to Financial Statements** | **(Cont.)** |

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replacement rate, and any potential effects of the transition away from LIBOR on a Portfolio or on certain instruments in which the Portfolio invests can be difficult to ascertain. The transition process may involve, among other things, increased volatility or illiquidity in markets for instruments that currently rely on LIBOR and may result in a reduction in the value of certain instruments held by a Portfolio.

(b) Other Risks

In general, the Portfolio may be subject to additional risks, including, but not limited to, risks related to government regulation and intervention in financial markets, operational risks, risks associated with financial, economic and global market disruptions, and cyber security risks. Please see the Portfolio's prospectus and Statement of Additional Information for a more detailed description of the risks of investing in the Portfolio. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments that may impact the Portfolio's performance.

Market Disruption Risk The Portfolio is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets and cause the Portfolio to lose value. These events can also impair the technology and other operational systems upon which the Portfolio's service providers, including PIMCO as the Portfolio's investment adviser, rely, and could otherwise disrupt the Portfolio's service providers' ability to fulfill their obligations to the Portfolio. For example, the recent spread of an infectious respiratory illness caused by a novel strain of coronavirus (known as COVID-19) has caused volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities the Portfolio holds, and may adversely affect the Portfolio's investments and operations. Please see the Important Information section for additional discussion of the COVID-19 pandemic.

Government Intervention in Financial Markets Federal, state, and other governments, their regulatory agencies, or self-regulatory organizations may take actions that affect the regulation of the instruments in which the Portfolio invests, or the issuers of such instruments, in ways that are unforeseeable. Legislation or regulation may also change the way in which the Portfolio itself is regulated. Such legislation or regulation could limit or preclude the Portfolio's ability to achieve its investment objective. Furthermore, volatile financial markets can expose the Portfolio to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Portfolio. The value of the Portfolio's holdings is also generally subject to the risk of future

local, national, or global economic disturbances based on unknown weaknesses in the markets in which the Portfolio invests. In addition, it is not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.

Regulatory Risk Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/or intervention may change the way the Portfolio is regulated, affect the expenses incurred directly by the Portfolio and the value of its investments, and limit and/or preclude the Portfolio's ability to achieve its investment objective. Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects.

Operational Risk An investment in the Portfolio, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Portfolio. While the Portfolio seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Portfolio.

Cyber Security Risk As the use of technology has become more prevalent in the course of business, the Portfolio has become potentially more susceptible to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional cyber events that may, among other things, cause the Portfolio to lose proprietary information, suffer data corruption and/or destruction or lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Cyber security failures or breaches may result in financial losses to the Portfolio and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with the Portfolio's ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any

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cyber incidents in the future. There is also a risk that cyber security breaches may not be detected. The Portfolio and its shareholders may suffer losses as a result of a cyber security breach related to the Portfolio, its service providers, trading counterparties or the issuers in which the Portfolio invests.

8. MASTER NETTING ARRANGEMENTS

The Portfolio may be subject to various netting arrangements ("Master Agreements") with select counterparties. Master Agreements govern the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow the Portfolio to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes the Statement of Assets and Liabilities generally presents derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Statement of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statement of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. The Portfolio's overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively "Master Repo Agreements") govern repurchase, reverse repurchase, and certain sale-buyback

transactions between the Portfolio and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default, and maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Schedule of Investments.

Master Securities Forward Transaction Agreements ("Master Forward Agreements") govern certain forward settling transactions, such as TBA securities, delayed-delivery or certain sale-buyback transactions by and between the Portfolio and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Schedule of Investments.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant ("FCM") registered with the Commodity Futures Trading Commission. In the United States, counterparty risk may be reduced as creditors of an FCM cannot have a claim to Portfolio assets in the segregated account. Portability of exposure reduces risk to the Portfolio. Variation margin, which reflects changes in market value, is generally exchanged daily, but may not be netted between futures and cleared OTC derivatives unless the parties have agreed to a separate arrangement in respect of portfolio margining. The market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin as of period end are disclosed in the Notes to Schedule of Investments.

Prime Broker Arrangements may be entered into to facilitate execution and/or clearing of listed equity option transactions or short sales of equity securities between the Portfolio and selected counterparties. The arrangements provide guidelines surrounding the rights, obligations, and other events, including, but not limited to, margin, execution, and settlement. These agreements maintain provisions for, among other things, payments, maintenance of collateral, events of default, and termination. Margin and other assets delivered as collateral are typically in the possession of the prime broker and would offset any obligations due to the prime broker. The market values of listed options and securities sold short and related collateral are disclosed in the Notes to Schedule of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes ("ISDA Master Agreements")

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govern bilateral OTC derivative transactions entered into by the Portfolio with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. The ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level or as required by regulation. Similarly, if required by regulation, the Portfolio may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent the Portfolio is required by regulation to post additional collateral beyond coverage of daily exposure, it could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedule of Investments.

9. FEES AND EXPENSES

(a) Investment Advisory Fee PIMCO is a majority-owned subsidiary of Allianz Asset Management of America LLC ("Allianz Asset Management") and serves as the Adviser to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from the Portfolio at an annual rate based on average daily net assets (the "Investment Advisory Fee"). The Investment Advisory Fee for all classes is charged at an annual rate as noted in the table in note (b) below.

(b) Supervisory and Administrative Fee PIMCO serves as administrator (the "Administrator") and provides supervisory and administrative services to the Trust for which it receives a monthly supervisory and administrative fee based on each share class's average daily net assets (the "Supervisory and Administrative Fee"). As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs.

The Investment Advisory Fee and Supervisory and Administrative Fees for all classes, as applicable, are charged at the annual rate as noted in the following table (calculated as a percentage of the Portfolio's average daily net assets attributable to each class):

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|:---|:---|:---|
| **Investment Advisory Fee** | **Supervisory and Administrative Fee** | **Supervisory and Administrative Fee** |
| **All Classes** | **Administrative<br>Class** | **Advisor<br>Class** |
| 0.66% | 0.05% | 0.05%~ |

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~ This share class was liquidated during the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(c) Distribution and Servicing Fees PIMCO Investments LLC, a wholly-owned subsidiary of PIMCO, serves as the distributor ("Distributor") of the Trust's shares.

The Trust has adopted an Administrative Services Plan with respect to the Administrative Class shares of the Portfolio pursuant to Rule 12b-1 under the Act (the "Administrative Plan"). Under the terms of the Administrative Plan, the Trust is permitted to compensate the Distributor, out of the Administrative Class assets of the Portfolio, in an amount up to 0.15% on an annual basis of the average daily net assets of that class, for providing or procuring through financial intermediaries administrative, recordkeeping and investor services for Administrative Class shareholders of the Portfolio.

The Trust has adopted a separate Distribution and Servicing Plan for the Advisor Class shares of the Portfolio (the "Distribution and Servicing Plan"). The Distribution and Servicing Plan has been adopted pursuant to Rule 12b-1 under the Act. The Distribution and Servicing Plan permits the Portfolio to compensate the Distributor for providing or procuring through financial intermediaries, distribution, administrative, recordkeeping, shareholder and/or related services with respect to Advisor Class shares. The Distribution and Servicing Plan permits the Portfolio to make total payments at an annual rate of up to 0.25% of its average daily net assets attributable to its Advisor Class shares.

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|:---|:---|:---|
|  | **Distribution Fee** | **Servicing Fee** |
|  **Administrative Class** |  | 0.15% |
|  **Advisor Class** | 0.25%~ |  |

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~ This share class was liquidated during the reporting period

(d) Portfolio Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Portfolio, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust's executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Portfolio, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares which include service fees payable with respect to the Administrative Class Shares, and may include certain other

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expenses as permitted by the Trust's Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual portfolio operating expenses per share class.

The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates.

(e) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has agreed, through May 1, 2023, to waive a portion of the Portfolio's Supervisory and Administrative Fee, or reimburse the Portfolio, to the extent that the Portfolio's organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata share of Trustee Fees exceed 0.0049%, the "Expense Limit" (calculated as a percentage of the Portfolio's average daily net assets attributable to each class). The Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. The waiver, if any, is reflected on the Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO. For the period ended December 31, 2022, there were no waivers.

In any month in which the supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by the Portfolio of any portion of the supervisory and administrative fee waived or reimbursed as set forth above (the "Reimbursement Amount") within thirty-six months of the time of the waiver, provided that such amount paid to PIMCO will not: i) together with any organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee fees, exceed, for such month, the Expense Limit (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit); ii) exceed the total Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. At December 31, 2022, there were no recoverable amounts.

On December 4, 2020, the SEC granted an order approving the substitutions of shares of certain mutual funds offered as investment options to certain variable annuity and variable life insurance contracts issued by the insurance company requesting such order with shares of certain other mutual funds, including the Portfolio. As a condition of this order, the SEC required that PIMCO enter into a written contract with the Portfolio to limit expenses as required by the order. Accordingly, pursuant to a Fund Substitution Expense Limitation Agreement dated April 21, 2021, PIMCO has agreed to waive, reduce or reimburse, for the Portfolio, all or any portion of fees by an amount sufficient to reduce the Administrative Class's annualized expenses to

1.05%. This Expense Limitation Agreement will expire on June 20, 2023. The waiver will be, if applicable, reflected on the Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO. For the period ended December 31, 2022, no amounts were waived or reimbursed under this Expense Limitation Agreement.

(f) Acquired Fund Fees and Expenses Acquired Fund expenses incurred by the Portfolio, if any, will vary with changes in the expenses of the Acquired Funds, as well as the allocation of the Portfolio's assets.

The expenses associated with investing in a fund of funds are generally higher than those for mutual funds that do not invest in other mutual funds. The cost of investing in a fund of funds will generally be higher than the cost of investing in a mutual fund that invests directly in individual stocks and bonds. By investing in a fund of funds, an investor will indirectly bear fees and expenses charged by Acquired Funds in addition to the Portfolio's direct fees and expenses. In addition, the use of a fund of funds structure could affect the timing, amount and character of distributions to the shareholders and may therefore increase the amount of taxes payable by shareholders.

PIMCO has contractually agreed, through May 1, 2023, to waive, first, the Investment Advisory Fee and, second, to the extent necessary, the Supervisory and Administrative Fee it receives from the Portfolio in an amount equal to the expenses attributable to the Management Fees of series of PIMCO Funds, PIMCO Equity Series and PIMCO ETF Trust indirectly incurred by the Portfolio in connection with its investments in series of PIMCO Funds, PIMCO Equity Series and PIMCO ETF Trust, up to a maximum waived amount that is equal to the Portfolio's aggregate Investment Advisory Fee and Supervisory and Administrative Fee. This waiver will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. The waiver is reflected on the Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO. For the period ended December 31, 2022, the amount was $61,242.

10. RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties. Fees paid to these parties are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Statement of Assets and Liabilities.

11. GUARANTEES AND INDEMNIFICATIONS

Under the Trust's organizational documents, each Trustee, officer, employee or other agent of the Trust (including the Trust's investment manager) is indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Portfolio. Additionally, in the normal course of business, the Portfolio enters into contracts that contain a variety of indemnification

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clauses. The Portfolio's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred. However, the Portfolio has not had prior claims or losses pursuant to these contracts.

12. PURCHASES AND SALES OF SECURITIES

The length of time the Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by the Portfolio is known as "portfolio turnover." The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective(s), particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage commissions or dealer mark-ups and other transaction costs on the sale

of securities and reinvestments in other securities, which are borne by the Portfolio. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates when distributed to shareholders). The transaction costs associated with portfolio turnover may adversely affect the Portfolio's performance. The portfolio turnover rates are reported in the Financial Highlights.

Purchases and sales of securities (excluding short-term investments) for the period ended December 31, 2022, were as follows (amounts in thousands<sup>†</sup>):

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| | | | |
|:---|:---|:---|:---|
| **U.S. Government/Agency** | **U.S. Government/Agency** | **All Other** | **All Other** |
| **Purchases** | **Sales** | **Purchases** | **Sales** |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279510 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286654 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3824 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2403 |

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|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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13. SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with a $0.001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands<sup>†</sup>):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br>12/31/2022** | **Year Ended<br>12/31/2022** | **Year Ended<br>12/31/2021** | **Year Ended<br>12/31/2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Receipts for shares sold** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 100 | $794 | 14465 | $143784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 1 <sup>(a)</sup> | 10 <sup>(a)</sup> | 0 | 1 |
|  **Issued as reinvestment of distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 2447 | 19900 | 829 | 8334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 0 <sup>(a)</sup> | 1 <sup>(a)</sup> | 11 | 112 |
|  **Cost of shares redeemed** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (2637) | (22785) | (2279) | (23496) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (113)<sup>(a)</sup> | (1069)<sup>(a)</sup> | (16) | (166) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | (202) | $(3149) | 13010 | $128569 |

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|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(a)</sup> Advisor Class Shares liquidated at the close of business on May 12, 2022.

As of December 31, 2022, Two shareholders each owned 10% or more of the Portfolio's total outstanding shares comprising 100% of the Portfolio. The shareholders are related parties of the Portfolio. Related parties may include, but are not limited to, the investment adviser and its affiliates, affiliated broker dealers, fund of funds and directors or employees of the Trust or Adviser.

14. REGULATORY AND LITIGATION MATTERS

The Portfolio is not named as a defendant in any material litigation or arbitration proceedings and is not aware of any material litigation or claim pending or threatened against it.

On May 17, 2022, Allianz Global Investors U.S. LLC ("AGI U.S.") pleaded guilty in connection with the proceeding United States of America v. Allianz Global Investors U.S. LLC. AGI U.S. is an indirect subsidiary of Allianz SE. The conduct resulting in the matter described

above occurred entirely within AGI U.S. and did not involve PIMCO or the Distributor, or any personnel of PIMCO or the Distributor. Nevertheless, because of the disqualifying conduct of AGI U.S., their affiliate, PIMCO would have been disqualified from serving as the investment adviser, and the Distributor would have been disqualified from serving as the principal underwriter, to the Portfolio in the absence of SEC exemptive relief. PIMCO and the Distributor have received exemptive relief from the SEC to permit them to continue serving as investment adviser and principal underwriter for U.S.- registered investment companies, including the Portfolio.

The foregoing speaks only as of the date of this report.

15. FEDERAL INCOME TAX MATTERS

The Portfolio intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (the "Code") and

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|:---|:---|
| **38** | **PIMCO VARIABLE INSURANCE TRUST** |

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##### [**Table of Contents**](#toc)
December 31, 2022

distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

The Portfolio may be subject to local withholding taxes, including those imposed on realized capital gains. Any applicable foreign capital gains tax is accrued daily based upon net unrealized gains, and may be payable following the sale of any applicable investments.

In accordance with U.S. GAAP, the Adviser has reviewed the Portfolio's tax positions for all open tax years. As of December 31, 2022, the Portfolio has recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions it has taken or expects to take in future tax returns.

The Portfolio files U.S. federal, state, and local tax returns as required. The Portfolio's tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

Shares of the Portfolio currently are sold to segregated asset accounts ("Separate Accounts") of insurance companies that fund variable annuity contracts and variable life insurance policies ("Variable Contracts"). Please refer to the prospectus for the Separate Account and Variable Contract for information regarding Federal income tax treatment of distributions to the Separate Account.

Federal Tax Matters

As of December 31, 2022, the components of distributable taxable earnings are as follows (amounts in thousands<sup>†</sup>):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed<br>Ordinary<br>Income<sup>(1)</sup>** | **Undistributed<br>Long-Term<br>Capital Gains** | **Net Tax Basis<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup>** | **Other<br>Book-to-Tax<br>Accounting<br>Differences <sup>(3)</sup>** | **Accumulated<br>Capital<br>Losses<sup>(4)</sup>** | **Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Capital<sup>(5)</sup>** | **Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Ordinary<sup>(6)</sup>** | **Total<br>Components<br>of<br>Distributable<br>Earnings** |
|  PIMCO Balanced Allocation Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;424 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;(8582) | $&nbsp;&nbsp;&nbsp;&nbsp;(2) | $&nbsp;&nbsp;&nbsp;&nbsp;(29524) | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;(37684) |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(1)</sup> Includes undistributed short-term capital gains, if any.

<sup>(2)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options and forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on swap contracts and straddle loss deferrals. 

<sup>(3)</sup> Represents differences in income tax regulations and financial accounting principles generally accepted in the United States of America mainly for organizational expenditures.

<sup>(4)</sup> Capital losses available to offset future net capital gains as shown below.

<sup>(5)</sup> Capital losses realized during the period November 1, 2022 through December 31, 2022 which the Portfolio elected to defer to the following taxable year pursuant to income tax regulations.

<sup>(6)</sup> Specified losses realized during the period November 1, 2022 through December 31, 2022 which the Portfolio elected to defer to the following taxable year pursuant to income tax regulations.

Under the Regulated Investment Company Modernization Act of 2010, the Portfolio is permitted to carry forward any new capital losses for an unlimited period. Additionally, such capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term under previous law.

As of December 31, 2022, the Portfolio had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

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| | | |
|:---|:---|:---|
|  | **Short-Term** | **Long-Term** |
|  PIMCO Balanced Allocation Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;14142 | $&nbsp;&nbsp;&nbsp;&nbsp;15382 |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

As of December 31, 2022, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands<sup>†</sup>):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal<br>Tax Cost** | **Unrealized<br>Appreciation** | **Unrealized<br>(Depreciation)** | **Net Unrealized<br>Appreciation/<br>(Depreciation)<sup>(7)</sup>** |
|  PIMCO Balanced Allocation Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;186191 | $&nbsp;&nbsp;&nbsp;&nbsp;309 | $&nbsp;&nbsp;&nbsp;&nbsp;(8877) | $&nbsp;&nbsp;&nbsp;&nbsp;(8568) |

---

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(7)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options and forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on swap contracts and straddle loss deferrals. 

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|:---|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **39** |

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| | | |
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| **Notes to Financial Statements** | **(Cont.)** | December 31, 2022 |

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For the fiscal years ended December 31, 2022 and December 31, 2021, respectively, the Portfolio made the following tax basis distributions (amounts in thousands<sup>†</sup>):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** |
|  | **Ordinary<br>Income<br>Distributions<sup>(8)</sup>** | **Long-Term<br>Capital Gain<br>Distributions** | **Return of<br>Capital<sup>(9)</sup>** | **Ordinary<br>Income<br>Distributions<sup>(8)</sup>** | **Long-Term<br>Capital Gain<br>Distributions** | **Return of<br>Capital<sup>(9)</sup>** |
|  PIMCO Balanced Allocation Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;9096 | $&nbsp;&nbsp;&nbsp;&nbsp;10805 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;3446 | $&nbsp;&nbsp;&nbsp;&nbsp;5000 | $&nbsp;&nbsp;&nbsp;&nbsp;0 |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(8)</sup> Includes short-term capital gains distributed, if any.

<sup>(9)</sup> A portion of the distributions made represents a tax return of capital. Return of capital distributions have been reclassified from undistributed net investment income to paid-in capital to more appropriately conform financial accounting to tax accounting.

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|:---|:---|
| **40** | **PIMCO VARIABLE INSURANCE TRUST** |

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**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of PIMCO Variable Insurance Trust and Shareholders of PIMCO Balanced Allocation Portfolio

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of PIMCO Balanced Allocation Portfolio (one of the portfolios constituting PIMCO Variable Insurance Trust, hereafter referred to as the "Portfolio") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements are the responsibility of the Portfolio's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolio in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

February 17, 2023

We have served as the auditor of one or more investment companies in PIMCO Variable Insurance Trust since 1998.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **41** |

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| | | |
|:---|:---|:---|
| **Glossary:** | **(abbreviations that may be used in the preceding statements)** | (Unaudited) |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Counterparty Abbreviations:** | **Counterparty Abbreviations:** | | | | |
| **FICC** | Fixed Income Clearing Corporation | **MBC** | HSBC Bank Plc |  |  |
|  **Currency Abbreviations:** | **Currency Abbreviations:** |  |  |  |  |
| **CAD** | Canadian Dollar | **EUR** | Euro | **USD (or $)** | United States Dollar |
|  **Exchange Abbreviations:** | **Exchange Abbreviations:** |  |  |  |  |
| **OTC** | Over the Counter |  |  |  |  |
|  **Index/Spread Abbreviations:** | **Index/Spread Abbreviations:** |  |  |  |  |
| **CDX.EM** | Credit Derivatives Index - Emerging Markets | **EAFE** | Europe, Australasia, and Far East Stock Index | **US0003M** | ICE 3-Month USD LIBOR |
| **CDX.IG** | Credit Derivatives Index - Investment Grade | **S&P 500** | Standard & Poor's 500 Index |  |  |
|  **Other Abbreviations:** | **Other Abbreviations:** |  |  |  |  |
| **ABS** | Asset-Backed Security | **CLO** | Collateralized Loan Obligation | **MSCI** | Morgan Stanley Capital International |
| **ALT** | Alternate Loan Trust | **DAC** | Designated Activity Company | **TBA** | To-Be-Announced  |

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|:---|:---|
| **42** | **PIMCO VARIABLE INSURANCE TRUST** |

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| | |
|:---|:---|
| **Distribution Information** | (Unaudited) |

---

For purposes of Section 19 of the Investment Company Act of 1940 (the "Act"), the Portfolio estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended December 31, 2022 calculated as of each distribution period pursuant to Section 19 of the Act. The information below is not provided for U.S. federal income tax reporting purposes. The tax character of all dividends and distributions is reported on Form 1099-DIV (for shareholders who receive U.S. federal tax reporting) at the end of each calendar year. See the Financial Highlights section of this report for the tax characterization of distributions determined in accordance with federal income tax regulations for the fiscal year.

**PIMCO Balanced Allocation Portfolio** 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Administrative Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  July 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  August 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  September 2022 | $0.0135 | $0.0000 | $0.0000 | $0.0135 |
|  October 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  November 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  December 2022 | $0.0466 | $0.0000 | $0.0000 | $0.0466 |
| **Advisor Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  July 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  August 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  September 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  October 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  November 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  December 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |

---

\* The source of dividends provided in the table differs, in some respects, from information presented in this report prepared in accordance with generally accepted accounting principles, or U.S. GAAP. For example, net earnings from certain interest rate swap contracts are included as a source of net investment income for purposes of Section 19(a). Accordingly, the information in the table may differ from information in the accompanying financial statements that are presented on the basis of U.S. GAAP and may differ from tax information presented in the footnotes. Amounts shown may include accumulated, as well as fiscal period net income and net profits. 

\*\* Occurs when a fund distributes an amount greater than its accumulated net income and net profits. Amounts are not reflective of a fund's net income, yield, earnings or investment performance. 

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **43** |

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| | |
|:---|:---|
| **Federal Income Tax Information** | (Unaudited) |

---

As required by the Internal Revenue Code ("Code") and Treasury Regulations, if applicable, shareholders must be notified within 60 days of the Portfolio's fiscal year end regarding the status of qualified dividend income and the dividend received deduction.

Dividend Received Deduction. Corporate shareholders are generally entitled to take the dividend received deduction on the portion of the Portfolio's dividend distribution that qualifies under tax law. The percentage of the following Portfolio's fiscal 2022 ordinary income dividend that qualifies for the corporate dividend received deduction is set forth below.

Qualified Dividend Income. Under the Jobs and Growth Tax Relief Reconciliation Act of 2003, the following percentage of ordinary dividends paid during the fiscal year ended December 31, 2022 was designated as ''qualified dividend income'' as defined in the Jobs and Growth Tax Relief Reconciliation Act of 2003 subject to reduced tax rates in 2022.

Qualified Interest Income and Qualified Short-Term Capital Gain (for non-U.S. resident shareholders only). Under the American Jobs Creation Act of 2004, the following amounts of ordinary dividends paid during the fiscal year ended December 31, 2022 are considered to be derived from "qualified interest income," as defined in Section 871(k)(1)(E) of the Code, and therefore are designated as interest-related dividends, as defined in Section 871(k)(1)(C) of the Code. Further, the following amounts of ordinary dividends paid during the fiscal year ended December 31, 2022 are considered to be derived from "qualified short-term capital gain," as defined in Section 871(k)(2)(D) of the Code, and therefore are designated as qualified short-term gain dividends, as defined by Section 871(k)(2)(C) of the Code.

Section 163(j) Interest Dividends. The Portfolio intends to pass through the maximum amount allowable as Section 163(j) Interest defined in Proposed Treasury Section 1.163(j)-1(b). The 163(j) percentage of ordinary income distributions are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Dividend<br>Received<br>Deduction%** | **Qualified<br>Dividend<br>Income%** | **Qualified<br>Interest<br>Income<br>(000s<sup>†</sup>)** | **Qualified<br>Short-Term<br>Capital Gains<br>(000s<sup>†</sup>)** | **163(j)<br>Interest<br>Dividends<br>(000s<sup>†</sup>)** |
|  PIMCO Balanced Allocation Portfolio | 0% | 0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1801 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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Shareholders are advised to consult their own tax advisor with respect to the tax consequences of their investment in the Trust. In January 2023, you will be advised on IRS Form 1099-DIV as to the federal tax status of the dividends and distributions received by you in calendar year 2022.

Section 199A Dividends. Non-corporate portfolio shareholders of the Portfolio below meeting certain holding period requirements may be able to deduct up to 20 percent of qualified REIT dividends passed through and reported to the shareholders by the Portfolio as IRC section 199A dividends. The IRC section 199A percentage of ordinary dividends are as follows:

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| | |
|:---|:---|
|  | **199A<br>Dividends** |
|  PIMCO Balanced Allocation Portfolio | 0% |

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|:---|:---|
| **44** | **PIMCO VARIABLE INSURANCE TRUST** |

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| | |
|:---|:---|
| **Management of the Trust** | (Unaudited) |

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The charts below identify the Trustees and executive officers of the Trust. Unless otherwise indicated, the address of all persons below is 650 Newport Center Drive, Newport Beach, CA 92660.

The Portfolio's Statement of Additional Information includes more information about the Trustees and Officers. To request a free copy, call PIMCO at (888) 87-PIMCO or visit the Portfolio's website at www.pimco.com/pvit.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Year of Birth and <br>Position Held with Trust\*** | **Term of<br>Office and<br>Length of <br>Time Served<sup>†</sup>** | **Principal Occupation(s) During Past 5 Years** | **Number of Funds<br>in Fund Complex <br>Overseen by Trustee** | **Other Public Company and Investment<br>Company Directorships Held by Trustee<br>During the Past 5 Years** |
| **Interested Trustees<sup>1</sup>** |  |  |  |  |
| **Peter G. Strelow (1970)**<br> *Chairman of the Board and Trustee* | 05/2017 to present<br>Chairman of the Board - 02/2019 to present | Managing Director and Co-Chief Operating Officer, PIMCO. Senior Vice President of the Trust, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. Formerly, Chief Administrative Officer, PIMCO. | 158 | Chairman and Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT. |
| **Kimberley G. Stafford (1978)**<br> *Trustee* | 02/2021 to present | Managing Director, Global Head of Product Strategy, PIMCO; and Member of Executive Committee, PIMCO. Formerly, Head of Asia-Pacific, Global Head of Consultant Relations and Head of US Institutional and Alternatives Sales, PIMCO. | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT. |
| **Independent Trustees** |  |  |  |  |
| **George E. Borst (1948)**<br> *Trustee* | 04/2015 to present | Executive Advisor, McKinsey & Company (since 10/14); Formerly, Executive Advisor, Toyota Financial Services (10/13-12/14); and CEO, Toyota Financial Services (1/01-9/13). | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT; Director, MarineMax Inc. |
| **Jennifer Holden Dunbar (1963)**<br> *Trustee* | 04/2015 to present | Formerly, Managing Director, Dunbar Partners, LLC (business consulting and investments) (05/05-05/21); and Partner, Leonard Green & Partners, L.P. | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT; Director, PS Business Parks; Director, Big 5 Sporting Goods Corporation. |
| **Kym M. Hubbard (1957)**<br> *Trustee* | 02/2017 to present | Formerly, Global Head of Investments, Chief Investment Officer and Treasurer, Ernst & Young. | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT; Director, State Auto Financial Corporation. |
| **Gary F. Kennedy (1955)**<br> *Trustee* | 04/2015 to present | Formerly, Senior Vice President, General Counsel and Chief Compliance Officer, American Airlines and AMR Corporation (now American Airlines Group) (1/03-1/14). | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |
| **Peter B. McCarthy (1950)**<br> *Trustee* | 04/2015 to present | Formerly, Assistant Secretary and Chief Financial Officer, United States Department of Treasury; Deputy Managing Director, Institute of International Finance. | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |
| **Ronald C. Parker (1951)**<br> *Lead Independent Trustee* | 07/2009 to present<br>Lead Independent Trustee - 02/2017 to present | Director of Roseburg Forest Products Company. Formerly, Chairman of the Board, The Ford Family Foundation; and President, Chief Executive Officer, Hampton Affiliates (forestry products). | 158 | Lead Independent Trustee, PIMCO Funds and PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |

---

\* Unless otherwise noted, the information for the individuals listed is as of December 31, 2022.

<sup>1</sup> Ms. Stafford and Mr. Strelow are "interested persons" of the Trust (as that term is defined in the 1940 Act) because of their affiliations with PIMCO.

<sup>†</sup> Trustees serve until their successors are duly elected and qualified.

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|:---|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **45** |

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| | | |
|:---|:---|:---|
| **Management of the Trust** | **(Cont.)** | (Unaudited) |

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**Executive Officers** 

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| | | |
|:---|:---|:---|
| **Name, Year of Birth and**<br> **Position Held with Trust\*** | **Term of Office and**<br> **Length of Time Served** | **Principal Occupation(s) During Past 5 Years<sup>†</sup>** |
| **Eric D. Johnson (1970)**<br> *President* | 06/2019 to present | Executive Vice President and Head of Funds Business Group Americas, PIMCO. President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| **Ryan G. Leshaw (1980)**<br> *Chief Legal Officer and Secretary* | 08/2021 to present | Executive Vice President and Senior Counsel, PIMCO. Chief Legal Officer and Secretary, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Chief Legal Officer, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. Formerly, Associate, Willkie Farr & Gallagher LLP. |
| **Keisha Audain-Pressley (1975)\*\***<br> *Chief Compliance Officer* | 01/2020 to present | Executive Vice President and Deputy Chief Compliance Officer, PIMCO. Chief Compliance Officer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Joshua D. Ratner (1976)\*\***<br> *Senior Vice President* | 05/2019 to present | Executive Vice President and Head of Americas Operations, PIMCO. Senior Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| **Peter G. Strelow (1970)**<br> *Senior Vice President* | 06/2019 to present | Managing Director and Co-Chief Operating Officer, PIMCO. Senior Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. Formerly, Chief Administrative Officer, PIMCO. |
| **Wu-Kwan Kit (1981)**<br> *Assistant Secretary* | 08/2017 to present | Senior Vice President and Senior Counsel, PIMCO. Assistant Secretary, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Vice President, Senior Counsel and Secretary, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. Formerly, Assistant General Counsel, VanEck Associates Corp. |
| **Douglas B. Burrill (1980)\*\***<br> *Vice President* | 08/2022 to present | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Elizabeth A. Duggan (1964)**<br> *Vice President* | 02/2021 to present | Executive Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Jason R. Duran (1977)**<br> *Vice President* | 02/2023 to present | Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |
| **Mark A. Jelic (1981)**<br> *Vice President* | 08/2021 to present | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Kenneth W. Lee (1972)**<br> *Vice President* | 08/2022 to present | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Brian J. Pittluck (1977)**<br> *Vice President* | 01/2020 to present | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Keith A. Werber (1973)**<br> *Vice President* | 05/2022 to present | Executive Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Bijal Y. Parikh (1978)**<br> *Treasurer* | 01/2021 to present | Executive Vice President, PIMCO. Treasurer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| **Erik C. Brown (1967)\*\*\***<br> *Assistant Treasurer* | 02/2001 to present | Executive Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Brandon T. Evans (1982)**<br> *Assistant Treasurer* | 05/2019 to present | Senior Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Deputy Treasurer, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| **Maria M. Golota (1983)\*\***<br> *Assistant Treasurer* | 02/2023 to present | Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |

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\* Unless otherwise noted, the information for the individuals listed is as of February 8, 2023.

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| <sup>†</sup> | The term "PIMCO-Sponsored Closed-End Funds" as used herein includes: PIMCO Access Income Fund, PIMCO California Municipal Income Fund, PIMCO California Municipal Income Fund II, PIMCO California Municipal Income Fund III, PIMCO Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO Municipal Income Fund III, PIMCO New York Municipal Income Fund, PIMCO New York Municipal Income Fund II, PIMCO New York Municipal Income Fund III, PCM Fund Inc., PIMCO Corporate & Income Opportunity Fund, PIMCO Corporate & Income Strategy Fund, PIMCO Dynamic Income Fund, PIMCO Dynamic Income Opportunities Fund, PIMCO Energy and Tactical Credit Opportunities Fund, PIMCO Global StocksPLUS<sup>®</sup> & Income Fund, PIMCO High Income Fund, PIMCO Income Strategy Fund, PIMCO Income Strategy Fund II and PIMCO Strategic Income Fund, Inc.; the term "PIMCO-Sponsored Interval Funds" as used herein includes: PIMCO Flexible Credit Income Fund, PIMCO Flexible Municipal Income Fund, PIMCO California Flexible Municipal Income Fund and PIMCO Flexible Emerging Markets Income Fund.  |

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\*\* The address of these officers is Pacific Investment Management Company LLC, 1633 Broadway, New York, New York 10019.

\*\*\* The address of these officers is Pacific Investment Management Company LLC, 401 Congress Ave., Austin, Texas 78701.

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| **Privacy Policy<sup>1</sup>** | (Unaudited) |

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The Trust<sup>2,3</sup> consider customer privacy to be a fundamental aspect of their relationships with shareholders and are committed to maintaining the confidentiality, integrity and security of their current, prospective and former shareholders' non-public personal information. The Trust has developed policies that are designed to protect this confidentiality, while allowing shareholder needs to be served.

OBTAINING NON-PUBLIC PERSONAL INFORMATION

In the course of providing shareholders with products and services, the Trust and certain service providers to the Trust, such as the Trust's investment advisers or sub-advisers ("Advisers"), may obtain non-public personal information about shareholders, which may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder's brokerage or financial advisory firm, financial professional or consultant, and/or from information captured on applicable websites.

RESPECTING YOUR PRIVACY

As a matter of policy, the Trust does not disclose any non-public personal information provided by shareholders or gathered by the Trust to non-affiliated third parties, except as required or permitted by law or as necessary for such third parties to perform their agreements with respect to the Trust. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, conducting research on shareholder satisfaction and gathering shareholder proxies. The Trust or its affiliates may also retain non-affiliated companies to market Trust's shares or products which use Trust's shares and enter into joint marketing arrangements with them and other companies. These companies may have access to a shareholder's personal and account information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. In most cases, the shareholders will be clients of a third party, but the Trust may also provide a shareholder's personal and account information to the shareholder's respective brokerage or financial advisory firm and/or financial professional or consultant.

SHARING INFORMATION WITH THIRD PARTIES

The Trust reserves the right to disclose or report personal or account information to non-affiliated third parties in limited circumstances where the Trust believes in good faith that disclosure is required under law, to cooperate with regulators or law enforcement authorities, to protect their rights or property, or upon reasonable request by any fund in which a shareholder has invested. In addition, the Trust may disclose information about a shareholder or a shareholder's accounts to a non-affiliated third party at the shareholder's request or with the consent of the shareholder.

SHARING INFORMATION WITH AFFILIATES

The Trust may share shareholder information with their affiliates in connection with servicing shareholders' accounts, and subject to applicable law may provide shareholders with information about products and services that the Trust or its Advisers, distributors or their affiliates ("Service Affiliates") believe may be of interest to such shareholders. The information that the Trust may share may include, for example, a shareholder's participation in the Trust or in other investment programs sponsored by a Service Affiliate, a shareholder's ownership of certain types of accounts (such as IRAs), information about the Trust's experiences or transactions with a shareholder, information captured on applicable websites, or other data about a shareholder's accounts, subject to applicable law. The Trust's Service Affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

PROCEDURES TO SAFEGUARD PRIVATE INFORMATION

The Trust takes seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, the Trust has implemented procedures that are designed to restrict access to a shareholder's non-public personal information to internal personnel who need to know that information to perform their jobs, such as servicing shareholder accounts or notifying shareholders of new products or services. Physical, electronic and procedural safeguards are in place to guard a shareholder's non-public personal information.

INFORMATION COLLECTED FROM WEBSITES

The Trust or its service providers and partners may collect information from shareholders via websites they maintain. The information collected via websites maintained by the Trust or their service providers includes client non-public personal information.

CHANGES TO THE PRIVACY POLICY

From time to time, the Trust may update or revise this privacy policy. If there are changes to the terms of this privacy policy, documents containing the revised policy on the relevant website will be updated.

<sup>1</sup> Amended as of June 25, 2020.

<sup>2</sup> PIMCO Investments LLC ("PI") serves as the Trust's distributor and does not provide brokerage services or any financial advice to investors in the Trust solely because it distributes the Trust. This Privacy Policy applies to the activities of PI to the extent that PI regularly effects or engages in transactions with or for a shareholder of a series of a Trust who is the record owner of such shares. For purposes of this Privacy Policy, references to "the Trust" shall include PI when acting in this capacity.

<sup>3</sup> When distributing this Policy, the Trust may combine the distribution with any similar distribution of its investment adviser's privacy policy. The distributed, combined, policy may be written in the first person (*i.e.* by using "we" instead of "the Trust").

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **47** |

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**Approval of Investment Advisory Contract and Other Agreements**

At a meeting held on August 23-24, 2022, the Board of Trustees (the "Board") of PIMCO Variable Insurance Trust (the "Trust"), including the Trustees who are not "interested persons" of the Trust under the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered and unanimously approved the renewal of the Amended and Restated Investment Advisory Contract (the "Investment Advisory Contract") between the Trust, on behalf of the Trust's series (each, a "Portfolio" and collectively, the "Portfolios"), and Pacific Investment Management Company LLC ("PIMCO"), for an additional one-year term through August 31, 2023. The Board also considered and unanimously approved the renewal of the Amended and Restated Supervision and Administration Agreement (the "Supervision and Administration Agreement") between the Trust, on behalf of the Portfolios, and PIMCO for an additional one-year term through August 31, 2023. In addition, the Board considered and unanimously approved the renewal of the Amended and Restated Asset Allocation Sub-Advisory Agreement (the "Asset Allocation Agreement" and, together with the Investment Advisory Contract and the Supervision and Administration Agreement, the "Agreements") between PIMCO, on behalf of PIMCO All Asset Portfolio, a series of the Trust, and Research Affiliates, LLC ("Research Affiliates") for an additional one-year term through August 31, 2023. In addition, the Board considered and unanimously approved the renewal of the investment management agreements between PIMCO and each of the wholly-owned subsidiaries (each, a "Subsidiary" and, collectively, the "Subsidiaries") of certain of the Portfolios (collectively, the "Subsidiary Agreements"), each for the same additional one-year term through August 31, 2023.

The information, material factors and conclusions that formed the basis for the Board's approvals are summarized below.

1. INFORMATION RECEIVED

(a) Materials Reviewed: During the course of the past year, the Trustees received a wide variety of materials relating to the services provided by PIMCO and Research Affiliates to the Trust. At each of its quarterly meetings, the Board reviewed the Portfolios' investment performance and a significant amount of information relating to Portfolio operations, including shareholder services, valuation and custody, the Portfolios' compliance program and other information relating to the nature, extent and quality of services provided by PIMCO and Research Affiliates to the Trust and each of the Portfolios, as applicable. In considering whether to approve the renewal of the Agreements and the Subsidiary Agreements, the Board reviewed additional information, including, but not limited to: comparative industry data with regard to investment performance; advisory and supervisory and administrative fees and expenses; financial information for PIMCO and, where relevant, financial information for Research

Affiliates; information regarding the profitability to PIMCO of its relationship with the Portfolios; information about the personnel providing investment management services, other advisory services and supervisory and administrative services to the Portfolios; and information about the fees charged and services provided to other clients with similar investment mandates as the Portfolios, where applicable. In addition, the Board reviewed materials provided by counsel to the Trust and the Independent Trustees ("Counsel"), which included, among other things, a memorandum outlining legal duties of the Board in considering the renewal of the Agreements and Subsidiary Agreements.

With respect to the Subsidiary Agreements, the Trustees considered that each Portfolio that has a Subsidiary may utilize its Subsidiary to execute its investment strategy and that PIMCO provides investment advisory and administrative services to the Subsidiaries pursuant to the Subsidiary Agreements in the same manner as it does for such Portfolios that have Subsidiaries under the Investment Advisory Contract and Supervision and Administration Agreement. The Trustees also considered that, with respect to each Subsidiary, PIMCO does not retain a separate advisory or other fee from the Subsidiary, and that PIMCO's profitability with respect to each Portfolio that has a Subsidiary is not positively impacted as a result of the Subsidiary Agreements. The Trustees determined, therefore, that it was appropriate to consider the approval of the Subsidiary Agreements collectively with their consideration of the continuation of the Agreements.

(b) Review Process: In connection with considering the renewal of the Agreements, the Board reviewed written materials prepared by PIMCO and, where applicable, Research Affiliates in response to requests from Counsel encompassing a wide variety of topics. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from Counsel, and reviewed comparative fee and performance data prepared at the Board's request by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company performance information and fee and expense data. The Board received presentations on matters related to the Agreements and met both as a full Board and in a separate session of the Independent Trustees, without management present, at the August 23-24, 2022 meeting. The Independent Trustees also met via video conference with Counsel on July 14, 2022, and conducted a video conference meeting on August 10, 2022 with management and Counsel to discuss the materials presented and other matters deemed relevant to their consideration of the renewal of the Agreements. In connection with its review of the Agreements, the Board received comparative information on the performance, the risk-adjusted performance and the fees and expenses of other peer group funds and share classes. The Independent Trustees also requested and received

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(Unaudited)

supplemental information, including information regarding Broadridge peer classifications, the investment strategies and outflows for certain Portfolios, Portfolio performance and profitability.

The approval determinations were made on the basis of each Trustee's business judgment after consideration and evaluation of all the information presented. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. In deciding to approve the renewal of the Agreements, the Board did not identify any single factor or particular information that, in isolation, was controlling. The discussion below is intended to summarize the broad factors and information that figured prominently in the Board's consideration of the renewal of the Agreements, but is not intended to summarize all of the factors considered by the Board.

2. NATURE, EXTENT AND QUALITY OF SERVICES

(a) PIMCO, Research Affiliates, their Personnel and Resources: The Board considered the depth and quality of PIMCO's investment management process, including, but not limited to: the experience, capability and integrity of its senior management and other personnel; the overall financial strength and stability of its organization; and the ability of its organizational structure to address changes in the Portfolios' asset levels. The Board also considered the various services in addition to portfolio management that PIMCO provides under the Investment Advisory Contract. The Board noted that PIMCO makes available to its investment professionals a variety of resources and systems relating to investment management, compliance, trading, performance and portfolio accounting. The Board also noted PIMCO's commitment to enhancing and investing in its global infrastructure, technology capabilities, risk management processes and the specialized talent needed to stay at the forefront of the competitive investment management industry and to strengthen its ability to deliver services under the Agreements. The Board considered PIMCO's policies, procedures and systems reasonably designed to assure compliance with applicable laws and regulations, including new regulations impacting the Portfolios, and its commitment to further developing and strengthening these programs; its oversight of matters that may involve conflicts of interest between the Portfolios' investments and those of other accounts managed by PIMCO; and its efforts to keep the Trustees informed about matters relevant to the Portfolios and their shareholders. The Board also considered PIMCO's investment in new disciplines and talented personnel, which has enhanced PIMCO's services to the Portfolios and has allowed PIMCO to introduce innovative new portfolios over time. In addition, the Board considered the nature, extent and quality of services provided by PIMCO to the Subsidiaries of certain applicable Portfolios.

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented, including the ongoing development of its own proprietary software and applications to support the Portfolios. Similarly, the Board considered the asset allocation services provided by Research Affiliates to the PIMCO All Asset Portfolio. The Board further considered PIMCO's oversight of Research Affiliates in connection with Research Affiliates providing asset allocation services to the All Asset Portfolio. The Board also considered the depth and quality of Research Affiliates' investment management and research capabilities, the experience and capabilities of its portfolio management personnel and the overall financial strength of the organization. Ultimately, the Board concluded that the nature, extent and quality of services provided or procured by PIMCO under the Agreements and the Subsidiary Agreements and provided by Research Affiliates under the Asset Allocation Agreement are likely to continue to benefit the Portfolios and their shareholders, as applicable.

(b) Other Services: The Board also considered the nature, extent and quality of supervisory and administrative services provided by PIMCO to the Portfolios under the Supervision and Administration Agreement.

The Board considered the terms of the Supervision and Administration Agreement, under which the Trust pays for the supervisory and administrative services provided pursuant to that agreement under what is essentially an all-in fee structure (the "unified fee"). In return, PIMCO provides or procures certain supervisory and administrative services and bears the costs of various third party services required by the Portfolios, including, but not limited to, audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board also noted that the scope and complexity, as well as the costs, of the supervisory and administrative services provided by PIMCO under the Supervision and Administration Agreement continue to increase. The Board considered PIMCO's provision of supervisory and administrative services and its supervision of the Trust's third party service providers to assure that these service providers continue to provide a high level of service relative to alternatives available in the market.

Ultimately, the Board concluded that the nature, extent and quality of the services provided or procured by PIMCO has benefited, and will likely continue to benefit, the Portfolios and their shareholders.

3. INVESTMENT PERFORMANCE

The Board reviewed information from PIMCO concerning the Portfolios' performance, as available, over short- and long-term periods ended March 31, 2022 and other performance data, as available, over short- and long-term periods ended June 30, 2022 (the "PIMCO Report") and from Broadridge concerning the Portfolios' performance, as available, over short- and long-term periods ended March 31, 2022 (the "Broadridge Report"). The Board also noted that while historically the

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| **Approval of Investment Advisory Contract and Other Agreements** | **(Cont.)** |

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Broadridge Report included peer classifications from only Lipper, as part of this approval process the Broadridge Report incorporated peer classifications from Morningstar for the Portfolios for which it was believed that Morningstar provided a materially improved comparison.

The Board considered information regarding both the short- and long-term relative and absolute investment performance of each Portfolio relative to its Portfolio peer group, where appropriate, and relevant benchmark index as provided to the Board in advance of each of its quarterly meetings throughout the year, including the PIMCO Report and Broadridge Report. The Trustees reviewed information indicating that classes of each Portfolio would have substantially similar performance to that of the Administrative Class of the relevant Portfolio on a relative basis because all of the classes are invested in the same portfolio of investments and that differences in performance among classes could principally be attributed to differences in the supervisory and administrative fees and distribution and/or servicing expenses of each class. The Board noted that, due to differences (such as specific investment strategies or fee structures) between certain of the Portfolios and their so-called peers in the Broadridge categories, performance comparisons may not be particularly relevant to the consideration of Portfolio performance, but found the comparative information supported its overall evaluation.

The Trustees noted that a majority of the Portfolios (based on the Administrative Class performance) have outperformed their respective benchmark indexes over the three-, five-, and ten-year periods ended March 31, 2022, and that a majority of the Portfolios (based on the Administrative Class performance) have outperformed their benchmarks since inception for the period ended March 31, 2022. The Board also discussed actions that have been taken by PIMCO to attempt to improve performance and took note of PIMCO's plans to monitor performance going forward.

The Board ultimately concluded, within the context of all of its considerations in connection with the Agreements and the Subsidiary Agreements, that PIMCO's performance record and process in managing the Portfolios indicates that its continued management is likely to benefit the Portfolios and their shareholders and merits the approval of the renewal of the Agreements and the Subsidiary Agreements.

4. ADVISORY FEES, SUPERVISORY AND ADMINISTRATIVE FEES AND TOTAL EXPENSES

The Board considered that PIMCO seeks to price new funds to scale at the outset. The Board noted that PIMCO generally seeks to price new funds competitively against the median total expense ratio of the respective Broadridge peer group, if available, while acknowledging that a fee premium may be appropriate for innovative investment offerings. PIMCO reported to the Board that, in proposing fees for any

Portfolio or class of shares, it considers a number of factors, including, but not limited to, the type and complexity of the services provided, the cost of providing services, the risk assumed by PIMCO in the development of products and the provision of services and the competitive marketplace for financial products. Fees charged to or proposed for different Portfolios for advisory services and supervisory and administrative services may vary in light of these various factors.

The Board reviewed the advisory fees, supervisory and administrative fees and total expenses of the Portfolios (each as a percentage of average net assets) and compared such amounts with the average and median fee and expense levels of other similar funds. The Board also reviewed information relating to the sub-advisory fees paid to Research Affiliates with respect to applicable Portfolios, taking into account that PIMCO compensates Research Affiliates from the advisory fees paid by such Portfolios to PIMCO. With respect to advisory fees, the Board reviewed data from the Broadridge Report that compared the average and median advisory fees of other funds in a "Peer Group" of comparable funds, where appropriate, as well as the universe of other similar funds. The Board reviewed materials indicating that, a number of Portfolios have total expense ratios that fall below the average and median expense ratios in their Peer Group and Broadridge universe. In addition, the Board considered the expense limitation agreement in place for all of the Portfolios and fee waivers in place for certain of the Portfolios and also noted the fee waivers in place with respect to the advisory fee and supervisory and administrative fee that might result from investments by applicable Portfolios in their respective Subsidiaries. The Board also considered that PIMCO reviews the Portfolios' fee levels and carefully considers changes where appropriate.

The Board also reviewed data comparing the Portfolios' advisory fees to the fee rates PIMCO charged to registered funds (open-end and closed-end), private funds, and non-U.S. registered funds, separate accounts, sub-advised clients and collective investment trusts with similar investment strategies. In cases where the fees for other clients were lower than those charged to the Portfolios, the Trustees noted that the differences in fees were attributable to various factors, including, but not limited to, differences in the advisory and other services provided by PIMCO to the Portfolios, differences in the number or extent of the services provided by PIMCO to the Portfolios, the manner in which similar portfolios may be managed, different requirements with respect to liquidity management and the implementation of other regulatory requirements, and the fact that separate accounts may have other contractual arrangements or arrangements across PIMCO strategies that justify different levels of fees. The Board considered that, with respect to collective investment trusts, PIMCO performs fewer or less extensive services because collective investment trusts are generally exempt from SEC regulation; investors in a collective investment trust may receive shareholder

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services from a trustee bank, rather than PIMCO; collective investment trusts have less regulatory disclosure; and the management structure of collective investment trusts differs from that of funds. The Trustees also considered that PIMCO faces increased entrepreneurial, legal and regulatory risk in sponsoring and managing mutual funds and ETFs as compared to separate accounts, external sub-advised funds or other investment products. In addition, the Trustees considered that PIMCO may charge certain private funds with similar investment mandates lower fees than the Portfolios because such private funds are not required to accept daily redemptions or price their assets on a daily basis, generally do not accept small investors with small account balances and operate under a less complex regulatory regime.

Regarding advisory fees charged by PIMCO in its capacity as sub-adviser to third party/unaffiliated funds, the Trustees took into account that such fees may be lower than the fees charged by PIMCO to serve as adviser to the Portfolios. The Trustees also took into account that there are various reasons for any such differences in fees, including, but not limited to, the fact that PIMCO may be subject to varying levels of entrepreneurial, legal and regulatory risk and different servicing requirements when PIMCO does not serve as the sponsor of a fund and is not principally responsible for all aspects of a fund's investment program and operations as compared to when PIMCO serves as investment adviser and sponsor.

The Board considered the Portfolios' supervisory and administrative fees, comparing them to similar funds managed by other investment advisers in the Broadridge Report. The Board also considered that, as the Portfolios' business has become increasingly complex and the number of Portfolios has grown over time, PIMCO has provided an increasingly broad array of fund supervisory and administrative functions. In addition, the Board considered the Trust's unified fee structure, under which the Trust pays for the supervisory and administrative services it requires for one set fee. In return for this unified fee, PIMCO provides or procures supervisory and administrative services and bears the costs of various third party services required by the Portfolios, including audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board further considered that many other funds pay for comparable services separately, and thus it is difficult to directly compare the Trust's unified supervisory and administrative fees with the fees paid by other funds for administrative services alone. The Board also considered that the unified supervisory and administrative fee leads to Portfolio fees that are fixed over the contract period, rather than variable. The Board noted that, although the unified fee structure does not have breakpoints, it inherently reflects certain economies of scale by fixing the absolute level of Portfolio fees at competitive levels over the contract period even if the Portfolios' operating costs rise when assets remain flat or decrease. Other factors the Board considered in assessing

the unified fee include PIMCO's approach of pricing Portfolios at scale at inception and reinvesting in other important areas of the business that support the Portfolios. The Board considered historical advisory and supervisory and administrative fee reductions implemented for different Portfolios and classes, noting that the unified fee can be increased or decreased in subsequent contractual periods with Board approval and is subject to the periodic reviews discussed above. The Board noted that, with few exceptions, PIMCO has generally maintained Portfolio fees at the same level as implemented when the unified fee was adopted, and has reduced fees for a number of Portfolios in prior years. The Board concluded that the Portfolios' supervisory and administrative fees were reasonable in relation to the value of the services provided, including the services provided to different classes of shareholders, and that the expenses assumed contractually by PIMCO under the Supervision and Administration Agreement represent, in effect, a cap on overall Portfolio fees during the contractual period, which is beneficial to the Portfolios and their shareholders.

The Board considered the Portfolios' total expenses and discussed with PIMCO certain Portfolios and/or classes of Portfolios that had above median total expenses. Upon comparing the Portfolios' total expenses to other funds in the "Peer Groups" provided by the Broadridge Report, where appropriate, the Board found total expenses of each Portfolio to be reasonable.

The Trustees also considered the advisory fees charged to the Portfolios that operate as funds of funds (the "Funds of Funds") and the advisory services provided in exchange for such fees. The Trustees determined that such services were in addition to the advisory services provided to the underlying funds in which the Funds of Funds may invest and, therefore, such services were not duplicative of the advisory services provided to the underlying funds. The Board also considered the various fee waiver agreements in place for the Funds of Funds. The Board noted that PIMCO is continuing waivers for these Funds of Funds, as well as for certain other Portfolios of the Trust.

Based on the information presented by PIMCO and Research Affiliates, members of the Board determined, in the exercise of their business judgment, that the level of the advisory fees and supervisory and administrative fees charged by PIMCO under the Agreements and the Subsidiary Agreements, that the fees charged by Research Affiliates under the Asset Allocation Agreement, and that the total expenses of each Portfolio, are reasonable.

5. ADVISER COSTS, LEVEL OF PROFITS AND ECONOMIES OF SCALE

The Board reviewed information regarding PIMCO's costs of providing services to, as well as the resulting level of profits from, the Portfolios. To the extent applicable, the Board also reviewed information

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| **Approval of Investment Advisory Contract and Other Agreements** | **(Cont.)** | (Unaudited) |

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regarding the portion of a Portfolio's advisory fee retained by PIMCO, following the payment of sub-advisory fees to Research Affiliates, with respect to the Portfolios. Additionally, the Board discussed PIMCO's pre- and post-distribution profit margin ranges with respect to the Portfolios, as compared to the prior year. The Board also noted that it had received information regarding the structure and manner in which PIMCO's investment professionals were compensated, and PIMCO's view of the relationship of such compensation to the recruitment and retention of quality personnel. The Board considered PIMCO's investment in global infrastructure, technology capabilities, risk management processes and qualified personnel to reinforce existing services, offer new services, and accommodate changing regulatory requirements.

The Board considered the existence of any economies of scale and noted that, to the extent that PIMCO achieves economies of scale in managing the Portfolios, PIMCO shares the benefits of such economies of scale, if any, with the Portfolios and their shareholders in a number of ways, including investing in portfolio and trade operations management, firm technology, middle and back office support, legal and compliance, and fund administration logistics; senior management supervision, governance and oversight of those services; and through fee reductions or waivers, the pricing of Portfolios to scale from inception and the enhancement of services provided to the Portfolios in return for fees paid. The Board reviewed the history of the Portfolios' fee structure. The Board considered that the Portfolios' unified fee rates had been set competitively and/or priced to scale from inception, had been held steady during the contractual period at that scaled competitive rate for most Portfolios as assets grew, or as assets declined in the case of some Portfolios, and continued to be competitive compared with peers. The Board also considered that the unified fee is a transparent means of informing a Portfolio's shareholders of the fees associated with the Portfolio, and that the Portfolio bears certain expenses that are not covered by the advisory fee or the unified fee. The Board further considered the challenges that arise when managing large funds, which can result in certain "diseconomies" of scale and noted that PIMCO has continued to reinvest in many areas of the business to support the Portfolios.

The Trustees considered that the unified fee has provided inherent economies of scale because a Portfolio maintains competitive fixed fees over the annual contract period even if the particular Portfolio's assets decline and/or operating costs rise. The Trustees further considered that, in contrast, breakpoints may be a proxy for charging higher fees on lower asset levels and that when a fund's assets decline, breakpoints may reverse, which causes expense ratios to increase. The Trustees also considered that, unlike the Portfolios' unified fee structure, funds with "pass through" administrative fee structures may

experience increased expense ratios when fixed dollar fees are charged against declining fund assets. In addition, the Trustees considered that the unified fee protects shareholders from a rise in operating costs that may result from, among other things, PIMCO's investments in various business enhancements and infrastructure, including those referenced above. The Trustees noted that PIMCO's investments in these areas are extensive.

The Board concluded that the Portfolios' cost structures were reasonable and that PIMCO is appropriately sharing economies of scale, if any, through the Portfolios' unified fee structure, generally pricing Portfolios to scale at inception and reinvesting in its business to provide enhanced and expanded services to the Portfolios and their shareholders.

6. ANCILLARY BENEFITS

The Board considered other benefits realized by PIMCO and its affiliates as a result of PIMCO's relationship with the Trust. Such benefits may include possible ancillary benefits to PIMCO's institutional investment management business due to the reputation and market penetration of the Trust or third party service providers' relationship-level fee concessions, which decrease fees paid by PIMCO. The Board also considered that affiliates of PIMCO provide distribution and/or shareholder services to the Portfolios and their shareholders, for which they may be compensated through distribution and servicing fees paid pursuant to the Portfolios' Rule 12b-1 plans or otherwise. The Board noted that, while PIMCO has the authority to receive the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the Portfolios, it has adopted a policy not to enter into contractual soft dollar arrangements.

7. CONCLUSIONS

Based on their review, including their comprehensive consideration and evaluation of each of the broad factors and information summarized above, the Independent Trustees and the Board as a whole concluded that the nature, extent and quality of the services rendered to the Portfolios by PIMCO and Research Affiliates supported the renewal of the Agreements and the Subsidiary Agreements. The Independent Trustees and the Board as a whole concluded that the Agreements and the Subsidiary Agreements continued to be fair and reasonable to the Portfolios and their shareholders, that the Portfolios' shareholders received reasonable value in return for the fees paid to PIMCO by the Portfolios under the Investment Advisory Contract, Supervision and Administration Agreement and the Subsidiary Agreements and the fees paid to Research Affiliates by PIMCO under the Asset Allocation Agreement, and that the renewal of the Agreements and the Subsidiary Agreements was in the best interests of the Portfolios and their shareholders.

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**General Information** 

**Investment Adviser and Administrator** 

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

**Distributor** 

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

**Custodian** 

State Street Bank and Trust Company

801 Pennsylvania Avenue

Kansas City, MO 64105

**Transfer Agent** 

SS&C Global Investor & Distribution Solutions, Inc.

430 W 7th Street STE 219024

Kansas City, MO 64105-1407

**Legal Counsel** 

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

**Independent Registered Public Accounting Firm** 

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the Portfolio listed on the Report cover.

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**pimco.com/pvit**![LOGO](g435636g06y60.jpg)

PVIT10AR_123122

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![LOGO](g432964g13e39.jpg)

PIMCO VARIABLE INSURANCE TRUST

## Annual Report
December 31, 2022

PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio

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**Table of Contents** 

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|  | Page |
| &nbsp;&nbsp; [Chairman's Letter](#tx432964_1) | 2 |
| &nbsp;&nbsp; [Important Information About the PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio](#tx432964_2) | 4 |
| &nbsp;&nbsp; [Portfolio Summary](#tx432964_3) | 8 |
| &nbsp;&nbsp; [Expense Example](#tx432964_4) | 9 |
| &nbsp;&nbsp; [Financial Highlights (Consolidated)](#tx432964_5) | 10 |
| &nbsp;&nbsp; [Consolidated Statement of Assets and Liabilities](#tx432964_6) | 12 |
| &nbsp;&nbsp; [Consolidated Statement of Operations](#tx432964_7) | 13 |
| &nbsp;&nbsp; [Consolidated Statements of Changes in Net Assets](#tx432964_8) | 14 |
| &nbsp;&nbsp; [Consolidated Statement of Cash Flows](#tx432964_9) | 15 |
| &nbsp;&nbsp; [Consolidated Schedule of Investments](#tx432964_10) | 16 |
| &nbsp;&nbsp; [Notes to Financial Statements](#tx432964_11) | 34 |
| &nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm](#tx432964_12) | 57 |
| &nbsp;&nbsp; [Glossary](#tx432964_13) | 58 |
| &nbsp;&nbsp; [Distribution Information](#tx432964_13a) | 59 |
| &nbsp;&nbsp; [Federal Income Tax Information](#tx432964_14) | 60 |
| &nbsp;&nbsp; [Management of the Trust](#tx432964_15) | 61 |
| &nbsp;&nbsp; [Privacy Policy](#tx432964_16) | 63 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements](#tx432964_17) | 64 |

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This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust (the "Trust") prospectus for the Portfolio. (The variable product prospectus may be obtained by contacting your Investment Consultant.)

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**Chairman's Letter**

Dear Shareholder,

2022 was a challenging year in the financial markets. We continue to work tirelessly to navigate global markets and manage the assets that you have entrusted with us. Following this letter is the PIMCO Variable Insurance Trust Annual Report, which covers the 12-month reporting period ended December 31, 2022 (the "reporting period"). On the subsequent pages, you will find details regarding investment results and a discussion of the factors that most affected performance during the reporting period.

For the 12-month reporting period ended December 31, 2022

The global economy faced significant headwinds in 2022, including those related to higher inflation, the COVID-19 pandemic, and the Russia-Ukraine conflict. First and second quarter 2022 U.S. annualized gross domestic product ("GDP") returned -1.6% and -0.6%, respectively. The economy strengthened in the third quarter, with annualized GDP rising 3.2%. The Commerce Department's initial estimate for fourth quarter 2022 annualized GDP — released after the reporting period ended — was 2.9%.

The Federal Reserve Board (the "Fed" or "U.S. central bank") took actions to combat elevated inflation. In March 2022, the Fed raised the federal funds rate 0.25% to a range between 0.25% and 0.50%, its first rate hike since 2018. The U.S. central bank then raised rates at its next six meetings, for a total increase of 4.25% in 2022. At the end of the year, the federal funds rate was in a range between 4.25% and 4.50%.

Economies outside the U.S. also faced several headwinds. In its October 2022 World Economic Outlook Update, the International Monetary Fund (the "IMF") downgraded its expectation for 2022 GDP citing "turbulent challenges" including high inflation, tightening financial conditions, as well as the ongoing Russia-Ukraine conflict and COVID-19 pandemic. For 2022, the IMF included in its projections that GDP would grow 1.6% in the U.S. (from 5.7% in 2021), 3.1% in the eurozone (from 5.2% in 2021), 3.6% in the U.K. (from 7.4% in 2021), and 1.7% in Japan (the same as in 2021).

Several central banks tightened their respective monetary policies in recent years. For example, in December 2021, prior to the beginning of the reporting period, the Bank of England (the "BoE") raised rates for the first time since COVID-19 began. The BoE again raised rates at its next eight meetings, for a total of 3.50% in rate hikes since its first increase. The European Central Bank raised rates four times in 2022, for a total increase of 2.50%. In contrast, the Bank of Japan (the "BoJ") maintained its loose monetary policy for most of 2022. However, in December 2022 the BoJ announced that it would allow its 10-year government bond yield to rise to 0.5% (previously limited to 0.25%). The news sent the 10-year bond yield and Japanese yen higher, as market participants interpreted the announcement to mean that the BoJ may pivot from its previous monetary stance.

During the reporting period, short- and long-term U.S. Treasury yields moved higher. The yield on the benchmark 10-year U.S. Treasury note was 3.88% on December 31, 2022, versus 1.52% on December 31, 2021. The Bloomberg Global Treasury Index (USD Hedged), which tracks fixed-rate, local currency government debt of investment grade countries, including developed and emerging markets, returned -10.79%. Meanwhile, the Bloomberg Global Aggregate Credit Index (USD Hedged), a widely used index of global investment grade credit bonds, returned -14.22%. Riskier fixed income asset classes, including high yield corporate bonds and emerging market debt, were also weak. The ICE BofAML Developed Markets High Yield Constrained Index (USD Hedged), a widely used index of below-investment-grade bonds, returned -10.56%, whereas emerging market external debt, as represented by the JPMorgan Emerging Markets Bond Index (EMBI) Global (USD Hedged), returned -16.45%. Emerging market local bonds, as represented by the JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged), returned -11.69%. Finally, the municipal market, as represented by the Bloomberg Municipal Bond Index, returned -8.53%.

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Amid periods of volatility, global equities generally posted weak results during the reporting period as economic and geopolitical concerns weighed on investor sentiment. U.S. equities, as represented by the S&P 500 Index, returned -18.11%. Global equities, as represented by the MSCI World Index, returned -18.14%, while emerging market equities, as measured by the MSCI Emerging Markets Index, returned -20.09%. Meanwhile, Japanese equities, as represented by the Nikkei 225 Index (in Japanese yen), returned -7.37% and European equities, as represented by the MSCI Europe Index (in euro), returned -9.49%.

Commodity prices were volatile and generated mixed returns during the reporting period. Brent crude oil, which was approximately $77.24 a barrel at the start of the reporting period, rose to roughly $82.82 a barrel at the end of December 2022. Prices of other commodities, such as copper and gold, declined during the period.

Finally, there were also periods of volatility in the foreign exchange markets. We believe this was driven by several factors, including economic growth expectations and changing central bank monetary policies, as well as rising inflation, COVID-19 variants, and geopolitical events. The U.S. dollar strengthened against several major currencies. For example, during the reporting period, the U.S. dollar returned 5.85%, 10.71%, and 12.23% versus the euro, the British pound and the Japanese yen, respectively.

Thank you for the assets you have placed with us. We deeply value your trust, and we will continue to work diligently to meet your broad investment needs.

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| ![LOGO](g432964g19a01.jpg) | Sincerely,<br>![LOGO](g432964g65f33.jpg) <br>Peter G. Strelow<br> Chairman of the Board<br>PIMCO Variable Insurance Trust<br>|

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Past performance is no guarantee of future results. Unless otherwise noted, index returns reflect the reinvestment of income distributions and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. It is not possible to invest directly in an unmanaged index.

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>3</sub> |

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**Important Information About the PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio**

PIMCO Variable Insurance Trust (the "Trust") is an open-end management investment company that includes the PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio (the "Portfolio"). The Portfolio is only available as a funding vehicle under variable life insurance policies or variable annuity contracts issued by insurance companies ("Variable Contracts"). Individuals may not purchase shares of the Portfolio directly. Shares of the Portfolio also may be sold to qualified pension and retirement plans outside of the separate account context.

We believe that bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed income securities and other instruments held by the Portfolio are likely to decrease in value. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that management will anticipate such movement accurately. The Portfolio may lose money as a result of movements in interest rates.

As of the date of this report, interest rates in the United States and many parts of the world, including certain European countries, continue to increase. In efforts to combat inflation, the U.S. Federal Reserve raised interest rates multiple times in 2022 and has indicated an expectation that it will continue to raise interest rates in 2023. Thus, the Portfolio currently faces a heightened level of risk associated with rising interest rates and/or bond yields. This could be driven by a variety of factors, including but not limited to central bank monetary policies, changing inflation or real growth rates, general economic conditions, increasing bond issuances or reduced market demand for low yielding investments. Further, while bond markets have steadily grown over the past three decades, dealer inventories of corporate bonds are near historic lows in relation to market size. As a result, there has been a significant reduction in the ability of dealers to "make markets".

Bond funds and individual bonds with a longer duration (a measure used to determine the sensitivity of a security's price to changes in interest rates) tend to be more sensitive to changes in interest rates, usually making them more volatile than securities or funds with shorter durations. All of the factors mentioned above, individually or collectively, could lead to increased volatility and/or lower liquidity in the fixed income markets or negatively impact the Portfolio's performance or cause the Portfolio to incur losses. As a result, the Portfolio may experience increased shareholder redemptions which, among other things, could further reduce the net assets of the Portfolio.

The Portfolio may be subject to various risks as described in the Portfolio's prospectus and in the Principal and Other Risks in the Notes to Financial Statements.

Classifications of the Portfolio's portfolio holdings in this report are made according to financial reporting standards. The classification of a particular portfolio holding as shown in the Allocation Breakdown and Schedule of Investments sections of this report may differ from the classification used for the Portfolio's compliance calculations, including those used in the Portfolio's prospectus, investment objectives, regulatory, and other investment limitations and policies, which may be based on different asset class, sector or geographical classifications. The Portfolio is separately monitored for compliance with respect to prospectus and regulatory requirements.

The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. In 2022, many countries lifted some or all restrictions related to COVID-19. However, the effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations and individual issuers, all of which may negatively impact the Portfolio's performance. In addition, COVID-19 and governmental responses to COVID-19 may negatively impact the capabilities of the Portfolio's service providers and disrupt the Portfolio's operations.

The United States' enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from certain other countries has contributed to and may continue to contribute to international trade tensions and may impact portfolio securities. The United States' enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government's response, may also negatively impact securities and instruments that are economically tied to Russia.

The United Kingdom's withdrawal from the European Union may impact Portfolio returns. The withdrawal may cause substantial volatility in foreign exchange markets, lead to weakness in the exchange rate of the British pound, result in a sustained period of market uncertainty, and destabilize some or all of the other European Union member countries and/or the Eurozone.

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| **4** | **PIMCO VARIABLE INSURANCE TRUST** |

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The Portfolio may invest in certain instruments that rely in some fashion upon the London Interbank Offered Rate ("LIBOR"). LIBOR is an average interest rate, determined by the ICE Benchmark Administration, that banks charge one another for the use of short-term money. The United Kingdom's Financial Conduct Authority, which regulates LIBOR, has announced plans to ultimately phase out the use of LIBOR. There remains uncertainty regarding future utilization of LIBOR and the nature of any replacement rate (e.g., the Secured Overnight Financing Rate, which is intended to replace U.S. dollar LIBOR and measures the cost of overnight borrowings through repurchase agreement transactions collateralized with U.S. Treasury securities). Any potential effects of the transition away from LIBOR on the Portfolio or on certain instruments in which the Portfolio invests can be difficult to ascertain, and they may vary depending on a variety of factors. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to the Portfolio.

The Portfolio will seek to gain exposure to the commodity markets primarily through investments in leveraged or unleveraged commodity index-linked notes, which are derivative debt instruments with principal and/or coupon payments linked to the performance of commodity indices, and through investments in the PIMCO Cayman Commodity Portfolio I Ltd. (the "Subsidiary"), a wholly-owned subsidiary (as discussed below). The Portfolio may also invest in commodity-linked notes with principal and/or coupon payments linked to the value of particular commodities or commodity futures contracts, or a subset of commodities or commodity futures contracts. These notes are sometimes referred to as "structured notes" because the terms of these notes may be structured by the issuer and the purchaser of the notes. The value of these notes will rise or fall in response to changes in the underlying commodity or related index of investments. These notes expose the Portfolio economically to movements in commodity prices. The Portfolio is intended for long-term investors and an investment in the Portfolio should be no more than a small part of a typical diversified portfolio. The Portfolio's share price is expected to be more volatile than that of other funds. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, changes in interest rates, or factors affecting a particular industry or commodity, such as weather, disease, embargoes, and international economic, political and regulatory developments. These

notes also are subject to risks, such as credit, market and interest rate risks, that in general affect the values of debt securities. In addition, these notes are often leveraged, increasing the volatility of each note's market value relative to changes in the underlying commodity, commodity futures contract or commodity index. Therefore, at maturity of the note, the Portfolio may receive more or less principal than it originally invested. The Portfolio might receive interest payments on the note that are more or less than the stated coupon interest payments. The Portfolio may also gain exposure to the commodity markets indirectly by investing in its Subsidiary, which will primarily invest in different commodity-linked derivative instruments than the Portfolio, including swap agreements, commodity options, futures and options on futures.

On the Portfolio Summary page in this Shareholder Report, the Average Annual Total Return table and Cumulative Returns chart measure performance assuming that any dividend and capital gain distributions were reinvested. The Cumulative Returns chart reflects only Administrative Class performance. Performance may vary by share class based on each class's expense ratios. The Portfolio measures its performance against at least one broad-based securities market index ("benchmark index"). The benchmark index does not take into account fees, expenses, or taxes. The Portfolio's past performance, before and after taxes, is not necessarily an indication of how the Portfolio will perform in the future. There is no assurance that the Portfolio, even if the Portfolio has experienced high or unusual performance for one or more periods, will experience similar levels of performance in the future. High performance is defined as a significant increase in either 1) the Portfolio's total return in excess of that of the Portfolio's benchmark between reporting periods or 2) the Portfolio's total return in excess of the Portfolio's historical returns between reporting periods. Unusual performance is defined as a significant change in the Portfolio's performance as compared to one or more previous reporting periods. Historical performance for the Portfolio or a share class thereof may have been positively impacted by fee waivers or expense limitations in place during some or all of the periods shown, if applicable. Future performance (including total return or yield) and distributions may be negatively impacted by the expiration or reduction of any such fee waivers or expense limitations.

The following table discloses the inception dates of the Portfolio and its share classes along with the Portfolio's diversification status as of period end:

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| **Portfolio Name** | **Portfolio<br>Inception** | **Institutional<br>Class** | **Class M** | **Administrative<br>Class** | **Advisor<br>Class** | **Diversification<br>Status** |
|  PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio | 06/30/04 | 04/30/12 | 11/10/14 | 06/30/04 | 02/28/06 | Diversified |

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>5</sub> |

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**Important Information About the PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio (Cont.)**

An investment in the Portfolio is not a bank deposit and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in the Portfolio.

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Portfolio. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither this Portfolio's prospectus nor summary prospectus, the Trust's Statement of Additional Information ("SAI"), any contracts filed as exhibits to the Trust's registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or the Portfolio creates a contract between or among any shareholder of the Portfolio, on the one hand, and the Trust, the Portfolio, a service provider to the Trust or the Portfolio, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service providers or other delegates acting under authority of the Trustees) may amend the most recent prospectus or use a new prospectus, summary prospectus or SAI with respect to the Portfolio or the Trust, and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which the Trust or the Portfolio is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to the Portfolio, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust's then-current prospectus or SAI.

PIMCO has adopted written proxy voting policies and procedures ("Proxy Policy") as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at (888) 87-PIMCO, on the Portfolio's website at www.pimco.com/pvit, and on the Securities and Exchange Commission's ("SEC") website at www.sec.gov.

The Portfolio files portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The

Portfolio's complete schedule of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC's website at www.sec.gov and on PIMCO's website at www.pimco.com/pvit, and will be made available, upon request, by calling PIMCO at (888) 87-PIMCO.

SEC rules allow shareholder reports to be delivered to investors by providing access to such reports online free of charge and by mailing a notice that the report is electronically available. Investors may elect to receive all future reports in paper free of charge by contacting their insurance company. Any election to receive reports in paper will apply to all portfolio companies available under the investor's contract at the insurance company.

In October 2020, the SEC adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover transactions. Subject to certain exceptions, the rule requires portfolios that trade derivatives and other transactions that create future payment or delivery obligations to comply with a value-at-risk leverage limit and certain derivatives risk management program and reporting requirements. These requirements may limit the ability of the Portfolio to use derivatives and reverse repurchase agreements and similar financing transactions as part of its investment strategies and may increase the cost of the Portfolio's investments and cost of doing business, which could adversely affect investors. The rule went into effect on February 19, 2021. The compliance date for the new rule and related reporting requirements was August 19, 2022.

In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value as well as for the performance of fair value determinations, including related oversight and reporting obligations. The new rule also defines "readily available market quotations" for purposes of the definition of "value" under the Investment Company Act of 1940 (the "Act"), and the SEC noted that this definition will apply in all contexts under the Act. The effective date for the rule was March 8, 2021. The compliance date for the new rule and the related reporting requirements was September 8, 2022.

In May 2022, the SEC proposed amendments to a current rule governing portfolio naming conventions. In general, the current rule requires portfolios with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The proposed amendments would expand the scope of the current rule in a number of ways that would result in an expansion of the types of portfolio names that would require the portfolio to adopt an 80% investment policy under the rule. Additionally, the proposed amendments would modify the circumstances under which a portfolio may deviate from its 80% investment policy and address the

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use and valuation of derivatives instruments for purposes of the rule. The proposal's impact on the Portfolio will not be known unless and until any final rulemaking is adopted.

In May 2022, the SEC proposed a framework that would require certain registered portfolios (such as the Portfolio) to disclose their environmental, social, and governance ("ESG") investing practices. Among other things, the proposed requirements would mandate that portfolios meeting three pre-defined classifications (i.e., integrated, ESG focused and/or impact funds) provide prospectus and shareholder report disclosure related to the ESG factors, criteria and processes used in managing the portfolio. The proposal's impact on the Portfolio will not be known unless and until any final rulemaking is adopted.

In October 2022, the SEC adopted changes to the mutual fund and exchange-traded fund ("ETF") shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which will impact the disclosures provided to shareholders. The rule amendments are effective as of January 24, 2023, but the SEC is providing an 18-month compliance period following the effective date for such amendments other than those addressing fee and expense information in advertisements that might be materially misleading.

In November 2022, the SEC proposed rule amendments which, among other things, would require funds to adopt swing pricing in order to mitigate dilution of shareholders' interests in a fund by requiring the adjustment of fund net asset value per share to pass on costs stemming from shareholder purchase or redemption activity. In addition the proposed rule would amend the liquidity rule framework. The proposal's impact on the Portfolio will not be known unless and until any final rulemaking is adopted.

In November 2022, the SEC adopted amendments to Form N-PX under the Act to improve the utility to investors of proxy voting information reported by mutual funds, ETFs and certain other funds. The rule amendments will expand the scope of funds' Form N-PX reporting obligations, subject managers to Form N-PX reporting obligations for "Say on Pay" votes, enhance Form N-PX disclosures, permit joint reporting by funds, managers and affiliated managers on Form N- PX; and require website availability of fund proxy voting records. The amendments will become effective on July 1, 2024. Funds and managers will be required to file their first reports covering the period from July 1, 2023 to June 30, 2024 on amended Form N-PX by August 31, 2024.

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>7</sub> |

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**PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio (Consolidated)** 

Cumulative Returns Through December 31, 2022

![LOGO](g432964g82b57.jpg)

$10,000 invested at the end of the month when the Portfolio's Administrative Class commenced operations.

Allocation Breakdown as of December 31, 2022<sup>†</sup><sup>§</sup>

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|  U.S. Treasury Obligations | 57.6% |
|  Short-Term Instruments<sup>‡</sup> | 21.6% |
|  Asset-Backed Securities | 9.8% |
|  Sovereign Issues | 7.1% |
|  U.S. Government Agencies | 2.9% |
|  Other | 1.0% |

---

---

| | |
|:---|:---|
| <sup>†</sup> | % of Investments, at value.  |

---

---

| | |
|:---|:---|
| <sup>§</sup> | Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.  |

---

<sup>‡</sup> Includes Central Funds Used for Cash Management Purposes.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 |
|  |  | 1 Year | 5 Years | 10 Years | Inception<sup>≈</sup> |
|  | PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio Institutional Class | 8.79% | 7.18% | (1.42)% | (1.17)% |
|  | PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio Class M | 8.42% | 6.70% |  | 0.52% |
| ![LOGO](g432964g94o20.jpg) | PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio Administrative Class | 8.61% | 7.03% | (1.56)% | 1.21% |
|  | PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio Advisor Class | 8.66% | 6.94% | (1.66)% | 0.09% |
| ![LOGO](g432964g08y58.jpg) | Bloomberg Commodity Index Total Return<sup>±</sup> | 16.09% | 6.44% | (1.28)% | (0.06)%<sup>¨</sup> |

---

All Portfolio returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

<sup>≈</sup> For class inception dates please refer to the Important Information.

<sup>¨</sup> Average annual total return since 06/30/2004.

<sup>±</sup> Bloomberg Commodity Index Total Return is an unmanaged index composed of futures contracts on a number of physical commodities. The index is designed to be a highly liquid and diversified benchmark for commodities as an asset class. The futures exposures of the benchmark are collateralized by US T-bills.

It is not possible to invest directly in an unmanaged index.

*Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. The Portfolio's performance does not reflect the deduction of additional charges and expenses imposed in connection with investing in Variable Contracts, which will reduce returns. Differences in the Portfolio's performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the prices of individual positions (which may be sourced from different pricing vendors or other sources) used by the Portfolio and the index. For performance current to the most recent month-end, visit www.pimco.com/pvit or via (888) 87-PIMCO.* 

*The Portfolio's total annual operating expense ratio in effect as of period end, which includes the Acquired Fund Fees and Expenses (Commodity Subsidiary expenses), was 1.01% for Institutional Class shares, 1.46% for Class M shares, 1.16% for Administrative Class shares, and 1.26% for Advisor Class shares. Details regarding any changes to the Portfolio's operating expenses, subsequent to period end, can be found in the Portfolio's current prospectus, as supplemented.* 

Investment Objective and Strategy Overview

PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio seeks maximum real return, consistent with prudent investment management, by investing under normal circumstances in commodity-linked derivative instruments backed by a portfolio of inflation-indexed securities and other Fixed Income Instruments. "Fixed Income Instruments" include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. "Real Return" equals total return less the estimated cost of inflation, which is typically measured by the change in an official inflation measure. The Portfolio invests in commodity-linked derivative instruments, including swap agreements, futures, options on futures, commodity index-linked notes and commodity options that provide exposure to the investment returns of the commodities markets without investing directly in physical commodities. Portfolio strategies may change from time to time. Please refer to the Portfolio's current prospectus for more information regarding the Portfolio's strategy.

Portfolio Insights

The following affected performance (on a gross basis) during the reporting period:

---

| | |
|:---|:---|
| » | Exposure to broad commodities contributed to absolute performance, as broad commodities, as measured by the Bloomberg Commodity Index Total Return ("BCOMTR"), posted gains.  |

---

» Active commodity strategies, specifically underweight exposure to the natural gas sub-sector in September and October, contributed to relative performance, as the sub-sector underperformed relative to BCOMTR in September and October.

» The structural allocation to short-term Treasury Inflation-Protected Securities ("TIPS"), as collateral backing the Portfolio's commodity exposure, detracted from performance against BCOMTR, as short-term TIPS, as measured by the Bloomberg U.S. 1-5 Year TIPS Index delivered negative returns.

» The Portfolio's collateral portfolio contributed to relative performance against the Bloomberg U.S. 1-5 Year TIPS Index. The main drivers of relative performance against this index were the following:

» Overweight exposure positioning in eurozone breakeven inflation ("BEI") contributed to relative performance against the Bloomberg U.S. 1-5 Year TIPS Index, as eurozone BEI spreads widened.

» Exposure to U.S. duration, particularly underweight exposure in March and August, contributed to relative performance against the Bloomberg U.S. 1-5 Year TIPS Index, as rates rose the most in those periods.

» Exposure to U.S. BEI, particularly overweight exposure at the beginning of the period, contributed to relative performance against the Bloomberg U.S. 1-5 Year TIPS Index, as BEI spreads widened in the first half of the period.

» Exposure to securitized credit, including agency and non-agency mortgage-backed securities, detracted from relative performance to the Bloomberg U.S. 1-5 Year TIPS Index, as these securities posted negative returns amid spread widening.

» Short exposure to eurozone duration detracted from relative performance against the Bloomberg U.S. 1-5 Year TIPS Index, as eurozone rates moved higher.

» There are no other material detractors for this Portfolio.

---

| | |
|:---|:---|
| **8** | **PIMCO VARIABLE INSURANCE TRUST** |

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------

##### [**Table of Contents**](#toc)
**Expense Example PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio (Consolidated)**

Example

As a shareholder of the Portfolio, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including investment advisory fees, supervisory and administrative fees, distribution and/or service (12b-1) fees (if applicable), and other Portfolio expenses. The Example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The Expense Example does not reflect any fees or other expenses imposed by the Variable Contracts. If it did, the expenses reflected in the Expense Example would be higher. The Example is based on an investment of $1,000 invested at the beginning of the period and held from July 1, 2022 to December 31, 2022 unless noted otherwise in the table and footnotes below.

Actual Expenses

The information in the table under the heading "Actual" provides information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60), then multiply the result by the number in the appropriate row for your share class, in the column titled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information in the table under the heading "Hypothetical (5% return before expenses)" provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other portfolios. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other portfolios.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the information under the heading "Hypothetical (5% return before expenses)" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. In addition, if these transactional costs were included, your costs would have been higher.

Expense ratios may vary period to period because of various factors, such as an increase in expenses that are not covered by the investment advisory fees and supervisory and administrative fees, such as fees and expenses of the independent trustees and their counsel, extraordinary expenses and interest expense.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Actual** | **Actual** | **Actual** | **Hypothetical<br>(5% return before expenses)** | **Hypothetical<br>(5% return before expenses)** | **Hypothetical<br>(5% return before expenses)** | |
|  | **Beginning<br>Account Value<br>(07/01/22)** | **Ending<br>Account Value<br>(12/31/22)** | **Expenses Paid<br>During Period\*** | **Beginning<br>Account Value<br>(07/01/22)** | **Ending<br>Account Value<br>(12/31/22)** | **Expenses Paid<br>During Period\*** | **Net Annualized<br>Expense Ratio\*\*** |
| Institutional Class | $1000.00 | $944.40 | $6.74 | $1000.00 | $1018.55 | $6.99 | 1.36% |
| Class M | 1000.00 | 943.00 | 8.96 | 1000.00 | 1016.26 | 9.30 | 1.81 |
| Administrative Class | 1000.00 | 943.80 | 7.48 | 1000.00 | 1017.78 | 7.76 | 1.51 |
| Advisor Class | 1000.00 | 944.20 | 7.98 | 1000.00 | 1017.28 | 8.28 | 1.61 |

---

\* Expenses Paid During Period are equal to the net annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 186/365 (to reflect the one-half year period). Overall fees and expenses of investing in the Portfolio will be higher because the example does not reflect variable contract fees and expenses.

\*\* Net Annualized Expense Ratio is reflective of any applicable contractual fee waivers and/or expense reimbursements or voluntary fee waivers. Details regarding fee waivers, if any, can be found in Note 9, Fees and Expenses, in the Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>9</sub> |

---

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Financial Highlights** | **PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio (Consolidated)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year Ended^: | **Net Asset<br>Value**<br> **Beginning<br>of Year<sup>(a)</sup>** | **Net<br>Investment**<br> **Income<br>(Loss)<sup>(b)</sup>** | **Net<br>Realized/**<br> **Unrealized**<br> **Gain (Loss)** | **Total** | **From Net**<br> **Investment**<br> **Income** | **From Net**<br> **Realized**<br> **Capital**<br> **Gain** | **Total** |
| Institutional Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | $&nbsp;&nbsp;&nbsp;&nbsp;7.71 | $&nbsp;&nbsp;&nbsp;&nbsp;0.48 | $0.46 | $0.94 | $&nbsp;&nbsp;&nbsp;&nbsp;(1.79) | $&nbsp;&nbsp;&nbsp;&nbsp;0.00 | $&nbsp;&nbsp;&nbsp;&nbsp;(1.79) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 6.03 | 0.33 | 1.67 | 2.00 | (0.32) | 0.00 | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 6.39 | 0.07 | (0.07) | 0.00 | (0.36) | 0.00 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2019 | 6.00 | 0.10 | 0.59 | 0.69 | (0.30) | 0.00 | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2018 | 7.14 | 0.16 | &nbsp;&nbsp;&nbsp;&nbsp;(1.14) | &nbsp;&nbsp;&nbsp;&nbsp;(0.98) | (0.16) | 0.00 | (0.16) |
| Class M |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 7.67 | 0.42 | 0.48 | 0.90 | (1.75) | 0.00 | (1.75) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 6.01 | 0.27 | 1.69 | 1.96 | (0.30) | 0.00 | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 6.37 | 0.04 | (0.06) | (0.02) | (0.34) | 0.00 | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2019 | 5.99 | 0.08 | 0.57 | 0.65 | (0.27) | 0.00 | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2018 | 7.12 | 0.13 | (1.13) | (1.00) | (0.13) | 0.00 | (0.13) |
| Administrative Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 7.73 | 0.46 | 0.47 | 0.93 | (1.77) | 0.00 | (1.77) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 6.05 | 0.29 | 1.70 | 1.99 | (0.31) | 0.00 | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 6.41 | 0.05 | (0.06) | (0.01) | (0.35) | 0.00 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2019 | 6.02 | 0.10 | 0.58 | 0.68 | (0.29) | 0.00 | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2018 | 7.16 | 0.15 | (1.14) | (0.99) | (0.15) | 0.00 | (0.15) |
| Advisor Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 7.84 | 0.45 | 0.49 | 0.94 | (1.77) | 0.00 | (1.77) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 6.13 | 0.29 | 1.73 | 2.02 | (0.31) | 0.00 | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 6.49 | 0.05 | (0.06) | (0.01) | (0.35) | 0.00 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2019 | 6.09 | 0.09 | 0.59 | 0.68 | (0.28) | 0.00 | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2018 | 7.24 | 0.15 | (1.16) | (1.01) | (0.14) | 0.00 | (0.14) |

---

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| | |
|:---|:---|
| ^ | A zero balance may reflect actual amounts rounding to less than $0.01 or 0.01%.  |

---

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Portfolio.

<sup>(b)</sup> Per share amounts based on average number of shares outstanding during the year. 

<sup>(c)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

<sup>(d)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Portfolio. Additionally, excludes initial sales charges and contingent deferred sales charges.

---

| | | |
|:---|:---|:---|
| **10** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | |
|<br>**Net Asset**<br> **Value End of**<br> **Year<sup>(a)</sup>** |<br>**Total Return<sup>(d)</sup>** |<br>**Net Assets**<br> **End of Year**<br> **(000s)** | **Expenses** | **Expenses**<br> **Excluding**<br> **Waivers** | **Expenses**<br> **Excluding**<br> **Interest**<br> **Expense** | **Expenses**<br> **Excluding**<br> **Interest**<br> **Expense and**<br> **Waivers** | **Net**<br> **Investment**<br> **Income (Loss)** |<br>**Portfolio**<br> **Turnover**<br> **Rate** |
| $&nbsp;&nbsp;&nbsp;&nbsp;6.86 | 8.79% | $6572 | 1.14% | 1.35% | 0.74% | 0.95% | 5.96% | 126% |
| 7.71 | 33.47 | 9934 | 0.79 | 1.02 | 0.75 | 0.98 | 4.50 | 197 |
| 6.03 | 1.50 | 2976 | 1.09 | 1.23 | 0.74 | 0.88 | 1.28 | 250 |
| 6.39 | 11.63 | 2895 | 2.01 | 2.12 | 0.74 | 0.85 | 1.61 | 223 |
| 6.00 | (14.05) | 3000 | 1.77 | 1.92 | 0.74 | 0.89 | 2.32 | 237 |
| 6.82 | 8.42 | 1231 | 1.59 | 1.80 | 1.19 | 1.40 | 5.29 | 126 |
| 7.67 | 32.74 | 691 | 1.24 | 1.47 | 1.20 | 1.43 | 3.75 | 197 |
| 6.01 | 1.08 | 384 | 1.54 | 1.68 | 1.19 | 1.33 | 0.69 | 250 |
| 6.37 | 10.98 | 490 | 2.46 | 2.57 | 1.19 | 1.30 | 1.26 | 223 |
| 5.99 | (14.33) | 454 | 2.22 | 2.37 | 1.19 | 1.34 | 1.88 | 237 |
| 6.89 | 8.76 | &nbsp;&nbsp;&nbsp;&nbsp;317325 | 1.29 | 1.50 | 0.89 | 1.10 | 5.69 | 126 |
| 7.73 | 33.17 | 302024 | 0.94 | 1.17 | 0.90 | 1.13 | 4.05 | 197 |
| 6.05 | 1.35 | 223298 | 1.24 | 1.38 | 0.89 | 1.03 | 1.02 | 250 |
| 6.41 | 11.43 | 222337 | 2.16 | 2.27 | 0.89 | 1.00 | 1.54 | 223 |
| 6.02 | (14.13) | 217121 | 1.92 | 2.07 | 0.89 | 1.04 | 2.19 | 237 |
| 7.01 | 8.66 | 188537 | 1.39 | 1.60 | 0.99 | 1.20 | 5.57 | 126 |
| 7.84 | 33.11 | 158636 | 1.04 | 1.27 | 1.00 | 1.23 | 3.95 | 197 |
| 6.13 | 1.23 | 111152 | 1.34 | 1.48 | 0.99 | 1.13 | 0.91 | 250 |
| 6.49 | 11.35 | 110525 | 2.26 | 2.37 | 0.99 | 1.10 | 1.46 | 223 |
| 6.09 | (14.20) | 103329 | 2.02 | 2.17 | 0.99 | 1.14 | 2.09 | 237 |

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| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>11</sub> |

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------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Assets and Liabilities** | **PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio** | December 31, 2022 |

---

---

| | |
|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) | (Amounts in thousands<sup>†</sup>, except per share amounts) |
|  **Assets:** |  |
|  *Investments, at value* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities\* | $&nbsp;&nbsp;&nbsp;&nbsp;653766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 267 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 1334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 3127 |
|  Cash | 1 |
|  Deposits with counterparty | 8117 |
|  Foreign currency, at value | 1855 |
|  Receivable for investments sold | 175085 |
|  Receivable for investments sold on a delayed-delivery basis | 60 |
|  Receivable for TBA investments sold | 19468 |
|  Receivable for Portfolio shares sold | 476 |
|  Interest and/or dividends receivable | 1207 |
|  Dividends receivable from Affiliates | 4 |
|  Reimbursement receivable from PIMCO | 83 |
|  **Total Assets** | 864850 |
|  **Liabilities:** |  |
|  *Borrowings & Other Financing Transactions* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for sale-buyback transactions | $278969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for short sales | 3803 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 1430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 9337 |
|  Payable for investments purchased | 271 |
|  Payable for investments in Affiliates purchased | 4 |
|  Payable for TBA investments purchased | 37372 |
|  Deposits from counterparty | 631 |
|  Payable for Portfolio shares redeemed | 18840 |
|  Accrued investment advisory fees | 295 |
|  Accrued supervisory and administrative fees | 144 |
|  Accrued distribution fees | 43 |
|  Accrued servicing fees | 46 |
|  **Total Liabilities** | 351185 |
|  **Net Assets** | $513665 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | $535429 |
|  Distributable earnings (accumulated loss) | (21764) |
|  **Net Assets** | $513665 |
|  **Net Assets:** |  |
|  Institutional Class | $6572 |
|  Class M | 1231 |
|  Administrative Class | 317325 |
|  Advisor Class | 188537 |
|  **Shares Issued and Outstanding:** |  |
|  Institutional Class | 958 |
|  Class M | 181 |
|  Administrative Class | 46056 |
|  Advisor Class | 26909 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |
|  Institutional Class | $6.86 |
|  Class M | 6.82 |
|  Administrative Class | 6.89 |
|  Advisor Class | 7.01 |
|  Cost of investments in securities | $697889 |
|  Cost of investments in Affiliates | $267 |
|  Cost of foreign currency held | $1854 |
|  Proceeds received on short sales | $3794 |
|  Cost or premiums of financial derivative instruments, net | $(1067) |
|  \* Includes repurchase agreements of: | $105805 |

---

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Portfolio.

---

| | | |
|:---|:---|:---|
| **12** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Consolidated Statement of Operations** | **PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio** |

---

---

| | |
|:---|:---|
| Year Ended December 31, 2022 |  |
| (Amounts in thousands<sup>†</sup>) |  |
|  **Investment Income:** |  |
|  Interest | $41804 |
|  Dividends from Investments in Affiliates | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 41843 |
|  **Expenses:** |  |
|  Investment advisory fees | 3831 |
|  Supervisory and administrative fees | 1863 |
|  Distribution and/or servicing fees - Class M | 6 |
|  Distribution and/or servicing fees - Administrative Class | 563 |
|  Distribution and/or servicing fees - Advisor Class | 525 |
|  Trustee fees | 18 |
|  Interest expense | 2395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 9201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (1260) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 7941 |
|  **Net Investment Income (Loss)** | 33902 |
|  **Net Realized Gain (Loss):** |  |
|  Investments in securities | (19259) |
|  Investments in Affiliates | 1 |
|  Exchange-traded or centrally cleared financial derivative instruments | 13131 |
|  Over the counter financial derivative instruments | 88425 |
|  Short sales | 45 |
|  Foreign currency | (680) |
|  **Net Realized Gain (Loss)** | 81663 |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in securities | (54827) |
|  Investments in Affiliates | (4) |
|  Exchange-traded or centrally cleared financial derivative instruments | (1908) |
|  Over the counter financial derivative instruments | (22844) |
|  Short sales | (2) |
|  Foreign currency assets and liabilities | 238 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;(79347) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $&nbsp;&nbsp;&nbsp;&nbsp;36218 |

---

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>13</sub> |

---

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##### [**Table of Contents**](#toc)

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| | |
|:---|:---|
| **Consolidated Statements of Changes in Net Assets** | **PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio** |

---

---

| | | |
|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2021** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
|  Net investment income (loss) | $33902 | $17361 |
|  Net realized gain (loss) | 81663 | 99409 |
|  Net change in unrealized appreciation (depreciation) | (79347) | (1798) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 36218 | 114972 |
|  **Distributions to Shareholders:** |  |  |
|  From net investment income and/or net realized capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (2764) | (316) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class M | (258) | (22) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (82355) | (12070) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (44624) | (5793) |
|  **Total Distributions<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;(130001) | (18201) |
|  **Portfolio Share Transactions:** |  |  |
|  Net increase (decrease) resulting from Portfolio share transactions\* | 136163 | 36704 |
|  **Total Increase (Decrease) in Net Assets** | 42380 | 133475 |
|  **Net Assets:** |  |  |
|  Beginning of year | 471285 | 337810 |
|  End of year | $&nbsp;&nbsp;&nbsp;&nbsp;513665 | $&nbsp;&nbsp;&nbsp;&nbsp;471285 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

\* See Note 13, Shares of Beneficial Interest, in the Notes to Financial Statements.

<sup>(a)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial

Statements for more information.

---

| | | |
|:---|:---|:---|
| **14** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Consolidated Statement of Cash Flows** | **PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio** |

---

---

| | |
|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **Year Ended<br>December 31, 2022** |
|  **Cash Flows Provided by (Used for) Operating Activities:** |  |
|  Net increase (decrease) in net assets resulting from operations | $36218 |
|  **Adjustments to Reconcile Net Increase (Decrease) in Net Assets from Operations to Net Cash Provided by (Used for) Operating Activities:** |  |
|  Purchases of long-term securities | (833004) |
|  Proceeds from sales of long-term securities | 766252 |
| (Purchases) Proceeds from sales of short-term portfolio investments, net | 53858 |
| (Increase) decrease in deposits with counterparty | (3710) |
| (Increase) decrease in receivable for investments sold | (65486) |
| (Increase) decrease in interest and/or dividends receivable | (403) |
| (Increase) decrease in dividends receivable from Affiliates | (3) |
|  Proceeds from (Payments on) exchange-traded or centrally cleared financial derivative instruments | 11445 |
|  Proceeds from (Payments on) over the counter financial derivative instruments | 88763 |
| (Increase) decrease in reimbursement receivable from PIMCO | 6 |
|  Increase (decrease) in payable for investments purchased | (1942) |
|  Increase (decrease) in deposits from counterparty | (18738) |
|  Increase (decrease) in accrued investment advisory fees | 28 |
|  Increase (decrease) in accrued supervisory and administrative fees | 14 |
|  Increase (decrease) in accrued distribution fees | 8 |
|  Increase (decrease) in accrued servicing fees | 6 |
|  Proceeds from (Payments on) short sales transactions, net | 3846 |
|  Proceeds from (Payments on) foreign currency transactions | (442) |
|  *Net Realized (Gain) Loss* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 19259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared financial derivative instruments | (13131) |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter financial derivative instruments | (88425) |
| &nbsp;&nbsp;&nbsp;&nbsp; Short sales | (45) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency | 680 |
|  *Net Change in Unrealized (Appreciation) Depreciation* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 54827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared financial derivative instruments | 1908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter financial derivative instruments | 22844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Short sales | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency assets and liabilities | (238) |
|  Net amortization (accretion) on investments | 7983 |
|  **Net Cash Provided by (Used for) Operating Activities** | 42383 |
|  **Cash Flows Received from (Used for) Financing Activities:** |  |
|  Proceeds from shares sold | 342766 |
|  Payments on shares redeemed | (318692) |
|  Cash distributions paid\* | 0 |
|  Proceeds from reverse repurchase agreements | 112739 |
|  Payments on reverse repurchase agreements | (112739) |
|  Proceeds from sale-buyback transactions | 12404263 |
|  Payments on sale-buyback transactions | &nbsp;&nbsp;&nbsp;&nbsp;(12470424) |
|  **Net Cash Received from (Used for) Financing Activities** | (42087) |
|  **Net Increase (Decrease) in Cash and Foreign Currency** | 296 |
|  **Cash and Foreign Currency:** |  |
|  Beginning of year | 1560 |
|  End of year | $1856 |
|  \*Reinvestment of distributions | $130001 |
|  **Supplemental Disclosure of Cash Flow Information:** |  |
|  Interest expense paid during the year | $2439 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

A Statement of Cash Flows is presented when the Portfolio has a significant amount of borrowing during the year, based on the average total borrowing outstanding in relation to total assets or when substantially all of the Portfolio's investments are not classified as Level 1 or 2 in the fair value hierarchy.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **15** |

---

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Consolidated Schedule of Investments** | **PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio** |

---

**(Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)** 

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **INVESTMENTS IN SECURITIES 127.2%** | **INVESTMENTS IN SECURITIES 127.2%** | **INVESTMENTS IN SECURITIES 127.2%** |
| **CORPORATE BONDS & NOTES 0.5%** | **CORPORATE BONDS & NOTES 0.5%** | **CORPORATE BONDS & NOTES 0.5%** |
| **BANKING & FINANCE 0.5%** | **BANKING & FINANCE 0.5%** | **BANKING & FINANCE 0.5%** |
|  **NatWest Group PLC** | **NatWest Group PLC** | **NatWest Group PLC** |
|  4.519% due 06/25/2024 •  | 300 | 297 |
|  6.274% (US0003M + 1.550%) due 06/25/2024 ~ | 400 | 400 |
|  **UniCredit SpA** | **UniCredit SpA** | **UniCredit SpA** |
|  7.830% due 12/04/2023 | 1650 | 1668 |
|  **Total Corporate Bonds & Notes (Cost $2,350)** | **Total Corporate Bonds & Notes (Cost $2,350)** | **2365** |
| **U.S. GOVERNMENT AGENCIES 3.7%** | **U.S. GOVERNMENT AGENCIES 3.7%** | **U.S. GOVERNMENT AGENCIES 3.7%** |
|  **Fannie Mae** | **Fannie Mae** | **Fannie Mae** |
|  2.889% due 10/01/2044 •  | 2 | 2 |
|  3.132% due 01/01/2036 •  | 10 | 10 |
|  3.257% due 05/25/2035 ~ | 8 | 8 |
|  3.996% due 07/01/2035 •  | 5 | 5 |
|  4.027% due 11/01/2034 •  | 6 | 6 |
|  4.030% due 11/01/2035 •  | 3 | 3 |
|  4.739% due 05/25/2042 ~ | 2 | 2 |
|  **Freddie Mac** | **Freddie Mac** | **Freddie Mac** |
|  2.889% due 02/25/2045 •  | 23 | 23 |
|  3.206% due 07/15/2044 •  | 190 | 187 |
|  3.757% due 09/01/2036 •  | 19 | 20 |
|  3.848% due 01/01/2034 •  | 1 | 1 |
|  3.928% due 10/01/2036 •  | 24 | 24 |
|  4.133% due 07/01/2036 •  | 54 | 55 |
|  4.768% due 09/15/2042 •  | 280 | 275 |
|  **Ginnie Mae** | **Ginnie Mae** | **Ginnie Mae** |
|  1.968% due 04/20/2067 ~ | 260 | 258 |
|  3.858% due 08/20/2068 ~ | 343 | 333 |
|  **U.S. Small Business Administration** | **U.S. Small Business Administration** | **U.S. Small Business Administration** |
|  5.510% due 11/01/2027 | 38 | 38 |
|  **Uniform Mortgage-Backed Security, TBA** | **Uniform Mortgage-Backed Security, TBA** | **Uniform Mortgage-Backed Security, TBA** |
|  2.500% due 12/01/2051 | 300 | 254 |
|  3.000% due 02/01/2053 | 6400 | 5623 |
|  4.000% due 02/01/2053 | 11028 | 10347 |
|  4.500% due 02/01/2053 | 1700 | 1637 |
|  **Total U.S. Government Agencies (Cost $19,335)** | **Total U.S. Government Agencies (Cost $19,335)** | **19111** |
| **U.S. TREASURY OBLIGATIONS 73.3%** | **U.S. TREASURY OBLIGATIONS 73.3%** | **U.S. TREASURY OBLIGATIONS 73.3%** |
|  **U.S. Treasury Bonds** | **U.S. Treasury Bonds** | **U.S. Treasury Bonds** |
|  3.000% due 05/15/2045 (j) | 80 | 66 |
|  **U.S. Treasury Inflation Protected Securities (c)** | **U.S. Treasury Inflation Protected Securities (c)** | **U.S. Treasury Inflation Protected Securities (c)** |
|  0.125% due 07/15/2024 (f) | 32129 | 31097 |
|  0.125% due 10/15/2024 (f) | 16261 | 15662 |
|  0.125% due 04/15/2025 | 5307 | 5059 |
|  0.125% due 10/15/2025 (f) | 26416 | 25111 |
|  0.125% due 04/15/2026 (f) | 24556 | 23093 |
|  0.125% due 07/15/2026 (f) | 14446 | 13617 |
|  0.125% due 10/15/2026 (f) | 133516 | 125193 |
|  0.125% due 04/15/2027 (f) | 4961 | 4625 |
|  0.125% due 07/15/2030 (f)(j) | 1139 | 1021 |
|  0.125% due 01/15/2032 | 2903 | 2545 |
|  0.250% due 01/15/2025 (f) | 12078 | 11588 |
|  0.250% due 07/15/2029 | 1223 | 1120 |
|  0.375% due 07/15/2025 | 11782 | 11318 |
|  0.375% due 07/15/2025 (j) | 2890 | 2776 |
|  0.375% due 01/15/2027 (j) | 4022 | 3794 |
|  0.375% due 07/15/2027 (j) | 341 | 322 |
|  0.500% due 04/15/2024 | 9405 | 9147 |
|  0.500% due 01/15/2028 | 10422 | 9805 |
|  0.625% due 04/15/2023 | 8790 | 8701 |
|  0.625% due 01/15/2024 (h) | 8205 | 8031 |
|  0.625% due 01/15/2026 (f) | 13332 | 12801 |
|  0.625% due 07/15/2032 | 5128 | 4701 |
|  0.625% due 02/15/2043 (f) | 194 | 157 |
|  0.750% due 07/15/2028 (f) | 16478 | 15704 |
|  0.750% due 02/15/2045 | 2025 | 1639 |
|  0.875% due 01/15/2029 | 10940 | 10429 |
|  1.000% due 02/15/2046 (f)(j) | 755 | 642 |
|  1.375% due 02/15/2044 (j) | 128 | 119 |
|  1.625% due 10/15/2027 | 3119 | 3116 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  1.750% due 01/15/2028 | $— | 1953 | 1953 |
|  2.125% due 02/15/2040 (f)(j) |  | 317 | 336 |
|  2.375% due 01/15/2025 |  | 8189 | 8197 |
|  2.500% due 01/15/2029 (j) |  | 2276 | 2375 |
|  3.875% due 04/15/2029 (f)(j) |  | 683 | 768 |
|  3.875% due 04/15/2029 (j) |  | 136 | 153 |
|  **Total U.S. Treasury Obligations (Cost $411,717)** | **Total U.S. Treasury Obligations (Cost $411,717)** | **Total U.S. Treasury Obligations (Cost $411,717)** | **376781** |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES 0.8%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 0.8%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 0.8%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 0.8%** |
|  **Alliance Bancorp Trust** | **Alliance Bancorp Trust** | **Alliance Bancorp Trust** | **Alliance Bancorp Trust** |
|  4.869% due 07/25/2037 •  |  | 129 | 106 |
|  **Banc of America Mortgage Trust** | **Banc of America Mortgage Trust** | **Banc of America Mortgage Trust** | **Banc of America Mortgage Trust** |
|  3.313% due 06/25/2035 ~ |  | 15 | 12 |
|  3.854% due 11/25/2035 ^~ |  | 7 | 6 |
|  **Bear Stearns Adjustable Rate Mortgage Trust** | **Bear Stearns Adjustable Rate Mortgage Trust** | **Bear Stearns Adjustable Rate Mortgage Trust** | **Bear Stearns Adjustable Rate Mortgage Trust** |
|  3.372% due 03/25/2035 ~ |  | 28 | 26 |
|  3.474% due 07/25/2036 ^~ |  | 20 | 17 |
|  4.282% due 01/25/2035 ~ |  | 39 | 38 |
|  **Citigroup Mortgage Loan Trust** | **Citigroup Mortgage Loan Trust** | **Citigroup Mortgage Loan Trust** | **Citigroup Mortgage Loan Trust** |
|  3.871% due 09/25/2037 ^~ |  | 110 | 95 |
|  **Countrywide Alternative Loan Trust** | **Countrywide Alternative Loan Trust** | **Countrywide Alternative Loan Trust** | **Countrywide Alternative Loan Trust** |
|  4.548% due 12/20/2046 ^•  |  | 577 | 464 |
|  4.629% due 06/25/2036 •  |  | 349 | 313 |
|  5.000% due 07/25/2035 |  | 45 | 27 |
|  6.000% due 02/25/2037 ^ |  | 124 | 57 |
|  **Countrywide Home Loan Mortgage Pass-Through Trust** | **Countrywide Home Loan Mortgage Pass-Through Trust** | **Countrywide Home Loan Mortgage Pass-Through Trust** | **Countrywide Home Loan Mortgage Pass-Through Trust** |
|  3.608% due 10/20/2035 ~ |  | 844 | 776 |
|  3.680% due 08/25/2034 ^~ |  | 1 | 1 |
|  **Credit Suisse Mortgage Capital Certificates** | **Credit Suisse Mortgage Capital Certificates** | **Credit Suisse Mortgage Capital Certificates** | **Credit Suisse Mortgage Capital Certificates** |
|  4.539% due 09/29/2036 •  |  | 223 | 215 |
|  4.600% due 10/26/2036 ~ |  | 29 | 25 |
|  **Eurosail PLC** | **Eurosail PLC** | **Eurosail PLC** | **Eurosail PLC** |
|  4.461% due 06/13/2045 ~ |  | 150 | 179 |
|  **First Horizon Alternative Mortgage Securities Trust** | **First Horizon Alternative Mortgage Securities Trust** | **First Horizon Alternative Mortgage Securities Trust** | **First Horizon Alternative Mortgage Securities Trust** |
|  4.538% due 06/25/2034 ~ | $— | 4 | 4 |
|  6.000% due 02/25/2037 ^ |  | 39 | 17 |
|  **GreenPoint Mortgage Funding Trust** | **GreenPoint Mortgage Funding Trust** | **GreenPoint Mortgage Funding Trust** | **GreenPoint Mortgage Funding Trust** |
|  4.749% due 09/25/2046 •  |  | 75 | 66 |
|  4.929% due 11/25/2045 •  |  | 5 | 4 |
|  **GSR Mortgage Loan Trust** | **GSR Mortgage Loan Trust** | **GSR Mortgage Loan Trust** | **GSR Mortgage Loan Trust** |
|  4.367% due 01/25/2035 ~ |  | 8 | 7 |
|  **HarborView Mortgage Loan Trust** | **HarborView Mortgage Loan Trust** | **HarborView Mortgage Loan Trust** | **HarborView Mortgage Loan Trust** |
|  4.819% due 03/19/2036 ^•  |  | 19 | 17 |
|  **IndyMac INDA Mortgage Loan Trust** | **IndyMac INDA Mortgage Loan Trust** | **IndyMac INDA Mortgage Loan Trust** | **IndyMac INDA Mortgage Loan Trust** |
|  3.701% due 11/25/2035 ^~ |  | 6 | 5 |
|  **JP Morgan Mortgage Trust** | **JP Morgan Mortgage Trust** | **JP Morgan Mortgage Trust** | **JP Morgan Mortgage Trust** |
|  2.675% due 02/25/2035 ~ |  | 15 | 13 |
|  4.188% due 07/25/2035 ~ |  | 5 | 5 |
|  4.236% due 08/25/2035 ~ |  | 13 | 12 |
|  **MASTR Adjustable Rate Mortgages Trust** | **MASTR Adjustable Rate Mortgages Trust** | **MASTR Adjustable Rate Mortgages Trust** | **MASTR Adjustable Rate Mortgages Trust** |
|  3.874% due 11/21/2034 ~ |  | 6 | 5 |
|  **Mellon Residential Funding Corp. Mortgage Pass-Through Certificates** | **Mellon Residential Funding Corp. Mortgage Pass-Through Certificates** | **Mellon Residential Funding Corp. Mortgage Pass-Through Certificates** | **Mellon Residential Funding Corp. Mortgage Pass-Through Certificates** |
|  5.058% due 09/15/2030 •  |  | 40 | 39 |
|  **New Residential Mortgage Loan Trust** | **New Residential Mortgage Loan Trust** | **New Residential Mortgage Loan Trust** | **New Residential Mortgage Loan Trust** |
|  2.750% due 07/25/2059 ~ |  | 659 | 616 |
|  **Residential Accredit Loans, Inc. Trust** | **Residential Accredit Loans, Inc. Trust** | **Residential Accredit Loans, Inc. Trust** | **Residential Accredit Loans, Inc. Trust** |
|  2.644% due 10/25/2037 ~ |  | 22 | 19 |
|  3.408% due 09/25/2045 •  |  | 52 | 45 |
|  **Residential Asset Securitization Trust** | **Residential Asset Securitization Trust** | **Residential Asset Securitization Trust** | **Residential Asset Securitization Trust** |
|  4.789% due 05/25/2035 •  |  | 52 | 36 |
|  **Sequoia Mortgage Trust** | **Sequoia Mortgage Trust** | **Sequoia Mortgage Trust** | **Sequoia Mortgage Trust** |
|  4.753% due 07/20/2036 •  |  | 69 | 59 |
|  **Structured Adjustable Rate Mortgage Loan Trust** | **Structured Adjustable Rate Mortgage Loan Trust** | **Structured Adjustable Rate Mortgage Loan Trust** | **Structured Adjustable Rate Mortgage Loan Trust** |
|  3.448% due 01/25/2035 ^•  |  | 6 | 5 |
|  3.780% due 02/25/2034 ~ |  | 4 | 4 |
|  **Structured Asset Mortgage Investments Trust** | **Structured Asset Mortgage Investments Trust** | **Structured Asset Mortgage Investments Trust** | **Structured Asset Mortgage Investments Trust** |
|  4.809% due 04/25/2036 •  |  | 4 | 4 |
|  4.999% due 10/19/2034 ~ |  | 5 | 5 |
|  **Towd Point Mortgage Funding** | **Towd Point Mortgage Funding** | **Towd Point Mortgage Funding** | **Towd Point Mortgage Funding** |
|  4.071% (SONIO/N + 1.144%) due 10/20/2051 ~ |  | 587 | 706 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **WaMu Mortgage Pass-Through Certificates Trust** | **WaMu Mortgage Pass-Through Certificates Trust** | **WaMu Mortgage Pass-Through Certificates Trust** |
|  2.810% due 08/25/2035 ~ | 2 | 2 |
|  2.818% due 05/25/2047 •  | 97 | 77 |
|  3.770% due 12/25/2035 ~ | 47 | 43 |
|  **Washington Mutual Mortgage Pass-Through Certificates Trust** | **Washington Mutual Mortgage Pass-Through Certificates Trust** | **Washington Mutual Mortgage Pass-Through Certificates Trust** |
|  6.500% due 08/25/2035 | 10 | 8 |
|  **Total Non-Agency Mortgage-Backed Securities (Cost $4,438)** | **Total Non-Agency Mortgage-Backed Securities (Cost $4,438)** | **4180** |
| **ASSET-BACKED SECURITIES 12.5%** | **ASSET-BACKED SECURITIES 12.5%** | **ASSET-BACKED SECURITIES 12.5%** |
|  **522 Funding CLO Ltd.** | **522 Funding CLO Ltd.** | **522 Funding CLO Ltd.** |
|  5.283% due 10/20/2031 •  | 1200 | 1179 |
|  **ACAS CLO Ltd.** | **ACAS CLO Ltd.** | **ACAS CLO Ltd.** |
|  5.084% due 10/18/2028 •  | 277 | 274 |
|  **Allegro CLO Ltd.** | **Allegro CLO Ltd.** | **Allegro CLO Ltd.** |
|  5.244% due 10/16/2031 •  | 700 | 687 |
|  **American Money Management Corp. CLO Ltd.** | **American Money Management Corp. CLO Ltd.** | **American Money Management Corp. CLO Ltd.** |
|  4.991% due 04/14/2029 •  | 385 | 383 |
|  5.542% due 11/10/2030 •  | 300 | 296 |
|  **Apidos CLO** | **Apidos CLO** | **Apidos CLO** |
|  5.009% due 07/17/2030 ~ | 600 | 594 |
|  5.094% due 07/18/2029 •  | 600 | 593 |
|  5.193% due 10/20/2030 •  | 500 | 492 |
|  **Arbor Realty Commercial Real Estate Notes Ltd.** | **Arbor Realty Commercial Real Estate Notes Ltd.** | **Arbor Realty Commercial Real Estate Notes Ltd.** |
|  5.257% due 01/15/2037 •  | 1200 | 1169 |
|  **Ares CLO Ltd.** | **Ares CLO Ltd.** | **Ares CLO Ltd.** |
|  4.949% due 01/15/2029 ~ | 323 | 319 |
|  5.129% due 01/15/2032 ~ | 300 | 293 |
|  **Argent Securities Trust** | **Argent Securities Trust** | **Argent Securities Trust** |
|  4.689% due 07/25/2036 •  | 250 | 216 |
|  4.709% due 05/25/2036 ~ | 576 | 146 |
|  4.869% due 05/25/2035 •  | 63 | 56 |
|  **Armada Euro CLO DAC** | **Armada Euro CLO DAC** | **Armada Euro CLO DAC** |
|  2.098% due 07/15/2031 •  | 700 | 728 |
|  **Asset-Backed Funding Certificates Trust** | **Asset-Backed Funding Certificates Trust** | **Asset-Backed Funding Certificates Trust** |
|  4.529% due 10/25/2036 ~ | 782 | 709 |
|  **Atlas Senior Loan Fund Ltd.** | **Atlas Senior Loan Fund Ltd.** | **Atlas Senior Loan Fund Ltd.** |
|  5.405% due 04/22/2031 •  | 500 | 487 |
|  **Babson CLO Ltd.** | **Babson CLO Ltd.** | **Babson CLO Ltd.** |
|  5.233% due 01/20/2031 •  | 700 | 689 |
|  **Bain Capital Credit CLO Ltd.** | **Bain Capital Credit CLO Ltd.** | **Bain Capital Credit CLO Ltd.** |
|  5.213% due 07/20/2030 ~ | 492 | 487 |
|  **BDS Ltd.** | **BDS Ltd.** | **BDS Ltd.** |
|  5.426% due 08/15/2036 •  | 6 | 6 |
|  **Birch Grove CLO Ltd.** | **Birch Grove CLO Ltd.** | **Birch Grove CLO Ltd.** |
|  5.899% due 06/15/2031 ~ | 300 | 295 |
|  **Black Diamond CLO DAC** | **Black Diamond CLO DAC** | **Black Diamond CLO DAC** |
|  2.834% due 10/03/2029 •  | 10 | 11 |
|  **Blackrock European CLO DAC** | **Blackrock European CLO DAC** | **Blackrock European CLO DAC** |
|  1.998% due 10/15/2031 ~ | 500 | 519 |
|  **BPCRE Holder LLC** | **BPCRE Holder LLC** | **BPCRE Holder LLC** |
|  6.725% due 01/16/2037 •  | 500 | 493 |
|  **Carlyle Euro CLO DAC** | **Carlyle Euro CLO DAC** | **Carlyle Euro CLO DAC** |
|  2.078% due 01/15/2031 ~ | 700 | 731 |
|  2.428% due 08/15/2030 •  | 1395 | 1457 |
|  **Carlyle Global Market Strategies Euro CLO DAC** | **Carlyle Global Market Strategies Euro CLO DAC** | **Carlyle Global Market Strategies Euro CLO DAC** |
|  2.548% due 11/15/2031 ~ | 900 | 934 |
|  **Carlyle U.S. CLO Ltd.** | **Carlyle U.S. CLO Ltd.** | **Carlyle U.S. CLO Ltd.** |
|  5.243% due 04/20/2031 •  | 700 | 689 |
|  **Carrington Mortgage Loan Trust** | **Carrington Mortgage Loan Trust** | **Carrington Mortgage Loan Trust** |
|  5.493% due 07/20/2030 •  | 698 | 691 |
|  **CIFC Funding Ltd.** | **CIFC Funding Ltd.** | **CIFC Funding Ltd.** |
|  5.463% due 07/20/2030 •  | 398 | 394 |
|  **CIT Mortgage Loan Trust** | **CIT Mortgage Loan Trust** | **CIT Mortgage Loan Trust** |
|  5.739% due 10/25/2037 •  | 95 | 95 |
|  5.889% due 10/25/2037 ~ | 600 | 571 |
|  **Citigroup Mortgage Loan Trust** | **Citigroup Mortgage Loan Trust** | **Citigroup Mortgage Loan Trust** |
|  4.849% due 12/25/2036 ~ | 36 | 24 |
|  4.884% due 10/25/2036 ~ | 400 | 381 |
|  **Countrywide Asset-Backed Certificates** | **Countrywide Asset-Backed Certificates** | **Countrywide Asset-Backed Certificates** |
|  4.889% due 03/25/2037 •  | 191 | 178 |
|  5.589% due 10/25/2035 ~ | 13 | 12 |

---

---

| | | |
|:---|:---|:---|
| **16** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Countrywide Asset-Backed Certificates Trust** | **Countrywide Asset-Backed Certificates Trust** | **Countrywide Asset-Backed Certificates Trust** |
|  4.579% due 11/25/2037 ~ | 489 | 447 |
|  5.129% due 08/25/2047 •  | 104 | 100 |
|  **Credit-Based Asset Servicing & Securitization LLC** | **Credit-Based Asset Servicing & Securitization LLC** | **Credit-Based Asset Servicing & Securitization LLC** |
|  4.164% due 07/25/2037 ~ | 9 | 6 |
|  4.264% due 07/25/2037 •  | 37 | 25 |
|  **Crestline Denali CLO Ltd.** | **Crestline Denali CLO Ltd.** | **Crestline Denali CLO Ltd.** |
|  5.465% due 10/23/2031 ~ | 300 | 294 |
|  **CVC Cordatus Loan Fund DAC** | **CVC Cordatus Loan Fund DAC** | **CVC Cordatus Loan Fund DAC** |
|  2.028% due 10/15/2031 ~ | 800 | 832 |
|  2.676% due 09/15/2031 ~ | 400 | 417 |
|  **Denali Capital CLO Ltd.** | **Denali Capital CLO Ltd.** | **Denali Capital CLO Ltd.** |
|  5.129% due 04/15/2031 •  | 499 | 491 |
|  **Dryden CLO Ltd.** | **Dryden CLO Ltd.** | **Dryden CLO Ltd.** |
|  5.114% due 01/17/2033 •  | 400 | 392 |
|  **Dryden Euro CLO DAC** | **Dryden Euro CLO DAC** | **Dryden Euro CLO DAC** |
|  2.622% due 05/15/2034 •  | 400 | 416 |
|  **Dryden Senior Loan Fund** | **Dryden Senior Loan Fund** | **Dryden Senior Loan Fund** |
|  4.979% due 04/15/2029 •  | 270 | 268 |
|  **Ellington Loan Acquisition Trust** | **Ellington Loan Acquisition Trust** | **Ellington Loan Acquisition Trust** |
|  5.489% due 05/25/2037 •  | 21 | 20 |
|  **Euro-Galaxy CLO DAC** | **Euro-Galaxy CLO DAC** | **Euro-Galaxy CLO DAC** |
|  2.122% due 04/24/2034 ~ | 500 | 519 |
|  **Fremont Home Loan Trust** | **Fremont Home Loan Trust** | **Fremont Home Loan Trust** |
|  4.524% due 10/25/2036 ~ | 92 | 81 |
|  **Galaxy CLO Ltd.** | **Galaxy CLO Ltd.** | **Galaxy CLO Ltd.** |
|  5.049% due 10/15/2030 •  | 400 | 391 |
|  **Gallatin CLO Ltd.** | **Gallatin CLO Ltd.** | **Gallatin CLO Ltd.** |
|  5.328% due 01/21/2028 •  | 351 | 348 |
|  **GoldenTree Loan Management U.S. CLO Ltd.** | **GoldenTree Loan Management U.S. CLO Ltd.** | **GoldenTree Loan Management U.S. CLO Ltd.** |
|  5.153% due 11/20/2030 •  | 900 | 889 |
|  **GSAA Home Equity Trust** | **GSAA Home Equity Trust** | **GSAA Home Equity Trust** |
|  6.720% due 03/25/2046 þ | 41 | 25 |
|  **GSAMP Trust** | **GSAMP Trust** | **GSAMP Trust** |
|  4.459% due 12/25/2036 ~ | 45 | 22 |
|  5.364% due 03/25/2035 ^~ | 73 | 67 |
|  **Harvest CLO DAC** | **Harvest CLO DAC** | **Harvest CLO DAC** |
|  2.136% due 10/20/2031 •  | 500 | 520 |
|  2.775% due 06/26/2030 ~ | 869 | 909 |
|  **Home Equity Asset Trust** | **Home Equity Asset Trust** | **Home Equity Asset Trust** |
|  3.826% due 02/25/2036 ~ | 294 | 283 |
|  **IndyMac INDB Mortgage Loan Trust** | **IndyMac INDB Mortgage Loan Trust** | **IndyMac INDB Mortgage Loan Trust** |
|  4.529% due 07/25/2036 •  | 228 | 71 |
|  **JP Morgan Mortgage Acquisition Trust** | **JP Morgan Mortgage Acquisition Trust** | **JP Morgan Mortgage Acquisition Trust** |
|  4.599% due 10/25/2036 ~ | 28 | 27 |
|  **Jubilee CLO DAC** | **Jubilee CLO DAC** | **Jubilee CLO DAC** |
|  1.978% due 04/15/2030 ~ | 300 | 314 |
|  2.846% due 12/15/2029 •  | 1215 | 1276 |
|  **KKR CLO Ltd.** | **KKR CLO Ltd.** | **KKR CLO Ltd.** |
|  5.134% due 07/18/2030 ~ | 849 | 841 |
|  **LCM LP** | **LCM LP** | **LCM LP** |
|  5.097% due 07/19/2027 ~ | 211 | 209 |
|  5.209% due 10/15/2031 •  | 600 | 588 |
|  5.283% due 07/20/2031 ~ | 1300 | 1281 |
|  **LCM Ltd.** | **LCM Ltd.** | **LCM Ltd.** |
|  5.063% due 07/20/2030 •  | 1583 | &nbsp;&nbsp;&nbsp;&nbsp;1565 |
|  5.149% due 04/15/2031 ~ | 600 | 590 |
|  5.313% due 01/20/2031 ~ | 500 | 493 |
|  **Lehman XS Trust** | **Lehman XS Trust** | **Lehman XS Trust** |
|  4.292% due 06/25/2036 þ | 112 | 110 |
|  4.709% due 05/25/2036 •  | 74 | 63 |
|  6.689% due 12/25/2037 ~ | 394 | 387 |
|  **LoanCore Issuer Ltd.** | **LoanCore Issuer Ltd.** | **LoanCore Issuer Ltd.** |
|  5.358% due 01/17/2037 ~ | 600 | 582 |
|  **Long Beach Mortgage Loan Trust** | **Long Beach Mortgage Loan Trust** | **Long Beach Mortgage Loan Trust** |
|  4.629% due 08/25/2036 •  | 497 | 212 |
|  **Madison Park Euro Funding DAC** | **Madison Park Euro Funding DAC** | **Madison Park Euro Funding DAC** |
|  2.128% due 01/15/2032 •  | 700 | 725 |
|  **Madison Park Funding Ltd.** | **Madison Park Funding Ltd.** | **Madison Park Funding Ltd.** |
|  4.829% due 04/15/2029 ~ | 766 | 758 |
|  5.155% due 04/22/2027 ~ | 335 | 331 |
|  5.328% due 07/27/2031 ~ | 1000 | 989 |
|  5.478% due 04/25/2032 •  | 800 | 787 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Magnetite Ltd.** | **Magnetite Ltd.** | **Magnetite Ltd.** |
|  5.059% due 04/15/2031 ~ | 693 | 681 |
|  **Man GLG Euro CLO DAC** | **Man GLG Euro CLO DAC** | **Man GLG Euro CLO DAC** |
|  2.248% due 01/15/2030 •  | 143 | 150 |
|  **Marathon CLO Ltd.** | **Marathon CLO Ltd.** | **Marathon CLO Ltd.** |
|  5.545% due 11/21/2027 •  | 32 | 32 |
|  **MASTR Asset-Backed Securities Trust** | **MASTR Asset-Backed Securities Trust** | **MASTR Asset-Backed Securities Trust** |
|  4.539% due 10/25/2036 •  | 169 | 56 |
|  **MF1 Ltd.** | **MF1 Ltd.** | **MF1 Ltd.** |
|  6.471% due 06/19/2037 •  | 700 | 690 |
|  **MidOcean Credit CLO** | **MidOcean Credit CLO** | **MidOcean Credit CLO** |
|  5.445% due 01/29/2030 •  | 241 | 238 |
|  **Morgan Stanley Mortgage Loan Trust** | **Morgan Stanley Mortgage Loan Trust** | **Morgan Stanley Mortgage Loan Trust** |
|  6.000% due 02/25/2037 ^~ | 48 | 30 |
|  6.410% due 11/25/2036 þ | 688 | 161 |
|  **Mountain View CLO LLC** | **Mountain View CLO LLC** | **Mountain View CLO LLC** |
|  5.169% due 10/16/2029 •  | 747 | 739 |
|  **Neuberger Berman CLO Ltd.** | **Neuberger Berman CLO Ltd.** | **Neuberger Berman CLO Ltd.** |
|  5.124% due 10/18/2029 ~ | 800 | 788 |
|  **New Century Home Equity Loan Trust** | **New Century Home Equity Loan Trust** | **New Century Home Equity Loan Trust** |
|  5.154% due 02/25/2035 •  | 78 | 74 |
|  **OAK Hill European Credit Partners DAC** | **OAK Hill European Credit Partners DAC** | **OAK Hill European Credit Partners DAC** |
|  2.186% due 01/20/2032 •  | 491 | 514 |
|  **Oak Hill European Credit Partners DAC** | **Oak Hill European Credit Partners DAC** | **Oak Hill European Credit Partners DAC** |
|  2.196% due 10/20/2031 •  | 300 | 312 |
|  **OCP Euro CLO DAC** | **OCP Euro CLO DAC** | **OCP Euro CLO DAC** |
|  2.198% due 01/15/2032 ~ | 1581 | 1661 |
|  **Octagon Investment Partners Ltd.** | **Octagon Investment Partners Ltd.** | **Octagon Investment Partners Ltd.** |
|  5.039% due 04/16/2031 •  | 1700 | &nbsp;&nbsp;&nbsp;&nbsp;1677 |
|  5.650% due 02/14/2031 •  | 700 | 689 |
|  **Octagon Loan Funding Ltd.** | **Octagon Loan Funding Ltd.** | **Octagon Loan Funding Ltd.** |
|  5.854% due 11/18/2031 •  | 400 | 394 |
|  **OZLM Ltd.** | **OZLM Ltd.** | **OZLM Ltd.** |
|  5.665% due 10/30/2030 ~ | 692 | 683 |
|  **Palmer Square European Loan Funding DAC** | **Palmer Square European Loan Funding DAC** | **Palmer Square European Loan Funding DAC** |
|  2.098% due 10/15/2031 •  | 587 | 609 |
|  **Palmer Square Loan Funding Ltd.** | **Palmer Square Loan Funding Ltd.** | **Palmer Square Loan Funding Ltd.** |
|  4.879% due 10/15/2029 ~ | 843 | 831 |
|  5.475% due 05/20/2029 ~ | 1011 | 999 |
|  **Renaissance Home Equity Loan Trust** | **Renaissance Home Equity Loan Trust** | **Renaissance Home Equity Loan Trust** |
|  5.489% due 09/25/2037 •  | 919 | 437 |
|  **Residential Asset Securities Corp. Trust** | **Residential Asset Securities Corp. Trust** | **Residential Asset Securities Corp. Trust** |
|  4.849% due 06/25/2036 ~ | 172 | 164 |
|  4.884% due 04/25/2036 •  | 84 | 82 |
|  **Saxon Asset Securities Trust** | **Saxon Asset Securities Trust** | **Saxon Asset Securities Trust** |
|  4.699% due 09/25/2037 •  | 107 | 101 |
|  **Securitized Asset~Backed Receivables LLC Trust** | **Securitized Asset~Backed Receivables LLC Trust** | **Securitized Asset~Backed Receivables LLC Trust** |
|  4.689% due 07/25/2036 •  | 289 | 121 |
|  4.709% due 07/25/2036 ~ | 136 | 49 |
|  4.829% due 10/25/2036 •  | 3951 | 1407 |
|  4.889% due 05/25/2036 •  | 466 | 254 |
|  **SLM Student Loan Trust** | **SLM Student Loan Trust** | **SLM Student Loan Trust** |
|  4.908% due 10/25/2064 ~ | 338 | 325 |
|  5.858% due 04/25/2023 ~ | 506 | 501 |
|  **Sound Point CLO Ltd.** | **Sound Point CLO Ltd.** | **Sound Point CLO Ltd.** |
|  5.223% due 10/20/2030 •  | 1300 | 1282 |
|  5.225% due 01/23/2029 ~ | 224 | 221 |
|  5.315% due 01/23/2029 •  | 468 | 465 |
|  5.338% due 07/25/2030 •  | 1000 | 985 |
|  5.344% due 04/18/2031 •  | 600 | 587 |
|  **Soundview Home Loan Trust** | **Soundview Home Loan Trust** | **Soundview Home Loan Trust** |
|  4.589% due 06/25/2037 •  | 584 | 422 |
|  **Structured Asset Securities Corp. Mortgage Loan Trust** | **Structured Asset Securities Corp. Mortgage Loan Trust** | **Structured Asset Securities Corp. Mortgage Loan Trust** |
|  5.620% due 04/25/2035 •  | 68 | 66 |
|  **Symphony CLO Ltd.** | **Symphony CLO Ltd.** | **Symphony CLO Ltd.** |
|  4.961% due 07/14/2026 ~ | 9 | 9 |
|  **Symphony Static CLO Ltd.** | **Symphony Static CLO Ltd.** | **Symphony Static CLO Ltd.** |
|  5.188% due 10/25/2029 •  | 444 | 438 |
|  **TCW CLO Ltd.** | **TCW CLO Ltd.** | **TCW CLO Ltd.** |
|  5.328% due 04/25/2031 ~ | 500 | 492 |
|  **TIAA CLO Ltd.** | **TIAA CLO Ltd.** | **TIAA CLO Ltd.** |
|  5.443% due 07/20/2031 •  | 500 | 492 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Toro European CLO DAC** | **Toro European CLO DAC** | **Toro European CLO DAC** |
|  2.298% (EUR003M + 0.920%) due 07/15/2030 ~ | 562 | 592 |
|  **TPG Real Estate Finance Issuer Ltd.** | **TPG Real Estate Finance Issuer Ltd.** | **TPG Real Estate Finance Issuer Ltd.** |
|  5.458% due 02/15/2039 ~ | 400 | 391 |
|  **Venture CLO Ltd.** | **Venture CLO Ltd.** | **Venture CLO Ltd.** |
|  4.959% due 07/15/2027 •  | 21 | 21 |
|  5.263% due 04/20/2029 ~ | 370 | 366 |
|  5.373% due 04/20/2032 ~ | 700 | 682 |
|  5.575% due 07/30/2032 •  | 300 | 291 |
|  5.596% due 09/07/2030 •  | 400 | 393 |
|  **Vibrant CLO Ltd.** | **Vibrant CLO Ltd.** | **Vibrant CLO Ltd.** |
|  5.363% due 07/20/2032 •  | 400 | 389 |
|  **VMC Finance LLC** | **VMC Finance LLC** | **VMC Finance LLC** |
|  5.708% due 02/18/2039 •  | 1400 | 1368 |
|  **Voya CLO Ltd.** | **Voya CLO Ltd.** | **Voya CLO Ltd.** |
|  5.059% due 06/07/2030 ~ | 673 | 661 |
|  **Wellfleet CLO Ltd.** | **Wellfleet CLO Ltd.** | **Wellfleet CLO Ltd.** |
|  5.413% due 07/20/2032 •  | 800 | 771 |
|  **Total Asset-Backed Securities (Cost $66,961)** | **Total Asset-Backed Securities (Cost $66,961)** | **64072** |
| **SOVEREIGN ISSUES 9.0%** | **SOVEREIGN ISSUES 9.0%** | **SOVEREIGN ISSUES 9.0%** |
|  **Argentina Government International Bond** | **Argentina Government International Bond** | **Argentina Government International Bond** |
|  0.500% due 07/09/2030 þ | 228 | 53 |
|  1.500% due 07/09/2035 þ | 150 | 34 |
|  **Australia Government International Bond** | **Australia Government International Bond** | **Australia Government International Bond** |
|  3.000% due 09/20/2025 (c) | 2315 | 1664 |
|  **Canada Government Real Return Bond** | **Canada Government Real Return Bond** | **Canada Government Real Return Bond** |
|  4.250% due 12/01/2026 (c) | 1051 | 856 |
|  **France Government International Bond** | **France Government International Bond** | **France Government International Bond** |
|  0.100% due 03/01/2026 (c) | 2643 | 2800 |
|  0.100% due 07/25/2031 (c) | 2992 | 3067 |
|  0.100% due 07/25/2038 (c) | 2260 | 2168 |
|  0.250% due 07/25/2024 (c) | 857 | 924 |
|  **Italy Buoni Poliennali Del Tesoro** | **Italy Buoni Poliennali Del Tesoro** | **Italy Buoni Poliennali Del Tesoro** |
|  0.400% due 05/15/2030 (c) | 1167 | 1094 |
|  1.400% due 05/26/2025 (c) | 9919 | 10483 |
|  **Japan Government International Bond** | **Japan Government International Bond** | **Japan Government International Bond** |
|  0.005% due 03/10/2031 (c) | 83525 | 660 |
|  0.100% due 03/10/2028 (c) | 354295 | 2793 |
|  0.100% due 03/10/2029 (c) | 789055 | 6241 |
|  **Mexico Government International Bond** | **Mexico Government International Bond** | **Mexico Government International Bond** |
|  7.750% due 05/29/2031 | 7972 | 378 |
|  **New Zealand Government International Bond** | **New Zealand Government International Bond** | **New Zealand Government International Bond** |
|  2.000% due 09/20/2025 (c) | 2380 | 1504 |
|  **Peru Government International Bond** | **Peru Government International Bond** | **Peru Government International Bond** |
|  5.940% due 02/12/2029 | 200 | 48 |
|  **Provincia de Buenos Aires** | **Provincia de Buenos Aires** | **Provincia de Buenos Aires** |
|  72.913% due 04/12/2025 | 980 | 3 |
|  **Qatar Government International Bond** | **Qatar Government International Bond** | **Qatar Government International Bond** |
|  3.875% due 04/23/2023 | 400 | 398 |
|  **Saudi Government International Bond** | **Saudi Government International Bond** | **Saudi Government International Bond** |
|  4.000% due 04/17/2025 | 260 | 257 |
|  **United Kingdom Gilt** | **United Kingdom Gilt** | **United Kingdom Gilt** |
|  0.125% due 03/22/2024 (c) | 1764 | 2167 |
|  0.125% due 08/10/2028 (c) | 2539 | 3078 |
|  0.125% due 08/10/2041 (c) | 1527 | 1739 |
|  1.250% due 11/22/2027 (c) | 3194 | 4088 |
|  **Total Sovereign Issues (Cost $52,159)** | **Total Sovereign Issues (Cost $52,159)** | **46497** |
|  | **SHARES** |  |
| **PREFERRED SECURITIES 0.0%** | **PREFERRED SECURITIES 0.0%** | **PREFERRED SECURITIES 0.0%** |
| **BANKING & FINANCE 0.0%** | **BANKING & FINANCE 0.0%** | **BANKING & FINANCE 0.0%** |
|  **Bank of America Corp.** | **Bank of America Corp.** | **Bank of America Corp.** |
|  5.875% due 03/15/2028 •(d) | 230000 | 204 |
|  **Total Preferred Securities (Cost $230)** | **Total Preferred Securities (Cost $230)** | **204** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **17** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Consolidated Schedule of Investments** | **PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio** | **(Cont.)** |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **SHORT-TERM INSTRUMENTS 27.4%** | **SHORT-TERM INSTRUMENTS 27.4%** | **SHORT-TERM INSTRUMENTS 27.4%** |
| **COMMERCIAL PAPER 1.5%** | **COMMERCIAL PAPER 1.5%** | **COMMERCIAL PAPER 1.5%** |
|  **American Electric Power, Inc.** | **American Electric Power, Inc.** | **American Electric Power, Inc.** |
|  4.720% due 01/04/2023 | 250 | 250 |
|  **Baxter International, Inc.** | **Baxter International, Inc.** | **Baxter International, Inc.** |
|  4.730% due 01/23/2023 | 750 | 748 |
|  **Consolidated Edison Co. of New York, Inc.** | **Consolidated Edison Co. of New York, Inc.** | **Consolidated Edison Co. of New York, Inc.** |
|  4.800% due 01/19/2023 | 250 | 249 |
|  **Constellation Brands, Inc.** | **Constellation Brands, Inc.** | **Constellation Brands, Inc.** |
|  5.000% due 01/10/2023 | 800 | 799 |
|  **Crown Castle, Inc.** | **Crown Castle, Inc.** | **Crown Castle, Inc.** |
|  5.100% due 01/09/2023 | 990 | 989 |
|  **Dominion Energy, Inc.** | **Dominion Energy, Inc.** | **Dominion Energy, Inc.** |
|  4.750% due 01/31/2023 | 250 | 249 |
|  **Electricite de France SA** | **Electricite de France SA** | **Electricite de France SA** |
|  5.000% due 01/20/2023 | 250 | 249 |
|  **Enel Finance America LLC** | **Enel Finance America LLC** | **Enel Finance America LLC** |
|  6.000% due 01/12/2023 | 250 | 249 |
|  **Energy Transfer LP** | **Energy Transfer LP** | **Energy Transfer LP** |
|  5.080% due 01/05/2023 | 250 | 250 |
|  **Fiserv, Inc.** | **Fiserv, Inc.** | **Fiserv, Inc.** |
|  4.630% due 01/09/2023 | 250 | &nbsp;&nbsp;&nbsp;&nbsp;250 |
|  4.730% due 01/17/2023 | 250 | 249 |
|  **Hitachi America Capital Ltd.** | **Hitachi America Capital Ltd.** | **Hitachi America Capital Ltd.** |
|  4.700% due 01/04/2023 | 250 | 250 |
|  **National Grid North America, Inc.** | **National Grid North America, Inc.** | **National Grid North America, Inc.** |
|  4.780% due 01/23/2023 | 250 | 249 |
|  **ORACLE Corp.** | **ORACLE Corp.** | **ORACLE Corp.** |
|  4.760% due 01/27/2023 | 250 | 249 |
|  4.800% due 01/26/2023 | 250 | 249 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Republic Services, Inc.** | **Republic Services, Inc.** | **Republic Services, Inc.** |
|  4.650% due 01/12/2023 | 250 | 250 |
|  **Tampa Electric Co.** | **Tampa Electric Co.** | **Tampa Electric Co.** |
|  4.800% due 01/12/2023 | 250 | 250 |
|  **Thomson Reuters Corp.** | **Thomson Reuters Corp.** | **Thomson Reuters Corp.** |
|  4.770% due 01/25/2023 | 500 | 498 |
|  **Vodafone Group PLC** | **Vodafone Group PLC** | **Vodafone Group PLC** |
|  4.600% due 01/05/2023 | 250 | 250 |
|  **VW Credit, Inc.** | **VW Credit, Inc.** | **VW Credit, Inc.** |
|  4.800% due 01/26/2023 | 250 | 249 |
|  **Walgreens Boots Alliance, Inc.** | **Walgreens Boots Alliance, Inc.** | **Walgreens Boots Alliance, Inc.** |
|  4.900% due 01/11/2023 | 250 | 250 |
|  4.950% due 01/18/2023 | 250 | 249 |
|  |  | 7524 |
| **REPURCHASE AGREEMENTS (e) 20.6%** | **REPURCHASE AGREEMENTS (e) 20.6%** | **REPURCHASE AGREEMENTS (e) 20.6%** |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;105805 |
| **SHORT-TERM NOTES 0.6%** | **SHORT-TERM NOTES 0.6%** | **SHORT-TERM NOTES 0.6%** |
|  **France Government International Bond** | **France Government International Bond** | **France Government International Bond** |
|  2.100% due 07/25/2023 (c) | 2735 | 2999 |
| **U.S. TREASURY BILLS 4.7%** | **U.S. TREASURY BILLS 4.7%** | **U.S. TREASURY BILLS 4.7%** |
|  4.209% due 01/05/2023 - 03/02/2023 (a)(b)(j) | 24378 | 24228 |
| **Total Short-Term Instruments<br>(Cost $140,699)** | **Total Short-Term Instruments<br>(Cost $140,699)** | **140556** |
| **Total Investments in Securities<br>(Cost $697,889)** | **Total Investments in Securities<br>(Cost $697,889)** | **653766** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **INVESTMENTS IN AFFILIATES 0.1%** | **INVESTMENTS IN AFFILIATES 0.1%** | **INVESTMENTS IN AFFILIATES 0.1%** | **INVESTMENTS IN AFFILIATES 0.1%** |
| **SHORT-TERM INSTRUMENTS 0.1%** | **SHORT-TERM INSTRUMENTS 0.1%** | **SHORT-TERM INSTRUMENTS 0.1%** | **SHORT-TERM INSTRUMENTS 0.1%** |
| **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.1%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.1%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.1%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.1%** |
|  **PIMCO Short-Term Floating NAV Portfolio III** | 27493 | $— | 267 |
| **Total Short-Term Instruments<br>(Cost $267)** | **Total Short-Term Instruments<br>(Cost $267)** |  | **267** |
| **Total Investments in Affiliates<br>(Cost $267)** | **Total Investments in Affiliates<br>(Cost $267)** |  | **267** |
| **Total Investments 127.3%<br>(Cost $698,156)** | **Total Investments 127.3%<br>(Cost $698,156)** | $— | **654033** |
|  **Financial Derivative<br>Instruments (g)(i) (1.2)%**<br> **(Cost or Premiums, net $(1067))** | **Financial Derivative<br>Instruments (g)(i) (1.2)%**<br> **(Cost or Premiums, net $(1067))** |  | **(6306)** |
| **Other Assets and Liabilities, net (26.1)%** | **Other Assets and Liabilities, net (26.1)%** |  | **(134062)** |
| **Net Assets 100.0%** | **Net Assets 100.0%** | $— | **513665** |

---

**NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:** 

**\*** **A zero balance may reflect actual amounts rounding to less than one thousand.** 

---

| | |
|:---|:---|
| **^** | **Security is in default.**  |

---

---

| | |
|:---|:---|
| **«** | **Security valued using significant unobservable inputs (Level 3).**  |

---

---

| | |
|:---|:---|
| **~** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.**  |

---

**•** **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** 

---

| | |
|:---|:---|
| **þ** | **Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.**  |

---

**(a)** **Coupon represents a weighted average yield to maturity.** 

**(b)** **Zero coupon security.** 

**(c)** **Principal amount of security is adjusted for inflation.** 

**(d)** **Perpetual maturity; date shown, if applicable, represents next contractual call date.** 

**BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;**(e) REPURCHASE AGREEMENTS:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Lending<br>Rate** | **Settlement<br>Date** | **Maturity<br>Date** | **Principal<br>Amount** | **Collateralized By** | **Collateral<br>(Received)** | **Repurchase<br>Agreements,<br>at Value** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** |
| BPS | 4.320% | 12/30/2022 | 01/03/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55000 | Ginnie Mae 2.500% due 10/20/2051 | $(56706) | $55000 | $55026 |
| FICC | 1.900 | 12/30/2022 | 01/03/2023 | 531 | U.S. Treasury Bills 0.000% due 06/29/2023 | (542) | 531 | 531 |
| SAL | 4.320 | 12/30/2022 | 01/03/2023 | 48800 | U.S. Treasury Notes 0.125% due 10/15/2023 | (49736) | 48800 | 48824 |
| SSB | 1.900 | 12/30/2022 | 01/03/2023 | 1474 | U.S. Treasury Notes 1.875% due 06/30/2026<sup>(2)</sup> | (1503) | 1474 | 1474 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** |  | $**(108487)** | $**105805** | $**105855** |

---

---

| | | |
|:---|:---|:---|
| **18** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

**SALE-BUYBACK TRANSACTIONS:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Borrowing<br>Rate<sup>(3)</sup>** | **Borrowing<br>Date** | **Maturity<br>Date** | **Amount<br>Borrowed<sup>(3)</sup>** | **Payable for<br>Sale-Buyback<br>Transactions<sup>(4)</sup>** |
|  BCY | 4.290% | 12/08/2022 | 01/05/2023 | $(90835) | $(91116) |
|  BOS | 4.210 | 11/09/2022 | 01/09/2023 | (4583) | (4613) |
|  GSC | 4.380 | 01/03/2023 | 01/04/2023 | (9699) | (9699) |
|  | 4.400 | 01/03/2023 | 01/04/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(161567) | (161567) |
|  | 4.460 | 12/19/2022 | 01/09/2023 | (11644) | (11666) |
|  TDM | 4.290 | 11/29/2022 | 01/12/2023 | (307) | (308) |
|  **Total Sale-Buyback Transactions** | **Total Sale-Buyback Transactions** | **Total Sale-Buyback Transactions** |  |  | $**(278969)** |

---

**SHORT SALES:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **Proceeds** | **Payable for<br>Short Sales<sup>(5)</sup>** |
|  U.S. Government Agencies (0.7)% | U.S. Government Agencies (0.7)% | U.S. Government Agencies (0.7)% | U.S. Government Agencies (0.7)% | U.S. Government Agencies (0.7)% | U.S. Government Agencies (0.7)% |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Inflation Protected Securities | 0.375% | 07/15/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3841 | $(3794) | $(3803) |
|  **Total Short Sales (0.7)%** |  |  |  | $**(3794)** | $**(3803)** |

---

**BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY** 

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2022:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** | **Payable for<br>Reverse<br>Repurchase<br>Agreements** | **Payable for<br>Sale-Buyback<br>Transactions<sup>(4)</sup>** | **Payable for<br>Short Sales<sup>(5)</sup>** | **Total<br>Borrowings and<br>Other Financing<br>Transactions** | **Collateral<br>Pledged/(Received)** | **Net Exposure<sup>(6)</sup>** |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BPS | $55026 | $0 | $0 | $0 | $55026 | $(56706) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1680) |
|  FICC | 531 | 0 | 0 | 0 | 531 | (542) | (11) |
|  SAL | 48824 | 0 | 0 | 0 | 48824 | (49736) | (912) |
|  SSB | 1474 | 0 | 0 | 0 | 1474 | (1503) | (29) |
|  Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement |
|  BCY | 0 | 0 | (91116) | 0 | (91116) | 90872 | (244) |
|  BOS | 0 | 0 | (4613) | 0 | (4613) | 4625 | 12 |
|  BPG | 0 | 0 | 0 | (3803) | 0 | 0 | 0 |
|  GSC | 0 | 0 | (182932) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(182932) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181948 | (984) |
|  TDM | 0 | 0 | (308) | 0 | (308) | 307 | (1) |
|  **Total Borrowings and Other Financing Transactions** | $**105855** | $**0** | $**(278969)** | $**(3803)** |  |  |  |

---

**CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS** 

**Remaining Contractual Maturity of the Agreements** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Overnight and<br>Continuous** | **Up to 30 days** | **31-90 days** | **Greater Than 90 days** | **Total** |
|  **Sale-Buyback Transactions** | **Sale-Buyback Transactions** | **Sale-Buyback Transactions** | **Sale-Buyback Transactions** | **Sale-Buyback Transactions** | **Sale-Buyback Transactions** |
|  U.S. Treasury Obligations | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(278969) | $0 | $0 | $(278969) |
|  **Total Borrowings** | $**0** | $**(278969)** | $**0** | $**0** | $**(278969)** |
|  **Payable for sale-buyback financing transactions**  | **Payable for sale-buyback financing transactions**  | **Payable for sale-buyback financing transactions**  | **Payable for sale-buyback financing transactions**  | **Payable for sale-buyback financing transactions**  | $**(278969)** |

---

**(f)** **Securities with an aggregate market value of $277,752 have been pledged as collateral under the terms of the above master agreements as of December 31, 2022.** 

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> Collateral is held in custody by the counterparty.

<sup>(3)</sup> The average amount of borrowings outstanding during the period ended December 31, 2022 was $(203885) at a weighted average interest rate of 1.076%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(4)</sup> Payable for sale-buyback transactions includes $(55) of deferred price drop. 

<sup>(5)</sup> Payable for short sales includes $(7) of accrued interest. 

<sup>(6)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **19** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Consolidated Schedule of Investments** | **PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio** | **(Cont.)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**(g) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** 

**WRITTEN OPTIONS:** 

**COMMODITY OPTIONS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Strike<br>Price** | **Expiration<br>Date** | **# of<br>Contracts** | **Notional<br>Amount** | **Premiums<br>(Received)** | **Market<br>Value** |
|  Put - Crude February 2023 Futures | $70.000 | 01/17/2023 | 4 | $4 | $(11) | $(1) |
|  Call - Gold August 2023 Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1830.000 | 07/26/2023 | 15 | 2 | (128) | (171) |
|  Put - NYMEX Crude December 2023 Futures | 65.000 | 11/15/2023 | 1 | 1 | (11) | (7) |
|  Call - NYMEX Crude February 2023 Futures | 88.000 | 01/17/2023 | 1 | 1 | (1) | (1) |
|  Call - NYMEX Crude February 2023 Futures | 90.000 | 01/17/2023 | 1 | 1 | (2) | 0 |
|  Put - NYMEX Crude June 2023 Futures | 75.000 | 05/17/2023 | 4 | 4 | (30) | (26) |
|  Put - NYMEX Natural Gas February 2023 Futures | 4.500 | 01/26/2023 | 3 | 30 | (10) | (13) |
|  Put - NYMEX Natural Gas March 2023 Futures | 4.000 | 02/23/2023 | 6 | 60 | (20) | (28) |
|  Put - NYMEX Natural Gas March 2023 Futures | 4.500 | 02/23/2023 | 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | (68) | (92) |
|  **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | $**(281)** | $**(339)** |

---

**FUTURES CONTRACTS:** 

**LONG FUTURES CONTRACTS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  3-Month Euribor March Futures  | 03/2023 | 163 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42308 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1432) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) |
|  Brent 1st Line vs. Dubai 1st Line April Futures  | 04/2023 | 1 | 5 | 4 | 0 | 0 |
|  Brent 1st Line vs. Dubai 1st Line August Futures  | 08/2023 | 1 | 5 | 4 | 0 | 0 |
|  Brent 1st Line vs. Dubai 1st Line December Futures  | 12/2023 | 1 | 5 | 4 | 0 | 0 |
|  Brent 1st Line vs. Dubai 1st Line July Futures  | 07/2023 | 1 | 5 | 4 | 0 | 0 |
|  Brent 1st Line vs. Dubai 1st Line June Futures  | 06/2023 | 1 | 5 | 4 | 0 | 0 |
|  Brent 1st Line vs. Dubai 1st Line May Futures  | 05/2023 | 1 | 5 | 4 | 0 | 0 |
|  Brent 1st Line vs. Dubai 1st Line November Futures  | 11/2023 | 1 | 5 | 4 | 0 | 0 |
|  Brent 1st Line vs. Dubai 1st Line October Futures  | 10/2023 | 1 | 5 | 4 | 0 | 0 |
|  Brent 1st Line vs. Dubai 1st Line September Futures  | 09/2023 | 1 | 5 | 4 | 0 | 0 |
|  Brent Crude December Futures  | 10/2023 | 12 | 980 | 37 | 22 | 0 |
|  Brent Crude June Futures  | 04/2023 | 13 | 1102 | 35 | 28 | 0 |
|  Brent Crude March Futures  | 01/2023 | 39 | 3350 | 185 | 96 | 0 |
|  California Carbon Allowance December Futures  | 12/2023 | 229 | 6950 | 278 | 11 | 0 |
|  Cocoa March Futures  | 03/2023 | 13 | 338 | 33 | 3 | 0 |
|  Copper March Futures  | 03/2023 | 5 | 476 | 34 | 0 | (2) |
|  Corn December Futures  | 12/2023 | 3 | 92 | 1 | 0 | 0 |
|  Euro-Bund March Futures  | 03/2023 | 89 | 12664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(817) | 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(101) |
|  Euro-Mill Wheat March Futures  | 03/2023 | 13 | 215 | (22) | 1 | (5) |
|  European Climate Exchange March Futures  | 03/2023 | 5 | 436 | (4) | 0 | (11) |
|  Gas Oil April Futures  | 04/2023 | 1 | 86 | (8) | 0 | 0 |
|  Gas Oil December Futures  | 12/2023 | 5 | 390 | 3 | 2 | 0 |
|  Gas Oil January Futures  | 01/2023 | 7 | 645 | (17) | 2 | 0 |
|  Gas Oil June Futures  | 06/2023 | 4 | 328 | 8 | 1 | 0 |
|  Gas Oil March Futures  | 03/2023 | 5 | 441 | (13) | 1 | 0 |
|  Globex Natural Gas February Futures  | 01/2023 | 16 | 716 | (120) | 0 | (13) |
|  Gold 100 oz. August Futures  | 08/2023 | 6 | 1124 | 69 | 0 | 0 |
|  Hard Red Winter Wheat March Futures  | 03/2023 | 1 | 47 | (1) | 1 | 0 |
|  Henry Hub Natural Gas April Futures  | 03/2024 | 2 | 19 | (3) | 0 | 0 |
|  Henry Hub Natural Gas August Futures  | 07/2024 | 2 | 20 | (2) | 0 | 0 |
|  Henry Hub Natural Gas December Futures  | 11/2024 | 2 | 24 | 3 | 0 | 0 |
|  Henry Hub Natural Gas February Futures  | 01/2024 | 2 | 25 | 3 | 0 | 0 |
|  Henry Hub Natural Gas January Futures  | 12/2023 | 2 | 26 | 4 | 0 | 0 |
|  Henry Hub Natural Gas July Futures  | 06/2024 | 2 | 20 | (2) | 0 | 0 |
|  Henry Hub Natural Gas June Futures  | 05/2024 | 2 | 19 | (2) | 0 | 0 |
|  Henry Hub Natural Gas March Futures  | 02/2024 | 2 | 22 | 0 | 0 | 0 |
|  Henry Hub Natural Gas May Futures  | 04/2024 | 2 | 19 | (3) | 0 | 0 |
|  Henry Hub Natural Gas November Futures  | 10/2024 | 2 | 22 | 0 | 0 | 0 |
|  Henry Hub Natural Gas October Futures  | 09/2024 | 2 | 20 | (2) | 0 | 0 |
|  Henry Hub Natural Gas September Futures  | 08/2024 | 2 | 20 | (2) | 0 | 0 |
|  Iron Ore March Futures  | 03/2023 | 81 | 934 | 193 | 16 | 0 |
|  Live Cattle February Futures April Futures  | 04/2023 | 19 | 1230 | 14 | 0 | (5) |
|  Low Sulphur Gasoil 1st Line vs Brent 1st Line April Futures  | 04/2023 | 1 | 28 | (2) | 0 | (2) |
|  Low Sulphur Gasoil 1st Line vs Brent 1st Line August Futures  | 08/2023 | 1 | 25 | (5) | 0 | (2) |
|  Low Sulphur Gasoil 1st Line vs Brent 1st Line December Futures  | 12/2023 | 1 | 23 | (7) | 0 | (1) |
|  Low Sulphur Gasoil 1st Line vs Brent 1st Line July Futures  | 07/2023 | 1 | 25 | (5) | 0 | (2) |
|  Low Sulphur Gasoil 1st Line vs Brent 1st Line June Futures  | 06/2023 | 1 | 26 | (5) | 0 | (2) |

---

---

| | | |
|:---|:---|:---|
| **20** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  Low Sulphur Gasoil 1st Line vs Brent 1st Line May Futures  | 05/2023 | 1 | $26 | $(4) | $0 | $(2) |
|  Low Sulphur Gasoil 1st Line vs Brent 1st Line November Futures  | 11/2023 | 1 | 24 | (7) | 0 | (1) |
|  Low Sulphur Gasoil 1st Line vs Brent 1st Line October Futures  | 10/2023 | 1 | 24 | (6) | 0 | (1) |
|  Low Sulphur Gasoil 1st Line vs Brent 1st Line September Futures  | 09/2023 | 1 | 25 | (5) | 0 | (2) |
|  Natural Gas December Futures  | 11/2023 | 2 | 98 | (19) | 0 | 0 |
|  Natural Gas February Futures  | 01/2023 | 13 | 582 | (88) | 0 | (11) |
|  Natural Gas March Futures  | 02/2023 | 33 | 1354 | (172) | 0 | (3) |
|  Natural Gas March Futures  | 02/2024 | 19 | 836 | (121) | 2 | 0 |
|  Natural Gas May Futures  | 04/2023 | 15 | 590 | (157) | 0 | (1) |
|  Natural Gas October Futures  | 09/2023 | 8 | 334 | (79) | 0 | 0 |
|  Natural Gas October Futures  | 09/2024 | 8 | 324 | (27) | 1 | 0 |
|  Natural Gas September Futures  | 08/2023 | 1 | 41 | (4) | 0 | 0 |
|  Put Options Strike @ USD 65.000 on Brent Crude March 2023 Futures<sup>(1)</sup> | 01/2023 | 24 | 3 | (20) | 0 | (1) |
|  RBOB Gasoline December Futures  | 11/2023 | 1 | 95 | 8 | 3 | 0 |
|  RBOB Gasoline June Futures  | 05/2023 | 2 | 218 | 1 | 8 | 0 |
|  RBOB Gasoline March Futures  | 02/2023 | 2 | 208 | 13 | 8 | 0 |
|  Soybean March Futures  | 03/2023 | 20 | 1524 | 71 | 8 | 0 |
|  Soybean Meal July Futures  | 07/2023 | 6 | 273 | 9 | 6 | 0 |
|  Soybean Meal March Futures  | 03/2023 | 61 | 2873 | 400 | 76 | 0 |
|  Sugar No. 11 July Futures  | 06/2023 | 25 | 503 | (2) | 0 | (4) |
|  U.S. Treasury 5-Year Note March Futures  | 03/2023 | 353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38099 | (91) | 40 | (14) |
|  U.S. Treasury 10-Year Note March Futures  | 03/2023 | 162 | 18192 | (188) | 0 | (23) |
|  U.S. Treasury Ultra Long-Term Bond March Futures  | 03/2023 | 105 | 14103 | (149) | 0 | (53) |
|  Wheat March Futures  | 03/2023 | 36 | 1426 | (17) | 32 | 0 |
|  WTI Crude December Futures  | 11/2023 | 18 | 1392 | 56 | 31 | 0 |
|  WTI Crude December Futures  | 11/2025 | 7 | 480 | 0 | 8 | 0 |
|  WTI Crude June Futures  | 05/2024 | 11 | 820 | 11 | 17 | 0 |
|  WTI Crude March Futures  | 02/2023 | 49 | 3942 | 121 | 96 | 0 |
|  WTI Houston (Argus) vs. WTI Trade April Futures  | 03/2023 | 1 | 1 | (1) | 0 | 0 |
|  WTI Houston (Argus) vs. WTI Trade August Futures  | 07/2023 | 1 | 1 | 0 | 0 | 0 |
|  WTI Houston (Argus) vs. WTI Trade December Futures  | 11/2023 | 1 | 2 | 0 | 0 | 0 |
|  WTI Houston (Argus) vs. WTI Trade February Futures  | 01/2023 | 1 | 1 | (1) | 0 | 0 |
|  WTI Houston (Argus) vs. WTI Trade July Futures  | 06/2023 | 1 | 1 | 0 | 0 | 0 |
|  WTI Houston (Argus) vs. WTI Trade June Futures  | 05/2023 | 1 | 1 | 0 | 0 | 0 |
|  WTI Houston (Argus) vs. WTI Trade March Futures  | 02/2023 | 1 | 1 | (1) | 0 | 0 |
|  WTI Houston (Argus) vs. WTI Trade May Futures  | 04/2023 | 1 | 1 | 0 | 0 | 0 |
|  WTI Houston (Argus) vs. WTI Trade November Futures  | 10/2023 | 1 | 2 | 0 | 0 | 0 |
|  WTI Houston (Argus) vs. WTI Trade October Futures  | 09/2023 | 1 | 2 | 0 | 0 | 0 |
|  WTI Houston (Argus) vs. WTI Trade September Futures  | 08/2023 | 1 | 1 | 0 | 0 | 0 |
|  WTI-Brent April Futures  | 04/2023 | 1 | (4) | 0 | 0 | 0 |
|  WTI-Brent August Futures  | 08/2023 | 1 | (4) | 1 | 0 | 0 |
|  WTI-Brent December Futures  | 12/2023 | 1 | (4) | 1 | 0 | 0 |
|  WTI-Brent February Futures  | 02/2023 | 1 | (5) | (1) | 0 | 0 |
|  WTI-Brent January Futures  | 01/2023 | 1 | (6) | (1) | 0 | (1) |
|  WTI-Brent July Futures  | 07/2023 | 1 | (4) | 1 | 0 | 0 |
|  WTI-Brent June Futures  | 06/2023 | 1 | (4) | 1 | 0 | 0 |
|  WTI-Brent March Futures  | 03/2023 | 1 | (5) | 0 | 0 | 0 |
|  WTI-Brent May Futures  | 05/2023 | 1 | (4) | 1 | 0 | 0 |
|  WTI-Brent November Futures  | 11/2023 | 1 | (4) | 1 | 0 | 0 |
|  WTI-Brent October Futures  | 10/2023 | 1 | (4) | 1 | 0 | 0 |
|  WTI-Brent September Futures  | 09/2023 | 1 | (4) | 1 | 0 | 0 |
|  WTI-Crude September Futures  | 08/2023 | 11 | 867 | 30 | 21 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1971) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(272) |

---

**SHORT FUTURES CONTRACTS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| <br>**Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  Aluminum Futures March Futures  | 03/2023 | 21 | $(1245) | $6 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | $(9) |
|  Arabica Coffee July Futures  | 07/2023 | 7 | (437) | 2 | 7 | 0 |
|  Arabica Coffee March Futures  | 03/2023 | 6 | (376) | 12 | 6 | 0 |
|  Australia Government 10-Year Bond March Futures  | 03/2023 | 30 | (2230) | 56 | 2 | (1) |
|  Brent 1st Line vs. Dubai 1st Line February Futures  | 02/2023 | 5 | (27) | 1 | 0 | 0 |
|  Brent 1st Line vs. Dubai 1st Line January Futures  | 01/2023 | 5 | (25) | 5 | 0 | 0 |
|  Brent Crude December Futures  | 10/2024 | 14 | (1078) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) |
|  Brent Crude December Futures  | 10/2025 | 4 | (294) | (9) | 0 | (4) |
|  Brent Crude September Futures  | 07/2023 | 7 | (582) | (22) | 0 | (14) |
|  Call Options Strike @ EUR 146.000 on Euro-Bund 10-Year Bond February 2023 Futures<sup>(1)</sup> | 01/2023 | 5 | 0 | 4 | 0 | 0 |
|  Call Options Strike @ USD 90.000 on Brent Crude March 2023 Futures<sup>(1)</sup> | 01/2023 | 26 | (53) | (14) | 0 | (18) |
|  Call Options Strike @ USD 95.000 on Brent Crude March 2023 Futures<sup>(1)</sup> | 01/2023 | 2 | (2) | 0 | 0 | (1) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **21** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Consolidated Schedule of Investments** | **PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio** | **(Cont.)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| <br>**Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  Coal February Futures  | 02/2023 | 1 | $(363) | $(56) | $0 | $(8) |
|  Coal January Futures  | 01/2023 | 1 | (390) | (83) | 0 | (10) |
|  Coal March Futures  | 03/2023 | 1 | (340) | (33) | 0 | (6) |
|  Corn July Futures  | 07/2023 | 1 | (34) | (1) | 0 | 0 |
|  Corn March Futures  | 03/2023 | 94 | (3189) | 19 | 5 | 0 |
|  Cotton No. 2 July Futures  | 07/2023 | 5 | (208) | 0 | 0 | (2) |
|  Euro-Bobl March Futures  | 03/2023 | 38 | (4708) | 150 | 17 | (11) |
|  Euro-BTP Italy Government Bond March Futures  | 03/2023 | 78 | (8776) | 138 | 11 | (10) |
|  Euro-BTP March Futures  | 03/2023 | 108 | (12592) | 929 | 129 | (103) |
|  Euro-Buxl 30-Year Bond March Futures  | 03/2023 | 17 | (2461) | 465 | 64 | (11) |
|  Euro-Oat March Futures  | 03/2023 | 59 | (8040) | 561 | 73 | (41) |
|  Euro-Schatz March Futures  | 03/2023 | 551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62179) | 795 | 77 | (32) |
|  Gas Oil February Futures  | 02/2023 | 13 | (1178) | 28 | 0 | (2) |
|  Gas Oil September Futures  | 09/2023 | 10 | (801) | (9) | 0 | (3) |
|  Gold 100 oz. April Futures  | 04/2023 | 2 | (368) | (1) | 0 | 0 |
|  Gold 100 oz. February Futures  | 02/2023 | 14 | (2557) | (71) | 0 | 0 |
|  Hard Red Winter Wheat July Futures  | 07/2023 | 4 | (175) | (6) | 0 | (4) |
|  Hard Red Winter Wheat March Futures  | 03/2023 | 12 | (533) | 20 | 0 | (13) |
|  Henry Hub Natural Gas April Futures  | 03/2025 | 2 | (20) | 1 | 0 | 0 |
|  Henry Hub Natural Gas August Futures  | 07/2025 | 2 | (21) | 0 | 0 | 0 |
|  Henry Hub Natural Gas December Futures  | 11/2025 | 2 | (25) | (4) | 0 | 0 |
|  Henry Hub Natural Gas February Futures  | 01/2025 | 2 | (25) | (4) | 0 | 0 |
|  Henry Hub Natural Gas January Futures  | 12/2024 | 2 | (26) | (5) | 0 | 0 |
|  Henry Hub Natural Gas July Futures  | 06/2025 | 2 | (20) | 1 | 0 | 0 |
|  Henry Hub Natural Gas June Futures  | 05/2025 | 2 | (20) | 1 | 0 | 0 |
|  Henry Hub Natural Gas March Futures  | 02/2025 | 2 | (23) | (2) | 0 | 0 |
|  Henry Hub Natural Gas May Futures  | 04/2025 | 2 | (20) | 1 | 0 | 0 |
|  Henry Hub Natural Gas November Futures  | 10/2025 | 2 | (23) | (2) | 0 | 0 |
|  Henry Hub Natural Gas October Futures  | 09/2025 | 2 | (21) | 0 | 0 | 0 |
|  Henry Hub Natural Gas September Futures  | 08/2025 | 2 | (21) | 0 | 0 | 0 |
|  Japan Government 10-Year Bond March Futures  | 03/2023 | 24 | (26600) | 490 | 37 | 0 |
|  Jet CIF NWE Cargoes (Platts) vs Brent 1st Line Mini April Futures  | 04/2023 | 1 | (31) | 2 | 2 | 0 |
|  Jet CIF NWE Cargoes (Platts) vs Brent 1st Line Mini August Futures  | 08/2023 | 1 | (28) | 5 | 2 | 0 |
|  Jet CIF NWE Cargoes (Platts) vs Brent 1st Line Mini December Futures  | 12/2023 | 1 | (26) | 6 | 1 | 0 |
|  Jet CIF NWE Cargoes (Platts) vs Brent 1st Line Mini July Futures  | 07/2023 | 1 | (28) | 4 | 2 | 0 |
|  Jet CIF NWE Cargoes (Platts) vs Brent 1st Line Mini June Futures  | 06/2023 | 1 | (29) | 4 | 2 | 0 |
|  Jet CIF NWE Cargoes (Platts) vs Brent 1st Line Mini May Futures  | 05/2023 | 1 | (29) | 3 | 2 | 0 |
|  Jet CIF NWE Cargoes (Platts) vs Brent 1st Line Mini November Futures  | 11/2023 | 1 | (26) | 6 | 1 | 0 |
|  Jet CIF NWE Cargoes (Platts) vs Brent 1st Line Mini October Futures  | 10/2023 | 1 | (27) | 6 | 1 | 0 |
|  Jet CIF NWE Cargoes (Platts) vs Brent 1st Line Mini September Futures  | 09/2023 | 1 | (27) | 5 | 2 | 0 |
|  Lead March Futures  | 03/2023 | 4 | (231) | (14) | 0 | (14) |
|  Lean Hogs April Futures  | 04/2023 | 26 | (991) | (17) | 4 | 0 |
|  Natural Gas April Futures  | 03/2023 | 15 | (588) | 165 | 1 | 0 |
|  Natural Gas August Futures  | 07/2023 | 1 | (42) | 4 | 0 | 0 |
|  Natural Gas January Futures  | 12/2023 | 27 | (1381) | 222 | 1 | 0 |
|  Natural Gas January Futures  | 12/2024 | 8 | (414) | 7 | 0 | (1) |
|  Natural Gas July Futures  | 06/2023 | 5 | (208) | 20 | 1 | 0 |
|  Natural Gas March Futures  | 02/2023 | 5 | (311) | 27 | 36 | (8) |
|  New York Harbor ULSD December Futures  | 11/2023 | 1 | (119) | (7) | 0 | (2) |
|  New York Harbor ULSD June Futures  | 05/2023 | 5 | (616) | (2) | 0 | (9) |
|  New York Harbor ULSD March Futures  | 02/2023 | 2 | (267) | (8) | 0 | (3) |
|  Palladium March Futures  | 03/2023 | 1 | (180) | 13 | 2 | 0 |
|  Platinum April Futures  | 04/2023 | 4 | (217) | (14) | 0 | (4) |
|  Put Options Strike @ EUR 138.500 on Euro-Bund 10-Year Bond February 2023 Futures<sup>(1)</sup> | 01/2023 | 5 | (31) | (26) | 2 | (5) |
|  Silver March Futures  | 03/2023 | 2 | (240) | (45) | 2 | 0 |
|  Soybean July Futures  | 07/2023 | 2 | (153) | (3) | 0 | (1) |
|  Soybean November Futures  | 11/2023 | 1 | (71) | (1) | 0 | 0 |
|  Soybean Oil July Futures  | 07/2023 | 4 | (153) | (5) | 3 | 0 |
|  Soybean Oil March Futures  | 03/2023 | 6 | (231) | 21 | 8 | 0 |
|  U.S. Treasury 2-Year Note March Futures  | 03/2023 | 38 | (7790) | (1) | 0 | (4) |
|  U.S. Treasury Long-Term Bond March Futures  | 03/2023 | 446 | (55903) | 52 | 66 | (17) |
|  U.S. Ultra Treasury Note March Futures  | 03/2023 | 18 | (2129) | 2 | 1 | 0 |
|  United Kingdom Long Gilt March Futures  | 03/2023 | 23 | (2778) | 182 | 8 | (3) |
|  Wheat July Futures  | 07/2023 | 10 | (402) | (17) | 0 | (9) |
|  WTI Crude December Futures  | 11/2023 | 16 | (1237) | (48) | 0 | (27) |
|  WTI Crude December Futures  | 11/2024 | 17 | (1229) | (37) | 0 | (23) |
|  WTI Crude June Futures  | 05/2023 | 45 | (3609) | (89) | 0 | (88) |
|  WTI Crude March Futures  | 02/2023 | 40 | (3218) | (58) | 0 | (78) |
|  Zinc Futures March Futures  | 03/2023 | 3 | (223) | (4) | 0 | (4) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3706 | $593 | $(623) |
|  **Total Futures Contracts** |  |  |  | $**1735** | $**1192** | $**(895)** |

---

---

| | | |
|:---|:---|:---|
| **22** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

**SWAP AGREEMENTS:** 

**CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(2)</sup>** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2022<sup>(3)</sup>** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(5)</sup>** | **Variation Margin** | **Variation Margin** |
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2022<sup>(3)</sup>** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(5)</sup>** | **Asset** | **Liability** |
|  General Electric Co. | 1.000% | Quarterly | 12/20/2023 | 0.438% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | $(11) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

**INTEREST RATE SWAPS** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
| Receive | 1-Day GBP-SONIO Compounded-OIS | 0.500% | Annual | 03/16/2042 | 2700 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1358 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1405 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.300 | Semi-Annual | 09/20/2027 | 195330 | (3) | 25 | 22 | 2 | 0 |
| Pay | 3-Month EUR-EURIBOR | 0.526 | Annual | 11/21/2023 | 10300 | 0 | (378) | (378) | 0 | (2) |
| Receive | 3-Month NZD-BBR | 3.250 | Semi-Annual | 03/21/2028 | 1000 | 3 | 38 | 41 | 0 | (1) |
| Receive | 3-Month USD-LIBOR | 1.750 | Semi-Annual | 12/21/2026 | $600 | 31 | 22 | 53 | 1 | 0 |
| Receive<sup>(6)</sup> | 3-Month USD-LIBOR | 1.840 | Semi-Annual | 11/15/2028 | 3500 | 0 | 289 | 289 | 5 | 0 |
| Receive<sup>(6)</sup> | 3-Month USD-LIBOR | 1.840 | Semi-Annual | 11/21/2028 | 1900 | 0 | 156 | 156 | 3 | 0 |
| Pay<sup>(6)</sup> | 3-Month USD-LIBOR | 1.975 | Semi-Annual | 11/15/2053 | 700 | 0 | (181) | (181) | 0 | (4) |
| Pay<sup>(6)</sup> | 3-Month USD-LIBOR | 1.888 | Semi-Annual | 11/21/2053 | 400 | 0 | (110) | (110) | 0 | (2) |
| Pay | 6-Month EUR-EURIBOR | 0.550 | Annual | 08/10/2024 | 100 | 0 | (5) | (5) | 0 | 0 |
| Pay | 6-Month EUR-EURIBOR | 0.700 | Annual | 04/11/2027 | 700 | (3) | (71) | (74) | 0 | (2) |
| Pay | 6-Month EUR-EURIBOR | 0.650 | Annual | 04/12/2027 | 1600 | (9) | (164) | (173) | 0 | (4) |
| Pay | 6-Month EUR-EURIBOR | 0.650 | Annual | 05/11/2027 | 900 | (7) | (92) | (99) | 0 | (2) |
| Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 05/13/2027 | 1600 | (6) | (142) | (148) | 0 | (4) |
| Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 05/18/2027 | 700 | (3) | (62) | (65) | 0 | (2) |
| Pay | 6-Month EUR-EURIBOR | 0.000 | Annual | 11/04/2032 | 5700 | (58) | (1600) | (1658) | 0 | (26) |
| Pay | 6-Month EUR-EURIBOR | 0.000 | Annual | 11/08/2032 | 5400 | (110) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1463) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1573) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) |
| Receive | 6-Month EUR-EURIBOR | 0.190 | Annual | 11/04/2052 | 900 | 56 | 401 | 457 | 7 | 0 |
| Receive | 6-Month EUR-EURIBOR | 0.195 | Annual | 11/04/2052 | 950 | 1 | 480 | 481 | 7 | 0 |
| Receive | 6-Month EUR-EURIBOR | 0.197 | Annual | 11/08/2052 | 1800 | 112 | 799 | 911 | 14 | 0 |
| Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 0.830 | Annual | 12/09/2052 | 2700 | 7 | 80 | 87 | 4 | 0 |
| Pay | CPTFEMU | 3.000 | Maturity | 05/15/2027 | 1100 | 1 | 37 | 38 | 3 | 0 |
| Pay | CPTFEMU | 3.130 | Maturity | 05/15/2027 | 600 | 0 | 16 | 16 | 2 | 0 |
| Pay | CPTFEMU | 2.359 | Maturity | 08/15/2030 | 800 | 9 | 24 | 33 | 3 | 0 |
| Receive | CPTFEMU | 1.380 | Maturity | 03/15/2031 | 3300 | (24) | (679) | (703) | 0 | (9) |
| Pay | CPTFEMU | 2.600 | Maturity | 05/15/2032 | 1200 | 6 | 44 | 50 | 4 | 0 |
| Pay | CPTFEMU | 2.570 | Maturity | 06/15/2032 | 2700 | 0 | 78 | 78 | 9 | 0 |
| Pay | CPTFEMU | 2.720 | Maturity | 06/15/2032 | 1300 | (7) | 25 | 18 | 4 | 0 |
| Pay | CPTFEMU | 2.470 | Maturity | 07/15/2032 | 600 | 0 | 23 | 23 | 2 | 0 |
| Pay | CPTFEMU | 1.710 | Maturity | 03/15/2033 | 400 | (1) | 69 | 68 | 2 | 0 |
| Receive | CPTFEMU | 2.488 | Maturity | 05/15/2037 | 1580 | 2 | (94) | (92) | 0 | (4) |
| Receive | CPTFEMU | 1.945 | Maturity | 11/15/2048 | 100 | 0 | (26) | (26) | 0 | 0 |
| Receive | CPTFEMU | 2.580 | Maturity | 03/15/2052 | 200 | 0 | (17) | (17) | 0 | 0 |
| Receive | CPTFEMU | 2.590 | Maturity | 03/15/2052 | 700 | (13) | (43) | (56) | 1 | 0 |
| Receive | CPTFEMU | 2.550 | Maturity | 04/15/2052 | 200 | 0 | (16) | (16) | 0 | 0 |
| Receive | CPTFEMU | 2.421 | Maturity | 05/15/2052 | 230 | 0 | (27) | (27) | 0 | 0 |
| Receive | CPTFEMU | 2.590 | Maturity | 12/15/2052 | 700 | 0 | (8) | (8) | 1 | 0 |
| Pay | CPURNSA | 2.210 | Maturity | 02/05/2023 | 3970 | 0 | 359 | 359 | 0 | (2) |
| Pay | CPURNSA | 2.263 | Maturity | 04/27/2023 | 2120 | 0 | 176 | 176 | 2 | 0 |
| Pay | CPURNSA | 2.560 | Maturity | 05/08/2023 | 13100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2128) | 2160 | 32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | 0 |
| Pay | CPURNSA | 2.263 | Maturity | 05/09/2023 | 630 | 0 | 53 | 53 | 1 | 0 |
| Pay | CPURNSA | 2.281 | Maturity | 05/10/2023 | 960 | 0 | 79 | 79 | 1 | 0 |
| Pay | CPURNSA | 2.703 | Maturity | 05/25/2026 | 130 | 0 | 10 | 10 | 0 | 0 |
| Receive | CPURNSA | 2.102 | Maturity | 07/20/2027 | 1800 | 0 | (207) | (207) | 0 | 0 |
| Receive | CPURNSA | 2.080 | Maturity | 07/25/2027 | 1300 | 0 | (153) | (153) | 0 | 0 |
| Receive | CPURNSA | 2.122 | Maturity | 08/01/2027 | 1900 | 0 | (216) | (216) | 0 | 0 |
| Pay | CPURNSA | 1.794 | Maturity | 08/24/2027 | 600 | 0 | 86 | 86 | 0 | 0 |
| Pay | CPURNSA | 1.798 | Maturity | 08/25/2027 | 300 | 0 | 43 | 43 | 0 | 0 |
| Pay | CPURNSA | 1.890 | Maturity | 08/27/2027 | 300 | 0 | 41 | 41 | 0 | 0 |
| Receive | CPURNSA | 2.180 | Maturity | 09/20/2027 | 650 | 0 | (72) | (72) | 0 | 0 |
| Receive | CPURNSA | 2.150 | Maturity | 09/25/2027 | 600 | 0 | (68) | (68) | 0 | 0 |
| Receive | CPURNSA | 2.155 | Maturity | 10/17/2027 | 1400 | 0 | (158) | (158) | 0 | 0 |
| Receive | CPURNSA | 2.335 | Maturity | 02/05/2028 | 2010 | 4 | (182) | (178) | 1 | 0 |
| Receive | CPURNSA | 2.352 | Maturity | 05/09/2028 | 630 | 0 | (54) | (54) | 0 | 0 |
| Receive | CPURNSA | 2.360 | Maturity | 05/09/2028 | 950 | 0 | (81) | (81) | 0 | 0 |
| Receive | CPURNSA | 2.364 | Maturity | 05/10/2028 | 960 | 0 | (81) | (81) | 0 | 0 |
| Receive | CPURNSA | 2.370 | Maturity | 06/06/2028 | 1800 | 0 | (154) | (154) | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **23** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Consolidated Schedule of Investments** | **PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio** | **(Cont.)** |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
| Pay | CPURNSA | 2.573% | Maturity | 08/26/2028 | EUR | 1100 | $0 | $66 | $66 | $0 | $0 |
| Pay | CPURNSA | 2.645 | Maturity | 09/10/2028 |  | 500 | 0 | 26 | 26 | 0 | 0 |
| Receive | CPURNSA | 2.165 | Maturity | 04/16/2029 |  | 1100 | 0 | (123) | (123) | 0 | 0 |
| Receive | CPURNSA | 1.954 | Maturity | 06/03/2029 |  | 400 | 0 | (52) | (52) | 0 | 0 |
| Receive | CPURNSA | 1.998 | Maturity | 07/25/2029 |  | 2800 | 2 | (349) | (347) | 0 | 0 |
| Pay | CPURNSA | 2.311 | Maturity | 02/24/2031 |  | 8300 | 4 | 864 | 868 | 0 | (1) |
| Pay | FRCPXTOB | 1.030 | Maturity | 03/15/2024 |  | 800 | 0 | 78 | 78 | 0 | 0 |
| Receive | FRCPXTOB | 1.618 | Maturity | 07/15/2028 |  | 520 | 0 | (64) | (64) | 0 | (1) |
| Receive | FRCPXTOB | 1.910 | Maturity | 01/15/2038 |  | 390 | 1 | (82) | (81) | 1 | 0 |
| Pay | UKRPI | 4.480 | Maturity | 09/15/2023 |  | 500 | 0 | 79 | 79 | 0 | 0 |
| Pay | UKRPI | 6.290 | Maturity | 03/15/2024 |  | 3900 | (2) | 293 | 291 | 1 | 0 |
| Pay | UKRPI | 6.440 | Maturity | 05/15/2024 |  | 1000 | 0 | 58 | 58 | 0 | 0 |
| Pay | UKRPI | 6.600 | Maturity | 05/15/2024 |  | 3500 | 4 | 185 | 189 | 1 | 0 |
| Pay | UKRPI | 5.200 | Maturity | 06/15/2024 |  | 1200 | 0 | 61 | 61 | 0 | 0 |
| Pay | UKRPI | 5.330 | Maturity | 06/15/2024 |  | 2900 | 0 | 139 | 139 | 0 | (1) |
| Receive | UKRPI | 3.330 | Maturity | 01/15/2025 |  | 12100 | 358 | (2682) | (2324) | 0 | (8) |
| Pay | UKRPI | 4.735 | Maturity | 12/15/2026 |  | 3100 | (33) | 336 | 303 | 7 | 0 |
| Receive | UKRPI | 3.400 | Maturity | 01/15/2030 |  | 2730 | (1) | (586) | (587) | 0 | (13) |
| Receive | UKRPI | 3.480 | Maturity | 01/15/2030 |  | 100 | 1 | (21) | (20) | 0 | 0 |
| Receive | UKRPI | 3.346 | Maturity | 05/15/2030 |  | 300 | 1 | (69) | (68) | 0 | (1) |
| Receive | UKRPI | 3.400 | Maturity | 06/15/2030 |  | 2100 | 35 | (453) | (418) | 0 | (11) |
| Receive | UKRPI | 3.475 | Maturity | 08/15/2030 |  | 200 | 2 | (48) | (46) | 0 | (1) |
| Receive | UKRPI | 3.624 | Maturity | 02/15/2031 |  | 1300 | 0 | (282) | (282) | 0 | (6) |
| Receive | UKRPI | 3.750 | Maturity | 04/15/2031 |  | 1940 | 1 | (392) | (391) | 0 | (12) |
| Receive | UKRPI | 4.066 | Maturity | 09/15/2031 |  | 100 | 0 | (14) | (14) | 0 | (1) |
| Receive | UKRPI | 4.140 | Maturity | 10/15/2031 |  | 1100 | (13) | (126) | (139) | 0 | (7) |
| Pay | UKRPI | 4.300 | Maturity | 01/15/2032 |  | 200 | 1 | 15 | 16 | 1 | 0 |
| Pay | UKRPI | 4.125 | Maturity | 09/15/2032 |  | 590 | 0 | 7 | 7 | 4 | 0 |
| Pay | UKRPI | 4.130 | Maturity | 09/15/2032 |  | 2610 | 0 | 31 | 31 | 16 | 0 |
| Pay | UKRPI | 4.143 | Maturity | 10/15/2032 |  | 1600 | 0 | 17 | 17 | 10 | 0 |
| Receive | UKRPI | 3.566 | Maturity | 03/15/2036 |  | 300 | 0 | (61) | (61) | 0 | (3) |
| Receive | UKRPI | 3.580 | Maturity | 03/15/2036 |  | 800 | (5) | (156) | (161) | 0 | (7) |
|  |  |  |  |  |  |  | $(426) | $(4249) | $(4675) | $142 | $(161) |
|  **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** |  | $**(437)** | $**(4237)** | $**(4674)** | $**142** | $**(161)** |

---

**FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY** 

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of December 31, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** |
|  | **Market Value** | **Variation Margin<br>Asset** | **Variation Margin<br>Asset** | | **Market Value** | **Variation Margin<br>Liability<sup>(7)</sup>** | **Variation Margin<br>Liability<sup>(7)</sup>** | |
| | **Purchased<br>Options** | **Futures** | **Swap<br>Agreements** |<br>**Total** | **Written<br>Options** | **Futures** | **Swap<br>Agreements** |<br>**Total** |
|  **Total Exchange-Traded or Centrally Cleared** | $**0** | $**1192** | $**142** | $**1334** | $**(339)** | $**(930)** | $**(161)** | $**(1430)** |

---

**(h)** **Securities with an aggregate market value of $896 and cash of $8,117 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2022.** 

<sup>(1)</sup> Future styled option.

<sup>(2)</sup> If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(4)</sup> The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(5)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(6)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

<sup>(7)</sup> Unsettled variation margin liability of $(35) for closed futures is outstanding at period end. 

---

| | | |
|:---|:---|:---|
| **24** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

&nbsp;&nbsp;&nbsp;&nbsp;**(i) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** 

**FORWARD FOREIGN CURRENCY CONTRACTS:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  BOA | 02/2023 | 1058 | $1109 | $0 | $(26) |
|  | 02/2023 | $195 | 164 | 3 | 0 |
|  BPS | 01/2023 | 318 | 298 | 2 | 0 |
|  | 03/2023 | 7847 | $389 | 0 | (8) |
|  BRC | 01/2023 | $536 | 504 | 4 | 0 |
|  CBK | 01/2023 | 394 | $417 | 0 | (6) |
|  | 01/2023 | 67000 | 486 | 0 | (25) |
|  | 01/2023 | 96 | 25 | 0 | 0 |
|  | 01/2023 | $590 | 555 | 4 | 0 |
|  | 01/2023 | 25 | 96 | 0 | 0 |
|  | 04/2023 | 1068 | $265 | 0 | (14) |
|  DUB | 02/2023 | 20 | 21 | 0 | (1) |
|  JPM | 01/2023 | 10479 | 12654 | 0 | (17) |
|  | 03/2023 | $137 | 136 | 9 | 0 |
|  MBC | 01/2023 | 67 | $45 | 0 | (1) |
|  | 01/2023 | 1155 | 861 | 8 | 0 |
|  | 01/2023 | 35559 | 37268 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(812) |
|  | 01/2023 | 663200 | 4895 | 0 | (162) |
|  | 01/2023 | $663 | 622 | 3 | 0 |
|  MYI | 01/2023 | 2130 | $1431 | 0 | (20) |
|  | 01/2023 | 573729 | 4188 | 0 | (186) |
|  RBC | 01/2023 | 25 | 17 | 0 | 0 |
|  SCX | 01/2023 | 143 | 96 | 0 | (1) |
|  | 01/2023 | 2326 | 1449 | 0 | (28) |
|  | 01/2023 | $124 | 477 | 2 | 0 |
|  **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | $**35** | $**(1307)** |

---

**PURCHASED OPTIONS:** 

**INTEREST RATE SWAPTIONS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Floating Rate Index** | **Pay/Receive<br>Floating Rate** | **Exercise<br>Rate** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Cost** | **Market<br>Value** |
| BRC Call - OTC 2-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 1.410% | 02/02/2023 | 10100 | $50 | $0 |
| CBK Call - OTC 2-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 1.720 | 02/23/2023 | 20700 | 114 | 0 |
| DUB Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.237 | 11/17/2023 | 1400 | 87 | 311 |
| GLM Call - OTC 5-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.200 | 04/26/2023 | 6700 | 71 | 4 |
| JPM Call - OTC 2-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 1.710 | 01/25/2023 | 22000 | 134 | 0 |
| MYC Call - OTC 2-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 1.428 | 01/31/2023 | 10100 | 52 | 0 |
| NGF Call - OTC 5-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.200 | 05/31/2023 | 18800 | 226 | 23 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.285 | 11/13/2023 | 2900 | 182 | 623 |
|  **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | $**916** | $**961** |

---

**WRITTEN OPTIONS:** 

**CREDIT DEFAULT SWAPTIONS ON CREDIT INDICES** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Description** | **Buy/Sell<br>Protection** | **Exercise<br>Rate** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Premiums<br>(Received)** | **Market<br>Value** |
|  GST | Put - OTC iTraxx Europe 37 5-Year Index | Sell | 3.000% | 03/15/2023 | 700 | $(1) | $0 |

---

**INFLATION-CAPPED OPTIONS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Description** | **Initial<br>Index** | **Floating Rate** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Premiums<br>(Received)** | **Market<br>Value** |
| GLM | Cap - OTC CPALEMU | 100.151 | Maximum of [(Final Index/Initial Index - 1) - 3.000%] or 0 | 06/22/2035 | 1200 | $(55) | $(61) |
| JPM | Cap - OTC CPURNSA | 234.781 | Maximum of [(Final Index/Initial Index - 1) - 4.000%] or 0 | 05/16/2024 | 600 | (4) | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **25** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Consolidated Schedule of Investments** | **PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio** | **(Cont.)** |

---

**INTEREST RATE SWAPTIONS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Floating Rate Index** | **Pay/Receive<br>Floating Rate** | **Exercise<br>Rate** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Premiums<br>(Received)** | **Market<br>Value** |
| BRC Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 1.558% | 02/02/2023 | 2200 | $(50) | $0 |
| CBK Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 1.736 | 02/23/2023 | 4600 | (114) | 0 |
| DUB Put - OTC 5-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.340 | 11/17/2023 | 6900 | (87) | (447) |
| GLM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.350 | 04/26/2023 | 3700 | (73) | (6) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.547 | 03/07/2023 | 1000 | (22) | (2) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.547 | 03/07/2023 | 1000 | (22) | (63) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.067 | 06/09/2023 | 1200 | (14) | (3) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 3.140 | 06/09/2023 | 1200 | (17) | (40) |
| JPM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 1.785 | 01/25/2023 | 4900 | (135) | 0 |
| MYC Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 1.579 | 01/31/2023 | 2200 | (51) | 0 |
| NGF Put - OTC 5-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.300 | 11/13/2023 | 14000 | (185) | (931) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.350 | 05/31/2023 | 10400 | (227) | (31) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(997) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1523) |

---

**OPTIONS ON INDICES** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Description** | **Strike<br>Value** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Premiums<br>(Received)** | **Market<br>Value** |
| GST | Call - OTC GOLDLNPM Index | 2500.000 | 03/28/2023 | 0 | $(17) | $0 |
| JPM | Call - OTC GOLDLNPM Index | 2000.000 | 10/19/2023 | 2 | (96) | (148) |
| MYC | Call - OTC BCOMTR Index | 130.560 | 02/08/2023 | 5 | (10) | 0 |
| UAG | Call - OTC BCOMTR Index | 119.900 | 01/20/2023 | 5 | (19) | (2) |
|  | Put - OTC BCOMTR Index | 105.000 | 03/16/2023 | 11 | (31) | (17) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(173) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(167) |
|  **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | $**(1230)** | $**(1751)** |

---

**SWAP AGREEMENTS:** 

**COMMODITY FORWARD SWAPS** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive** | **Underlying Reference Commodity** | **Fixed Price<br>Per Unit** | **Payment<br>Frequency** | **Maturity<br>Date** | **# of<br>Units** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements,<br>at Value** | **Swap Agreements,<br>at Value** |
| **Counterparty** | **Pay/Receive** | **Underlying Reference Commodity** | **Fixed Price<br>Per Unit** | **Payment<br>Frequency** | **Maturity<br>Date** | **# of<br>Units** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  BPS | Pay | EURMARG3 1Q23 | $16.200 | Maturity | 03/31/2023 | 300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(1) |
|  GST | Receive | EURMARGIN CAL23 | 7.940 | Maturity | 12/31/2023 | 1200 | 0 | 8 | 8 | 0 |
|  | Pay | FSNGYCAL F24 | 5.625 | Maturity | 01/31/2024 | 11656 | 0 | 6 | 6 | 0 |
|  JPM | Receive | BAPA CAL23 | 0.960 | Maturity | 12/31/2023 | 2076000 | 1 | (315) | 0 | (314) |
|  | Pay | EURMARG3 1Q23 | 15.280 | Maturity | 03/31/2023 | 600 | 0 | (2) | 0 | (2) |
|  | Receive | EURMARGIN CAL23 | 8.030 | Maturity | 12/31/2023 | 1200 | 0 | 8 | 8 | 0 |
|  | Pay | FSNGY CAL23 | 6.162 | Maturity | 12/31/2023 | 125584 | (28) | 262 | 234 | 0 |
|  | Receive | GOLDLNPM Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1712.000 | Maturity | 10/19/2023 | 400 | 0 | 69 | 69 | 0 |
|  MEI | Receive | BAPA CAL23 | 0.954 | Maturity | 12/31/2023 | 567000 | 0 | (82) | 0 | (82) |
|  | Pay | COCAL23 | 83.760 | Maturity | 12/31/2023 | 10800 | 0 | 4 | 4 | 0 |
|  | Pay | COCAL23 | 85.360 | Maturity | 12/31/2023 | 10800 | 0 | 21 | 21 | 0 |
|  MYC | Receive | EURMARGIN CAL23 | 8.000 | Maturity | 12/31/2023 | 1200 | 0 | 8 | 8 | 0 |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(399) |

---

**CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION<sup>(2)</sup>** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements,<br>at Value<sup>(4)</sup>** | **Swap Agreements,<br>at Value<sup>(4)</sup>** |
| **Counterparty** | **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
| DUB | CMBX.NA.AAA.8 Index | 0.500% | Monthly | 10/17/2057 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | $(42) | $43 | $1 | $0 |
| GST | CMBX.NA.AAA.8 Index | 0.500 | Monthly | 10/17/2057 | 300 | (17) | 17 | 0 | 0 |
| SAL | CMBX.NA.AAA.12 Index | 0.500 | Monthly | 08/17/2061 | 400 | (1) | (2) | 0 | (3) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) |

---

---

| | | |
|:---|:---|:---|
| **26** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

**TOTAL RETURN SWAPS ON COMMODITY INDICES** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<sup>(5)</sup>** | **Underlying Reference** | **# of<br>Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements,<br>at Value** | **Swap Agreements,<br>at Value** |
| **Counterparty** | **Pay/Receive<sup>(5)</sup>** | **Underlying Reference** | **# of<br>Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
| BPS | Receive | BCOMF1NTC Index | 17434 | 0.120% | Monthly | 02/15/2023 | $2260 | $0 | $0 | $0 | $0 |
|  | Receive | BCOMF1TC Index<sup>(8)</sup> | 83211 | 4.550% (3-Month U.S.<br>Treasury Bill rate plus a specified spread) | Monthly | 02/15/2023 | 9050 | 0 | (81) | 0 | (81) |
|  | Receive | BCOMTR Index  | 286095 | 4.530% (3-Month U.S.<br>Treasury Bill rate plus a specified spread) | Monthly | 02/15/2023 | 70834 | 0 | (637) | 0 | (637) |
| CBK | Receive | BCOMF1TC Index  | 421 | 4.550% (3-Month U.S.<br>Treasury Bill rate plus a specified spread) | Monthly | 02/15/2023 | 52 | 0 | 0 | 0 | 0 |
|  | Receive | BCOMTR Index  | 33176 | 4.530% (3-Month U.S.<br>Treasury Bill rate plus a specified spread) | Monthly | 02/15/2023 | 8214 | 0 | (74) | 0 | (74) |
|  | Receive | CIXBSTR3 Index  | 105682 | 4.560% (3-Month U.S.<br>Treasury Bill rate plus a specified spread) | Monthly | 02/15/2023 | 29112 | 0 | (423) | 0 | (423) |
| CIB | Receive | BCOMTR Index  | 5671 | 4.530% (3-Month U.S.<br>Treasury Bill rate plus a specified spread) | Monthly | 02/15/2023 | 1404 | 0 | (13) | 0 | (13) |
|  | Receive | PIMCODB Index  | 24083 | 0.000% | Monthly | 02/15/2023 | 4583 | 0 | 123 | 123 | 0 |
| FBF | Receive | BCOMTR Index  | 125200 | 4.510% (3-Month U.S.<br>Treasury Bill rate plus a specified spread) | Monthly | 02/15/2023 | 30998 | 0 | (278) | 0 | (278) |
| GST | Receive | BCOMF1TC Index<sup>(9)</sup> | 102940 | 4.550% (3-Month U.S.<br>Treasury Bill rate plus a specified spread) | Monthly | 02/15/2023 | 41479 | 0 | (372) | 0 | (372) |
|  | Receive | BCOMTR Index  | 167760 | 4.540% (3-Month U.S.<br>Treasury Bill rate plus a specified spread) | Monthly | 02/15/2023 | 41536 | 0 | (374) | 0 | (374) |
|  | Receive | CMDSKEWLS Index  | 11165 | 0.250% | Monthly | 02/15/2023 | 3146 | 0 | 104 | 104 | 0 |
| JPM | Pay | BCOMTR Index  | 14688 | 4.330% (3-Month U.S.<br>Treasury Bill rate plus a specified spread) | Monthly | 01/17/2023 | 3637 | 30 | (5) | 25 | 0 |
|  | Receive | BCOMF1TC Index  | 1416 | 4.560% (3-Month U.S.<br>Treasury Bill rate plus a specified spread) | Monthly | 02/15/2023 | 298 | 0 | (3) | 0 | (3) |
|  | Receive | JMABNIC5 Index<sup>(10)</sup> | 80198 | 0.000% | Monthly | 02/15/2023 | &nbsp;&nbsp;&nbsp;&nbsp;14250 | 0 | 517 | 517 | 0 |
|  | Receive | JMABFNJ2 Index « | 35936 | 0.000% | Monthly | 12/29/2023 | 3613 | 0 | 0 | 0 | 0 |
| MAC | Receive | BCOMTR Index  | 8118 | 4.540% (3-Month U.S.<br>Treasury Bill rate plus a specified spread) | Monthly | 02/15/2023 | 2010 | 0 | (18) | 0 | (18) |
|  | Receive | BCOMTR1 Index<sup>(11)</sup> | 131416 | 4.540% (3-Month U.S.<br>Treasury Bill rate plus a specified spread) | Monthly | 02/15/2023 | 16224 | 0 | (146) | 0 | (146) |
|  | Receive | PIMCODB Index<sup>(12)</sup> | 200698 | 0.000% | Monthly | 02/15/2023 | 36948 | 0 | 905 | 905 | 0 |
| MEI | Receive | BCOMTR2 Index<sup>(13)</sup> | 292026 | 4.530% (3-Month U.S.<br>Treasury Bill rate plus a specified spread) | Monthly | 02/15/2023 | 54856 | 0 | (612) | 0 | (612) |
| MYC | Receive | BCOMTR Index  | 400385 | 4.520% (3-Month U.S.<br>Treasury Bill rate plus a specified spread) | Monthly | 02/15/2023 | 99131 | 0 | (890) | 0 | (890) |
|  | Receive | BCOMTR1 Index<sup>(14)</sup> | 80105 | 4.560% (3-Month U.S.<br>Treasury Bill rate plus a specified spread) | Monthly | 02/15/2023 | 58256 | 0 | (524) | 0 | (524) |
| RBC | Receive | RBCAEC0T Index  | 50266 | 4.510% (3-Month U.S.<br>Treasury Bill rate plus a specified spread) | Monthly | 02/15/2023 | 4231 | 0 | (37) | 0 | (37) |
| SOG | Receive | BCOMTR Index  | 56873 | 4.530% (3-Month U.S.<br>Treasury Bill rate plus a specified spread) | Monthly | 02/15/2023 | 14081 | 0 | (127) | 0 | (127) |
| UAG | Pay | BCOMTR Index  | 3918 | 0.000% | Maturity | 03/16/2023 | 484 | 22 | 20 | 42 | 0 |
|  |  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;52 | $&nbsp;&nbsp;&nbsp;&nbsp;(2945) | $&nbsp;&nbsp;&nbsp;&nbsp;1716 | $&nbsp;&nbsp;&nbsp;&nbsp;(4609) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **27** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Consolidated Schedule of Investments** | **PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio** | **(Cont.)** |

---

**TOTAL RETURN SWAPS ON SECURITIES** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<sup>(5)</sup>** | **Underlying Reference** | **# of**<br> **Shares** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements,<br>at Value** | **Swap Agreements,<br>at Value** |
| **Counterparty** | **Pay/Receive<sup>(5)</sup>** | **Underlying Reference** | **# of**<br> **Shares** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
| MYC | Receive | United States Treasury Inflation Indexed Bonds | N/A | 4.190% | Maturity | 01/20/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155000 | $0 | $(820) | $0 | $(820) |
|  | Receive | United States Treasury Inflation Indexed Bonds | N/A | 4.380% | Maturity | 01/20/2023 | 6000 | 0 | (359) | 0 | (359) |
|  | Receive | United States Treasury Inflation Indexed Bonds | N/A | 4.430% | Maturity | 02/06/2023 | 18000 | 0 | (89) | 0 | (89) |
|  |  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1268) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1268) |

---

**VOLATILITY SWAPS** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<br>Volatility** | **Volatility<br>Strike** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements,**<br>**at Value** | **Swap Agreements,**<br>**at Value** |
| **Counterparty** | **Pay/Receive<br>Volatility** | **Volatility<br>Strike** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  JPM | Pay<br> GOLDLNPM Index<sup>(6)</sup> | 6.970% | Maturity | 08/02/2024 | $67 | $0 | $2 | $2 | $0 |
|  | Pay<br> GOLDLNPM Index<sup>(6)</sup> | 6.325 | Maturity | 04/10/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4453 | 0 | 54 | 54 | 0 |
|  |  |  |  |  |  | $0 | $56 | $56 | $0 |
|  **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | $**(35)** | $**(4113)** | $**2131** | $**(6279)** |

---

**FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY** 

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2022:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | | | |
| <br>**Counterparty** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Purchased<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Written<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** |<br>**Net Market<br>Value of OTC<br>Derivatives** |<br>**Collateral<br>Pledged/<br>(Received)** |<br>**Net<br>Exposure<sup>(7)</sup>** |
|  BOA | $3 | $0 | $0 | $3 | $(26) | $0 | $0 | $(26) | $(23) | $0 | $(23) |
|  BPS | 2 | 0 | 0 | 2 | (8) | 0 | (719) | (727) | (725) | 810 | 85 |
|  BRC | 4 | 0 | 0 | 4 | 0 | 0 | 0 | 0 | 4 | 0 | 4 |
|  CBK | 4 | 0 | 0 | 4 | (45) | 0 | (497) | (542) | (538) | 623 | 85 |
|  CIB | 0 | 0 | 123 | 123 | 0 | 0 | (13) | (13) | 110 | 0 | 110 |
|  DUB | 0 | 311 | 1 | 312 | (1) | (447) | 0 | (448) | (136) | 0 | (136) |
|  FBF | 0 | 0 | 0 | 0 | 0 | 0 | (278) | (278) | (278) | 390 | 112 |
|  GLM | 0 | 4 | 0 | 4 | 0 | (175) | 0 | (175) | (171) | 0 | (171) |
|  GST | 0 | 0 | 118 | 118 | 0 | 0 | (746) | (746) | (628) | 785 | 157 |
|  JPM | 9 | 0 | 909 | 918 | (17) | (148) | (319) | (484) | 434 | 0 | 434 |
|  MAC | 0 | 0 | 905 | 905 | 0 | 0 | (164) | (164) | 741 | (320) | 421 |
|  MBC | 11 | 0 | 0 | 11 | (975) | 0 | 0 | (975) | (964) | 644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(320) |
|  MEI | 0 | 0 | 25 | 25 | 0 | 0 | (694) | (694) | (669) | 727 | 58 |
|  MYC | 0 | 0 | 8 | 8 | 0 | 0 | (2682) | (2682) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2674) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3017 | 343 |
|  MYI | 0 | 0 | 0 | 0 | (206) | 0 | 0 | (206) | (206) | 0 | (206) |
|  NGF | 0 | 646 | 0 | 646 | 0 | (962) | 0 | (962) | (316) | 297 | (19) |
|  RBC | 0 | 0 | 0 | 0 | 0 | 0 | (37) | (37) | (37) | 32 | (5) |
|  SAL | 0 | 0 | 0 | 0 | 0 | 0 | (3) | (3) | (3) | 0 | (3) |
|  SCX | 2 | 0 | 0 | 2 | (29) | 0 | 0 | (29) | (27) | 0 | (27) |
|  SOG | 0 | 0 | 0 | 0 | 0 | 0 | (127) | (127) | (127) | 275 | 148 |
|  UAG | 0 | 0 | 42 | 42 | 0 | (19) | 0 | (19) | 23 | 0 | 23 |
|  **Total Over the Counter** | $**35** | $**961** | $**2131** | $**3127** | $**(1307)** | $**(1751)** | $**(6279)** | $**(9337)** |  |  |  |

---

**(j)** **Securities with an aggregate market value of $7,600 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2022.** 

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(4)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

---

| | | |
|:---|:---|:---|
| **28** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

<sup>(5)</sup> Receive represents that the Portfolio receives payments for any positive net return on the underlying reference. The Portfolio makes payments for any negative net return on such underlying reference. Pay represents that the Portfolio receives payments for any negative net return on the underlying reference. The Portfolio makes payments for any positive net return on such underlying reference. 

<sup>(6)</sup> Variance Swap

<sup>(7)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC derivatives can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

<sup>(8)</sup> The following table represents the individual positions within the total return swap as of December 31, 2022: 

---

| | | |
|:---|:---|:---|
| **Referenced Commodity — Long Futures Contracts** | **%<br>of Index** | **Notional<br>Amount\*** |
|  Aluminum March 2023 Futures | 3.3% | $296 |
|  Arabica Coffee March 2023 Futures | 1.9 | 170 |
|  Brent Crude May 2023 Futures | 6.9 | 622 |
|  Copper March 2023 Futures | 4.5 | 406 |
|  Corn March 2023 Futures | 6 | 540 |
|  Cotton No. 02 March 2023 Futures | 1 | 94 |
|  Gas Oil May 2023 Futures | 3 | 269 |
|  Gold 100 oz. April 2023 Futures | 14.7 | 1328 |
|  Hard Red Winter Wheat March 2023 Futures | 1.8 | 165 |
|  Lean Hogs April 2023 Futures | 1.9 | 173 |
|  Live Cattle April 2023 Futures | 4 | 363 |
|  New York Harbor ULSD March 2023 Futures | 2.5 | 229 |
|  Nickel March 2023 Futures | 3.8 | 343 |
|  NYMEX — Natural Gas March 2023 Futures | 8.4 | 765 |
|  RBOB Gasoline March 2023 Futures | 2.2 | 200 |
|  Silver March 2023 Futures | 4.9 | 442 |
|  Soybean Meal March 2023 Futures | 3.8 | 347 |
|  Soybean Oil March 2023 Futures | 3.3 | 297 |
|  Soybeans March 2023 Futures | 6 | 547 |
|  Sugar No. 11 March 2023 Futures | 2.9 | 265 |
|  Wheat March 2023 Futures | 2.9 | 260 |
|  WTI Crude March 2023 Futures | 7.8 | 705 |
|  Zinc March 2023 Futures | 2.5 | 224 |
|  Total Long Futures Contracts |  | $9050 |
|  **Total Notional Amount** |  | $**9050** |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

<sup>(9)</sup> The following table represents the individual positions within the total return swap as of December 31, 2022: 

---

| | | |
|:---|:---|:---|
| **Referenced Commodity — Long Futures Contracts** | **%<br>of Index** | **Notional<br>Amount\*** |
|  Aluminum January 2023 Futures | 3.3% | $1358 |
|  Arabica Coffee December 2022 Futures | 1.9 | 778 |
|  Brent Crude January 2023 Futures | 6.9 | 2854 |
|  Copper December 2022 Futures | 4.5 | 1861 |
|  Corn December 2022 Futures | 6 | 2475 |
|  Cotton No. 02 December 2022 Futures | 1 | 431 |
|  Gas Oil January 2023 Futures | 3 | 1235 |
|  Gold 100 oz. December 2022 Futures | 14.7 | 6086 |
|  Hard Red Winter Wheat December 2022 Futures | 1.8 | 757 |
|  Lean Hogs December 2022 Futures | 1.9 | 794 |
|  Live Cattle December 2022 Futures | 4 | 1662 |
|  New York Harbor ULSD January 2023 Futures | 2.5 | 1050 |
|  Nickel January 2023 Futures | 3.8 | 1573 |
|  NYMEX — Natural Gas January 2023 Futures | 8.4 | 3505 |
|  RBOB Gasoline January 2023 Futures | 2.2 | 918 |
|  Silver December 2022 Futures | 4.9 | 2026 |
|  Soybean Meal January 2023 Futures | 3.8 | 1590 |
|  Soybean Oil January 2023 Futures | 3.3 | 1359 |
|  Soybeans January 2023 Futures | 6 | 2506 |
|  Sugar No. 11 March 2023 Futures | 2.9 | 1213 |
|  Wheat December 2022 Futures | 2.9 | 1191 |
|  WTI Crude January 2023 Futures | 7.8 | 3230 |
|  Zinc January 2023 Futures | 2.5 | 1027 |
|  Total Long Futures Contracts |  | $41479 |
|  **Total Notional Amount** |  | $**41479** |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **29** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Consolidated Schedule of Investments** | **PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio** | **(Cont.)** |

---

<sup>(10)</sup> The following table represents the individual positions within the total return swap as of December 31, 2022: 

---

| | | |
|:---|:---|:---|
| **Referenced Commodity — Long Futures Contracts** | **%<br>of Index** | **Notional<br>Amount\*** |
|  Brent Crude June 2023 Futures | 18.2% | $2600 |
|  Cotton No. 02 March 2023 Futures | 1.1 | 161 |
|  Gas Oil May 2023 Futures | 3.4 | 490 |
|  Gold 100 oz. February 2023 Futures | 15.8 | 2253 |
|  Live Cattle February 2023 Futures | 6.2 | 879 |
|  LME — Copper February 2023 Futures | 5.8 | 825 |
|  New York Harbor ULSD May 2023 Futures | 5.0 | 711 |
|  Nickel February 2023 Futures | 5.0 | 718 |
|  RBOB Gasoline May 2023 Futures | 4.7 | 663 |
|  Silver March 2023 Futures | 5.3 | 757 |
|  Soybean Meal March 2023 Futures | 12.0 | 1708 |
|  Soybeans March 2023 Futures | 14.3 | 2032 |
|  Sugar No. 11 March 2023 Futures | 3.2 | 453 |
|  Total Long Futures Contracts |  | $14250 |
|  **Total Notional Amount** |  | $**14250** |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

<sup>(11)</sup> The following table represents the individual positions within the total return swap as of December 31, 2022: 

---

| | | |
|:---|:---|:---|
| **Referenced Commodity — Long Futures Contracts** | **%<br>of Index** | **Notional<br>Amount\*** |
|  Aluminum March 2023 Futures | 3.3% | $532 |
|  Arabica Coffee March 2023 Futures | 1.9 | 305 |
|  Brent Crude March 2023 Futures | 6.9 | 1126 |
|  Copper March 2023 Futures | 4.5 | 729 |
|  Corn March 2023 Futures | 6 | 970 |
|  Cotton No. 02 March 2023 Futures | 1 | 169 |
|  Gas Oil March 2023 Futures | 3.2 | 513 |
|  Gold 100 oz. February 2023 Futures | 14.6 | 2363 |
|  Hard Red Winter Wheat March 2023 Futures | 1.8 | 297 |
|  Lean Hogs February 2023 Futures | 1.8 | 286 |
|  Live Cattle February 2023 Futures | 3.9 | 635 |
|  New York Harbor ULSD March 2023 Futures | 2.5 | 411 |
|  Nickel March 2023 Futures | 3.8 | 616 |
|  NYMEX — Natural Gas March 2023 Futures | 8.5 | 1373 |
|  RBOB Gasoline March 2023 Futures | 2.2 | 360 |
|  Silver March 2023 Futures | 4.9 | 794 |
|  Soybean Meal March 2023 Futures | 3.8 | 623 |
|  Soybean Oil March 2023 Futures | 3.3 | 532 |
|  Soybeans March 2023 Futures | 6 | 982 |
|  Sugar No. 11 March 2023 Futures | 2.9 | 475 |
|  Wheat March 2023 Futures | 2.9 | 466 |
|  WTI Crude March 2023 Futures | 7.8 | 1265 |
|  Zinc March 2023 Futures | 2.5 | 402 |
|  Total Long Futures Contracts |  | $16224 |
|  **Total Notional Amount** |  | $**16224** |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

---

| | | |
|:---|:---|:---|
| **30** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

<sup>(12)</sup> The following table represents the individual positions within the total return swap as of December 31, 2022: 

---

| | | |
|:---|:---|:---|
| **Referenced Commodity — Long Futures Contracts** | **%<br>of Index** | **Notional<br>Amount\*** |
|  Aluminum May 2023 Futures | 0.2% | $89 |
|  Brent Crude July 2023 Futures | 12.4 | 4567 |
|  Cocoa May 2023 Futures | 1.1 | 413 |
|  Copper May 2023 Futures | 0.2 | 65 |
|  Corn May 2023 Futures | 3.6 | 1349 |
|  Cotton No. 02 May 2023 Futures | 1.7 | 623 |
|  Gas Oil May 2023 Futures | 4.6 | 1698 |
|  Gold 100 oz. June 2023 Futures | 0.6 | 221 |
|  Lean Hogs June 2023 Futures | 0.9 | 335 |
|  New York Harbor ULSD May 2023 Futures | 3.5 | 1285 |
|  Nickel May 2023 Futures | 0.6 | 210 |
|  NYMEX — Natural Gas May 2023 Futures | 1 | 364 |
|  RBOB Gasoline May 2023 Futures | 9.4 | 3475 |
|  Silver May 2023 Futures | 0.5 | 167 |
|  Soybean Meal May 2023 Futures | 3 | 1099 |
|  Soybeans March 2023 Futures | 4.2 | 1563 |
|  Soybeans May 2023 Futures | 4.9 | 1825 |
|  Sugar No. 11 May 2023 Futures | 5.8 | 2161 |
|  WTI Crude May 2023 Futures | 11.6 | 4302 |
|  Zinc March 2023 Futures | 2 | 747 |
|  Zinc May 2023 Futures | 0.2 | 61 |
|  Total Long Futures Contracts |  | $26619 |
|  Cash | 28.0% | $10329 |
|  **Total Notional Amount** |  | $**36948** |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

<sup>(13)</sup> The following table represents the individual positions within the total return swap as of December 31, 2022: 

---

| | | |
|:---|:---|:---|
| **Referenced Commodity — Long Futures Contracts** | **%<br>of Index** | **Notional<br>Amount\*** |
|  Aluminum March 2023 Futures | 3.3% | $1799 |
|  Arabica Coffee March 2023 Futures | 1.9 | 1030 |
|  Brent Crude March 2023 Futures | 6.9 | 3808 |
|  Copper March 2023 Futures | 4.5 | 2465 |
|  Corn March 2023 Futures | 6 | 3278 |
|  Cotton No. 02 March 2023 Futures | 1 | 570 |
|  Gas Oil March 2023 Futures | 3.2 | 1734 |
|  Gold 100 oz. February 2023 Futures | 14.6 | 7990 |
|  Hard Red Winter Wheat March 2023 Futures | 1.8 | 1003 |
|  Lean Hogs February 2023 Futures | 1.8 | 968 |
|  Live Cattle February 2023 Futures | 3.9 | 2148 |
|  New York Harbor ULSD March 2023 Futures | 2.5 | 1391 |
|  Nickel March 2023 Futures | 3.8 | 2084 |
|  NYMEX — Natural Gas March 2023 Futures | 8.5 | 4642 |
|  RBOB Gasoline March 2023 Futures | 2.2 | 1216 |
|  Silver March 2023 Futures | 4.9 | 2684 |
|  Soybean Meal March 2023 Futures | 3.8 | 2105 |
|  Soybean Oil March 2023 Futures | 3.3 | 1800 |
|  Soybeans March 2023 Futures | 6 | 3319 |
|  Sugar No. 11 March 2023 Futures | 2.9 | 1607 |
|  Wheat March 2023 Futures | 2.9 | 1577 |
|  WTI Crude March 2023 Futures | 7.8 | 4278 |
|  Zinc March 2023 Futures | 2.5 | 1360 |
|  Total Long Futures Contracts |  | $54856 |
|  **Total Notional Amount** |  | $**54856** |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **31** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Consolidated Schedule of Investments** | **PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio** | **(Cont.)** |

---

<sup>(14)</sup> The following table represents the individual positions within the total return swap as of December 31, 2022: 

---

| | | |
|:---|:---|:---|
| **Referenced Commodity — Long Futures Contracts** | **%<br>of Index** | **Notional<br>Amount\*** |
|  Aluminum March 2023 Futures | 3.3% | $1910 |
|  Arabica Coffee March 2023 Futures | 1.9 | 1094 |
|  Brent Crude March 2023 Futures | 6.9 | 4044 |
|  Copper March 2023 Futures | 4.5 | 2618 |
|  Corn March 2023 Futures | 6 | 3482 |
|  Cotton No. 02 March 2023 Futures | 1 | 605 |
|  Gas Oil March 2023 Futures | 3.2 | 1841 |
|  Gold 100 oz. February 2023 Futures | 14.6 | 8485 |
|  Hard Red Winter Wheat March 2023 Futures | 1.8 | 1065 |
|  Lean Hogs February 2023 Futures | 1.8 | 1028 |
|  Live Cattle February 2023 Futures | 3.9 | 2281 |
|  New York Harbor ULSD March 2023 Futures | 2.5 | 1477 |
|  Nickel March 2023 Futures | 3.8 | 2213 |
|  NYMEX — Natural Gas March 2023 Futures | 8.5 | 4930 |
|  RBOB Gasoline March 2023 Futures | 2.2 | 1292 |
|  Silver March 2023 Futures | 4.9 | 2850 |
|  Soybean Meal March 2023 Futures | 3.8 | 2236 |
|  Soybean Oil March 2023 Futures | 3.3 | 1912 |
|  Soybeans March 2023 Futures | 6 | 3524 |
|  Sugar No. 11 March 2023 Futures | 2.9 | 1706 |
|  Wheat March 2023 Futures | 2.9 | 1675 |
|  WTI Crude March 2023 Futures | 7.8 | 4543 |
|  Zinc March 2023 Futures | 2.5 | 1445 |
|  Total Long Futures Contracts |  | $58256 |
|  **Total Notional Amount** |  | $**58256** |

---

\* The notional amount is indicative of the quantity and proportionate value of each commodity futures contract. 

**FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS** 

The following is a summary of the fair valuation of the Portfolio's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Portfolio.

Fair Values of Financial Derivative Instruments on the Consolidated Statement of Assets and Liabilities as of December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
| | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $607 | $0 | $0 | $0 | $585 | $1192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 142 | 142 |
|  | $607 | $0 | $0 | $0 | $727 | $1334 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $35 | $0 | $35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 961 | 961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 2130 | 1 | 0 | 0 | 0 | 2131 |
|  | $2130 | $1 | $0 | $35 | $961 | $3127 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2737 | $1 | $0 | $35 | $1688 | $4461 |
|  **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $339 | $0 | $0 | $0 | $0 | $339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 466 | 0 | 0 | 0 | 464 | 930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 161 | 161 |
|  | $805 | $0 | $0 | $0 | $625 | $1430 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $1307 | $0 | $1307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 167 | 0 | 0 | 0 | 1584 | 1751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 5008 | 3 | 0 | 0 | 1268 | 6279 |
|  | $5175 | $3 | $0 | $1307 | $2852 | $9337 |
|  | $5980 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1307 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3477 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10767 |

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| **32** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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December 31, 2022

The effect of Financial Derivative Instruments on the Consolidated Statement of Operations for the period ended December 31, 2022:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
| | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | $(53) | $0 | $0 | $0 | $0 | $(53) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 167 | 0 | 0 | 0 | 0 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | (1550) | 0 | 0 | 0 | 14084 | 12534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 6 | 0 | 0 | 477 | 483 |
|  | $(1436) | $6 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14561 | $13131 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $6241 | $0 | $6241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 8 | 0 | 0 | 0 | 0 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | (18) | 102 | 0 | 0 | 166 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 87636 | 7 | 0 | 0 | (5717) | 81926 |
|  | $87626 | $109 | $0 | $6241 | $(5551) | $88425 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86190 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6241 | $9010 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101556 |
|  **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $(105) | $0 | $0 | $0 | $0 | $(105) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | (261) | 0 | 0 | 0 | 1064 | 803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (2) | 0 | 0 | (2604) | (2606) |
|  | $(366) | $(2) | $0 | $0 | $(1540) | $(1908) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(608) | $0 | $(608) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (203) | (203) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 55 | (20) | 0 | 0 | (258) | (223) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | (20530) | (12) | 0 | 0 | (1268) | (21810) |
|  | $(20475) | $(32) | $0 | $(608) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1729) | $(22844) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20841) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(608) | $(3269) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24752) |

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**FAIR VALUE MEASUREMENTS** 

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Portfolio's assets and liabilities:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $0 | $2365 | $0 | $2365 |
|  U.S. Government Agencies | 0 | 19111 | 0 | 19111 |
|  U.S. Treasury Obligations | 0 | 376781 | 0 | 376781 |
|  Non-Agency Mortgage-Backed Securities | 0 | 4180 | 0 | 4180 |
|  Asset-Backed Securities | 0 | 64072 | 0 | 64072 |
|  Sovereign Issues | 0 | 46497 | 0 | 46497 |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | 0 | 204 | 0 | 204 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 7524 | 0 | 7524 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 105805 | 0 | 105805 |
| &nbsp;&nbsp; Short-Term Notes | 0 | 2999 | 0 | 2999 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 24228 | 0 | 24228 |
|  | $0 | $653766 | $0 | $653766 |
|  **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $267 | $0 | $0 | $267 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653766 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654033 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  **Short Sales, at Value - Liabilities** | **Short Sales, at Value - Liabilities** | **Short Sales, at Value - Liabilities** | **Short Sales, at Value - Liabilities** | **Short Sales, at Value - Liabilities** |
|  U.S. Government Agencies | $0 | $(3803) | $0 | $(3803) |
|  **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** |
|  Exchange-traded or centrally cleared | 1085 | 249 | 0 | 1334 |
|  Over the counter | 0 | 3127 | 0 | 3127 |
|  | $1085 | $3376 | $0 | $4461 |
|  **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** |
|  Exchange-traded or centrally cleared | (1123) | (272) | 0 | (1395) |
|  Over the counter | 0 | (9337) | 0 | (9337) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1123) | $(9609) | $0 | $(10732) |
|  Total Financial Derivative Instruments | $(38) | $(6233) | $0 | $(6271) |
|  Totals | $229 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643730 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643959 |

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There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.

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| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **33** |

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##### [**Table of Contents**](#toc)
**Notes to Financial Statements**

1. ORGANIZATION

PIMCO Variable Insurance Trust (the "Trust") is a Delaware statutory trust established under a trust instrument dated October 3, 1997. The Trust is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Trust is designed to be used as an investment vehicle by separate accounts of insurance companies that fund variable annuity contracts and variable life insurance policies and by qualified pension and retirement plans. Information presented in these financial statements pertains to the Institutional Class, Class M, Administrative Class and Advisor Class shares of the PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio (the "Portfolio") offered by the Trust. Pacific Investment Management Company LLC ("PIMCO") serves as the investment adviser (the "Adviser") for the Portfolio.

Hereinafter, the Board of Trustees of the Portfolio shall be collectively referred to as the "Board."

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The Portfolio is treated as an investment company under the reporting requirements of U.S. GAAP. The functional and reporting currency for the Portfolio is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(a) Securities Transactions and Investment Income Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Portfolio is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are

reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Consolidated Statement of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Consolidated Statement of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Consolidated Statement of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable.

(b) Foreign Currency Translation The market values of foreign securities, currency holdings and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies, if any, are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Portfolio does not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) from investments on the Consolidated Statement of Operations. The Portfolio may invest in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains (losses) arising from sales of spot foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in net realized gain (loss) on foreign currency transactions on the Consolidated Statement of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period are included in net change in unrealized appreciation (depreciation) on foreign currency assets and liabilities on the Consolidated Statement of Operations.

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| **34** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2022

(c) Multi-Class Operations Each class offered by the Trust has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets. Realized and unrealized capital gains (losses) are allocated daily based on the relative net assets of each class of the Portfolio. Class specific expenses, where applicable, currently include supervisory and administrative and distribution and servicing fees. Under certain circumstances, the per share net asset value ("NAV") of a class of the Portfolio's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(d) Distributions to Shareholders Distributions from net investment income, if any, are declared and distributed to shareholders quarterly. In addition, the Portfolio distributes any net capital gains it earns from the sale of portfolio securities to shareholders no less frequently than annually. The Portfolio may revise its distribution policy or postpone the payment of distributions at any time.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on the Portfolio's annual financial statements presented under U.S. GAAP.

Separately, if the Portfolio determines or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources other than net investment income in accordance with its policies, accounting records (if applicable), and accounting practices, the Portfolio will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, the Portfolio determines or estimates, as applicable, the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is determined or estimated, as applicable, that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between the Portfolio's daily internal accounting records and practices, the Portfolio's financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, the

Portfolio's internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include but are not limited to, for certain Portfolios, the treatment of periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that the Portfolio may not issue a Section 19 Notice in situations where the Portfolio's financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution's tax character will be provided to shareholders when such information is available.

Distributions classified as a tax basis return of capital at the Portfolio's fiscal year end, if any, are reflected on the Consolidated Statements of Changes in Net Assets and have been recorded to paid in capital on the Consolidated Statement of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Consolidated Statement of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(e) New Accounting Pronouncements and Regulatory Updates In March 2020, the Financial Accounting Standards Board ("FASB") issued an Accounting Standards Update ("ASU"), ASU 2020-04, which provides optional guidance to ease the potential accounting burden associated with transitioning away from the London Interbank Offered Rate and other reference rates that are expected to be discontinued. ASU 2020-04 is effective for certain reference rate-related contract modifications that occurred during the period March 12, 2020 through December 31, 2022. In March 2021, the administrator for LIBOR announced the extension of the publication of a majority of the USD LIBOR settings to June 30, 2023. In December 2022, FASB issued ASU 2022-06, which includes amendments to extend the duration of the LIBOR transition relief to December 31, 2024, after which entities will no longer be permitted to apply the reference rate reform relief. Management is continuously evaluating the potential effect a discontinuation of LIBOR could have on the Portfolio's investments and has determined that it is unlikely the ASU's adoption will have a material impact on the Portfolio's financial statements.

In October 2020, the U.S. Securities and Exchange Commission ("SEC") adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **35** |

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| **Notes to Financial Statements** | **(Cont.)** |

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transactions. Subject to certain exceptions, the rule requires funds that trade derivatives and other transactions that create future payment or delivery obligations to comply with a value-at-risk leverage limit and certain derivatives risk management program and reporting requirements. The effective date for the rule was February 19, 2021. The compliance date for the new rule and the related reporting requirements was August 19, 2022. Management has implemented changes in connection with the rule and has determined that there was no material impact to the Portfolio's financial statements.

In October 2020, the SEC adopted a rule regarding the ability of a fund to invest in other Portfolios. The rule allows a fund to acquire shares of another fund in excess of certain limitations currently imposed by the Act without obtaining individual exemptive relief from the SEC, subject to certain conditions. The rule also includes the rescission of certain exemptive relief from the SEC and guidance from the SEC staff for funds to invest in other funds. The effective date for the rule was January 19, 2021, and the compliance date for the rule was January 19, 2022. Management has implemented changes in connection with the rule and has determined that there was no material impact to the Portfolio's financial statements.

In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value as well as for the performance of fair value determinations, including related oversight and reporting obligations. The new rule also defines "readily available market quotations" for purposes of the definition of "value" under the Act, and the SEC noted that this definition would apply in all contexts under the Act. The effective date for the rule was March 8, 2021. The compliance date for the new rule and the related reporting requirements was September 8, 2022. Management has implemented changes in connection with the rule and has determined that there was no material impact to the Portfolio's financial statements.

In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820), which affects all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring the fair value. The amendments also require additional disclosures for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The effective date for the amendments in ASU 2022-03 is for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years. At this time, management is evaluating the implications of these changes on the financial statements.

In October 2022, the SEC adopted changes to the mutual fund and ETF shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which will change the disclosures provided to shareholders. The rule is effective as of January 24, 2023, but the SEC is providing an 18-month compliance period after the effective date other than for rule amendments addressing fee and expense information in advertisements that might be materially misleading. At this time, management is evaluating the implications of these changes on the financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies The NAV of the Portfolio's shares, or each of its share classes as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Portfolio or class, less any liabilities, as applicable, by the total number of shares outstanding.

On each day that the New York Stock Exchange ("NYSE") is open, the Portfolio's shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) ("NYSE Close"). Information that becomes known to the Portfolio or its agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, the Portfolio may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. The Portfolio generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, the Portfolio may calculate its NAV as of the NYSE Close for such day or such other time that the Portfolio may determine.

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Portfolio will normally use pricing data for domestic equity securities received shortly after the NYSE Close and does not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange, or the NYSE Close, if the NYSE Close occurs before the end of trading on the foreign exchange.

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| **36** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2022

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated PIMCO as the valuation designee ("Valuation Designee") for the Portfolio to perform the fair value determination relating to all Portfolio investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee's policies and procedures govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Portfolio investments. The Valuation Designee may value Portfolio securities for which market quotations are not readily available and other Portfolio assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, "Pricing Sources").

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives, and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Exchange-traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Swap agreements are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of the Portfolio's assets that are invested in one or more open-end management investment companies (other than ETFs), the Portfolio's NAV will be calculated based on the NAVs of such investments. Open-end management investment companies may include affiliated funds.

If a foreign (non-U.S.) equity security's value has materially changed after the close of the security's primary exchange or principal market but before the NYSE Close, the security may be valued at fair value. Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, the Portfolio may determine the fair value of investments based on information provided by Pricing Sources, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may,

among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indexes) that occur after the close of the relevant market and before the NYSE Close. The Portfolio may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, unless otherwise determined by the Valuation Designee, any movement in the applicable reference index or instrument ("zero trigger") between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Trust is not open for business, which may result in the Portfolio's portfolio investments being affected when shareholders are unable to buy or sell shares.

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Sources. As a result, the value of such investments and, in turn, the NAV of the Portfolio's shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Trust is not open for business. As a result, to the extent that the Portfolio holds foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in the Portfolio's next calculated NAV.

Fair valuation may require subjective determinations about the value of a security. While the Trust's and Valuation Designee's policies and procedures are intended to result in a calculation of the Portfolio's NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values accurately reflect the price that the Portfolio could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Portfolio may differ from the value that would be realized if the securities were sold. The Portfolio's use of fair valuation may also help to deter "stale price arbitrage" as discussed under the "Frequent or Excessive Purchases, Exchanges and Redemptions" section in the Portfolio's prospectus.

Under certain circumstances, the per share NAV of a class of the Portfolio's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that the Portfolio would receive to sell an asset or pay to transfer a

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liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2, or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2, and 3 of the fair value hierarchy are defined as follows:

<sup>∎</sup> Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

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| <sup>∎</sup> | Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs. |

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<sup>∎</sup> Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Consolidated Schedule of Investments for the Portfolio.

(c) Valuation Techniques and the Fair Value Hierarchy

Level 1, Level 2 and Level 3 trading assets and trading liabilities, at fair value The valuation methods (or "techniques") and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1, Level 2 and Level 3 of the fair value hierarchy are as follows:

Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

Investments in registered open-end investment companies (other than ETFs) will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in unregistered open-end investment companies will be calculated based upon the NAVs of such investments and are considered Level 1 provided

that the NAVs are observable, calculated daily and are the value at which both purchases and sales will be conducted.

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities and non-U.S. bonds are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Sources' internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Fixed income securities purchased on a delayed-delivery basis or as a repurchase commitment in a sale-buyback transaction are marked to market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or pricing services. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

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Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and

options contracts derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers or Pricing Sources (normally determined as of the NYSE Close). Depending on the product and the terms of the transaction, financial derivative instruments can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as quoted prices, issuer details, indices, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Sources (normally

determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models may use inputs that are observed from actively quoted markets such as the overnight index swap rate, LIBOR forward rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

Short-term debt instruments (such as commercial paper) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost value of such short-term debt instruments is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price.

When a fair valuation method is applied by the Adviser that uses significant unobservable inputs, investments will be priced by a method that the Valuation Designee believes reflects fair value and are categorized as Level 3 of the fair value hierarchy.

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

The Portfolio may invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III ("Central Funds") to the extent permitted by the Act and rules thereunder. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Portfolio. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC's website at www.sec.gov. A copy of each affiliate fund's shareholder report is also available at the SEC's website at www.sec.gov, on the Portfolio's website at www.pimco.com, or upon request, as applicable. The table below shows the Portfolio's transactions in and earnings from investments in the affiliated Fund for the period ended December 31, 2022 (amounts in thousands<sup>†</sup>):

**Investment in PIMCO Short-Term Floating NAV Portfolio III** 

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| **Market Value<br>12/31/2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Market Value<br>12/31/2022** | **Dividend<br>Income<sup>(1)</sup>** | **Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup>** |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22431 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423439 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(445600) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

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| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(1)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

(b) Investments in Securities

The Portfolio may utilize the investments and strategies described below to the extent permitted by the Portfolio's investment policies.

Delayed-Delivery Transactions involve a commitment by the Portfolio to purchase or sell securities for a predetermined price or yield, with

payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, the Portfolio will designate or receive as collateral liquid assets in an amount sufficient to meet the purchase price or respective obligations. When purchasing a security on a delayed-delivery basis, the Portfolio assumes the rights and risks of ownership of the security, including the

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risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. The Portfolio may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain (loss). When the Portfolio has sold a security on a delayed-delivery basis, the Portfolio does not participate in future gains (losses) with respect to the security.

Inflation-Indexed Bonds are fixed income securities whose principal value is periodically adjusted by the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Consolidated Statement of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury Inflation-Protected Securities. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

Mortgage-Related and Other Asset-Backed Securities directly or indirectly represent a participation in, or are secured by and payable from, loans on real property. Mortgage-related securities are created from pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. These securities provide a monthly payment which consists of both interest and principal. Interest may be determined by fixed or adjustable rates. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with the full faith and credit of the U.S. Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Many of the risks of investing in mortgage-related securities secured by commercial mortgage loans reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make lease payments, and the ability of a property to attract and retain tenants. These securities may be less liquid and may exhibit greater price volatility than other types of mortgage-related or other asset-backed securities. Other asset-backed securities are created from many types of assets, including, but not limited to, auto loans, accounts receivable, such as credit card receivables and hospital account receivables, home equity

loans, student loans, boat loans, mobile home loans, recreational vehicle loans, manufactured housing loans, aircraft leases, computer leases and syndicated bank loans.

Collateralized Debt Obligations ("CDOs") include Collateralized Bond Obligations ("CBOs"), Collateralized Loan Obligations ("CLOs") and other similarly structured securities. CBOs and CLOs are types of asset-backed securities. A CBO is a trust which is backed by a diversified pool of high risk, below investment grade fixed income securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which the Portfolio invests. In addition to the normal risks associated with fixed income securities discussed elsewhere in this report and the Portfolio's prospectus and statement of additional information (e.g., prepayment risk, credit risk, liquidity risk, market risk, structural risk, legal risk and interest rate risk (which may be exacerbated if the interest rate payable on a structured financing changes based on multiples of changes in interest rates or inversely to changes in interest rates)), CBOs, CLOs and other CDOs carry additional risks including, but not limited to, (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments, (ii) the quality of the collateral may decline in value or default, (iii) the risk that the Portfolio may invest in CBOs, CLOs, or other CDOs that are subordinate to other classes, and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

Collateralized Mortgage Obligations ("CMOs") are debt obligations of a legal entity that are collateralized by whole mortgage loans or private mortgage bonds and divided into classes. CMOs are structured into multiple classes, often referred to as "tranches", with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including prepayments. CMOs may be less liquid and may exhibit greater price volatility than other types of mortgage-related or asset-backed securities.

Perpetual Bonds are fixed income securities with no maturity date but pay a coupon in perpetuity (with no specified ending or maturity date). Unlike typical fixed income securities, there is no obligation for perpetual bonds to repay principal. The coupon payments, however, are mandatory. While perpetual bonds have no maturity date, they may have a callable date in which the perpetuity is eliminated and the issuer may return the principal received on the specified call date. Additionally, a perpetual bond may have additional features, such as interest rate increases at periodic dates or an increase as of a predetermined point in the future.

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Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the "U.S. Treasury"); and others, such as those of the Federal National Mortgage Association ("FNMA" or "Fannie Mae"), are supported by the discretionary authority of the U.S. Government to purchase the agency's obligations. U.S. Government securities may include zero coupon securities which do not distribute interest on a current basis and tend to be subject to a greater risk than interest-paying securities of similar maturities.

Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac"). FNMA is a government-sponsored corporation. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. Government. FHLMC issues Participation Certificates ("PCs"), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

In June 2019, FNMA and FHLMC started issuing Uniform Mortgage Backed Securities in place of their current offerings of TBA-eligible securities (the "Single Security Initiative"). The Single Security Initiative seeks to support the overall liquidity of the TBA market and aligns the characteristics of FNMA and FHLMC certificates. The effects that the Single Security Initiative may have on the market for TBA and other mortgage-backed securities are uncertain.

Roll-timing strategies can be used where the Portfolio seeks to extend the expiration or maturity of a position, such as a TBA security on an underlying asset, by closing out the position before expiration and opening a new position with respect to substantially the same underlying asset with a later expiration date. TBA securities purchased or sold are reflected on the Consolidated Statement of Assets and Liabilities as an asset or liability, respectively. Recently finalized FINRA rules include mandatory margin requirements for the TBA market that

requires the Portfolio to post collateral in connection with its TBA transactions. There is no similar requirement applicable to the Portfolio's TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the Portfolio and impose added operational complexity.

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Portfolio may enter into the borrowings and other financing transactions described below to the extent permitted by the Portfolio's investment policies.

The following disclosures contain information on the Portfolio's ability to lend or borrow cash or securities to the extent permitted under the Act, which may be viewed as borrowing or financing transactions by the Portfolio. The location of these instruments in the Portfolio's financial statements is described below.

(a) Repurchase Agreements Under the terms of a typical repurchase agreement, the Portfolio purchases an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and the Portfolio to resell, the obligation at an agreed-upon price and time. In an open maturity repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Portfolio or counterparty at any time. The underlying securities for all repurchase agreements are held by the Portfolio's custodian or designated subcustodians under tri-party repurchase agreements and in certain instances will remain in custody with the counterparty. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, if any, including accrued interest, are included on the Consolidated Statement of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Consolidated Statement of Operations. In periods of increased demand for collateral, the Portfolio may pay a fee for the receipt of collateral, which may result in interest expense to the Portfolio.

(b) Reverse Repurchase Agreements In a reverse repurchase agreement, the Portfolio delivers a security in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed upon price and date. In an open maturity reverse repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Portfolio or counterparty at any time. The Portfolio is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. Cash received in exchange for securities delivered plus accrued interest payments to be made by the Portfolio to counterparties are reflected as a liability on the Consolidated Statement of Assets and Liabilities. Interest

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payments made by the Portfolio to counterparties are recorded as a component of interest expense on the Consolidated Statement of Operations. In periods of increased demand for the security, the Portfolio may receive a fee for use of the security by the counterparty, which may result in interest income to the Portfolio. The Portfolio will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under reverse repurchase agreements.

(c) Sale-Buybacks A sale-buyback financing transaction consists of a sale of a security by the Portfolio to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. The Portfolio is not entitled to receive principal and interest payments, if any, made on the security sold to the counterparty during the term of the agreement. The agreed-upon proceeds for securities to be repurchased by the Portfolio are reflected as a liability on the Consolidated Statement of Assets and Liabilities. The Portfolio will recognize net income represented by the price differential between the price received for the transferred security and the agreed-upon repurchase price. This is commonly referred to as the 'price drop.' A price drop consists of (i) the foregone interest and inflationary income adjustments, if any, the Portfolio would have otherwise received had the security not been sold and (ii) the negotiated financing terms between the Portfolio and counterparty. Foregone interest and inflationary income adjustments, if any, are recorded as components of interest income on the Consolidated Statement of Operations. Interest payments based upon negotiated financing terms made by the Portfolio to counterparties are recorded as a component of interest expense on the Consolidated Statement of Operations. In periods of increased demand for the security, the Portfolio may receive a fee for use of the security by the counterparty, which may result in interest income to the Portfolio. The Portfolio will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under sale-buyback transactions.

(d) Short Sales Short sales are transactions in which the Portfolio sells a security that it may not own. The Portfolio may make short sales of securities to (i) offset potential declines in long positions in similar securities, (ii) to increase the flexibility of the Portfolio, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When the Portfolio engages in a short sale, it may borrow the security sold short and deliver it to the counterparty. The Portfolio will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Consolidated Statement of Assets and Liabilities.

Short sales expose the Portfolio to the risk that it will be required to cover its short position at a time when the security or other asset has appreciated in value, thus resulting in losses to the Portfolio. A short sale is "against the box" if the Portfolio holds in its portfolio or has the right to acquire the security sold short, or securities identical to the security sold short, at no additional cost. The Portfolio will be subject to additional risks to the extent that it engages in short sales that are not "against the box." The Portfolio's loss on a short sale could theoretically be unlimited in cases where the Portfolio is unable, for whatever reason, to close out its short position.

(e) Interfund Lending In accordance with an exemptive order (the "Order") from the SEC, each Portfolio of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Portfolio's investment policies and restrictions. Each Portfolio is currently permitted to borrow under the Interfund Lending Program. A lending portfolio may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing portfolio through the Interfund Lending Program. A borrowing portfolio may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the portfolio's investment restrictions). If a borrowing portfolio's total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending portfolio and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended December 31, 2022, the Portfolio did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

The Portfolio may enter into the financial derivative instruments described below to the extent permitted by the Portfolio's investment policies.

The following disclosures contain information on how and why the Portfolio uses financial derivative instruments, and how financial derivative instruments affect the Portfolio's financial position, results ofoperations and cash flows. The location and fair value amounts of these instruments on the Consolidated Statement of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Consolidated Statement

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of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table in the Notes to Consolidated Schedule of Investments. The financial derivative instruments outstanding as of period end and the amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Consolidated Schedule of Investments, serve as indicators of the volume of financial derivative activity for the Portfolio.

(a) Forward Foreign Currency Contract may be engaged, in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of the Portfolio's securities or as part of an investment strategy. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked to market daily, and the change in value is recorded by the Portfolio as an unrealized gain (loss). Realized gains (losses) are equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed and are recorded upon delivery or receipt of the currency. These contracts may involve market risk in excess of the unrealized gain (loss) reflected on the Consolidated Statement of Assets and Liabilities. In addition, the Portfolio could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar. To mitigate such risk, cash or securities may be exchanged as collateral pursuant to the terms of the underlying contracts.

(b) Futures Contract are agreements to buy or sell a security or other asset for a set price on a future date and are traded on an exchange. The Portfolio may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by the Portfolio and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Portfolio is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by the Portfolio ("Futures Variation Margin"). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Consolidated Statement of Assets and Liabilities. Gains (losses) are recognized but

not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the Futures Variation Margin included within exchange traded or centrally cleared financial derivative instruments on the Consolidated Statement of Assets and Liabilities.

(c) Options Contract may be written or purchased to enhance returns or to hedge an existing position or future investment. The Portfolio may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase the Portfolio's exposure to the underlying instrument. Writing call options tends to decrease the Portfolio's exposure to the underlying instrument. When the Portfolio writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. These amounts are included on the Consolidated Statement of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The Portfolio as a writer of an option has no control over whether the underlying instrument may be sold ("call") or purchased ("put") and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Portfolio may not be able to enter into a closing transaction because of an illiquid market.

Purchasing call options tends to increase the Portfolio's exposure to the underlying instrument. Purchasing put options tends to decrease the Portfolio's exposure to the underlying instrument. The Portfolio pays a premium which is included as an asset on the Consolidated Statement of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed.

Commodity Options are options on commodity futures contracts ("Commodity Option"). The underlying instrument for the Commodity Option is not the commodity itself, but rather a futures contract for that

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commodity. The exercise of a Commodity Option will not include physical delivery of the underlying commodity but will result in a cash transfer for the amount of the difference between the current market value of the underlying futures contract and the strike price. For an option that is in-the-money, the Portfolio will normally offset its position rather than exercise the option to retain any remaining time value.

Credit Default Swaptions may be written or purchased to hedge exposure to the credit risk of an investment without making a commitment to the underlying instrument. A credit default swaption is an option to sell or buy credit protection on a specific reference by entering into a pre-defined swap agreement by some specified date in the future.

Inflation-Capped Options may be written or purchased to enhance returns or for hedging opportunities. The purpose of purchasing inflation-capped options is to protect the Portfolio from inflation erosion above a certain rate on a given notional exposure. A floor can be used to give downside protection to investments in inflation-linked products.

Interest Rate Swaptions may be written or purchased to enter into a pre-defined swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, by some specified date in the future. The writer of the swaption becomes the counterparty to the swap if the buyer exercises. The interest rate swaption agreement will specify whether the buyer of the swaption will be a fixed-rate receiver or a fixed-rate payer upon exercise.

Options on Indices ("Index Option") use a specified index as the underlying instrument for the option contract. The exercise for an Index Option will not include physical delivery of the underlying index but will result in a cash transfer of the amount of the difference between the settlement price of the underlying index and the strike price.

Options on Securities may be written or purchased to enhance returns or to hedge an existing position or future investment. An option on a security uses a specified security as the underlying instrument for the option contract.

Straddle Options ("Straddle") are investment strategies that use combinations of options that allow the Portfolio to profit based on the future price movements of the underlying security, regardless of the direction of those movements. A written Straddle involves simultaneously writing a call option and a put option on the same security with the same strike price and expiration date. The written Straddle increases in value when the underlying security price has little volatility before the expiration date. A purchased Straddle involves simultaneously purchasing a call option and a put option on the same security with the same strike price and expiration date. The purchased Straddle increases in value when the underlying security price has high volatility, regardless of direction, before the expiration date.

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(d) Swap Agreements are bilaterally negotiated agreements between the Portfolio and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the over the counter market ("OTC swaps") or may be cleared through a third party, known as a central counterparty or derivatives clearing organization ("Centrally Cleared Swaps"). The Portfolio may enter into asset, credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Consolidated Statement of Operations. Daily changes in valuation of centrally cleared swaps ("Swap Variation Margin"), if any, are disclosed within centrally cleared financial derivative instruments on the Consolidated Statement of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Consolidated Statement of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Consolidated Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Consolidated Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain (loss) on the Consolidated Statement of Operations.

For purposes of applying certain of the Portfolio's investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by the Portfolio at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of the Portfolio's investment policies and restrictions, the Portfolio will value the credit default swap at its notional value or its full exposure value (i.e., the sum of the notional amount for the contract plus the

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market value), but may value the credit default swap at market value for purposes of applying certain of the Portfolio's other investment policies and restrictions. For example, the Portfolio may value credit default swaps at full exposure value for purposes of the Portfolio's credit quality guidelines (if any) because such value in general better reflects the Portfolio's actual economic exposure during the term of the credit default swap agreement. As a result, the Portfolio may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in the Portfolio's prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether the Portfolio is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by the Portfolio for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the amounts recognized on the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates or the values of the asset upon which the swap is based.

The Portfolio's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive. The risk may be mitigated by having a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral to the Portfolio to cover the Portfolio's exposure to the counterparty.

To the extent the Portfolio has a policy to limit the net amount owed to or to be received from a single counterparty under existing swap agreements, such limitation only applies to counterparties to OTC swaps and does not apply to centrally cleared swaps where the counterparty is a central counterparty or derivatives clearing organization.

Commodity Forward Swap Agreements ("Commodity Forwards") are entered into to gain or mitigate exposure to the underlying referenced commodity. Commodity Forwards involve commitments between two parties where cash flows are exchanged at a future date based on the difference between a fixed and variable price with respect to the number of units of the commodity. At the maturity date, a net cash flow is exchanged, where the payoff amount is equivalent to the difference between the fixed and variable price of the underlying

commodity multiplied by the number of units. To the extent the difference between the fixed and variable price of the underlying referenced commodity exceeds or falls short of the offsetting payment obligation, the Portfolio will receive a payment from or make a payment to the counterparty.

Credit Default Swap Agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues are entered into to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where the Portfolio owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer's default. Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event that the referenced entity, obligation or index, as specified in the swap agreement, undergoes a certain credit event. As a seller of protection on credit default swap agreements, the Portfolio will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, the Portfolio would effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the notional amount of the swap.

If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value. The ability to deliver other obligations may result in a cheapest-to-deliver

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option (the buyer of protection's right to choose the deliverable obligation with the lowest value following a credit event).

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name's weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index. Credit default swaps on credit indices may be used to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indices are instruments for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues as of period end, if any, are disclosed in the Notes to Consolidated Schedule of Investments. They serve as an indicator of the current status of payment/performance risk and represent the likelihood or risk of default for the reference entity. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. For credit default swap agreements on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that the Portfolio as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of period end for which the Portfolio is the seller of protection are disclosed in the Notes to Consolidated Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Portfolio for the same referenced entity or entities.

Interest Rate Swap Agreements may be entered into to help hedge against interest rate risk exposure and to maintain the Portfolio's ability to generate income at prevailing market rates. The value of the fixed rate bonds that the Portfolio holds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by the Portfolio with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap," (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor," (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.

Total Return Swap Agreements are entered into to gain or mitigate exposure to the underlying reference asset. Total return swap agreements involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset and on a fixed or variable interest rate. Total return swap agreements may involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific underlying reference asset, which may include a single security, a

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basket of securities, or an index, and in return receives a fixed or variable rate. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference asset less a financing rate, if any. As a receiver, the Portfolio would receive payments based on any net positive total return and would owe payments in the event of a net negative total return. As the payer, the Portfolio would owe payments on any net positive total return, and would receive payments in the event of a net negative total return.

Volatility Swap Agreements are also known as forward volatility agreements and volatility swaps, and are agreements in which the counterparties agree to make payments in connection with changes in the volatility (i.e., the magnitude of change over a specified period of time) of an underlying referenced instrument, such as a currency, rate, index, security or other financial instrument. Volatility swaps permit the parties to attempt to hedge volatility risk and/or take positions on the projected future volatility of an underlying referenced instrument. For example, the Portfolio may enter into a volatility swap in order to take the position that the referenced instrument's volatility will increase over a particular period of time. If the referenced instrument's volatility does increase over the specified time, the Portfolio will receive payment from its counterparty based upon the amount by which the referenced instrument's realized volatility level exceeds a volatility level agreed upon by the parties. If the referenced instrument's volatility does not increase over the specified time, the Portfolio will make a payment to the counterparty based upon the amount by which the referenced instrument's realized volatility level falls below the volatility level agreed upon by the parties. At the maturity date, a net cash flow is exchanged, where the payoff amount is equivalent to the difference between the realized price volatility of the referenced instrument and the strike multiplied by the notional amount. As a receiver of the realized price volatility, the Portfolio would receive the payoff amount when the realized price volatility of the referenced instrument is greater than the strike and would owe the payoff amount when the volatility is less than the strike. As a payer of the realized price volatility, the Portfolio would owe the payoff amount when the realized price volatility of the referenced instrument is greater than the strike and would receive the payoff amount when the volatility is less than the strike. Payments on a volatility swap will be greater if they are based upon the mathematical square of volatility (i.e., the measured volatility multiplied by itself, which is referred to as "variance"). This type of volatility swap is frequently referred to as a variance swap.

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in the Portfolio, which could adversely affect its net asset value, yield and total return, are listed below. Under certain conditions, generally in a market where the value of both

commodity-linked derivative instruments and fixed income securities are declining, the Portfolio may experience substantial losses. Please see "Description of Principal Risks" in the Portfolio's prospectus for a more detailed description of the risks of investing in the Portfolio.

Interest Rate Risk is the risk that fixed income securities will decline in value because of an increase in interest rates; a portfolio with a longer average portfolio duration will be more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

Call Risk is the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their maturity for a number of reasons (e.g., declining interest rates, changes in credit spreads and improvements in the issuer's credit quality). If an issuer calls a security that the Portfolio has invested in, the Portfolio may not recoup the full amount of its initial investment and may be forced to reinvest in lower- yielding securities, securities with greater credit risks or securities with other, less favorable features.

Credit Risk is the risk that the Portfolio could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations.

High Yield Risk is the risk that high yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") are subject to greater levels of credit, call and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments, and may be more volatile than higher-rated securities of similar maturity.

Market Risk is the risk that the value of securities owned by the Portfolio may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries.

Issuer Risk is the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services.

Liquidity Risk is the risk that a particular investment may be difficult to purchase or sell and that the Portfolio may be unable to sell illiquid investments at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity.

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Derivatives Risk is the risk of investing in derivative instruments (such as forwards, futures, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks, and valuation complexity. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and the Portfolio could lose more than the initial amount invested. Changes in the value of a derivative or other similar instrument may also create margin delivery or settlement payment obligations for the Portfolio. The Portfolio's use of derivatives or other similar investments may result in losses to the Portfolio, a reduction in the Portfolio's returns and/or increased volatility. Over-the-counter ("OTC") derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for OTC derivatives or other similar investments. The primary credit risk on derivatives that are exchange-traded or traded through a central clearing counterparty resides with the Portfolio's clearing broker or the clearinghouse. Changes in regulation relating to a registered fund's use of derivatives and related instruments could potentially limit or impact the Portfolio's ability to invest in derivatives, limit the Portfolio's ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and the Portfolio's performance.

Model Risk is the risk that the Portfolio's investment models used in making investment allocation decisions may not adequately take into account certain factors, may contain design flaws or faulty assumptions, and may rely on incomplete or inaccurate data, any of which may result in a decline in the value of an investment in

the Portfolio.

Commodity Risk is the risk that investing in commodity-linked derivative instruments may subject the Portfolio to greater volatility than investments in traditional securities. The value of commodity- linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, public health emergencies, embargoes, tariffs and international economic, political and regulatory developments.

Equity Risk is the risk that the value of equity securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity securities generally have greater price volatility than fixed income securities.

Mortgage-Related and Other Asset-Backed Securities Risk is the risk of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and

credit risk.

Foreign (Non-U.S.) Investment Risk is the risk that investing in foreign (non-U.S.) securities may result in the Portfolio experiencing more rapid and extreme changes in value than a portfolio that invests exclusively in securities of U.S. companies, due to smaller markets, differing reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, or political changes, diplomatic developments or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.

Emerging Markets Risk is the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk.

Sovereign Debt Risk is the risk that investments in fixed income instruments issued by sovereign entities may decline in value as a result of default or other adverse credit event resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion.

Currency Risk is the risk that foreign (non-U.S.) currencies will change in value relative to the U.S. dollar and affect the Portfolio's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies.

Leveraging Risk is the risk that certain transactions of the Portfolio, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage,

magnifying gains and losses and causing the Portfolio to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss.

Management Risk is the risk that the investment techniques and risk analyses applied by PIMCO, including the use of quantitative models or methods, will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio manager in connection with managing the Portfolio and may cause PIMCO to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of the Portfolio will be achieved.

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Inflation-Indexed Security Risk is the risk that inflation-indexed debt securities are subject to the effects of changes in market interest rates caused by factors other than inflation (real interest rates). In general, the value of an inflation-indexed security, including TIPS, tends to decrease when real interest rates increase and can increase when real interest rates decrease. Interest payments on inflation-indexed securities are unpredictable and will fluctuate as the principal and interest are adjusted for inflation. There can be no assurance that the inflation index used will accurately measure the real rate of inflation in the prices of goods and services. Any increase in the principal amount of an inflation-indexed debt security will be considered taxable ordinary income, even though the Portfolio will not receive the principal until maturity

Tax Risk is the risk that the tax treatment of swap agreements and other derivative instruments, such as commodity-linked derivative instruments, including commodity index-linked notes, swap agreements, commodity options, futures, and options on futures, may be affected by future regulatory or legislative changes that could affect whether income from such investments is "qualifying income" under Subchapter M of the Internal Revenue Code, or otherwise affect the character, timing and/or amount of the Portfolio's taxable income or gains and distributions.

Subsidiary Risk is the risk that, by investing in the CRRS Subsidiary, the Portfolio is indirectly exposed to the risks associated with the CRRS Subsidiary's investments. The CRRS Subsidiary is not registered under the Act and may not be subject to all the investor protections of the Act. There is no guarantee that the investment objective of the CRRS Subsidiary will be achieved.

Short Exposure Risk is the risk of entering into short sales or other short positions, including the potential loss of more money than the actual cost of the investment, and the risk that the third party to the short sale or other short position will not fulfill its contractual obligations, causing a loss to the Portfolio.

(b) Other Risks

In general, the Portfolio may be subject to additional risks, including, but not limited to, risks related to government regulation and intervention in financial markets, operational risks, risks associated with financial, economic and global market disruptions, and cyber security risks. Please see the Portfolio's prospectus and Statement of Additional Information for a more detailed description of the risks of investing in the Portfolio. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments that may impact the Portfolio's performance.

Market Disruption Risk The Portfolio is subject to investment and operational risks associated with financial, economic and other global

market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets and cause the Portfolio to lose value. These events can also impair the technology and other operational systems upon which the Portfolio's service providers, including PIMCO as the Portfolio's investment adviser, rely, and could otherwise disrupt the Portfolio's service providers' ability to fulfill their obligations to the Portfolio. For example, the recent spread of an infectious respiratory illness caused by a novel strain of coronavirus (known as COVID-19) has caused volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities the Portfolio holds, and may adversely affect the Portfolio's investments and operations. Please see the Important Information section for additional discussion of the COVID-19 pandemic.

Government Intervention in Financial Markets Federal, state, and other governments, their regulatory agencies, or self-regulatory organizations may take actions that affect the regulation of the instruments in which the Portfolio invests, or the issuers of such instruments, in ways that are unforeseeable. Legislation or regulation may also change the way in which the Portfolio itself is regulated. Such legislation or regulation could limit or preclude the Portfolio's ability to achieve its investment objective. Furthermore, volatile financial markets can expose the Portfolio to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Portfolio. The value of the Portfolio's holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which the Portfolio invests. In addition, it is not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.

Regulatory Risk Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/or intervention may change the way the Portfolio is regulated, affect the expenses incurred directly by the Portfolio and the value of its investments, and limit and/or preclude the Portfolio's ability to achieve its investment objective. Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects.

Operational Risk An investment in the Portfolio, like any fund, can involve operational risks arising from factors such as processing errors,

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human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Portfolio. While the Portfolio seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Portfolio.

Cyber Security Risk As the use of technology has become more prevalent in the course of business, the Portfolio has become potentially more susceptible to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional cyber events that may, among other things, cause the Portfolio to lose proprietary information, suffer data corruption and/or destruction or lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Cyber security failures or breaches may result in financial losses to the Portfolio and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with the Portfolio's ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. There is also a risk that cyber security breaches may not be detected. The Portfolio and its shareholders may suffer losses as a result of a cyber security breach related to the Portfolio, its service providers, trading counterparties or the issuers in which the Portfolio invests.

8. MASTER NETTING ARRANGEMENTS

The Portfolio may be subject to various netting arrangements ("Master Agreements") with select counterparties. Master Agreements govern the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow the Portfolio to close out and net its total exposure to a counterparty in the event of a default

with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes the Consolidated Statement of Assets and Liabilities generally presents derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Consolidated Statement of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Consolidated Statement of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. The Portfolio's overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively "Master Repo Agreements") govern repurchase, reverse repurchase, and certain sale-buyback transactions between the Portfolio and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default, and maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Consolidated Schedule of Investments.

Master Securities Forward Transaction Agreements ("Master Forward Agreements") govern certain forward settling transactions, such as TBA securities, delayed-delivery or certain sale-buyback transactions by and between the Portfolio and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Consolidated Schedule of Investments.

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Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant ("FCM") registered with the Commodity Futures Trading Commission. In the United States, counterparty risk may be reduced as creditors of an FCM cannot have a claim to Portfolio assets in the segregated account. Portability of exposure reduces risk to the Portfolio. Variation margin, which reflects changes in market value, is generally exchanged daily, but may not be netted between futures and cleared OTC derivatives unless the parties have agreed to a separate arrangement in respect of portfolio margining. The market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin as of period end are disclosed in the Notes to Consolidated Schedule of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes ("ISDA Master Agreements") govern bilateral OTC derivative transactions entered into by the Portfolio with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. The ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level or as required by regulation. Similarly, if required by regulation, the Portfolio may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent the Portfolio is required by regulation to post additional collateral beyond coverage of daily exposure, it could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Consolidated Schedule of Investments.

9. FEES AND EXPENSES

(a) Investment Advisory Fee PIMCO is a majority-owned subsidiary of Allianz Asset Management of America LLC ("Allianz Asset Management") and serves as the Adviser to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from the Portfolio at an annual rate based on average daily net assets (the

"Investment Advisory Fee"). The Investment Advisory Fee for all classes is charged at an annual rate as noted in the table in note (b) below.

(b) Supervisory and Administrative Fee PIMCO serves as administrator (the "Administrator") and provides supervisory and administrative services to the Trust for which it receives a monthly supervisory and administrative fee based on each share class's average daily net assets (the "Supervisory and Administrative Fee"). As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs.

The Investment Advisory Fee and Supervisory and Administrative Fees for all classes, as applicable, are charged at the annual rate as noted in the following table (calculated as a percentage of the Portfolio's average daily net assets attributable to each class):

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Advisory Fee** | **Supervisory and Administrative Fee** | **Supervisory and Administrative Fee** | **Supervisory and Administrative Fee** | **Supervisory and Administrative Fee** |
| **All Classes** | **Institutional<br>Class** | **Class M** | **Administrative<br>Class** | **Advisor<br>Class** |
| 0.49% | 0.25% | 0.25% | 0.25% | 0.25% |

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(c) Distribution and Servicing Fees PIMCO Investments LLC, a wholly-owned subsidiary of PIMCO, serves as the distributor ("Distributor") of the Trust's shares.

The Trust has adopted an Administrative Services Plan with respect to the Administrative Class shares of the Portfolio pursuant to Rule 12b-1 under the Act (the "Administrative Plan"). Under the terms of the Administrative Plan, the Trust is permitted to compensate the Distributor, out of the Administrative Class assets of the Portfolio, in an amount up to 0.15% on an annual basis of the average daily net assets of that class, for providing or procuring through financial intermediaries administrative, recordkeeping and investor services for Administrative Class shareholders of the Portfolio.

The Trust has adopted a separate Distribution and Servicing Plan for each of the Advisor Class and Class M shares of the Portfolio (the "Distribution and Servicing Plans"). The Distribution and Servicing Plans have been adopted pursuant to Rule 12b-1 under the Act. The Distribution and Servicing Plans permit the Portfolio to compensate the Distributor for providing or procuring through financial intermediaries, distribution, administrative, recordkeeping, shareholder and/or related services with respect to Advisor Class and Class M shares. The Distribution and Servicing Plans permit the Portfolio to make total payments at an annual rate of up to 0.25% of its average daily net assets attributable to its Advisor Class or Class M shares, respectively. The Distribution and Servicing Plan for Class M shares also permits the Portfolio to compensate the Distributor for providing or procuring administrative, recordkeeping, and other investor services at an annual rate of up to 0.20% of its average daily net assets attributable to its Class M shares.

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| | | |
|:---|:---|:---|
|  | **Distribution Fee** | **Servicing Fee** |
|  **Class M** | 0.25% | 0.20% |
|  **Administrative Class** |  | 0.15% |
|  **Advisor Class** | 0.25% |  |

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(d) Portfolio Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Portfolio, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust's executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Portfolio, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust's Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual portfolio operating expenses per share class.

The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates.

(e) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has agreed, through May 1, 2023, to waive a portion of the Portfolio's Supervisory and Administrative Fee, or reimburse the Portfolio, to the extent that the Portfolio's organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata share of Trustee Fees exceed 0.0049%, the "Expense Limit" (calculated as a percentage of the Portfolio's average daily net assets attributable to each class). The Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. The waiver, if any, is reflected on the Consolidated Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO. For the period ended December 31, 2022, there were no waivers.

In any month in which the supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by the Portfolio of any portion of the supervisory and administrative fee waived or reimbursed as set forth above (the "Reimbursement Amount") within thirty-six months of the time of the waiver, provided that such amount paid to PIMCO will not: i) together with any organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee fees, exceed, for such month, the Expense Limit (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit); ii) exceed the total Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. At December 31, 2022, there were no recoverable amounts.

(f) Acquired Fund Fees and Expenses PIMCO Cayman Commodity Portfolio I, Ltd. (the "Commodity Subsidiary") has entered into a separate contract with PIMCO for the management of the Commodity Subsidiary's portfolio pursuant to which the Commodity Subsidiary pays PIMCO a management fee and an administrative services fee at the annual rates of 0.49% and 0.20%, respectively, of its net assets. PIMCO has contractually agreed to waive the Portfolio's Investment Advisory Fee and the Supervisory and Administrative Fee in an amount equal to the management fee and administrative services fee, respectively, paid by the Commodity Subsidiary to PIMCO. This waiver may not be terminated by PIMCO and will remain in effect for as long as PIMCO's contract with the Commodity Subsidiary is in place. The waiver is reflected on the Consolidated Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO. For the period ended December 31, 2022, the amount was $1,259,764. See Note 14, Basis for Consolidation in the Notes to Financial Statements for more information regarding the Commodity Subsidiary.

10. RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties. Fees paid to these parties are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Consolidated Statement of Assets and Liabilities.

The Portfolio is permitted to purchase or sell securities from or to certain related affiliated portfolios under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the

Portfolio from or to another fund or portfolio that are, or could be, considered an affiliate, or an affiliate of an affiliate, by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with applicable SEC rule and interpretations under the Act. Further, as defined under the procedures, each transaction is effected at the current market price.

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Purchases and sales of securities pursuant to applicable SEC rule and interpretations under the Act for the period ended December 31, 2022, were as follows (amounts in thousands<sup>†</sup>):

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| | | |
|:---|:---|:---|
| **Purchases** | **Sales** | **Realized<br>Gain/(Loss)** |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40925 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

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|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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11. GUARANTEES AND INDEMNIFICATIONS

Under the Trust's organizational documents, each Trustee, officer, employee or other agent of the Trust (including the Trust's investment manager) is indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Portfolio. Additionally, in the normal course of business, the Portfolio enters into contracts that contain a variety of indemnification clauses. The Portfolio's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred. However, the Portfolio has not had prior claims or losses pursuant to these contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

12. PURCHASES AND SALES OF SECURITIES

The length of time the Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by the Portfolio is known as "portfolio turnover." The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective(s), particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by the Portfolio. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates when distributed to shareholders). The transaction costs associated with portfolio turnover may adversely affect the Portfolio's performance. The portfolio turnover rates are reported in the Financial Highlights.

Purchases and sales of securities (excluding short-term investments) for the period ended December 31, 2022, were as follows (amounts in thousands<sup>†</sup>):

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| | | | |
|:---|:---|:---|:---|
| **U.S. Government/Agency** | **U.S. Government/Agency** | **All Other** | **All Other** |
| **Purchases** | **Sales** | **Purchases** | **Sales** |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723346 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725823 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66541 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32102 |

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| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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13. SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with a $0.001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands<sup>†</sup>):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended<br>12/31/2022** | **Year Ended<br>12/31/2022** | **Year Ended<br>12/31/2021** | **Year Ended<br>12/31/2021** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Receipts for shares sold** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 1215 | $9731 | 2348 | $16800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class M | 123 | 1056 | 47 | 352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 25008 | 211470 | 15121 | 110421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 14103 | 120799 | 5253 | 39761 |
|  **Issued as reinvestment of distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 320 | 2764 | 42 | 316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class M | 31 | 258 | 3 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 9548 | 82355 | 1607 | 12070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 5103 | 44624 | 761 | 5793 |
|  **Cost of shares redeemed** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (1865) | (13440) | (1596) | (12150) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class M | (63) | (506) | (24) | (176) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (27550) | &nbsp;&nbsp;&nbsp;&nbsp;(221902) | &nbsp;&nbsp;&nbsp;&nbsp;(14588) | &nbsp;&nbsp;&nbsp;&nbsp;(107195) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (12526) | &nbsp;&nbsp;&nbsp;&nbsp;(101046) | (3914) | (29310) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | 13447 | $136163 | 5060 | $36704 |

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| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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As of December 31, 2022, two shareholders each owned 10% or more of the Portfolio's total outstanding shares comprising 31% of the Portfolio.

14. BASIS FOR CONSOLIDATION

The Commodity Subsidiary, a Cayman Islands exempted company, was incorporated on July 21, 2006, as a wholly owned subsidiary acting as an investment vehicle for the Portfolio in order to effect certain investments for the Portfolio consistent with the Portfolio's investment objectives and policies as specified in its prospectus and statement of additional information. The Portfolio's investment portfolio has been consolidated and includes the portfolio holdings of the Portfolio and the Commodity Subsidiary. The consolidated financial statements include the accounts of the Portfolio and the Commodity Subsidiary. All inter-company transactions and balances have been eliminated. A subscription agreement was entered into between the Portfolio and the Commodity Subsidiary, comprising the entire issued share capital of the Commodity Subsidiary, with the intent that the Portfolio will remain the sole shareholder and retain all rights. Under the Memorandum and Articles of Association, shares issued by the Commodity Subsidiary confer upon a shareholder the right to receive notice of, to attend and to vote at general meetings of the Commodity Subsidiary and shall confer upon the shareholder rights in a winding-up or repayment of capital and the right to participate in the profits or assets of the Commodity Subsidiary. The net assets of the Commodity Subsidiary as of period end represented 26.3% of the Portfolio's consolidated net assets.

15. REGULATORY AND LITIGATION MATTERS

The Portfolio is not named as a defendant in any material litigation or arbitration proceedings and is not aware of any material litigation or claim pending or threatened against it.

On May 17, 2022, Allianz Global Investors U.S. LLC ("AGI U.S.") pleaded guilty in connection with the proceeding United States of America v. Allianz Global Investors U.S. LLC. AGI U.S. is an indirect subsidiary of Allianz SE. The conduct resulting in the matter described above occurred entirely within AGI U.S. and did not involve PIMCO or the Distributor, or any personnel of PIMCO or the Distributor. Nevertheless, because of the disqualifying conduct of AGI U.S., their affiliate, PIMCO would have been disqualified from serving as the investment adviser, and the Distributor would have been disqualified from serving as the principal underwriter, to the Portfolio in the absence of SEC exemptive relief. PIMCO and the Distributor have received exemptive relief from the SEC to permit them to continue serving as investment adviser and principal underwriter for U.S. registered investment companies, including the Portfolio.

The foregoing speaks only as of the date of this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

16. FEDERAL INCOME TAX MATTERS

The Portfolio intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (the "Code") and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

The Portfolio may be subject to local withholding taxes, including those imposed on realized capital gains. Any applicable foreign capital gains tax is accrued daily based upon net unrealized gains, and may be payable following the sale of any applicable investments.

In accordance with U.S. GAAP, the Adviser has reviewed the Portfolio's tax positions for all open tax years. As of December 31, 2022, the Portfolio has recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions it has taken or expects to take in future tax returns.

The Portfolio files U.S. federal, state, and local tax returns as required. The Portfolio's tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

The Portfolio may gain exposure to the commodities markets primarily through investments in swap agreements, futures and options.

The Portfolio may also gain exposure indirectly to commodity markets by investing in the Commodity Subsidiary, which may invest without limit in commodity-linked swap agreements and other commodity-linked derivative instruments.

One of the requirements for favorable tax treatment as a regulated investment company under the Code is that the Portfolio must derive at least 90% of its gross income from certain qualifying sources of income. The Internal Revenue Service ("IRS") has issued a revenue ruling which holds that income derived from commodity index-linked derivatives, if earned directly by the Portfolio, is not qualifying income under Subchapter M of the Code. The IRS has issued private letter rulings in which the IRS specifically concluded that income derived from an investment in a subsidiary that provides commodity-linked exposure through its investments will be qualifying income. Based on the reasoning in such rulings, the Portfolio will continue to seek to gain exposure to the commodity markets primarily through investments in the Commodity Subsidiary and perhaps through commodity-linked notes.

It should be noted, however, that the IRS currently has ceased the issuance of such rulings. In addition, the IRS also issued a revenue

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procedure, which states that the IRS will not in the future issue private letter rulings that would require a determination of whether an asset (such as a commodity index-linked note) is a "security" under the Act. The IRS issued in September 2016 proposed regulations that would have generally treated the Portfolio's income inclusion (under Subpart F of the Code) with respect to the Commodity Subsidiary as qualifying income only if there were a distribution during the same taxable year out of the earnings and profits of the Commodity Subsidiary attributable to such income inclusion. In March 2019, the IRS issued final regulations (so modifying the proposed regulations) providing that (i) it will not rule on the determination of whether a financial instrument or position is a security under the Act; (ii) any earnings and profits paid out in the same taxable year as earned by a controlled foreign corporation to the Portfolio is treated as qualifying dividends; and (iii) that income inclusion by the Portfolio of its Commodity Subsidiary's earnings would be treated as other qualifying income if derived with respect to the Portfolio's business of investing in stock, securities, or currencies.

There can be no assurance that the IRS will not change its position that income derived from commodity-linked notes and wholly-owned subsidiaries is qualifying income. Furthermore, the tax treatment of

commodity-linked notes, other commodity-linked derivatives, and the Portfolio's investments in the Commodity Subsidiary may otherwise be adversely affected by future legislation, court decisions, Treasury Regulations and/or guidance issued by the IRS. Such developments could affect the character, timing and/or amount of the Portfolio's taxable income or any distributions made by the Portfolio or result in the inability of the Portfolio to operate as described in its prospectus.

If, during a taxable year, the Commodity Subsidiary's taxable losses (and other deductible items) exceed its income and gains, the net loss will not pass through to the Portfolio as a deductible amount for income tax purposes. In the event the Commodity Subsidiary's taxable gains exceed its losses and other deductible items during a taxable year, the net gain will pass through to the Portfolio as ordinary income for Federal income tax purposes.

Shares of the Portfolio currently are sold to segregated asset accounts ("Separate Accounts") of insurance companies that fund variable annuity contracts and variable life insurance policies ("Variable Contracts"). Please refer to the prospectus for the Separate Account and Variable Contract for information regarding Federal income tax treatment of distributions to the Separate Account.

As of December 31, 2022, the components of distributable taxable earnings are as follows (amounts in thousands<sup>†</sup>):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed<br>Ordinary<br>Income<sup>(1)</sup>** | **Undistributed<br>Long-Term<br>Capital Gains** | **Net Tax Basis<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup>** | **Other<br>Book-to-Tax<br>Accounting<br>Differences <sup>(3)</sup>** | **Accumulated<br>Capital<br>Losses<sup>(4)</sup>** | **Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Capital<sup>(5)</sup>** | **Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Ordinary<sup>(6)</sup>** | **Total<br>Components of<br>Distributable<br>Earnings** |
|  PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;69588 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;(49564) | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;(41788) | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;(21764) |

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|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(1)</sup> Includes undistributed short-term capital gains, if any.

<sup>(2)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options and forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on swap contracts, straddle loss deferrals, and controlled foreign corporation (CFC) transactions. 

<sup>(3)</sup> Represents differences in income tax regulations and financial accounting principles generally accepted in the United States of America.

<sup>(4)</sup> Capital losses available to offset future net capital gains as shown below.

<sup>(5)</sup> Capital losses realized during the period November 1, 2022 through December 31, 2022 which the Portfolio elected to defer to the following taxable year pursuant to income tax regulations.

<sup>(6)</sup> Specified losses realized during the period November 1, 2022 through December 31, 2022 which the Portfolio elected to defer to the following taxable year pursuant to income tax regulations.

Under the Regulated Investment Company Modernization Act of 2010, the Portfolio is permitted to carry forward any new capital losses for an unlimited period. Additionally, such capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term under previous law.

As of December 31, 2022, the Portfolio had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

---

| | | |
|:---|:---|:---|
|  | **Short-Term** | **Long-Term** |
|  PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;9471 | $&nbsp;&nbsp;&nbsp;&nbsp;32317 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **55** |

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##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Notes to Financial Statements** | **(Cont.)** | December 31, 2022 |

---

As of December 31, 2022, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal<br>Tax Cost** | **Unrealized<br>Appreciation** | **Unrealized<br>(Depreciation)** | **Net Unrealized<br>Appreciation/<br>(Depreciation)<sup>(7)</sup>** |
|  PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;690574 | $&nbsp;&nbsp;&nbsp;&nbsp;17940 | $&nbsp;&nbsp;&nbsp;&nbsp;(67772) | $&nbsp;&nbsp;&nbsp;&nbsp;(49832) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(7)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options and forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on swap contracts, straddle loss deferrals, and controlled foreign corporation (CFC) transactions. 

For the fiscal years ended December 31, 2022 and December 31, 2021, respectively, the Portfolio made the following tax basis distributions (amounts in thousands<sup>†</sup>):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** |
|  | **Ordinary<br>Income<br>Distributions<sup>(8)</sup>** | **Long-Term<br>Capital Gain<br>Distributions** | **Return of<br>Capital<sup>(9)</sup>** | **Ordinary<br>Income<br>Distributions<sup>(8)</sup>** | **Long-Term<br>Capital Gain<br>Distributions** | **Return of<br>Capital<sup>(9)</sup>** |
|  PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;130001 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;18201 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(8)</sup> Includes short-term capital gains distributed, if any.

<sup>(9)</sup> A portion of the distributions made represents a tax return of capital. Return of capital distributions have been reclassified from undistributed net investment income to paid-in capital to more appropriately conform financial accounting to tax accounting.

---

| | |
|:---|:---|
| **56** | **PIMCO VARIABLE INSURANCE TRUST** |

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##### [**Table of Contents**](#toc)
**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of PIMCO Variable Insurance Trust and Shareholders of PIMCO CommodityRealReturn® Strategy Portfolio

**Opinion on the Financial Statements** 

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of PIMCO CommodityRealReturn® Strategy Portfolio and its subsidiary (one of the portfolios constituting PIMCO Variable Insurance Trust, hereafter referred to as the "Portfolio") as of December 31, 2022, the related consolidated statements of operations and cash flows for the year ended December 31, 2022, the consolidated statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights (consolidated) for each of the five years in the period ended December 31, 2022 (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Portfolio as of December 31, 2022, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These consolidated financial statements are the responsibility of the Portfolio's management. Our responsibility is to express an opinion on the Portfolio's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolio in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

February 17, 2023

We have served as the auditor of one or more investment companies in PIMCO Variable Insurance Trust since 1998.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **57** |

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##### [**Table of Contents**](#toc)

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| | | |
|:---|:---|:---|
| **Glossary:** | **(abbreviations that may be used in the preceding statements)** | (Unaudited) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Counterparty Abbreviations:** | **Counterparty Abbreviations:** | | | | |
| **BCY** | Barclays Capital, Inc. | **FICC** | Fixed Income Clearing Corporation | **NGF** | Nomura Global Financial Products, Inc. |
| **BOA** | Bank of America N.A. | **GLM** | Goldman Sachs Bank USA | **PER** | Pershing LLC |
| **BOS** | BofA Securities, Inc. | **GSC** | Goldman Sachs & Co. LLC | **RBC** | Royal Bank of Canada |
| **BPG** | BNP Paribas Securities Corp. | **GST** | Goldman Sachs International | **SAL** | Citigroup Global Markets, Inc. |
| **BPS** | BNP Paribas S.A. | **JPM** | JP Morgan Chase Bank N.A. | **SCX** | Standard Chartered Bank, London |
| **BRC** | Barclays Bank PLC | **MAC** | Macquarie Bank Limited | **SOG** | Societe Generale Paris |
| **CBK** | Citibank N.A. | **MBC** | HSBC Bank Plc | **SSB** | State Street Bank and Trust Co. |
| **CIB** | Canadian Imperial Bank of Commerce | **MEI** | Merrill Lynch International | **TDM** | TD Securities (USA) LLC |
| **DUB** | Deutsche Bank AG | **MYC** | Morgan Stanley Capital Services LLC | **UAG** | UBS AG Stamford |
| **FBF** | Credit Suisse International | **MYI** | Morgan Stanley & Co. International PLC |  |  |
|  **Currency Abbreviations:** | **Currency Abbreviations:** |  |  |  |  |
| **ARS** | Argentine Peso | **GBP** | British Pound | **NZD** | New Zealand Dollar |
| **AUD** | Australian Dollar | **JPY** | Japanese Yen | **PEN** | Peruvian New Sol |
| **CAD** | Canadian Dollar | **MXN** | Mexican Peso | **USD (or $)** | United States Dollar |
| **EUR** | Euro |  |  |  |  |
|  **Exchange Abbreviations:** | **Exchange Abbreviations:** |  |  |  |  |
| **NYMEX** | New York Mercantile Exchange | **OTC** | Over the Counter |  |  |
|  **Index/Spread Abbreviations:** | **Index/Spread Abbreviations:** |  |  |  |  |
| **BAPA** | Nymex Mont Belvieu LDH Propane | **COCAL** | Brent Crude Calendar Swap | **GOLDLNPM** | London Gold Market Fixing Ltd. PM |
| **BCOMF1NTC** | Bloomberg Commodity Index 1-Month Forward Total Return Custom Index | **CPALEMU** | Euro Area All Items Non-Seasonally Adjusted Index | **JMABFNJ2** | J.P. Morgan Custom Commodity Index |
| **BCOMF1TC** | Bloomberg Commodity Index 1-Month Forward Total Return | **CPTFEMU** | Eurozone HICP ex-Tobacco Index | **JMABNIC5** | J.P. Morgan Custom Commodity Index |
| **BCOMTR** | Bloomberg Commodity Index Total Return | **CPURNSA** | Consumer Price All Urban Non-Seasonally Adjusted Index | **MUTKCALM** | Tokyo Overnight Average Rate |
| **BCOMTR1** | Bloomberg Custom Commodity Index | **EUR003M** | 3 Month EUR Swap Rate | **PIMCODB** | PIMCO Custom Commodity Basket |
| **BCOMTR2** | Bloomberg Custom Commodity Index | **EURMARGIN** | European Refined Margin | **RBCAEC0T** | Custom Commodity Forward Index |
| **BRENT** | Brent Crude | **EURMARG3** | 3 Month European Refined Margin | **SONIO** | Sterling Overnight Interbank Average Rate |
| **CIXBSTR3** | Custom Commodity Index | **FRCPXTOB** | France Consumer Price ex-Tobacco Index | **UKRPI** | United Kingdom Retail Prices Index |
| **CMBX** | Commercial Mortgage-Backed Index | **FSNGY** | Bloomberg Fair Value Price/Nymex Natural Gas Swap Yearly | **ULSD** | Ultra-Low Sulfur Diesel |
| **CMDSKEWLS** | CBEO SKEW Index is an index derived from the price of S&P 500 tail risk | **FSNGYCAL** | Bloomberg Fair Value Price/Nymex Natural Gas Calendar Swap | **US0003M** | ICE 3-Month USD LIBOR |
|  **Other Abbreviations:** | **Other Abbreviations:** |  |  |  |  |
| **BBR** | Bank Bill Rate | **EURIBOR** | Euro Interbank Offered Rate | **oz.** | Ounce |
| **BTP** | Buoni del Tesoro Poliennali "Long-term Treasury Bond" | **LIBOR** | London Interbank Offered Rate | **RBOB** | Reformulated Blendstock for Oxygenate Blending |
| **CLO** | Collateralized Loan Obligation | **OAT** | Obligations Assimilables du Trésor | **TBA** | To-Be-Announced  |
| **CIF NWE** | NWE CIF Jet Fuel | **OIS** | Overnight Index Swap | **WTI** | West Texas Intermediate |
| **DAC** | Designated Activity Company |  |  |  |  |

---

---

| | |
|:---|:---|
| **58** | **PIMCO VARIABLE INSURANCE TRUST** |

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##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Distribution Information** | (Unaudited) |

---

For purposes of Section 19 of the Investment Company Act of 1940 (the "Act"), the Portfolio estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended December 31, 2022 calculated as of each distribution period pursuant to Section 19 of the Act. The information below is not provided for U.S. federal income tax reporting purposes. The tax character of all dividends and distributions is reported on Form 1099-DIV (for shareholders who receive U.S. federal tax reporting) at the end of each calendar year. See the Financial Highlights section of this report for the tax characterization of distributions determined in accordance with federal income tax regulations for the fiscal year.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio** | **PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio** | **PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio** | **PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio** | **PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio** |
| **Institutional Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  July 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  August 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  September 2022 | $0.2001 | $0.0000 | $0.0000 | $0.2001 |
|  October 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  November 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  December 2022 | $0.1365 | $0.0000 | $0.0000 | $0.1365 |
| **Class M** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  July 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  August 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  September 2022 | $0.1914 | $0.0000 | $0.0000 | $0.1914 |
|  October 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  November 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  December 2022 | $0.1272 | $0.0000 | $0.0000 | $0.1272 |
| **Administrative Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  July 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  August 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  September 2022 | $0.1971 | $0.0000 | $0.0000 | $0.1971 |
|  October 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  November 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  December 2022 | $0.1334 | $0.0000 | $0.0000 | $0.1334 |
| **Advisor Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  July 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  August 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  September 2022 | $0.1952 | $0.0000 | $0.0000 | $0.1952 |
|  October 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  November 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  December 2022 | $0.1310 | $0.0000 | $0.0000 | $0.1310 |

---

\* The source of dividends provided in the table differs, in some respects, from information presented in this report prepared in accordance with generally accepted accounting principles, or U.S. GAAP. For example, net earnings from certain interest rate swap contracts are included as a source of net investment income for purposes of Section 19(a). Accordingly, the information in the table may differ from information in the accompanying financial statements that are presented on the basis of U.S. GAAP and may differ from tax information presented in the footnotes. Amounts shown may include accumulated, as well as fiscal period net income and net profits. 

\*\* Occurs when a fund distributes an amount greater than its accumulated net income and net profits. Amounts are not reflective of a fund's net income, yield, earnings or investment performance. 

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **59** |

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##### [**Table of Contents**](#toc)

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| | |
|:---|:---|
| **Federal Income Tax Information** | (Unaudited) |

---

As required by the Internal Revenue Code ("Code") and Treasury Regulations, if applicable, shareholders must be notified within 60 days of the Portfolio's fiscal year end regarding the status of qualified dividend income and the dividend received deduction.

Dividend Received Deduction. Corporate shareholders are generally entitled to take the dividend received deduction on the portion of the Portfolio's dividend distribution that qualifies under tax law. The percentage of the following Portfolio's fiscal 2022 ordinary income dividend that qualifies for the corporate dividend received deduction is set forth below.

Qualified Dividend Income. Under the Jobs and Growth Tax Relief Reconciliation Act of 2003, the following percentage of ordinary dividends paid during the fiscal year ended December 31, 2022 was designated as ''qualified dividend income'' as defined in the Jobs and Growth Tax Relief Reconciliation Act of 2003 subject to reduced tax rates in 2022.

Qualified Interest Income and Qualified Short-Term Capital Gain (for non-U.S. resident shareholders only). Under the American Jobs Creation Act of 2004, the following amounts of ordinary dividends paid during the fiscal year ended December 31, 2022 are considered to be derived from "qualified interest income," as defined in Section 871(k)(1)(E) of the Code, and therefore are designated as interest-related dividends, as defined in Section 871(k)(1)(C) of the Code. Further, the following amounts of ordinary dividends paid during the fiscal year ended December 31, 2022 are considered to be derived from "qualified short-term capital gain," as defined in Section 871(k)(2)(D) of the Code, and therefore are designated as qualified short-term gain dividends, as defined by Section 871(k)(2)(C) of the Code.

Section 163(j) Interest Dividends. The Portfolio intends to pass through the maximum amount allowable as Section 163(j) Interest defined in Proposed Treasury Section 1.163(j)-1(b). The 163(j) percentage of ordinary income distributions are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Dividend<br>Received<br>Deduction%** | **Qualified<br>Dividend<br>Income%** | **Qualified<br>Interest<br>Income<br>(000s)<sup>†</sup>** | **Qualified<br>Short-Term<br>Capital Gains<br>(000s)<sup>†</sup>** | **163(j) Interest<br>Dividends<br>(000s)<sup>†</sup>** |
|  PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio | 0% | 0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21125 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

Shareholders are advised to consult their own tax advisor with respect to the tax consequences of their investment in the Trust. In January 2023, you will be advised on IRS Form 1099-DIV as to the federal tax status of the dividends and distributions received by you in calendar year 2022.

Section 199A Dividends. Non-corporate portfolio shareholders of the Portfolio below meeting certain holding period requirements may be able to deduct up to 20 percent of qualified REIT dividends passed through and reported to the shareholders by the Portfolio as IRC section 199A dividends. The IRC section 199A percentage of ordinary dividends are as follows:

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| | |
|:---|:---|
|  | **199A Dividends** |
|  PIMCO CommodityRealReturn<sup>®</sup> Strategy Portfolio | 0% |

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| | |
|:---|:---|
| **60** | **PIMCO VARIABLE INSURANCE TRUST** |

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##### [**Table of Contents**](#toc)

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| | |
|:---|:---|
| **Management of the Trust** | (Unaudited) |

---

The charts below identify the Trustees and executive officers of the Trust. Unless otherwise indicated, the address of all persons below is 650 Newport Center Drive, Newport Beach, CA 92660.

The Portfolio's Statement of Additional Information includes more information about the Trustees and Officers. To request a free copy, call PIMCO at (888) 87-PIMCO or visit the Portfolio's website at www.pimco.com/pvit.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Year of Birth and <br>Position Held with Trust\*** | **Term of**<br> **Office and**<br> **Length of <br>Time Served<sup>†</sup>** | **Principal Occupation(s) During Past 5 Years** | **Number of Funds**<br> **in Fund Complex <br>Overseen by Trustee** | **Other Public Company and Investment<br>Company Directorships Held by Trustee**<br> **During the Past 5 Years** |
| **Interested Trustees<sup>1</sup>** |  |  |  |  |
| **Peter G. Strelow (1970)**<br> *Chairman of the Board and Trustee* | 05/2017 to present<br>Chairman of the Board - 02/2019 to present | Managing Director and Co-Chief Operating Officer, PIMCO. Senior Vice President of the Trust, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. Formerly, Chief Administrative Officer, PIMCO. | 158 | Chairman and Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT. |
| **Kimberley G. Stafford (1978)**<br> *Trustee* | 02/2021 to present | Managing Director, Global Head of Product Strategy, PIMCO; and Member of Executive Committee, PIMCO. Formerly, Head of Asia-Pacific, Global Head of Consultant Relations and Head of US Institutional and Alternatives Sales, PIMCO. | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT. |
| **Independent Trustees** |  |  |  |  |
| **George E. Borst (1948)**<br> *Trustee* | 04/2015 to present | Executive Advisor, McKinsey & Company (since 10/14); Formerly, Executive Advisor, Toyota Financial Services (10/13-12/14); and CEO, Toyota Financial Services (1/01-9/13). | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT; Director, MarineMax Inc. |
| **Jennifer Holden Dunbar (1963)**<br> *Trustee* | 04/2015 to present | Formerly, Managing Director, Dunbar Partners, LLC (business consulting and investments) (05/05-05/21); and Partner, Leonard Green & Partners, L.P. | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT; Director, PS Business Parks; Director, Big 5 Sporting Goods Corporation. |
| **Kym M. Hubbard (1957)**<br> *Trustee* | 02/2017 to present | Formerly, Global Head of Investments, Chief Investment Officer and Treasurer, Ernst & Young. | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT; Director, State Auto Financial Corporation. |
| **Gary F. Kennedy (1955)**<br> *Trustee* | 04/2015 to present | Formerly, Senior Vice President, General Counsel and Chief Compliance Officer, American Airlines and AMR Corporation (now American Airlines Group) (1/03-1/14). | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |
| **Peter B. McCarthy (1950)**<br> *Trustee* | 04/2015 to present | Formerly, Assistant Secretary and Chief Financial Officer, United States Department of Treasury; Deputy Managing Director, Institute of International Finance. | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |
| **Ronald C. Parker (1951)**<br> *Lead Independent Trustee* | 07/2009 to present<br>Lead Independent Trustee - 02/2017 to present | Director of Roseburg Forest Products Company. Formerly, Chairman of the Board, The Ford Family Foundation; and President, Chief Executive Officer, Hampton Affiliates (forestry products). | 158 | Lead Independent Trustee, PIMCO Funds and PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |

---

\* Unless otherwise noted, the information for the individuals listed is as of December 31, 2022.

<sup>1</sup> Ms. Stafford and Mr. Strelow are "interested persons" of the Trust (as that term is defined in the 1940 Act) because of their affiliations with PIMCO.

<sup>†</sup> Trustees serve until their successors are duly elected and qualified.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **61** |

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##### [**Table of Contents**](#toc)

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| | | |
|:---|:---|:---|
| **Management of the Trust** | **(Cont.)** | (Unaudited) |

---

**Executive Officers** 

---

| | | |
|:---|:---|:---|
| **Name, Year of Birth and**<br> **Position Held with Trust\*** | **Term of Office and**<br> **Length of Time Served** | **Principal Occupation(s) During Past 5 Years<sup>†</sup>** |
| **Eric D. Johnson (1970)**<br> *President* | 06/2019 to present | Executive Vice President and Head of Funds Business Group Americas, PIMCO. President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| **Ryan G. Leshaw (1980)**<br> *Chief Legal Officer and Secretary* | 08/2021 to present | Executive Vice President and Senior Counsel, PIMCO. Chief Legal Officer and Secretary, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Chief Legal Officer, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. Formerly, Associate, Willkie Farr & Gallagher LLP. |
| **Keisha Audain-Pressley (1975)\*\***<br> *Chief Compliance Officer* | 01/2020 to present | Executive Vice President and Deputy Chief Compliance Officer, PIMCO. Chief Compliance Officer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Joshua D. Ratner (1976)\*\***<br> *Senior Vice President* | 05/2019 to present | Executive Vice President and Head of Americas Operations, PIMCO. Senior Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| **Peter G. Strelow (1970)**<br> *Senior Vice President* | 06/2019 to present | Managing Director and Co-Chief Operating Officer, PIMCO. Senior Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. Formerly, Chief Administrative Officer, PIMCO. |
| **Wu-Kwan Kit (1981)**<br> *Assistant Secretary* | 08/2017 to present | Senior Vice President and Senior Counsel, PIMCO. Assistant Secretary, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Vice President, Senior Counsel and Secretary, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. Formerly, Assistant General Counsel, VanEck Associates Corp. |
| **Douglas B. Burrill (1980)\*\***<br> *Vice President* | 08/2022 to present | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Elizabeth A. Duggan (1964)**<br> *Vice President* | 02/2021 to present | Executive Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Jason R. Duran (1977)**<br> *Vice President* | 02/2023 to present | Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |
| **Mark A. Jelic (1981)**<br> *Vice President* | 08/2021 to present | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Kenneth W. Lee (1972)**<br> *Vice President* | 08/2022 to present | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Brian J. Pittluck (1977)**<br> *Vice President* | 01/2020 to present | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Keith A. Werber (1973)**<br> *Vice President* | 05/2022 to present | Executive Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Bijal Y. Parikh (1978)**<br> *Treasurer* | 01/2021 to present | Executive Vice President, PIMCO. Treasurer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| **Erik C. Brown (1967)\*\*\***<br> *Assistant Treasurer* | 02/2001 to present | Executive Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Brandon T. Evans (1982)**<br> *Assistant Treasurer* | 05/2019 to present | Senior Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Deputy Treasurer, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| **Maria M. Golota (1983)\*\***<br> *Assistant Treasurer* | 02/2023 to present | Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |

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\* Unless otherwise noted, the information for the individuals listed is as of February 8, 2023.

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| <sup>†</sup> | The term "PIMCO-Sponsored Closed-End Funds" as used herein includes: PIMCO Access Income Fund, PIMCO California Municipal Income Fund, PIMCO California Municipal Income Fund II, PIMCO California Municipal Income Fund III, PIMCO Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO Municipal Income Fund III, PIMCO New York Municipal Income Fund, PIMCO New York Municipal Income Fund II, PIMCO New York Municipal Income Fund III, PCM Fund Inc., PIMCO Corporate & Income Opportunity Fund, PIMCO Corporate & Income Strategy Fund, PIMCO Dynamic Income Fund, PIMCO Dynamic Income Opportunities Fund, PIMCO Energy and Tactical Credit Opportunities Fund, PIMCO Global StocksPLUS<sup>®</sup> & Income Fund, PIMCO High Income Fund, PIMCO Income Strategy Fund, PIMCO Income Strategy Fund II and PIMCO Strategic Income Fund, Inc.; the term "PIMCO-Sponsored Interval Funds" as used herein includes: PIMCO Flexible Credit Income Fund, PIMCO Flexible Municipal Income Fund, PIMCO California Flexible Municipal Income Fund and PIMCO Flexible Emerging Markets Income Fund.  |

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\*\* The address of these officers is Pacific Investment Management Company LLC, 1633 Broadway, New York, New York 10019.

\*\*\* The address of these officers is Pacific Investment Management Company LLC, 401 Congress Ave., Austin, Texas 78701.

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| **Privacy Policy<sup>1</sup>** | (Unaudited) |

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The Trust<sup>2,3</sup> consider customer privacy to be a fundamental aspect of their relationships with shareholders and are committed to maintaining the confidentiality, integrity and security of their current, prospective and former shareholders' non-public personal information. The Trust has developed policies that are designed to protect this confidentiality, while allowing shareholder needs to be served.

OBTAINING NON-PUBLIC PERSONAL INFORMATION

In the course of providing shareholders with products and services, the Trust and certain service providers to the Trust, such as the Trust's investment advisers or sub-advisers ("Advisers"), may obtain non-public personal information about shareholders, which may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder's brokerage or financial advisory firm, financial professional or consultant, and/or from information captured on applicable websites.

RESPECTING YOUR PRIVACY

As a matter of policy, the Trust does not disclose any non-public personal information provided by shareholders or gathered by the Trust to non-affiliated third parties, except as required or permitted by law or as necessary for such third parties to perform their agreements with respect to the Trust. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, conducting research on shareholder satisfaction and gathering shareholder proxies. The Trust or its affiliates may also retain non-affiliated companies to market Trust's shares or products which use Trust's shares and enter into joint marketing arrangements with them and other companies. These companies may have access to a shareholder's personal and account information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. In most cases, the shareholders will be clients of a third party, but the Trust may also provide a shareholder's personal and account information to the shareholder's respective brokerage or financial advisory firm and/or financial professional or consultant.

SHARING INFORMATION WITH THIRD PARTIES

The Trust reserves the right to disclose or report personal or account information to non-affiliated third parties in limited circumstances where the Trust believes in good faith that disclosure is required under law, to cooperate with regulators or law enforcement authorities, to protect their rights or property, or upon reasonable request by any fund in which a shareholder has invested. In addition, the Trust may disclose information about a shareholder or a shareholder's accounts to a non-affiliated third party at the shareholder's request or with the consent of the shareholder.

SHARING INFORMATION WITH AFFILIATES

The Trust may share shareholder information with their affiliates in connection with servicing shareholders' accounts, and subject to applicable law may provide shareholders with information about products and services that the Trust or its Advisers, distributors or their affiliates ("Service Affiliates") believe may be of interest to such shareholders. The information that the Trust may share may include, for example, a shareholder's participation in the Trust or in other investment programs sponsored by a Service Affiliate, a shareholder's ownership of certain types of accounts (such as IRAs), information about the Trust's experiences or transactions with a shareholder, information captured on applicable websites, or other data about a shareholder's accounts, subject to applicable law. The Trust's Service Affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

PROCEDURES TO SAFEGUARD PRIVATE INFORMATION

The Trust takes seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, the Trust has implemented procedures that are designed to restrict access to a shareholder's non-public personal information to internal personnel who need to know that information to perform their jobs, such as servicing shareholder accounts or notifying shareholders of new products or services. Physical, electronic and procedural safeguards are in place to guard a shareholder's non-public personal information.

INFORMATION COLLECTED FROM WEBSITES

The Trust or its service providers and partners may collect information from shareholders via websites they maintain. The information collected via websites maintained by the Trust or their service providers includes client non-public personal information.

CHANGES TO THE PRIVACY POLICY

From time to time, the Trust may update or revise this privacy policy. If there are changes to the terms of this privacy policy, documents containing the revised policy on the relevant website will be updated.

<sup>1</sup> Amended as of June 25, 2020.

<sup>2</sup> PIMCO Investments LLC ("PI") serves as the Trust's distributor and does not provide brokerage services or any financial advice to investors in the Trust solely because it distributes the Trust. This Privacy Policy applies to the activities of PI to the extent that PI regularly effects or engages in transactions with or for a shareholder of a series of a Trust who is the record owner of such shares. For purposes of this Privacy Policy, references to "the Trust" shall include PI when acting in this capacity.

<sup>3</sup> When distributing this Policy, the Trust may combine the distribution with any similar distribution of its investment adviser's privacy policy. The distributed, combined, policy may be written in the first person (i.e. by using "we" instead of "the Trust").

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **63** |

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**Approval of Investment Advisory Contract and Other Agreements**

At a meeting held on August 23-24, 2022, the Board of Trustees (the "Board") of PIMCO Variable Insurance Trust (the "Trust"), including the Trustees who are not "interested persons" of the Trust under the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered and unanimously approved the renewal of the Amended and Restated Investment Advisory Contract (the "Investment Advisory Contract") between the Trust, on behalf of the Trust's series (each, a "Portfolio" and collectively, the "Portfolios"), and Pacific Investment Management Company LLC ("PIMCO"), for an additional one-year term through August 31, 2023. The Board also considered and unanimously approved the renewal of the Amended and Restated Supervision and Administration Agreement (the "Supervision and Administration Agreement") between the Trust, on behalf of the Portfolios, and PIMCO for an additional one-year term through August 31, 2023. In addition, the Board considered and unanimously approved the renewal of the Amended and Restated Asset Allocation Sub-Advisory Agreement (the "Asset Allocation Agreement" and, together with the Investment Advisory Contract and the Supervision and Administration Agreement, the "Agreements") between PIMCO, on behalf of PIMCO All Asset Portfolio, a series of the Trust, and Research Affiliates, LLC ("Research Affiliates") for an additional one-year term through August 31, 2023. In addition, the Board considered and unanimously approved the renewal of the investment management agreements between PIMCO and each of the wholly-owned subsidiaries (each, a "Subsidiary" and, collectively, the "Subsidiaries") of certain of the Portfolios (collectively, the "Subsidiary Agreements"), each for the same additional one-year term through August 31, 2023.

The information, material factors and conclusions that formed the basis for the Board's approvals are summarized below.

1. INFORMATION RECEIVED

(a) Materials Reviewed: During the course of the past year, the Trustees received a wide variety of materials relating to the services provided by PIMCO and Research Affiliates to the Trust. At each of its quarterly meetings, the Board reviewed the Portfolios' investment performance and a significant amount of information relating to Portfolio operations, including shareholder services, valuation and custody, the Portfolios' compliance program and other information relating to the nature, extent and quality of services provided by PIMCO and Research Affiliates to the Trust and each of the Portfolios, as applicable. In considering whether to approve the renewal of the Agreements and the Subsidiary Agreements, the Board reviewed additional information, including, but not limited to: comparative industry data with regard to investment performance; advisory and supervisory and administrative fees and expenses; financial information for PIMCO and, where relevant, financial information for Research Affiliates; information regarding the profitability to PIMCO of its relationship with the Portfolios; information about the personnel

providing investment management services, other advisory services and supervisory and administrative services to the Portfolios; and information about the fees charged and services provided to other clients with similar investment mandates as the Portfolios, where applicable. In addition, the Board reviewed materials provided by counsel to the Trust and the Independent Trustees ("Counsel"), which included, among other things, a memorandum outlining legal duties of the Board in considering the renewal of the Agreements and Subsidiary Agreements.

With respect to the Subsidiary Agreements, the Trustees considered that each Portfolio that has a Subsidiary may utilize its Subsidiary to execute its investment strategy and that PIMCO provides investment advisory and administrative services to the Subsidiaries pursuant to the Subsidiary Agreements in the same manner as it does for such Portfolios that have Subsidiaries under the Investment Advisory Contract and Supervision and Administration Agreement. The Trustees also considered that, with respect to each Subsidiary, PIMCO does not retain a separate advisory or other fee from the Subsidiary, and that PIMCO's profitability with respect to each Portfolio that has a Subsidiary is not positively impacted as a result of the Subsidiary Agreements. The Trustees determined, therefore, that it was appropriate to consider the approval of the Subsidiary Agreements collectively with their consideration of the continuation of the Agreements.

(b) Review Process: In connection with considering the renewal of the Agreements, the Board reviewed written materials prepared by PIMCO and, where applicable, Research Affiliates in response to requests from Counsel encompassing a wide variety of topics. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from Counsel, and reviewed comparative fee and performance data prepared at the Board's request by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company performance information and fee and expense data. The Board received presentations on matters related to the Agreements and met both as a full Board and in a separate session of the Independent Trustees, without management present, at the August 23-24, 2022 meeting. The Independent Trustees also met via video conference with Counsel on July 14, 2022, and conducted a video conference meeting on August 10, 2022 with management and Counsel to discuss the materials presented and other matters deemed relevant to their consideration of the renewal of the Agreements. In connection with its review of the Agreements, the Board received comparative information on the performance, the risk-adjusted performance and the fees and expenses of other peer group funds and share classes. The Independent Trustees also requested and received supplemental information, including information regarding Broadridge peer classifications, the investment strategies and outflows for certain Portfolios, Portfolio performance and profitability.

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(Unaudited)

The approval determinations were made on the basis of each Trustee's business judgment after consideration and evaluation of all the information presented. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. In deciding to approve the renewal of the Agreements, the Board did not identify any single factor or particular information that, in isolation, was controlling. The discussion below is intended to summarize the broad factors and information that figured prominently in the Board's consideration of the renewal of the Agreements, but is not intended to summarize all of the factors considered by the Board.

2. NATURE, EXTENT AND QUALITY OF SERVICES

(a) PIMCO, Research Affiliates, their Personnel and Resources: The Board considered the depth and quality of PIMCO's investment management process, including, but not limited to: the experience, capability and integrity of its senior management and other personnel; the overall financial strength and stability of its organization; and the ability of its organizational structure to address changes in the Portfolios' asset levels. The Board also considered the various services in addition to portfolio management that PIMCO provides under the Investment Advisory Contract. The Board noted that PIMCO makes available to its investment professionals a variety of resources and systems relating to investment management, compliance, trading, performance and portfolio accounting. The Board also noted PIMCO's commitment to enhancing and investing in its global infrastructure, technology capabilities, risk management processes and the specialized talent needed to stay at the forefront of the competitive investment management industry and to strengthen its ability to deliver services under the Agreements. The Board considered PIMCO's policies, procedures and systems reasonably designed to assure compliance with applicable laws and regulations, including new regulations impacting the Portfolios, and its commitment to further developing and strengthening these programs; its oversight of matters that may involve conflicts of interest between the Portfolios' investments and those of other accounts managed by PIMCO; and its efforts to keep the Trustees informed about matters relevant to the Portfolios and their shareholders. The Board also considered PIMCO's investment in new disciplines and talented personnel, which has enhanced PIMCO's services to the Portfolios and has allowed PIMCO to introduce innovative new portfolios over time. In addition, the Board considered the nature, extent and quality of services provided by PIMCO to the Subsidiaries of certain applicable Portfolios.

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented, including the ongoing development of its own proprietary software and applications to support the Portfolios. Similarly, the Board considered the asset

allocation services provided by Research Affiliates to the PIMCO All Asset Portfolio. The Board further considered PIMCO's oversight of Research Affiliates in connection with Research Affiliates providing asset allocation services to the All Asset Portfolio. The Board also considered the depth and quality of Research Affiliates' investment management and research capabilities, the experience and capabilities of its portfolio management personnel and the overall financial strength of the organization. Ultimately, the Board concluded that the nature, extent and quality of services provided or procured by PIMCO under the Agreements and the Subsidiary Agreements and provided by Research Affiliates under the Asset Allocation Agreement are likely to continue to benefit the Portfolios and their shareholders, as applicable.

(b) Other Services: The Board also considered the nature, extent and quality of supervisory and administrative services provided by PIMCO to the Portfolios under the Supervision and Administration Agreement.

The Board considered the terms of the Supervision and Administration Agreement, under which the Trust pays for the supervisory and administrative services provided pursuant to that agreement under what is essentially an all-in fee structure (the "unified fee"). In return, PIMCO provides or procures certain supervisory and administrative services and bears the costs of various third party services required by the Portfolios, including, but not limited to, audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board also noted that the scope and complexity, as well as the costs, of the supervisory and administrative services provided by PIMCO under the Supervision and Administration Agreement continue to increase. The Board considered PIMCO's provision of supervisory and administrative services and its supervision of the Trust's third party service providers to assure that these service providers continue to provide a high level of service relative to alternatives available in the market.

Ultimately, the Board concluded that the nature, extent and quality of the services provided or procured by PIMCO has benefited, and will likely continue to benefit, the Portfolios and their shareholders.

3. INVESTMENT PERFORMANCE

The Board reviewed information from PIMCO concerning the Portfolios' performance, as available, over short- and long-term periods ended March 31, 2022 and other performance data, as available, over short- and long-term periods ended June 30, 2022 (the "PIMCO Report") and from Broadridge concerning the Portfolios' performance, as available, over short- and long-term periods ended March 31, 2022 (the "Broadridge Report"). The Board also noted that while historically the Broadridge Report included peer classifications from only Lipper, as part of this approval process the Broadridge Report incorporated peer classifications from Morningstar for the Portfolios for which it was believed that Morningstar provided a materially improved comparison.

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **65** |

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| **Approval of Investment Advisory Contract and Other Agreements** | **(Cont.)** |

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The Board considered information regarding both the short- and long-term relative and absolute investment performance of each Portfolio relative to its Portfolio peer group, where appropriate, and relevant benchmark index as provided to the Board in advance of each of its quarterly meetings throughout the year, including the PIMCO Report and Broadridge Report. The Trustees reviewed information indicating that classes of each Portfolio would have substantially similar performance to that of the Administrative Class of the relevant Portfolio on a relative basis because all of the classes are invested in the same portfolio of investments and that differences in performance among classes could principally be attributed to differences in the supervisory and administrative fees and distribution and/or servicing expenses of each class. The Board noted that, due to differences (such as specific investment strategies or fee structures) between certain of the Portfolios and their so-called peers in the Broadridge categories, performance comparisons may not be particularly relevant to the consideration of Portfolio performance, but found the comparative information supported its overall evaluation.

The Trustees noted that a majority of the Portfolios (based on the Administrative Class performance) have outperformed their respective benchmark indexes over the three-, five-, and ten-year periods ended March 31, 2022, and that a majority of the Portfolios (based on the Administrative Class performance) have outperformed their benchmarks since inception for the period ended March 31, 2022. The Board also discussed actions that have been taken by PIMCO to attempt to improve performance and took note of PIMCO's plans to monitor performance going forward.

The Board ultimately concluded, within the context of all of its considerations in connection with the Agreements and the Subsidiary Agreements, that PIMCO's performance record and process in managing the Portfolios indicates that its continued management is likely to benefit the Portfolios and their shareholders and merits the approval of the renewal of the Agreements and the Subsidiary Agreements.

4. ADVISORY FEES, SUPERVISORY AND ADMINISTRATIVE FEES AND TOTAL EXPENSES

The Board considered that PIMCO seeks to price new funds to scale at the outset. The Board noted that PIMCO generally seeks to price new funds competitively against the median total expense ratio of the respective Broadridge peer group, if available, while acknowledging that a fee premium may be appropriate for innovative investment offerings. PIMCO reported to the Board that, in proposing fees for any Portfolio or class of shares, it considers a number of factors, including, but not limited to, the type and complexity of the services provided, the cost of providing services, the risk assumed by PIMCO in the development of products and the provision of services and the competitive marketplace for financial products. Fees charged to or

proposed for different Portfolios for advisory services and supervisory and administrative services may vary in light of these various factors.

The Board reviewed the advisory fees, supervisory and administrative fees and total expenses of the Portfolios (each as a percentage of average net assets) and compared such amounts with the average and median fee and expense levels of other similar funds. The Board also reviewed information relating to the sub-advisory fees paid to Research Affiliates with respect to applicable Portfolios, taking into account that PIMCO compensates Research Affiliates from the advisory fees paid by such Portfolios to PIMCO. With respect to advisory fees, the Board reviewed data from the Broadridge Report that compared the average and median advisory fees of other funds in a "Peer Group" of comparable funds, where appropriate, as well as the universe of other similar funds. The Board reviewed materials indicating that, a number of Portfolios have total expense ratios that fall below the average and median expense ratios in their Peer Group and Broadridge universe. In addition, the Board considered the expense limitation agreement in place for all of the Portfolios and fee waivers in place for certain of the Portfolios and also noted the fee waivers in place with respect to the advisory fee and supervisory and administrative fee that might result from investments by applicable Portfolios in their respective Subsidiaries. The Board also considered that PIMCO reviews the Portfolios' fee levels and carefully considers changes where appropriate.

The Board also reviewed data comparing the Portfolios' advisory fees to the fee rates PIMCO charged to registered funds (open-end and closed-end), private funds, and non-U.S. registered funds, separate accounts, sub-advised clients and collective investment trusts with similar investment strategies. In cases where the fees for other clients were lower than those charged to the Portfolios, the Trustees noted that the differences in fees were attributable to various factors, including, but not limited to, differences in the advisory and other services provided by PIMCO to the Portfolios, differences in the number or extent of the services provided by PIMCO to the Portfolios, the manner in which similar portfolios may be managed, different requirements with respect to liquidity management and the implementation of other regulatory requirements, and the fact that separate accounts may have other contractual arrangements or arrangements across PIMCO strategies that justify different levels of fees. The Board considered that, with respect to collective investment trusts, PIMCO performs fewer or less extensive services because collective investment trusts are generally exempt from SEC regulation; investors in a collective investment trust may receive shareholder services from a trustee bank, rather than PIMCO; collective investment trusts have less regulatory disclosure; and the management structure of collective investment trusts differs from that of funds. The Trustees also considered that PIMCO faces increased entrepreneurial, legal and regulatory risk in sponsoring and managing mutual funds and ETFs as

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compared to separate accounts, external sub-advised funds or other investment products. In addition, the Trustees considered that PIMCO may charge certain private funds with similar investment mandates lower fees than the Portfolios because such private funds are not required to accept daily redemptions or price their assets on a daily basis, generally do not accept small investors with small account balances and operate under a less complex regulatory regime.

Regarding advisory fees charged by PIMCO in its capacity as sub-adviser to third party/unaffiliated funds, the Trustees took into account that such fees may be lower than the fees charged by PIMCO to serve as adviser to the Portfolios. The Trustees also took into account that there are various reasons for any such differences in fees, including, but not limited to, the fact that PIMCO may be subject to varying levels of entrepreneurial, legal and regulatory risk and different servicing requirements when PIMCO does not serve as the sponsor of a fund and is not principally responsible for all aspects of a fund's investment program and operations as compared to when PIMCO serves as investment adviser and sponsor.

The Board considered the Portfolios' supervisory and administrative fees, comparing them to similar funds managed by other investment advisers in the Broadridge Report. The Board also considered that, as the Portfolios' business has become increasingly complex and the number of Portfolios has grown over time, PIMCO has provided an increasingly broad array of fund supervisory and administrative functions. In addition, the Board considered the Trust's unified fee structure, under which the Trust pays for the supervisory and administrative services it requires for one set fee. In return for this unified fee, PIMCO provides or procures supervisory and administrative services and bears the costs of various third party services required by the Portfolios, including audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board further considered that many other funds pay for comparable services separately, and thus it is difficult to directly compare the Trust's unified supervisory and administrative fees with the fees paid by other funds for administrative services alone. The Board also considered that the unified supervisory and administrative fee leads to Portfolio fees that are fixed over the contract period, rather than variable. The Board noted that, although the unified fee structure does not have breakpoints, it inherently reflects certain economies of scale by fixing the absolute level of Portfolio fees at competitive levels over the contract period even if the Portfolios' operating costs rise when assets remain flat or decrease. Other factors the Board considered in assessing the unified fee include PIMCO's approach of pricing Portfolios at scale at inception and reinvesting in other important areas of the business that support the Portfolios. The Board considered historical advisory and supervisory and administrative fee reductions implemented for different Portfolios and classes, noting that the unified fee can be

increased or decreased in subsequent contractual periods with Board approval and is subject to the periodic reviews discussed above. The Board noted that, with few exceptions, PIMCO has generally maintained Portfolio fees at the same level as implemented when the unified fee was adopted, and has reduced fees for a number of Portfolios in prior years. The Board concluded that the Portfolios' supervisory and administrative fees were reasonable in relation to the value of the services provided, including the services provided to different classes of shareholders, and that the expenses assumed contractually by PIMCO under the Supervision and Administration Agreement represent, in effect, a cap on overall Portfolio fees during the contractual period, which is beneficial to the Portfolios and their shareholders.

The Board considered the Portfolios' total expenses and discussed with PIMCO certain Portfolios and/or classes of Portfolios that had above median total expenses. Upon comparing the Portfolios' total expenses to other funds in the "Peer Groups" provided by the Broadridge Report, where appropriate, the Board found total expenses of each Portfolio to be reasonable.

The Trustees also considered the advisory fees charged to the Portfolios that operate as funds of funds (the "Funds of Funds") and the advisory services provided in exchange for such fees. The Trustees determined that such services were in addition to the advisory services provided to the underlying funds in which the Funds of Funds may invest and, therefore, such services were not duplicative of the advisory services provided to the underlying funds. The Board also considered the various fee waiver agreements in place for the Funds of Funds. The Board noted that PIMCO is continuing waivers for these Funds of Funds, as well as for certain other Portfolios of the Trust.

Based on the information presented by PIMCO and Research Affiliates, members of the Board determined, in the exercise of their business judgment, that the level of the advisory fees and supervisory and administrative fees charged by PIMCO under the Agreements and the Subsidiary Agreements, that the fees charged by Research Affiliates under the Asset Allocation Agreement, and that the total expenses of each Portfolio, are reasonable.

5. ADVISER COSTS, LEVEL OF PROFITS AND ECONOMIES OF SCALE

The Board reviewed information regarding PIMCO's costs of providing services to, as well as the resulting level of profits from, the Portfolios. To the extent applicable, the Board also reviewed information regarding the portion of a Portfolio's advisory fee retained by PIMCO, following the payment of sub-advisory fees to Research Affiliates, with respect to the Portfolios. Additionally, the Board discussed PIMCO's pre- and post-distribution profit margin ranges with respect to the Portfolios, as compared to the prior year. The Board also noted that it had received information regarding the structure and manner in which PIMCO's

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **67** |

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| **Approval of Investment Advisory Contract and Other Agreements** | **(Cont.)** | (Unaudited) |

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investment professionals were compensated, and PIMCO's view of the relationship of such compensation to the recruitment and retention of quality personnel. The Board considered PIMCO's investment in global infrastructure, technology capabilities, risk management processes and qualified personnel to reinforce existing services, offer new services, and accommodate changing regulatory requirements.

The Board considered the existence of any economies of scale and noted that, to the extent that PIMCO achieves economies of scale in managing the Portfolios, PIMCO shares the benefits of such economies of scale, if any, with the Portfolios and their shareholders in a number of ways, including investing in portfolio and trade operations management, firm technology, middle and back office support, legal and compliance, and fund administration logistics; senior management supervision, governance and oversight of those services; and through fee reductions or waivers, the pricing of Portfolios to scale from inception and the enhancement of services provided to the Portfolios in return for fees paid. The Board reviewed the history of the Portfolios' fee structure. The Board considered that the Portfolios' unified fee rates had been set competitively and/or priced to scale from inception, had been held steady during the contractual period at that scaled competitive rate for most Portfolios as assets grew, or as assets declined in the case of some Portfolios, and continued to be competitive compared with peers. The Board also considered that the unified fee is a transparent means of informing a Portfolio's shareholders of the fees associated with the Portfolio, and that the Portfolio bears certain expenses that are not covered by the advisory fee or the unified fee. The Board further considered the challenges that arise when managing large funds, which can result in certain "diseconomies" of scale and noted that PIMCO has continued to reinvest in many areas of the business to support the Portfolios.

The Trustees considered that the unified fee has provided inherent economies of scale because a Portfolio maintains competitive fixed fees over the annual contract period even if the particular Portfolio's assets decline and/or operating costs rise. The Trustees further considered that, in contrast, breakpoints may be a proxy for charging higher fees on lower asset levels and that when a fund's assets decline, breakpoints may reverse, which causes expense ratios to increase. The Trustees also considered that, unlike the Portfolios' unified fee structure, funds with "pass through" administrative fee structures may experience increased expense ratios when fixed dollar fees are charged against declining fund assets. In addition, the Trustees considered that the unified fee protects shareholders from a rise in operating costs that may result from, among other things, PIMCO's investments in various business enhancements and infrastructure, including those referenced above. The Trustees noted that PIMCO's investments in these areas are extensive.

The Board concluded that the Portfolios' cost structures were reasonable and that PIMCO is appropriately sharing economies of scale, if any, through the Portfolios' unified fee structure, generally pricing Portfolios to scale at inception and reinvesting in its business to provide enhanced and expanded services to the Portfolios and their shareholders.

6. ANCILLARY BENEFITS

The Board considered other benefits realized by PIMCO and its affiliates as a result of PIMCO's relationship with the Trust. Such benefits may include possible ancillary benefits to PIMCO's institutional investment management business due to the reputation and market penetration of the Trust or third party service providers' relationship-level fee concessions, which decrease fees paid by PIMCO. The Board also considered that affiliates of PIMCO provide distribution and/or shareholder services to the Portfolios and their shareholders, for which they may be compensated through distribution and servicing fees paid pursuant to the Portfolios' Rule 12b-1 plans or otherwise. The Board noted that, while PIMCO has the authority to receive the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the Portfolios, it has adopted a policy not to enter into contractual soft dollar arrangements.

7. CONCLUSIONS

Based on their review, including their comprehensive consideration and evaluation of each of the broad factors and information summarized above, the Independent Trustees and the Board as a whole concluded that the nature, extent and quality of the services rendered to the Portfolios by PIMCO and Research Affiliates supported the renewal of the Agreements and the Subsidiary Agreements. The Independent Trustees and the Board as a whole concluded that the Agreements and the Subsidiary Agreements continued to be fair and reasonable to the Portfolios and their shareholders, that the Portfolios' shareholders received reasonable value in return for the fees paid to PIMCO by the Portfolios under the Investment Advisory Contract, Supervision and Administration Agreement and the Subsidiary Agreements and the fees paid to Research Affiliates by PIMCO under the Asset Allocation Agreement, and that the renewal of the Agreements and the Subsidiary Agreements was in the best interests of the Portfolios and their shareholders.

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| **68** | **PIMCO VARIABLE INSURANCE TRUST** |

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**General Information** 

**Investment Adviser and Administrator** 

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

**Distributor** 

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

**Custodian** 

State Street Bank and Trust Company

801 Pennsylvania Avenue

Kansas City, MO 64105

**Transfer Agent** 

SS&C Global Investor & Distribution Solutions, Inc.

430 W 7th Street STE 219024

Kansas City, MO 64105-1407

**Legal Counsel** 

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

**Independent Registered Public Accounting Firm** 

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the Portfolio listed on the Report cover.

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**pimco.com/pvit**![LOGO](g432964g06y60.jpg)

PVIT03AR_123122

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![LOGO](g431976g13e39.jpg)

PIMCO VARIABLE INSURANCE TRUST

## Annual Report
December 31, 2022

PIMCO Dynamic Bond Portfolio

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##### [**Table of Contents**](#toc)
**Table of Contents** 

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| | |
|:---|:---|
|  | Page |
| &nbsp;&nbsp; [Chairman's Letter](#tx431976_1) | 2 |
| &nbsp;&nbsp; [Important Information About the PIMCO Dynamic Bond Portfolio](#tx431976_2) | 4 |
| &nbsp;&nbsp; [Portfolio Summary](#tx431976_3) | 7 |
| &nbsp;&nbsp; [Expense Example](#tx431976_4) | 8 |
| &nbsp;&nbsp; [Financial Highlights](#tx431976_5) | 10 |
| &nbsp;&nbsp; [Statement of Assets and Liabilities](#tx431976_6) | 12 |
| &nbsp;&nbsp; [Statement of Operations](#tx431976_7) | 13 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets](#tx431976_8) | 14 |
| &nbsp;&nbsp; [Schedule of Investments](#tx431976_9) | 15 |
| &nbsp;&nbsp; [Notes to Financial Statements](#tx431976_10) | 26 |
| &nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm](#tx431976_11) | 47 |
| &nbsp;&nbsp; [Glossary](#tx431976_12) | 48 |
| &nbsp;&nbsp; [Federal Income Tax Information](#tx431976_13) | 49 |
| &nbsp;&nbsp; [Management of the Trust](#tx431976_14) | 50 |
| &nbsp;&nbsp; [Privacy Policy](#tx431976_15) | 52 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements](#tx431976_16) | 53 |

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This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust (the "Trust") prospectus for the Portfolio. (The variable product prospectus may be obtained by contacting your Investment Consultant.)

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**Chairman's Letter** 

Dear Shareholder,

2022 was a challenging year in the financial markets. We continue to work tirelessly to navigate global markets and manage the assets that you have entrusted with us. Following this letter is the PIMCO Variable Insurance Trust Annual Report, which covers the 12-month reporting period ended December 31, 2022 (the "reporting period"). On the subsequent pages, you will find details regarding investment results and a discussion of the factors that most affected performance during the reporting period.

For the 12-month reporting period ended December 31, 2022

The global economy faced significant headwinds in 2022, including those related to higher inflation, the COVID-19 pandemic, and the Russia-Ukraine conflict. First and second quarter 2022 U.S. annualized gross domestic product ("GDP") returned -1.6% and -0.6%, respectively. The economy strengthened in the third quarter, with annualized GDP rising 3.2%. The Commerce Department's initial estimate for fourth quarter 2022 annualized GDP — released after the reporting period ended — was 2.9%.

The Federal Reserve Board (the "Fed" or "U.S. central bank") took actions to combat elevated inflation. In March 2022, the Fed raised the federal funds rate 0.25% to a range between 0.25% and 0.50%, its first rate hike since 2018. The U.S. central bank then raised rates at its next six meetings, for a total increase of 4.25% in 2022. At the end of the year, the federal funds rate was in a range between 4.25% and 4.50%.

Economies outside the U.S. also faced several headwinds. In its October 2022 World Economic Outlook Update, the International Monetary Fund (the "IMF") downgraded its expectation for 2022 GDP citing "turbulent challenges" including high inflation, tightening financial conditions, as well as the ongoing Russia-Ukraine conflict and COVID-19 pandemic. For 2022, the IMF included in its projections that GDP would grow 1.6% in the U.S. (from 5.7% in 2021), 3.1% in the eurozone (from 5.2% in 2021), 3.6% in the U.K. (from 7.4% in 2021), and 1.7% in Japan (the same as in 2021).

Several central banks tightened their respective monetary policies in recent years. For example, in December 2021, prior to the beginning of the reporting period, the Bank of England (the "BoE") raised rates for the first time since COVID-19 began. The BoE again raised rates at its next eight meetings, for a total of 3.50% in rate hikes since its first increase. The European Central Bank raised rates four times in 2022, for a total increase of 2.50%. In contrast, the Bank of Japan (the "BoJ") maintained its loose monetary policy for most of 2022. However, in December 2022 the BoJ announced that it would allow its 10-year government bond yield to rise to 0.5% (previously limited to 0.25%). The news sent the 10-year bond yield and Japanese yen higher, as market participants interpreted the announcement to mean that the BoJ may pivot from its previous monetary stance.

During the reporting period, short- and long-term U.S. Treasury yields moved higher. The yield on the benchmark 10-year U.S. Treasury note was 3.88% on December 31, 2022, versus 1.52% on December 31, 2021. The Bloomberg Global Treasury Index (USD Hedged), which tracks fixed-rate, local currency government debt of investment grade countries, including developed and emerging markets, returned -10.79%. Meanwhile, the Bloomberg Global Aggregate Credit Index (USD Hedged), a widely used index of global investment grade credit bonds, returned -14.22%. Riskier fixed income asset classes, including high yield corporate bonds and emerging market debt, were also weak. The ICE BofAML Developed Markets High Yield Constrained Index (USD Hedged), a widely used index of below-investment-grade bonds, returned -10.56%, whereas emerging market external debt, as represented by the JPMorgan Emerging Markets Bond Index (EMBI) Global (USD Hedged), returned -16.45%. Emerging market local bonds, as represented by the JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged), returned -11.69%. Finally, the municipal market, as represented by the Bloomberg Municipal Bond Index, returned -8.53%.

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| **2** | **PIMCO VARIABLE INSURANCE TRUST** |

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Amid periods of volatility, global equities generally posted weak results during the reporting period as economic and geopolitical concerns weighed on investor sentiment. U.S. equities, as represented by the S&P 500 Index, returned -18.11%. Global equities, as represented by the MSCI World Index, returned -18.14%, while emerging market equities, as measured by the MSCI Emerging Markets Index, returned -20.09%. Meanwhile, Japanese equities, as represented by the Nikkei 225 Index (in Japanese yen), returned -7.37% and European equities, as represented by the MSCI Europe Index (in euro), returned -9.49%.

Commodity prices were volatile and generated mixed returns during the reporting period. Brent crude oil, which was approximately $77.24 a barrel at the start of the reporting period, rose to roughly $82.82 a barrel at the end of December 2022. Prices of other commodities, such as copper and gold, declined during the period.

Finally, there were also periods of volatility in the foreign exchange markets. We believe this was driven by several factors, including economic growth expectations and changing central bank monetary policies, as well as rising inflation, COVID-19 variants, and geopolitical events. The U.S. dollar strengthened against several major currencies. For example, during the reporting period, the U.S. dollar returned 5.85%, 10.71%, and 12.23% versus the euro, the British pound and the Japanese yen, respectively.

Thank you for the assets you have placed with us. We deeply value your trust, and we will continue to work diligently to meet your broad investment needs.

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| ![LOGO](g431976g19a01.jpg) | Sincerely,<br>![LOGO](g431976g65f33.jpg) <br>Peter G. Strelow<br> Chairman of the Board<br>PIMCO Variable Insurance Trust<br>|

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Past performance is no guarantee of future results. Unless otherwise noted, index returns reflect the reinvestment of income distributions and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. It is not possible to invest directly in an unmanaged index.

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>3</sub> |

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**Important Information About the PIMCO Dynamic Bond Portfolio**

PIMCO Variable Insurance Trust (the "Trust") is an open-end management investment company that includes the PIMCO Dynamic Bond Portfolio (the "Portfolio"). The Portfolio is only available as a funding vehicle under variable life insurance policies or variable annuity contracts issued by insurance companies ("Variable Contracts"). Individuals may not purchase shares of the Portfolio directly. Shares of the Portfolio also may be sold to qualified pension and retirement plans outside of the separate account context.

We believe that bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed income securities and other instruments held by the Portfolio are likely to decrease in value. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that management will anticipate such movement accurately. The Portfolio may lose money as a result of movements in interest rates.

As of the date of this report, interest rates in the United States and many parts of the world, including certain European countries, continue to increase. In efforts to combat inflation, the U.S. Federal Reserve raised interest rates multiple times in 2022 and has indicated an expectation that it will continue to raise interest rates in 2023. Thus, the Portfolio currently faces a heightened level of risk associated with rising interest rates and/or bond yields. This could be driven by a variety of factors, including but not limited to central bank monetary policies, changing inflation or real growth rates, general economic conditions, increasing bond issuances or reduced market demand for low yielding investments. Further, while bond markets have steadily grown over the past three decades, dealer inventories of corporate bonds are near historic lows in relation to market size. As a result, there has been a significant reduction in the ability of dealers to "make markets".

Bond funds and individual bonds with a longer duration (a measure used to determine the sensitivity of a security's price to changes in interest rates) tend to be more sensitive to changes in interest rates, usually making them more volatile than securities or funds with shorter durations. All of the factors mentioned above, individually or collectively, could lead to increased volatility and/or lower liquidity in the fixed income markets or negatively impact the Portfolio's performance or cause the Portfolio to incur losses. As a result, the Portfolio may experience increased shareholder redemptions, which, among other things, could further reduce the net assets of the Portfolio.

The Portfolio may be subject to various risks as described in the Portfolio's prospectus and in the Principal and Other Risks in the Notes to Financial Statements.

Classifications of the Portfolio's portfolio holdings in this report are made according to financial reporting standards. The classification of a particular portfolio holding as shown in the Allocation Breakdown and Schedule of Investments sections of this report may differ from the classification used for the Portfolio's compliance calculations, including those used in the Portfolio's prospectus, investment objectives, regulatory, and other investment limitations and policies, which may be based on different asset class, sector or geographical classifications. The Portfolio is separately monitored for compliance with respect to prospectus and regulatory requirements.

The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. In 2022, many countries lifted some or all restrictions related to COVID-19. However, the effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations and individual issuers, all of which may negatively impact the Portfolio's performance. In addition, COVID-19 and governmental responses to COVID-19 may negatively impact the capabilities of the Portfolio's service providers and disrupt the Portfolio's operations.

The United States' enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from certain other countries has contributed to and may continue to contribute to international trade tensions and may impact portfolio securities. The United States' enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government's response, may also negatively impact securities and instruments that are economically tied to Russia.

The United Kingdom's withdrawal from the European Union may impact Portfolio returns. The withdrawal may cause substantial volatility in foreign exchange markets, lead to weakness in the exchange rate of the British pound, result in a sustained period of market uncertainty, and destabilize some or all of the other European Union member countries and/or the Eurozone.

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| **4** | **PIMCO VARIABLE INSURANCE TRUST** |

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The Portfolio may invest in certain instruments that rely in some fashion upon the London Interbank Offered Rate ("LIBOR"). LIBOR is an average interest rate, determined by the ICE Benchmark Administration, that banks charge one another for the use of short-term money. The United Kingdom's Financial Conduct Authority, which regulates LIBOR, has announced plans to ultimately phase out the use of LIBOR. There remains uncertainty regarding future utilization of LIBOR and the nature of any replacement rate (e.g., the Secured Overnight Financing Rate, which is intended to replace U.S. dollar LIBOR and measures the cost of overnight borrowings through repurchase agreement transactions collateralized with U.S. Treasury securities). Any potential effects of the transition away from LIBOR on the Portfolio or on certain instruments in which the Portfolio invests can be difficult to ascertain, and they may vary depending on a variety of factors. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to the Portfolio.

On the Portfolio Summary page in this Shareholder Report, the Average Annual Total Return table and Cumulative Returns chart measure performance assuming that any dividend and capital gain distributions were reinvested. The Cumulative Returns chart reflects only

Administrative Class performance. Performance may vary by share class based on each class's expense ratios. The Portfolio measures its performance against at least one broad-based securities market index ("benchmark index"). The benchmark index does not take into account fees, expenses, or taxes. The Portfolio's past performance, before and after taxes, is not necessarily an indication of how the Portfolio will perform in the future. There is no assurance that the Portfolio, even if the Portfolio has experienced high or unusual performance for one or more periods, will experience similar levels of performance in the future. High performance is defined as a significant increase in either 1) the Portfolio's total return in excess of that of the Portfolio's benchmark between reporting periods or 2) the Portfolio's total return in excess of the Portfolio's historical returns between reporting periods. Unusual performance is defined as a significant change in the Portfolio's performance as compared to one or more previous reporting periods. Historical performance for the Portfolio or a share class thereof may have been positively impacted by fee waivers or expense limitations in place during some or all of the periods shown, if applicable. Future performance (including total return or yield) and distributions may be negatively impacted by the expiration or reduction of any such fee waivers or expense limitations.

The following table discloses the inception dates of the Portfolio and its share classes along with the Portfolio's diversification status as of period end:

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|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Name** | **Portfolio<br>Inception** | **Institutional<br>Class** | **Class M** | **Administrative<br>Class** | **Advisor<br>Class** | **Diversification<br>Status** |
|  PIMCO Dynamic Bond Portfolio | 05/02/11 | 04/30/12 | 10/31/14 | 05/02/11 | 04/30/13 | Diversified |

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An investment in the Portfolio is not a bank deposit and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in the Portfolio.

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Portfolio. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither this Portfolio's prospectus nor summary prospectus, the Trust's Statement of Additional Information ("SAI"), any contracts filed as exhibits to the Trust's registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or the Portfolio creates a contract between or among any shareholder of the Portfolio, on the one hand, and the Trust, the Portfolio, a service provider to the Trust or the Portfolio, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service

providers or other delegates acting under authority of the Trustees) may amend the most recent prospectus or use a new prospectus, summary prospectus or SAI with respect to the Portfolio or the Trust, and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which the Trust or the Portfolio is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to the Portfolio, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust's then-current prospectus or SAI.

PIMCO has adopted written proxy voting policies and procedures ("Proxy Policy") as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>5</sub> |

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| **Important Information About the PIMCO Dynamic Bond Portfolio** | **(Cont.)** |

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twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at (888) 87-PIMCO, on the Portfolio's website at www.pimco.com/pvit, and on the Securities and Exchange Commission's ("SEC") website at www.sec.gov.

The Portfolio files portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The Portfolio's complete schedule of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC's website at www.sec.gov and on PIMCO's website at www.pimco.com/pvit, and will be made available, upon request, by calling PIMCO at (888) 87-PIMCO.

SEC rules allow shareholder reports to be delivered to investors by providing access to such reports online free of charge and by mailing a notice that the report is electronically available. Investors may elect to receive all future reports in paper free of charge by contacting their insurance company. Any election to receive reports in paper will apply to all portfolio companies available under the investor's contract at the insurance company.

In October 2020, the SEC adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover transactions. Subject to certain exceptions, the rule requires portfolios that trade derivatives and other transactions that create future payment or delivery obligations to comply with a value-at-risk leverage limit and certain derivatives risk management program and reporting requirements. These requirements may limit the ability of the Portfolio to use derivatives and reverse repurchase agreements and similar financing transactions as part of its investment strategies and may increase the cost of the Portfolio's investments and cost of doing business, which could adversely affect investors. The rule went into effect on February 19, 2021. The compliance date for the new rule and related reporting requirements was August 19, 2022.

In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value as well as for the performance of fair value determinations, including related oversight and reporting obligations. The new rule also defines "readily available market quotations" for purposes of the definition of "value" under the Investment Company Act of 1940 (the "Act"), and the SEC noted that this definition will apply in all contexts under the Act. The effective date for the rule was March 8, 2021. The compliance date for the new rule and the related reporting requirements was September 8, 2022.

In May 2022, the SEC proposed amendments to a current rule governing portfolio naming conventions. In general, the current rule requires portfolios with certain types of names to adopt a policy to

invest at least 80% of their assets in the type of investment suggested by the name. The proposed amendments would expand the scope of the current rule in a number of ways that would result in an expansion of the types of portfolio names that would require the portfolio to adopt an 80% investment policy under the rule. Additionally, the proposed amendments would modify the circumstances under which a portfolio may deviate from its 80% investment policy and address the use and valuation of derivatives instruments for purposes of the rule. The proposal's impact on the Portfolio will not be known unless and until any final rulemaking is adopted.

In May 2022, the SEC proposed a framework that would require certain registered portfolios (such as the Portfolio) to disclose their environmental, social, and governance ("ESG") investing practices. Among other things, the proposed requirements would mandate that portfolios meeting three pre-defined classifications (*i.e.*, integrated, ESG focused and/or impact funds) provide prospectus and shareholder report disclosure related to the ESG factors, criteria and processes used in managing the portfolio. The proposal's impact on the Portfolio will not be known unless and until any final rulemaking is adopted.

In October 2022, the SEC adopted changes to the mutual fund and exchange-traded fund ("ETF") shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which will impact the disclosures provided to shareholders. The rule amendments are effective as of January 24, 2023, but the SEC is providing an 18-month compliance period following the effective date for such amendments other than those addressing fee and expense information in advertisements that might be materially misleading.

In November 2022, the SEC proposed rule amendments which, among other things, would require funds to adopt swing pricing in order to mitigate dilution of shareholders' interests in a fund by requiring the adjustment of fund net asset value per share to pass on costs stemming from shareholder purchase or redemption activity. In addition the proposed rule would amend the liquidity rule framework. The proposal's impact on the Portfolio will not be known unless and until any final rulemaking is adopted.

In November 2022, the SEC adopted amendments to Form N-PX under the Act to improve the utility to investors of proxy voting information reported by mutual funds, ETFs and certain other funds. The rule amendments will expand the scope of funds' Form N-PX reporting obligations, subject managers to Form N-PX reporting obligations for "Say on Pay" votes, enhance Form N-PX disclosures, permit joint reporting by funds, managers and affiliated managers on Form N-PX; and require website availability of fund proxy voting records. The amendments will become effective on July 1, 2024. Funds and managers will be required to file their first reports covering the period from July 1, 2023 to June 30, 2024 on amended Form N-PX by August 31, 2024.

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| **6** | **PIMCO VARIABLE INSURANCE TRUST** |

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**PIMCO Dynamic Bond Portfolio** 

Cumulative Returns Through December 31, 2022

![LOGO](g431976g54r04.jpg)

$10,000 invested at the end of the month when the Portfolio's Administrative Class commenced operations.

Allocation Breakdown as of December 31, 2022<sup>†</sup><sup>§</sup>

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|:---|:---|
|  Short-Term Instruments<sup>‡</sup>  | 48.1% |
|  Corporate Bonds & Notes | 14.7% |
|  Asset-Backed Securities | 9.0% |
|  U.S. Government Agencies | 8.2% |
|  U.S. Treasury Obligations | 8.2% |
|  Non-Agency Mortgage-Backed Securities | 7.2% |
|  Sovereign Issues | 2.9% |
|  Loan Participations and Assignments | 1.3% |
|  Other | 0.4% |

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| <sup>†</sup> | % of Investments, at value.  |

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|:---|:---|
| <sup>§</sup> | Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.  |

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<sup>‡</sup> Includes Central Funds Used for Cash Management Purposes.

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|:---|:---|:---|:---|:---|:---|
| Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 |
|  |  | 1 Year | 5 Years | 10 Years | Inception<sup>≈</sup> |
|  | PIMCO Dynamic Bond Portfolio Institutional Class | (6.22)% | 1.21% | 1.66% | 2.07% |
|  | PIMCO Dynamic Bond Portfolio Class M | (6.64)% | 0.75% |  | 1.29% |
| ![LOGO](g431976g94o20.jpg) | PIMCO Dynamic Bond Portfolio Administrative Class | (6.36)% | 1.05% | 1.50% | 1.85% |
|  | PIMCO Dynamic Bond Portfolio Advisor Class | (6.45)% | 0.95% |  | 1.26% |
| ![LOGO](g431976g08y58.jpg) | 3 Month USD LIBOR<sup>±</sup> | 1.80% | 1.53% | 1.03% | 0.94%<sup>¨</sup> |
|  | ICE BofA SOFR Overnight Rate Index<sup>ª</sup><sup>1</sup> | 1.66% |  |  |  |

---

All Portfolio returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

<sup>≈</sup> For class inception dates please refer to the Important Information.

<sup>¨</sup> Average annual total return since 05/02/2011.

<sup>ª</sup> Prior to June 30, 2022, the fund's primary benchmark was the 3 Month USD LIBOR Index.

<sup>1</sup> The ICE BofA SOFR Overnight Rate Index tracks the performance of a synthetic asset paying SOFR to a stated maturity. The index is based on the assumed purchase at par of a synthetic instrument having exactly its stated maturity and with a coupon equal to that day's fixing rate. That issue is assumed to be sold the following business day (priced at a yield equal to the current day fixing rate) and rolled into a new instrument. SOFR (Secured Overnight Funding Rate) is an overnight rate (published in arrears) and was chosen by the Alternative Reference Rates Committee ("ARRC") as the successor to the USD LIBOR (London Interbank Offered Rate). SOFR is secured (collateralized by Treasuries), calculated by the Federal Reserve Bank of New York, and transactions based. ICE BofA SOFR Overnight Rate Index was first published on October 1, 2019.

<sup>±</sup> Prior to July 1, 2022, the Portfolio's broad-based securities market index was the 3 Month USD LIBOR Index. The 3 Month USD LIBOR (London Interbank Offered Rate) is an average interest rate, determined by the ICE Benchmark Administration, that banks charge one another for the use of short-term money (3 months) in England's Eurodollar market.

<sup>±±</sup> Performance shown for the index is ICE BofA SOFR Overnight Rate Index. Prior to July 1, 2022, performance is that of 3 Month USD LIBOR.

It is not possible to invest directly in an unmanaged index.

*Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. The Portfolio's performance does not reflect the deduction of additional charges and expenses imposed in connection with investing in Variable Contracts, which will reduce returns. Differences in the Portfolio's performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the prices of individual positions (which may be sourced from different pricing vendors or other sources) used by the Portfolio and the index. For performance current to the most recent month-end, visit www.pimco.com/pvit or via (888) 87-PIMCO.* 

*The Portfolio's total annual operating expense ratio in effect as of period end was 0.86% for Institutional Class shares, 1.31% for Class M shares, 1.01% for Administrative Class shares, and 1.11% for Advisor Class shares. Details regarding any changes to the Portfolio's operating expenses, subsequent to period end, can be found in the Portfolio's current prospectus, as supplemented.* 

Investment Objective and Strategy Overview

PIMCO Dynamic Bond Portfolio seeks maximum long-term return, consistent with preservation of capital and prudent investment management, by investing under normal circumstances at least 80% of its assets in a diversified portfolio of Fixed Income Instruments of varying maturities, which may be represented by forwards or derivatives such as options, futures contracts, or swap agreements. "Fixed Income Instruments" include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. Portfolio strategies may change from time to time. Please refer to the Portfolio's current prospectus for more information regarding the Portfolio's strategy.

Portfolio Insights

The following affected performance (on a gross basis) during the reporting period:

» Short exposure to United Kingdom ("U.K.") duration contributed to performance, as interest rates rose across the U.K. yield curve.

» Short exposure to the euro contributed to performance, as the euro depreciated relative to the United States ("U.S.") dollar.

» Short exposure to Polish duration contributed to performance, as interest rates climbed across the Polish sovereign curve.

» Long exposure to U.S. duration detracted from performance, as interest rates rose across the U.S. yield curve.

» Long exposure to Italian duration detracted from performance, as interest rates rose across the Italian sovereign curve.

» Long exposure to non-agency mortgage-backed securities detracted from performance, as spreads widened.

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| | | |
|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>7</sub> |

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##### [**Table of Contents**](#toc)

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| | |
|:---|:---|
| **Expense Example** | **PIMCO Dynamic Bond Portfolio** |

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Example

As a shareholder of the Portfolio, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including investment advisory fees, supervisory and administrative fees, distribution and/or service (12b-1) fees (if applicable), and other Portfolio expenses. The Example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The Expense Example does not reflect any fees or other expenses imposed by the Variable Contracts. If it did, the expenses reflected in the Expense Example would be higher. The Example is based on an investment of $1,000 invested at the beginning of the period and held from July 1, 2022 to December 31, 2022 unless noted otherwise in the table and footnotes below.

Actual Expenses

The information in the table under the heading "Actual" provides information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60), then multiply the result by the number in the appropriate row for your share class, in the column titled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information in the table under the heading "Hypothetical (5% return before expenses)" provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other portfolios. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other portfolios.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the information under the heading "Hypothetical (5% return before expenses)" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. In addition, if these transactional costs were included, your costs would have been higher.

Expense ratios may vary period to period because of various factors, such as an increase in expenses that are not covered by the investment advisory fees and supervisory and administrative fees, such as fees and expenses of the independent trustees and their counsel, extraordinary expenses and interest expense.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Actual** | | **Hypothetical<br>(5% return before expenses)** | **Hypothetical<br>(5% return before expenses)** | **Hypothetical<br>(5% return before expenses)** | |
|  | **Beginning<br>Account Value<br>(07/01/22)** | **Ending<br>Account Value<br>(12/31/22)** | **Expenses Paid<br>During Period\*** | **Beginning<br>Account Value<br>(07/01/22)** | **Ending<br>Account Value<br>(12/31/22)** | **Expenses Paid<br>During Period\*** | **Net Annualized<br>Expense Ratio\*\*** |
| Institutional Class | $&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;989.20 | $&nbsp;&nbsp;&nbsp;&nbsp;4.46 | $&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;1021.00 | $&nbsp;&nbsp;&nbsp;&nbsp;4.53 | 0.88% |
| Class M | 1000.00 | 986.90 | 6.73 | 1000.00 | 1018.70 | 6.84 | 1.33 |
| Administrative Class | 1000.00 | 988.40 | 5.22 | 1000.00 | 1020.23 | 5.30 | 1.03 |
| Advisor Class | 1000.00 | 987.90 | 5.72 | 1000.00 | 1019.72 | 5.82 | 1.13 |

---

\* Expenses Paid During Period are equal to the net annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 186/365 (to reflect the one-half year period). Overall fees and expenses of investing in the Portfolio will be higher because the example does not reflect variable contract fees and expenses.

\*\* Net Annualized Expense Ratio is reflective of any applicable contractual fee waivers and/or expense reimbursements or voluntary fee waivers. Details regarding fee waivers, if any, can be found in Note 9, Fees and Expenses, in the Notes to Financial Statements.

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|:---|:---|
| **8** | **PIMCO VARIABLE INSURANCE TRUST** |

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##### [**Table of Contents**](#toc)
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|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>9</sub> |

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##### [**Table of Contents**](#toc)
**Financial Highlights PIMCO Dynamic Bond Portfolio**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year^: | **Net Asset<br>Value<br>Beginning<br>of Year<sup>(a)</sup>** | **Net<br>Investment<br>Income<br>(Loss)<sup>(b)</sup>** | **Net<br>Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital<br>Gain** | **Total** |
| Institutional Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | $&nbsp;&nbsp;&nbsp;&nbsp;10.32 | $&nbsp;&nbsp;&nbsp;&nbsp;0.29 | $&nbsp;&nbsp;&nbsp;&nbsp;(0.91) | $&nbsp;&nbsp;&nbsp;&nbsp;(0.62) | $&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | $&nbsp;&nbsp;&nbsp;&nbsp;(1.02) | $&nbsp;&nbsp;&nbsp;&nbsp;(1.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 10.59 | 0.41 | (0.26) | 0.15 | (0.23) | (0.19) | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 10.39 | 0.31 | 0.19 | 0.50 | (0.30) | 0.00 | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2019 | 10.35 | 0.35 | 0.17 | 0.52 | (0.48) | 0.00 | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2018 | 10.54 | 0.33 | (0.21) | 0.12 | (0.31) | 0.00 | (0.31) |
| Class M |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 10.32 | 0.25 | (0.92) | (0.67) | (0.22) | (1.02) | (1.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 10.59 | 0.37 | (0.26) | 0.11 | (0.19) | (0.19) | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 10.39 | 0.25 | 0.21 | 0.46 | (0.26) | 0.00 | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2019 | 10.35 | 0.30 | 0.17 | 0.47 | (0.43) | 0.00 | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2018 | 10.54 | 0.29 | (0.21) | 0.08 | (0.27) | 0.00 | (0.27) |
| Administrative Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 10.32 | 0.28 | (0.92) | (0.64) | (0.25) | (1.02) | (1.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 10.59 | 0.36 | (0.22) | 0.14 | (0.22) | (0.19) | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 10.39 | 0.29 | 0.20 | 0.49 | (0.29) | 0.00 | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2019 | 10.35 | 0.33 | 0.17 | 0.50 | (0.46) | 0.00 | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2018 | 10.54 | 0.32 | (0.21) | 0.11 | (0.30) | 0.00 | (0.30) |
| Advisor Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 10.32 | 0.27 | (0.92) | (0.65) | (0.24) | (1.02) | (1.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 10.59 | 0.39 | (0.26) | 0.13 | (0.21) | (0.19) | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 10.39 | 0.28 | 0.20 | 0.48 | (0.28) | 0.00 | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2019 | 10.35 | 0.32 | 0.17 | 0.49 | (0.45) | 0.00 | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2018 | 10.54 | 0.31 | (0.21) | 0.10 | (0.29) | 0.00 | (0.29) |

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| | |
|:---|:---|
| ^ | A zero balance may reflect actual amounts rounding to less than $0.01 or 0.01%.  |

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<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Portfolio.

<sup>(b)</sup> Per share amounts based on average number of shares outstanding during the year. 

<sup>(c)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

<sup>(d)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Portfolio. Additionally, excludes initial sales charges and contingent deferred sales charges.

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| | | |
|:---|:---|:---|
| **10** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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##### [**Table of Contents**](#toc)

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | |
|<br>**Net Asset<br>Value End of<br>Year<sup>(a)</sup>** |<br>**Total Return<sup>(d)</sup>** |<br>**Net Assets<br>End of Year<br>(000s)** | **Expenses** | **Expenses<br>Excluding**<br>**Waivers** | **Expenses<br>Excluding<br>Interest<br>Expense** | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** | **Net<br>Investment<br>Income (Loss)** |<br>**Portfolio<br>Turnover<br>Rate** |
| $&nbsp;&nbsp;&nbsp;&nbsp;8.41 | (6.22)% | $45034 | 0.86% | 0.86% | 0.85% | 0.85% | 3.23% | 191% |
| 10.32 | 1.44 | 26098 | 0.86 | 0.86 | 0.85 | 0.85 | 3.96 | 318 |
| 10.59 | 4.97 | 25246 | 0.87 | 0.87 | 0.85 | 0.85 | 2.99 | 463 |
| 10.39 | 5.09 | 24788 | 1.00 | 1.00 | 0.85 | 0.85 | 3.35 | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp;10.35 | 1.18 | 24611 | 1.00 | 1.00 | 0.85 | 0.85 | 3.16 | 189 |
| 8.41 | (6.64) | 222 | 1.31 | 1.31 | 1.30 | 1.30 | 2.71 | 191 |
| 10.32 | 0.98 | 330 | 1.31 | 1.31 | 1.30 | 1.30 | 3.48 | 318 |
| 10.59 | 4.49 | 403 | 1.32 | 1.32 | 1.30 | 1.30 | 2.45 | 463 |
| 10.39 | 4.62 | 685 | 1.45 | 1.45 | 1.30 | 1.30 | 2.89 | 266 |
| 10.35 | 0.73 | 632 | 1.45 | 1.45 | 1.30 | 1.30 | 2.74 | 189 |
| 8.41 | (6.36) | 22925 | 1.01 | 1.01 | 1.00 | 1.00 | 3.03 | 191 |
| 10.32 | 1.29 | 25975 | 1.01 | 1.01 | 1.00 | 1.00 | 3.45 | 318 |
| 10.59 | 4.81 | &nbsp;&nbsp;&nbsp;&nbsp;182643 | 1.02 | 1.02 | 1.00 | 1.00 | 2.78 | 463 |
| 10.39 | 4.93 | 259017 | 1.15 | 1.15 | 1.00 | 1.00 | 3.20 | 266 |
| 10.35 | 1.03 | 261278 | 1.15 | 1.15 | 1.00 | 1.00 | 3.04 | 189 |
| 8.41 | (6.45) | 12498 | 1.11 | 1.11 | 1.10 | 1.10 | 2.93 | 191 |
| 10.32 | 1.19 | 15264 | 1.11 | 1.11 | 1.10 | 1.10 | 3.75 | 318 |
| 10.59 | 4.70 | 14270 | 1.12 | 1.12 | 1.10 | 1.10 | 2.73 | 463 |
| 10.39 | 4.83 | 15037 | 1.25 | 1.25 | 1.10 | 1.10 | 3.09 | 266 |
| 10.35 | 0.93 | 14310 | 1.25 | 1.25 | 1.10 | 1.10 | 2.95 | 189 |

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|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>11</sub> |

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##### [**Table of Contents**](#toc)

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|:---|:---|
| **Statement of Assets and Liabilities PIMCO Dynamic Bond Portfolio** | December 31, 2022 |

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| | |
|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) | (Amounts in thousands<sup>†</sup>, except per share amounts) |
|  **Assets:** |  |
|  *Investments, at value* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities\* | $87218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 117 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 625 |
|  Deposits with counterparty | 1167 |
|  Foreign currency, at value | 295 |
|  Receivable for investments sold | 65 |
|  Receivable for TBA investments sold | 13162 |
|  Receivable for Portfolio shares sold | 11 |
|  Interest and/or dividends receivable | 384 |
|  **Total Assets** | &nbsp;&nbsp;&nbsp;&nbsp;103112 |
|  **Liabilities:** |  |
|  *Borrowings & Other Financing Transactions* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for short sales | $1791 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 1927 |
|  Payable for investments purchased | 62 |
|  Payable for TBA investments purchased | 18484 |
|  Payable for Portfolio shares redeemed | 12 |
|  Accrued investment advisory fees | 40 |
|  Accrued supervisory and administrative fees | 22 |
|  Accrued distribution fees | 3 |
|  Accrued servicing fees | 3 |
|  **Total Liabilities** | 22433 |
|  **Net Assets** | $80679 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | $85680 |
|  Distributable earnings (accumulated loss) | (5001) |
|  **Net Assets** | $80679 |
|  **Net Assets:** |  |
|  Institutional Class | $45034 |
|  Class M | 222 |
|  Administrative Class | 22925 |
|  Advisor Class | 12498 |
|  **Shares Issued and Outstanding:** |  |
|  Institutional Class | 5354 |
|  Class M | 26 |
|  Administrative Class | 2726 |
|  Advisor Class | 1486 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |
|  Institutional Class | $8.41 |
|  Class M | 8.41 |
|  Administrative Class | 8.41 |
|  Advisor Class | 8.41 |
|  Cost of investments in securities | $91132 |
|  Cost of investments in Affiliates | $117 |
|  Cost of foreign currency held | $296 |
|  Proceeds received on short sales | $1780 |
|  Cost or premiums of financial derivative instruments, net | $(358) |
|  \* Includes repurchase agreements of: | $32997 |

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|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Portfolio.

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| | | |
|:---|:---|:---|
| **12** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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##### [**Table of Contents**](#toc)

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| | |
|:---|:---|
| **Statement of Operations** | **PIMCO Dynamic Bond Portfolio** |

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| | |
|:---|:---|
| Year Ended December 31, 2022 | Year Ended December 31, 2022 |
| (Amounts in thousands<sup>†</sup>) | (Amounts in thousands<sup>†</sup>) |
|  **Investment Income:** |  |
|  Interest | $2966 |
|  Dividends | 7 |
|  Dividends from Investments in Affiliates | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 2988 |
|  **Expenses:** |  |
|  Investment advisory fees | 404 |
|  Supervisory and administrative fees | 220 |
|  Distribution and/or servicing fees - Class M | 1 |
|  Distribution and/or servicing fees - Administrative Class | 35 |
|  Distribution and/or servicing fees - Advisor Class | 34 |
|  Trustee fees | 2 |
|  Interest expense | 9 |
|  Miscellaneous expense | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 706 |
|  **Net Investment Income (Loss)** | 2282 |
|  **Net Realized Gain (Loss):** |  |
|  Investments in securities | (689) |
|  Investments in Affiliates | (66) |
|  Exchange-traded or centrally cleared financial derivative instruments | (1748) |
|  Over the counter financial derivative instruments | 1330 |
|  Short sales | 112 |
|  Foreign currency | (49) |
|  **Net Realized Gain (Loss)** | (1110) |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in securities | (4793) |
|  Investments in Affiliates | 62 |
|  Exchange-traded or centrally cleared financial derivative instruments | 146 |
|  Over the counter financial derivative instruments | (1284) |
|  Short sales | 3 |
|  Foreign currency assets and liabilities | 18 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | (5848) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $&nbsp;&nbsp;&nbsp;&nbsp;(4676) |

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|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>13</sub> |

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##### [**Table of Contents**](#toc)

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| | |
|:---|:---|
| **Statements of Changes in Net Assets** | **PIMCO Dynamic Bond Portfolio** |

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| | | |
|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2021** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
|  Net investment income (loss) | $2282 | $4973 |
|  Net realized gain (loss) | (1110) | 8362 |
|  Net change in unrealized appreciation (depreciation) | (5848) | (10827) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | (4676) | 2508 |
|  **Distributions to Shareholders:** |  |  |
|  From net investment income and/or net realized capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (4600) | (1047) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class M | (36) | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (3136) | (5185) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (1775) | (552) |
|  **Total Distributions<sup>(a)</sup>** | (9547) | (6798) |
|  **Portfolio Share Transactions:** |  |  |
|  Net increase (decrease) resulting from Portfolio share transactions\* | 27235 | &nbsp;&nbsp;&nbsp;&nbsp;(150605) |
|  **Total Increase (Decrease) in Net Assets** | 13012 | (154895) |
|  **Net Assets:** |  |  |
|  Beginning of year | 67667 | 222562 |
|  End of year | $&nbsp;&nbsp;&nbsp;&nbsp;80679 | $67667 |

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|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

\* See Note 13, Shares of Beneficial Interest, in the Notes to Financial Statements.

<sup>(a)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

---

| | | |
|:---|:---|:---|
| **14** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Dynamic Bond Portfolio** | December 31, 2022 |

---

**(Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)** 

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **INVESTMENTS IN SECURITIES 108.1%** | **INVESTMENTS IN SECURITIES 108.1%** | **INVESTMENTS IN SECURITIES 108.1%** |
| **LOAN PARTICIPATIONS AND ASSIGNMENTS 1.4%** | **LOAN PARTICIPATIONS AND ASSIGNMENTS 1.4%** | **LOAN PARTICIPATIONS AND ASSIGNMENTS 1.4%** |
|  **Caesars Resort Collection LLC** | **Caesars Resort Collection LLC** | **Caesars Resort Collection LLC** |
|  7.134% (LIBOR01M + 2.750%) due 12/23/2024 ~ | 218 | 218 |
|  **Carnival Corp.** | **Carnival Corp.** | **Carnival Corp.** |
|  7.384% (LIBOR01M + 3.000%) due 06/30/2025 ~ | 195 | 187 |
|  **Charter Communications Operating LLC** | **Charter Communications Operating LLC** | **Charter Communications Operating LLC** |
|  6.140% (LIBOR01M + 1.750%) due 02/01/2027 ~ | 187 | 183 |
|  **RegionalCare Hospital Partners Holdings, Inc.** | **RegionalCare Hospital Partners Holdings, Inc.** | **RegionalCare Hospital Partners Holdings, Inc.** |
|  8.165% (LIBOR03M + 3.750%) due 11/16/2025 ~ | 456 | 431 |
|  **Uber Technologies, Inc.** | **Uber Technologies, Inc.** | **Uber Technologies, Inc.** |
|  8.235% (LIBOR03M + 3.500%) due 04/04/2025 ~ | 99 | 99 |
|  **Total Loan Participations and Assignments (Cost $1,149)** | **Total Loan Participations and Assignments (Cost $1,149)** | **1118** |
| **CORPORATE BONDS & NOTES 15.9%** | **CORPORATE BONDS & NOTES 15.9%** | **CORPORATE BONDS & NOTES 15.9%** |
| **BANKING & FINANCE 9.1%** | **BANKING & FINANCE 9.1%** | **BANKING & FINANCE 9.1%** |
|  **American Assets Trust LP** | **American Assets Trust LP** | **American Assets Trust LP** |
|  3.375% due 02/01/2031 | 200 | 159 |
|  **Avolon Holdings Funding Ltd.** | **Avolon Holdings Funding Ltd.** | **Avolon Holdings Funding Ltd.** |
|  2.528% due 11/18/2027 | 40 | 32 |
|  **Banca Monte dei Paschi di Siena SpA** | **Banca Monte dei Paschi di Siena SpA** | **Banca Monte dei Paschi di Siena SpA** |
|  5.375% due 01/18/2028 •  | 100 | 86 |
|  **Banco Santander SA** | **Banco Santander SA** | **Banco Santander SA** |
|  1.849% due 03/25/2026 | 200 | 177 |
|  **Bank of America Corp.** | **Bank of America Corp.** | **Bank of America Corp.** |
|  3.384% due 04/02/2026 •  | 200 | 191 |
|  **Barclays PLC** | **Barclays PLC** | **Barclays PLC** |
|  4.375% due 01/12/2026 | 300 | 291 |
|  **BNP Paribas SA** | **BNP Paribas SA** | **BNP Paribas SA** |
|  1.904% due 09/30/2028 •  | 200 | 167 |
|  **Credit Suisse AG** | **Credit Suisse AG** | **Credit Suisse AG** |
|  6.500% due 08/08/2023 (h) | 400 | 388 |
|  **Credit Suisse Group AG** | **Credit Suisse Group AG** | **Credit Suisse Group AG** |
|  3.750% due 03/26/2025 | 450 | 405 |
|  **Deutsche Bank AG** | **Deutsche Bank AG** | **Deutsche Bank AG** |
|  6.119% due 07/14/2026 •  | 400 | 398 |
|  **Fairfax Financial Holdings Ltd.** | **Fairfax Financial Holdings Ltd.** | **Fairfax Financial Holdings Ltd.** |
|  4.625% due 04/29/2030 | 100 | 91 |
|  **Goldman Sachs Group, Inc.** | **Goldman Sachs Group, Inc.** | **Goldman Sachs Group, Inc.** |
|  3.615% due 03/15/2028 •  | 100 | 93 |
|  3.691% due 06/05/2028 •  | 400 | 372 |
|  **HSBC Holdings PLC** | **HSBC Holdings PLC** | **HSBC Holdings PLC** |
|  4.292% due 09/12/2026 •  | 500 | 479 |
|  **Intesa Sanpaolo SpA** | **Intesa Sanpaolo SpA** | **Intesa Sanpaolo SpA** |
|  3.250% due 09/23/2024 | 400 | 380 |
|  **JPMorgan Chase & Co.** | **JPMorgan Chase & Co.** | **JPMorgan Chase & Co.** |
|  2.947% due 02/24/2028 •  | 200 | 181 |
|  **LeasePlan Corp. NV** | **LeasePlan Corp. NV** | **LeasePlan Corp. NV** |
|  2.875% due 10/24/2024 | 500 | 469 |
|  **MPT Operating Partnership LP** | **MPT Operating Partnership LP** | **MPT Operating Partnership LP** |
|  2.500% due 03/24/2026 | 200 | 193 |
|  **Nationwide Building Society** | **Nationwide Building Society** | **Nationwide Building Society** |
|  4.302% due 03/08/2029 •  | 500 | 452 |
|  **NatWest Group PLC** | **NatWest Group PLC** | **NatWest Group PLC** |
|  4.892% due 05/18/2029 •  | 200 | 190 |
|  **OneMain Finance Corp.** | **OneMain Finance Corp.** | **OneMain Finance Corp.** |
|  6.125% due 03/15/2024 | 200 | 194 |
|  **Societe Generale SA** | **Societe Generale SA** | **Societe Generale SA** |
|  7.375% due 10/04/2023 •(g)(h) | 200 | 192 |
|  **UBS AG** | **UBS AG** | **UBS AG** |
|  5.125% due 05/15/2024 (h) | 400 | 396 |
|  **UniCredit SpA** | **UniCredit SpA** | **UniCredit SpA** |
|  7.830% due 12/04/2023 | 400 | 404 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Ursa Re II Ltd.** | **Ursa Re II Ltd.** | **Ursa Re II Ltd.** | **Ursa Re II Ltd.** |
|  8.277% (T-BILL 3MO + 3.750%) due 12/07/2027 ~ | $| 500 | 491 |
|  **VICI Properties LP** | **VICI Properties LP** | **VICI Properties LP** | **VICI Properties LP** |
|  4.950% due 02/15/2030 |  | 200 | 191 |
|  **Wells Fargo & Co.** | **Wells Fargo & Co.** | **Wells Fargo & Co.** | **Wells Fargo & Co.** |
|  1.000% due 02/02/2027 | EUR | 100 | 94 |
|  3.584% due 05/22/2028 •  | $| 200 | 186 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;7342 |
| **INDUSTRIALS 6.0%** | **INDUSTRIALS 6.0%** | **INDUSTRIALS 6.0%** | **INDUSTRIALS 6.0%** |
|  **Alaska Airlines Pass-Through Trust** | **Alaska Airlines Pass-Through Trust** | **Alaska Airlines Pass-Through Trust** | **Alaska Airlines Pass-Through Trust** |
|  4.800% due 02/15/2029 |  | 253 | 241 |
|  **American Airlines Pass-Through Trust** | **American Airlines Pass-Through Trust** | **American Airlines Pass-Through Trust** | **American Airlines Pass-Through Trust** |
|  3.000% due 04/15/2030 |  | 289 | 251 |
|  **Boeing Co.** | **Boeing Co.** | **Boeing Co.** | **Boeing Co.** |
|  1.950% due 02/01/2024 |  | 200 | 193 |
|  **CCO Holdings LLC** | **CCO Holdings LLC** | **CCO Holdings LLC** | **CCO Holdings LLC** |
|  5.000% due 02/01/2028 |  | 700 | 637 |
|  **Cheniere Corpus Christi Holdings LLC** | **Cheniere Corpus Christi Holdings LLC** | **Cheniere Corpus Christi Holdings LLC** | **Cheniere Corpus Christi Holdings LLC** |
|  5.875% due 03/31/2025 |  | 400 | 403 |
|  **Cloud Software Group Holdings, Inc.** | **Cloud Software Group Holdings, Inc.** | **Cloud Software Group Holdings, Inc.** | **Cloud Software Group Holdings, Inc.** |
|  6.500% due 03/31/2029 |  | 100 | 84 |
|  **Constellation Oil Services Holding SA (3.000% Cash or 4.000% PIK)** | **Constellation Oil Services Holding SA (3.000% Cash or 4.000% PIK)** | **Constellation Oil Services Holding SA (3.000% Cash or 4.000% PIK)** | **Constellation Oil Services Holding SA (3.000% Cash or 4.000% PIK)** |
|  3.000% due 12/31/2026 (b) |  | 151 | 89 |
|  **Coty, Inc.** | **Coty, Inc.** | **Coty, Inc.** | **Coty, Inc.** |
|  5.000% due 04/15/2026 |  | 200 | 190 |
|  **Delta Air Lines, Inc.** | **Delta Air Lines, Inc.** | **Delta Air Lines, Inc.** | **Delta Air Lines, Inc.** |
|  7.000% due 05/01/2025 |  | 400 | 409 |
|  **DISH DBS Corp.** | **DISH DBS Corp.** | **DISH DBS Corp.** | **DISH DBS Corp.** |
|  5.750% due 12/01/2028 |  | 100 | 80 |
|  **Exela Intermediate LLC** | **Exela Intermediate LLC** | **Exela Intermediate LLC** | **Exela Intermediate LLC** |
|  11.500% due 07/15/2026 |  | 218 | 38 |
|  **Expedia Group, Inc.** | **Expedia Group, Inc.** | **Expedia Group, Inc.** | **Expedia Group, Inc.** |
|  6.250% due 05/01/2025 |  | 176 | 178 |
|  **Frontier Communications Holdings LLC** | **Frontier Communications Holdings LLC** | **Frontier Communications Holdings LLC** | **Frontier Communications Holdings LLC** |
|  8.750% due 05/15/2030 |  | 100 | 102 |
|  **Hilton Domestic Operating Co., Inc.** | **Hilton Domestic Operating Co., Inc.** | **Hilton Domestic Operating Co., Inc.** | **Hilton Domestic Operating Co., Inc.** |
|  3.750% due 05/01/2029 |  | 100 | 87 |
|  **Nissan Motor Co. Ltd.** | **Nissan Motor Co. Ltd.** | **Nissan Motor Co. Ltd.** | **Nissan Motor Co. Ltd.** |
|  4.345% due 09/17/2027 |  | 700 | 636 |
|  **Organon & Co.** | **Organon & Co.** | **Organon & Co.** | **Organon & Co.** |
|  4.125% due 04/30/2028 |  | 200 | 177 |
|  **Penske Truck Leasing Co. LP** | **Penske Truck Leasing Co. LP** | **Penske Truck Leasing Co. LP** | **Penske Truck Leasing Co. LP** |
|  3.950% due 03/10/2025 |  | 300 | 289 |
|  **Petroleos Mexicanos** | **Petroleos Mexicanos** | **Petroleos Mexicanos** | **Petroleos Mexicanos** |
|  5.950% due 01/28/2031 |  | 100 | 76 |
|  **T-Mobile USA, Inc.** | **T-Mobile USA, Inc.** | **T-Mobile USA, Inc.** | **T-Mobile USA, Inc.** |
|  3.875% due 04/15/2030 |  | 300 | 272 |
|  **United Airlines Pass-Through Trust** | **United Airlines Pass-Through Trust** | **United Airlines Pass-Through Trust** | **United Airlines Pass-Through Trust** |
|  5.875% due 04/15/2029 |  | 79 | 78 |
|  **United Airlines, Inc.** | **United Airlines, Inc.** | **United Airlines, Inc.** | **United Airlines, Inc.** |
|  4.625% due 04/15/2029 |  | 300 | 262 |
|  **Warnermedia Holdings, Inc.** | **Warnermedia Holdings, Inc.** | **Warnermedia Holdings, Inc.** | **Warnermedia Holdings, Inc.** |
|  3.638% due 03/15/2025 |  | 100 | 95 |
|  |  |  | 4867 |
| **UTILITIES 0.8%** | **UTILITIES 0.8%** | **UTILITIES 0.8%** | **UTILITIES 0.8%** |
|  **Georgia Power Co.** | **Georgia Power Co.** | **Georgia Power Co.** | **Georgia Power Co.** |
|  4.700% due 05/15/2032 |  | 100 | 97 |
|  **Pacific Gas & Electric Co.** | **Pacific Gas & Electric Co.** | **Pacific Gas & Electric Co.** | **Pacific Gas & Electric Co.** |
|  3.150% due 01/01/2026 |  | 200 | 186 |
|  4.200% due 03/01/2029 |  | 200 | 179 |
|  **Rio Oil Finance Trust** | **Rio Oil Finance Trust** | **Rio Oil Finance Trust** | **Rio Oil Finance Trust** |
|  9.250% due 07/06/2024 |  | 90 | 92 |
|  **Southern California Gas Co.** | **Southern California Gas Co.** | **Southern California Gas Co.** | **Southern California Gas Co.** |
|  2.950% due 04/15/2027 |  | 100 | 92 |
|  |  |  | 646 |
|  **Total Corporate Bonds & Notes (Cost $13,987)** | **Total Corporate Bonds & Notes (Cost $13,987)** | **Total Corporate Bonds & Notes (Cost $13,987)** | **12855** |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **MUNICIPAL BONDS & NOTES 0.1%** | **MUNICIPAL BONDS & NOTES 0.1%** | **MUNICIPAL BONDS & NOTES 0.1%** |
| **PUERTO RICO 0.0%** | **PUERTO RICO 0.0%** | **PUERTO RICO 0.0%** |
|  **Commonwealth of Puerto Rico Bonds, Series 2022** | **Commonwealth of Puerto Rico Bonds, Series 2022** | **Commonwealth of Puerto Rico Bonds, Series 2022** |
|  0.000% due 11/01/2043 (e) | 20 | 9 |
| **WEST VIRGINIA 0.1%** | **WEST VIRGINIA 0.1%** | **WEST VIRGINIA 0.1%** |
|  **Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007** | **Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007** | **Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2007** |
|  0.000% due 06/01/2047 (e) | 1000 | 74 |
|  **Total Municipal Bonds & Notes (Cost $111)** | **Total Municipal Bonds & Notes (Cost $111)** | **83** |
| **U.S. GOVERNMENT AGENCIES 8.9%** | **U.S. GOVERNMENT AGENCIES 8.9%** | **U.S. GOVERNMENT AGENCIES 8.9%** |
|  **Freddie Mac** | **Freddie Mac** | **Freddie Mac** |
|  1.832% due 07/15/2047 •(a) | 462 | 51 |
|  **Uniform Mortgage-Backed Security, TBA** | **Uniform Mortgage-Backed Security, TBA** | **Uniform Mortgage-Backed Security, TBA** |
|  3.000% due 02/01/2053 | 1300 | 1142 |
|  3.500% due 02/01/2053 | 5100 | 4637 |
|  4.000% due 01/01/2053 | 1000 | 938 |
|  4.500% due 02/01/2053 | 400 | 385 |
|  **Total U.S. Government Agencies (Cost $7,278)** | **Total U.S. Government Agencies (Cost $7,278)** | **7153** |
| **U.S. TREASURY OBLIGATIONS 8.8%** | **U.S. TREASURY OBLIGATIONS 8.8%** | **U.S. TREASURY OBLIGATIONS 8.8%** |
|  **U.S. Treasury Inflation Protected Securities (f)** | **U.S. Treasury Inflation Protected Securities (f)** | **U.S. Treasury Inflation Protected Securities (f)** |
|  2.375% due 01/15/2027 | 15 | 15 |
|  **U.S. Treasury Notes** | **U.S. Treasury Notes** | **U.S. Treasury Notes** |
|  0.500% due 02/28/2026 (l)(n) | 1000 | 891 |
|  2.000% due 04/30/2024 (n) | 700 | 676 |
|  2.250% due 01/31/2024 | 1270 | 1237 |
|  2.500% due 05/15/2024 | 1100 | 1068 |
|  2.750% due 05/31/2023 (n) | 80 | 79 |
|  2.750% due 07/31/2023 | 2824 | 2794 |
|  2.875% due 09/30/2023 (n) | 290 | 286 |
|  2.875% due 11/30/2023 (n) | 70 | 69 |
|  **Total U.S. Treasury Obligations (Cost $7,365)** | **Total U.S. Treasury Obligations (Cost $7,365)** | **7115** |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES 7.8%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 7.8%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 7.8%** |
|  **American Home Mortgage Assets Trust** | **American Home Mortgage Assets Trust** | **American Home Mortgage Assets Trust** |
|  4.809% due 06/25/2037 ~ | 355 | 325 |
|  **Banc of America Funding Trust** | **Banc of America Funding Trust** | **Banc of America Funding Trust** |
|  4.673% due 02/20/2047 ~ | 335 | 328 |
|  4.733% due 07/20/2036 •  | 531 | 509 |
|  **Banc of America Mortgage Trust** | **Banc of America Mortgage Trust** | **Banc of America Mortgage Trust** |
|  3.313% due 06/25/2035 ~ | 30 | 25 |
|  **BCAP LLC Trust** | **BCAP LLC Trust** | **BCAP LLC Trust** |
|  5.250% due 06/26/2036 | 323 | 138 |
|  **Bear Stearns Adjustable Rate Mortgage Trust** | **Bear Stearns Adjustable Rate Mortgage Trust** | **Bear Stearns Adjustable Rate Mortgage Trust** |
|  3.588% due 11/25/2034 ~ | 267 | 241 |
|  4.251% due 01/25/2035 ~ | 4 | 4 |
|  **CBA Commercial Small Balance Commercial Mortgage** | **CBA Commercial Small Balance Commercial Mortgage** | **CBA Commercial Small Balance Commercial Mortgage** |
|  4.889% due 06/25/2038 ~ | 525 | 373 |
|  **Countrywide Alternative Loan Trust** | **Countrywide Alternative Loan Trust** | **Countrywide Alternative Loan Trust** |
|  4.533% due 02/20/2047 ^•  | 152 | 115 |
|  5.500% due 04/25/2035 | 465 | 329 |
|  6.000% due 02/25/2037 ^ | 276 | 158 |
|  6.500% due 11/25/2037 ^ | 375 | 189 |
|  **Countrywide Home Loan Mortgage Pass-Through Trust** | **Countrywide Home Loan Mortgage Pass-Through Trust** | **Countrywide Home Loan Mortgage Pass-Through Trust** |
|  3.677% due 02/20/2036 ~ | 180 | 144 |
|  3.680% due 08/25/2034 ~ | 14 | 14 |
|  **Credit Suisse Mortgage Capital Trust** | **Credit Suisse Mortgage Capital Trust** | **Credit Suisse Mortgage Capital Trust** |
|  2.215% due 11/25/2061 ~ | 52 | 49 |
|  **Deutsche ALT-A Securities, Inc. Mortgage Loan Trust** | **Deutsche ALT-A Securities, Inc. Mortgage Loan Trust** | **Deutsche ALT-A Securities, Inc. Mortgage Loan Trust** |
|  4.719% due 08/25/2037 ^~ | 295 | 249 |
|  **Downey Savings & Loan Association Mortgage Loan Trust** | **Downey Savings & Loan Association Mortgage Loan Trust** | **Downey Savings & Loan Association Mortgage Loan Trust** |
|  4.529% due 10/19/2036 ~ | 319 | 256 |
|  **First Horizon Alternative Mortgage Securities Trust** | **First Horizon Alternative Mortgage Securities Trust** | **First Horizon Alternative Mortgage Securities Trust** |
|  4.088% due 01/25/2036 ^~ | 107 | 60 |
|  4.435% due 06/25/2036 ^~ | 88 | 71 |
|  4.538% due 06/25/2034 ~ | 61 | 57 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **15** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Dynamic Bond Portfolio** | **(Cont.)** |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **First Horizon Mortgage Pass-Through Trust** | **First Horizon Mortgage Pass-Through Trust** | **First Horizon Mortgage Pass-Through Trust** |
|  3.870% due 11/25/2037 ^~ | 446 | 241 |
|  **GSMPS Mortgage Loan Trust** | **GSMPS Mortgage Loan Trust** | **GSMPS Mortgage Loan Trust** |
|  8.000% due 01/25/2035 | 308 | 304 |
|  **HarborView Mortgage Loan Trust** | **HarborView Mortgage Loan Trust** | **HarborView Mortgage Loan Trust** |
|  5.159% due 11/19/2034 ^~ | 18 | 15 |
|  **IndyMac INDX Mortgage Loan Trust** | **IndyMac INDX Mortgage Loan Trust** | **IndyMac INDX Mortgage Loan Trust** |
|  3.259% due 08/25/2037 ^~ | 194 | 147 |
|  3.833% due 10/25/2034 ~ | 14 | 13 |
|  **Lehman XS Trust** | **Lehman XS Trust** | **Lehman XS Trust** |
|  4.839% due 08/25/2046 ~ | 223 | 209 |
|  **Mortgage Equity Conversion Asset Trust** | **Mortgage Equity Conversion Asset Trust** | **Mortgage Equity Conversion Asset Trust** |
|  5.140% due 05/25/2042 ~ | 376 | 328 |
|  **New Residential Mortgage Loan Trust** | **New Residential Mortgage Loan Trust** | **New Residential Mortgage Loan Trust** |
|  4.500% due 05/25/2058 ~ | 203 | 191 |
|  **Residential Accredit Loans, Inc. Trust** | **Residential Accredit Loans, Inc. Trust** | **Residential Accredit Loans, Inc. Trust** |
|  6.026% due 09/25/2037 ~ | 588 | 429 |
|  **Thornburg Mortgage Securities Trust** | **Thornburg Mortgage Securities Trust** | **Thornburg Mortgage Securities Trust** |
|  5.639% due 06/25/2037 ^•  | 16 | 13 |
|  6.666% due 06/25/2037 •  | 176 | 158 |
|  **Towd Point Mortgage Trust** | **Towd Point Mortgage Trust** | **Towd Point Mortgage Trust** |
|  2.900% due 10/25/2059 ~ | 457 | 426 |
|  **WaMu Mortgage Pass-Through Certificates Trust** | **WaMu Mortgage Pass-Through Certificates Trust** | **WaMu Mortgage Pass-Through Certificates Trust** |
|  4.849% due 04/25/2045 •  | 22 | 21 |
|  **Washington Mutual Mortgage Pass-Through Certificates Trust** | **Washington Mutual Mortgage Pass-Through Certificates Trust** | **Washington Mutual Mortgage Pass-Through Certificates Trust** |
|  5.839% due 09/25/2035 ^~ | 181 | 164 |
|  **Total Non-Agency Mortgage-Backed Securities (Cost $7,067)** | **Total Non-Agency Mortgage-Backed Securities (Cost $7,067)** | **6293** |
| **ASSET-BACKED SECURITIES 9.8%** | **ASSET-BACKED SECURITIES 9.8%** | **ASSET-BACKED SECURITIES 9.8%** |
|  **Belle Haven ABS CDO Ltd.** | **Belle Haven ABS CDO Ltd.** | **Belle Haven ABS CDO Ltd.** |
|  0.000% due 11/03/2044 ~ | 475 | 148 |
|  **Countrywide Asset-Backed Certificates Trust** | **Countrywide Asset-Backed Certificates Trust** | **Countrywide Asset-Backed Certificates Trust** |
|  4.486% due 07/25/2036 þ | 257 | 228 |
|  4.529% due 06/25/2047 ^~ | 347 | 308 |
|  4.539% due 04/25/2047 ^~ | 33 | 33 |
|  4.569% due 11/25/2047 ^~ | 120 | 132 |
|  4.599% due 05/25/2047 ^~ | 1113 | 985 |
|  4.649% due 12/25/2036 ^•  | 232 | 213 |
|  6.095% due 08/25/2035 þ | 80 | 79 |
|  **GSAA Home Equity Trust** | **GSAA Home Equity Trust** | **GSAA Home Equity Trust** |
|  5.985% due 06/25/2036 ~ | 909 | 243 |
|  **GSAMP Trust** | **GSAMP Trust** | **GSAMP Trust** |
|  4.589% due 11/25/2036 •  | 755 | 366 |
|  **Halseypoint CLO Ltd.** | **Halseypoint CLO Ltd.** | **Halseypoint CLO Ltd.** |
|  5.343% due 07/20/2031 ~ | 398 | 392 |
|  **HSI Asset Securitization Corp. Trust** | **HSI Asset Securitization Corp. Trust** | **HSI Asset Securitization Corp. Trust** |
|  4.609% due 12/25/2036 ~ | 1794 | 491 |
|  4.829% due 12/25/2036 •  | 504 | 137 |
|  **LCM Ltd.** | **LCM Ltd.** | **LCM Ltd.** |
|  5.063% due 07/20/2030 •  | 396 | 391 |
|  **Morgan Stanley ABS Capital, Inc. Trust** | **Morgan Stanley ABS Capital, Inc. Trust** | **Morgan Stanley ABS Capital, Inc. Trust** |
|  4.529% due 11/25/2036 •  | 146 | 73 |
|  4.539% due 10/25/2036 ~ | 354 | 175 |
|  4.639% due 07/25/2036 ~ | 257 | 217 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.689% due 07/25/2036 •  | $— | 626 | 255 |
|  **Morgan Stanley Capital, Inc. Trust** | **Morgan Stanley Capital, Inc. Trust** | **Morgan Stanley Capital, Inc. Trust** | **Morgan Stanley Capital, Inc. Trust** |
|  4.749% due 03/25/2036 •  |  | 12 | 10 |
|  4.969% due 01/25/2036 ~ |  | 137 | 131 |
|  **Nomura Home Equity Loan, Inc. Home Equity Loan Trust** | **Nomura Home Equity Loan, Inc. Home Equity Loan Trust** | **Nomura Home Equity Loan, Inc. Home Equity Loan Trust** | **Nomura Home Equity Loan, Inc. Home Equity Loan Trust** |
|  4.789% due 02/25/2037 ^~ |  | 1882 | 598 |
|  **OZLM Ltd.** | **OZLM Ltd.** | **OZLM Ltd.** | **OZLM Ltd.** |
|  5.059% due 10/17/2029 •  |  | 269 | 265 |
|  **Securitized Asset-Backed Receivables LLC Trust** | **Securitized Asset-Backed Receivables LLC Trust** | **Securitized Asset-Backed Receivables LLC Trust** | **Securitized Asset-Backed Receivables LLC Trust** |
|  5.049% due 08/25/2035 ^•  |  | 430 | 327 |
|  5.154% due 02/25/2034 •  |  | 140 | 138 |
|  **Sierra Madre Funding Ltd.** | **Sierra Madre Funding Ltd.** | **Sierra Madre Funding Ltd.** | **Sierra Madre Funding Ltd.** |
|  4.597% due 09/07/2039 ~ |  | 271 | 201 |
|  4.617% due 09/07/2039 •  |  | 1457 | 1081 |
|  **Stratus CLO Ltd.** | **Stratus CLO Ltd.** | **Stratus CLO Ltd.** | **Stratus CLO Ltd.** |
|  5.143% due 12/28/2029 •  |  | 267 | 264 |
|  **Triaxx Prime CDO Ltd.** | **Triaxx Prime CDO Ltd.** | **Triaxx Prime CDO Ltd.** | **Triaxx Prime CDO Ltd.** |
|  4.402% due 10/02/2039 ~ |  | 56 | 1 |
|  **Total Asset-Backed Securities (Cost $9,681)** | **Total Asset-Backed Securities (Cost $9,681)** | **Total Asset-Backed Securities (Cost $9,681)** | **7882** |
| **SOVEREIGN ISSUES 3.1%** | **SOVEREIGN ISSUES 3.1%** | **SOVEREIGN ISSUES 3.1%** | **SOVEREIGN ISSUES 3.1%** |
|  **Argentina Government International Bond** | **Argentina Government International Bond** | **Argentina Government International Bond** | **Argentina Government International Bond** |
|  1.400% due 03/25/2023 |  | 2908 | 9 |
|  **Israel Government International Bond** | **Israel Government International Bond** | **Israel Government International Bond** | **Israel Government International Bond** |
|  3.875% due 07/03/2050 | $— | 200 | 169 |
|  **Peru Government International Bond** | **Peru Government International Bond** | **Peru Government International Bond** | **Peru Government International Bond** |
|  5.940% due 02/12/2029 |  | 800 | 193 |
|  6.350% due 08/12/2028 |  | 900 | 226 |
|  **Romania Government International Bond** | **Romania Government International Bond** | **Romania Government International Bond** | **Romania Government International Bond** |
|  1.750% due 07/13/2030 |  | 100 | 75 |
|  **South Africa Government International Bond** | **South Africa Government International Bond** | **South Africa Government International Bond** | **South Africa Government International Bond** |
|  4.850% due 09/30/2029 | $— | 200 | 179 |
|  10.500% due 12/21/2026 |  | 22000 | 1369 |
|  **Turkey Government International Bond** | **Turkey Government International Bond** | **Turkey Government International Bond** | **Turkey Government International Bond** |
|  6.350% due 08/10/2024 | $— | 300 | 297 |
| **Total Sovereign Issues (Cost $2,788)** | **Total Sovereign Issues (Cost $2,788)** | **Total Sovereign Issues (Cost $2,788)** | **2517** |
|  | **SHARES** | **SHARES** |  |
| **COMMON STOCKS 0.0%** | **COMMON STOCKS 0.0%** | **COMMON STOCKS 0.0%** | **COMMON STOCKS 0.0%** |
| **ENERGY 0.0%** | **ENERGY 0.0%** | **ENERGY 0.0%** | **ENERGY 0.0%** |
|  **Constellation Oil 'B' «(c)(i)** |  | 168354 | 18 |
|  **Total Common Stocks (Cost $18)** | **Total Common Stocks (Cost $18)** | **Total Common Stocks (Cost $18)** | **18** |
| **PREFERRED SECURITIES 0.3%** | **PREFERRED SECURITIES 0.3%** | **PREFERRED SECURITIES 0.3%** | **PREFERRED SECURITIES 0.3%** |
| **BANKING & FINANCE 0.3%** | **BANKING & FINANCE 0.3%** | **BANKING & FINANCE 0.3%** | **BANKING & FINANCE 0.3%** |
|  **Bank of America Corp.** | **Bank of America Corp.** | **Bank of America Corp.** | **Bank of America Corp.** |
|  5.875% due 03/15/2028 •(g) |  | 200000 | 177 |
|  **Nationwide Building Society** | **Nationwide Building Society** | **Nationwide Building Society** | **Nationwide Building Society** |
|  10.250% ~ |  | 550 | 83 |
|  **Stichting AK Rabobank Certificaten** | **Stichting AK Rabobank Certificaten** | **Stichting AK Rabobank Certificaten** | **Stichting AK Rabobank Certificaten** |
|  6.500% due 12/29/2049 þ(g) |  | 15000 | 16 |
|  **Total Preferred Securities (Cost $333)** | **Total Preferred Securities (Cost $333)** | **Total Preferred Securities (Cost $333)** | **276** |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **SHORT-TERM INSTRUMENTS 52.0%** | **SHORT-TERM INSTRUMENTS 52.0%** | **SHORT-TERM INSTRUMENTS 52.0%** |
| **COMMERCIAL PAPER 2.5%** | **COMMERCIAL PAPER 2.5%** | **COMMERCIAL PAPER 2.5%** |
|  **CNH Industrial Capital LLC** | **CNH Industrial Capital LLC** | **CNH Industrial Capital LLC** |
|  4.950% due 02/21/2023 | 250 | 248 |
|  **Enel Finance America LLC** | **Enel Finance America LLC** | **Enel Finance America LLC** |
|  6.000% due 01/12/2023 | 250 | 249 |
|  **Energy Transfer LP** | **Energy Transfer LP** | **Energy Transfer LP** |
|  5.080% due 01/05/2023 | 250 | 250 |
|  **Entergy Corp.** | **Entergy Corp.** | **Entergy Corp.** |
|  4.700% due 01/12/2023 | 250 | 250 |
|  **Fiserv, Inc.** | **Fiserv, Inc.** | **Fiserv, Inc.** |
|  4.630% due 01/09/2023 | 250 | 250 |
|  4.780% due 01/23/2023 | 250 | 249 |
|  **Virginia Electric & Power Co.** | **Virginia Electric & Power Co.** | **Virginia Electric & Power Co.** |
|  4.720% due 02/06/2023 | 250 | 249 |
|  **Walgreens Boots Alliance, Inc.** | **Walgreens Boots Alliance, Inc.** | **Walgreens Boots Alliance, Inc.** |
|  4.950% due 01/18/2023 | 250 | 249 |
|  |  | 1994 |
| **REPURCHASE AGREEMENTS (j) 40.9%** | **REPURCHASE AGREEMENTS (j) 40.9%** | **REPURCHASE AGREEMENTS (j) 40.9%** |
|  |  | 32997 |
| **HUNGARY TREASURY BILLS 0.6%** | **HUNGARY TREASURY BILLS 0.6%** | **HUNGARY TREASURY BILLS 0.6%** |
|  18.250% due 01/03/2023 (d)(e) | 184000 | 493 |
| **JAPAN TREASURY BILLS 8.0%** | **JAPAN TREASURY BILLS 8.0%** | **JAPAN TREASURY BILLS 8.0%** |
|  (0.182)% due 01/16/2023 - 03/20/2023 (d)(e) | 843000 | 6424 |
| **Total Short-Term Instruments<br>(Cost $41,355)** | **Total Short-Term Instruments<br>(Cost $41,355)** | **41908** |
| **Total Investments in Securities<br>(Cost $91,132)** | **Total Investments in Securities<br>(Cost $91,132)** | **87218** |
|  | **SHARES** |  |
| **INVESTMENTS IN AFFILIATES 0.2%** | **INVESTMENTS IN AFFILIATES 0.2%** | **INVESTMENTS IN AFFILIATES 0.2%** |
| **SHORT-TERM INSTRUMENTS 0.2%** | **SHORT-TERM INSTRUMENTS 0.2%** | **SHORT-TERM INSTRUMENTS 0.2%** |
| **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.2%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.2%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.2%** |
|  **PIMCO Short-Term Floating NAV Portfolio III** | 11993 | 117 |
| **Total Short-Term Instruments<br>(Cost $117)** | **Total Short-Term Instruments<br>(Cost $117)** | **117** |
| **Total Investments in Affiliates<br>(Cost $117)** | **Total Investments in Affiliates<br>(Cost $117)** | **117** |
| **Total Investments 108.3%<br>(Cost $91,249)** | **Total Investments 108.3%<br>(Cost $91,249)** | **87335** |
|  **Financial Derivative<br>Instruments (k)(m) (1.6)%**<br> **(Cost or Premiums, net $(358))** |  | **(1323)** |
| **Other Assets and Liabilities, net (6.7)%** | **Other Assets and Liabilities, net (6.7)%** | **(5333)** |
| **Net Assets 100.0%** | **Net Assets 100.0%** | **80679** |

---

**NOTES TO SCHEDULE OF INVESTMENTS:** 

**\*** **A zero balance may reflect actual amounts rounding to less than one thousand.** 

---

| | |
|:---|:---|
| **^** | **Security is in default.**  |

---

---

| | |
|:---|:---|
| **«** | **Security valued using significant unobservable inputs (Level 3).**  |

---

---

| | |
|:---|:---|
| **~** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.**  |

---

**•** **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** 

---

| | |
|:---|:---|
| **þ** | **Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.**  |

---

---

| | | |
|:---|:---|:---|
| **16** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

**(a)** **Security is an Interest Only ("IO") or IO Strip.** 

**(b)** **Payment in-kind security.** 

**(c)** **Security did not produce income within the last twelve months.** 

**(d)** **Coupon represents a weighted average yield to maturity.** 

**(e)** **Zero coupon security.** 

**(f)** **Principal amount of security is adjusted for inflation.** 

**(g)** **Perpetual maturity; date shown, if applicable, represents next contractual call date.** 

**(h)** **Contingent convertible security.** 

&nbsp;&nbsp;&nbsp;&nbsp;**(i) RESTRICTED SECURITIES:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer Description** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Market Value<br>as Percentage<br>of Net Assets** |
|  Constellation Oil 'B' | 06/10/2022 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | 0.02% |

---

**BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;**(j) REPURCHASE AGREEMENTS:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Lending<br>Rate** | **Settlement<br>Date** | **Maturity<br>Date** | **Principal<br>Amount** | **Collateralized By** | **Collateral<br>(Received)** | **Repurchase<br>Agreements,<br>at Value** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** |
| BPS | 4.320% | 12/30/2022 | 01/03/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32500 | Ginnie Mae 2.500% due 10/20/2051 | $(33508) | $32500 | $32516 |
| FICC | 1.900 | 12/30/2022 | 01/03/2023 | 497 | U.S. Treasury Bills 0.000% due 06/29/2023 | (507) | 497 | 497 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** |  | $**(34015)** | $**32997** | $**33013** |

---

**SHORT SALES:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **Proceeds** | **Payable for<br>Short Sales** |
|  U.S. Government Agencies (2.2)% | U.S. Government Agencies (2.2)% | U.S. Government Agencies (2.2)% | U.S. Government Agencies (2.2)% | U.S. Government Agencies (2.2)% | U.S. Government Agencies (2.2)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000% | 01/01/2053 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200 | $(1780) | $(1791) |
|  **Total Short Sales (2.2)%** |  |  |  | $**(1780)** | $**(1791)** |

---

**BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY** 

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** | **Payable for<br>Reverse<br>Repurchase<br>Agreements** | **Payable for<br>Sale-Buyback<br>Transactions** | **Total<br>Borrowings and<br>Other Financing<br>Transactions** | **Collateral<br>Pledged/(Received)** | **Net Exposure<sup>(2)</sup>** |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BPS | $32516 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32516 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33508) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(992) |
|  FICC | 497 | 0 | 0 | 497 | (507) | (10) |
|  **Total Borrowings and Other Financing Transactions** | $**33013** | $**0** | $**0** |  |  |  |

---

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

&nbsp;&nbsp;&nbsp;&nbsp;**(k) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** 

**WRITTEN OPTIONS:** 

**OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Strike<br>Price** | **Expiration<br>Date** | **# of<br>Contracts** | **Notional<br>Amount** | **Premiums<br>(Received)** | **Market<br>Value** |
|  Put - CME 3-Month SOFR Active Contract December 2023 Futures | $96.500 | 12/15/2023 | 3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | $(3) | $(9) |
|  Call - CME 3-Month SOFR Active Contract December 2023 Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98.000 | 12/15/2023 | 3 | 8 | (2) | 0 |
|  **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | $**(5)** | $**(9)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **17** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Dynamic Bond Portfolio** | **(Cont.)** |

---

**FUTURES CONTRACTS:** 

**LONG FUTURES CONTRACTS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration**<br> **Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration**<br> **Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  Euro-BTP March Futures  | 03/2023 | 19 | $2215 | $(164) | $18 | $(23) |
|  Euro-Bund March Futures  | 03/2023 | 6 | 854 | (55) | 3 | (7) |
|  U.S. Treasury 2-Year Note March Futures  | 03/2023 | 42 | 8613 | (44) | 0 | (6) |
|  U.S. Treasury 5-Year Note March Futures  | 03/2023 | 106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11441 | (6) | 0 | (9) |
|  U.S. Treasury 10-Year Note March Futures  | 03/2023 | 55 | 6176 | (15) | 0 | (8) |
|  |  |  |  | $**(284)** | $**21** | $**(53)** |

---

**SHORT FUTURES CONTRACTS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  3-Month SOFR Active Contract December Futures  | 03/2024 | 50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11934) | $235 | $6 | $0 |
|  Call Options Strike @ EUR 146.000 on Euro-Bund 10-Year Bond February 2023 Futures <sup>(1)</sup> | 01/2023 | 1 | 0 | 1 | 0 | 0 |
|  Put Options Strike @ EUR 138.500 on Euro-Bund 10-Year Bond February 2023 Futures <sup>(1)</sup> | 01/2023 | 1 | (6) | (5) | 1 | (1) |
|  U.S. Treasury Long-Term Bond March Futures  | 03/2023 | 7 | (877) | (1) | 1 | 0 |
|  U.S. Treasury Ultra Long-Term Bond March Futures  | 03/2023 | 26 | (3492) | (8) | 13 | 0 |
|  U.S. Ultra Treasury Note March Futures  | 03/2023 | 7 | (828) | 5 | 0 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227 | $21 | $(1) |
|  **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | $**(57)** | $**42** | $**(54)** |

---

**SWAP AGREEMENTS:** 

**CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(2)</sup>** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2022<sup>(4)</sup>** | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(6)</sup>** | **Variation Margin** | **Variation Margin** |
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2022<sup>(4)</sup>** | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(6)</sup>** | **Asset** | **Liability** |
|  AT&T, Inc. | 1.000% | Quarterly | 06/20/2024 | 0.901% | $100 | $0 | $0 | $0 | $0 | $0 |
|  AT&T, Inc. | 1.000 | Quarterly | 06/20/2026 | 0.998 | 200 | 4 | (4) | 0 | 0 | 0 |
|  General Electric Co. | 1.000 | Quarterly | 06/20/2026 | 0.801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | 4 | (1) | 3 | 0 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

**CREDIT DEFAULT SWAPS ON CREDIT INDICES - BUY PROTECTION<sup>(3)</sup>** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Index/Tranches** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(5)</sup>** | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(6)</sup>** | **Variation Margin** | **Variation Margin** |
| **Index/Tranches** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(5)</sup>** | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(6)</sup>** | **Asset** | **Liability** |
|  CDX.HY-36 5-Year Index | (5.000)% | Quarterly | 06/20/2026 | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2277 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(220) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

**CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION<sup>(2)</sup>** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(6)</sup>** | **Variation Margin** | **Variation Margin** |
| **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(6)</sup>** | **Asset** | **Liability** |
|  CDX.HY-39 5-Year Index | 5.000% | Quarterly | 12/20/2027 | $2000 | $(39) | $54 | $15 | $0 | $(1) |
|  CDX.IG-39 5-Year Index | 1.000 | Quarterly | 12/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8800 | 26 | 48 | 74 | 0 | 0 |
|  iTraxx Crossover 38 5-Year Index | 5.000 | Quarterly | 12/20/2027 | 200 | (7) | 10 | 3 | 1 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

**INTEREST RATE SWAPS** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 0.500% | Annual | 02/07/2023 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | $(2) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) | $(20) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
|  Receive<sup>(7)</sup> | 1-Day GBP-SONIO Compounded-OIS | 2.250 | Annual | 03/15/2028 |  | 1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119 | 17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136 | 2 | 0 |
|  Pay<sup>(7)</sup> | 1-Day GBP-SONIO Compounded-OIS | 2.000 | Annual | 03/15/2033 |  | 1900 | (342) | 18 | (324) | 0 | (1) |

---

---

| | | |
|:---|:---|:---|
| **18** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.853 | Annual | 05/18/2032 |  | $500 | $(4) | $(66) | $(70) | $0 | $(2) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.857 | Annual | 07/15/2032 |  | 900 | (10) | (118) | (128) | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.350 | Annual | 12/14/2032 |  | 700 | (3) | 16 | 13 | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 12/21/2052 |  | 700 | 146 | 47 | 193 | 4 | 0 |
|  Pay | 1-Year BRL-CDI | 11.734 | Maturity | 01/02/2025 |  | 4000 | 0 | (13) | (13) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 11.800 | Maturity | 01/02/2025 |  | 4000 | 0 | (12) | (12) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 11.835 | Maturity | 01/02/2025 |  | 5000 | 0 | (15) | (15) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 10.206 | Maturity | 01/04/2027 |  | 300 | 0 | (4) | (4) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 11.048 | Maturity | 01/04/2027 |  | 5400 | 0 | (44) | (44) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 11.086 | Maturity | 01/04/2027 |  | 3200 | 0 | (26) | (26) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 11.098 | Maturity | 01/04/2027 |  | 3100 | 0 | (25) | (25) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 11.115 | Maturity | 01/04/2027 |  | 2800 | (17) | (5) | (22) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 11.814 | Maturity | 01/04/2027 |  | 3200 | 0 | (13) | (13) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 11.868 | Maturity | 01/04/2027 |  | 2900 | 0 | (11) | (11) | 0 | 0 |
|  Pay | 3-Month CAD-Bank Bill | 2.060 | Semi-Annual | 10/28/2023 |  | 10000 | (55) | (151) | (206) | 0 | (2) |
|  Pay | 3-Month CAD-Bank Bill | 2.000 | Semi-Annual | 11/14/2023 |  | 1100 | 0 | (23) | (23) | 0 | 0 |
|  Pay | 3-Month KRW-KORIBOR | 1.750 | Quarterly | 12/15/2026 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3683600 | (8) | (202) | (210) | 0 | (2) |
|  Pay | 3-Month KRW-KORIBOR | 2.000 | Quarterly | 12/15/2026 |  | 1206700 | (3) | (57) | (60) | 0 | (1) |
|  Receive | 3-Month KRW-KORIBOR | 1.750 | Quarterly | 12/15/2031 |  | 1886100 | 20 | 187 | 207 | 0 | 0 |
|  Receive | 3-Month KRW-KORIBOR | 2.000 | Quarterly | 12/15/2031 |  | 633600 | 5 | 55 | 60 | 0 | 0 |
|  Pay | 3-Month NZD-BBR | 3.000 | Semi-Annual | 11/01/2023 |  | 2500 | 1 | (34) | (33) | 1 | 0 |
|  Pay | 3-Month NZD-BBR | 3.000 | Semi-Annual | 12/15/2023 |  | 3900 | 0 | (58) | (58) | 0 | 0 |
|  Pay | 3-Month USD-LIBOR | 1.270 | Semi-Annual | 11/04/2023 |  | $7200 | (14) | (252) | (266) | 0 | (4) |
|  Receive | 3-Month USD-LIBOR | 2.250 | Semi-Annual | 06/20/2028 |  | 8400 | 535 | 186 | 721 | 16 | 0 |
|  Pay | 3-Month USD-LIBOR | 1.800 | Semi-Annual | 10/01/2031 |  | 1400 | 0 | (220) | (220) | 0 | (3) |
|  Pay | 6-Month EUR-EURIBOR | 0.550 | Annual | 08/10/2024 |  | 100 | 0 | (5) | (5) | 0 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 0.700 | Annual | 04/11/2027 |  | 100 | (1) | (10) | (11) | 0 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 0.650 | Annual | 04/12/2027 |  | 200 | (1) | (21) | (22) | 0 | (1) |
|  Pay | 6-Month EUR-EURIBOR | 0.650 | Annual | 05/11/2027 |  | 200 | (2) | (20) | (22) | 0 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 05/13/2027 |  | 200 | (1) | (17) | (18) | 0 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 05/18/2027 |  | 100 | 0 | (9) | (9) | 0 | 0 |
|  Pay<sup>(7)</sup> | 6-Month EUR-EURIBOR | 1.750 | Annual | 03/15/2033 |  | 900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(113) | (7) | (120) | 0 | (5) |
|  Receive | 6-Month PLN-WIBOR | 6.160 | Annual | 09/16/2027 |  | 1900 | 0 | 2 | 2 | 0 | 0 |
|  Receive | 6-Month PLN-WIBOR | 6.310 | Annual | 09/19/2027 |  | 1900 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 6-Month PLN-WIBOR | 6.270 | Annual | 09/20/2027 |  | 1800 | 0 | 0 | 0 | 0 | 0 |
|  Receive | 6-Month PLN-WIBOR | 6.240 | Annual | 09/23/2027 |  | 1600 | 0 | 0 | 0 | 0 | 0 |
|  Receive | 6-Month PLN-WIBOR | 6.250 | Annual | 09/23/2027 |  | 2200 | 0 | 0 | 0 | 0 | 0 |
|  Receive | 6-Month PLN-WIBOR | 6.280 | Annual | 09/26/2027 |  | 1800 | 0 | 0 | 0 | 0 | 0 |
|  Receive | 6-Month PLN-WIBOR | 6.985 | Annual | 10/11/2027 |  | 2700 | 0 | (19) | (19) | 0 | 0 |
|  Receive | 6-Month PLN-WIBOR | 7.156 | Annual | 10/13/2027 |  | 1400 | 0 | (12) | (12) | 0 | 0 |
|  Pay | 28-Day MXN-TIIE | 5.660 | Lunar | 03/24/2023 |  | 9280 | 0 | (6) | (6) | 0 | 0 |
|  |  |  |  |  |  |  | $250 | $(966) | $(716) | $25 | $(25) |
|  **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** |  | $**18** | $**(710)** | $**(692)** | $**26** | $**(26)** |

---

**FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY** 

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of December 31, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** |
|  | **Market Value** | **Variation Margin<br>Asset** | **Variation Margin<br>Asset** | **Total** |  | **Variation Margin<br>Liability** |  | **Total** |
| | **Purchased<br>Options** | **Futures** | **Swap<br>Agreements** | **Total** | | | | **Total** |
|  **Total Exchange-Traded or Centrally Cleared** | $**0** | $**42** | $**26** | $**68** | $**(9)** | $**(54)** | $**(26)** | $**(89)** |

---

**(l)** **Securities with an aggregate market value of $427 and cash of $1,167 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2022. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.** 

<sup>(1)</sup> Future styled option.

<sup>(2)</sup> If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **19** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Dynamic Bond Portfolio** | **(Cont.)** |

---

<sup>(3)</sup> If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(4)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate, sovereign or U.S. municipal issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(6)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(7)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

&nbsp;&nbsp;&nbsp;&nbsp;**(m) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** 

**FORWARD FOREIGN CURRENCY CONTRACTS:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  BOA | 01/2023 | $42 | 40 | $1 | $0 |
|  | 01/2023 | 17 | 77 | 0 | 0 |
|  | 02/2023 | 483 | $123 | 0 | (4) |
|  | 02/2023 | 582 | 32 | 0 | (2) |
|  | 03/2023 | $7 | 52 | 0 | 0 |
|  BPS | 01/2023 | 64 | $68 | 0 | 0 |
|  | 01/2023 | 64062 | 167 | 0 | (4) |
|  | 02/2023 | 7931 | 442 | 0 | (23) |
|  | 03/2023 | 428956 | 444 | 0 | (56) |
|  | 03/2023 | 1828 | 91 | 0 | (2) |
|  | 03/2023 | $70 | 269 | 1 | 0 |
|  BRC | 01/2023 | 67 | $10 | 0 | 0 |
|  | 01/2023 | 75324 | 196 | 0 | (5) |
|  | 01/2023 | 158 | 31 | 0 | (5) |
|  | 01/2023 | $16 | 71 | 0 | 0 |
|  CBK | 01/2023 | 427797 | $481 | 0 | (23) |
|  | 01/2023 | 351 | 372 | 0 | (4) |
|  | 01/2023 | 773 | 169 | 0 | (8) |
|  | 01/2023 | $405 | 2127 | 0 | (2) |
|  | 01/2023 | 449 | 427653 | 55 | 0 |
|  | 01/2023 | 58 | 55 | 1 | 0 |
|  | 01/2023 | 1304 | 5239 | 72 | 0 |
|  | 01/2023 | 101 | 482 | 9 | 0 |
|  | 01/2023 | 34 | 588 | 1 | 0 |
|  | 02/2023 | 481 | 430154 | 24 | 0 |
|  | 03/2023 | 2121 | $527 | 0 | (28) |
|  | 04/2023 | 4131 | 1029 | 0 | (49) |
|  | 04/2023 | $45 | 178 | 2 | 0 |
|  CLY | 01/2023 | 11808 | $30 | 0 | (2) |
|  DUB | 02/2023 | 597 | 36 | 1 | 0 |
|  GLM | 01/2023 | 2127 | 399 | 0 | (4) |
|  | 01/2023 | 69 | 10 | 0 | 0 |
|  | 01/2023 | 9601 | 25 | 0 | (1) |
|  | 01/2023 | 5526 | 1105 | 0 | (155) |
|  | 01/2023 | $108 | 513 | 9 | 0 |
|  | 01/2023 | 594 | $33 | 0 | (2) |
|  | 02/2023 | $83 | 377050 | 0 | (6) |
|  | 03/2023 | 783 | $38 | 0 | (2) |
|  | 04/2023 | $392 | 2127 | 4 | 0 |
|  | 05/2023 | 1744 | $438 | 0 | (16) |
|  | 05/2023 | 1050 | 63 | 2 | 0 |
|  JPM | 01/2023 | 22447 | 57 | 0 | (3) |
|  | 01/2023 | $4 | 29 | 0 | 0 |
|  MBC | 01/2023 | 59 | $44 | 0 | 0 |
|  | 01/2023 | 1313 | 1378 | 0 | (28) |

---

---

| | | |
|:---|:---|:---|
| **20** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 01/2023 | $5 | 8 | $0 | $0 |
|  | 01/2023 | 448 | 60700 | 15 | 0 |
|  | 05/2023 | 20 | 132 | 0 | 0 |
|  MYI | 01/2023 | 382 | $80 | 0 | (7) |
|  | 01/2023 | $167 | 249 | 2 | 0 |
|  | 01/2023 | 380 | 52040 | 17 | 0 |
|  | 01/2023 | 70 | 350 | 10 | 0 |
|  | 01/2023 | 68 | 1169 | 0 | 0 |
|  RBC | 01/2023 | 109 | $24 | 0 | (1) |
|  | 01/2023 | $2 | 3 | 0 | 0 |
|  SCX | 01/2023 | 133 | $83 | 0 | (2) |
|  | 01/2023 | $11 | 17 | 0 | 0 |
|  SSB | 03/2023 | 290000 | $2162 | 0 | (70) |
|  TOR | 01/2023 | 553000 | 3833 | 0 | (389) |
|  UAG | 01/2023 | 7947 | 444 | 0 | (23) |
|  **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** |  |  | $**226** | $**(926)** |

---

**PURCHASED OPTIONS:** 

**INTEREST RATE SWAPTIONS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Floating Rate Index** | **Pay/Receive<br>Floating Rate** | **Exercise<br>Rate** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Cost** | **Market<br>Value** |
| BOA Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.280% | 06/29/2023 | 300 | $16 | $66 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.060 | 10/25/2023 | 100 | 5 | 25 |
| FAR Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.134 | 09/15/2023 | 300 | 16 | 73 |
| MYC Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.102 | 09/15/2023 | 200 | 11 | 49 |
|  **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **$48** | **$213** |

---

**WRITTEN OPTIONS:** 

**CREDIT DEFAULT SWAPTIONS ON CREDIT INDICES** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Description** | **Buy/Sell <br>Protection** | **Exercise<br>Rate** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Premiums<br>(Received)** | **Market<br>Value** |
|  GST | Put - OTC iTraxx Europe 37 5-Year Index | Sell | 3.000% | 03/15/2023 | 400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

**INTEREST RATE SWAPTIONS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Floating Rate Index** | **Pay/Receive<br>Floating Rate** | **Exercise<br>Rate** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Premiums<br>(Received)** | **Market<br>Value** |
| BOA Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.150% | 12/01/2023 | 600 | $(2) | $(1) |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.650 | 12/01/2023 | 600 | (2) | (5) |
| Put - OTC 5-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.110 | 06/29/2023 | 1500 | (16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(118) |
| Put - OTC 5-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.000 | 10/25/2023 | 500 | (5) | (40) |
| BPS Call - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 0.550 | 03/31/2023 | 300 | 0 | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.100 | 03/31/2023 | 300 | (1) | (5) |
| Call - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 0.700 | 04/28/2023 | 200 | 0 | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.250 | 04/28/2023 | 200 | 0 | (3) |
| DUB Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.920 | 10/13/2023 | 200 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.920 | 10/13/2023 | 200 | (1) | (3) |
| FAR Put - OTC 5-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 1.985 | 09/15/2023 | 1500 | (16) | (121) |
| GLM Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.920 | 10/13/2023 | 100 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.920 | 10/13/2023 | 100 | (1) | (1) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 3.018 | 10/20/2023 | 100 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.018 | 10/20/2023 | 100 | (1) | (1) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 3.140 | 10/23/2023 | 100 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.140 | 10/23/2023 | 100 | (1) | (1) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 3.190 | 10/23/2023 | 100 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.190 | 10/23/2023 | 100 | (1) | (1) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 3.225 | 10/23/2023 | 100 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.225 | 10/23/2023 | 100 | (1) | (1) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.973 | 10/25/2023 | 100 | (1) | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **21** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Dynamic Bond Portfolio** | **(Cont.)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Floating Rate Index** | **Pay/Receive<br>Floating Rate** | **Exercise<br>Rate** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Premiums<br>(Received)** | **Market<br>Value** |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.973% | 10/25/2023 | 100 | $(1) | $(1) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.841 | 10/27/2023 | 100 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.841 | 10/27/2023 | 100 | (1) | (1) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.150 | 11/20/2023 | 300 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.650 | 11/20/2023 | 300 | (1) | (2) |
| Put - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 0.500 | 02/07/2023 | 11200 | (38) | (335) |
| Call - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 0.700 | 04/26/2023 | 200 | 0 | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.250 | 04/26/2023 | 200 | 0 | (3) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.067 | 06/09/2023 | 300 | (3) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 3.140 | 06/09/2023 | 300 | (4) | (10) |
| MYC Put - OTC 5-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 1.960 | 09/15/2023 | 1000 | (11) | (82) |
| NGF Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.845 | 11/13/2023 | 1000 | (6) | (1) |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.845 | 11/13/2023 | 1000 | (6) | (14) |
| Call - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 0.550 | 03/31/2023 | 3300 | (5) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.100 | 03/31/2023 | 3300 | (7) | (51) |
| Call - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 0.550 | 05/12/2023 | 500 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.100 | 05/12/2023 | 500 | (1) | (8) |
|  |  |  |  |  |  | $(142) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(810) |

---

**OPTIONS ON SECURITIES** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Description** | **Strike<br>Price** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Premiums<br>(Received)** | **Market<br>Value** |
| BOA | Call - OTC Uniform Mortgage-Backed Security, TBA 5.500% due 01/01/2053 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101.891 | 01/05/2023 | 100 | $0 | $0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA 5.500% due 02/01/2053 | 99.813 | 02/06/2023 | 100 | (1) | (1) |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA 5.500% due 02/01/2053 | 100.000 | 02/06/2023 | 200 | (1) | (1) |
|  | Call - OTC Uniform Mortgage-Backed Security, TBA 5.500% due 02/01/2053 | 101.813 | 02/06/2023 | 100 | (1) | 0 |
|  | Call - OTC Uniform Mortgage-Backed Security, TBA 5.500% due 02/01/2053 | 102.000 | 02/06/2023 | 200 | (1) | 0 |
| JPM | Put - OTC Fannie Mae 4.500% due 03/01/2053 | 97.156 | 03/06/2023 | 300 | (3) | (5) |
|  | Call - OTC Fannie Mae 4.500% due 03/01/2053 | 99.156 | 03/06/2023 | 300 | (2) | (1) |
|  |  |  |  |  | $(9) | $(8) |
|  **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | $**(152)** | $**(818)** |

---

**SWAP AGREEMENTS:** 

**CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - BUY PROTECTION<sup>(2)</sup>** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2022<sup>(4)</sup>** | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements,<br>at Value<sup>(6)</sup>** | **Swap Agreements,<br>at Value<sup>(6)</sup>** |
| **Counterparty** | **Reference Entity** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2022<sup>(4)</sup>** | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
| BOA | UBS AG | (1.000)% | Quarterly | 06/20/2024 | 0.794% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

**CREDIT DEFAULT SWAPS ON SOVEREIGN AND U.S. MUNICIPAL ISSUES - SELL PROTECTION<sup>(3)</sup>** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2022<sup>(4)</sup>** | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements,<br>at Value<sup>(6)</sup>** | **Swap Agreements,<br>at Value<sup>(6)</sup>** |
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2022<sup>(4)</sup>** | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
| GST | South Africa Government International Bond | 1.000% | Quarterly | 06/20/2024 | 1.155% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
|  | Turkey Government International Bond | 1.000 | Quarterly | 06/20/2024 | 4.072 | 100 | (12) | 8 | 0 | (4) |
| MYC | California State General Obligation Bonds, Series 2003 | 1.000 | Quarterly | 09/20/2024 | 0.167 | 100 | 1 | 0 | 1 | 0 |
|  |  |  |  |  |  |  | $(25) | $21 | $1 | $(5) |

---

**CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION<sup>(3)</sup>** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements,<br>at Value<sup>(6)</sup>** | **Swap Agreements,<br>at Value<sup>(6)</sup>** |
| **Counterparty** | **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
| BRC | ABX.HE.AAA.6-2 Index | 0.110% | Monthly | 05/25/2046 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440 | $(112) | $108 | $0 | $(4) |
| MYC | ABX.HE.AAA.6-2 Index | 0.110 | Monthly | 05/25/2046 | 523 | (132) | 127 | 0 | (5) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(244) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) |

---

---

| | | |
|:---|:---|:---|
| **22** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

**INTEREST RATE SWAPS** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements,<br>at Value** | **Swap Agreements,<br>at Value** |
| **Counterparty** | **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
| BOA | Receive | 3-Month THB-THBFIX Compounded-OIS | 1.000% | Quarterly | 12/15/2026 | THB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24200 | $32 | $0 | $32 | $0 |
|  | Pay | 3-Month THB-THBFIX Compounded-OIS | 1.500 | Quarterly | 12/15/2031 |  | 12300 | (28) | 0 | 0 | (28) |
| GLM | Receive | 6-Month THB-THBFIX | 1.000 | Semi-Annual | 12/15/2026 |  | 22600 | 1 | 30 | 31 | 0 |
|  | Pay | 6-Month THB-THBFIX | 1.500 | Semi-Annual | 12/15/2031 |  | 21000 | (10) | (41) | 0 | (51) |
| NGF | Receive | 6-Month THB-THBFIX | 1.000 | Semi-Annual | 12/15/2026 |  | 90900 | 16 | 106 | 122 | 0 |
|  | Pay | 6-Month THB-THBFIX | 1.500 | Semi-Annual | 12/15/2031 |  | 37300 | (16) | (74) | 0 | (90) |
|  |  |  |  |  |  |  |  | $(5) | $21 | $185 | $(169) |
|  **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | $**(267)** | $**270** | $**186** | $**(183)** |

---

**FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY** 

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2022:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | | | |
| <br>**Counterparty** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Purchased<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Written<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** |<br>**Net Market<br>Value of OTC<br>Derivatives** |<br>**Collateral<br>Pledged/<br>(Received)** |<br>**Net<br>Exposure<sup>(7)</sup>** |
|  BOA | $1 | $91 | $32 | $124 | $(6) | $(166) | $(28) | $(200) | $(76) | $0 | $(76) |
|  BPS | 1 | 0 | 0 | 1 | (85) | (8) | 0 | (93) | (92) | 0 | (92) |
|  BRC | 0 | 0 | 0 | 0 | (10) | 0 | (4) | (14) | (14) | 0 | (14) |
|  CBK | &nbsp;&nbsp;&nbsp;&nbsp;164 | 0 | 0 | 164 | (114) | 0 | 0 | (114) | 50 | 0 | 50 |
|  CLY | 0 | 0 | 0 | 0 | (2) | 0 | 0 | (2) | (2) | 0 | (2) |
|  DUB | 1 | 0 | 0 | 1 | 0 | (3) | 0 | (3) | (2) | 0 | (2) |
|  FAR | 0 | 73 | 0 | 73 | 0 | (121) | 0 | (121) | (48) | 0 | (48) |
|  GLM | 15 | 0 | 31 | 46 | (186) | (358) | (51) | (595) | &nbsp;&nbsp;&nbsp;&nbsp;(549) | &nbsp;&nbsp;&nbsp;&nbsp;552 | 3 |
|  GST | 0 | 0 | 0 | 0 | 0 | 0 | (5) | (5) | (5) | 56 | 51 |
|  JPM | 0 | 0 | 0 | 0 | (3) | (6) | 0 | (9) | (9) | 0 | (9) |
|  MBC | 15 | 0 | 0 | 15 | (28) | 0 | 0 | (28) | (13) | 0 | (13) |
|  MYC | 0 | 49 | 1 | 50 | 0 | (82) | (5) | (87) | (37) | 75 | 38 |
|  MYI | 29 | 0 | 0 | 29 | (7) | 0 | 0 | (7) | 22 | 0 | 22 |
|  NGF | 0 | 0 | 122 | 122 | 0 | (74) | (90) | (164) | (42) | 0 | (42) |
|  RBC | 0 | 0 | 0 | 0 | (1) | 0 | 0 | (1) | (1) | 0 | (1) |
|  SCX | 0 | 0 | 0 | 0 | (2) | 0 | 0 | (2) | (2) | 0 | (2) |
|  SSB | 0 | 0 | 0 | 0 | (70) | 0 | 0 | (70) | (70) | 0 | (70) |
|  TOR | 0 | 0 | 0 | 0 | (389) | 0 | 0 | (389) | (389) | 284 | &nbsp;&nbsp;&nbsp;&nbsp;(105) |
|  UAG | 0 | 0 | 0 | 0 | (23) | 0 | 0 | (23) | (23) | 0 | (23) |
|  **Total Over the Counter** | $**226** | $**213** | $**186** | $**625** | $**(926)** | $**(818)** | $**(183)** | $**(1927)** |  |  |  |

---

**(n)** **Securities with an aggregate market value of $967 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2022.** 

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(4)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate, sovereign or U.S. municipal issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(6)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(7)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **23** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Dynamic Bond Portfolio** | **(Cont.)** |

---

**FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS** 

The following is a summary of the fair valuation of the Portfolio's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Portfolio.

Fair Values of Financial Derivative Instruments on the Statement of Assets and Liabilities as of December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
| | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $42 | $42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1 | 0 | 0 | 25 | 26 |
|  | $0 | $1 | $0 | $0 | $67 | $68 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $226 | $0 | $226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 213 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1 | 0 | 0 | 185 | 186 |
|  | $0 | $1 | $0 | $226 | $398 | $625 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693 |
|  **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $9 | $9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 54 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1 | 0 | 0 | 25 | 26 |
|  | $0 | $1 | $0 | $0 | $88 | $89 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $926 | $0 | $926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 818 | 818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 14 | 0 | 0 | 169 | 183 |
|  | $0 | $14 | $0 | $926 | $987 | $1927 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;926 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2016 |

---

The effect of Financial Derivative Instruments on the Statement of Operations for the period ended December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
| | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $(1809) | $(1809) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (85) | 0 | 0 | 146 | 61 |
|  | $0 | $(85) | $0 | $0 | $(1663) | $(1748) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $1192 | $0 | $1192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 43 | 0 | 6 | 39 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 45 | 0 | 0 | 5 | 50 |
|  | $0 | $88 | $0 | $1198 | $44 | $1330 |
|  | $0 | $3 | $0 | $1198 | $(1619) | $(418) |
|  **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $(4) | $(4) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | (10) | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 238 | 0 | 0 | (78) | 160 |
|  | $0 | $238 | $0 | $0 | $(92) | $146 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(733) | $0 | $(733) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 169 | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | (12) | 0 | 0 | (662) | (674) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (49) | 0 | 0 | 3 | (46) |
|  | $0 | $(61) | $0 | $(733) | $(490) | $(1284) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(733) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(582) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1138) |

---

---

| | | |
|:---|:---|:---|
| **24** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

**FAIR VALUE MEASUREMENTS** 

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair**<br> **Value at**<br> **12/31/2022** |
|  **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** |
|  Loan Participations and Assignments | $0 | $1118 | $0 | $1118 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 7342 | 0 | 7342 |
| &nbsp;&nbsp; Industrials | 0 | 4867 | 0 | 4867 |
| &nbsp;&nbsp; Utilities | 0 | 646 | 0 | 646 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Puerto Rico | 0 | 9 | 0 | 9 |
| &nbsp;&nbsp; West Virginia | 0 | 74 | 0 | 74 |
|  U.S. Government Agencies | 0 | 7153 | 0 | 7153 |
|  U.S. Treasury Obligations | 0 | 7115 | 0 | 7115 |
|  Non-Agency Mortgage-Backed Securities | 0 | 6293 | 0 | 6293 |
|  Asset-Backed Securities | 0 | 7882 | 0 | 7882 |
|  Sovereign Issues | 0 | 2517 | 0 | 2517 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Energy | 0 | 0 | 18 | 18 |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | 0 | 276 | 0 | 276 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 1994 | 0 | 1994 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 32997 | 0 | 32997 |
| &nbsp;&nbsp; Hungary Treasury Bills | 0 | 493 | 0 | 493 |
| &nbsp;&nbsp; Japan Treasury Bills | 0 | 6424 | 0 | 6424 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87218 |

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|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair**<br> **Value at**<br> **12/31/2022** |
|  **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $117 | $0 | $0 | $117 |
|  Total Investments | $117 | $87200 | $18 | $87335 |
|  **Short Sales, at Value - Liabilities** | **Short Sales, at Value - Liabilities** | **Short Sales, at Value - Liabilities** | **Short Sales, at Value - Liabilities** | **Short Sales, at Value - Liabilities** |
|  U.S. Government Agencies | $0 | $(1791) | $0 | $(1791) |
|  **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** |
|  Exchange-traded or centrally cleared | 22 | 46 | 0 | 68 |
|  Over the counter | 0 | 625 | 0 | 625 |
|  | $22 | $671 | $0 | $693 |
|  **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** |
|  Exchange-traded or centrally cleared | (31) | (58) | 0 | (89) |
|  Over the counter | 0 | (1927) | 0 | (1927) |
|  | $(31) | $(1985) | $0 | $(2016) |
|  Total Financial Derivative Instruments | $(9) | $(1314) | $0 | $(1323) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84095 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84221 |

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There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.

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| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **25** |

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**Notes to Financial Statements**

1. ORGANIZATION

PIMCO Variable Insurance Trust (the "Trust") is a Delaware statutory trust established under a trust instrument dated October 3, 1997. The Trust is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Trust is designed to be used as an investment vehicle by separate accounts of insurance companies that fund variable annuity contracts and variable life insurance policies and by qualified pension and retirement plans. Information presented in these financial statements pertains to the Institutional Class, Class M, Administrative Class and Advisor Class shares of the PIMCO Dynamic Bond Portfolio (the "Portfolio") offered by the Trust. Pacific Investment Management Company LLC ("PIMCO") serves as the investment adviser (the "Adviser") for the Portfolio.

Hereinafter, the Board of Trustees of the Funds shall be collectively referred to as the "Board."

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The Portfolio is treated as an investment company under the reporting requirements of U.S. GAAP. The functional and reporting currency for the Portfolio is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(a) Securities Transactions and Investment Income Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Portfolio is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are

reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statement of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statement of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statement of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable.

(b) Foreign Currency Translation The market values of foreign securities, currency holdings and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies, if any, are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Portfolio does not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) from investments on the Statement of Operations. The Portfolio may invest in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains (losses) arising from sales of spot foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in net realized gain (loss) on foreign currency transactions on the Statement of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period are included in net change in unrealized appreciation (depreciation) on foreign currency assets and liabilities on the Statement of Operations.

(c) Multi-Class Operations Each class offered by the Trust has equal rights as to assets and voting privileges (except that shareholders of a

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class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets. Realized and unrealized capital gains (losses) are allocated daily based on the relative net assets of each class of the Portfolio. Class specific expenses, where applicable, currently include supervisory and administrative and distribution and servicing fees. Under certain circumstances, the per share net asset value ("NAV") of a class of the Portfolio's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(d) Distributions to Shareholders Distributions from net investment income, if any, are declared daily and distributed to shareholders monthly. In addition, the Portfolio distributes any net capital gains it earns from the sale of portfolio securities to shareholders no less frequently than annually. The Portfolio may revise its distribution policy or postpone the payment of distributions at any time.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on the Portfolio's annual financial statements presented under U.S. GAAP.

Separately, if the Portfolio determines or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources other than net investment income in accordance with its policies, accounting records (if applicable), and accounting practices, the Portfolio will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, the Portfolio determines or estimates, as applicable, the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is determined or estimated, as applicable, that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between the Portfolio's daily internal accounting records and practices, the Portfolio's financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, the Portfolio's internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain

sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include but are not limited to, for certain Portfolios, the treatment of periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that the Portfolio may not issue a Section 19 Notice in situations where the Portfolio's financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution's tax character will be provided to shareholders when such information is available.

Distributions classified as a tax basis return of capital at the Portfolio's fiscal year end, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital on the Statement of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Statement of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(e) New Accounting Pronouncements and Regulatory Updates In March 2020, the Financial Accounting Standards Board ("FASB") issued an Accounting Standards Update ("ASU"), ASU 2020-04, which provides optional guidance to ease the potential accounting burden associated with transitioning away from the London Interbank Offered Rate and other reference rates that are expected to be discontinued. ASU 2020-04 is effective for certain reference rate-related contract modifications that occurred during the period March 12, 2020 through December 31, 2022. In March 2021, the administrator for LIBOR announced the extension of the publication of a majority of the USD LIBOR settings to June 30, 2023. In December 2022, FASB issued ASU 2022-06, which includes amendments to extend the duration of the LIBOR transition relief to December 31, 2024, after which entities will no longer be permitted to apply the reference rate reform relief. Management is continuously evaluating the potential effect a discontinuation of LIBOR could have on the Portfolio's investments and has determined that it is unlikely the ASU's adoption will have a material impact on the Portfolio's financial statements.

In October 2020, the U.S. Securities and Exchange Commission ("SEC") adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover transactions. Subject to certain exceptions, the rule requires funds that trade derivatives and other transactions that create future payment or delivery obligations to comply with a value-at-risk leverage limit and

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **27** |

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| **Notes to Financial Statements** | **(Cont.)** |

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certain derivatives risk management program and reporting requirements. The effective date for the rule was February 19, 2021. The compliance date for the new rule and the related reporting requirements was August 19, 2022. Management has implemented changes in connection with the rule and has determined that there was no material impact to the Portfolio's financial statements.

In October 2020, the SEC adopted a rule regarding the ability of a fund to invest in other funds. The rule allows a fund to acquire shares of another fund in excess of certain limitations currently imposed by the Act without obtaining individual exemptive relief from the SEC, subject to certain conditions. The rule also includes the rescission of certain exemptive relief from the SEC and guidance from the SEC staff for funds to invest in other funds. The effective date for the rule was January 19, 2021, and the compliance date for the rule was January 19, 2022. Management has implemented changes in connection with the rule and has determined that there was no material impact to the Portfolio's financial statements.

In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value as well as for the performance of fair value determinations, including related oversight and reporting obligations. The new rule also defines "readily available market quotations" for purposes of the definition of "value" under the Act, and the SEC noted that this definition would apply in all contexts under the Act. The effective date for the rule was March 8, 2021. The compliance date for the new rule and the related reporting requirements was September 8, 2022. Management has implemented changes in connection with the rule and has determined that there was no material impact to the Portfolio's financial statements.

In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820), which affects all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring the fair value. The amendments also require additional disclosures for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The effective date for the amendments in ASU 2022-03 is for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years. At this time, management is evaluating the implications of these changes on the financial statements.

In October 2022, the SEC adopted changes to the mutual fund and ETF shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which will change the disclosures

provided to shareholders. The rule is effective as of January 24, 2023, but the SEC is providing an 18-month compliance period after the effective date other than for rule amendments addressing fee and expense information in advertisements that might be materially misleading. At this time, management is evaluating the implications of these changes on the financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies The NAV of the Portfolio's shares, or each of its share classes as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Portfolio or class, less any liabilities, as applicable, by the total number of shares outstanding.

On each day that the New York Stock Exchange ("NYSE") is open, the Portfolio's shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) ("NYSE Close"). Information that becomes known to the Portfolio or its agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, the Portfolio may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. The Portfolio generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, the Portfolio may calculate its NAV as of the NYSE Close for such day or such other time that the Portfolio may determine.

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Portfolio will normally use pricing data for domestic equity securities received shortly after the NYSE Close and does not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange, or the NYSE Close, if the NYSE Close occurs before the end of trading on the foreign exchange.

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Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated PIMCO as the valuation designee ("Valuation Designee") for the Portfolio to perform the fair value determination relating to all Portfolio investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee's policies and procedures govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Portfolio investments. The Valuation Designee may value Portfolio securities for which market quotations are not readily available and other Portfolio assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, "Pricing Sources").

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives, and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Exchange-traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Swap agreements are valued on the basis of bid quotes obtained from brokers and dealers or and market-based prices supplied by Pricing Sources. With respect to any portion of the Portfolio's assets that are invested in one or more open-end management investment companies (other than ETFs), the Portfolio's NAV will be calculated based on the NAVs of such investments. Open-end management investment companies may include affiliated funds.

If a foreign (non-U.S.) equity security's value has materially changed after the close of the security's primary exchange or principal market but before the NYSE Close, the security may be valued at fair value. Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, the Portfolio may determine the fair value of investments based on information provided by Pricing Sources, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be

considered to include changes in the value of U.S. securities or securities indexes) that occur after the close of the relevant market and before the NYSE Close. The Portfolio may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, unless otherwise determined by the Valuation Designee, any movement in the applicable reference index or instrument ("zero trigger") between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Trust is not open for business, which may result in the Portfolio's portfolio investments being affected when shareholders are unable to buy or sell shares.

Whole loans may be fair valued using inputs that take into account borrower- or loan-level (e.g., credit risk of the borrower) that is updated periodically throughout the life of each individual loan; any new borrower- or loan-level data received in written reports periodically by the Portfolio normally will be taken into account in calculating the NAV. The Portfolio's whole loan investments, including those originated by the Portfolio, generally are fair valued in accordance with procedures approved by the Board.

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Sources. As a result, the value of such investments and, in turn, the NAV of the Portfolio's shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Trust is not open for business. As a result, to the extent that the Portfolio holds foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in the Portfolio's next calculated NAV.

Fair valuation may require subjective determinations about the value of a security. While the Trust's and Valuation Designee's policies and procedures are intended to result in a calculation of the Portfolio's NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values accurately reflect the price that the Portfolio could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Portfolio may differ from the value that would be realized if the securities were sold. The Portfolio's use of fair valuation may also help to deter "stale price arbitrage" as discussed under the "Frequent or Excessive Purchases, Exchanges and Redemptions" section in the Portfolio's prospectus.

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **29** |

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| **Notes to Financial Statements** | **(Cont.)** |

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Under certain circumstances, the per share NAV of a class of the Portfolio's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2, or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2, and 3 of the fair value hierarchy are defined as follows:

<sup>∎</sup> Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

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| <sup>∎</sup> | Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs. |

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<sup>∎</sup> Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for the Portfolio.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between Levels of the Portfolio's assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy, and if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for the Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(c) Valuation Techniques and the Fair Value Hierarchy

Level 1, Level 2 and Level 3 trading assets and trading liabilities, at fair value The valuation methods (or "techniques") and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1, Level 2 and Level 3 of the fair value hierarchy are as follows:

Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

Investments in registered open-end investment companies (other than ETFs) will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in unregistered open-end investment companies will be calculated based upon the NAVs of such investments and are considered Level 1 provided that the NAVs are observable, calculated daily and are the value at which both purchases and sales will be conducted.

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities and non-U.S. bonds are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Sources' internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Fixed income securities purchased on a delayed-delivery basis or as a repurchase commitment in a sale-buyback transaction are marked to market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

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Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or pricing services. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers or Pricing Sources (normally determined as of the NYSE Close). Depending on the product and the terms of the transaction, financial derivative instruments can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as quoted prices, issuer details, indices, bid/ask

spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Sources (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models may use inputs that are observed from actively quoted markets such as the overnight index swap rate, LIBOR forward rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

Short-term debt instruments (such as commercial paper) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost value of such short-term debt instruments is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price.

When a fair valuation method is applied by the Adviser that uses significant unobservable inputs, investments will be priced by a method that the Valuation Designee believes reflects fair value and are categorized as Level 3 of the fair value hierarchy.

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

The Portfolio may invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III ("Central Funds") to the extent permitted by the Act and rules thereunder. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Portfolio. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC's website at www.sec.gov. A copy of each affiliate fund's shareholder report is also available at the SEC's website at www.sec.gov, on the Portfolio's website at www.pimco.com, or upon request, as applicable. The table below shows the Portfolio's transactions in and earnings from investments in the affiliated Fund for the period ended December 31, 2022 (amounts in thousands<sup>†</sup>):

**Investment in PIMCO Short-Term Floating NAV Portfolio III** 

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|:---|:---|:---|:---|:---|:---|:---|:---|
| **Market Value<br>12/31/2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Market Value<br>12/31/2022** | **Dividend<br>Income<sup>(1)</sup>** | **Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup>** |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4405 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4299) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

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| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(1)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

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(b) Investments in Securities

The Portfolio may utilize the investments and strategies described below to the extent permitted by the Portfolio's investment policies.

Inflation-Indexed Bonds are fixed income securities whose principal value is periodically adjusted by the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Statement of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury Inflation-Protected Securities. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

Loans and Other Indebtedness, Loan Participations and Assignments are direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental, or other borrowers. The Portfolio's investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties or investments in or originations of loans by the Portfolio. A loan is often administered by a bank or other financial institution (the "agent") that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. The Portfolio may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When the Portfolio purchases assignments from agents it acquires direct rights against the borrowers of the loans. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing through, for example, the issuance of bonds, frequently high yield bonds issued for the purpose of acquisitions.

The types of loans and related investments in which the Portfolio may invest include, among others, senior loans, subordinated loans (including second lien loans, B-Notes and mezzanine loans), whole loans, commercial real estate and other commercial loans and structured loans. The Portfolio may originate loans or acquire direct interests in loans through primary loan distributions and/or in private transactions. In the case of subordinated loans, there may be significant indebtedness ranking ahead of the borrower's obligation to the holder of such a loan, including in the event of the borrower's insolvency. Mezzanine loans are typically secured by a pledge of an equity interest in the mortgage borrower that owns the real estate rather than an interest in a mortgage.

Investments in loans may include unfunded loan commitments, which are contractual obligations for funding. Unfunded loan commitments may include revolving credit facilities, which may obligate the Portfolio to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full, even though a percentage of the committed amount may not be utilized by the borrower. When investing in a loan participation, the Portfolio has the right to receive payments of principal, interest and any fees to which it is entitled only from the agent selling the loan agreement and only upon receipt of payments by the agent from the borrower. The Portfolio may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. In certain circumstances, the Portfolio may receive a penalty fee upon the prepayment of a loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense, respectively, on the Statement of Operations. Unfunded loan commitments are reflected as a liability on the Statement of Assets and Liabilities.

Mortgage-Related and Other Asset-Backed Securities directly or indirectly represent a participation in, or are secured by and payable from, loans on real property. Mortgage-related securities are created from pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. These securities provide a monthly payment which consists of both interest and principal. Interest may be determined by fixed or adjustable rates. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with the full faith and credit of the U.S. Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Many of the risks of investing in mortgage-related securities secured by commercial mortgage loans reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make lease payments, and the ability of a property to attract and retain tenants. These securities may be less liquid and may exhibit greater price volatility than other types of mortgage-related or other asset-backed securities. Other asset-backed securities are created from many types of assets, including, but not limited to, auto loans, accounts receivable, such as credit card receivables and hospital account receivables, home equity loans, student loans, boat loans, mobile home loans, recreational vehicle loans, manufactured housing loans, aircraft leases, computer leases and syndicated bank loans.

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Collateralized Debt Obligations ("CDOs") include Collateralized Bond Obligations ("CBOs"), Collateralized Loan Obligations ("CLOs") and other similarly structured securities. CBOs and CLOs are types of asset-backed securities. A CBO is a trust which is backed by a diversified pool of high risk, below investment grade fixed income securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which the Portfolio invests. In addition to the normal risks associated with fixed income securities discussed elsewhere in this report and the Portfolio's prospectus and statement of additional information (e.g., prepayment risk, credit risk, liquidity risk, market risk, structural risk, legal risk and interest rate risk (which may be exacerbated if the interest rate payable on a structured financing changes based on multiples of changes in interest rates or inversely to changes in interest rates)), CBOs, CLOs and other CDOs carry additional risks including, but not limited to, (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments, (ii) the quality of the collateral may decline in value or default, (iii) the risk that the Portfolio may invest in CBOs, CLOs, or other CDOs that are subordinate to other classes, and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

Collateralized Mortgage Obligations ("CMOs") are debt obligations of a legal entity that are collateralized by whole mortgage loans or private mortgage bonds and divided into classes. CMOs are structured into multiple classes, often referred to as "tranches", with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including prepayments. CMOs may be less liquid and may exhibit greater price volatility than other types of mortgage-related or asset-backed securities.

Stripped Mortgage-Backed Securities ("SMBS") are derivative multi-class mortgage securities. SMBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. An SMBS will have one class that will receive all of the interest (the interest-only or "IO" class), while the other class will receive the entire principal (the principal-only or "PO" class). Payments received for IOs are included in interest income on the Statement of Operations. Because no principal will be received at the maturity of an IO, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statement of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

Payment In-Kind Securities may give the issuer the option at each interest payment date of making interest payments in either cash and/or additional debt securities. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a dirty price) and require a pro rata adjustment from the unrealized appreciation (depreciation) on investments to interest receivable on the Statement of Assets and Liabilities.

Perpetual Bonds are fixed income securities with no maturity date but pay a coupon in perpetuity (with no specified ending or maturity date). Unlike typical fixed income securities, there is no obligation for perpetual bonds to repay principal. The coupon payments, however, are mandatory. While perpetual bonds have no maturity date, they may have a callable date in which the perpetuity is eliminated and the issuer may return the principal received on the specified call date. Additionally, a perpetual bond may have additional features, such as interest rate increases at periodic dates or an increase as of a predetermined point in the future.

Restricted Investments are subject to legal or contractual restrictions on resale and may generally be sold privately, but may be required to be registered or exempted from such registration before being sold to the public. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933. Disposal of restricted investments may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Restricted investments held by the Portfolio as of December 31, 2022, as applicable, are disclosed in the Notes to Schedule of Investments.

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the "U.S. Treasury"); and others, such as those of the Federal National Mortgage Association ("FNMA" or "Fannie Mae"), are supported by the discretionary authority of the U.S. Government to purchase the agency's obligations. U.S. Government securities may include zero coupon securities which do not distribute interest on a current basis and tend to be subject to a greater risk than interest-paying securities of similar maturities.

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Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac"). FNMA is a government-sponsored corporation. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. Government. FHLMC issues Participation Certificates ("PCs"), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

In June 2019, FNMA and FHLMC started issuing Uniform Mortgage Backed Securities in place of their current offerings of TBA-eligible securities (the "Single Security Initiative"). The Single Security Initiative seeks to support the overall liquidity of the TBA market and aligns the characteristics of FNMA and FHLMC certificates. The effects that the Single Security Initiative may have on the market for TBA and other mortgage-backed securities are uncertain.

Roll-timing strategies can be used where the Portfolio seeks to extend the expiration or maturity of a position, such as a TBA security on an underlying asset, by closing out the position before expiration and opening a new position with respect to substantially the same underlying asset with a later expiration date. TBA securities purchased or sold are reflected on the Statement of Assets and Liabilities as an asset or liability, respectively. Recently finalized FINRA rules include mandatory margin requirements for the TBA market that requires the Portfolio to post collateral in connection with its TBA transactions. There is no similar requirement applicable to the Portfolio's TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the Portfolio and impose added operational complexity.

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Portfolio may enter into the borrowings and other financing transactions described below to the extent permitted by the Portfolio's investment policies.

The following disclosures contain information on the Portfolio's ability to lend or borrow cash or securities to the extent permitted under the Act, which may be viewed as borrowing or financing transactions by the Portfolio. The location of these instruments in the Portfolio's financial statements is described below.

(a) Repurchase Agreements Under the terms of a typical repurchase agreement, the Portfolio purchases an underlying debt obligation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(collateral) subject to an obligation of the seller to repurchase, and the Portfolio to resell, the obligation at an agreed-upon price and time. In an open maturity repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Portfolio or counterparty at any time. The underlying securities for all repurchase agreements are held by the Portfolio's custodian or designated subcustodians under tri-party repurchase agreements and in certain instances will remain in custody with the counterparty. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, if any, including accrued interest, are included on the Statement of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Statement of Operations. In periods of increased demand for collateral, the Portfolio may pay a fee for the receipt of collateral, which may result in interest expense to the Portfolio.

(b) Short Sales Short sales are transactions in which the Portfolio sells a security that it may not own. The Portfolio may make short sales of securities to (i) offset potential declines in long positions in similar securities, (ii) to increase the flexibility of the Portfolio, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When the Portfolio engages in a short sale, it may borrow the security sold short and deliver it to the counterparty. The Portfolio will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Statement of Assets and Liabilities. Short sales expose the Portfolio to the risk that it will be required to cover its short position at a time when the security or other asset has appreciated in value, thus resulting in losses to the Portfolio. A short sale is "against the box" if the Portfolio holds in its portfolio or has the right to acquire the security sold short, or securities identical to the security sold short, at no additional cost. The Portfolio will be subject to additional risks to the extent that it engages in short sales that are not "against the box." The Portfolio's loss on a short sale could theoretically be unlimited in cases where the Portfolio is unable, for whatever reason, to close out its short position.

(c) Interfund Lending In accordance with an exemptive order (the "Order") from the SEC, each Portfolio of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Portfolio's investment policies and restrictions. Each Portfolio is currently permitted to borrow under the Interfund Lending Program. A lending portfolio may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than

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5% of its net assets to any one borrowing portfolio through the Interfund Lending Program. A borrowing portfolio may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the portfolio's investment restrictions). If a borrowing portfolio's total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending portfolio and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended December 31, 2022, the Portfolio did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

The Portfolio may enter into the financial derivative instruments described below to the extent permitted by the Portfolio's investment policies.

The following disclosures contain information on how and why the Portfolio uses financial derivative instruments, and how financial derivative instruments affect the Portfolio's financial position, results of operations and cash flows. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Statement of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table in the Notes to Schedule of Investments. The financial derivative instruments outstanding as of period end and the amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Schedule of Investments, serve as indicators of the volume of financial derivative activity for the Portfolio.

(a) Forward Foreign Currency Contracts may be engaged, in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of the Portfolio's securities or as part of an investment strategy. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked to market daily, and the change in value is recorded by the Portfolio as an unrealized gain (loss). Realized gains (losses) are equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed and are recorded upon

delivery or receipt of the currency. These contracts may involve market risk in excess of the unrealized gain (loss) reflected on the Statement of Assets and Liabilities. In addition, the Portfolio could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar. To mitigate such risk, cash or securities may be exchanged as collateral pursuant to the terms of the underlying contracts.

(b) Futures Contracts are agreements to buy or sell a security or other asset for a set price on a future date and are traded on an exchange. The Portfolio may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by the Portfolio and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Portfolio is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by the Portfolio ("Futures Variation Margin"). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Statement of Assets and Liabilities. Gains (losses) are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the Futures Variation Margin included within exchange traded or centrally cleared financial derivative instruments on the Statement of Assets and Liabilities.

(c) Options Contracts may be written or purchased to enhance returns or to hedge an existing position or future investment. The Portfolio may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase the Portfolio's exposure to the underlying instrument. Writing call options tends to decrease the Portfolio's exposure to the underlying instrument. When the Portfolio writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. These amounts are included on the Statement of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility

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parameters at specified terms. The Portfolio as a writer of an option has no control over whether the underlying instrument may be sold ("call") or purchased ("put") and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Portfolio may not be able to enter into a closing transaction because of an illiquid market.

Purchasing call options tends to increase the Portfolio's exposure to the underlying instrument. Purchasing put options tends to decrease the Portfolio's exposure to the underlying instrument. The Portfolio pays a premium which is included as an asset on the Statement of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed.

Credit Default Swaptions may be written or purchased to hedge exposure to the credit risk of an investment without making a commitment to the underlying instrument. A credit default swaption is an option to sell or buy credit protection on a specific reference by entering into a pre-defined swap agreement by some specified date in the future.

Foreign Currency Options may be written or purchased to be used as a short or long hedge against possible variations in foreign exchange rates or to gain exposure to foreign currencies.

Interest Rate Swaptions may be written or purchased to enter into a pre-defined swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, by some specified date in the future. The writer of the swaption becomes the counterparty to the swap if the buyer exercises. The interest rate swaption agreement will specify whether the buyer of the swaption will be a fixed-rate receiver or a fixed-rate payer upon exercise.

Options on Exchange-Traded Futures Contracts ("Futures Option") may be written or purchased to hedge an existing position or future investment, for speculative purposes or to manage exposure to market movements. A Futures Option is an option contract in which the underlying instrument is a single futures contract.

Options on Securities may be written or purchased to enhance returns or to hedge an existing position or future investment. An option on a security uses a specified security as the underlying instrument for the option contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(d) Swap Agreementsare bilaterally negotiated agreements between the Portfolio and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the over the counter market ("OTC swaps") or may be cleared through a third party, known as a central counterparty or derivatives clearing organization ("Centrally Cleared Swaps"). The Portfolio may enter into asset, credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Statement of Operations. Daily changes in valuation of centrally cleared swaps ("Swap Variation Margin"), if any, are disclosed within centrally cleared financial derivative instruments on the Statement of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Statement of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain (loss) on the Statement of Operations.

For purposes of applying certain of the Portfolio's investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by the Portfolio at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of the Portfolio's investment policies and restrictions, the Portfolio will value the credit default swap at its notional value or its full exposure value (*i.e.*, the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of the Portfolio's other investment policies and restrictions. For example, the Portfolio may value credit

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default swaps at full exposure value for purposes of the Portfolio's credit quality guidelines (if any) because such value in general better reflects the Portfolio's actual economic exposure during the term of the credit default swap agreement. As a result, the Portfolio may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in the Portfolio's prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether the Portfolio is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by the Portfolio for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates or the values of the asset upon which the swap is based.

The Portfolio's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive. The risk may be mitigated by having a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral to the Portfolio to cover the Portfolio's exposure to the counterparty.

To the extent the Portfolio has a policy to limit the net amount owed to or to be received from a single counterparty under existing swap agreements, such limitation only applies to counterparties to OTC swaps and does not apply to centrally cleared swaps where the counterparty is a central counterparty or derivatives clearing organization.

Credit Default Swap Agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues are entered into to provide a measure of protection against defaults of the issuers (*i.e.*, to reduce risk where the Portfolio owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer's default. Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event that the referenced entity, obligation or index, as specified in the swap agreement, undergoes a certain credit event. As a seller of protection on credit default swap agreements, the Portfolio will generally receive from the

buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, the Portfolio would effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the notional amount of the swap.

If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection's right to choose the deliverable obligation with the lowest value following a credit event).

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that

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name's weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index. Credit default swaps on credit indices may be used to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indices are instruments for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues as of period end, if any, are disclosed in the Notes to Schedule of Investments. They serve as an indicator of the current status of payment/performance risk and represent the likelihood or risk of default for the reference entity. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. For credit default swap agreements on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that the Portfolio as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of period end for which the Portfolio is the seller of protection are disclosed in the Notes to Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Portfolio for the same referenced entity or entities.

Interest Rate Swap Agreements may be entered into to help hedge against interest rate risk exposure and to maintain the Portfolio's ability to generate income at prevailing market rates. The value of the fixed rate bonds that the Portfolio holds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swap agreements involve the

exchange by the Portfolio with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap," (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor," (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in the Portfolio, which could adversely affect its net asset value, yield and total return, are listed below. Please see "Description of Principal Risks" in the Portfolio's prospectus for a more detailed description of the risks of investing in the Portfolio.

Small Portfolio Risk is the risk that a smaller Portfolio may not achieve investment or trading efficiencies. Additionally, a smaller Portfolio may be more adversely affected by large purchases or redemptions of Portfolio shares.

Interest Rate Risk is the risk that fixed income securities will decline in value because of an increase in interest rates; a portfolio with a longer average portfolio duration will be more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

Call Risk is the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their maturity for a number of reasons (e.g., declining interest rates, changes in credit spreads and improvements in the issuer's credit quality). If an issuer calls a security that the Portfolio has invested in, the Portfolio may not recoup the full amount of its initial investment and may be forced to reinvest in lower- yielding securities, securities with greater credit risks or securities with other, less favorable features.

Credit Risk is the risk that the Portfolio could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a

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derivative contract, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations.

High Yield Risk is the risk that high yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") are subject to greater levels of credit, call and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments, and may be more volatile than higher-rated securities of similar maturity.

Market Risk is the risk that the value of securities owned by the Portfolio may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries.

Issuer Risk is the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services.

Liquidity Risk is the risk that a particular investment may be difficult to purchase or sell and that the Portfolio may be unable to sell illiquid investments at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity.

Derivatives Risk is the risk of investing in derivative instruments (such as forwards, futures, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks and valuation complexity. Changes in the value of a derivative or other similar investment may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and the Portfolio could lose more than the initial amount invested. Changes in the value of a derivative or other similar instrument may also create margin delivery or settlement payment obligations for the Portfolio. The Portfolio's use of derivatives or other similar investments may result in losses to the Portfolio, a reduction in the Portfolio's returns and/or increased volatility. Over- the-counter ("OTC") derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for OTC derivatives or other similar investments. The primary credit risk on derivatives that are exchange-traded or traded through a central clearing counterparty, resides with the Portfolio's clearing broker or the

clearinghouse. Changes in regulation relating to a registered fund's use of derivatives and related instruments could potentially limit or impact the Portfolio's ability to invest in derivatives, limit the Portfolio's ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and the Portfolio's performance.

Equity Risk is the risk that the value of equity securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity securities generally have greater price volatility than fixed income securities.

Mortgage-Related and Other Asset-Backed Securities Risk is the risk of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk.

Foreign (Non-U.S.) Investment Risk is the risk that investing in foreign (non-U.S.) securities may result in the Portfolio experiencing more rapid and extreme changes in value than a portfolio that invests exclusively in securities of U.S. companies, due to smaller markets, differing reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, or political changes, diplomatic developments or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.

Emerging Markets Risk is the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk.

Sovereign Debt Risk is the risk that investments in fixed income instruments issued by sovereign entities may decline in value as a result of default or other adverse credit event resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion.

Currency Risk is the risk that foreign (non-U.S.) currencies will change in value relative to the U.S. dollar and affect the Portfolio's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies.

Leveraging Risk is the risk that certain transactions of the Portfolio, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing the Portfolio to be more

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volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss.

Management Risk is the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio managers in connection with managing the Portfolio and may cause PIMCO to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of the Portfolio will be achieved.

Short Exposure Risk is the risk of entering into short sales or other short positions, including the potential loss of more money than the actual cost of the investment, and the risk that the third party to the short sale or other short position will not fulfill its contractual obligations, causing a loss to the Portfolio.

LIBOR Transition Risk is the risk related to the anticipated discontinuation of the London Interbank Offered Rate ("LIBOR"). Certain instruments held by the Portfolio rely in some fashion upon LIBOR. Although the transition process away from LIBOR has become increasingly well-defined in advance of the anticipated discontinuation date, there remains uncertainty regarding the nature of any replacement rate, and any potential effects of the transition away from LIBOR on the Portfolio or on certain instruments in which the Portfolio invests can be difficult to ascertain. The transition process may involve, among other things, increased volatility or illiquidity in markets for instruments that currently rely on LIBOR and may result in a reduction in the value of certain instruments held by the Portfolio.

(b) Other Risks

In general, the Portfolio may be subject to additional risks, including, but not limited to, risks related to government regulation and intervention in financial markets, operational risks, risks associated with financial, economic and global market disruptions, and cyber security risks. Please see the Portfolio's prospectus and Statement of Additional Information for a more detailed description of the risks of investing in the Portfolio. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments that may impact the Portfolio's performance.

Market Disruption Risk The Portfolio is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets and cause the Portfolio

to lose value. These events can also impair the technology and other operational systems upon which the Portfolio's service providers, including PIMCO as the Portfolio's investment adviser, rely, and could otherwise disrupt the Portfolio's service providers' ability to fulfill their obligations to the Portfolio. For example, the recent spread of an infectious respiratory illness caused by a novel strain of coronavirus (known as COVID-19) has caused volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities the Portfolio holds, and may adversely affect the Portfolio's investments and operations. Please see the Important Information section for additional discussion of the COVID-19 pandemic.

Government Intervention in Financial Markets Federal, state, and other governments, their regulatory agencies or self-regulatory organizations may take actions that affect the regulation of the instruments in which the Portfolio invests, or the issuers of such instruments, in ways that are unforeseeable. Legislation or regulation may also change the way in which the Portfolio itself is regulated. Such legislation or regulation could limit or preclude the Portfolio's ability to achieve its investment objective. Furthermore, volatile financial markets can expose the Portfolio to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Portfolio. The value of the Portfolio's holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which the Portfolio invests. In addition, it is not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.

Regulatory Risk Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/or intervention may change the way the Portfolio is regulated, affect the expenses incurred directly by the Portfolio and the value of its investments, and limit and/or preclude the Portfolio's ability to achieve its investment objective. Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects.

Operational Risk An investment in the Portfolio, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which

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could have a material adverse effect on the Portfolio. While the Portfolio seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Portfolio.

Cyber Security Risk As the use of technology has become more prevalent in the course of business, the Portfolio has become potentially more susceptible to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional cyber events that may, among other things, cause the Portfolio to lose proprietary information, suffer data corruption and/or destruction or lose operational capacity, result in the unauthorized release or other misuse of confidential information or otherwise disrupt normal business operations. Cyber security failures or breaches may result in financial losses to the Portfolio and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with the Portfolio's ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. There is also a risk that cyber security breaches may not be detected. The Portfolio and its shareholders may suffer losses as a result of a cyber security breach related to the Portfolio, its service providers, trading counterparties or the issuers in which the Portfolio invests.

8. MASTER NETTING ARRANGEMENTS

The Portfolio may be subject to various netting arrangements ("Master Agreements") with select counterparties. Master Agreements govern the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow the Portfolio to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes the Statement of Assets and Liabilities generally presents derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Statement of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statement of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. The Portfolio's overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively "Master Repo Agreements") govern repurchase, reverse repurchase, and certain sale-buyback transactions between the Portfolio and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default, and maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Schedule of Investments.

Master Securities Forward Transaction Agreements ("Master Forward Agreements") govern certain forward settling transactions, such as TBA securities, delayed-delivery or certain sale-buyback transactions by and between the Portfolio and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Schedule of Investments.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant ("FCM") registered with the Commodity Futures Trading Commission. In the United States, counterparty risk may be reduced as creditors of an FCM cannot have a

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claim to Portfolio assets in the segregated account. Portability of exposure reduces risk to the Portfolio. Variation margin, which reflects changes in market value, is generally exchanged daily, but may not be netted between futures and cleared OTC derivatives unless the parties have agreed to a separate arrangement in respect of portfolio margining. The market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin as of period end are disclosed in the Notes to Schedule of Investments.

Prime Broker Arrangements may be entered into to facilitate execution and/or clearing of listed equity option transactions or short sales of equity securities between the Portfolio and selected counterparties. The arrangements provide guidelines surrounding the rights, obligations, and other events, including, but not limited to, margin, execution, and settlement. These agreements maintain provisions for, among other things, payments, maintenance of collateral, events of default, and termination. Margin and other assets delivered as collateral are typically in the possession of the prime broker and would offset any obligations due to the prime broker. The market values of listed options and securities sold short and related collateral are disclosed in the Notes to Schedule of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes ("ISDA Master Agreements") govern bilateral OTC derivative transactions entered into by the Portfolio with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. The ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level or as required by regulation. Similarly, if required by regulation, the Portfolio may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent the Portfolio is required by regulation to post additional collateral beyond coverage of daily exposure, it could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedule of Investments.

9. FEES AND EXPENSES

(a) Investment Advisory Fee PIMCO is a majority-owned subsidiary of Allianz Asset Management of America LLC ("Allianz Asset Management")

and serves as the Adviser to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from the Portfolio at an annual rate based on average daily net assets (the "Investment Advisory Fee"). The Investment Advisory Fee for all classes is charged at an annual rate as noted in the table in note (b) below.

(b) Supervisory and Administrative Fee PIMCO serves as administrator (the "Administrator") and provides supervisory and administrative services to the Trust for which it receives a monthly supervisory and administrative fee based on each share class's average daily net assets (the "Supervisory and Administrative Fee"). As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs.

The Investment Advisory Fee and Supervisory and Administrative Fees for all classes, as applicable, are charged at the annual rate as noted in the following table (calculated as a percentage of the Portfolio's average daily net assets attributable to each class):

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| **Investment Advisory Fee** | **Supervisory and Administrative Fee** | **Supervisory and Administrative Fee** | **Supervisory and Administrative Fee** | **Supervisory and Administrative Fee** |
| **All Classes** | **Institutional<br>Class** | **Class M** | **Administrative<br>Class** | **Advisor<br>Class** |
| 0.55% | 0.30% | 0.30% | 0.30% | 0.30% |

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(c) Distribution and Servicing Fees PIMCO Investments LLC, a wholly-owned subsidiary of PIMCO, serves as the distributor ("Distributor") of the Trust's shares.

The Trust has adopted an Administrative Services Plan with respect to the Administrative Class shares of the Portfolio pursuant to Rule 12b-1 under the Act (the "Administrative Plan"). Under the terms of the Administrative Plan, the Trust is permitted to compensate the Distributor, out of the Administrative Class assets of the Portfolio, in an amount up to 0.15% on an annual basis of the average daily net assets of that class, for providing or procuring through financial intermediaries administrative, recordkeeping and investor services for Administrative Class shareholders of the Portfolio.

The Trust has adopted a separate Distribution and Servicing Plan for each of the Advisor Class and Class M shares of the Portfolio (the "Distribution and Servicing Plans"). The Distribution and Servicing Plans have been adopted pursuant to Rule 12b-1 under the Act. The Distribution and Servicing Plans permit the Portfolio to compensate the Distributor for providing or procuring through financial intermediaries, distribution, administrative, recordkeeping, shareholder and/or related services with respect to Advisor Class and Class M shares. The Distribution and Servicing Plans permit the Portfolio to make total payments at an annual rate of up to 0.25% of its average daily net assets attributable to its Advisor Class or Class M shares, respectively. The Distribution and Servicing Plan for Class M shares also permits the Portfolio to compensate the Distributor for

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providing or procuring administrative, recordkeeping, and other investor services at an annual rate of up to 0.20% of its average daily net assets attributable to its Class M shares.

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|  | **Distribution Fee** | **Servicing Fee** |
|  **Class M** | 0.25% | 0.20% |
|  **Administrative Class** |  | 0.15% |
|  **Advisor Class** | 0.25% |  |

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(d) Portfolio Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Portfolio, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust's executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Portfolio, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust's Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual portfolio operating expenses per share class.

The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates.

(e) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has agreed, through May 1, 2023, to waive a portion of the Portfolio's Supervisory and Administrative Fee, or reimburse the Portfolio, to the extent that the Portfolio's organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata share of Trustee Fees exceed 0.0049% (the "Expense Limit"), (calculated as a percentage of the Portfolio's average daily net assets attributable to each class). The Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. The waiver, if any, is reflected on the Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO.

In any month in which the supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by the Portfolio of any portion of the supervisory and administrative fee waived or reimbursed as set forth above (the "Reimbursement Amount") within thirty-six months of the time of the waiver, provided that such amount paid to PIMCO will not: i) together with any organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee fees, exceed, for such month, the Expense Limit (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit); ii) exceed the total Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. At December 31, 2022, there were no recoverable amounts.

10. RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties. Fees paid to these parties are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Statement of Assets and Liabilities.

The Portfolio is permitted to purchase or sell securities from or to certain related affiliated portfolios under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Portfolio from or to another fund or portfolio that are, or could be, considered an affiliate, or an affiliate of an affiliate, by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with applicable SEC rule and interpretations under the Act. Further, as defined under the procedures, each transaction is effected at the current market price. Purchases and sales of securities pursuant to applicable SEC rule and interpretations under the Act for the period ended December 31, 2022, were as follows (amounts in thousands<sup>†</sup>):

---

| | | |
|:---|:---|:---|
| **Purchases** | **Sales** | **Realized<br>Gain/(Loss)** |
| $203 | $0 | $0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

11. GUARANTEES AND INDEMNIFICATIONS

Under the Trust's organizational documents, each Trustee, officer, employee or other agent of the Trust (including the Trust's investment manager) is indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Portfolio. Additionally, in the normal course of business, the Portfolio enters into contracts that contain a variety of indemnification clauses. The Portfolio's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred. However, the Portfolio has not had prior claims or losses pursuant to these contracts.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **43** |

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##### [**Table of Contents**](#toc)

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| | |
|:---|:---|
| **Notes to Financial Statements** | **(Cont.)** |

---

12. PURCHASES AND SALES OF SECURITIES

The length of time the Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by the Portfolio is known as "portfolio turnover." The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective(s), particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by the Portfolio. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at

ordinary income tax rates when distributed to shareholders). The transaction costs associated with portfolio turnover may adversely affect the Portfolio's performance. The portfolio turnover rates are reported in the Financial Highlights.

Purchases and sales of securities (excluding short-term investments) for the period ended December 31, 2022, were as follows (amounts in thousands<sup>†</sup>):

---

| | | | |
|:---|:---|:---|:---|
| **U.S. Government/Agency** | **U.S. Government/Agency** | **All Other** | **All Other** |
| **Purchases** | **Sales** | **Purchases** | **Sales** |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94292 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94041 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3521 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6304 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

13. SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with a $0.001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br>12/31/2022** | **Year Ended<br>12/31/2022** | **Year Ended<br>12/31/2021** | **Year Ended<br>12/31/2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Receipts for shares sold** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 3008 | $28048 | 273 | $2902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class M | 0 | 0 | 5 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 584 | 5209 | 984 | 10452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 170 | 1567 | 669 | 6993 |
|  **Issued as reinvestment of distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 528 | 4600 | 100 | 1047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class M | 4 | 36 | 1 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 360 | 3136 | 478 | 5027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 204 | 1775 | 53 | 552 |
|  **Cost of shares redeemed** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (710) | (6991) | (228) | (2402) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class M | (10) | (87) | (12) | (121) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (734) | (6664) | (16185) | (168948) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (367) | (3394) | (590) | (6165) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | 3037 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27235 | (14452) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(150605) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

As of December 31, 2022, two shareholders each owned 10% or more of the Portfolio's total outstanding shares comprising 72% of the Portfolio.

14. REGULATORY AND LITIGATION MATTERS

The Portfolio is not named as a defendant in any material litigation or arbitration proceedings and is not aware of any material litigation or claim pending or threatened against it.

On May 17, 2022, Allianz Global Investors U.S. LLC ("AGI U.S.") pleaded guilty in connection with the proceeding United States of America v. Allianz Global Investors U.S. LLC. AGI U.S. is an indirect subsidiary of Allianz SE. The conduct resulting in the matter described

above occurred entirely within AGI U.S. and did not involve PIMCO or the Distributor, or any personnel of PIMCO or the Distributor. Nevertheless, because of the disqualifying conduct of AGI U.S., their affiliate, PIMCO would have been disqualified from serving as the investment adviser, and the Distributor would have been disqualified from serving as the principal underwriter, to the Portfolio in the absence of SEC exemptive relief. PIMCO and the Distributor have received exemptive relief from the SEC to permit them to continue serving as investment adviser and principal underwriter for U.S.- registered investment companies, including the Portfolio.

The foregoing speaks only as of the date of this report.

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| | |
|:---|:---|
| **44** | **PIMCO VARIABLE INSURANCE TRUST** |

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##### [**Table of Contents**](#toc)
December 31, 2022

15. FEDERAL INCOME TAX MATTERS

The Portfolio intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (the "Code") and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

The Portfolio may be subject to local withholding taxes, including those imposed on realized capital gains. Any applicable foreign capital gains tax is accrued daily based upon net unrealized gains, and may be payable following the sale of any applicable investments.

In accordance with U.S. GAAP, the Adviser has reviewed the Portfolio's tax positions for all open tax years. As of December 31, 2022, the Portfolio has recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions it has taken or expects to take in future tax returns.

The Portfolio files U.S. federal, state, and local tax returns as required. The Portfolio's tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

Shares of the Portfolio currently are sold to segregated asset accounts ("Separate Accounts") of insurance companies that fund variable annuity contracts and variable life insurance policies ("Variable Contracts"). Please refer to the prospectus for the Separate Account and Variable Contract for information regarding Federal income tax treatment of distributions to the Separate Account.

As of December 31, 2022, the components of distributable taxable earnings are as follows (amounts in thousands<sup>†</sup>):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed<br>Ordinary<br>Income<sup>(1)</sup>** | **Undistributed<br>Long-Term<br>Capital Gains** | **Net Tax Basis<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup>** | **Other<br>Book-to-Tax<br>Accounting<br>Differences <sup>(3)</sup>** | **Accumulated<br>Capital<br>Losses<sup>(4)</sup>** | **Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Capital<sup>(5)</sup>** | **Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Ordinary<sup>(6)</sup>** | **Total<br>Components of<br>Distributable<br>Earnings** |
|  PIMCO Dynamic Bond Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;1551 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;(5226) | $&nbsp;&nbsp;&nbsp;&nbsp;(5) | $&nbsp;&nbsp;&nbsp;&nbsp;(1321) | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;(5001) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(1)</sup> Includes undistributed short-term capital gains, if any.

<sup>(2)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options and forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on swap contracts, straddle loss deferrals, return of capital from non-REIT securities, hyperinflationary investments, and passive foreign investment companies (PFICs). 

<sup>(3)</sup> Represents differences in income tax regulations and financial accounting principles generally accepted in the United States of America mainly for organizational expenditures.

<sup>(4)</sup> Capital losses available to offset future net capital gains as shown below.

<sup>(5)</sup> Capital losses realized during the period November 1, 2022 through December 31, 2022 which the Portfolio elected to defer to the following taxable year pursuant to income tax regulations.

<sup>(6)</sup> Specified losses realized during the period November 1, 2022 through December 31, 2022 which the Portfolio elected to defer to the following taxable year pursuant to income tax regulations.

Under the Regulated Investment Company Modernization Act of 2010, the Portfolio is permitted to carry forward any new capital losses for an unlimited period. Additionally, such capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term under previous law.

As of December 31, 2022, the Portfolio had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

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| | | |
|:---|:---|:---|
|  | **Short-Term** | **Long-Term** |
|  PIMCO Dynamic Bond Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;440 | $&nbsp;&nbsp;&nbsp;&nbsp;881 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

As of December 31, 2022, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal<br>Tax Cost** | **Unrealized<br>Appreciation** | **Unrealized<br>(Depreciation)** | **Net Unrealized<br>Appreciation/<br>(Depreciation)<sup>(7)</sup>** |
|  PIMCO Dynamic Bond Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;88733 | $&nbsp;&nbsp;&nbsp;&nbsp;2833 | $&nbsp;&nbsp;&nbsp;&nbsp;(8082) | $&nbsp;&nbsp;&nbsp;&nbsp;(5249) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(7)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options and forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on swap contracts, straddle loss deferrals, return of capital from non-REIT securities, hyperinflationary investments, and passive foreign investment companies (PFICs). 

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **45** |

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| | | |
|:---|:---|:---|
| **Notes to Financial Statements** | **(Cont.)** | December 31, 2022 |

---

For the fiscal years ended December 31, 2022 and December 31, 2021, respectively, the Portfolio made the following tax basis distributions (amounts in thousands<sup>†</sup>):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** |
|  | **Ordinary<br>Income<br>Distributions<sup>(8)</sup>** | **Long-Term<br>Capital Gain<br>Distributions** | **Return of<br>Capital<sup>(9)</sup>** | **Ordinary<br>Income<br>Distributions<sup>(8)</sup>** | **Long-Term<br>Capital Gain<br>Distributions** | **Return of<br>Capital<sup>(9)</sup>** |
|  PIMCO Dynamic Bond Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;3394 | $&nbsp;&nbsp;&nbsp;&nbsp;6153 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;6798 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(8)</sup> Includes short-term capital gains distributed, if any.

<sup>(9)</sup> A portion of the distributions made represents a tax return of capital. Return of capital distributions have been reclassified from undistributed net investment income to paid-in capital to more appropriately conform financial accounting to tax accounting.

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| | |
|:---|:---|
| **46** | **PIMCO VARIABLE INSURANCE TRUST** |

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##### [**Table of Contents**](#toc)
**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of PIMCO Variable Insurance Trust and Shareholders of PIMCO Dynamic Bond Portfolio

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of PIMCO Dynamic Bond Portfolio (one of the portfolios constituting PIMCO Variable Insurance Trust, hereafter referred to as the "Portfolio") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements are the responsibility of the Portfolio's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolio in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agent, brokers and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

February 17, 2023

We have served as the auditor of one or more investment companies in PIMCO Variable Insurance Trust since 1998.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **47** |

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| | |
|:---|:---|
| **Glossary: (abbreviations that may be used in the preceding statements)** | (Unaudited) |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Counterparty Abbreviations:** | **Counterparty Abbreviations:** | | | | |
| **BOA** | Bank of America N.A. | **FAR** | Wells Fargo Bank National Association | **MYI** | Morgan Stanley & Co. International PLC |
| **BPS** | BNP Paribas S.A. | **FICC** | Fixed Income Clearing Corporation | **NGF** | Nomura Global Financial Products, Inc. |
| **BRC** | Barclays Bank PLC | **GLM** | Goldman Sachs Bank USA | **RBC** | Royal Bank of Canada |
| **CBK** | Citibank N.A. | **GST** | Goldman Sachs International | **SCX** | Standard Chartered Bank, London |
| **CDI** | Natixis Singapore | **JPM** | JP Morgan Chase Bank N.A. | **SSB** | State Street Bank and Trust Co. |
| **CLY** | Crédit Agricole Corporate and Investment Bank | **MBC** | HSBC Bank Plc | **TOR** | The Toronto-Dominion Bank |
| **DUB** | Deutsche Bank AG | **MYC** | Morgan Stanley Capital Services LLC | **UAG** | UBS AG Stamford |
|  **Currency Abbreviations:** | **Currency Abbreviations:** |  |  |  |  |
| **ARS** | Argentine Peso | **COP** | Colombian Peso | **NZD** | New Zealand Dollar |
| **AUD** | Australian Dollar | **EUR** | Euro | **PEN** | Peruvian New Sol |
| **BRL** | Brazilian Real | **GBP** | British Pound | **PLN** | Polish Zloty |
| **CAD** | Canadian Dollar | **HUF** | Hungarian Forint | **THB** | Thai Baht |
| **CLP** | Chilean Peso | **JPY** | Japanese Yen | **USD (or $)** | United States Dollar |
| **CNH** | Chinese Renminbi (Offshore) | **KRW** | South Korean Won | **ZAR** | South African Rand |
| **CNY** | Chinese Renminbi (Mainland) | **MXN** | Mexican Peso |  |  |
|  **Exchange Abbreviations:** | **Exchange Abbreviations:** |  |  |  |  |
| **CME** | Chicago Mercantile Exchange | **OTC** | Over the Counter |  |  |
|  **Index/Spread Abbreviations:** | **Index/Spread Abbreviations:** |  |  |  |  |
| **ABX.HE** | Asset-Backed Securities Index - Home Equity | **CDX.IG** | Credit Derivatives Index - Investment Grade | **LIBOR03M** | 3 Month USD-LIBOR |
| **CDX.HY** | Credit Derivatives Index - High Yield | **LIBOR01M** | 1 Month USD-LIBOR | **SONIO** | Sterling Overnight Interbank Average Rate |
|  **Other Abbreviations:** | **Other Abbreviations:** |  |  |  |  |
| **ABS** | Asset-Backed Security | **EURIBOR** | Euro Interbank Offered Rate | **PIK** | Payment-in-Kind  |
| **ALT** | Alternate Loan Trust | **KORIBOR** | Korea Interbank Offered Rate | **TBA** | To-Be-Announced  |
| **BBR** | Bank Bill Rate | **LIBOR** | London Interbank Offered Rate | **THBFIX** | Thai Baht Floating-Rate Fix |
| **BRL-CDI** | Brazil Interbank Deposit Rate | **Lunar** | Monthly payment based on 28-day periods. One year consists of 13 periods. | **TIIE** | Tasa de Interés Interbancaria de Equilibrio "Equilibrium Interbank Interest Rate" |
| **BTP** | Buoni del Tesoro Poliennali "Long-term Treasury Bond" | **OIS** | Overnight Index Swap | **WIBOR** | Warsaw Interbank Offered Rate |
| **CLO** | Collateralized Loan Obligation |  |  |  |  |

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| | |
|:---|:---|
| **48** | **PIMCO VARIABLE INSURANCE TRUST** |

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| | |
|:---|:---|
| **Federal Income Tax Information** | (Unaudited) |

---

As required by the Internal Revenue Code ("Code") and Treasury Regulations, if applicable, shareholders must be notified within 60 days of the Portfolio's fiscal year end regarding the status of qualified dividend income and the dividend received deduction.

Dividend Received Deduction. Corporate shareholders are generally entitled to take the dividend received deduction on the portion of the Portfolio's dividend distribution that qualifies under tax law. The percentage of the following Portfolio's fiscal 2022 ordinary income dividend that qualifies for the corporate dividend received deduction is set forth below.

Qualified Dividend Income. Under the Jobs and Growth Tax Relief Reconciliation Act of 2003, the following percentage of ordinary dividends paid during the fiscal year ended December 31, 2022 was designated as "qualified dividend income" as defined in the Jobs and Growth Tax Relief Reconciliation Act of 2003 subject to reduced tax rates in 2022.

Qualified Interest Income and Qualified Short-Term Capital Gain (for non-U.S. resident shareholders only). Under the American Jobs Creation Act of 2004, the following amounts of ordinary dividends paid during the fiscal year ended December 31, 2022 are considered to be derived from "qualified interest income," as defined in Section 871(k)(1)(E) of the Code, and therefore are designated as interest-related dividends, as defined in Section 871(k)(1)(C) of the Code. Further, the following amounts of ordinary dividends paid during the fiscal year ended December 31, 2022 are considered to be derived from "qualified short-term capital gain," as defined in Section 871(k)(2)(D) of the Code, and therefore are designated as qualified short-term gain dividends, as defined by Section 871(k)(2)(C) of the Code.

Section 163(j) Interest Dividends. The Portfolio intends to pass through the maximum amount allowable as Section 163(j) Interest defined in Proposed Treasury Section 1.163(j)-1(b). The 163(j) percentage of ordinary income distributions are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Dividend<br>Received<br>Deduction%** | **Qualified<br>Dividend<br>Income%** | **Qualified<br>Interest<br>Income<br>(000s<sup>†</sup>)** | **Qualified<br>Short-Term<br>Capital Gains<br>(000s<sup>†</sup>)** | **163(j)<br>Interest<br>Dividends<br>(000s<sup>†</sup>)** |
|  PIMCO Dynamic Bond Portfolio | 0% | 0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2047 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

Shareholders are advised to consult their own tax advisor with respect to the tax consequences of their investment in the Trust. In January 2023, you will be advised on IRS Form 1099-DIV as to the federal tax status of the dividends and distributions received by you in calendar year 2022.

Section 199A Dividends. Non-corporate portfolio shareholders of the Portfolio below meeting certain holding period requirements may be able to deduct up to 20 percent of qualified REIT dividends passed through and reported to the shareholders by the Portfolio as IRC section 199A dividends. The IRC section 199A percentage of ordinary dividends are as follows:

---

| | |
|:---|:---|
|  | **199A Dividends** |
|  PIMCO Dynamic Bond Portfolio | 0% |

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **49** |

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**Management of the Trust**

The charts below identify the Trustees and executive officers of the Trust. Unless otherwise indicated, the address of all persons below is 650 Newport Center Drive, Newport Beach, CA 92660.

The Portfolio's Statement of Additional Information includes more information about the Trustees and Officers. To request a free copy, call PIMCO at (888) 87-PIMCO or visit the Portfolio's website at www.pimco.com/pvit.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Year of Birth and <br>Position Held with Trust\*** | **Term of<br>Office and**<br> **Length of<br>Time Served<sup>†</sup>** | **Principal Occupation(s) During Past 5 Years** | **Number of Funds<br>in Fund Complex <br>Overseen by Trustee** | **Other Public Company and Investment**<br> **Company Directorships Held by Trustee**<br> **During the Past 5 Years** |
| **Interested Trustees<sup>1</sup>** |  |  |  |  |
| **Peter G. Strelow (1970)**<br> *Chairman of the Board and Trustee* | 05/2017 to present<br>Chairman of the Board - 02/2019 to present | Managing Director and Co-Chief Operating Officer, PIMCO. Senior Vice President of the Trust, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. Formerly, Chief Administrative Officer, PIMCO. | 158 | Chairman and Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT. |
| **Kimberley G. Stafford (1978)**<br> *Trustee* | 02/2021 to present | Managing Director, Global Head of Product Strategy, PIMCO; and Member of Executive Committee, PIMCO. Formerly, Head of Asia-Pacific, Global Head of Consultant Relations and Head of US Institutional and Alternatives Sales, PIMCO. | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT. |
| **Independent Trustees** |  |  |  |  |
| **George E. Borst (1948)**<br> *Trustee* | 04/2015 to present | Executive Advisor, McKinsey & Company (since 10/14); Formerly, Executive Advisor, Toyota Financial Services (10/13-12/14); and CEO, Toyota Financial Services (1/01-9/13). | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT; Director, MarineMax Inc. |
| **Jennifer Holden Dunbar (1963)**<br> *Trustee* | 04/2015 to present | Formerly, Managing Director, Dunbar Partners, LLC (business consulting and investments) (05/05-05/21); and Partner, Leonard Green & Partners, L.P. | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT; Director, PS Business Parks; Director, Big 5 Sporting Goods Corporation. |
| **Kym M. Hubbard (1957)**<br> *Trustee* | 02/2017 to present | Formerly, Global Head of Investments, Chief Investment Officer and Treasurer, Ernst & Young. | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT; Director, State Auto Financial Corporation. |
| **Gary F. Kennedy (1955)**<br> *Trustee* | 04/2015 to present | Formerly, Senior Vice President, General Counsel and Chief Compliance Officer, American Airlines and AMR Corporation (now American Airlines Group) (1/03-1/14). | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |
| **Peter B. McCarthy (1950)**<br> *Trustee* | 04/2015 to present | Formerly, Assistant Secretary and Chief Financial Officer, United States Department of Treasury; Deputy Managing Director, Institute of International Finance. | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |
| **Ronald C. Parker (1951)**<br> *Lead Independent Trustee* | 07/2009 to present<br>Lead Independent Trustee - 02/2017 to present | Director of Roseburg Forest Products Company. Formerly, Chairman of the Board, The Ford Family Foundation; and President, Chief Executive Officer, Hampton Affiliates (forestry products). | 158 | Lead Independent Trustee, PIMCO Funds and PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |

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\* Unless otherwise noted, the information for the individuals listed is as of December 31, 2022.

<sup>1</sup> Ms. Stafford and Mr. Strelow are "interested persons" of the Trust (as that term is defined in the 1940 Act) because of their affiliations with PIMCO.

<sup>†</sup> Trustees serve until their successors are duly elected and qualified.

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| **50** | **PIMCO VARIABLE INSURANCE TRUST** |

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(Unaudited)

**Executive Officers** 

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|:---|:---|:---|
| **Name, Year of Birth and**<br> **Position Held with Trust\*** | **Term of Office and**<br> **Length of Time Served** | **Principal Occupation(s) During Past 5 Years<sup>†</sup>** |
| **Eric D. Johnson (1970)**<br> *President* | 06/2019 to present | Executive Vice President and Head of Funds Business Group Americas, PIMCO. President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| **Ryan G. Leshaw (1980)**<br> *Chief Legal Officer and Secretary* | 08/2021 to present | Executive Vice President and Senior Counsel, PIMCO. Chief Legal Officer and Secretary, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Chief Legal Officer, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. Formerly, Associate, Willkie Farr & Gallagher LLP. |
| **Keisha Audain-Pressley (1975)\*\***<br> *Chief Compliance Officer* | 01/2020 to present | Executive Vice President and Deputy Chief Compliance Officer, PIMCO. Chief Compliance Officer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Joshua D. Ratner (1976)\*\***<br> *Senior Vice President* | 05/2019 to present | Executive Vice President and Head of Americas Operations, PIMCO. Senior Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| **Peter G. Strelow (1970)**<br> *Senior Vice President* | 06/2019 to present | Managing Director and Co-Chief Operating Officer, PIMCO. Senior Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. Formerly, Chief Administrative Officer, PIMCO. |
| **Wu-Kwan Kit (1981)**<br> *Assistant Secretary* | 08/2017 to present | Senior Vice President and Senior Counsel, PIMCO. Assistant Secretary, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Vice President, Senior Counsel and Secretary, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. Formerly, Assistant General Counsel, VanEck Associates Corp. |
| **Douglas B. Burrill (1980)\*\***<br> *Vice President* | 08/2022 to present | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Elizabeth A. Duggan (1964)**<br> *Vice President* | 02/2021 to present | Executive Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Jason R. Duran (1977)**<br> *Vice President* | 02/2023 to present | Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |
| **Mark A. Jelic (1981)**<br> *Vice President* | 08/2021 to present | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Kenneth W. Lee (1972)**<br> *Vice President* | 08/2022 to present | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Brian J. Pittluck (1977)**<br> *Vice President* | 01/2020 to present | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Keith A. Werber (1973)**<br> *Vice President* | 05/2022 to present | Executive Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Bijal Y. Parikh (1978)**<br> *Treasurer* | 01/2021 to present | Executive Vice President, PIMCO. Treasurer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| **Erik C. Brown (1967)\*\*\***<br> *Assistant Treasurer* | 02/2001 to present | Executive Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Brandon T. Evans (1982)**<br> *Assistant Treasurer* | 05/2019 to present | Senior Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Deputy Treasurer, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| **Maria M. Golota (1983)\*\***<br> *Assistant Treasurer* | 02/2023 to present | Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |

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\* Unless otherwise noted, the information for the individuals listed is as of February 8, 2023.

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| <sup>†</sup> | The term "PIMCO-Sponsored Closed-End Funds" as used herein includes: PIMCO Access Income Fund, PIMCO California Municipal Income Fund, PIMCO California Municipal Income Fund II, PIMCO California Municipal Income Fund III, PIMCO Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO Municipal Income Fund III, PIMCO New York Municipal Income Fund, PIMCO New York Municipal Income Fund II, PIMCO New York Municipal Income Fund III, PCM Fund Inc., PIMCO Corporate & Income Opportunity Fund, PIMCO Corporate & Income Strategy Fund, PIMCO Dynamic Income Fund, PIMCO Dynamic Income Opportunities Fund, PIMCO Energy and Tactical Credit Opportunities Fund, PIMCO Global StocksPLUS<sup>®</sup> & Income Fund, PIMCO High Income Fund, PIMCO Income Strategy Fund, PIMCO Income Strategy Fund II and PIMCO Strategic Income Fund, Inc.; the term "PIMCO-Sponsored Interval Funds" as used herein includes: PIMCO Flexible Credit Income Fund, PIMCO Flexible Municipal Income Fund, PIMCO California Flexible Municipal Income Fund and PIMCO Flexible Emerging Markets Income Fund.  |

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\*\* The address of these officers is Pacific Investment Management Company LLC, 1633 Broadway, New York, New York 10019.

\*\*\* The address of these officers is Pacific Investment Management Company LLC, 401 Congress Ave., Austin, Texas 78701.

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **51** |

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| **Privacy Policy** | (Unaudited) |

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The Trust<sup>2,3</sup> consider customer privacy to be a fundamental aspect of their relationships with shareholders and are committed to maintaining the confidentiality, integrity and security of their current, prospective and former shareholders' non-public personal information. The Trust has developed policies that are designed to protect this confidentiality, while allowing shareholder needs to be served.

OBTAINING NON-PUBLIC PERSONAL INFORMATION

In the course of providing shareholders with products and services, the Trust and certain service providers to the Trust, such as the Trust's investment advisers or sub-advisers ("Advisers"), may obtain non-public personal information about shareholders, which may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder's brokerage or financial advisory firm, financial professional or consultant, and/or from information captured on applicable websites.

RESPECTING YOUR PRIVACY

As a matter of policy, the Trust does not disclose any non-public personal information provided by shareholders or gathered by the Trust to non-affiliated third parties, except as required or permitted by law or as necessary for such third parties to perform their agreements with respect to the Trust. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, conducting research on shareholder satisfaction and gathering shareholder proxies. The Trust or its affiliates may also retain non-affiliated companies to market Trust's shares or products which use Trust's shares and enter into joint marketing arrangements with them and other companies. These companies may have access to a shareholder's personal and account information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. In most cases, the shareholders will be clients of a third party, but the Trust may also provide a shareholder's personal and account information to the shareholder's respective brokerage or financial advisory firm and/or financial professional or consultant.

SHARING INFORMATION WITH THIRD PARTIES

The Trust reserves the right to disclose or report personal or account information to non-affiliated third parties in limited circumstances where the Trust believes in good faith that disclosure is required under law, to cooperate with regulators or law enforcement authorities, to protect their rights or property, or upon reasonable request by any fund in which a shareholder has invested. In addition, the Trust may disclose information about a shareholder or a shareholder's accounts to a non-affiliated third party at the shareholder's request or with the consent of the shareholder.

SHARING INFORMATION WITH AFFILIATES

The Trust may share shareholder information with their affiliates in connection with servicing shareholders' accounts, and subject to applicable law may provide shareholders with information about products and services that the Trust or its Advisers, distributors or their affiliates ("Service Affiliates") believe may be of interest to such shareholders. The information that the Trust may share may include, for example, a shareholder's participation in the Trust or in other investment programs sponsored by a Service Affiliate, a shareholder's ownership of certain types of accounts (such as IRAs), information about the Trust's experiences or transactions with a shareholder, information captured on applicable websites, or other data about a shareholder's accounts, subject to applicable law. The Trust's Service Affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

PROCEDURES TO SAFEGUARD PRIVATE INFORMATION

The Trust takes seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, the Trust has implemented procedures that are designed to restrict access to a shareholder's non-public personal information to internal personnel who need to know that information to perform their jobs, such as servicing shareholder accounts or notifying shareholders of new products or services. Physical, electronic and procedural safeguards are in place to guard a shareholder's non-public personal information.

INFORMATION COLLECTED FROM WEBSITES

The Trust or its service providers and partners may collect information from shareholders via websites they maintain. The information collected via websites maintained by the Trust or their service providers includes client non-public personal information.

CHANGES TO THE PRIVACY POLICY

From time to time, the Trust may update or revise this privacy policy. If there are changes to the terms of this privacy policy, documents containing the revised policy on the relevant website will be updated.

<sup>1</sup> Amended as of June 25, 2020.

<sup>2</sup> PIMCO Investments LLC ("PI") serves as the Trust's distributor and does not provide brokerage services or any financial advice to investors in the Trust solely because it distributes the Trust. This Privacy Policy applies to the activities of PI to the extent that PI regularly effects or engages in transactions with or for a shareholder of a series of a Trust who is the record owner of such shares. For purposes of this Privacy Policy, references to "the Trust" shall include PI when acting in this capacity.

<sup>3</sup> When distributing this Policy, the Trust may combine the distribution with any similar distribution of its investment adviser's privacy policy. The distributed, combined, policy may be written in the first person (i.e. by using "we" instead of "the Trust").

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| **52** | **PIMCO VARIABLE INSURANCE TRUST** |

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| **Approval of Investment Advisory Contract and Other Agreements** | (Unaudited) |

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At a meeting held on August 23-24, 2022, the Board of Trustees (the "Board") of PIMCO Variable Insurance Trust (the "Trust"), including the Trustees who are not "interested persons" of the Trust under the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered and unanimously approved the renewal of the Amended and Restated Investment Advisory Contract (the "Investment Advisory Contract") between the Trust, on behalf of the Trust's series (each, a "Portfolio" and collectively, the "Portfolios"), and Pacific Investment Management Company LLC ("PIMCO"), for an additional one-year term through August 31, 2023. The Board also considered and unanimously approved the renewal of the Amended and Restated Supervision and Administration Agreement (the "Supervision and Administration Agreement") between the Trust, on behalf of the Portfolios, and PIMCO for an additional one-year term through August 31, 2023. In addition, the Board considered and unanimously approved the renewal of the Amended and Restated Asset Allocation Sub-Advisory Agreement (the "Asset Allocation Agreement" and, together with the Investment Advisory Contract and the Supervision and Administration Agreement, the "Agreements") between PIMCO, on behalf of PIMCO All Asset Portfolio, a series of the Trust, and Research Affiliates, LLC ("Research Affiliates") for an additional one-year term through August 31, 2023. In addition, the Board considered and unanimously approved the renewal of the investment management agreements between PIMCO and each of the wholly-owned subsidiaries (each, a "Subsidiary" and, collectively, the "Subsidiaries") of certain of the Portfolios (collectively, the "Subsidiary Agreements"), each for the same additional one-year term through August 31, 2023.

The information, material factors and conclusions that formed the basis for the Board's approvals are summarized below.

1. INFORMATION RECEIVED

(a) Materials Reviewed: During the course of the past year, the Trustees received a wide variety of materials relating to the services provided by PIMCO and Research Affiliates to the Trust. At each of its quarterly meetings, the Board reviewed the Portfolios' investment performance and a significant amount of information relating to Portfolio operations, including shareholder services, valuation and custody, the Portfolios' compliance program and other information relating to the nature, extent and quality of services provided by PIMCO and Research Affiliates to the Trust and each of the Portfolios, as applicable. In considering whether to approve the renewal of the Agreements and the Subsidiary Agreements, the Board reviewed additional information, including, but not limited to: comparative industry data with regard to investment performance; advisory and supervisory and administrative fees and expenses; financial information for PIMCO and, where relevant, financial information for Research Affiliates; information regarding the profitability to PIMCO of its relationship with the Portfolios; information about the personnel

providing investment management services, other advisory services and supervisory and administrative services to the Portfolios; and information about the fees charged and services provided to other clients with similar investment mandates as the Portfolios, where applicable. In addition, the Board reviewed materials provided by counsel to the Trust and the Independent Trustees ("Counsel"), which included, among other things, a memorandum outlining legal duties of the Board in considering the renewal of the Agreements and Subsidiary Agreements.

With respect to the Subsidiary Agreements, the Trustees considered that each Portfolio that has a Subsidiary may utilize its Subsidiary to execute its investment strategy and that PIMCO provides investment advisory and administrative services to the Subsidiaries pursuant to the Subsidiary Agreements in the same manner as it does for such Portfolios that have Subsidiaries under the Investment Advisory Contract and Supervision and Administration Agreement. The Trustees also considered that, with respect to each Subsidiary, PIMCO does not retain a separate advisory or other fee from the Subsidiary, and that PIMCO's profitability with respect to each Portfolio that has a Subsidiary is not positively impacted as a result of the Subsidiary Agreements. The Trustees determined, therefore, that it was appropriate to consider the approval of the Subsidiary Agreements collectively with their consideration of the continuation of the Agreements.

(b) Review Process: In connection with considering the renewal of the Agreements, the Board reviewed written materials prepared by PIMCO and, where applicable, Research Affiliates in response to requests from Counsel encompassing a wide variety of topics. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from Counsel, and reviewed comparative fee and performance data prepared at the Board's request by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company performance information and fee and expense data. The Board received presentations on matters related to the Agreements and met both as a full Board and in a separate session of the Independent Trustees, without management present, at the August 23-24, 2022 meeting. The Independent Trustees also met via video conference with Counsel on July 14, 2022, and conducted a video conference meeting on August 10, 2022 with management and Counsel to discuss the materials presented and other matters deemed relevant to their consideration of the renewal of the Agreements. In connection with its review of the Agreements, the Board received comparative information on the performance, the risk-adjusted performance and the fees and expenses of other peer group funds and share classes. The Independent Trustees also requested and received supplemental information, including information regarding Broadridge peer classifications, the investment strategies and outflows for certain Portfolios, Portfolio performance and profitability.

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **53** |

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| **Approval of Investment Advisory Contract and Other Agreements** | **(Cont.)** |

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The approval determinations were made on the basis of each Trustee's business judgment after consideration and evaluation of all the information presented. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. In deciding to approve the renewal of the Agreements, the Board did not identify any single factor or particular information that, in isolation, was controlling. The discussion below is intended to summarize the broad factors and information that figured prominently in the Board's consideration of the renewal of the Agreements, but is not intended to summarize all of the factors considered by the Board.

2. NATURE, EXTENT AND QUALITY OF SERVICES

(a) PIMCO, Research Affiliates, their Personnel and Resources: The Board considered the depth and quality of PIMCO's investment management process, including, but not limited to: the experience, capability and integrity of its senior management and other personnel; the overall financial strength and stability of its organization; and the ability of its organizational structure to address changes in the Portfolios' asset levels. The Board also considered the various services in addition to portfolio management that PIMCO provides under the Investment Advisory Contract. The Board noted that PIMCO makes available to its investment professionals a variety of resources and systems relating to investment management, compliance, trading, performance and portfolio accounting. The Board also noted PIMCO's commitment to enhancing and investing in its global infrastructure, technology capabilities, risk management processes and the specialized talent needed to stay at the forefront of the competitive investment management industry and to strengthen its ability to deliver services under the Agreements. The Board considered PIMCO's policies, procedures and systems reasonably designed to assure compliance with applicable laws and regulations, including new regulations impacting the Portfolios, and its commitment to further developing and strengthening these programs; its oversight of matters that may involve conflicts of interest between the Portfolios' investments and those of other accounts managed by PIMCO; and its efforts to keep the Trustees informed about matters relevant to the Portfolios and their shareholders. The Board also considered PIMCO's investment in new disciplines and talented personnel, which has enhanced PIMCO's services to the Portfolios and has allowed PIMCO to introduce innovative new portfolios over time. In addition, the Board considered the nature, extent and quality of services provided by PIMCO to the Subsidiaries of certain applicable Portfolios.

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented, including the ongoing development of its own proprietary software and applications to support the Portfolios. Similarly, the Board considered the asset

allocation services provided by Research Affiliates to the PIMCO All Asset Portfolio. The Board further considered PIMCO's oversight of Research Affiliates in connection with Research Affiliates providing asset allocation services to the All Asset Portfolio. The Board also considered the depth and quality of Research Affiliates' investment management and research capabilities, the experience and capabilities of its portfolio management personnel and the overall financial strength of the organization. Ultimately, the Board concluded that the nature, extent and quality of services provided or procured by PIMCO under the Agreements and the Subsidiary Agreements and provided by Research Affiliates under the Asset Allocation Agreement are likely to continue to benefit the Portfolios and their shareholders, as applicable.

(b) Other Services: The Board also considered the nature, extent and quality of supervisory and administrative services provided by PIMCO to the Portfolios under the Supervision and Administration Agreement.

The Board considered the terms of the Supervision and Administration Agreement, under which the Trust pays for the supervisory and administrative services provided pursuant to that agreement under what is essentially an all-in fee structure (the "unified fee"). In return, PIMCO provides or procures certain supervisory and administrative services and bears the costs of various third party services required by the Portfolios, including, but not limited to, audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board also noted that the scope and complexity, as well as the costs, of the supervisory and administrative services provided by PIMCO under the Supervision and Administration Agreement continue to increase. The Board considered PIMCO's provision of supervisory and administrative services and its supervision of the Trust's third party service providers to assure that these service providers continue to provide a high level of service relative to alternatives available in the market.

Ultimately, the Board concluded that the nature, extent and quality of the services provided or procured by PIMCO has benefited, and will likely continue to benefit, the Portfolios and their shareholders.

3. INVESTMENT PERFORMANCE

The Board reviewed information from PIMCO concerning the Portfolios' performance, as available, over short- and long-term periods ended March 31, 2022 and other performance data, as available, over short- and long-term periods ended June 30, 2022 (the "PIMCO Report") and from Broadridge concerning the Portfolios' performance, as available, over short- and long-term periods ended March 31, 2022 (the "Broadridge Report"). The Board also noted that while historically the Broadridge Report included peer classifications from only Lipper, as part of this approval process the Broadridge Report incorporated peer classifications from Morningstar for the Portfolios for which it was believed that Morningstar provided a materially improved comparison.

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(Unaudited)

The Board considered information regarding both the short- and long-term relative and absolute investment performance of each Portfolio relative to its Portfolio peer group, where appropriate, and relevant benchmark index as provided to the Board in advance of each of its quarterly meetings throughout the year, including the PIMCO Report and Broadridge Report. The Trustees reviewed information indicating that classes of each Portfolio would have substantially similar performance to that of the Administrative Class of the relevant Portfolio on a relative basis because all of the classes are invested in the same portfolio of investments and that differences in performance among classes could principally be attributed to differences in the supervisory and administrative fees and distribution and/or servicing expenses of each class. The Board noted that, due to differences (such as specific investment strategies or fee structures) between certain of the Portfolios and their so-called peers in the Broadridge categories, performance comparisons may not be particularly relevant to the consideration of Portfolio performance, but found the comparative information supported its overall evaluation.

The Trustees noted that a majority of the Portfolios (based on the Administrative Class performance) have outperformed their respective benchmark indexes over the three-, five-, and ten-year periods ended March 31, 2022, and that a majority of the Portfolios (based on the Administrative Class performance) have outperformed their benchmarks since inception for the period ended March 31, 2022. The Board also discussed actions that have been taken by PIMCO to attempt to improve performance and took note of PIMCO's plans to monitor performance going forward.

The Board ultimately concluded, within the context of all of its considerations in connection with the Agreements and the Subsidiary Agreements, that PIMCO's performance record and process in managing the Portfolios indicates that its continued management is likely to benefit the Portfolios and their shareholders and merits the approval of the renewal of the Agreements and the Subsidiary Agreements.

4. ADVISORY FEES, SUPERVISORY AND ADMINISTRATIVE FEES AND TOTAL EXPENSES

The Board considered that PIMCO seeks to price new funds to scale at the outset. The Board noted that PIMCO generally seeks to price new funds competitively against the median total expense ratio of the respective Broadridge peer group, if available, while acknowledging that a fee premium may be appropriate for innovative investment offerings. PIMCO reported to the Board that, in proposing fees for any Portfolio or class of shares, it considers a number of factors, including, but not limited to, the type and complexity of the services provided, the cost of providing services, the risk assumed by PIMCO in the development of products and the provision of services and the competitive marketplace for financial products. Fees charged to or

proposed for different Portfolios for advisory services and supervisory and administrative services may vary in light of these various factors.

The Board reviewed the advisory fees, supervisory and administrative fees and total expenses of the Portfolios (each as a percentage of average net assets) and compared such amounts with the average and median fee and expense levels of other similar funds. The Board also reviewed information relating to the sub-advisory fees paid to Research Affiliates with respect to applicable Portfolios, taking into account that PIMCO compensates Research Affiliates from the advisory fees paid by such Portfolios to PIMCO. With respect to advisory fees, the Board reviewed data from the Broadridge Report that compared the average and median advisory fees of other funds in a "Peer Group" of comparable funds, where appropriate, as well as the universe of other similar funds. The Board reviewed materials indicating that, a number of Portfolios have total expense ratios that fall below the average and median expense ratios in their Peer Group and Broadridge universe. In addition, the Board considered the expense limitation agreement in place for all of the Portfolios and fee waivers in place for certain of the Portfolios and also noted the fee waivers in place with respect to the advisory fee and supervisory and administrative fee that might result from investments by applicable Portfolios in their respective Subsidiaries. The Board also considered that PIMCO reviews the Portfolios' fee levels and carefully considers changes where appropriate.

The Board also reviewed data comparing the Portfolios' advisory fees to the fee rates PIMCO charged to registered funds (open-end and closed-end), private funds, and non-U.S. registered funds, separate accounts, sub-advised clients and collective investment trusts with similar investment strategies. In cases where the fees for other clients were lower than those charged to the Portfolios, the Trustees noted that the differences in fees were attributable to various factors, including, but not limited to, differences in the advisory and other services provided by PIMCO to the Portfolios, differences in the number or extent of the services provided by PIMCO to the Portfolios, the manner in which similar portfolios may be managed, different requirements with respect to liquidity management and the implementation of other regulatory requirements, and the fact that separate accounts may have other contractual arrangements or arrangements across PIMCO strategies that justify different levels of fees. The Board considered that, with respect to collective investment trusts, PIMCO performs fewer or less extensive services because collective investment trusts are generally exempt from SEC regulation; investors in a collective investment trust may receive shareholder services from a trustee bank, rather than PIMCO; collective investment trusts have less regulatory disclosure; and the management structure of collective investment trusts differs from that of funds. The Trustees also considered that PIMCO faces increased entrepreneurial, legal and regulatory risk in sponsoring and managing mutual funds and ETFs as

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **55** |

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| **Approval of Investment Advisory Contract and Other Agreements** | **(Cont.)** |

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compared to separate accounts, external sub-advised funds or other investment products. In addition, the Trustees considered that PIMCO may charge certain private funds with similar investment mandates lower fees than the Portfolios because such private funds are not required to accept daily redemptions or price their assets on a daily basis, generally do not accept small investors with small account balances and operate under a less complex regulatory regime.

Regarding advisory fees charged by PIMCO in its capacity as sub-adviser to third party/unaffiliated funds, the Trustees took into account that such fees may be lower than the fees charged by PIMCO to serve as adviser to the Portfolios. The Trustees also took into account that there are various reasons for any such differences in fees, including, but not limited to, the fact that PIMCO may be subject to varying levels of entrepreneurial, legal and regulatory risk and different servicing requirements when PIMCO does not serve as the sponsor of a fund and is not principally responsible for all aspects of a fund's investment program and operations as compared to when PIMCO serves as investment adviser and sponsor.

The Board considered the Portfolios' supervisory and administrative fees, comparing them to similar funds managed by other investment advisers in the Broadridge Report. The Board also considered that, as the Portfolios' business has become increasingly complex and the number of Portfolios has grown over time, PIMCO has provided an increasingly broad array of fund supervisory and administrative functions. In addition, the Board considered the Trust's unified fee structure, under which the Trust pays for the supervisory and administrative services it requires for one set fee. In return for this unified fee, PIMCO provides or procures supervisory and administrative services and bears the costs of various third party services required by the Portfolios, including audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board further considered that many other funds pay for comparable services separately, and thus it is difficult to directly compare the Trust's unified supervisory and administrative fees with the fees paid by other funds for administrative services alone. The Board also considered that the unified supervisory and administrative fee leads to Portfolio fees that are fixed over the contract period, rather than variable. The Board noted that, although the unified fee structure does not have breakpoints, it inherently reflects certain economies of scale by fixing the absolute level of Portfolio fees at competitive levels over the contract period even if the Portfolios' operating costs rise when assets remain flat or decrease. Other factors the Board considered in assessing the unified fee include PIMCO's approach of pricing Portfolios at scale at inception and reinvesting in other important areas of the business that support the Portfolios. The Board considered historical advisory and supervisory and administrative fee reductions implemented for different Portfolios and classes, noting that the unified fee can be

increased or decreased in subsequent contractual periods with Board approval and is subject to the periodic reviews discussed above. The Board noted that, with few exceptions, PIMCO has generally maintained Portfolio fees at the same level as implemented when the unified fee was adopted, and has reduced fees for a number of Portfolios in prior years. The Board concluded that the Portfolios' supervisory and administrative fees were reasonable in relation to the value of the services provided, including the services provided to different classes of shareholders, and that the expenses assumed contractually by PIMCO under the Supervision and Administration Agreement represent, in effect, a cap on overall Portfolio fees during the contractual period, which is beneficial to the Portfolios and their shareholders.

The Board considered the Portfolios' total expenses and discussed with PIMCO certain Portfolios and/or classes of Portfolios that had above median total expenses. Upon comparing the Portfolios' total expenses to other funds in the "Peer Groups" provided by the Broadridge Report, where appropriate, the Board found total expenses of each Portfolio to be reasonable.

The Trustees also considered the advisory fees charged to the Portfolios that operate as funds of funds (the "Funds of Funds") and the advisory services provided in exchange for such fees. The Trustees determined that such services were in addition to the advisory services provided to the underlying funds in which the Funds of Funds may invest and, therefore, such services were not duplicative of the advisory services provided to the underlying funds. The Board also considered the various fee waiver agreements in place for the Funds of Funds. The Board noted that PIMCO is continuing waivers for these Funds of Funds, as well as for certain other Portfolios of the Trust.

Based on the information presented by PIMCO and Research Affiliates, members of the Board determined, in the exercise of their business judgment, that the level of the advisory fees and supervisory and administrative fees charged by PIMCO under the Agreements and the Subsidiary Agreements, that the fees charged by Research Affiliates under the Asset Allocation Agreement, and that the total expenses of each Portfolio, are reasonable.

5. ADVISER COSTS, LEVEL OF PROFITS AND ECONOMIES OF SCALE

The Board reviewed information regarding PIMCO's costs of providing services to, as well as the resulting level of profits from, the Portfolios. To the extent applicable, the Board also reviewed information regarding the portion of a Portfolio's advisory fee retained by PIMCO, following the payment of sub-advisory fees to Research Affiliates, with respect to the Portfolios. Additionally, the Board discussed PIMCO's pre- and post-distribution profit margin ranges with respect to the Portfolios, as compared to the prior year. The Board also noted that it had received information regarding the structure and manner in which

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(Unaudited)

PIMCO's investment professionals were compensated, and PIMCO's view of the relationship of such compensation to the recruitment and retention of quality personnel. The Board considered PIMCO's investment in global infrastructure, technology capabilities, risk management processes and qualified personnel to reinforce existing services, offer new services, and accommodate changing regulatory requirements.

The Board considered the existence of any economies of scale and noted that, to the extent that PIMCO achieves economies of scale in managing the Portfolios, PIMCO shares the benefits of such economies of scale, if any, with the Portfolios and their shareholders in a number of ways, including investing in portfolio and trade operations management, firm technology, middle and back office support, legal and compliance, and fund administration logistics; senior management supervision, governance and oversight of those services; and through fee reductions or waivers, the pricing of Portfolios to scale from inception and the enhancement of services provided to the Portfolios in return for fees paid. The Board reviewed the history of the Portfolios' fee structure. The Board considered that the Portfolios' unified fee rates had been set competitively and/or priced to scale from inception, had been held steady during the contractual period at that scaled competitive rate for most Portfolios as assets grew, or as assets declined in the case of some Portfolios, and continued to be competitive compared with peers. The Board also considered that the unified fee is a transparent means of informing a Portfolio's shareholders of the fees associated with the Portfolio, and that the Portfolio bears certain expenses that are not covered by the advisory fee or the unified fee. The Board further considered the challenges that arise when managing large funds, which can result in certain "diseconomies" of scale and noted that PIMCO has continued to reinvest in many areas of the business to support the Portfolios.

The Trustees considered that the unified fee has provided inherent economies of scale because a Portfolio maintains competitive fixed fees over the annual contract period even if the particular Portfolio's assets decline and/or operating costs rise. The Trustees further considered that, in contrast, breakpoints may be a proxy for charging higher fees on lower asset levels and that when a fund's assets decline, breakpoints may reverse, which causes expense ratios to increase. The Trustees also considered that, unlike the Portfolios' unified fee structure, funds with "pass through" administrative fee structures may experience increased expense ratios when fixed dollar fees are charged against declining fund assets. In addition, the Trustees considered that the unified fee protects shareholders from a rise in operating costs that may result from, among other things, PIMCO's investments in various business enhancements and infrastructure, including those referenced above. The Trustees noted that PIMCO's investments in these areas are extensive.

The Board concluded that the Portfolios' cost structures were reasonable and that PIMCO is appropriately sharing economies of scale, if any, through the Portfolios' unified fee structure, generally pricing Portfolios to scale at inception and reinvesting in its business to provide enhanced and expanded services to the Portfolios and their shareholders.

6. ANCILLARY BENEFITS

The Board considered other benefits realized by PIMCO and its affiliates as a result of PIMCO's relationship with the Trust. Such benefits may include possible ancillary benefits to PIMCO's institutional investment management business due to the reputation and market penetration of the Trust or third party service providers' relationship-level fee concessions, which decrease fees paid by PIMCO. The Board also considered that affiliates of PIMCO provide distribution and/or shareholder services to the Portfolios and their shareholders, for which they may be compensated through distribution and servicing fees paid pursuant to the Portfolios' Rule 12b-1 plans or otherwise. The Board noted that, while PIMCO has the authority to receive the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the Portfolios, it has adopted a policy not to enter into contractual soft dollar arrangements.

7. CONCLUSIONS

Based on their review, including their comprehensive consideration and evaluation of each of the broad factors and information summarized above, the Independent Trustees and the Board as a whole concluded that the nature, extent and quality of the services rendered to the Portfolios by PIMCO and Research Affiliates supported the renewal of the Agreements and the Subsidiary Agreements. The Independent Trustees and the Board as a whole concluded that the Agreements and the Subsidiary Agreements continued to be fair and reasonable to the Portfolios and their shareholders, that the Portfolios' shareholders received reasonable value in return for the fees paid to PIMCO by the Portfolios under the Investment Advisory Contract, Supervision and Administration Agreement and the Subsidiary Agreements and the fees paid to Research Affiliates by PIMCO under the Asset Allocation Agreement, and that the renewal of the Agreements and the Subsidiary Agreements was in the best interests of the Portfolios and their shareholders.

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **57** |

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**General Information** 

**Investment Adviser and Administrator** 

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

**Distributor** 

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

**Custodian** 

State Street Bank and Trust Company

801 Pennsylvania Avenue

Kansas City, MO 64105

**Transfer Agent** 

SS&C Global Investor & Distribution Solutions, Inc.

430 W 7th Street STE 219024

Kansas City, MO 64105-1407

**Legal Counsel** 

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

**Independent Registered Public Accounting Firm** 

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the Portfolio listed on the Report cover.

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**pimco.com/pvit**![LOGO](g431976g06y60.jpg)

PVIT19AR_123122

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![LOGO](g362543g13e39.jpg)

PIMCO VARIABLE INSURANCE TRUST

## Annual Report
December 31, 2022

PIMCO Emerging Markets Bond Portfolio

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**Table of Contents** 

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|  | Page |
| &nbsp;&nbsp; [Chairman's Letter](#tx362543_1) | 2 |
| &nbsp;&nbsp; [Important Information About the PIMCO Emerging Markets Bond Portfolio](#tx362543_2) | 4 |
| &nbsp;&nbsp; [Portfolio Summary](#tx362543_3) | 7 |
| &nbsp;&nbsp; [Expense Example](#tx362543_4) | 8 |
| &nbsp;&nbsp; [Financial Highlights](#tx362543_5) | 10 |
| &nbsp;&nbsp; [Statement of Assets and Liabilities](#tx362543_6) | 12 |
| &nbsp;&nbsp; [Statement of Operations](#tx362543_7) | 13 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets](#tx362543_8) | 14 |
| &nbsp;&nbsp; [Schedule of Investments](#tx362543_9) | 15 |
| &nbsp;&nbsp; [Notes to Financial Statements](#tx362543_10) | 30 |
| &nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm](#tx362543_10a) | 50 |
| &nbsp;&nbsp; [Glossary](#tx362543_11) | 51 |
| &nbsp;&nbsp; [Federal Income Tax Information](#tx362543_12) | 52 |
| &nbsp;&nbsp; [Management of the Trust](#tx362543_13) | 53 |
| &nbsp;&nbsp; [Privacy Policy](#tx362543_14) | 55 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements](#tx362543_15) | 56 |

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This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust (the "Trust") prospectus for the Portfolio. (The variable product prospectus may be obtained by contacting your Investment Consultant.)

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**Chairman's Letter** 

Dear Shareholder,

2022 was a challenging year in the financial markets. We continue to work tirelessly to navigate global markets and manage the assets that you have entrusted with us. Following this letter is the PIMCO Variable Insurance Trust Annual Report, which covers the 12-month reporting period ended December 31, 2022 (the "reporting period"). On the subsequent pages, you will find details regarding investment results and a discussion of the factors that most affected performance during the reporting period.

For the 12-month reporting period ended December 31, 2022

The global economy faced significant headwinds in 2022, including those related to higher inflation, the COVID-19 pandemic, and the Russia-Ukraine conflict. First and second quarter 2022 U.S. annualized gross domestic product ("GDP") returned -1.6% and -0.6%, respectively. The economy strengthened in the third quarter, with annualized GDP rising 3.2%. The Commerce Department's initial estimate for fourth quarter 2022 annualized GDP — released after the reporting period ended — was 2.9%.

The Federal Reserve Board (the "Fed" or "U.S. central bank") took actions to combat elevated inflation. In March 2022, the Fed raised the federal funds rate 0.25% to a range between 0.25% and 0.50%, its first rate hike since 2018. The U.S. central bank then raised rates at its next six meetings, for a total increase of 4.25% in 2022. At the end of the year, the federal funds rate was in a range between 4.25% and 4.50%.

Economies outside the U.S. also faced several headwinds. In its October 2022 World Economic Outlook Update, the International Monetary Fund (the "IMF") downgraded its expectation for 2022 GDP citing "turbulent challenges" including high inflation, tightening financial conditions, as well as the ongoing Russia-Ukraine conflict and COVID-19 pandemic. For 2022, the IMF included in its projections that GDP would grow 1.6% in the U.S. (from 5.7% in 2021), 3.1% in the eurozone (from 5.2% in 2021), 3.6% in the U.K. (from 7.4% in 2021), and 1.7% in Japan (the same as in 2021).

Several central banks tightened their respective monetary policies in recent years. For example, in December 2021, prior to the beginning of the reporting period, the Bank of England (the "BoE") raised rates for the first time since COVID-19 began. The BoE again raised rates at its next eight meetings, for a total of 3.50% in rate hikes since its first increase. The European Central Bank raised rates four times in 2022, for a total increase of 2.50%. In contrast, the Bank of Japan (the "BoJ") maintained its loose monetary policy for most of 2022. However, in December 2022 the BoJ announced that it would allow its 10-year government bond yield to rise to 0.5% (previously limited to 0.25%). The news sent the 10-year bond yield and Japanese yen higher, as market participants interpreted the announcement to mean that the BoJ may pivot from its previous monetary stance.

During the reporting period, short- and long-term U.S. Treasury yields moved higher. The yield on the benchmark 10-year U.S. Treasury note was 3.88% on December 31, 2022, versus 1.52% on December 31, 2021. The Bloomberg Global Treasury Index (USD Hedged), which tracks fixed-rate, local currency government debt of investment grade countries, including developed and emerging markets, returned -10.79%. Meanwhile, the Bloomberg Global Aggregate Credit Index (USD Hedged), a widely used index of global investment grade credit bonds, returned -14.22%. Riskier fixed income asset classes, including high yield corporate bonds and emerging market debt, were also weak. The ICE BofAML Developed Markets High Yield Constrained Index (USD Hedged), a widely used index of below-investment-grade bonds, returned -10.56%, whereas emerging market external debt, as represented by the JPMorgan Emerging Markets Bond Index (EMBI) Global (USD Hedged), returned -16.45%. Emerging market local bonds, as represented by the JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged), returned -11.69%. Finally, the municipal market, as represented by the Bloomberg Municipal Bond Index, returned -8.53%.

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Amid periods of volatility, global equities generally posted weak results during the reporting period as economic and geopolitical concerns weighed on investor sentiment. U.S. equities, as represented by the S&P 500 Index, returned -18.11%. Global equities, as represented by the MSCI World Index, returned -18.14%, while emerging market equities, as measured by the MSCI Emerging Markets Index, returned -20.09%. Meanwhile, Japanese equities, as represented by the Nikkei 225 Index (in Japanese yen), returned -7.37% and European equities, as represented by the MSCI Europe Index (in euro), returned -9.49%.

Commodity prices were volatile and generated mixed returns during the reporting period. Brent crude oil, which was approximately $77.24 a barrel at the start of the reporting period, rose to roughly $82.82 a barrel at the end of December 2022. Prices of other commodities, such as copper and gold, declined during the period.

Finally, there were also periods of volatility in the foreign exchange markets. We believe this was driven by several factors, including economic growth expectations and changing central bank monetary policies, as well as rising inflation, COVID-19 variants, and geopolitical events. The U.S. dollar strengthened against several major currencies. For example, during the reporting period, the U.S. dollar returned 5.85%, 10.71%, and 12.23% versus the euro, the British pound and the Japanese yen, respectively.

Thank you for the assets you have placed with us. We deeply value your trust, and we will continue to work diligently to meet your broad investment needs.

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| ![LOGO](g362543g19a01.jpg) | Sincerely,<br>![LOGO](g362543g65f33.jpg) <br>Peter G. Strelow<br> Chairman of the Board<br>PIMCO Variable Insurance Trust<br>|

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Past performance is no guarantee of future results. Unless otherwise noted, index returns reflect the reinvestment of income distributions and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. It is not possible to invest directly in an unmanaged index.

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>3</sub> |

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**Important Information About the PIMCO Emerging Markets Bond Portfolio**

PIMCO Variable Insurance Trust (the "Trust") is an open-end management investment company that includes the PIMCO Emerging Markets Bond Portfolio (the "Portfolio"). The Portfolio is only available as a funding vehicle under variable life insurance policies or variable annuity contracts issued by insurance companies ("Variable Contracts"). Individuals may not purchase shares of the Portfolio directly. Shares of the Portfolio also may be sold to qualified pension and retirement plans outside of the separate account context.

We believe that bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed income securities and other instruments held by the Portfolio are likely to decrease in value. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that management will anticipate such movement accurately. The Portfolio may lose money as a result of movements in interest rates.

As of the date of this report, interest rates in the United States and many parts of the world, including certain European countries, continue to increase. In efforts to combat inflation, the U.S. Federal Reserve raised interest rates multiple times in 2022 and has indicated an expectation that it will continue to raise interest rates in 2023. Thus, the Portfolio currently faces a heightened level of risk associated with rising interest rates and/or bond yields. This could be driven by a variety of factors, including but not limited to central bank monetary policies, changing inflation or real growth rates, general economic conditions, increasing bond issuances or reduced market demand for low yielding investments. Further, while bond markets have steadily grown over the past three decades, dealer inventories of corporate bonds are near historic lows in relation to market size. As a result, there has been a significant reduction in the ability of dealers to "make markets."

Bond funds and individual bonds with a longer duration (a measure used to determine the sensitivity of a security's price to changes in interest rates) tend to be more sensitive to changes in interest rates, usually making them more volatile than securities or funds with shorter durations. All of the factors mentioned above, individually or collectively, could lead to increased volatility and/or lower liquidity in the fixed income markets or negatively impact the Portfolio's performance or cause the Portfolio to incur losses. As a result, the Portfolio may experience increased shareholder redemptions, which, among other things, could further reduce the net assets of the Portfolio.

The Portfolio may be subject to various risks as described in the Portfolio's prospectus and in the Principal and Other Risks in the Notes to Financial Statements.

Classifications of the Portfolio's portfolio holdings in this report are made according to financial reporting standards. The classification of a particular portfolio holding as shown in the Allocation Breakdown and Schedule of Investments sections of this report may differ from the classification used for the Portfolio's compliance calculations, including those used in the Portfolio's prospectus, investment objectives, regulatory, and other investment limitations and policies, which may be based on different asset class, sector or geographical classifications. The Portfolio is separately monitored for compliance with respect to prospectus and regulatory requirements.

The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. In 2022, many countries lifted some or all restrictions related to COVID-19. However, the effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations and individual issuers, all of which may negatively impact the Portfolio's performance. In addition, COVID-19 and governmental responses to COVID-19 may negatively impact the capabilities of the Portfolio's service providers and disrupt the Portfolio's operations.

The United States' enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from certain other countries has contributed to and may continue to contribute to international trade tensions and may impact portfolio securities. The United States' enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government's response, may also negatively impact securities and instruments that are economically tied to Russia.

The United Kingdom's withdrawal from the European Union may impact Portfolio returns. The withdrawal may cause substantial volatility in foreign exchange markets, lead to weakness in the exchange rate of the British pound, result in a sustained period of market uncertainty, and destabilize some or all of the other European Union member countries and/or the Eurozone.

The Portfolio may invest in certain instruments that rely in some fashion upon the London Interbank Offered Rate ("LIBOR"). LIBOR is an

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| **4** | **PIMCO VARIABLE INSURANCE TRUST** |

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average interest rate, determined by the ICE Benchmark Administration, that banks charge one another for the use of short-term money. The United Kingdom's Financial Conduct Authority, which regulates LIBOR, has announced plans to ultimately phase out the use of LIBOR. There remains uncertainty regarding future utilization of LIBOR and the nature of any replacement rate (e.g., the Secured Overnight Financing Rate, which is intended to replace U.S. dollar LIBOR and measures the cost of overnight borrowings through repurchase agreement transactions collateralized with U.S. Treasury securities). Any potential effects of the transition away from LIBOR on the Portfolio or on certain instruments in which the Portfolio invests can be difficult to ascertain, and they may vary depending on a variety of factors. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to the Portfolio.

On the Portfolio Summary page in this Shareholder Report, the Average Annual Total Return table and Cumulative Returns chart measure performance assuming that any dividend and capital gain distributions were reinvested. The Cumulative Returns chart reflects only Administrative Class performance. Performance may vary by share class

based on each class's expense ratios. The Portfolio measures its performance against at least one broad-based securities market index ("benchmark index"). The benchmark index does not take into account fees, expenses, or taxes. The Portfolio's past performance, before and after taxes, is not necessarily an indication of how the Portfolio will perform in the future. There is no assurance that the Portfolio, even if the Portfolio has experienced high or unusual performance for one or more periods, will experience similar levels of performance in the future. High performance is defined as a significant increase in either 1) the Portfolio's total return in excess of that of the Portfolio's benchmark between reporting periods or 2) the Portfolio's total return in excess of the Portfolio's historical returns between reporting periods. Unusual performance is defined as a significant change in the Portfolio's performance as compared to one or more previous reporting periods. Historical performance for the Portfolio or a share class thereof may have been positively impacted by fee waivers or expense limitations in place during some or all of the periods shown, if applicable. Future performance (including total return or yield) and distributions may be negatively impacted by the expiration or reduction of any such fee waivers or expense limitations.

The following table discloses the inception dates of the Portfolio and its share classes along with the Portfolio's diversification status as of period end:

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| **Portfolio Name** | **Portfolio<br>Inception** | **Institutional<br>Class** | **Class M** | **Administrative<br>Class** | **Advisor<br>Class** | **Diversification<br>Status** |
|  PIMCO Emerging Markets Bond Portfolio | 09/30/02 | 04/30/12 | 11/10/14 | 09/30/02 | 03/31/06 | Diversified |

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An investment in the Portfolio is not a bank deposit and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in the Portfolio.

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Portfolio. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither this Portfolio's prospectus nor summary prospectus, the Trust's Statement of Additional Information ("SAI"), any contracts filed as exhibits to the Trust's registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or the Portfolio creates a contract between or among any shareholder of the Portfolio, on the one hand, and the Trust, the Portfolio, a service provider to the Trust or the Portfolio, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service providers or other delegates acting under authority of the Trustees)

may amend the most recent prospectus or use a new prospectus, summary prospectus or SAI with respect to the Portfolio or the Trust, and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which the Trust or the Portfolio is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to the Portfolio, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust's then-current prospectus or SAI.

PIMCO has adopted written proxy voting policies and procedures ("Proxy Policy") as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at (888) 87-PIMCO, on the

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>5</sub> |

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| **Important Information About the PIMCO Emerging Markets Bond Portfolio** | **(Cont.)** |

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Portfolio's website at www.pimco.com/pvit, and on the Securities and Exchange Commission's ("SEC") website at www.sec.gov.

The Portfolio files a complete schedule of its portfolio holdings with the SEC for the first and third quarters of its fiscal year on Form N-PORT. The Portfolio's Form N-PORT reports are available on the SEC's website at www.sec.gov. The Portfolio files portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The Portfolio's complete schedule of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC's website at www.sec.gov and on PIMCO's website at www.pimco.com/pvit, and will be made available, upon request, by calling PIMCO at (888) 87-PIMCO.

SEC rules allow shareholder reports to be delivered to investors by providing access to such reports online free of charge and by mailing a notice that the report is electronically available. Investors may elect to receive all future reports in paper free of charge by contacting their insurance company. Any election to receive reports in paper will apply to all portfolio companies available under the investor's contract at the insurance company.

In October 2020, the SEC adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover transactions. Subject to certain exceptions, the rule requires portfolios that trade derivatives and other transactions that create future payment or delivery obligations subject to comply with a value-at-risk leverage limit and certain derivatives risk management program and reporting requirements. These requirements may limit the ability of the Portfolio to use derivatives and reverse repurchase agreements and similar financing transactions as part of its investment strategies and may increase the cost of the Portfolio's investments and cost of doing business, which could adversely affect investors. The rule went into effect on February 19, 2021. The compliance date for the new rule and related reporting requirements was August 19, 2022.

In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value as well as for the performance of fair value determinations, including related oversight and reporting obligations. The new rule also defines "readily available market quotations" for purposes of the definition of "value" under the Investment Company Act of 1940 (the "Act"), and the SEC noted that this definition will apply in all contexts under the Act. The effective date for the rule was March 8, 2021. The compliance date for the new rule and the related reporting requirements was September 8, 2022.

In May 2022, the SEC proposed amendments to a current rule governing portfolio naming conventions. In general, the current rule

requires portfolios with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The proposed amendments would expand the scope of the current rule in a number of ways that would result in an expansion of the types of portfolio names that would require the portfolio to adopt an 80% investment policy under the rule. Additionally, the proposed amendments would modify the circumstances under which a portfolio may deviate from its 80% investment policy and address the use and valuation of derivatives instruments for purposes of the rule. The proposal's impact on the Portfolio will not be known unless and until any final rulemaking is adopted.

In May 2022, the SEC proposed a framework that would require certain registered portfolios (such as the Portfolio) to disclose their environmental, social, and governance ("ESG") investing practices. Among other things, the proposed requirements would mandate that portfolios meeting three pre-defined classifications (*i.e*., integrated, ESG focused and/or impact funds) provide prospectus and shareholder report disclosure related to the ESG factors, criteria and processes used in managing the portfolio. The proposal's impact on the Portfolio will not be known unless and until any final rulemaking is adopted.

In October 2022, the SEC adopted changes to the mutual fund and exchange-traded fund ("ETF") shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which will impact the disclosures provided to shareholders. The rule amendments are effective as of January 24, 2023, but the SEC is providing an 18-month compliance period following the effective date for such amendments other than those addressing fee and expense information in advertisements that might be materially misleading.

In November 2022, the SEC proposed rule amendments which, among other things, would require funds to adopt swing pricing in order to mitigate dilution of shareholders' interests in a fund by requiring the adjustment of fund net asset value per share to pass on costs stemming from shareholder purchase or redemption activity. In addition the proposed rule would amend the liquidity rule framework. The proposal's impact on the Portfolio will not be known unless and until any final rulemaking is adopted.

In November 2022, the SEC adopted amendments to Form N-PX under the Act to improve the utility to investors of proxy voting information reported by mutual funds, ETFs and certain other funds. The rule amendments will expand the scope of funds' Form N-PX reporting obligations, subject managers to Form N-PX reporting obligations for "Say on Pay" votes, enhance Form N-PX disclosures, permit joint reporting by funds, managers and affiliated managers on Form N-PX; and require website availability of fund proxy voting records. The amendments will become effective on July 1, 2024. Funds and managers will be required to file their first reports covering the period from July 1, 2023 to June 30, 2024 on amended Form N-PX by August 31, 2024.

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| | |
|:---|:---|
| **6** | **PIMCO VARIABLE INSURANCE TRUST** |

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##### [**Table of Contents**](#toc)
**PIMCO Emerging Markets Bond Portfolio** 

Cumulative Returns Through December 31, 2022

![LOGO](g362543g66o31.jpg)

$10,000 invested at the end of the month when the Portfolio's Administrative Class commenced operations.

Geographic Breakdown as of December 31, 2022<sup>†</sup><sup>§</sup>

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| | |
|:---|:---|
|  United States | 8.3% |
|  Short-Term Instruments<sup>‡</sup> | 6.8% |
|  Brazil | 6.7% |
|  Mexico | 6.1% |
|  Indonesia | 5.3% |
|  Turkey | 4.9% |
|  South Africa | 3.9% |
|  Chile | 3.4% |
|  Saudi Arabia | 3.0% |
|  Colombia | 2.9% |
|  Cayman Islands | 2.6% |
|  Qatar | 2.2% |
|  Dominican Republic | 2.1% |
|  Egypt | 2.1% |
|  Panama | 2.0% |
|  United Kingdom | 2.0% |
|  Oman | 1.9% |
|  United Arab Emirates | 1.8% |
|  Nigeria | 1.8% |
|  Philippines | 1.7% |
|  Kazakhstan | 1.7% |
|  Argentina | 1.7% |
|  Romania | 1.4% |
|  Netherlands | 1.3% |
|  Peru | 1.2% |
|  Ecuador | 1.1% |
|  Israel | 1.1% |
|  Other | 19.0% |

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| | |
|:---|:---|
| <sup>†</sup> | % of Investments, at value.  |

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---

| | |
|:---|:---|
| <sup>§</sup> | Geographic Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.  |

---

<sup>‡</sup> Includes Central Funds Used for Cash Management Purposes.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 |
|  |  | 1 Year | 5 Years | 10 Years | Inception<sup>≈</sup> |
|  | PIMCO Emerging Markets Bond Portfolio Institutional Class | (15.58)% | (0.70)% | 1.12% | 1.95% |
|  | PIMCO Emerging Markets Bond Portfolio Class M | (15.97)% | (1.15)% |  | 1.06% |
| ![LOGO](g362543g94o20.jpg) | PIMCO Emerging Markets Bond Portfolio Administrative Class | (15.71)% | (0.85)% | 0.97% | 6.82% |
|  | PIMCO Emerging Markets Bond Portfolio Advisor Class | (15.80)% | (0.95)% | 0.87% | 4.05% |
| ![LOGO](g362543g08y58.jpg) | J.P. Morgan Emerging Markets Bond Index (EMBI) Global<sup>±</sup> | (16.45)% | (1.00)% | 1.35% | 6.87%<sup>¨</sup> |

---

All Portfolio returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

<sup>≈</sup> For class inception dates please refer to the Important Information.

<sup>¨</sup> Average annual total return since 09/30/2002.

<sup>±</sup> J.P. Morgan Emerging Markets Bond Index (EMBI) Global tracks total returns for United States Dollar denominated debt instruments issued by emerging market sovereign and quasi-sovereign entities: Brady bonds, loans, and Eurobonds.

It is not possible to invest directly in an unmanaged index.

*Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. The Portfolio's performance does not reflect the deduction of additional charges and expenses imposed in connection with investing in Variable Contracts, which will reduce returns. Differences in the Portfolio's performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the prices of individual positions (which may be sourced from different pricing vendors or other sources) used by the Portfolio and the index. For performance current to the most recent month-end, visit www.pimco.com/pvit or via (888) 87-PIMCO.* 

*The Portfolio's total annual operating expense ratio in effect as of period end was 0.87% for Institutional Class shares, 1.32% for Class M shares, 1.02% for Administrative Class shares, and 1.12% for Advisor Class shares. Details regarding any changes to the Portfolio's operating expenses, subsequent to period end, can be found in the Portfolio's current prospectus, as supplemented.* 

Investment Objective and Strategy Overview

PIMCO Emerging Markets Bond Portfolio seeks maximum total return, consistent with preservation of capital and prudent investment management, by investing under normal circumstances at least 80% of its assets in Fixed Income Instruments that are economically tied to emerging market countries, which may be represented by forwards or derivatives such as options, futures contracts or swap agreements. "Fixed Income Instruments" include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private- sector entities, and such instruments may be denominated in non-U.S. currencies and the U.S. dollar. Portfolio strategies may change from time to time. Please refer to the Portfolio's current prospectus for more information regarding the Portfolio's strategy.

Portfolio Insights

The following affected performance (on a gross basis) during the reporting period:

» Positioning within Russian external sovereign debt in the beginning of the reporting period contributed to relative performance, as the Russian sub-index underperformed the Fund's benchmark.

» Underweight exposure to U.S. duration contributed to relative performance, as U.S. interest rates rose.

» Overweight exposure to Ukrainian external sovereign debt detracted from relative performance, as the Ukrainian sub-index underperformed the Fund's benchmark.

» Off-benchmark exposure to Chinese external corporate debt detracted from relative performance, as Chinese external corporate debt underperformed relative to the Chinese external sovereign debt sub-index.

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| | | |
|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>7</sub> |

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##### [**Table of Contents**](#toc)
**Expense Example PIMCO Emerging Markets Bond Portfolio**

Example

As a shareholder of the Portfolio, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including investment advisory fees, supervisory and administrative fees, distribution and/or service (12b-1) fees (if applicable), and other Portfolio expenses. The Example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The Expense Example does not reflect any fees or other expenses imposed by the Variable Contracts. If it did, the expenses reflected in the Expense Example would be higher. The Example is based on an investment of $1,000 invested at the beginning of the period and held from July 1, 2022 to December 31, 2022 unless noted otherwise in the table and footnotes below.

Actual Expenses

The information in the table under the heading "Actual" provides information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60), then multiply the result by the number in the appropriate row for your share class, in the column titled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information in the table under the heading "Hypothetical (5% return before expenses)" provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other portfolios. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other portfolios.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the information under the heading "Hypothetical (5% return before expenses)" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. In addition, if these transactional costs were included, your costs would have been higher.

Expense ratios may vary period to period because of various factors, such as an increase in expenses that are not covered by the investment advisory fees and supervisory and administrative fees, such as fees and expenses of the independent trustees and their counsel, extraordinary expenses and interest expense.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Actual** | **Actual** | **Actual** | **Hypothetical <br>(5% return before expenses)** | **Hypothetical <br>(5% return before expenses)** | **Hypothetical <br>(5% return before expenses)** | |
|  | **Beginning<br>Account Value<br>(07/01/22)** | **Ending<br>Account Value<br>(12/31/22)** | **Expenses Paid<br>During Period\*** | **Beginning<br>Account Value<br>(07/01/22)** | **Ending<br>Account Value<br>(12/31/22)** | **Expenses Paid<br>During Period\*** | **Net Annualized<br>Expense Ratio\*\*** |
| Institutional Class | $&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;1031.90 | $&nbsp;&nbsp;&nbsp;&nbsp;4.81 | $&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;1020.74 | $&nbsp;&nbsp;&nbsp;&nbsp;4.79 | 0.93% |
| Class M | 1000.00 | 1029.50 | 7.14 | 1000.00 | 1018.45 | 7.10 | 1.38 |
| Administrative Class | 1000.00 | 1031.10 | 5.59 | 1000.00 | 1019.98 | 5.56 | 1.08 |
| Advisor Class | 1000.00 | 1030.60 | 6.11 | 1000.00 | 1019.47 | 6.07 | 1.18 |

---

\* Expenses Paid During Period are equal to the net annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 186/365 (to reflect the one-half year period). Overall fees and expenses of investing in the Portfolio will be higher because the example does not reflect variable contract fees and expenses.

\*\* Net Annualized Expense Ratio is reflective of any applicable contractual fee waivers and/or expense reimbursements or voluntary fee waivers. Details regarding fee waivers, if any, can be found in Note 9, Fees and Expenses, in the Notes to Financial Statements.

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|:---|:---|
| **8** | **PIMCO VARIABLE INSURANCE TRUST** |

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##### [**Table of Contents**](#toc)
(THIS PAGE INTENTIONALLY LEFT BLANK)

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| | | |
|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>9</sub> |

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##### [**Table of Contents**](#toc)
**Financial Highlights PIMCO Emerging Markets Bond Portfolio**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year Ended^: | **Net Asset<br>Value<br>Beginning<br>of Year<sup>(a)</sup>** | **Net<br>Investment<br>Income<br>(Loss)<sup>(b)</sup>** | **<br>Net<br>Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gain** | **Total** |
| Institutional Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | $&nbsp;&nbsp;&nbsp;&nbsp;12.52 | $&nbsp;&nbsp;&nbsp;&nbsp;0.52 | $&nbsp;&nbsp;&nbsp;&nbsp;(2.46) | $&nbsp;&nbsp;&nbsp;&nbsp;(1.94) | $&nbsp;&nbsp;&nbsp;&nbsp;(0.52) | $&nbsp;&nbsp;&nbsp;&nbsp;0.00 | $&nbsp;&nbsp;&nbsp;&nbsp;(0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 13.44 | 0.54 | (0.86) | (0.32) | (0.60) | 0.00 | (0.60) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 13.19 | 0.55 | 0.30 | 0.85 | (0.60) | 0.00 | (0.60) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2019 | 12.01 | 0.57 | 1.20 | 1.77 | (0.59) | 0.00 | (0.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2018 | 13.14 | 0.51 | (1.11) | (0.60) | (0.53) | 0.00 | (0.53) |
| Class M |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 12.52 | 0.47 | (2.45) | (1.98) | (0.48) | 0.00 | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 13.44 | 0.48 | (0.86) | (0.38) | (0.54) | 0.00 | (0.54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 13.19 | 0.49 | 0.31 | 0.80 | (0.55) | 0.00 | (0.55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2019 | 12.01 | 0.51 | 1.20 | 1.71 | (0.53) | 0.00 | (0.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2018 | 13.14 | 0.45 | (1.10) | (0.65) | (0.48) | 0.00 | (0.48) |
| Administrative Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 12.52 | 0.51 | (2.46) | (1.95) | (0.51) | 0.00 | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 13.44 | 0.52 | (0.86) | (0.34) | (0.58) | 0.00 | (0.58) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 13.19 | 0.53 | 0.30 | 0.83 | (0.58) | 0.00 | (0.58) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2019 | 12.01 | 0.55 | 1.20 | 1.75 | (0.57) | 0.00 | (0.57) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2018 | 13.14 | 0.48 | (1.10) | (0.62) | (0.51) | 0.00 | (0.51) |
| Advisor Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 12.52 | 0.49 | (2.45) | (1.96) | (0.50) | 0.00 | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 13.44 | 0.51 | (0.86) | (0.35) | (0.57) | 0.00 | (0.57) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 13.19 | 0.51 | 0.31 | 0.82 | (0.57) | 0.00 | (0.57) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2019 | 12.01 | 0.54 | 1.19 | 1.73 | (0.55) | 0.00 | (0.55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2018 | 13.14 | 0.47 | (1.10) | (0.63) | (0.50) | 0.00 | (0.50) |

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| | |
|:---|:---|
| ^ | A zero balance may reflect actual amounts rounding to less than $0.01 or 0.01%.  |

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<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Portfolio.

<sup>(b)</sup> Per share amounts based on average number of shares outstanding during the year. 

<sup>(c)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

<sup>(d)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Portfolio. Additionally, excludes initial sales charges and contingent deferred sales charges.

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| | | |
|:---|:---|:---|
| **10** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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##### [**Table of Contents**](#toc)

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | |
|<br>**Net Asset<br>Value End of<br>Year<sup>(a)</sup>** |<br>**Total Return<sup>(d)</sup>** |<br>**Net Assets<br>End of Year<br>(000s)** | **Expenses** | **Expenses<br>Excluding<br>Waivers** | **Expenses<br>Excluding<br>Interest<br>Expense** | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** | **Net<br>Investment<br>Income (Loss)** |<br>**Portfolio<br>Turnover<br>Rate** |
| $&nbsp;&nbsp;&nbsp;&nbsp;10.06 | (15.50)% | $49539 | 0.89% | 0.89% | 0.85% | 0.85% | 4.95% | 39% |
| 12.52 | (2.42) | 59591 | 0.87 | 0.87 | 0.85 | 0.85 | 4.22 | 42 |
| 13.44 | 6.87 | 54693 | 0.95 | 0.95 | 0.85 | 0.85 | 4.26 | 106 |
| 13.19 | 14.94 | 47874 | 0.87 | 0.87 | 0.85 | 0.85 | 4.42 | 65 |
| 12.01 | (4.59) | 41154 | 0.86 | 0.86 | 0.85 | 0.85 | 4.08 | 29 |
| 10.06 | (15.88) | 440 | 1.34 | 1.34 | 1.30 | 1.30 | 4.47 | 39 |
| 12.52 | (2.85) | 579 | 1.32 | 1.32 | 1.30 | 1.30 | 3.75 | 42 |
| 13.44 | 6.38 | 764 | 1.40 | 1.40 | 1.30 | 1.30 | 3.82 | 106 |
| 13.19 | 14.43 | 867 | 1.32 | 1.32 | 1.30 | 1.30 | 3.98 | 65 |
| 12.01 | (5.02) | 889 | 1.31 | 1.31 | 1.30 | 1.30 | 3.59 | 29 |
| 10.06 | (15.63) | &nbsp;&nbsp;&nbsp;&nbsp;109838 | 1.04 | 1.04 | 1.00 | 1.00 | 4.78 | 39 |
| 12.52 | (2.56) | 134990 | 1.02 | 1.02 | 1.00 | 1.00 | 4.06 | 42 |
| 13.44 | 6.71 | 154896 | 1.10 | 1.10 | 1.00 | 1.00 | 4.12 | 106 |
| 13.19 | 14.77 | 170681 | 1.02 | 1.02 | 1.00 | 1.00 | 4.28 | 65 |
| 12.01 | (4.73) | 167673 | 1.01 | 1.01 | 1.00 | 1.00 | 3.86 | 29 |
| 10.06 | (15.72) | 38856 | 1.14 | 1.14 | 1.10 | 1.10 | 4.69 | 39 |
| 12.52 | (2.66) | 49141 | 1.12 | 1.12 | 1.10 | 1.10 | 3.97 | 42 |
| 13.44 | 6.60 | 47639 | 1.20 | 1.20 | 1.10 | 1.10 | 4.02 | 106 |
| 13.19 | 14.65 | 48830 | 1.12 | 1.12 | 1.10 | 1.10 | 4.18 | 65 |
| 12.01 | (4.83) | 45060 | 1.11 | 1.11 | 1.10 | 1.10 | 3.77 | 29 |

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| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>11</sub> |

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##### [**Table of Contents**](#toc)

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| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **PIMCO Emerging Markets Bond Portfolio** | December 31, 2022 |

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| | |
|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) |  |
|  **Assets:** |  |
|  *Investments, at value* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities\* | $&nbsp;&nbsp;&nbsp;&nbsp;201252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 1656 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counterparty | 1288 |
|  Deposits with counterparty | 1667 |
|  Foreign currency, at value | 316 |
|  Receivable for investments sold | 2051 |
|  Receivable for TBA investments sold | 1852 |
|  Receivable for Portfolio shares sold | 261 |
|  Interest and/or dividends receivable | 3334 |
|  Dividends receivable from Affiliates | 7 |
|  **Total Assets** | 213759 |
|  **Liabilities:** |  |
|  *Borrowings & Other Financing Transactions* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for reverse repurchase agreements | $7955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for short sales | 1665 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 806 |
|  Payable for investments purchased | 263 |
|  Payable for investments in Affiliates purchased | 7 |
|  Payable for TBA investments purchased | 2756 |
|  Deposits from counterparty | 1047 |
|  Payable for Portfolio shares redeemed | 233 |
|  Overdraft due to custodian | 23 |
|  Accrued investment advisory fees | 82 |
|  Accrued supervisory and administrative fees | 72 |
|  Accrued distribution fees | 9 |
|  Accrued servicing fees | 15 |
|  Accrued taxes payable | 64 |
|  Other liabilities | 2 |
|  **Total Liabilities** | 15086 |
|  **Net Assets** | $198673 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | $259453 |
|  Distributable earnings (accumulated loss) | (60780) |
|  **Net Assets** | $198673 |
|  **Net Assets:** |  |
|  Institutional Class | $49539 |
|  Class M | 440 |
|  Administrative Class | 109838 |
|  Advisor Class | 38856 |
|  **Shares Issued and Outstanding:** |  |
|  Institutional Class | 4925 |
|  Class M | 44 |
|  Administrative Class | 10920 |
|  Advisor Class | 3863 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |
|  Institutional Class | $10.06 |
|  Class M | 10.06 |
|  Administrative Class | 10.06 |
|  Advisor Class | 10.06 |
|  Cost of investments in securities | $252145 |
|  Cost of investments in Affiliates | $1656 |
|  Cost of foreign currency held | $316 |
|  Proceeds received on short sales | $1725 |
|  Cost or premiums of financial derivative instruments, net | $267 |
|  \* Includes repurchase agreements of: | $672 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Portfolio.

---

| | | |
|:---|:---|:---|
| **12** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Statement of Operations** | **PIMCO Emerging Markets Bond Portfolio** |

---

---

| | |
|:---|:---|
| Year Ended December 31, 2022 |  |
| (Amounts in thousands<sup>†</sup>) |  |
|  **Investment Income:** |  |
|  Interest, net of foreign taxes\* | $11852 |
|  Dividends from Investments in Affiliates | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 11944 |
|  **Expenses:** |  |
|  Investment advisory fees | 921 |
|  Supervisory and administrative fees | 819 |
|  Distribution and/or servicing fees - Class M | 2 |
|  Distribution and/or servicing fees - Administrative Class | 168 |
|  Distribution and/or servicing fees - Advisor Class | 102 |
|  Trustee fees | 7 |
|  Interest expense | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 2103 |
|  **Net Investment Income (Loss)** | 9841 |
|  **Net Realized Gain (Loss):** |  |
|  Investments in securities | (7081) |
|  Investments in Affiliates | (117) |
|  Exchange-traded or centrally cleared financial derivative instruments | (1700) |
|  Over the counter financial derivative instruments | 1070 |
|  Short sales | 610 |
|  Foreign currency | (144) |
|  **Net Realized Gain (Loss)** | (7362) |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in securities | (39775) |
|  Investments in Affiliates | 115 |
|  Exchange-traded or centrally cleared financial derivative instruments | (801) |
|  Over the counter financial derivative instruments | 230 |
|  Short sales | (107) |
|  Foreign currency assets and liabilities | (6) |
|  **Net Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;(40344) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $(37865) |
|  \* Foreign tax withholdings | $11 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>13</sub> |

---

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Statements of Changes in Net Assets** | **PIMCO Emerging Markets Bond Portfolio** |

---

---

| | | |
|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2021** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
|  Net investment income (loss) | $9841 | $10252 |
|  Net realized gain (loss) | (7362) | 2953 |
|  Net change in unrealized appreciation (depreciation) | (40344) | (19566) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | (37865) | (6361) |
|  **Distributions to Shareholders:** |  |  |
|  From net investment income and/or net realized capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (2562) | (2627) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class M | (22) | (28) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (5391) | (6526) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (1932) | (2160) |
|  **Total Distributions<sup>(a)</sup>** | (9907) | (11341) |
|  **Portfolio Share Transactions:** |  |  |
|  Net increase (decrease) resulting from Portfolio share transactions\* | 2144 | 4011 |
|  **Total Increase (Decrease) in Net Assets** | (45628) | (13691) |
|  **Net Assets:** |  |  |
|  Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;244301 | &nbsp;&nbsp;&nbsp;&nbsp;257992 |
|  End of year | $198673 | $244301 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

\* See Note 13, Shares of Beneficial Interest, in the Notes to Financial Statements.

<sup>(a)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

---

| | | |
|:---|:---|:---|
| **14** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Emerging Markets Bond Portfolio** | December 31, 2022 |

---

**(Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)** 

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **INVESTMENTS IN SECURITIES 101.3%** | **INVESTMENTS IN SECURITIES 101.3%** | **INVESTMENTS IN SECURITIES 101.3%** |
| **ALBANIA 0.2%** | **ALBANIA 0.2%** | **ALBANIA 0.2%** |
| **SOVEREIGN ISSUES 0.2%** | **SOVEREIGN ISSUES 0.2%** | **SOVEREIGN ISSUES 0.2%** |
|  **Albania Government International Bond** | **Albania Government International Bond** | **Albania Government International Bond** |
|  3.500% due 11/23/2031 | 400 | 349 |
| **Total Albania (Cost $446)** | **Total Albania (Cost $446)** | **349** |
| **ANGOLA 0.2%** | **ANGOLA 0.2%** | **ANGOLA 0.2%** |
| **SOVEREIGN ISSUES 0.2%** | **SOVEREIGN ISSUES 0.2%** | **SOVEREIGN ISSUES 0.2%** |
|  **Angolan Government International Bond** | **Angolan Government International Bond** | **Angolan Government International Bond** |
|  8.250% due 05/09/2028 | 400 | 366 |
| **Total Angola (Cost $330)** | **Total Angola (Cost $330)** | **366** |
| **ARGENTINA 1.7%** | **ARGENTINA 1.7%** | **ARGENTINA 1.7%** |
| **SOVEREIGN ISSUES 1.7%** | **SOVEREIGN ISSUES 1.7%** | **SOVEREIGN ISSUES 1.7%** |
|  **Argentina Government International Bond** | **Argentina Government International Bond** | **Argentina Government International Bond** |
|  0.500% due 07/09/2030 þ | 776 | 212 |
|  1.000% due 07/09/2029 | 549 | 147 |
|  1.500% due 07/09/2035 þ | 2576 | 656 |
|  1.500% due 07/09/2046 þ | 310 | 80 |
|  3.500% due 07/09/2041 þ | 4627 | 1327 |
|  3.875% due 01/09/2038 þ | 1892 | 602 |
|  **Provincia de Buenos Aires** | **Provincia de Buenos Aires** | **Provincia de Buenos Aires** |
|  5.250% due 09/01/2037 þ | 543 | 190 |
|  **Provincia de la Rioja** | **Provincia de la Rioja** | **Provincia de la Rioja** |
|  4.750% due 02/24/2028 þ | 212 | 102 |
|  **Provincia de Neuquen** | **Provincia de Neuquen** | **Provincia de Neuquen** |
|  6.625% due 04/27/2030 ^þ | 165 | 113 |
| **Total Argentina (Cost $6,099)** | **Total Argentina (Cost $6,099)** | **3429** |
| **ARMENIA 0.3%** | **ARMENIA 0.3%** | **ARMENIA 0.3%** |
| **SOVEREIGN ISSUES 0.3%** | **SOVEREIGN ISSUES 0.3%** | **SOVEREIGN ISSUES 0.3%** |
|  **Republic of Armenia International Bond** | **Republic of Armenia International Bond** | **Republic of Armenia International Bond** |
|  3.600% due 02/02/2031 | 500 | 400 |
|  3.950% due 09/26/2029 | 300 | 250 |
| **Total Armenia (Cost $786)** | **Total Armenia (Cost $786)** | **650** |
| **AZERBAIJAN 0.8%** | **AZERBAIJAN 0.8%** | **AZERBAIJAN 0.8%** |
| **CORPORATE BONDS & NOTES 0.7%** | **CORPORATE BONDS & NOTES 0.7%** | **CORPORATE BONDS & NOTES 0.7%** |
|  **Southern Gas Corridor CJSC** | **Southern Gas Corridor CJSC** | **Southern Gas Corridor CJSC** |
|  6.875% due 03/24/2026 | 1400 | 1440 |
| **SOVEREIGN ISSUES 0.1%** | **SOVEREIGN ISSUES 0.1%** | **SOVEREIGN ISSUES 0.1%** |
|  **Republic of Azerbaijan International Bond** | **Republic of Azerbaijan International Bond** | **Republic of Azerbaijan International Bond** |
|  3.500% due 09/01/2032 | 200 | 167 |
| **Total Azerbaijan (Cost $1,637)** | **Total Azerbaijan (Cost $1,637)** | **1607** |
| **BAHAMAS 0.4%** | **BAHAMAS 0.4%** | **BAHAMAS 0.4%** |
| **SOVEREIGN ISSUES 0.4%** | **SOVEREIGN ISSUES 0.4%** | **SOVEREIGN ISSUES 0.4%** |
|  **Bahamas Government International Bond** | **Bahamas Government International Bond** | **Bahamas Government International Bond** |
|  6.000% due 11/21/2028 | 1000 | 773 |
| **Total Bahamas (Cost $1,004)** | **Total Bahamas (Cost $1,004)** | **773** |
| **BAHRAIN 0.3%** | **BAHRAIN 0.3%** | **BAHRAIN 0.3%** |
| **SOVEREIGN ISSUES 0.3%** | **SOVEREIGN ISSUES 0.3%** | **SOVEREIGN ISSUES 0.3%** |
|  **Bahrain Government International Bond** | **Bahrain Government International Bond** | **Bahrain Government International Bond** |
|  4.250% due 01/25/2028 | 600 | 552 |
|  **Total Bahrain (Cost $600)** | **Total Bahrain (Cost $600)** | **552** |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **BELARUS 0.0%** | **BELARUS 0.0%** | **BELARUS 0.0%** |
| **SOVEREIGN ISSUES 0.0%** | **SOVEREIGN ISSUES 0.0%** | **SOVEREIGN ISSUES 0.0%** |
|  **Republic of Belarus International Bond** | **Republic of Belarus International Bond** | **Republic of Belarus International Bond** |
|  6.378% due 02/24/2031 ^(b) | 200 | 68 |
|  **Total Belarus (Cost $200)** | **Total Belarus (Cost $200)** | **68** |
| **BERMUDA 0.2%** | **BERMUDA 0.2%** | **BERMUDA 0.2%** |
| **CORPORATE BONDS & NOTES 0.2%** | **CORPORATE BONDS & NOTES 0.2%** | **CORPORATE BONDS & NOTES 0.2%** |
|  **Star Energy Geothermal Darajat** | **Star Energy Geothermal Darajat** | **Star Energy Geothermal Darajat** |
|  4.850% due 10/14/2038 | 400 | 333 |
|  **Total Bermuda (Cost $400)** | **Total Bermuda (Cost $400)** | **333** |
| **BRAZIL 6.8%** | **BRAZIL 6.8%** | **BRAZIL 6.8%** |
| **CORPORATE BONDS & NOTES 2.2%** | **CORPORATE BONDS & NOTES 2.2%** | **CORPORATE BONDS & NOTES 2.2%** |
|  **Banco BTG Pactual SA** | **Banco BTG Pactual SA** | **Banco BTG Pactual SA** |
|  4.500% due 01/10/2025 | 200 | 193 |
|  **Brazil Minas SPE via State of Minas Gerais** | **Brazil Minas SPE via State of Minas Gerais** | **Brazil Minas SPE via State of Minas Gerais** |
|  5.333% due 02/15/2028 | 2580 | 2522 |
|  **CSN Inova Ventures** | **CSN Inova Ventures** | **CSN Inova Ventures** |
|  6.750% due 01/28/2028 | 800 | 765 |
|  **Odebrecht Oil & Gas Finance Ltd.** | **Odebrecht Oil & Gas Finance Ltd.** | **Odebrecht Oil & Gas Finance Ltd.** |
|  0.000% due 01/30/2023 (e)(f) | 623 | 1 |
|  **Petrobras Global Finance BV** | **Petrobras Global Finance BV** | **Petrobras Global Finance BV** |
|  6.850% due 06/05/2115 | 200 | 170 |
|  **Vale SA** | **Vale SA** | **Vale SA** |
|  3.202% due 12/29/2049 ~(f) | 10380 | 734 |
|  |  | 4385 |
| **SOVEREIGN ISSUES 4.6%** | **SOVEREIGN ISSUES 4.6%** | **SOVEREIGN ISSUES 4.6%** |
|  **Brazil Government International Bond** | **Brazil Government International Bond** | **Brazil Government International Bond** |
|  4.750% due 01/14/2050 | 1213 | 854 |
|  5.000% due 01/27/2045 | 318 | 237 |
|  5.625% due 01/07/2041 | 50 | 42 |
|  **Brazil Letras do Tesouro Nacional** | **Brazil Letras do Tesouro Nacional** | **Brazil Letras do Tesouro Nacional** |
|  0.000% due 04/01/2023 (e) | 38300 | 7027 |
|  **Brazil Notas do Tesouro Nacional** | **Brazil Notas do Tesouro Nacional** | **Brazil Notas do Tesouro Nacional** |
|  6.000% due 08/15/2050 | 5192 | 955 |
|  |  | 9115 |
|  **Total Brazil (Cost $14,494)** | **Total Brazil (Cost $14,494)** | **13500** |
| **CAMEROON 0.2%** | **CAMEROON 0.2%** | **CAMEROON 0.2%** |
| **SOVEREIGN ISSUES 0.2%** | **SOVEREIGN ISSUES 0.2%** | **SOVEREIGN ISSUES 0.2%** |
|  **Republic of Cameroon International Bond** | **Republic of Cameroon International Bond** | **Republic of Cameroon International Bond** |
|  5.950% due 07/07/2032 | 400 | 319 |
|  **Total Cameroon (Cost $474)** | **Total Cameroon (Cost $474)** | **319** |
| **CAYMAN ISLANDS 2.6%** | **CAYMAN ISLANDS 2.6%** | **CAYMAN ISLANDS 2.6%** |
| **CORPORATE BONDS & NOTES 2.6%** | **CORPORATE BONDS & NOTES 2.6%** | **CORPORATE BONDS & NOTES 2.6%** |
|  **Bioceanico Sovereign Certificate Ltd.** | **Bioceanico Sovereign Certificate Ltd.** | **Bioceanico Sovereign Certificate Ltd.** |
|  0.000% due 06/05/2034 (e) | 548 | 379 |
|  **Country Garden Holdings Co. Ltd.** | **Country Garden Holdings Co. Ltd.** | **Country Garden Holdings Co. Ltd.** |
|  8.000% due 01/27/2024 | 300 | 232 |
|  **Gaci First Investment Co.** | **Gaci First Investment Co.** | **Gaci First Investment Co.** |
|  5.375% due 10/13/2122 | 200 | 188 |
|  **Interoceanica Finance Ltd.** | **Interoceanica Finance Ltd.** | **Interoceanica Finance Ltd.** |
|  0.000% due 11/30/2025 (e) | 128 | 105 |
|  0.000% due 05/15/2030 (e) | 632 | 489 |
|  7.860% due 05/15/2030 « | 254 | 254 |
|  **Kaisa Group Holdings Ltd.** | **Kaisa Group Holdings Ltd.** | **Kaisa Group Holdings Ltd.** |
|  9.375% due 06/30/2024 ^(b) | 300 | 42 |
|  11.950% due 11/12/2023 ^(b) | 200 | 28 |
|  **KSA Sukuk Ltd.** | **KSA Sukuk Ltd.** | **KSA Sukuk Ltd.** |
|  5.268% due 10/25/2028 | 900 | 937 |
|  **Lima Metro Line 2 Finance Ltd.** | **Lima Metro Line 2 Finance Ltd.** | **Lima Metro Line 2 Finance Ltd.** |
|  5.875% due 07/05/2034 | 95 | 92 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **MGM China Holdings Ltd.** | **MGM China Holdings Ltd.** | **MGM China Holdings Ltd.** |
|  4.750% due 02/01/2027 | 200 | 177 |
|  **Odebrecht Drilling Norbe Ltd. (6.350% Cash and 1.000% PIK)** | **Odebrecht Drilling Norbe Ltd. (6.350% Cash and 1.000% PIK)** | **Odebrecht Drilling Norbe Ltd. (6.350% Cash and 1.000% PIK)** |
|  7.350% due 12/01/2026 ^(a) | 465 | 257 |
|  **Poinsettia Finance Ltd.** | **Poinsettia Finance Ltd.** | **Poinsettia Finance Ltd.** |
|  6.625% due 06/17/2031 | 641 | 544 |
|  **SA Global Sukuk Ltd.** | **SA Global Sukuk Ltd.** | **SA Global Sukuk Ltd.** |
|  1.602% due 06/17/2026 | 400 | 358 |
|  2.694% due 06/17/2031 | 900 | 771 |
|  **Sands China Ltd.** | **Sands China Ltd.** | **Sands China Ltd.** |
|  5.900% due 08/08/2028 | 200 | 187 |
|  **Sunac China Holdings Ltd.** | **Sunac China Holdings Ltd.** | **Sunac China Holdings Ltd.** |
|  7.000% due 07/09/2025 ^(b) | 800 | 175 |
|  **Total Cayman Islands (Cost $6,555)** | **Total Cayman Islands (Cost $6,555)** | **5215** |
| **CHILE 3.4%** | **CHILE 3.4%** | **CHILE 3.4%** |
| **CORPORATE BONDS & NOTES 1.5%** | **CORPORATE BONDS & NOTES 1.5%** | **CORPORATE BONDS & NOTES 1.5%** |
|  **Banco del Estado de Chile** | **Banco del Estado de Chile** | **Banco del Estado de Chile** |
|  2.704% due 01/09/2025 | 200 | 189 |
|  **Banco Santander Chile** | **Banco Santander Chile** | **Banco Santander Chile** |
|  2.700% due 01/10/2025 | 200 | 190 |
|  **Corp. Nacional del Cobre de Chile** | **Corp. Nacional del Cobre de Chile** | **Corp. Nacional del Cobre de Chile** |
|  3.700% due 01/30/2050 | 300 | 225 |
|  4.250% due 07/17/2042 | 200 | 166 |
|  4.875% due 11/04/2044 | 600 | 548 |
|  **Embotelladora Andina SA** | **Embotelladora Andina SA** | **Embotelladora Andina SA** |
|  3.950% due 01/21/2050 | 200 | 149 |
|  **Empresa de los Ferrocarriles del Estado** | **Empresa de los Ferrocarriles del Estado** | **Empresa de los Ferrocarriles del Estado** |
|  3.068% due 08/18/2050 | 200 | 126 |
|  3.830% due 09/14/2061 | 200 | 138 |
|  **Empresa de Transporte de Pasajeros Metro SA** | **Empresa de Transporte de Pasajeros Metro SA** | **Empresa de Transporte de Pasajeros Metro SA** |
|  3.650% due 05/07/2030 | 200 | 182 |
|  4.700% due 05/07/2050 | 300 | 252 |
|  **Empresa Nacional del Petroleo** | **Empresa Nacional del Petroleo** | **Empresa Nacional del Petroleo** |
|  3.450% due 09/16/2031 | 300 | 253 |
|  **GNL Quintero SA** | **GNL Quintero SA** | **GNL Quintero SA** |
|  4.634% due 07/31/2029 | 659 | 637 |
|  |  | 3055 |
| **SOVEREIGN ISSUES 1.9%** | **SOVEREIGN ISSUES 1.9%** | **SOVEREIGN ISSUES 1.9%** |
|  **Chile Government International Bond** | **Chile Government International Bond** | **Chile Government International Bond** |
|  2.750% due 01/31/2027 | 1700 | 1566 |
|  3.100% due 05/07/2041 | 800 | 577 |
|  3.250% due 09/21/2071 | 800 | 496 |
|  3.500% due 01/31/2034 | 500 | 427 |
|  4.340% due 03/07/2042 | 800 | 679 |
|  |  | 3745 |
|  **Total Chile (Cost $8,075)** | **Total Chile (Cost $8,075)** | **6800** |
| **CHINA 0.1%** | **CHINA 0.1%** | **CHINA 0.1%** |
| **CORPORATE BONDS & NOTES 0.1%** | **CORPORATE BONDS & NOTES 0.1%** | **CORPORATE BONDS & NOTES 0.1%** |
|  **New Metro Global Ltd.** | **New Metro Global Ltd.** | **New Metro Global Ltd.** |
|  4.800% due 12/15/2024 | 200 | 155 |
|  **Yango Justice International Ltd.** | **Yango Justice International Ltd.** | **Yango Justice International Ltd.** |
|  7.500% due 04/15/2024 ^(b) | 400 | 15 |
|  **Total China (Cost $572)** | **Total China (Cost $572)** | **170** |
| **COLOMBIA 3.0%** | **COLOMBIA 3.0%** | **COLOMBIA 3.0%** |
| **CORPORATE BONDS & NOTES 0.7%** | **CORPORATE BONDS & NOTES 0.7%** | **CORPORATE BONDS & NOTES 0.7%** |
|  **Ecopetrol SA** | **Ecopetrol SA** | **Ecopetrol SA** |
|  4.625% due 11/02/2031 | 500 | 383 |
|  5.875% due 09/18/2023 | 300 | 299 |
|  5.875% due 05/28/2045 (j) | 400 | 279 |
|  6.875% due 04/29/2030 | 200 | 182 |
|  7.375% due 09/18/2043 | 200 | 171 |
|  |  | 1314 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **15** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Emerging Markets Bond Portfolio** | **(Cont.)** |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **SOVEREIGN ISSUES 2.3%** | **SOVEREIGN ISSUES 2.3%** | **SOVEREIGN ISSUES 2.3%** |
|  **Colombia Government International Bond** | **Colombia Government International Bond** | **Colombia Government International Bond** |
|  3.875% due 02/15/2061 | 300 | 168 |
|  4.000% due 02/26/2024 | 1000 | 981 |
|  4.125% due 05/15/2051 | 200 | 120 |
|  4.500% due 01/28/2026 | 1200 | 1132 |
|  4.500% due 03/15/2029 | 300 | 260 |
|  5.000% due 06/15/2045 | 1300 | 889 |
|  5.200% due 05/15/2049 | 500 | 342 |
|  6.125% due 01/18/2041 | 400 | 320 |
|  8.125% due 05/21/2024 | 300 | 310 |
|  |  | 4522 |
|  **Total Colombia (Cost $7,178)** | **Total Colombia (Cost $7,178)** | **5836** |
| **COSTA RICA 0.4%** | **COSTA RICA 0.4%** | **COSTA RICA 0.4%** |
| **SOVEREIGN ISSUES 0.4%** | **SOVEREIGN ISSUES 0.4%** | **SOVEREIGN ISSUES 0.4%** |
|  **Costa Rica Government International Bond** | **Costa Rica Government International Bond** | **Costa Rica Government International Bond** |
|  4.250% due 01/26/2023 | 400 | 399 |
|  5.625% due 04/30/2043 | 400 | 329 |
|  **Total Costa Rica (Cost $800)** | **Total Costa Rica (Cost $800)** | **728** |
| **DOMINICAN REPUBLIC 2.2%** | **DOMINICAN REPUBLIC 2.2%** | **DOMINICAN REPUBLIC 2.2%** |
| **SOVEREIGN ISSUES 2.2%** | **SOVEREIGN ISSUES 2.2%** | **SOVEREIGN ISSUES 2.2%** |
|  **Dominican Republic Central Bank Notes** | **Dominican Republic Central Bank Notes** | **Dominican Republic Central Bank Notes** |
|  12.000% due 10/03/2025 | 8300 | 142 |
|  **Dominican Republic International Bond** | **Dominican Republic International Bond** | **Dominican Republic International Bond** |
|  4.875% due 09/23/2032 | 700 | 583 |
|  5.300% due 01/21/2041 | 400 | 310 |
|  5.500% due 02/22/2029 | 500 | 462 |
|  5.875% due 01/30/2060 | 800 | 590 |
|  6.000% due 07/19/2028 (j) | 1600 | 1548 |
|  6.000% due 02/22/2033 | 500 | 453 |
|  6.500% due 02/15/2048 | 300 | 248 |
|  **Total Dominican Republic (Cost $4,916)** | **Total Dominican Republic (Cost $4,916)** | **4336** |
| **ECUADOR 1.1%** | **ECUADOR 1.1%** | **ECUADOR 1.1%** |
| **CORPORATE BONDS & NOTES 0.0%** | **CORPORATE BONDS & NOTES 0.0%** | **CORPORATE BONDS & NOTES 0.0%** |
|  **Ecuador Social Bond SARL** | **Ecuador Social Bond SARL** | **Ecuador Social Bond SARL** |
|  0.000% due 01/30/2035 (e) | 118 | 98 |
| **SOVEREIGN ISSUES 1.1%** | **SOVEREIGN ISSUES 1.1%** | **SOVEREIGN ISSUES 1.1%** |
|  **Ecuador Government International Bond** | **Ecuador Government International Bond** | **Ecuador Government International Bond** |
|  0.000% due 07/31/2030 (e) | 273 | 107 |
|  1.500% due 07/31/2040 þ | 645 | 265 |
|  2.500% due 07/31/2035 þ | 2784 | 1288 |
|  5.500% due 07/31/2030 þ | 812 | 520 |
|  |  | 2180 |
|  **Total Ecuador (Cost $2,714)** | **Total Ecuador (Cost $2,714)** | **2278** |
| **EGYPT 2.2%** | **EGYPT 2.2%** | **EGYPT 2.2%** |
| **SOVEREIGN ISSUES 2.2%** | **SOVEREIGN ISSUES 2.2%** | **SOVEREIGN ISSUES 2.2%** |
|  **Egypt Government International Bond** | **Egypt Government International Bond** | **Egypt Government International Bond** |
|  6.375% due 04/11/2031 | 400 | 299 |
|  7.053% due 01/15/2032 | 400 | 294 |
|  7.300% due 09/30/2033 | 500 | 356 |
|  7.625% due 05/29/2032 | 2400 | 1784 |
|  7.903% due 02/21/2048 | 400 | 254 |
|  8.500% due 01/31/2047 | 1000 | 670 |
|  8.700% due 03/01/2049 | 200 | 134 |
|  8.875% due 05/29/2050 | 800 | 544 |
|  **Total Egypt (Cost $5,723)** | **Total Egypt (Cost $5,723)** | **4335** |
| **EL SALVADOR 0.1%** | **EL SALVADOR 0.1%** | **EL SALVADOR 0.1%** |
| **SOVEREIGN ISSUES 0.1%** | **SOVEREIGN ISSUES 0.1%** | **SOVEREIGN ISSUES 0.1%** |
|  **El Salvador Government International Bond** | **El Salvador Government International Bond** | **El Salvador Government International Bond** |
|  7.125% due 01/20/2050 | 750 | 297 |
|  **Total El Salvador (Cost $700)** | **Total El Salvador (Cost $700)** | **297** |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **ETHIOPIA 0.1%** | **ETHIOPIA 0.1%** | **ETHIOPIA 0.1%** |
| **SOVEREIGN ISSUES 0.1%** | **SOVEREIGN ISSUES 0.1%** | **SOVEREIGN ISSUES 0.1%** |
|  **Ethiopia Government International Bond** | **Ethiopia Government International Bond** | **Ethiopia Government International Bond** |
|  6.625% due 12/11/2024 | 200 | 126 |
|  **Total Ethiopia (Cost $200)** | **Total Ethiopia (Cost $200)** | **126** |
| **GERMANY 0.2%** | **GERMANY 0.2%** | **GERMANY 0.2%** |
| **CORPORATE BONDS & NOTES 0.2%** | **CORPORATE BONDS & NOTES 0.2%** | **CORPORATE BONDS & NOTES 0.2%** |
|  **Deutsche Bank AG** | **Deutsche Bank AG** | **Deutsche Bank AG** |
|  3.950% due 02/27/2023 | 400 | 399 |
|  **Total Germany (Cost $399)** | **Total Germany (Cost $399)** | **399** |
| **GHANA 0.7%** | **GHANA 0.7%** | **GHANA 0.7%** |
| **SOVEREIGN ISSUES 0.7%** | **SOVEREIGN ISSUES 0.7%** | **SOVEREIGN ISSUES 0.7%** |
|  **Ghana Government International Bond** | **Ghana Government International Bond** | **Ghana Government International Bond** |
|  0.010% due 04/07/2025 ^(b) | 200 | 67 |
|  6.375% due 02/11/2027 ^(b) | 200 | 77 |
|  7.625% due 05/16/2029 ^(b) | 600 | 227 |
|  7.750% due 04/07/2029 ^(b) | 200 | 75 |
|  7.875% due 02/11/2035 ^(b) | 200 | 72 |
|  8.125% due 03/26/2032 ^(b) | 900 | 330 |
|  8.625% due 04/07/2034 ^(b) | 700 | 256 |
|  8.750% due 03/11/2061 ^(b) | 600 | 213 |
|  **Total Ghana (Cost $3,282)** | **Total Ghana (Cost $3,282)** | **1317** |
| **GUATEMALA 0.6%** | **GUATEMALA 0.6%** | **GUATEMALA 0.6%** |
| **SOVEREIGN ISSUES 0.6%** | **SOVEREIGN ISSUES 0.6%** | **SOVEREIGN ISSUES 0.6%** |
|  **Guatemala Government International Bond** | **Guatemala Government International Bond** | **Guatemala Government International Bond** |
|  4.375% due 06/05/2027 | 300 | 285 |
|  4.650% due 10/07/2041 | 200 | 162 |
|  4.875% due 02/13/2028 | 410 | 396 |
|  6.125% due 06/01/2050 | 300 | 283 |
|  **Total Guatemala (Cost $1,197)** | **Total Guatemala (Cost $1,197)** | **1126** |
| **HONG KONG 0.9%** | **HONG KONG 0.9%** | **HONG KONG 0.9%** |
| **CORPORATE BONDS & NOTES 0.8%** | **CORPORATE BONDS & NOTES 0.8%** | **CORPORATE BONDS & NOTES 0.8%** |
|  **Fortune Star BVI Ltd.** | **Fortune Star BVI Ltd.** | **Fortune Star BVI Ltd.** |
|  6.850% due 07/02/2024 | 200 | 173 |
|  **Huarong Finance Co. Ltd.** | **Huarong Finance Co. Ltd.** | **Huarong Finance Co. Ltd.** |
|  3.375% due 02/24/2030 | 400 | 305 |
|  3.875% due 11/13/2029 | 200 | 158 |
|  4.500% due 05/29/2029 | 650 | 540 |
|  5.000% due 11/19/2025 | 200 | 185 |
|  **Lenovo Group Ltd.** | **Lenovo Group Ltd.** | **Lenovo Group Ltd.** |
|  3.421% due 11/02/2030 | 200 | 159 |
|  |  | 1520 |
| **SOVEREIGN ISSUES 0.1%** | **SOVEREIGN ISSUES 0.1%** | **SOVEREIGN ISSUES 0.1%** |
|  **Airport Authority** | **Airport Authority** | **Airport Authority** |
|  2.625% due 02/04/2051 | 200 | 129 |
|  **Total Hong Kong (Cost $1,745)** | **Total Hong Kong (Cost $1,745)** | **1649** |
| **HUNGARY 0.8%** | **HUNGARY 0.8%** | **HUNGARY 0.8%** |
| **SOVEREIGN ISSUES 0.8%** | **SOVEREIGN ISSUES 0.8%** | **SOVEREIGN ISSUES 0.8%** |
|  **Hungary Government International Bond** | **Hungary Government International Bond** | **Hungary Government International Bond** |
|  1.625% due 04/28/2032 | 100 | 77 |
|  2.125% due 09/22/2031 | 250 | 186 |
|  3.125% due 09/21/2051 | 200 | 122 |
|  5.250% due 06/16/2029 | 1000 | 959 |
|  5.500% due 06/16/2034 | 200 | 188 |
|  7.625% due 03/29/2041 | 100 | 110 |
|  **Total Hungary (Cost $1,711)** | **Total Hungary (Cost $1,711)** | **1642** |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **INDIA 0.8%** | **INDIA 0.8%** | **INDIA 0.8%** |
| **CORPORATE BONDS & NOTES 0.3%** | **CORPORATE BONDS & NOTES 0.3%** | **CORPORATE BONDS & NOTES 0.3%** |
|  **Adani Electricity Mumbai Ltd.** | **Adani Electricity Mumbai Ltd.** | **Adani Electricity Mumbai Ltd.** |
|  3.949% due 02/12/2030 | 200 | 153 |
|  **Adani Transmission Step-One Ltd.** | **Adani Transmission Step-One Ltd.** | **Adani Transmission Step-One Ltd.** |
|  4.250% due 05/21/2036 | 169 | 130 |
|  **Indian Railway Finance Corp. Ltd.** | **Indian Railway Finance Corp. Ltd.** | **Indian Railway Finance Corp. Ltd.** |
|  3.249% due 02/13/2030 | 200 | 173 |
|  3.950% due 02/13/2050 | 200 | 144 |
|  |  | 600 |
| **SOVEREIGN ISSUES 0.5%** | **SOVEREIGN ISSUES 0.5%** | **SOVEREIGN ISSUES 0.5%** |
|  **Export-Import Bank of India** | **Export-Import Bank of India** | **Export-Import Bank of India** |
|  3.250% due 01/15/2030 | 500 | 434 |
|  3.375% due 08/05/2026 | 500 | 469 |
|  |  | 903 |
|  **Total India (Cost $1,767)** | **Total India (Cost $1,767)** | **1503** |
| **INDONESIA 5.5%** | **INDONESIA 5.5%** | **INDONESIA 5.5%** |
| **CORPORATE BONDS & NOTES 4.1%** | **CORPORATE BONDS & NOTES 4.1%** | **CORPORATE BONDS & NOTES 4.1%** |
|  **Freeport Indonesia PT** | **Freeport Indonesia PT** | **Freeport Indonesia PT** |
|  5.315% due 04/14/2032 | 400 | 369 |
|  **Indonesia Asahan Aluminium Persero PT** | **Indonesia Asahan Aluminium Persero PT** | **Indonesia Asahan Aluminium Persero PT** |
|  5.450% due 05/15/2030 | 800 | 764 |
|  **Pelabuhan Indonesia Persero PT** | **Pelabuhan Indonesia Persero PT** | **Pelabuhan Indonesia Persero PT** |
|  4.250% due 05/05/2025 | 400 | 387 |
|  4.500% due 05/02/2023 | 800 | 798 |
|  4.875% due 10/01/2024 | 500 | 494 |
|  **Pertamina Persero PT** | **Pertamina Persero PT** | **Pertamina Persero PT** |
|  1.400% due 02/09/2026 | 500 | 447 |
|  4.300% due 05/20/2023 | 200 | 199 |
|  6.000% due 05/03/2042 | 1300 | 1248 |
|  6.450% due 05/30/2044 | 1500 | 1502 |
|  **Perusahaan Penerbit SBSN Indonesia** | **Perusahaan Penerbit SBSN Indonesia** | **Perusahaan Penerbit SBSN Indonesia** |
|  4.700% due 06/06/2032 | 600 | 592 |
|  **Perusahaan Perseroan Persero PT Perusahaan Listrik Negara** | **Perusahaan Perseroan Persero PT Perusahaan Listrik Negara** | **Perusahaan Perseroan Persero PT Perusahaan Listrik Negara** |
|  4.000% due 06/30/2050 | 800 | 574 |
|  4.125% due 05/15/2027 | 200 | 193 |
|  4.375% due 02/05/2050 | 200 | 150 |
|  5.250% due 05/15/2047 | 400 | 338 |
|  |  | 8055 |
| **SOVEREIGN ISSUES 1.4%** | **SOVEREIGN ISSUES 1.4%** | **SOVEREIGN ISSUES 1.4%** |
|  **Indonesia Government International Bond** | **Indonesia Government International Bond** | **Indonesia Government International Bond** |
|  2.625% due 06/14/2023 | 200 | 214 |
|  3.375% due 04/15/2023 | 362 | 362 |
|  5.125% due 01/15/2045 | 200 | 195 |
|  5.250% due 01/17/2042 | 1300 | 1281 |
|  5.250% due 01/08/2047 | 200 | 196 |
|  6.750% due 01/15/2044 | 300 | 337 |
|  7.750% due 01/17/2038 | 100 | 120 |
|  |  | 2705 |
|  **Total Indonesia (Cost $11,549)** | **Total Indonesia (Cost $11,549)** | **10760** |
| **IRELAND 0.5%** | **IRELAND 0.5%** | **IRELAND 0.5%** |
| **CORPORATE BONDS & NOTES 0.5%** | **CORPORATE BONDS & NOTES 0.5%** | **CORPORATE BONDS & NOTES 0.5%** |
|  **Republic of Angola Via Avenir Issuer Ireland DAC** | **Republic of Angola Via Avenir Issuer Ireland DAC** | **Republic of Angola Via Avenir Issuer Ireland DAC** |
|  6.927% due 02/19/2027 | 1029 | 944 |
|  **Total Ireland (Cost $960)** | **Total Ireland (Cost $960)** | **944** |
| **ISRAEL 1.1%** | **ISRAEL 1.1%** | **ISRAEL 1.1%** |
| **CORPORATE BONDS & NOTES 0.5%** | **CORPORATE BONDS & NOTES 0.5%** | **CORPORATE BONDS & NOTES 0.5%** |
|  **Bank Hapoalim BM** | **Bank Hapoalim BM** | **Bank Hapoalim BM** |
|  3.255% due 01/21/2032 •(g) | 500 | 432 |
|  **Israel Electric Corp. Ltd.** | **Israel Electric Corp. Ltd.** | **Israel Electric Corp. Ltd.** |
|  3.750% due 02/22/2032 | 300 | 264 |

---

---

| | | |
|:---|:---|:---|
| **16** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Leviathan Bond Ltd.** | **Leviathan Bond Ltd.** | **Leviathan Bond Ltd.** |
|  6.125% due 06/30/2025 | 400 | 392 |
|  |  | 1088 |
| **SOVEREIGN ISSUES 0.6%** | **SOVEREIGN ISSUES 0.6%** | **SOVEREIGN ISSUES 0.6%** |
|  **Israel Government International Bond** | **Israel Government International Bond** | **Israel Government International Bond** |
|  1.500% due 11/30/2023 | 4200 | 1172 |
|  **Total Israel (Cost $2,386)** | **Total Israel (Cost $2,386)** | **2260** |
| **IVORY COAST 0.8%** | **IVORY COAST 0.8%** | **IVORY COAST 0.8%** |
| **SOVEREIGN ISSUES 0.8%** | **SOVEREIGN ISSUES 0.8%** | **SOVEREIGN ISSUES 0.8%** |
|  **Ivory Coast Government International Bond** | **Ivory Coast Government International Bond** | **Ivory Coast Government International Bond** |
|  5.250% due 03/22/2030 | 500 | 454 |
|  5.750% due 12/31/2032 þ | 815 | 773 |
|  5.875% due 10/17/2031 | 200 | 180 |
|  6.625% due 03/22/2048 | 200 | 151 |
|  **Total Ivory Coast (Cost $1,863)** | **Total Ivory Coast (Cost $1,863)** | **1558** |
| **JAMAICA 0.1%** | **JAMAICA 0.1%** | **JAMAICA 0.1%** |
| **CORPORATE BONDS & NOTES 0.1%** | **CORPORATE BONDS & NOTES 0.1%** | **CORPORATE BONDS & NOTES 0.1%** |
|  **TransJamaican Highway Ltd.** | **TransJamaican Highway Ltd.** | **TransJamaican Highway Ltd.** |
|  5.750% due 10/10/2036 | 190 | 154 |
|  **Total Jamaica (Cost $190)** | **Total Jamaica (Cost $190)** | **154** |
| **JAPAN 0.5%** | **JAPAN 0.5%** | **JAPAN 0.5%** |
| **CORPORATE BONDS & NOTES 0.5%** | **CORPORATE BONDS & NOTES 0.5%** | **CORPORATE BONDS & NOTES 0.5%** |
|  **Mitsubishi UFJ Financial Group, Inc.** | **Mitsubishi UFJ Financial Group, Inc.** | **Mitsubishi UFJ Financial Group, Inc.** |
|  5.063% due 09/12/2025 •(j) | 1000 | 994 |
|  **Total Japan (Cost $1,000)** | **Total Japan (Cost $1,000)** | **994** |
| **JERSEY, CHANNEL ISLANDS 0.5%** | **JERSEY, CHANNEL ISLANDS 0.5%** | **JERSEY, CHANNEL ISLANDS 0.5%** |
| **CORPORATE BONDS & NOTES 0.5%** | **CORPORATE BONDS & NOTES 0.5%** | **CORPORATE BONDS & NOTES 0.5%** |
|  **Corsair International Ltd.** | **Corsair International Ltd.** | **Corsair International Ltd.** |
|  5.473% due 01/28/2027 •  | 700 | 744 |
|  5.823% due 01/28/2029 •  | 300 | 318 |
|  **Total Jersey, Channel Islands (Cost $1,119)** | **Total Jersey, Channel Islands (Cost $1,119)** | **1062** |
| **JORDAN 0.6%** | **JORDAN 0.6%** | **JORDAN 0.6%** |
| **SOVEREIGN ISSUES 0.6%** | **SOVEREIGN ISSUES 0.6%** | **SOVEREIGN ISSUES 0.6%** |
|  **Jordan Government International Bond** | **Jordan Government International Bond** | **Jordan Government International Bond** |
|  5.750% due 01/31/2027 | 600 | 580 |
|  7.375% due 10/10/2047 | 500 | 431 |
|  7.750% due 01/15/2028 | 200 | 203 |
|  **Total Jordan (Cost $1,360)** | **Total Jordan (Cost $1,360)** | **1214** |
| **KAZAKHSTAN 1.8%** | **KAZAKHSTAN 1.8%** | **KAZAKHSTAN 1.8%** |
| **CORPORATE BONDS & NOTES 1.7%** | **CORPORATE BONDS & NOTES 1.7%** | **CORPORATE BONDS & NOTES 1.7%** |
|  **Development Bank of Kazakhstan JSC** | **Development Bank of Kazakhstan JSC** | **Development Bank of Kazakhstan JSC** |
|  5.750% due 05/12/2025 | 700 | 701 |
|  **KazMunayGas National Co. JSC** | **KazMunayGas National Co. JSC** | **KazMunayGas National Co. JSC** |
|  4.750% due 04/24/2025 | 1700 | 1651 |
|  4.750% due 04/19/2027 | 400 | 370 |
|  5.750% due 04/19/2047 | 400 | 312 |
|  **Tengizchevroil Finance Co. International Ltd.** | **Tengizchevroil Finance Co. International Ltd.** | **Tengizchevroil Finance Co. International Ltd.** |
|  3.250% due 08/15/2030 | 400 | 287 |
|  |  | 3321 |
| **SOVEREIGN ISSUES 0.1%** | **SOVEREIGN ISSUES 0.1%** | **SOVEREIGN ISSUES 0.1%** |
|  **Kazakhstan Government International Bond** | **Kazakhstan Government International Bond** | **Kazakhstan Government International Bond** |
|  4.875% due 10/14/2044 | 200 | 179 |
|  **Total Kazakhstan (Cost $3,715)** | **Total Kazakhstan (Cost $3,715)** | **3500** |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **KENYA 0.3%** | **KENYA 0.3%** | **KENYA 0.3%** |
| **SOVEREIGN ISSUES 0.3%** | **SOVEREIGN ISSUES 0.3%** | **SOVEREIGN ISSUES 0.3%** |
|  **Republic of Kenya Government International Bond** | **Republic of Kenya Government International Bond** | **Republic of Kenya Government International Bond** |
|  6.300% due 01/23/2034 | 200 | 155 |
|  7.250% due 02/28/2028 | 600 | 528 |
|  **Total Kenya (Cost $796)** | **Total Kenya (Cost $796)** | **683** |
| **LEBANON 0.0%** | **LEBANON 0.0%** | **LEBANON 0.0%** |
| **SOVEREIGN ISSUES 0.0%** | **SOVEREIGN ISSUES 0.0%** | **SOVEREIGN ISSUES 0.0%** |
|  **Lebanon Government International Bond** | **Lebanon Government International Bond** | **Lebanon Government International Bond** |
|  8.250% due 05/17/2034 ^(b) | 600 | 37 |
| **Total Lebanon (Cost $38)** |  | 37 |
| **LUXEMBOURG 0.4%** | **LUXEMBOURG 0.4%** | **LUXEMBOURG 0.4%** |
| **CORPORATE BONDS & NOTES 0.4%** | **CORPORATE BONDS & NOTES 0.4%** | **CORPORATE BONDS & NOTES 0.4%** |
|  **Constellation Oil Services Holding SA (3.000% Cash or 4.000% PIK)** | **Constellation Oil Services Holding SA (3.000% Cash or 4.000% PIK)** | **Constellation Oil Services Holding SA (3.000% Cash or 4.000% PIK)** |
|  3.000% due 12/31/2026 (a) | 352 | 208 |
|  **Petrorio Luxembourg Trading SARL** | **Petrorio Luxembourg Trading SARL** | **Petrorio Luxembourg Trading SARL** |
|  6.125% due 06/09/2026 | 300 | 286 |
|  **Unigel Luxembourg SA** | **Unigel Luxembourg SA** | **Unigel Luxembourg SA** |
|  8.750% due 10/01/2026 | 400 | 398 |
| **Total Luxembourg (Cost $970)** | **Total Luxembourg (Cost $970)** | **892** |
| **MALAYSIA 0.9%** | **MALAYSIA 0.9%** | **MALAYSIA 0.9%** |
| **CORPORATE BONDS & NOTES 0.9%** | **CORPORATE BONDS & NOTES 0.9%** | **CORPORATE BONDS & NOTES 0.9%** |
|  **Petronas Capital Ltd.** | **Petronas Capital Ltd.** | **Petronas Capital Ltd.** |
|  3.404% due 04/28/2061 | 1300 | 903 |
|  4.800% due 04/21/2060 | 900 | 829 |
| **Total Malaysia (Cost $2,241)** | **Total Malaysia (Cost $2,241)** | **1732** |
| **MAURITIUS 0.2%** | **MAURITIUS 0.2%** | **MAURITIUS 0.2%** |
| **CORPORATE BONDS & NOTES 0.2%** | **CORPORATE BONDS & NOTES 0.2%** | **CORPORATE BONDS & NOTES 0.2%** |
|  **Greenko Solar Mauritius Ltd.** | **Greenko Solar Mauritius Ltd.** | **Greenko Solar Mauritius Ltd.** |
|  5.950% due 07/29/2026 | 500 | 458 |
| **Total Mauritius (Cost $500)** | **Total Mauritius (Cost $500)** | **458** |
|  | **SHARES** |  |
| **MEXICO 6.2%** | **MEXICO 6.2%** | **MEXICO 6.2%** |
| **COMMON STOCKS 0.0%** | **COMMON STOCKS 0.0%** | **COMMON STOCKS 0.0%** |
|  **Desarrolladora Homex SAB de CV (c)** | 17978 | 0 |
|  **Hipotecaria Su Casita SA de CV «(c)** | 5259 | 0 |
|  **Urbi Desarrollos Urbanos SAB de CV (c)** | 95 | 0 |
|  |  | 0 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| **CORPORATE BONDS & NOTES 4.5%** | **CORPORATE BONDS & NOTES 4.5%** | **CORPORATE BONDS & NOTES 4.5%** |
|  **America Movil SAB de CV** | **America Movil SAB de CV** | **America Movil SAB de CV** |
|  5.375% due 04/04/2032 | 600 | 542 |
|  **Banco Mercantil del Norte SA** | **Banco Mercantil del Norte SA** | **Banco Mercantil del Norte SA** |
|  6.625% due 01/24/2032 •(f)(g) | 400 | 332 |
|  7.500% due 06/27/2029 •(f)(g) | 200 | 183 |
|  **Comision Federal de Electricidad** | **Comision Federal de Electricidad** | **Comision Federal de Electricidad** |
|  6.264% due 02/15/2052 | 200 | 159 |
|  **Industrias Penoles SAB de CV** | **Industrias Penoles SAB de CV** | **Industrias Penoles SAB de CV** |
|  4.750% due 08/06/2050 | 400 | 331 |
|  **Minera Mexico SA de CV** | **Minera Mexico SA de CV** | **Minera Mexico SA de CV** |
|  4.500% due 01/26/2050 | 200 | 151 |
|  **Petroleos Mexicanos** | **Petroleos Mexicanos** | **Petroleos Mexicanos** |
|  6.625% due 06/15/2038 | 700 | 483 |
|  6.700% due 02/16/2032 | 928 | 731 |
|  6.750% due 09/21/2047 | 760 | 487 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.950% due 01/28/2060 | $— | 3000 | 1903 |
|  7.690% due 01/23/2050 |  | 5000 | 3471 |
|  **Trust Fibra Uno** | **Trust Fibra Uno** | **Trust Fibra Uno** | **Trust Fibra Uno** |
|  6.390% due 01/15/2050 |  | 200 | 162 |
|  |  |  | 8935 |
| **SOVEREIGN ISSUES 1.7%** | **SOVEREIGN ISSUES 1.7%** | **SOVEREIGN ISSUES 1.7%** | **SOVEREIGN ISSUES 1.7%** |
|  **Mexico Government International Bond** | **Mexico Government International Bond** | **Mexico Government International Bond** | **Mexico Government International Bond** |
|  3.750% due 04/19/2071 |  | 500 | 313 |
|  3.771% due 05/24/2061 |  | 2044 | 1298 |
|  5.000% due 04/27/2051 (j) |  | 900 | 734 |
|  5.750% due 10/12/2110 |  | 1200 | 1014 |
|  |  |  | 3359 |
|  **Total Mexico (Cost $17,514)** | **Total Mexico (Cost $17,514)** | **Total Mexico (Cost $17,514)** | **12294** |
| **MONGOLIA 0.3%** | **MONGOLIA 0.3%** | **MONGOLIA 0.3%** | **MONGOLIA 0.3%** |
| **SOVEREIGN ISSUES 0.3%** | **SOVEREIGN ISSUES 0.3%** | **SOVEREIGN ISSUES 0.3%** | **SOVEREIGN ISSUES 0.3%** |
|  **Mongolia Government International Bond** | **Mongolia Government International Bond** | **Mongolia Government International Bond** | **Mongolia Government International Bond** |
|  3.500% due 07/07/2027 | $— | 400 | 323 |
|  5.625% due 05/01/2023 |  | 377 | 368 |
| **Total Mongolia (Cost $773)** | **Total Mongolia (Cost $773)** | **Total Mongolia (Cost $773)** | **691** |
| **MOROCCO 0.5%** | **MOROCCO 0.5%** | **MOROCCO 0.5%** | **MOROCCO 0.5%** |
| **CORPORATE BONDS & NOTES 0.4%** | **CORPORATE BONDS & NOTES 0.4%** | **CORPORATE BONDS & NOTES 0.4%** | **CORPORATE BONDS & NOTES 0.4%** |
|  **OCP SA** | **OCP SA** | **OCP SA** | **OCP SA** |
|  3.750% due 06/23/2031 | $— | 400 | 337 |
|  5.125% due 06/23/2051 |  | 500 | 381 |
|  |  |  | **718** |
| **SOVEREIGN ISSUES 0.1%** | **SOVEREIGN ISSUES 0.1%** | **SOVEREIGN ISSUES 0.1%** | **SOVEREIGN ISSUES 0.1%** |
|  **Morocco Government International Bond** | **Morocco Government International Bond** | **Morocco Government International Bond** | **Morocco Government International Bond** |
|  4.000% due 12/15/2050 |  | 400 | 275 |
|  **Total Morocco (Cost $1,289)** | **Total Morocco (Cost $1,289)** | **Total Morocco (Cost $1,289)** | **993** |
| **NAMIBIA 0.1%** | **NAMIBIA 0.1%** | **NAMIBIA 0.1%** | **NAMIBIA 0.1%** |
| **SOVEREIGN ISSUES 0.1%** | **SOVEREIGN ISSUES 0.1%** | **SOVEREIGN ISSUES 0.1%** | **SOVEREIGN ISSUES 0.1%** |
|  **Namibia Government International Bond** | **Namibia Government International Bond** | **Namibia Government International Bond** | **Namibia Government International Bond** |
|  5.250% due 10/29/2025 | $— | 300 | 282 |
|  **Total Namibia (Cost $299)** | **Total Namibia (Cost $299)** | **Total Namibia (Cost $299)** | **282** |
| **NETHERLANDS 1.3%** | **NETHERLANDS 1.3%** | **NETHERLANDS 1.3%** | **NETHERLANDS 1.3%** |
| **CORPORATE BONDS & NOTES 1.3%** | **CORPORATE BONDS & NOTES 1.3%** | **CORPORATE BONDS & NOTES 1.3%** | **CORPORATE BONDS & NOTES 1.3%** |
|  **Metinvest BV** | **Metinvest BV** | **Metinvest BV** | **Metinvest BV** |
|  7.750% due 04/23/2023 | $— | 200 | 162 |
|  8.500% due 04/23/2026 |  | 400 | 214 |
|  **Mong Duong Finance Holdings BV** | **Mong Duong Finance Holdings BV** | **Mong Duong Finance Holdings BV** | **Mong Duong Finance Holdings BV** |
|  5.125% due 05/07/2029 |  | 400 | 334 |
|  **NE Property BV** | **NE Property BV** | **NE Property BV** | **NE Property BV** |
|  1.875% due 10/09/2026 |  | 400 | 361 |
|  **Prosus NV** | **Prosus NV** | **Prosus NV** | **Prosus NV** |
|  1.539% due 08/03/2028 |  | 200 | 174 |
|  2.031% due 08/03/2032 |  | 100 | 76 |
|  3.257% due 01/19/2027 | $— | 200 | 179 |
|  3.680% due 01/21/2030 |  | 200 | 167 |
|  4.027% due 08/03/2050 |  | 200 | 125 |
|  **Republic of Angola Via Avenir BV** | **Republic of Angola Via Avenir BV** | **Republic of Angola Via Avenir BV** | **Republic of Angola Via Avenir BV** |
|  9.687% (US0006M + 4.500%) due 12/07/2023 ~ |  | 200 | 197 |
|  12.639% (US0006M + 7.500%) due 07/01/2023 ~ |  | 689 | 694 |
|  **Total Netherlands (Cost $3,329)** | **Total Netherlands (Cost $3,329)** | **Total Netherlands (Cost $3,329)** | **2683** |
| **NIGERIA 1.9%** | **NIGERIA 1.9%** | **NIGERIA 1.9%** | **NIGERIA 1.9%** |
| **CORPORATE BONDS & NOTES 0.3%** | **CORPORATE BONDS & NOTES 0.3%** | **CORPORATE BONDS & NOTES 0.3%** | **CORPORATE BONDS & NOTES 0.3%** |
|  **BOI Finance BV** | **BOI Finance BV** | **BOI Finance BV** | **BOI Finance BV** |
|  7.500% due 02/16/2027 |  | 600 | 519 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **17** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Emerging Markets Bond Portfolio** | **(Cont.)** |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **SOVEREIGN ISSUES 1.6%** | **SOVEREIGN ISSUES 1.6%** | **SOVEREIGN ISSUES 1.6%** |
|  **Nigeria Government International Bond** | **Nigeria Government International Bond** | **Nigeria Government International Bond** |
|  6.125% due 09/28/2028 | 600 | 466 |
|  6.375% due 07/12/2023 | 500 | 497 |
|  6.500% due 11/28/2027 | 600 | 486 |
|  7.143% due 02/23/2030 | 400 | 308 |
|  7.375% due 09/28/2033 | 500 | 358 |
|  7.875% due 02/16/2032 | 600 | 454 |
|  8.250% due 09/28/2051 | 400 | 268 |
|  8.747% due 01/21/2031 | 400 | 328 |
|  |  | 3165 |
| **Total Nigeria (Cost $4,555)** | **Total Nigeria (Cost $4,555)** | **3684** |
| **OMAN 1.9%** | **OMAN 1.9%** | **OMAN 1.9%** |
| **CORPORATE BONDS & NOTES 0.1%** | **CORPORATE BONDS & NOTES 0.1%** | **CORPORATE BONDS & NOTES 0.1%** |
|  **Oman Sovereign Sukuk Co.** | **Oman Sovereign Sukuk Co.** | **Oman Sovereign Sukuk Co.** |
|  4.397% due 06/01/2024 | 200 | 197 |
| **SOVEREIGN ISSUES 1.8%** | **SOVEREIGN ISSUES 1.8%** | **SOVEREIGN ISSUES 1.8%** |
|  **Oman Government International Bond** | **Oman Government International Bond** | **Oman Government International Bond** |
|  4.125% due 01/17/2023 | 800 | 799 |
|  5.625% due 01/17/2028 | 1300 | 1287 |
|  6.000% due 08/01/2029 | 600 | 604 |
|  6.500% due 03/08/2047 | 400 | 366 |
|  7.000% due 01/25/2051 | 500 | 485 |
|  |  | 3541 |
| **Total Oman (Cost $3,710)** | **Total Oman (Cost $3,710)** | **3738** |
| **PAKISTAN 0.2%** | **PAKISTAN 0.2%** | **PAKISTAN 0.2%** |
| **SOVEREIGN ISSUES 0.2%** | **SOVEREIGN ISSUES 0.2%** | **SOVEREIGN ISSUES 0.2%** |
|  **Pakistan Government International Bond** | **Pakistan Government International Bond** | **Pakistan Government International Bond** |
|  6.875% due 12/05/2027 | 400 | 159 |
|  7.375% due 04/08/2031 | 400 | 144 |
|  8.875% due 04/08/2051 | 500 | 176 |
| **Total Pakistan (Cost $1,204)** | **Total Pakistan (Cost $1,204)** | **479** |
| **PANAMA 2.1%** | **PANAMA 2.1%** | **PANAMA 2.1%** |
| **CORPORATE BONDS & NOTES 0.4%** | **CORPORATE BONDS & NOTES 0.4%** | **CORPORATE BONDS & NOTES 0.4%** |
|  **Aeropuerto Internacional de Tocumen SA** | **Aeropuerto Internacional de Tocumen SA** | **Aeropuerto Internacional de Tocumen SA** |
|  5.125% due 08/11/2061 | 300 | 247 |
|  **Banco General SA** | **Banco General SA** | **Banco General SA** |
|  5.250% due 05/07/2031 •(f)(g) | 400 | 331 |
|  **Banco Nacional de Panama** | **Banco Nacional de Panama** | **Banco Nacional de Panama** |
|  2.500% due 08/11/2030 | 200 | 161 |
|  |  | 739 |
| **SOVEREIGN ISSUES 1.7%** | **SOVEREIGN ISSUES 1.7%** | **SOVEREIGN ISSUES 1.7%** |
|  **Panama Government International Bond** | **Panama Government International Bond** | **Panama Government International Bond** |
|  4.300% due 04/29/2053 | 800 | 581 |
|  4.500% due 04/01/2056 | 900 | 660 |
|  4.500% due 01/19/2063 | 300 | 212 |
|  6.400% due 02/14/2035 | 700 | 712 |
|  6.700% due 01/26/2036 | 600 | 627 |
|  8.875% due 09/30/2027 | 500 | 577 |
|  |  | 3369 |
| **Total Panama (Cost $4,997)** | **Total Panama (Cost $4,997)** | **4108** |
| **PARAGUAY 0.3%** | **PARAGUAY 0.3%** | **PARAGUAY 0.3%** |
| **SOVEREIGN ISSUES 0.3%** | **SOVEREIGN ISSUES 0.3%** | **SOVEREIGN ISSUES 0.3%** |
|  **Paraguay Government International Bond** | **Paraguay Government International Bond** | **Paraguay Government International Bond** |
|  3.849% due 06/28/2033 | 200 | 177 |
|  4.700% due 03/27/2027 | 200 | 197 |
|  6.100% due 08/11/2044 | 200 | 193 |
|  **Total Paraguay (Cost $595)** | **Total Paraguay (Cost $595)** | **567** |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **PERU 1.3%** | **PERU 1.3%** | **PERU 1.3%** |
| **CORPORATE BONDS & NOTES 0.8%** | **CORPORATE BONDS & NOTES 0.8%** | **CORPORATE BONDS & NOTES 0.8%** |
|  **Banco de Credito del Peru SA** | **Banco de Credito del Peru SA** | **Banco de Credito del Peru SA** |
|  4.650% due 09/17/2024 | 1800 | 443 |
|  **Cia de Minas Buenaventura SAA** | **Cia de Minas Buenaventura SAA** | **Cia de Minas Buenaventura SAA** |
|  5.500% due 07/23/2026 | 200 | 172 |
|  **InRetail Consumer** | **InRetail Consumer** | **InRetail Consumer** |
|  3.250% due 03/22/2028 | 500 | 430 |
|  **Petroleos del Peru SA** | **Petroleos del Peru SA** | **Petroleos del Peru SA** |
|  4.750% due 06/19/2032 | 400 | 310 |
|  5.625% due 06/19/2047 | 300 | 197 |
|  |  | 1552 |
| **SOVEREIGN ISSUES 0.5%** | **SOVEREIGN ISSUES 0.5%** | **SOVEREIGN ISSUES 0.5%** |
|  **Peru Government International Bond** | **Peru Government International Bond** | **Peru Government International Bond** |
|  3.000% due 01/15/2034 | 500 | 395 |
|  3.230% due 07/28/2121 | 200 | 117 |
|  3.300% due 03/11/2041 | 600 | 439 |
|  |  | 951 |
|  **Total Peru (Cost $3,215)** | **Total Peru (Cost $3,215)** | **2503** |
| **PHILIPPINES 1.8%** | **PHILIPPINES 1.8%** | **PHILIPPINES 1.8%** |
| **CORPORATE BONDS & NOTES 0.5%** | **CORPORATE BONDS & NOTES 0.5%** | **CORPORATE BONDS & NOTES 0.5%** |
|  **Power Sector Assets & Liabilities Management Corp.** | **Power Sector Assets & Liabilities Management Corp.** | **Power Sector Assets & Liabilities Management Corp.** |
|  7.390% due 12/02/2024 | 900 | 935 |
| **SOVEREIGN ISSUES 1.3%** | **SOVEREIGN ISSUES 1.3%** | **SOVEREIGN ISSUES 1.3%** |
|  **Philippines Government International Bond** | **Philippines Government International Bond** | **Philippines Government International Bond** |
|  2.650% due 12/10/2045 | 500 | 338 |
|  2.950% due 05/05/2045 | 400 | 290 |
|  3.700% due 03/01/2041 | 1000 | 821 |
|  9.500% due 02/02/2030 | 900 | 1151 |
|  |  | 2600 |
|  **Total Philippines (Cost $4,104)** | **Total Philippines (Cost $4,104)** | **3535** |
| **POLAND 0.5%** | **POLAND 0.5%** | **POLAND 0.5%** |
| **SOVEREIGN ISSUES 0.5%** | **SOVEREIGN ISSUES 0.5%** | **SOVEREIGN ISSUES 0.5%** |
|  **Poland Government International Bond** | **Poland Government International Bond** | **Poland Government International Bond** |
|  5.500% due 11/16/2027 | 900 | 926 |
|  **Total Poland (Cost $896)** | **Total Poland (Cost $896)** | **926** |
| **QATAR 2.3%** | **QATAR 2.3%** | **QATAR 2.3%** |
| **CORPORATE BONDS & NOTES 1.3%** | **CORPORATE BONDS & NOTES 1.3%** | **CORPORATE BONDS & NOTES 1.3%** |
|  **Nakilat, Inc.** | **Nakilat, Inc.** | **Nakilat, Inc.** |
|  6.067% due 12/31/2033 | 92 | 95 |
|  **QatarEnergy Trading LLC** | **QatarEnergy Trading LLC** | **QatarEnergy Trading LLC** |
|  2.250% due 07/12/2031 | 600 | 498 |
|  3.125% due 07/12/2041 | 400 | 309 |
|  3.300% due 07/12/2051 | 1900 | 1408 |
|  **Ras Laffan Liquefied Natural Gas Co. Ltd.** | **Ras Laffan Liquefied Natural Gas Co. Ltd.** | **Ras Laffan Liquefied Natural Gas Co. Ltd.** |
|  5.838% due 09/30/2027 | 285 | 287 |
|  |  | 2597 |
| **SOVEREIGN ISSUES 1.0%** | **SOVEREIGN ISSUES 1.0%** | **SOVEREIGN ISSUES 1.0%** |
|  **Qatar Government International Bond** | **Qatar Government International Bond** | **Qatar Government International Bond** |
|  4.400% due 04/16/2050 | 800 | 734 |
|  4.817% due 03/14/2049 | 500 | 488 |
|  5.103% due 04/23/2048 | 700 | 705 |
|  |  | 1927 |
|  **Total Qatar (Cost $4,867)** | **Total Qatar (Cost $4,867)** | **4524** |
| **ROMANIA 1.4%** | **ROMANIA 1.4%** | **ROMANIA 1.4%** |
| **SOVEREIGN ISSUES 1.4%** | **SOVEREIGN ISSUES 1.4%** | **SOVEREIGN ISSUES 1.4%** |
|  **Romania Government International Bond** | **Romania Government International Bond** | **Romania Government International Bond** |
|  1.750% due 07/13/2030 | 350 | 262 |
|  2.124% due 07/16/2031 | 800 | 593 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  2.125% due 03/07/2028 |  | 700 | 627 |
|  2.625% due 12/02/2040 |  | 300 | 180 |
|  2.875% due 04/13/2042 |  | 500 | 301 |
|  3.500% due 04/03/2034 |  | 100 | 79 |
|  3.750% due 02/07/2034 |  | 200 | 160 |
|  5.000% due 09/27/2026 |  | 500 | 540 |
|  **Total Romania (Cost $3,862)** | **Total Romania (Cost $3,862)** | **Total Romania (Cost $3,862)** | **2742** |
| **RUSSIA 0.2%** | **RUSSIA 0.2%** | **RUSSIA 0.2%** | **RUSSIA 0.2%** |
| **SOVEREIGN ISSUES 0.2%** | **SOVEREIGN ISSUES 0.2%** | **SOVEREIGN ISSUES 0.2%** | **SOVEREIGN ISSUES 0.2%** |
|  **Russia Government International Bond** | **Russia Government International Bond** | **Russia Government International Bond** | **Russia Government International Bond** |
|  1.850% due 11/20/2032 ^(b) |  | 600 | 186 |
|  5.250% due 06/23/2047 ^(b) | $— | 200 | 74 |
|  5.625% due 04/04/2042 ^(b) |  | 300 | 191 |
| **Total Russia (Cost $1,126)** | **Total Russia (Cost $1,126)** | **Total Russia (Cost $1,126)** | **451** |
| **RWANDA 0.1%** | **RWANDA 0.1%** | **RWANDA 0.1%** | **RWANDA 0.1%** |
| **SOVEREIGN ISSUES 0.1%** | **SOVEREIGN ISSUES 0.1%** | **SOVEREIGN ISSUES 0.1%** | **SOVEREIGN ISSUES 0.1%** |
|  **Rwanda Government International Bond** | **Rwanda Government International Bond** | **Rwanda Government International Bond** | **Rwanda Government International Bond** |
|  5.500% due 08/09/2031 | $— | 200 | 153 |
| **Total Rwanda (Cost $200)** | **Total Rwanda (Cost $200)** | **Total Rwanda (Cost $200)** | **153** |
| **SAUDI ARABIA 3.1%** | **SAUDI ARABIA 3.1%** | **SAUDI ARABIA 3.1%** | **SAUDI ARABIA 3.1%** |
| **CORPORATE BONDS & NOTES 1.1%** | **CORPORATE BONDS & NOTES 1.1%** | **CORPORATE BONDS & NOTES 1.1%** | **CORPORATE BONDS & NOTES 1.1%** |
|  **Saudi Arabian Oil Co.** | **Saudi Arabian Oil Co.** | **Saudi Arabian Oil Co.** | **Saudi Arabian Oil Co.** |
|  2.250% due 11/24/2030 | $— | 700 | 579 |
|  3.500% due 04/16/2029 |  | 500 | 460 |
|  3.500% due 11/24/2070 |  | 300 | 205 |
|  4.250% due 04/16/2039 |  | 1000 | 897 |
|  |  |  | 2141 |
| **SOVEREIGN ISSUES 2.0%** | **SOVEREIGN ISSUES 2.0%** | **SOVEREIGN ISSUES 2.0%** | **SOVEREIGN ISSUES 2.0%** |
|  **Saudi Government International Bond** | **Saudi Government International Bond** | **Saudi Government International Bond** | **Saudi Government International Bond** |
|  2.250% due 02/02/2033 |  | 200 | 163 |
|  3.450% due 02/02/2061 |  | 200 | 144 |
|  3.750% due 01/21/2055 |  | 400 | 316 |
|  4.500% due 10/26/2046 |  | 3800 | 3382 |
|  |  |  | 4005 |
| **Total Saudi Arabia (Cost $7,229)** | **Total Saudi Arabia (Cost $7,229)** | **Total Saudi Arabia (Cost $7,229)** | **6146** |
| **SENEGAL 0.3%** | **SENEGAL 0.3%** | **SENEGAL 0.3%** | **SENEGAL 0.3%** |
| **SOVEREIGN ISSUES 0.3%** | **SOVEREIGN ISSUES 0.3%** | **SOVEREIGN ISSUES 0.3%** | **SOVEREIGN ISSUES 0.3%** |
|  **Senegal Government International Bond** | **Senegal Government International Bond** | **Senegal Government International Bond** | **Senegal Government International Bond** |
|  4.750% due 03/13/2028 |  | 100 | 93 |
|  5.375% due 06/08/2037 |  | 200 | 144 |
|  6.250% due 05/23/2033 | $— | 300 | 249 |
|  6.750% due 03/13/2048 |  | 200 | 142 |
| **Total Senegal (Cost $868)** | **Total Senegal (Cost $868)** | **Total Senegal (Cost $868)** | **628** |
| **SERBIA 0.3%** | **SERBIA 0.3%** | **SERBIA 0.3%** | **SERBIA 0.3%** |
| **SOVEREIGN ISSUES 0.3%** | **SOVEREIGN ISSUES 0.3%** | **SOVEREIGN ISSUES 0.3%** | **SOVEREIGN ISSUES 0.3%** |
|  **Serbia Government International Bond** | **Serbia Government International Bond** | **Serbia Government International Bond** | **Serbia Government International Bond** |
|  1.500% due 06/26/2029 |  | 200 | 154 |
|  1.650% due 03/03/2033 |  | 700 | 457 |
| **Total Serbia (Cost $882)** | **Total Serbia (Cost $882)** | **Total Serbia (Cost $882)** | **611** |
| **SINGAPORE 0.2%** | **SINGAPORE 0.2%** | **SINGAPORE 0.2%** | **SINGAPORE 0.2%** |
| **CORPORATE BONDS & NOTES 0.2%** | **CORPORATE BONDS & NOTES 0.2%** | **CORPORATE BONDS & NOTES 0.2%** | **CORPORATE BONDS & NOTES 0.2%** |
|  **Flex Ltd.** | **Flex Ltd.** | **Flex Ltd.** | **Flex Ltd.** |
|  4.875% due 06/15/2029 | $— | 100 | 94 |
|  **Medco Bell Pte. Ltd.** | **Medco Bell Pte. Ltd.** | **Medco Bell Pte. Ltd.** | **Medco Bell Pte. Ltd.** |
|  6.375% due 01/30/2027 |  | 300 | 272 |
| **Total Singapore (Cost $402)** | **Total Singapore (Cost $402)** | **Total Singapore (Cost $402)** | **366** |

---

---

| | | |
|:---|:---|:---|
| **18** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **SOUTH AFRICA 3.9%** | **SOUTH AFRICA 3.9%** | **SOUTH AFRICA 3.9%** |
| **CORPORATE BONDS & NOTES 1.8%** | **CORPORATE BONDS & NOTES 1.8%** | **CORPORATE BONDS & NOTES 1.8%** |
|  **AngloGold Ashanti Holdings PLC** | **AngloGold Ashanti Holdings PLC** | **AngloGold Ashanti Holdings PLC** |
|  3.750% due 10/01/2030 | 200 | 174 |
|  6.500% due 04/15/2040 | 100 | 96 |
|  **Development Bank of Southern Africa** | **Development Bank of Southern Africa** | **Development Bank of Southern Africa** |
|  8.600% due 10/21/2024 « | 24300 | 1408 |
|  **Eskom Holdings SOC Ltd.** | **Eskom Holdings SOC Ltd.** | **Eskom Holdings SOC Ltd.** |
|  6.350% due 08/10/2028 | 500 | 464 |
|  7.125% due 02/11/2025 | 1000 | 913 |
|  **Growthpoint Properties International Pty. Ltd.** | **Growthpoint Properties International Pty. Ltd.** | **Growthpoint Properties International Pty. Ltd.** |
|  5.872% due 05/02/2023 | 500 | 498 |
|  |  | 3553 |
| **SOVEREIGN ISSUES 2.1%** | **SOVEREIGN ISSUES 2.1%** | **SOVEREIGN ISSUES 2.1%** |
|  **South Africa Government International Bond** | **South Africa Government International Bond** | **South Africa Government International Bond** |
|  4.850% due 09/30/2029 | 1500 | 1343 |
|  5.000% due 10/12/2046 | 300 | 212 |
|  5.750% due 09/30/2049 | 600 | 443 |
|  5.875% due 04/20/2032 (j) | 400 | 362 |
|  7.300% due 04/20/2052 | 300 | 260 |
|  10.500% due 12/21/2026 | 26300 | 1636 |
|  |  | 4256 |
|  **Total South Africa (Cost $8,704)** | **Total South Africa (Cost $8,704)** | **7809** |
| **SOUTH KOREA 0.4%** | **SOUTH KOREA 0.4%** | **SOUTH KOREA 0.4%** |
| **CORPORATE BONDS & NOTES 0.4%** | **CORPORATE BONDS & NOTES 0.4%** | **CORPORATE BONDS & NOTES 0.4%** |
|  **LG Chem Ltd.** | **LG Chem Ltd.** | **LG Chem Ltd.** |
|  1.375% due 07/07/2026 | 900 | 785 |
|  **Total South Korea (Cost $897)** | **Total South Korea (Cost $897)** | **785** |
| **SPAIN 0.4%** | **SPAIN 0.4%** | **SPAIN 0.4%** |
| **CORPORATE BONDS & NOTES 0.4%** | **CORPORATE BONDS & NOTES 0.4%** | **CORPORATE BONDS & NOTES 0.4%** |
|  **Banco Santander SA** | **Banco Santander SA** | **Banco Santander SA** |
|  5.147% due 08/18/2025 | 800 | 792 |
|  **Total Spain (Cost $800)** | **Total Spain (Cost $800)** | **792** |
| **SRI LANKA 0.5%** | **SRI LANKA 0.5%** | **SRI LANKA 0.5%** |
| **SOVEREIGN ISSUES 0.5%** | **SOVEREIGN ISSUES 0.5%** | **SOVEREIGN ISSUES 0.5%** |
|  **Sri Lanka Government International Bond** | **Sri Lanka Government International Bond** | **Sri Lanka Government International Bond** |
|  6.125% due 06/03/2025 ^(b) | 700 | 229 |
|  6.825% due 07/18/2026 ^(b) | 700 | 224 |
|  6.850% due 11/03/2025 ^(b) | 800 | 258 |
|  7.550% due 03/28/2030 ^(b) | 400 | 128 |
|  7.850% due 03/14/2029 ^(b) | 300 | 96 |
|  **Total Sri Lanka (Cost $2,576)** | **Total Sri Lanka (Cost $2,576)** | **935** |
| **SUPRANATIONAL 0.3%** | **SUPRANATIONAL 0.3%** | **SUPRANATIONAL 0.3%** |
| **CORPORATE BONDS & NOTES 0.3%** | **CORPORATE BONDS & NOTES 0.3%** | **CORPORATE BONDS & NOTES 0.3%** |
|  **African Export-Import Bank** | **African Export-Import Bank** | **African Export-Import Bank** |
|  2.634% due 05/17/2026 | 600 | 539 |
|  **Total Supranational (Cost $600)** | **Total Supranational (Cost $600)** | **539** |
| **SWITZERLAND 0.3%** | **SWITZERLAND 0.3%** | **SWITZERLAND 0.3%** |
| **CORPORATE BONDS & NOTES 0.3%** | **CORPORATE BONDS & NOTES 0.3%** | **CORPORATE BONDS & NOTES 0.3%** |
|  **Credit Suisse AG** | **Credit Suisse AG** | **Credit Suisse AG** |
|  4.750% due 08/09/2024 | 300 | 286 |
|  **Credit Suisse Group AG** | **Credit Suisse Group AG** | **Credit Suisse Group AG** |
|  6.373% due 07/15/2026 •(j) | 250 | 235 |
|  9.750% due 06/23/2027 •(f)(g) | 200 | 175 |
|  **Total Switzerland (Cost $750)** | **Total Switzerland (Cost $750)** | **696** |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **THAILAND 0.1%** | **THAILAND 0.1%** | **THAILAND 0.1%** |
| **CORPORATE BONDS & NOTES 0.1%** | **CORPORATE BONDS & NOTES 0.1%** | **CORPORATE BONDS & NOTES 0.1%** |
|  **GC Treasury Center Co. Ltd.** | **GC Treasury Center Co. Ltd.** | **GC Treasury Center Co. Ltd.** |
|  2.980% due 03/18/2031 | 200 | 162 |
|  4.300% due 03/18/2051 | 200 | 140 |
|  **Total Thailand (Cost $395)** | **Total Thailand (Cost $395)** | **302** |
| **TUNISIA 0.3%** | **TUNISIA 0.3%** | **TUNISIA 0.3%** |
| **SOVEREIGN ISSUES 0.3%** | **SOVEREIGN ISSUES 0.3%** | **SOVEREIGN ISSUES 0.3%** |
|  **Tunisian Republic International Bond** | **Tunisian Republic International Bond** | **Tunisian Republic International Bond** |
|  5.625% due 02/17/2024 | 300 | 254 |
|  6.750% due 10/31/2023 | 400 | 361 |
|  **Total Tunisia (Cost $541)** | **Total Tunisia (Cost $541)** | **615** |
| **TURKEY 5.0%** | **TURKEY 5.0%** | **TURKEY 5.0%** |
| **CORPORATE BONDS & NOTES 0.3%** | **CORPORATE BONDS & NOTES 0.3%** | **CORPORATE BONDS & NOTES 0.3%** |
|  **Turkish Airlines Pass-Through Trust** | **Turkish Airlines Pass-Through Trust** | **Turkish Airlines Pass-Through Trust** |
|  4.200% due 09/15/2028 | 222 | 194 |
|  **Turkiye Is Bankasi AS** | **Turkiye Is Bankasi AS** | **Turkiye Is Bankasi AS** |
|  6.125% due 04/25/2024 | 200 | 199 |
|  **Yapi ve Kredi Bankasi AS** | **Yapi ve Kredi Bankasi AS** | **Yapi ve Kredi Bankasi AS** |
|  5.850% due 06/21/2024 | 200 | 197 |
|  |  | 590 |
| **LOAN PARTICIPATIONS AND ASSIGNMENTS 0.5%** | **LOAN PARTICIPATIONS AND ASSIGNMENTS 0.5%** | **LOAN PARTICIPATIONS AND ASSIGNMENTS 0.5%** |
|  **SOCAR Turkey Enerji AS** | **SOCAR Turkey Enerji AS** | **SOCAR Turkey Enerji AS** |
|  4.214% (EUR006M + 3.450%) due 08/11/2026 ~ | 1000 | 1022 |
| **SOVEREIGN ISSUES 4.2%** | **SOVEREIGN ISSUES 4.2%** | **SOVEREIGN ISSUES 4.2%** |
|  **Turkey Government International Bond** | **Turkey Government International Bond** | **Turkey Government International Bond** |
|  4.875% due 04/16/2043 | 700 | 458 |
|  5.125% due 02/17/2028 | 1500 | 1303 |
|  5.750% due 05/11/2047 | 3600 | 2466 |
|  5.875% due 06/26/2031 | 500 | 412 |
|  5.950% due 01/15/2031 | 500 | 415 |
|  6.000% due 03/25/2027 | 700 | 641 |
|  6.000% due 01/14/2041 | 600 | 437 |
|  6.125% due 10/24/2028 | 300 | 269 |
|  6.375% due 10/14/2025 | 200 | 192 |
|  6.875% due 03/17/2036 | 1600 | 1345 |
|  **Turkiye Ihracat Kredi Bankasi AS** | **Turkiye Ihracat Kredi Bankasi AS** | **Turkiye Ihracat Kredi Bankasi AS** |
|  8.250% due 01/24/2024 | 400 | 406 |
|  |  | 8344 |
|  **Total Turkey (Cost $11,897)** | **Total Turkey (Cost $11,897)** | **9956** |
| **UKRAINE 0.5%** | **UKRAINE 0.5%** | **UKRAINE 0.5%** |
| **CORPORATE BONDS & NOTES 0.1%** | **CORPORATE BONDS & NOTES 0.1%** | **CORPORATE BONDS & NOTES 0.1%** |
|  **NPC Ukrenergo** | **NPC Ukrenergo** | **NPC Ukrenergo** |
|  6.875% due 11/09/2028 ^(b) | 800 | 142 |
| **SOVEREIGN ISSUES 0.4%** | **SOVEREIGN ISSUES 0.4%** | **SOVEREIGN ISSUES 0.4%** |
|  **Ukraine Government International Bond** | **Ukraine Government International Bond** | **Ukraine Government International Bond** |
|  6.876% due 05/21/2031 ^(b) | 200 | 40 |
|  7.253% due 03/15/2035 ^(b) | 900 | 180 |
|  7.375% due 09/25/2034 ^(b) | 500 | 96 |
|  7.750% due 09/01/2025 ^(b) | 1030 | 239 |
|  7.750% due 09/01/2026 ^(b) | 1100 | 240 |
|  8.994% due 02/01/2026 ^(b) | 200 | 45 |
|  |  | 840 |
|  **Total Ukraine (Cost $4,456)** | **Total Ukraine (Cost $4,456)** | **982** |
| **UNITED ARAB EMIRATES 1.8%** | **UNITED ARAB EMIRATES 1.8%** | **UNITED ARAB EMIRATES 1.8%** |
| **CORPORATE BONDS & NOTES 0.9%** | **CORPORATE BONDS & NOTES 0.9%** | **CORPORATE BONDS & NOTES 0.9%** |
|  **DAE Sukuk Difc Ltd.** | **DAE Sukuk Difc Ltd.** | **DAE Sukuk Difc Ltd.** |
|  3.750% due 02/15/2026 | 600 | 571 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **DP World Ltd.** | **DP World Ltd.** | **DP World Ltd.** |
|  6.850% due 07/02/2037 | 600 | 639 |
|  **NBK SPC Ltd.** | **NBK SPC Ltd.** | **NBK SPC Ltd.** |
|  1.625% due 09/15/2027 •  | 700 | 617 |
|  |  | 1827 |
| **SOVEREIGN ISSUES 0.9%** | **SOVEREIGN ISSUES 0.9%** | **SOVEREIGN ISSUES 0.9%** |
|  **Emirate of Abu Dhabi Government International Bond** | **Emirate of Abu Dhabi Government International Bond** | **Emirate of Abu Dhabi Government International Bond** |
|  3.125% due 09/30/2049 | 1200 | 891 |
|  3.875% due 04/16/2050 | 200 | 170 |
|  **Finance Department Government of Sharjah** | **Finance Department Government of Sharjah** | **Finance Department Government of Sharjah** |
|  4.375% due 03/10/2051 | 1200 | 812 |
|  |  | 1873 |
|  **Total United Arab Emirates (Cost $3,930)** | **Total United Arab Emirates (Cost $3,930)** | **3700** |
| **UNITED KINGDOM 2.0%** | **UNITED KINGDOM 2.0%** | **UNITED KINGDOM 2.0%** |
| **CORPORATE BONDS & NOTES 1.1%** | **CORPORATE BONDS & NOTES 1.1%** | **CORPORATE BONDS & NOTES 1.1%** |
|  **Barclays PLC** | **Barclays PLC** | **Barclays PLC** |
|  3.250% due 02/12/2027 | 100 | 109 |
|  5.304% due 08/09/2026 •  | 500 | 497 |
|  **HSBC Holdings PLC** | **HSBC Holdings PLC** | **HSBC Holdings PLC** |
|  4.041% due 03/13/2028 •  | 200 | 185 |
|  5.210% due 08/11/2028 •  | 200 | 193 |
|  **Lloyds Banking Group PLC** | **Lloyds Banking Group PLC** | **Lloyds Banking Group PLC** |
|  4.716% due 08/11/2026 •  | 200 | 196 |
|  4.976% due 08/11/2033 •  | 400 | 368 |
|  **Standard Chartered PLC** | **Standard Chartered PLC** | **Standard Chartered PLC** |
|  7.767% due 11/16/2028 •  | 600 | 637 |
|  **State Savings Bank of Ukraine** | **State Savings Bank of Ukraine** | **State Savings Bank of Ukraine** |
|  9.375% due 03/10/2023 þ | 30 | 21 |
|  **Ukreximbank Via Biz Finance PLC** | **Ukreximbank Via Biz Finance PLC** | **Ukreximbank Via Biz Finance PLC** |
|  9.750% due 01/22/2025 | 94 | 32 |
|  |  | 2238 |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES 0.9%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 0.9%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 0.9%** |
|  **Canada Square Funding PLC** | **Canada Square Funding PLC** | **Canada Square Funding PLC** |
|  3.735% due 01/17/2059 •  | 190 | 221 |
|  **Polaris PLC** | **Polaris PLC** | **Polaris PLC** |
|  4.682% due 05/27/2057 •  | 50 | 60 |
|  **RMAC PLC** | **RMAC PLC** | **RMAC PLC** |
|  4.206% due 06/12/2046 ~ | 157 | 189 |
|  **Rochester Financing PLC** | **Rochester Financing PLC** | **Rochester Financing PLC** |
|  4.126% due 12/18/2044 •  | 216 | 251 |
|  **Stratton Mortgage Funding PLC** | **Stratton Mortgage Funding PLC** | **Stratton Mortgage Funding PLC** |
|  4.287% due 03/12/2052 •  | 68 | 82 |
|  **Towd Point Mortgage Funding** | **Towd Point Mortgage Funding** | **Towd Point Mortgage Funding** |
|  4.471% due 02/20/2054 ~ | 626 | 754 |
|  **Tower Bridge Funding PLC** | **Tower Bridge Funding PLC** | **Tower Bridge Funding PLC** |
|  4.151% due 12/20/2063 ~ | 184 | 218 |
|  |  | 1775 |
|  **Total United Kingdom (Cost $4,071)** | **Total United Kingdom (Cost $4,071)** | **4013** |
| **UNITED STATES 8.4%** | **UNITED STATES 8.4%** | **UNITED STATES 8.4%** |
| **ASSET-BACKED SECURITIES 1.6%** | **ASSET-BACKED SECURITIES 1.6%** | **ASSET-BACKED SECURITIES 1.6%** |
|  **Countrywide Asset-Backed Certificates Trust** | **Countrywide Asset-Backed Certificates Trust** | **Countrywide Asset-Backed Certificates Trust** |
|  4.869% due 02/25/2037 ~ | 449 | 431 |
|  5.514% due 11/25/2035 •  | 380 | 366 |
|  **Credit-Based Asset Servicing & Securitization Trust** | **Credit-Based Asset Servicing & Securitization Trust** | **Credit-Based Asset Servicing & Securitization Trust** |
|  3.103% due 01/25/2037 ^þ | 591 | 189 |
|  **Morgan Stanley ABS Capital, Inc. Trust** | **Morgan Stanley ABS Capital, Inc. Trust** | **Morgan Stanley ABS Capital, Inc. Trust** |
|  5.154% due 01/25/2035 •  | 69 | 63 |
|  5.184% due 03/25/2034 ~ | 371 | 357 |
|  **Park Place Securities, Inc. Asset-Backed Pass-Through Certificates** | **Park Place Securities, Inc. Asset-Backed Pass-Through Certificates** | **Park Place Securities, Inc. Asset-Backed Pass-Through Certificates** |
|  5.169% due 09/25/2035 ~ | 500 | 418 |
|  **Soundview Home Loan Trust** | **Soundview Home Loan Trust** | **Soundview Home Loan Trust** |
|  5.289% due 10/25/2037 •  | 127 | 99 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **19** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Emerging Markets Bond Portfolio** | **(Cont.)** |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Wells Fargo Home Equity Asset-Backed Securities Trust** | **Wells Fargo Home Equity Asset-Backed Securities Trust** | **Wells Fargo Home Equity Asset-Backed Securities Trust** |
|  5.029% due 03/25/2037 ~ | 1500 | 1307 |
|  |  | 3230 |
|  | **SHARES** |  |
| **COMMON STOCKS 0.0%** | **COMMON STOCKS 0.0%** | **COMMON STOCKS 0.0%** |
|  **Constellation Oil 'B' «(c)(h)** | 393387 | 43 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| **CORPORATE BONDS & NOTES 1.2%** | **CORPORATE BONDS & NOTES 1.2%** | **CORPORATE BONDS & NOTES 1.2%** |
|  **DAE Funding LLC** | **DAE Funding LLC** | **DAE Funding LLC** |
|  1.625% due 02/15/2024 | 200 | 190 |
|  2.625% due 03/20/2025 | 200 | 187 |
|  3.375% due 03/20/2028 | 200 | 178 |
|  **Rio Oil Finance Trust** | **Rio Oil Finance Trust** | **Rio Oil Finance Trust** |
|  8.200% due 04/06/2028 | 426 | 432 |
|  9.250% due 07/06/2024 | 489 | 496 |
|  9.750% due 01/06/2027 | 554 | 577 |
|  **Rutas 2 & 7 Finance Ltd.** | **Rutas 2 & 7 Finance Ltd.** | **Rutas 2 & 7 Finance Ltd.** |
|  0.000% due 09/30/2036 (e) | 653 | 413 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2473 |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES 0.7%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 0.7%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 0.7%** |
|  **Banc of America Mortgage Trust** | **Banc of America Mortgage Trust** | **Banc of America Mortgage Trust** |
|  2.843% due 02/25/2036 ^~ | 1 | 1 |
|  **BCAP LLC Trust** | **BCAP LLC Trust** | **BCAP LLC Trust** |
|  2.980% due 05/26/2037 ~ | 582 | 517 |
|  **Bear Stearns Adjustable Rate Mortgage Trust** | **Bear Stearns Adjustable Rate Mortgage Trust** | **Bear Stearns Adjustable Rate Mortgage Trust** |
|  3.255% due 05/25/2047 ^~ | 6 | 5 |
|  3.810% due 01/25/2035 ~ | 1 | 1 |
|  **Citigroup Mortgage Loan Trust** | **Citigroup Mortgage Loan Trust** | **Citigroup Mortgage Loan Trust** |
|  3.871% due 09/25/2037 ^~ | 13 | 11 |
|  5.183% due 08/25/2035 ~ | 2 | 1 |
|  **CitiMortgage Alternative Loan Trust** | **CitiMortgage Alternative Loan Trust** | **CitiMortgage Alternative Loan Trust** |
|  5.039% due 10/25/2036 ~ | 80 | 68 |
|  **Countrywide Alternative Loan Trust** | **Countrywide Alternative Loan Trust** | **Countrywide Alternative Loan Trust** |
|  4.739% due 05/25/2036 ^~ | 121 | 53 |
|  **GSR Mortgage Loan Trust** | **GSR Mortgage Loan Trust** | **GSR Mortgage Loan Trust** |
|  3.796% due 01/25/2036 ^~ | 2 | 2 |
|  **IndyMac INDA Mortgage Loan Trust** | **IndyMac INDA Mortgage Loan Trust** | **IndyMac INDA Mortgage Loan Trust** |
|  3.141% due 11/25/2037 ~ | 72 | 59 |
|  **IndyMac INDX Mortgage Loan Trust** | **IndyMac INDX Mortgage Loan Trust** | **IndyMac INDX Mortgage Loan Trust** |
|  4.749% due 02/25/2037 •  | 153 | 145 |
|  5.029% due 07/25/2045 ~ | 85 | 71 |
|  **Lehman XS Trust** | **Lehman XS Trust** | **Lehman XS Trust** |
|  4.769% due 09/25/2046 •  | 115 | 96 |
|  4.889% due 08/25/2037 •  | 171 | 153 |
|  **Morgan Stanley Mortgage Loan Trust** | **Morgan Stanley Mortgage Loan Trust** | **Morgan Stanley Mortgage Loan Trust** |
|  4.386% due 06/25/2036 ~ | 1 | 1 |
|  **SunTrust Adjustable Rate Mortgage Loan Trust** | **SunTrust Adjustable Rate Mortgage Loan Trust** | **SunTrust Adjustable Rate Mortgage Loan Trust** |
|  3.691% due 10/25/2037 ^~ | 43 | 38 |
|  **WaMu Mortgage Pass-Through Certificates Trust** | **WaMu Mortgage Pass-Through Certificates Trust** | **WaMu Mortgage Pass-Through Certificates Trust** |
|  3.122% due 03/25/2036 ~ | 98 | 88 |
|  3.266% due 02/25/2037 ^~ | 11 | 10 |
|  **Washington Mutual Mortgage Pass-Through Certificates Trust** | **Washington Mutual Mortgage Pass-Through Certificates Trust** | **Washington Mutual Mortgage Pass-Through Certificates Trust** |
|  2.798% due 02/25/2047 ^•  | 136 | 115 |
|  |  | 1435 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **U.S. GOVERNMENT AGENCIES 0.5%** | **U.S. GOVERNMENT AGENCIES 0.5%** | **U.S. GOVERNMENT AGENCIES 0.5%** |
|  **Freddie Mac** | **Freddie Mac** | **Freddie Mac** |
|  2.815% due 03/01/2036 •  | 1 | 1 |
|  **Uniform Mortgage-Backed Security** | **Uniform Mortgage-Backed Security** | **Uniform Mortgage-Backed Security** |
|  4.000% due 07/01/2048 | 28 | 27 |
|  **Uniform Mortgage-Backed Security, TBA** | **Uniform Mortgage-Backed Security, TBA** | **Uniform Mortgage-Backed Security, TBA** |
|  3.500% due 02/01/2053 | 1000 | 909 |
|  |  | 937 |
| **U.S. TREASURY OBLIGATIONS 4.4%** | **U.S. TREASURY OBLIGATIONS 4.4%** | **U.S. TREASURY OBLIGATIONS 4.4%** |
|  **U.S. Treasury Bonds** | **U.S. Treasury Bonds** | **U.S. Treasury Bonds** |
|  1.750% due 08/15/2041 (m) | 2800 | 1917 |
|  2.000% due 11/15/2041 | 1400 | 1000 |
|  3.125% due 11/15/2041 | 2700 | 2335 |
|  3.250% due 05/15/2042 | 100 | 88 |
|  3.375% due 08/15/2042 | 400 | 358 |
|  **U.S. Treasury Notes** | **U.S. Treasury Notes** | **U.S. Treasury Notes** |
|  3.125% due 08/31/2029 | 3200 | 3038 |
|  |  | 8736 |
|  **Total United States (Cost $18,964)** | **Total United States (Cost $18,964)** | **16854** |
| **URUGUAY 0.2%** | **URUGUAY 0.2%** | **URUGUAY 0.2%** |
| **SOVEREIGN ISSUES 0.2%** | **SOVEREIGN ISSUES 0.2%** | **SOVEREIGN ISSUES 0.2%** |
|  **Uruguay Government International Bond** | **Uruguay Government International Bond** | **Uruguay Government International Bond** |
|  5.100% due 06/18/2050 | 500 | 492 |
|  **Total Uruguay (Cost $480)** | **Total Uruguay (Cost $480)** | **492** |
| **UZBEKISTAN 0.2%** | **UZBEKISTAN 0.2%** | **UZBEKISTAN 0.2%** |
| **SOVEREIGN ISSUES 0.2%** | **SOVEREIGN ISSUES 0.2%** | **SOVEREIGN ISSUES 0.2%** |
|  **Republic of Uzbekistan International Bond** | **Republic of Uzbekistan International Bond** | **Republic of Uzbekistan International Bond** |
|  3.900% due 10/19/2031 | 400 | 330 |
|  **Total Uzbekistan (Cost $320)** | **Total Uzbekistan (Cost $320)** | **330** |
| **VENEZUELA 0.5%** | **VENEZUELA 0.5%** | **VENEZUELA 0.5%** |
| **CORPORATE BONDS & NOTES 0.2%** | **CORPORATE BONDS & NOTES 0.2%** | **CORPORATE BONDS & NOTES 0.2%** |
|  **Petroleos de Venezuela SA** | **Petroleos de Venezuela SA** | **Petroleos de Venezuela SA** |
|  5.375% due 04/12/2027 ^(b) | 3750 | 183 |
|  5.500% due 04/12/2037 ^(b) | 4350 | 212 |
|  6.000% due 05/16/2024 ^(b) | 380 | 19 |
|  6.000% due 11/15/2026 ^(b) | 1200 | 59 |
|  |  | 473 |
| **SOVEREIGN ISSUES 0.3%** | **SOVEREIGN ISSUES 0.3%** | **SOVEREIGN ISSUES 0.3%** |
|  **Venezuela Government International Bond** | **Venezuela Government International Bond** | **Venezuela Government International Bond** |
|  7.000% due 03/31/2038 ^(b) | 300 | 27 |
|  7.650% due 04/21/2025 ^(b) | 630 | 55 |
|  8.250% due 10/13/2024 ^(b) | 3850 | 337 |
|  9.000% due 05/07/2023 ^(b) | 800 | 70 |
|  9.250% due 09/15/2027 ^(b) | 1190 | 113 |
|  9.375% due 01/13/2034 ^(b) | 40 | 4 |
|  11.950% due 08/05/2031 ^(b) | 490 | 46 |
|  |  | 652 |
|  **Total Venezuela (Cost $10,193)** | **Total Venezuela (Cost $10,193)** | **1125** |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **VIRGIN ISLANDS (BRITISH) 0.5%** | **VIRGIN ISLANDS (BRITISH) 0.5%** | **VIRGIN ISLANDS (BRITISH) 0.5%** |
| **CORPORATE BONDS & NOTES 0.5%** | **CORPORATE BONDS & NOTES 0.5%** | **CORPORATE BONDS & NOTES 0.5%** |
|  **1MDB Global Investments Ltd.** | **1MDB Global Investments Ltd.** | **1MDB Global Investments Ltd.** |
|  4.400% due 03/09/2023 | 1000 | 979 |
|  **Total Virgin Islands (British) (Cost $1,001)** | **Total Virgin Islands (British) (Cost $1,001)** | **979** |
| **ZAMBIA 0.0%** | **ZAMBIA 0.0%** | **ZAMBIA 0.0%** |
| **SOVEREIGN ISSUES 0.0%** | **SOVEREIGN ISSUES 0.0%** | **SOVEREIGN ISSUES 0.0%** |
|  **Zambia Government International Bond** | **Zambia Government International Bond** | **Zambia Government International Bond** |
|  8.970% due 07/30/2027 ^(b) | 200 | 90 |
|  **Total Zambia (Cost $139)** | **Total Zambia (Cost $139)** | **90** |
| **SHORT-TERM INSTRUMENTS 6.2%** | **SHORT-TERM INSTRUMENTS 6.2%** | **SHORT-TERM INSTRUMENTS 6.2%** |
| **COMMERCIAL PAPER 0.5%** | **COMMERCIAL PAPER 0.5%** | **COMMERCIAL PAPER 0.5%** |
|  **Crown Castle, Inc.** | **Crown Castle, Inc.** | **Crown Castle, Inc.** |
|  5.000% due 01/04/2023 | 300 | 300 |
|  5.150% due 01/10/2023 | 300 | 299 |
|  **National Grid North America, Inc.** | **National Grid North America, Inc.** | **National Grid North America, Inc.** |
|  4.780% due 01/23/2023 | 300 | 299 |
|  |  | 898 |
| **REPURCHASE AGREEMENTS (i) 0.3%** | **REPURCHASE AGREEMENTS (i) 0.3%** | **REPURCHASE AGREEMENTS (i) 0.3%** |
|  |  | 672 |
| **HUNGARY TREASURY BILLS 1.1%** | **HUNGARY TREASURY BILLS 1.1%** | **HUNGARY TREASURY BILLS 1.1%** |
|  18.250% due 01/03/2023 (d)(e) | 789000 | 2115 |
| **ISRAEL TREASURY BILLS 4.3%** | **ISRAEL TREASURY BILLS 4.3%** | **ISRAEL TREASURY BILLS 4.3%** |
|  1.780% due 05/03/2023 - 08/02/2023 (d)(e) | 30500 | 8518 |
| **Total Short-Term Instruments (Cost $12,824)** | **Total Short-Term Instruments (Cost $12,824)** | **12203** |
| **Total Investments in Securities (Cost $252,145)** | **Total Investments in Securities (Cost $252,145)** | **201252** |
|  | **SHARES** |  |
| **INVESTMENTS IN AFFILIATES 0.8%** | **INVESTMENTS IN AFFILIATES 0.8%** | **INVESTMENTS IN AFFILIATES 0.8%** |
| **SHORT-TERM INSTRUMENTS 0.8%** | **SHORT-TERM INSTRUMENTS 0.8%** | **SHORT-TERM INSTRUMENTS 0.8%** |
| **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.8%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.8%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.8%** |
|  **PIMCO Short-Term Floating NAV Portfolio III** | 170462 | 1656 |
| **Total Short-Term Instruments (Cost $1,656)** | **Total Short-Term Instruments (Cost $1,656)** | **1656** |
| **Total Investments in Affiliates (Cost $1,656)** | **Total Investments in Affiliates (Cost $1,656)** | **1656** |
| **Total Investments 102.1%<br>(Cost $253,801)** | **Total Investments 102.1%<br>(Cost $253,801)** | **202908** |
|  **Financial Derivative<br>Instruments (k)(l) 0.2%**<br>**(Cost or Premiums, net $267)** | **Financial Derivative<br>Instruments (k)(l) 0.2%**<br>**(Cost or Premiums, net $267)** | **470** |
| **Other Assets and Liabilities, net (2.3)%** | **Other Assets and Liabilities, net (2.3)%** | **(4705)** |
| **Net Assets 100.0%** | **Net Assets 100.0%** | **198673** |

---

**NOTES TO SCHEDULE OF INVESTMENTS:** 

**\*** **A zero balance may reflect actual amounts rounding to less than one thousand.** 

---

| | |
|:---|:---|
| **^** | **Security is in default.**  |

---

---

| | |
|:---|:---|
| **«** | **Security valued using significant unobservable inputs (Level 3).**  |

---

---

| | |
|:---|:---|
| **~** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.**  |

---

---

| | | |
|:---|:---|:---|
| **20** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

**•** **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** 

---

| | |
|:---|:---|
| **þ** | **Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.**  |

---

**(a)** **Payment in-kind security.** 

**(b)** **Security is not accruing income as of the date of this report.** 

**(c)** **Security did not produce income within the last twelve months.** 

**(d)** **Coupon represents a weighted average yield to maturity.** 

**(e)** **Zero coupon security.** 

**(f)** **Perpetual maturity; date shown, if applicable, represents next contractual call date.** 

**(g)** **Contingent convertible security.** 

&nbsp;&nbsp;&nbsp;&nbsp;**(h) RESTRICTED SECURITIES:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer Description** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Market Value<br>as Percentage<br>of Net Assets** |
|  Constellation Oil 'B' | 06/10/2022 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 | 0.02% |

---

**BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;**(i) REPURCHASE AGREEMENTS:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Lending<br>Rate** | **Settlement<br>Date** | **Maturity<br>Date** | **Principal<br>Amount** | **Collateralized By** | **Collateral<br>(Received)** | **Repurchase<br>Agreements,<br>at Value** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** |
| FICC | 1.900% | 12/30/2022 | 01/03/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672 | U.S. Treasury Bills 0.000% due 06/29/2023 | $(686) | $672 | $672 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** |  | $**(686)** | $**672** | $**672** |

---

**REVERSE REPURCHASE AGREEMENTS:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Borrowing<br>Rate<sup>(2)</sup>** | **Settlement<br>Date** | **Maturity<br>Date** | **Amount<br>Borrowed<sup>(2)</sup>** | **Payable for<br>Reverse<br>Repurchase<br>Agreements** |
|  JML | 4.450% | 12/16/2022 | 02/03/2023 | $(2502) | $(2508) |
|  MEI | 7.500 | 12/15/2022 | 01/06/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26089) | (1541) |
|  NOM | 4.320 | 12/16/2022 | TBD<sup>(3)</sup> | $(2937) | (2943) |
|  TDM | 4.490 | 12/16/2022 | TBD<sup>(3)</sup> | (961) | (963) |
|  **Total Reverse Repurchase Agreements** | **Total Reverse Repurchase Agreements** | **Total Reverse Repurchase Agreements** | **Total Reverse Repurchase Agreements** |  | $**(7955)** |

---

**SHORT SALES:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **Proceeds** | **Payable for<br>Short Sales<sup>(4)</sup>** |
|  United States (0.8)% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (0.8)% |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | 3.375% | 11/15/2048 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | $(1042) | $(977) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes | 2.375 | 02/29/2024 | 700 | (683) | (688) |
|  **Total Short Sales (0.8)%** |  |  |  | $**(1725)** | $**(1665)** |

---

**BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY** 

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2022:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** | **Payable for<br>Reverse<br>Repurchase<br>Agreements** | **Payable for<br>Sale-Buyback<br>Transactions** | **Payable for<br>Short Sales<sup>(4)</sup>** | **Total<br>Borrowings and<br>Other Financing<br>Transactions** | **Collateral<br>Pledged/<br>(Received)** | **Net Exposure<sup>(5)</sup>** |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  FICC | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $672 | $(686) | $(14) |
|  JML | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2508) | 0 | 0 | (2508) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(297) |
|  MEI | 0 | (1541) | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1541) | 1636 | 95 |
|  NOM | 0 | (2943) | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;(2943) | &nbsp;&nbsp;&nbsp;&nbsp;3158 | 215 |
|  TDM | 0 | (963) | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(963) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994 | 31 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **21** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Emerging Markets Bond Portfolio** | **(Cont.)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** | **Payable for<br>Reverse<br>Repurchase<br>Agreements** | **Payable for<br>Sale-Buyback<br>Transactions** | **Payable for<br>Short Sales<sup>(4)</sup>** | **Total<br>Borrowings and<br>Other Financing<br>Transactions** | **Collateral<br>Pledged/<br>(Received)** | **Net Exposure<sup>(5)</sup>** |
|  Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement |
|  BPG | $0 | $0 | $0 | $(688) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(688) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(688) |
|  GSC | 0 | 0 | 0 | (977) | (977) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(977) |
|  **Total Borrowings and Other Financing Transactions** | $**672** | $**(7955)** | $**0** | $**(1665)** |  |  |  |

---

**CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS** 

**Remaining Contractual Maturity of the Agreements** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Overnight and<br>Continuous** | **Up to 30 days** | **31-90 days** | **Greater Than 90 days** | **Total** |
|  **Reverse Repurchase Agreements** | **Reverse Repurchase Agreements** | **Reverse Repurchase Agreements** | **Reverse Repurchase Agreements** | **Reverse Repurchase Agreements** | **Reverse Repurchase Agreements** |
|  Corporate Bonds & Notes | $0 | $0 | $0 | $(1386) | $(1386) |
|  Sovereign Issues | 0 | (1541) | (2508) | (2520) | (6569) |
|  **Total Borrowings** | $**0** | $**(1541)** | $**(2508)** | $**(3906)** | $**(7955)** |
|  **Payable for reverse repurchase agreements**  | **Payable for reverse repurchase agreements**  | **Payable for reverse repurchase agreements**  | **Payable for reverse repurchase agreements**  | **Payable for reverse repurchase agreements**  | $**(7955)** |

---

**(j)** **Securities with an aggregate market value of $8,369 have been pledged as collateral under the terms of the above master agreements as of December 31, 2022.** 

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> The average amount of borrowings outstanding during the period ended December 31, 2022 was $(2001) at a weighted average interest rate of 3.216%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(3)</sup> Open maturity reverse repurchase agreement.

<sup>(4)</sup> Payable for short sales includes $12 of accrued interest. 

<sup>(5)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

&nbsp;&nbsp;&nbsp;&nbsp;**(k) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** 

**FUTURES CONTRACTS:** 

**LONG FUTURES CONTRACTS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  U.S. Treasury 10-Year Note March Futures  | 03/2023 | 342 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38406 | $(203) | $4 | $(46) |
|  U.S. Treasury Ultra Long-Term Bond March Futures  | 03/2023 | 13 | 1746 | 9 | 0 | (6) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(194) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52) |

---

**SHORT FUTURES CONTRACTS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  Euro-Bund March Futures  | 03/2023 | 26 | $(3700) | $238 | $30 | $(13) |
|  Japan Government 10-Year Bond March Futures  | 03/2023 | 5 | (5542) | 100 | 8 | 0 |
|  U.S. Treasury 5-Year Note March Futures  | 03/2023 | 156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16837) | (3) | 13 | 0 |
|  |  |  |  | $335 | $51 | $(13) |
|  **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | $**141** | $**55** | $**(65)** |

---

**SWAP AGREEMENTS:** 

**CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - BUY PROTECTION<sup>(1)</sup>** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2022<sup>(3)</sup>** | **Notional<br>Amount<sup>(4)</sup>** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(5)</sup>** | **Variation Margin** | **Variation Margin** |
| **Reference Entity** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2022<sup>(3)</sup>** | **Notional<br>Amount<sup>(4)</sup>** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(5)</sup>** | **Asset** | **Liability** |
|  Standard Chartered PLC | (1.000)% | Quarterly | 12/20/2027 | 1.035% | EUR | 600 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

---

| | | |
|:---|:---|:---|
| **22** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

**CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(2)</sup>** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2022<sup>(3)</sup>** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(5)</sup>** | **Variation Margin** | **Variation Margin** |
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2022<sup>(3)</sup>** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(5)</sup>** | **Asset** | **Liability** |
|  General Electric Co. | 1.000% | Quarterly | 12/20/2023 | 0.438% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

**INTEREST RATE SWAPS** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.750% | Annual | 06/15/2024 |  | $5700 | $(177) | $(96) | $(273) | $0 | $(5) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.000 | Annual | 09/21/2024 |  | 5400 | 223 | 137 | 360 | 5 | 0 |
|  Pay | 1-Year BRL-CDI | 5.863 | Maturity | 01/02/2023 |  | 32300 | (22) | (308) | (330) | 0 | 0 |
|  Receive | 1-Year BRL-CDI | 11.970 | Maturity | 01/02/2024 |  | 16800 | 0 | 56 | 56 | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 11.415 | Maturity | 01/04/2027 |  | 3700 | 0 | (19) | (19) | 0 | 0 |
|  Receive | 1-Year BRL-CDI | 13.015 | Maturity | 01/04/2027 |  | 2200 | 0 | (5) | (5) | 0 | 0 |
|  Receive<sup>(6)</sup> | 3-Month CNY-CNREPOFIX | 2.750 | Quarterly | 03/15/2028 |  | 20953 | 10 | 2 | 12 | 7 | 0 |
|  Pay | 3-Month USD-LIBOR | 1.500 | Semi-Annual | 06/21/2027 |  | $5700 | 334 | (936) | (602) | 0 | (10) |
|  Pay | 3-Month USD-LIBOR | 1.500 | Semi-Annual | 12/15/2028 |  | 400 | 3 | (56) | (53) | 0 | (1) |
|  Pay | 3-Month USD-LIBOR | 1.750 | Semi-Annual | 12/15/2031 |  | 200 | 3 | (35) | (32) | 0 | 0 |
|  Receive | 3-Month ZAR-JIBAR | 5.950 | Quarterly | 11/30/2024 |  | 29000 | 0 | 57 | 57 | 1 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 6.700 | Semi-Annual | 12/28/2025 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679500 | 0 | 1 | 1 | 0 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 6.700 | Semi-Annual | 12/30/2025 |  | 152000 | 0 | 0 | 0 | 0 | 0 |
|  Receive<sup>(6)</sup> | 6-Month CLP-CHILIBOR | 6.757 | Semi-Annual | 01/03/2026 |  | 657200 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 6-Month CLP-CHILIBOR | 5.820 | Semi-Annual | 12/28/2027 |  | 198100 | 0 | 0 | 0 | 0 | 0 |
|  Pay | 28-Day MXN-TIIE | 6.100 | Lunar | 02/26/2025 |  | 43600 | 87 | (252) | (165) | 0 | (4) |
|  Pay | 28-Day MXN-TIIE | 6.100 | Lunar | 02/28/2025 |  | 23200 | 46 | (134) | (88) | 0 | (2) |
|  Receive | 28-Day MXN-TIIE | 5.470 | Lunar | 04/21/2025 |  | 11300 | (9) | 61 | 52 | 1 | 0 |
|  Receive | 28-Day MXN-TIIE | 5.615 | Lunar | 04/23/2025 |  | 44500 | (48) | 245 | 197 | 4 | 0 |
|  Receive | 28-Day MXN-TIIE | 5.520 | Lunar | 04/24/2025 |  | 11200 | (10) | 61 | 51 | 1 | 0 |
|  Receive | 28-Day MXN-TIIE | 5.530 | Lunar | 04/24/2025 |  | 2300 | (2) | 12 | 10 | 0 | 0 |
|  |  |  |  |  |  |  | $438 | $(1210) | $(772) | $19 | $(22) |
|  **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** |  | $**447** | $**(1217)** | $**(770)** | $**19** | $**(22)** |

---

**FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY** 

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of December 31, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** |
|  | **Market Value** | **Variation Margin<br>Asset<sup>(7)</sup>** | **Variation Margin<br>Asset<sup>(7)</sup>** | | **Market Value** | **Variation Margin<br>Liability** | **Variation Margin<br>Liability** | |
| | **Purchased<br>Options** | **Futures** | **Swap<br>Agreements** |<br>**Total** | **Written<br>Options** | **Futures** | **Swap<br>Agreements** |<br>**Total** |
|  **Total Exchange-Traded or Centrally Cleared** | $**0** | $**56** | $**19** | $**75** | $**0** | $**(65)** | $**(22)** | $**(87)** |

---

**Cash of $1,667 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2022. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.** 

<sup>(1)</sup> If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(4)</sup> The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **23** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Emerging Markets Bond Portfolio** | **(Cont.)** |

---

<sup>(5)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(6)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

<sup>(7)</sup> Unsettled variation margin asset of $1 for closed futures is outstanding at period end. 

&nbsp;&nbsp;&nbsp;&nbsp;**(l) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** 

**FORWARD FOREIGN CURRENCY CONTRACTS:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  BOA | 01/2023 | 232036 | $592 | $0 | $(30) |
|  | 01/2023 | 2676 | 151 | 0 | (7) |
|  | 03/2023 | 2392 | 136 | 0 | (4) |
|  BPS | 01/2023 | 525345 | 1365 | 0 | (44) |
|  | 01/2023 | $106 | 99 | 0 | 0 |
|  | 03/2023 | 1295 | 25746 | 11 | (2) |
|  | 05/2023 | 1186 | $368 | 28 | 0 |
|  | 09/2023 | 19761 | 1118 | 0 | (21) |
|  | 11/2023 | 1196 | 346 | 0 | (2) |
|  BSH | 04/2023 | 29300 | 5396 | 1 | (59) |
|  CBK | 01/2023 | 3282 | 625 | 4 | 0 |
|  | 01/2023 | 95 | 100 | 0 | (1) |
|  | 01/2023 | 6113 | 349 | 0 | (10) |
|  | 02/2023 | 1245 | 316 | 0 | (11) |
|  | 02/2023 | $1211 | 4831 | 57 | 0 |
|  | 03/2023 | 19578 | $998 | 7 | 0 |
|  | 03/2023 | 6331 | 1619 | 0 | (38) |
|  | 04/2023 | $197 | 789 | 9 | 0 |
|  | 05/2023 | 4247 | $1326 | 109 | 0 |
|  | 05/2023 | 372 | 94 | 0 | (3) |
|  | 07/2023 | 13295 | 4163 | 337 | 0 |
|  | 08/2023 | 11298 | 3501 | 244 | 0 |
|  | 11/2023 | 2165 | 656 | 27 | 0 |
|  | 11/2023 | $132 | 4275 | 12 | 0 |
|  CLY | 01/2023 | 33053 | $84 | 0 | (5) |
|  DUB | 11/2023 | 5866 | 207 | 9 | 0 |
|  GLM | 01/2023 | $616 | 3283 | 6 | 0 |
|  | 02/2023 | 1 | 5452 | 0 | 0 |
|  | 03/2023 | 6414 | $312 | 0 | (13) |
|  | 04/2023 | 10482 | 1925 | 0 | (27) |
|  | 04/2023 | 8011 | 146 | 6 | 0 |
|  | 05/2023 | $99 | 392 | 4 | 0 |
|  | 11/2023 | 1297 | $46 | 2 | 0 |
|  | 11/2023 | $134 | 4102 | 4 | 0 |
|  JPM | 01/2023 | 545 | 10373 | 3 | 0 |
|  | 04/2023 | 1800 | $335 | 0 | 0 |
|  MBC | 01/2023 | 9428 | 9881 | 0 | (215) |
|  | 01/2023 | 949 | 1157 | 9 | 0 |
|  | 01/2023 | 13000 | 96 | 0 | (3) |
|  | 01/2023 | $162 | 152 | 1 | 0 |
|  | 09/2023 | 1474 | 26078 | 29 | 0 |
|  MYI | 11/2023 | 1298 | $46 | 2 | 0 |
|  RBC | 03/2023 | 64 | 3 | 0 | 0 |
|  | 04/2023 | 127 | 6 | 0 | 0 |
|  SCX | 04/2023 | 14842 | 807 | 0 | (59) |
|  UAG | 01/2023 | 624 | 767 | 13 | 0 |
|  | 01/2023 | 1435 | 4 | 0 | 0 |
|  | 01/2023 | 10293 | 514 | 0 | (30) |
|  | 03/2023 | 3425 | 192 | 0 | (8) |
|  | 09/2023 | 2636 | 150 | 0 | (2) |
|  | 11/2023 | 797 | 230 | 0 | (1) |
|  **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** |  |  | $**934** | $**(595)** |

---

---

| | | |
|:---|:---|:---|
| **24** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

**SWAP AGREEMENTS:** 

**CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION<sup>(1)</sup>** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2022<sup>(3)</sup>** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements,<br>at Value<sup>(5)</sup>** | **Swap Agreements,<br>at Value<sup>(5)</sup>** |
| **Counterparty** | **Reference Entity** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2022<sup>(3)</sup>** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
| BOA | Oman Government International Bond | (1.000)% | Quarterly | 12/20/2027 | 1.878% | $100 | $3 | $1 | $4 | $0 |
|  | Turkey Government International Bond | (1.000) | Quarterly | 12/20/2025 | 4.644 | 400 | 34 | 4 | 38 | 0 |
| BPS | Oman Government International Bond | (1.000) | Quarterly | 12/20/2027 | 1.878 | 100 | 3 | 1 | 4 | 0 |
| CBK | Turkey Government International Bond | (1.000) | Quarterly | 12/20/2025 | 4.644 | 300 | 26 | 2 | 28 | 0 |
| DUB | Turkey Government International Bond | (1.000) | Quarterly | 12/20/2025 | 4.644 | 600 | 60 | (4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | 0 |
| GST | South Korea Government International Bond | (1.000) | Quarterly | 06/20/2027 | 0.512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) |
| HUS | Dubai Government International Bond | (1.000) | Quarterly | 12/20/2024 | 0.444 | 100 | 0 | (1) | 0 | (1) |
| JPM | Dubai Government International Bond | (1.000) | Quarterly | 12/20/2024 | 0.444 | 200 | 0 | (2) | 0 | (2) |
|  | Turkey Government International Bond | (1.000) | Quarterly | 12/20/2025 | 4.644 | 800 | 77 | (2) | 75 | 0 |
|  |  |  |  |  |  |  | $161 | $17 | $205 | $(27) |

---

**CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(2)</sup>** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2022<sup>(3)</sup>** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements,<br>at Value<sup>(5)</sup>** | **Swap Agreements,<br>at Value<sup>(5)</sup>** |
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2022<sup>(3)</sup>** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
| BOA | Brazil Government International Bond | 1.000% | Quarterly | 06/20/2031 | 3.220% | $300 | $(44) | $2 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;(42) |
|  | Chile Government International Bond | 1.000 | Quarterly | 06/20/2024 | 0.496 | 300 | 1 | 1 | 2 | 0 |
|  | Chile Government International Bond | 1.000 | Quarterly | 12/20/2025 | 0.684 | 1000 | 25 | (16) | 9 | 0 |
|  | Chile Government International Bond | 1.000 | Quarterly | 12/20/2026 | 0.869 | 100 | 1 | 0 | 1 | 0 |
|  | Colombia Government International Bond | 1.000 | Quarterly | 12/20/2025 | 1.955 | 800 | (21) | 0 | 0 | (21) |
|  | Mexico Government International Bond | 1.000 | Quarterly | 06/20/2024 | 0.588 | 1400 | 0 | 9 | 9 | 0 |
|  | Montenegro Government<br>International Bond « | 1.000 | Quarterly | 06/20/2023 | 3.244 | 100 | (8) | 7 | 0 | (1) |
|  | Saudi Arabia Government International Bond | 1.000 | Quarterly | 06/20/2024 | 0.343 | $1500 | 20 | (6) | &nbsp;&nbsp;&nbsp;&nbsp;14 | 0 |
| BPS | Brazil Government International Bond | 1.000 | Quarterly | 12/20/2027 | 2.505 | 200 | (15) | 2 | 0 | (13) |
|  | Chile Government International Bond | 1.000 | Quarterly | 12/20/2023 | 0.411 | 100 | 0 | 1 | 1 | 0 |
|  | Chile Government International Bond | 1.000 | Quarterly | 06/20/2024 | 0.496 | 100 | 0 | 1 | 1 | 0 |
|  | Chile Government International Bond | 1.000 | Quarterly | 12/20/2024 | 0.537 | 300 | 0 | 3 | 3 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 12/20/2023 | 0.480 | 100 | 0 | 1 | 1 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 12/20/2024 | 0.640 | 400 | (1) | 4 | 3 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 12/20/2026 | 1.048 | 300 | 0 | 0 | 0 | 0 |
|  | Peru Government International Bond | 1.000 | Quarterly | 06/20/2026 | 0.906 | 600 | 5 | (3) | 2 | 0 |
|  | Poland Government International Bond | 1.000 | Quarterly | 12/20/2023 | 0.627 | 100 | 0 | 0 | 0 | 0 |
|  | Poland Government International Bond | 1.000 | Quarterly | 12/20/2027 | 1.183 | 100 | (1) | 0 | 0 | (1) |
|  | Romania Government International Bond | 1.000 | Quarterly | 12/20/2027 | 2.833 | 100 | (7) | (1) | 0 | (8) |
| BRC | Argentine Republic Government International Bond | 5.000 | Quarterly | 12/20/2023 | 19.437 | 450 | (67) | 11 | 0 | (56) |
|  | Chile Government International Bond | 1.000 | Quarterly | 06/20/2026 | 0.790 | 1000 | 17 | (10) | 7 | 0 |
|  | Hungary Government International Bond | 1.000 | Quarterly | 12/20/2023 | 0.906 | 400 | (3) | 4 | 1 | 0 |
|  | Poland Government International Bond | 1.000 | Quarterly | 12/20/2027 | 1.183 | 100 | (2) | 1 | 0 | (1) |
|  | QNB Finance Ltd. | 1.000 | Quarterly | 06/20/2023 | 0.464 | 100 | 1 | (1) | 0 | 0 |
|  | Romania Government International Bond | 1.000 | Quarterly | 12/20/2023 | 1.172 | 100 | (1) | 1 | 0 | 0 |
|  | Saudi Arabia Government International Bond | 1.000 | Quarterly | 12/20/2024 | 0.368 | 500 | 5 | 1 | 6 | 0 |
|  | South Africa Government International Bond | 1.000 | Quarterly | 06/20/2023 | 0.624 | 200 | (1) | 1 | 0 | 0 |
| CBK | Panama LA | 1.000 | Quarterly | 06/20/2024 | 0.520 | 200 | 0 | 1 | 1 | 0 |
|  | Panama LA | 1.000 | Quarterly | 12/20/2024 | 0.573 | 300 | 0 | 2 | 2 | 0 |
|  | Peru Government International Bond | 1.000 | Quarterly | 12/20/2025 | 0.796 | 800 | 9 | (4) | 5 | 0 |
|  | Saudi Arabia Government International Bond | 1.000 | Quarterly | 12/20/2024 | 0.368 | 1900 | (64) | 87 | 23 | 0 |
| GLM | Romania Government International Bond | 1.000 | Quarterly | 12/20/2023 | 1.172 | 100 | 0 | 0 | 0 | 0 |
| GST | Brazil Government International Bond | 1.000 | Quarterly | 06/20/2031 | 3.220 | 100 | (15) | 1 | 0 | (14) |
|  | Indonesia Government International Bond | 1.000 | Quarterly | 12/20/2027 | 0.999 | 6900 | &nbsp;&nbsp;&nbsp;&nbsp;(134) | &nbsp;&nbsp;&nbsp;&nbsp;137 | 3 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 12/20/2024 | 0.640 | 100 | (1) | 2 | 1 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 12/20/2027 | 1.305 | 400 | (17) | 12 | 0 | (5) |
|  | Peru Government International Bond | 1.000 | Quarterly | 06/20/2026 | 0.906 | 1500 | 7 | (2) | 5 | 0 |
|  | Poland Government International Bond | 1.000 | Quarterly | 12/20/2023 | 0.627 | 100 | 0 | 0 | 0 | 0 |
|  | Saudi Arabia Government International Bond | 1.000 | Quarterly | 12/20/2024 | 0.368 | 300 | 3 | 1 | 4 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **25** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Emerging Markets Bond Portfolio** | **(Cont.)** |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2022<sup>(3)</sup>** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements,<br>at Value<sup>(5)</sup>** | **Swap Agreements,<br>at Value<sup>(5)</sup>** |
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2022<sup>(3)</sup>** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
| HUS | Mexico Government International Bond | 1.000% | Quarterly | 12/20/2023 | 0.480% | $400 | $(6) | $8 | $2 | $0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 06/20/2024 | 0.588 | 100 | (1) | 2 | 1 | 0 |
|  | Saudi Arabia Government International Bond | 1.000 | Quarterly | 06/20/2024 | 0.343 | 900 | 10 | (1) | 9 | 0 |
| JPM | Nigeria Government International Bond | 1.000 | Quarterly | 06/20/2023 | 4.287 | 500 | (12) | 5 | 0 | (7) |
|  | South Africa Government International Bond | 1.000 | Quarterly | 12/20/2023 | 0.850 | 500 | (8) | 9 | 1 | 0 |
|  | State Oil Company of Azerb | 1.000 | Quarterly | 12/20/2023 | 2.497 | 300 | (10) | 6 | 0 | (4) |
|  | State Oil Company of Azerb | 5.000 | Quarterly | 06/20/2026 | 3.461 | 100 | 1 | 4 | 5 | 0 |
|  | Turkey Government International Bond | 1.000 | Quarterly | 12/20/2023 | 3.559 | 200 | (11) | 6 | 0 | (5) |
| MYC | Chile Government International Bond | 1.000 | Quarterly | 12/20/2024 | 0.537 | 200 | 1 | 1 | 2 | 0 |
|  | Chile Government International Bond | 1.000 | Quarterly | 12/20/2026 | 0.869 | 700 | 4 | (1) | 3 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 06/20/2024 | 0.588 | 100 | 0 | 1 | 1 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 12/20/2024 | 0.640 | 100 | (1) | 2 | 1 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 06/20/2027 | 1.191 | 200 | (1) | (1) | 0 | (2) |
|  | Mexico Government International Bond | 1.000 | Quarterly | 12/20/2027 | 1.305 | 300 | (10) | 6 | 0 | (4) |
|  | Peru Government International Bond | 1.000 | Quarterly | 06/20/2026 | 0.906 | 1800 | 3 | 3 | 6 | 0 |
|  | Saudi Arabia Government International Bond | 1.000 | Quarterly | 06/20/2024 | 0.343 | 1400 | 8 | 6 | 14 | 0 |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;(341) | $&nbsp;&nbsp;&nbsp;&nbsp;306 | $&nbsp;&nbsp;&nbsp;&nbsp;149 | $&nbsp;&nbsp;&nbsp;&nbsp;(184) |

---

**VOLATILITY SWAPS** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<br>Volatility** | **Reference Entity** | **Volatility<br>Strike** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements,<br>at Value** | **Swap Agreements,<br>at Value** |
| **Counterparty** | **Pay/Receive<br>Volatility** | **Reference Entity** | **Volatility<br>Strike** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  GLM | Pay | USD versus JPY 1-Year ATM Realized Volatility | 12.025% | Maturity | 06/20/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | $0 | $0 | $0 | $0 |
|  **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | $**(180)** | $**323** | $**354** | $**(211)** |

---

**FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY** 

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2022:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | | | |
| <br>**Counterparty** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Purchased<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Written<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** |<br>**Net Market<br>Value of OTC<br>Derivatives** |<br>**Collateral<br>Pledged/<br>(Received)** |<br>**Net<br>Exposure<sup>(6)</sup>** |
|  BOA | $0 | $0 | $77 | $77 | $(41) | $0 | $(64) | $(105) | $(28) | $0 | $(28) |
|  BPS | 39 | 0 | 15 | 54 | (69) | 0 | (22) | (91) | (37) | 0 | (37) |
|  BRC | 0 | 0 | 14 | 14 | 0 | 0 | (57) | (57) | (43) | 68 | 25 |
|  BSH | 1 | 0 | 0 | 1 | (59) | 0 | 0 | (59) | (58) | 0 | (58) |
|  CBK | 806 | 0 | 59 | 865 | (63) | 0 | 0 | (63) | 802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(660) | 142 |
|  CLY | 0 | 0 | 0 | 0 | (5) | 0 | 0 | (5) | (5) | 0 | (5) |
|  DUB | 9 | 0 | 56 | 65 | 0 | 0 | 0 | 0 | 65 | 0 | 65 |
|  GLM | 22 | 0 | 0 | 22 | (40) | 0 | 0 | (40) | (18) | 0 | (18) |
|  GST | 0 | 0 | 13 | 13 | 0 | 0 | (43) | (43) | (30) | 0 | (30) |
|  HUS | 0 | 0 | 12 | 12 | 0 | 0 | (1) | (1) | 11 | 0 | 11 |
|  JPM | 3 | 0 | 81 | 84 | 0 | 0 | (18) | (18) | 66 | 0 | 66 |
|  MBC | 39 | 0 | 0 | 39 | (218) | 0 | 0 | (218) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(179) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(179) |
|  MYC | 0 | 0 | 27 | 27 | 0 | 0 | (6) | (6) | 21 | (20) | 1 |
|  MYI | 2 | 0 | 0 | 2 | 0 | 0 | 0 | 0 | 2 | 0 | 2 |
|  SCX | 0 | 0 | 0 | 0 | (59) | 0 | 0 | (59) | (59) | 0 | (59) |
|  UAG | 13 | 0 | 0 | 13 | (41) | 0 | 0 | (41) | (28) | 0 | (28) |
|  **Total Over the Counter** | $**934** | $**0** | $**354** | $**1288** | $**(595)** | $**0** | $**(211)** | $**(806)** |  |  |  |

---

**(m)** **Securities with an aggregate market value of $68 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2022.** 

<sup>(1)</sup> If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

---

| | | |
|:---|:---|:---|
| **26** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

<sup>(2)</sup> If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(4)</sup> The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(5)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(6)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

**FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS** 

The following is a summary of the fair valuation of the Portfolio's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Portfolio.

Fair Values of Financial Derivative Instruments on the Statement of Assets and Liabilities as of December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
| | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $56 | $56 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 19 | 19 |
|  | $0 | $0 | $0 | $0 | $75 | $75 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $934 | $0 | $934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 354 | 0 | 0 | 0 | 354 |
|  | $0 | $354 | $0 | $934 | $0 | $1288 |
|  | $0 | $354 | $0 | $934 | $75 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1363 |
|  **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $65 | $65 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 22 | 22 |
|  | $0 | $0 | $0 | $0 | $87 | $87 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $595 | $0 | $595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 211 | 0 | 0 | 0 | 211 |
|  | $0 | $211 | $0 | $595 | $0 | $806 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87 | $893 |

---

The effect of Financial Derivative Instruments on the Statement of Operations for the period ended December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
| | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $0 | $0 | $(1902) | $(1902) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (8) | 0 | 0 | 210 | 202 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1692) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1700) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **27** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Emerging Markets Bond Portfolio** | **(Cont.)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
| | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $1532 | $0 | $1532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (462) | 0 | 0 | 0 | (462) |
|  | $0 | $(462) | $0 | $1532 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1070 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(470) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1532 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1692) | $(630) |
|  **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $(63) | $(63) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (27) | 0 | 0 | (711) | (738) |
|  | $0 | $(27) | $0 | $0 | $(774) | $(801) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $254 | $0 | $254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (24) | 0 | 0 | 0 | (24) |
|  | $0 | $(24) | $0 | $254 | $0 | $230 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(51) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $254 | $(774) | $(571) |

---

**FAIR VALUE MEASUREMENTS** 

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** |
|  Albania | Albania | Albania | Albania | Albania |
| &nbsp;&nbsp; Sovereign Issues | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $349 | $0 | $349 |
|  Angola | Angola | Angola | Angola | Angola |
| &nbsp;&nbsp; Sovereign Issues | 0 | 366 | 0 | 366 |
|  Argentina | Argentina | Argentina | Argentina | Argentina |
| &nbsp;&nbsp; Sovereign Issues | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3429 | 0 | 3429 |
|  Armenia | Armenia | Armenia | Armenia | Armenia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 650 | 0 | 650 |
|  Azerbaijan | Azerbaijan | Azerbaijan | Azerbaijan | Azerbaijan |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1440 | 0 | 1440 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 167 | 0 | 167 |
|  Bahamas | Bahamas | Bahamas | Bahamas | Bahamas |
| &nbsp;&nbsp; Sovereign Issues | 0 | 773 | 0 | 773 |
|  Bahrain | Bahrain | Bahrain | Bahrain | Bahrain |
| &nbsp;&nbsp; Sovereign Issues | 0 | 552 | 0 | 552 |
|  Belarus | Belarus | Belarus | Belarus | Belarus |
| &nbsp;&nbsp; Sovereign Issues | 0 | 68 | 0 | 68 |
|  Bermuda | Bermuda | Bermuda | Bermuda | Bermuda |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 333 | 0 | 333 |
|  Brazil | Brazil | Brazil | Brazil | Brazil |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 4385 | 0 | 4385 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 9115 | 0 | 9115 |
|  Cameroon | Cameroon | Cameroon | Cameroon | Cameroon |
| &nbsp;&nbsp; Sovereign Issues | 0 | 319 | 0 | 319 |
|  Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 4961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254 | 5215 |
|  Chile | Chile | Chile | Chile | Chile |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 3055 | 0 | 3055 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 3745 | 0 | 3745 |
|  China | China | China | China | China |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 170 | 0 | 170 |
|  Colombia | Colombia | Colombia | Colombia | Colombia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1314 | 0 | 1314 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 4522 | 0 | 4522 |
|  Costa Rica | Costa Rica | Costa Rica | Costa Rica | Costa Rica |
| &nbsp;&nbsp; Sovereign Issues | 0 | 728 | 0 | 728 |
|  Dominican Republic | Dominican Republic | Dominican Republic | Dominican Republic | Dominican Republic |
| &nbsp;&nbsp; Sovereign Issues | 0 | 4336 | 0 | 4336 |
|  Ecuador | Ecuador | Ecuador | Ecuador | Ecuador |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 98 | 0 | 98 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2180 | 0 | 2180 |
|  Egypt | Egypt | Egypt | Egypt | Egypt |
| &nbsp;&nbsp; Sovereign Issues | 0 | 4335 | 0 | 4335 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  El Salvador | El Salvador | El Salvador | El Salvador | El Salvador |
| &nbsp;&nbsp; Sovereign Issues | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $297 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $297 |
|  Ethiopia | Ethiopia | Ethiopia | Ethiopia | Ethiopia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 126 | 0 | 126 |
|  Germany | Germany | Germany | Germany | Germany |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 399 | 0 | 399 |
|  Ghana | Ghana | Ghana | Ghana | Ghana |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1317 | 0 | 1317 |
|  Guatemala | Guatemala | Guatemala | Guatemala | Guatemala |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1126 | 0 | 1126 |
|  Hong Kong | Hong Kong | Hong Kong | Hong Kong | Hong Kong |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1520 | 0 | 1520 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 129 | 0 | 129 |
|  Hungary | Hungary | Hungary | Hungary | Hungary |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1642 | 0 | 1642 |
|  India | India | India | India | India |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 600 | 0 | 600 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 903 | 0 | 903 |
|  Indonesia | Indonesia | Indonesia | Indonesia | Indonesia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8055 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8055 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2705 | 0 | 2705 |
|  Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 944 | 0 | 944 |
|  Israel | Israel | Israel | Israel | Israel |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1088 | 0 | 1088 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1172 | 0 | 1172 |
|  Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast | Ivory Coast |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1558 | 0 | 1558 |
|  Jamaica | Jamaica | Jamaica | Jamaica | Jamaica |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 154 | 0 | 154 |
|  Japan | Japan | Japan | Japan | Japan |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 994 | 0 | 994 |
|  Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1062 | 0 | 1062 |
|  Jordan | Jordan | Jordan | Jordan | Jordan |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1214 | 0 | 1214 |
|  Kazakhstan | Kazakhstan | Kazakhstan | Kazakhstan | Kazakhstan |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 3321 | 0 | 3321 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 179 | 0 | 179 |
|  Kenya | Kenya | Kenya | Kenya | Kenya |
| &nbsp;&nbsp; Sovereign Issues | 0 | 683 | 0 | 683 |
|  Lebanon | Lebanon | Lebanon | Lebanon | Lebanon |
| &nbsp;&nbsp; Sovereign Issues | 0 | 37 | 0 | 37 |

---

---

| | | |
|:---|:---|:---|
| **28** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg |
| &nbsp;&nbsp; Corporate Bonds & Notes | $0 | $892 | $0 | $892 |
|  Malaysia | Malaysia | Malaysia | Malaysia | Malaysia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1732 | 0 | 1732 |
|  Mauritius | Mauritius | Mauritius | Mauritius | Mauritius |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 458 | 0 | 458 |
|  Mexico | Mexico | Mexico | Mexico | Mexico |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 8935 | 0 | 8935 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 3359 | 0 | 3359 |
|  Mongolia | Mongolia | Mongolia | Mongolia | Mongolia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 691 | 0 | 691 |
|  Morocco | Morocco | Morocco | Morocco | Morocco |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 718 | 0 | 718 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 275 | 0 | 275 |
|  Namibia | Namibia | Namibia | Namibia | Namibia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 282 | 0 | 282 |
|  Netherlands | Netherlands | Netherlands | Netherlands | Netherlands |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 2683 | 0 | 2683 |
|  Nigeria | Nigeria | Nigeria | Nigeria | Nigeria |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 519 | 0 | 519 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 3165 | 0 | 3165 |
|  Oman | Oman | Oman | Oman | Oman |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 197 | 0 | 197 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 3541 | 0 | 3541 |
|  Pakistan | Pakistan | Pakistan | Pakistan | Pakistan |
| &nbsp;&nbsp; Sovereign Issues | 0 | 479 | 0 | 479 |
|  Panama | Panama | Panama | Panama | Panama |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 739 | 0 | 739 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 3369 | 0 | 3369 |
|  Paraguay | Paraguay | Paraguay | Paraguay | Paraguay |
| &nbsp;&nbsp; Sovereign Issues | 0 | 567 | 0 | 567 |
|  Peru | Peru | Peru | Peru | Peru |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1552 | 0 | 1552 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 951 | 0 | 951 |
|  Philippines | Philippines | Philippines | Philippines | Philippines |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 935 | 0 | 935 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2600 | 0 | 2600 |
|  Poland | Poland | Poland | Poland | Poland |
| &nbsp;&nbsp; Sovereign Issues | 0 | 926 | 0 | 926 |
|  Qatar | Qatar | Qatar | Qatar | Qatar |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 2597 | 0 | 2597 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1927 | 0 | 1927 |
|  Romania | Romania | Romania | Romania | Romania |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2742 | 0 | 2742 |
|  Russia | Russia | Russia | Russia | Russia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 451 | 0 | 451 |
|  Rwanda | Rwanda | Rwanda | Rwanda | Rwanda |
| &nbsp;&nbsp; Sovereign Issues | 0 | 153 | 0 | 153 |
|  Saudi Arabia | Saudi Arabia | Saudi Arabia | Saudi Arabia | Saudi Arabia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 2141 | 0 | 2141 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 4005 | 0 | 4005 |
|  Senegal | Senegal | Senegal | Senegal | Senegal |
| &nbsp;&nbsp; Sovereign Issues | 0 | 628 | 0 | 628 |
|  Serbia | Serbia | Serbia | Serbia | Serbia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 611 | 0 | 611 |
|  Singapore | Singapore | Singapore | Singapore | Singapore |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 366 | 0 | 366 |
|  South Africa | South Africa | South Africa | South Africa | South Africa |
| &nbsp;&nbsp; Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3553 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 4256 | 0 | 4256 |
|  South Korea | South Korea | South Korea | South Korea | South Korea |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 785 | 0 | 785 |
|  Spain | Spain | Spain | Spain | Spain |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 792 | 0 | 792 |
|  Sri Lanka | Sri Lanka | Sri Lanka | Sri Lanka | Sri Lanka |
| &nbsp;&nbsp; Sovereign Issues | 0 | 935 | 0 | 935 |
|  Supranational | Supranational | Supranational | Supranational | Supranational |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 539 | 0 | 539 |
|  Switzerland | Switzerland | Switzerland | Switzerland | Switzerland |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 696 | 0 | 696 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  Thailand | Thailand | Thailand | Thailand | Thailand |
| &nbsp;&nbsp; Corporate Bonds & Notes | $0 | $302 | $0 | $302 |
|  Tunisia | Tunisia | Tunisia | Tunisia | Tunisia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 615 | 0 | 615 |
|  Turkey | Turkey | Turkey | Turkey | Turkey |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 590 | 0 | 590 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 1022 | 0 | 1022 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 8344 | 0 | 8344 |
|  Ukraine | Ukraine | Ukraine | Ukraine | Ukraine |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 142 | 0 | 142 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 840 | 0 | 840 |
|  United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1827 | 0 | 1827 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1873 | 0 | 1873 |
|  United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 2238 | 0 | 2238 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 1775 | 0 | 1775 |
|  United States | United States | United States | United States | United States |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 3230 | 0 | 3230 |
| &nbsp;&nbsp; Common Stocks | 0 | 0 | 43 | 43 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 2473 | 0 | 2473 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 1435 | 0 | 1435 |
| &nbsp;&nbsp; U.S. Government Agencies | 0 | 937 | 0 | 937 |
| &nbsp;&nbsp; U.S. Treasury Obligations | 0 | 8736 | 0 | 8736 |
|  Uruguay | Uruguay | Uruguay | Uruguay | Uruguay |
| &nbsp;&nbsp; Sovereign Issues | 0 | 492 | 0 | 492 |
|  Uzbekistan | Uzbekistan | Uzbekistan | Uzbekistan | Uzbekistan |
| &nbsp;&nbsp; Sovereign Issues | 0 | 330 | 0 | 330 |
|  Venezuela | Venezuela | Venezuela | Venezuela | Venezuela |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 473 | 0 | 473 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 652 | 0 | 652 |
|  Virgin Islands (British) | Virgin Islands (British) | Virgin Islands (British) | Virgin Islands (British) | Virgin Islands (British) |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 979 | 0 | 979 |
|  Zambia | Zambia | Zambia | Zambia | Zambia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 90 | 0 | 90 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 898 | 0 | 898 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 672 | 0 | 672 |
| &nbsp;&nbsp; Hungary Treasury Bills | 0 | 2115 | 0 | 2115 |
| &nbsp;&nbsp; Israel Treasury Bills | 0 | 8518 | 0 | 8518 |
|  | $0 | $199547 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1705 | $201252 |
|  **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $1656 | $0 | $0 | $1656 |
|  Total Investments | $1656 | $199547 | $1705 | $202908 |
|  **Short Sales, at Value - Liabilities** | **Short Sales, at Value - Liabilities** | **Short Sales, at Value - Liabilities** | **Short Sales, at Value - Liabilities** | **Short Sales, at Value - Liabilities** |
|  United States |  |  |  |  |
| &nbsp;&nbsp; U.S. Government Agencies | $0 | $(1665) | $0 | $(1665) |
|  **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** |
|  Exchange-traded or centrally cleared | 38 | 36 | 0 | 74 |
|  Over the counter | 0 | 1288 | 0 | 1288 |
|  | $38 | $1324 | $0 | $1362 |
|  **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** |
|  Exchange-traded or centrally cleared | (13) | (74) | 0 | (87) |
|  Over the counter | 0 | (805) | (1) | (806) |
|  | $(13) | $(879) | $(1) | $(893) |
|  Total Financial Derivative Instruments | $25 | $445 | $(1) | $469 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1681 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198327 | $1704 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201712 |

---

There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **29** |

---

------

##### [**Table of Contents**](#toc)
**Notes to Financial Statements**

1. ORGANIZATION

PIMCO Variable Insurance Trust (the "Trust") is a Delaware statutory trust established under a trust instrument dated October 3, 1997. The Trust is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Trust is designed to be used as an investment vehicle by separate accounts of insurance companies that fund variable annuity contracts and variable life insurance policies and by qualified pension and retirement plans. Information presented in these financial statements pertains to the Institutional Class, Class M, Administrative Class and Advisor Class shares of the PIMCO Emerging Markets Bond Portfolio (the "Portfolio") offered by the Trust. Pacific Investment Management Company LLC ("PIMCO") serves as the investment adviser (the "Adviser") for the Portfolio.

Hereinafter, the Board of Trustees of the Portfolio shall be collectively referred to as the "Board."

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The Portfolio is treated as an investment company under the reporting requirements of U.S. GAAP. The functional and reporting currency for the Portfolio is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(a) Securities Transactions and Investment Income Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Portfolio is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on

certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statement of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statement of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statement of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable.

(b) Foreign Currency Translation The market values of foreign securities, currency holdings and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies, if any, are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Portfolio does not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) from investments on the Statement of Operations. The Portfolio may invest in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains (losses) arising from sales of spot foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in net realized gain (loss) on foreign currency transactions on the Statement of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period are included in net change in unrealized appreciation (depreciation) on foreign currency assets and liabilities on the Statement of Operations.

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(c) Multi-Class Operations Each class offered by the Trust has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets. Realized and unrealized capital gains (losses) are allocated daily based on the relative net assets of each class of the Portfolio. Class specific expenses, where applicable, currently include supervisory and administrative and distribution and servicing fees. Under certain circumstances, the per share net asset value ("NAV") of a class of the Portfolio's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(d) Distributions to Shareholders Distributions from net investment income, if any, are declared daily and distributed to shareholders monthly. In addition, the Portfolio distributes any net capital gains it earns from the sale of portfolio securities to shareholders no less frequently than annually. The Portfolio may revise its distribution policy or postpone the payment of distributions at any time.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on the Portfolio's annual financial statements presented under U.S. GAAP.

Separately, if the Portfolio determines or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources other than net investment income in accordance with its policies, accounting records (if applicable), and accounting practices, the Portfolio will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, the Portfolio determines or estimates, as applicable, the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is determined or estimated, as applicable, that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between the Portfolio's daily internal accounting records and practices, the Portfolio's financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, the Portfolio's internal accounting records

and practices may take into account, among other factors, tax-related characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include but are not limited to, for certain Portfolios, the treatment of periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that the Portfolio may not issue a Section 19 Notice in situations where the Portfolio's financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution's tax character will be provided to shareholders when such information is available.

Distributions classified as a tax basis return of capital at the Portfolio's fiscal year end, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital on the Statement of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Statement of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(e) New Accounting Pronouncements and Regulatory Updates In March 2020, the Financial Accounting Standards Board ("FASB") issued an Accounting Standards Update ("ASU"), ASU 2020-04, which provides optional guidance to ease the potential accounting burden associated with transitioning away from the London Interbank Offered Rate and other reference rates that are expected to be discontinued. ASU 2020-04 is effective for certain reference rate-related contract modifications that occurred during the period March 12, 2020 through December 31, 2022. In March 2021, the administrator for LIBOR announced the extension of the publication of a majority of the USD LIBOR settings to June 30, 2023. In December 2022, FASB issued ASU 2022-06, which includes amendments to extend the duration of the LIBOR transition relief to December 31, 2024, after which entities will no longer be permitted to apply the reference rate reform relief. Management is continuously evaluating the potential effect a discontinuation of LIBOR could have on the Portfolio's investments and has determined that it is unlikely the ASU's adoption will have a material impact on the Portfolio's financial statements.

In October 2020, the U.S. Securities and Exchange Commission ("SEC") adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover transactions. Subject to certain exceptions, the rule requires funds that

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trade derivatives and other transactions that create future payment or delivery obligations to comply with a value-at-risk leverage limit and certain derivatives risk management program and reporting requirements. The effective date for the rule was February 19, 2021. The compliance date for the new rule and the related reporting requirements was August 19, 2022. Management has implemented changes in connection with the rule and has determined that there was no material impact to the Portfolio's financial statements.

In October 2020, the SEC adopted a rule regarding the ability of a fund to invest in other funds. The rule allows a fund to acquire shares of another fund in excess of certain limitations currently imposed by the Act without obtaining individual exemptive relief from the SEC, subject to certain conditions. The rule also includes the rescission of certain exemptive relief from the SEC and guidance from the SEC staff for funds to invest in other funds. The effective date for the rule was January 19, 2021, and the compliance date for the rule was January 19, 2022. Management has implemented changes in connection with the rule and has determined that there was no material impact to the Portfolio's financial statements.

In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value as well as for the performance of fair value determinations, including related oversight and reporting obligations. The new rule also defines "readily available market quotations" for purposes of the definition of "value" under the Act, and the SEC noted that this definition would apply in all contexts under the Act. The effective date for the rule was March 8, 2021. The compliance date for the new rule and the related reporting requirements was September 8, 2022. Management has implemented changes in connection with the rule and has determined that there was no material impact to the Portfolio's financial statements.

In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820), which affects all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring the fair value. The amendments also require additional disclosures for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The effective date for the amendments in ASU 2022-03 is for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years. At this time, management is evaluating the implications of these changes on the financial statements.

In October 2022, the SEC adopted changes to the mutual fund and ETF shareholder report and registration statement disclosure requirements

and the registered fund advertising rules, which will change the disclosures provided to shareholders. The rule is effective as of January 24, 2023, but the SEC is providing an 18-month compliance period after the effective date other than for rule amendments addressing fee and expense information in advertisements that might be materially misleading. At this time, management is evaluating the implications of these changes on the financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies The NAV of the Portfolio's shares, or each of its share classes, as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Portfolio or class, less any liabilities, as applicable, by the total number of shares outstanding.

On each day that the New York Stock Exchange ("NYSE") is open, the Portfolio's shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) ("NYSE Close"). Information that becomes known to the Portfolio or its agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, the Portfolio may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. The Portfolio generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, the Portfolio may calculate its NAV as of the NYSE Close for such day or such other time that the Portfolio may determine.

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Portfolio will normally use pricing data for domestic equity securities received shortly after the NYSE Close and does not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange, or the NYSE Close, if the NYSE Close occurs before the end of trading on the foreign exchange.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5

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under the Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated PIMCO as the valuation designee ("Valuation Designee") for the Portfolio to perform the fair value determination relating to all Portfolio investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee's policies and procedures govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Portfolio investments. The Valuation Designee may value Portfolio securities for which market quotations are not readily available and other Portfolio assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, "Pricing Sources").

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives, and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Exchange-traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Swap agreements are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of the Portfolio's assets that are invested in one or more open-end management investment companies (other than ETFs), the Portfolio's NAV will be calculated based on the NAVs of such investments. Open-end management investment companies may include affiliated funds.

If a foreign (non-U.S.) equity security's value has materially changed after the close of the security's primary exchange or principal market but before the NYSE Close, the security may be valued at fair value. Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, the Portfolio may determine the fair value of investments based on information provided by Pricing Sources, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or

securities indexes that occur after the close of the relevant market and before the NYSE Close. The Portfolio may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, unless otherwise determined by the Valuation Designee, any movement in the applicable reference index or instrument ("zero trigger") between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Trust is not open for business, which may result in the Portfolio's portfolio investments being affected when shareholders are unable to buy or sell shares.

Whole loans may be fair valued using inputs that take into account borrower- or loan-level data (e.g., credit risk of the borrower) that is updated periodically throughout the life of each individual loan; any new borrower- or loan-level data received in written reports periodically by the Portfolio normally will be taken into account in calculating the NAV. The Portfolio's whole loan investments, including those originated by the Portfolio or through an alternative lending platform, generally are fair valued in accordance with procedures approved by the Board.

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Sources. As a result, the value of such investments and, in turn, the NAV of the Portfolio's shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Trust is not open for business. As a result, to the extent that the Portfolio holds foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in the Portfolio's next calculated NAV.

Fair valuation may require subjective determinations about the value of a security. While the Trust's and Valuation Designee's policies and procedures are intended to result in a calculation of the Portfolio's NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values accurately reflect the price that the Portfolio could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Portfolio may differ from the value that would be realized if the securities were sold. The Portfolio's use of fair valuation may also help to deter "stale price arbitrage" as discussed under the "Abusive Trading Practices" section in the Portfolio's prospectus.

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Under certain circumstances, the per share NAV of a class of the Portfolio's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2, or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2, and 3 of the fair value hierarchy are defined as follows:

<sup>∎</sup> Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

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| <sup>∎</sup> | Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs. |

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<sup>∎</sup> Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

Assets or liabilities categorized as Level 2 or 3 as of period end have been transferred between Levels 2 and 3 since the prior period due to changes in the method utilized in valuing the investments. Transfers from Level 3 to Level 2 are a result of the availability of current and reliable market-based data provided by pricing services or other valuation techniques which utilize significant observable inputs. In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for the Portfolio.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between Levels of the Portfolio's assets and liabilities.

Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy, and if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for the Portfolio.

(c) Valuation Techniques and the Fair Value Hierarchy

Level 1, Level 2 and Level 3 trading assets and trading liabilities, at fair value The valuation methods (or "techniques") and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1, Level 2 and Level 3 of the fair value hierarchy are as follows:

Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

Investments in registered open-end investment companies (other than ETFs) will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in unregistered open-end investment companies will be calculated based upon the NAVs of such investments and are considered Level 1 provided that the NAVs are observable, calculated daily and are the value at which both purchases and sales will be conducted.

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities and non-U.S. bonds are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Sources' internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Fixed income securities purchased on a delayed-delivery basis or as a repurchase commitment in a sale-buyback transaction are marked to market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These

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securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or Pricing Sources. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers or Pricing Sources (normally determined as of the NYSE Close). Depending on the product and the terms of the transaction, financial derivative instruments can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as quoted prices, issuer details, indices, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, reference rates, and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Sources (normally determined as of the NYSE Close). Centrally cleared swaps

and over the counter swaps can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models may use inputs that are observed from actively quoted markets such as the overnight index swap rate, LIBOR forward rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

If third-party evaluated vendor pricing is not available or not deemed to be indicative of fair value, the Adviser may elect to obtain Broker Quotes directly from the broker-dealer or passed through from a third-party vendor. In the event that fair value is based upon a single sourced Broker Quote, these securities are categorized as Level 3 of the fair value hierarchy. Broker Quotes are typically received from established market participants. Although independently received, the Adviser does not have the transparency to view the underlying inputs which support the market quotation. Significant changes in the Broker Quote would have direct and proportional changes in the fair value of the security.

Reference instrument valuation estimates fair value by utilizing the correlation of the security to one or more broad-based securities, market indices, and/or other financial instruments, whose pricing information is readily available. Unobservable inputs may include those used in algorithms based on percentage change in the reference instruments and/or weights of each reference instrument. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source or input of the reference instrument.

Short-term debt instruments (such as commercial paper) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost value of such short-term debt instruments is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price.

When a fair valuation method is applied by PIMCO that uses significant unobservable inputs, investments will be priced by a method that the Valuation Designee believes reflects fair value and are categorized as Level 3 of the fair value hierarchy.

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

The Portfolio may invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III ("Central Funds") to the extent permitted by the Act and rules thereunder. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies

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advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Portfolio. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC's website at www.sec.gov. A copy of each affiliate fund's shareholder report is also available at the SEC's website at www.sec.gov, on the Portfolio's website at www.pimco.com, or upon request, as applicable. The table below shows the Portfolio's transactions in and earnings from investments in the affiliated Funds for the period ended December 31, 2022 (amounts in thousands<sup>†</sup>):

**Investment in PIMCO Short-Term Floating NAV Portfolio III** 

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| **Market Value<br>12/31/2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Market Value<br>12/31/2022** | **Dividend<br>Income<sup>(1)</sup>** | **Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup>** |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11266 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72492 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82100) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(117) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1656 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

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| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(1)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

(b) Investments in Securities

The Portfolio may utilize the investments and strategies described below to the extent permitted by the Portfolio's investment policies.

Loans and Other Indebtedness, Loan Participations and Assignments are direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental, or other borrowers. The Portfolio's investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties or investments in or originations of loans by the Portfolio. A loan is often administered by a bank or other financial institution (the "agent") that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. The Portfolio may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When the Portfolio purchases assignments from agents it acquires direct rights against the borrowers of the loans. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing through, for example, the issuance of bonds, frequently high yield bonds issued for the purpose of acquisitions.

The types of loans and related investments in which the Portfolio may invest include, among others, senior loans, subordinated loans (including second lien loans, B-Notes and mezzanine loans), whole loans, commercial real estate and other commercial loans and structured loans. The Portfolio may originate loans or acquire direct interests in loans through primary loan distributions and/or in private transactions. In the case of subordinated loans, there may be significant indebtedness ranking ahead of the borrower's obligation to the holder of such a loan, including in the event of the borrower's

insolvency. Mezzanine loans are typically secured by a pledge of an equity interest in the mortgage borrower that owns the real estate rather than an interest in a mortgage.

Investments in loans may include unfunded loan commitments, which are contractual obligations for funding. Unfunded loan commitments may include revolving credit facilities, which may obligate the Portfolio to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full, even though a percentage of the committed amount may not be utilized by the borrower. When investing in a loan participation, the Portfolio has the right to receive payments of principal, interest and any fees to which it is entitled only from the agent selling the loan agreement and only upon receipt of payments by the agent from the borrower. The Portfolio may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. In certain circumstances, the Portfolio may receive a penalty fee upon the prepayment of a loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense, respectively, on the Statement of Operations. Unfunded loan commitments are reflected as a liability on the Statement of Assets and Liabilities.

**Mortgage-Related and Other Asset-Backed Securities** directly or indirectly represent a participation in, or are secured by and payable from, loans on real property. Mortgage-related securities are created from pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. These securities provide a monthly payment which consists of both interest and principal. Interest may be determined by fixed or adjustable rates. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may have the effect of shortening

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or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with the full faith and credit of the U.S. Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Many of the risks of investing in mortgage-related securities secured by commercial mortgage loans reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make lease payments, and the ability of a property to attract and retain tenants. These securities may be less liquid and may exhibit greater price volatility than other types of mortgage-related or other asset-backed securities. Other asset-backed securities are created from many types of assets, including, but not limited to, auto loans, accounts receivable, such as credit card receivables and hospital account receivables, home equity loans, student loans, boat loans, mobile home loans, recreational vehicle loans, manufactured housing loans, aircraft leases, computer leases and syndicated bank loans.

Collateralized Mortgage Obligations ("CMOs") are debt obligations of a legal entity that are collateralized by whole mortgage loans or private mortgage bonds and divided into classes. CMOs are structured into multiple classes, often referred to as "tranches", with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including prepayments. CMOs may be less liquid and may exhibit greater price volatility than other types of mortgage-related or asset-backed securities.

Payment In-Kind Securities may give the issuer the option at each interest payment date of making interest payments in either cash and/or additional debt securities. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a dirty price) and require a pro rata adjustment from the unrealized appreciation (depreciation) on investments to interest receivable on the Statement of Assets and Liabilities.

Perpetual Bonds are fixed income securities with no maturity date but pay a coupon in perpetuity (with no specified ending or maturity date). Unlike typical fixed income securities, there is no obligation for perpetual bonds to repay principal. The coupon payments, however, are mandatory. While perpetual bonds have no maturity date, they may have a callable date in which the perpetuity is eliminated and the issuer may return the principal received on the specified call date. Additionally, a perpetual bond may have additional features, such as

interest rate increases at periodic dates or an increase as of a predetermined point in the future.

Restricted Investments are subject to legal or contractual restrictions on resale and may generally be sold privately, but may be required to be registered or exempted from such registration before being sold to the public. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933. Disposal of restricted investments may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Restricted investments held by the Portfolio as of December 31, 2022, as applicable, are disclosed in the Notes to Schedule of Investments.

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the "U.S. Treasury"); and others, such as those of the Federal National Mortgage Association ("FNMA" or "Fannie Mae"), are supported by the discretionary authority of the U.S. Government to purchase the agency's obligations. U.S. Government securities may include zero coupon securities which do not distribute interest on a current basis and tend to be subject to a greater risk than interest-paying securities of similar maturities.

Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac"). FNMA is a government-sponsored corporation. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. Government. FHLMC issues Participation Certificates ("PCs"), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

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In June 2019, FNMA and FHLMC started issuing Uniform Mortgage Backed Securities in place of their current offerings of TBA-eligible securities (the "Single Security Initiative"). The Single Security Initiative seeks to support the overall liquidity of the TBA market and aligns the characteristics of FNMA and FHLMC certificates. The effects that the Single Security Initiative may have on the market for TBA and other mortgage-backed securities are uncertain.

Roll-timing strategies can be used where the Portfolio seeks to extend the expiration or maturity of a position, such as a TBA security on an underlying asset, by closing out the position before expiration and opening a new position with respect to substantially the same underlying asset with a later expiration date. TBA securities purchased or sold are reflected on the Statement of Assets and Liabilities as an asset or liability, respectively. Recently finalized FINRA rules include mandatory margin requirements for the TBA market that requires the Portfolio to post collateral in connection with its TBA transactions. There is no similar requirement applicable to the Portfolio's TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the Portfolio and impose added operational complexity.

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Portfolio may enter into the borrowings and other financing transactions described below to the extent permitted by the Portfolio's investment policies.

The following disclosures contain information on the Portfolio's ability to lend or borrow cash or securities to the extent permitted under the Act, which may be viewed as borrowing or financing transactions by the Portfolio. The location of these instruments in the Portfolio's financial statements is described below.

(a) Repurchase Agreements Under the terms of a typical repurchase agreement, the Portfolio purchases an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and the Portfolio to resell, the obligation at an agreed-upon price and time. In an open maturity repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Portfolio or counterparty at any time. The underlying securities for all repurchase agreements are held by the Portfolio's custodian or designated subcustodians under tri-party repurchase agreements and in certain instances will remain in custody with the counterparty. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, if any, including accrued interest, are included on the Statement of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Statement of Operations. In periods of increased

demand for collateral, the Portfolio may pay a fee for the receipt of collateral, which may result in interest expense to the Portfolio.

(b) Reverse Repurchase Agreements In a reverse repurchase agreement, the Portfolio delivers a security in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed upon price and date. In an open maturity reverse repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Portfolio or counterparty at any time. The Portfolio is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. Cash received in exchange for securities delivered plus accrued interest payments to be made by the Portfolio to counterparties are reflected as a liability on the Statement of Assets and Liabilities. Interest payments made by the Portfolio to counterparties are recorded as a component of interest expense on the Statement of Operations. In periods of increased demand for the security, the Portfolio may receive a fee for use of the security by the counterparty, which may result in interest income to the Portfolio. The Portfolio will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under reverse repurchase agreements.

(c) Short Sales Short sales are transactions in which the Portfolio sells a security that it may not own. The Portfolio may make short sales of securities to (i) offset potential declines in long positions in similar securities, (ii) to increase the flexibility of the Portfolio, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When the Portfolio engages in a short sale, it may borrow the security sold short and deliver it to the counterparty. The Portfolio will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Statement of Assets and Liabilities. Short sales expose the Portfolio to the risk that it will be required to cover its short position at a time when the security or other asset has appreciated in value, thus resulting in losses to the Portfolio. A short sale is "against the box" if the Portfolio holds in its portfolio or has the right to acquire the security sold short, or securities identical to the security sold short, at no additional cost. The Portfolio will be subject to additional risks to the extent that it engages in short sales that are not "against the box." The Portfolio's loss on a short sale could theoretically be unlimited in cases where the Portfolio is unable, for whatever reason, to close out its short position.

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(d) Interfund Lending In accordance with an exemptive order (the "Order") from the SEC, each Portfolio of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Portfolio's investment policies and restrictions. Each Portfolio is currently permitted to borrow under the Interfund Lending Program. A lending portfolio may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing portfolio through the Interfund Lending Program. A borrowing portfolio may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the portfolio's investment restrictions). If a borrowing portfolio's total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending portfolio and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended December 31, 2022, the Portfolio did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

The Portfolio may enter into the financial derivative instruments described below to the extent permitted by the Portfolio's investment policies.

The following disclosures contain information on how and why the Portfolio uses financial derivative instruments, and how financial derivative instruments affect the Portfolio's financial position, results of operations and cash flows. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Statement of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table in the Notes to Schedule of Investments. The financial derivative instruments outstanding as of period end and the amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Schedule of Investments, serve as indicators of the volume of financial derivative activity for the Portfolio.

(a) Forward Foreign Currency Contracts may be engaged, in connection with settling planned purchases or sales of securities, to

hedge the currency exposure associated with some or all of the Portfolio's securities or as part of an investment strategy. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked to market daily, and the change in value is recorded by the Portfolio as an unrealized gain (loss). Realized gains (losses) are equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed and are recorded upon delivery or receipt of the currency. These contracts may involve market risk in excess of the unrealized gain (loss) reflected on the Statement of Assets and Liabilities. In addition, the Portfolio could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar. To mitigate such risk, cash or securities may be exchanged as collateral pursuant to the terms of the underlying contracts.

(b) Futures Contracts are agreements to buy or sell a security or other asset for a set price on a future date and are traded on an exchange. The Portfolio may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by the Portfolio and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Portfolio is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by the Portfolio ("Futures Variation Margin"). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Statement of Assets and Liabilities. Gains (losses) are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the Futures Variation Margin included within exchange traded or centrally cleared financial derivative instruments on the Statement of Assets and Liabilities.

(c) Swap Agreements are bilaterally negotiated agreements between the Portfolio and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the over the counter market ("OTC swaps") or may be cleared through a third party, known as a central counterparty or derivatives clearing

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organization ("Centrally Cleared Swaps"). The Portfolio may enter into asset, credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Statement of Operations. Daily changes in valuation of centrally cleared swaps ("Swap Variation Margin"), if any, are disclosed within centrally cleared financial derivative instruments on the Statement of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Statement of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain (loss) on the Statement of Operations.

For purposes of applying certain of the Portfolio's investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by the Portfolio at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of the Portfolio's investment policies and restrictions, the Portfolio will value the credit default swap at its notional value or its full exposure value (i.e., the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of the Portfolio's other investment policies and restrictions. For example, the Portfolio may value credit default swaps at full exposure value for purposes of the Portfolio's credit quality guidelines (if any) because such value in general better reflects the Portfolio's actual economic exposure during the term of the credit default swap agreement. As a result, the Portfolio may, at times, have notional exposure to an asset class (before netting) that is greater

or lesser than the stated limit or restriction noted in the Portfolio's prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether the Portfolio is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by the Portfolio for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates or the values of the asset upon which the swap is based.

The Portfolio's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive. The risk may be mitigated by having a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral to the Portfolio to cover the Portfolio's exposure to the counterparty.

To the extent the Portfolio has a policy to limit the net amount owed to or to be received from a single counterparty under existing swap agreements, such limitation only applies to counterparties to OTC swaps and does not apply to centrally cleared swaps where the counterparty is a central counterparty or derivatives clearing organization.

Credit Default Swap Agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues are entered into to provide a measure of protection against defaults of the issuers (*i.e.*, to reduce risk where the Portfolio owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer's default. Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event that the referenced entity, obligation or index, as specified in the swap agreement, undergoes a certain credit event. As a seller of protection on credit default swap agreements, the Portfolio will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, the Portfolio would effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the notional amount of the swap.

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If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection's right to choose the deliverable obligation with the lowest value following a credit event).

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name's weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index. Credit default swaps on credit indices may be used to hedge a portfolio of credit default swaps or bonds,

which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indices are instruments for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues as of period end, if any, are disclosed in the Notes to Schedule of Investments. They serve as an indicator of the current status of payment/performance risk and represent the likelihood or risk of default for the reference entity. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. For credit default swap agreements on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that the Portfolio as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of period end for which the Portfolio is the seller of protection are disclosed in the Notes to Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Portfolio for the same referenced entity or entities.

Interest Rate Swap Agreements may be entered into to help hedge against interest rate risk exposure and to maintain the Portfolio's ability to generate income at prevailing market rates. The value of the fixed rate bonds that the Portfolio holds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by the Portfolio with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party

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agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap," (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor," (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.

Volatility Swap Agreements are also known as forward volatility agreements and volatility swaps, and are agreements in which the counterparties agree to make payments in connection with changes in the volatility (*i.e.*, the magnitude of change over a specified period of time) of an underlying referenced instrument, such as a currency, rate, index, security or other financial instrument. Volatility swaps permit the parties to attempt to hedge volatility risk and/or take positions on the projected future volatility of an underlying referenced instrument. For example, the Portfolio may enter into a volatility swap in order to take the position that the referenced instrument's volatility will increase over a particular period of time. If the referenced instrument's volatility does increase over the specified time, the Portfolio will receive payment from its counterparty based upon the amount by which the referenced instrument's realized volatility level exceeds a volatility level agreed upon by the parties. If the referenced instrument's volatility does not increase over the specified time, the Portfolio will make a payment to the counterparty based upon the amount by which the referenced instrument's realized volatility level falls below the volatility level agreed upon by the parties. At the maturity date, a net cash flow is exchanged, where the payoff amount is equivalent to the difference between the realized price volatility of the referenced instrument and the strike multiplied by the notional amount. As a receiver of the realized price volatility, the Portfolio would receive the payoff amount when the realized price volatility of the referenced instrument is greater than the strike and would owe the payoff amount when the volatility is less than the strike. As a payer of the realized price volatility, the Portfolio would owe the payoff amount when the realized price volatility of the referenced instrument is greater than the strike and would receive the payoff amount when the volatility is less than the strike. Payments on a volatility swap will be greater if they are based upon the mathematical square of volatility (*i.e.,* the measured volatility multiplied by itself, which is referred to as "variance"). This type of volatility swap is frequently referred to as a variance swap.

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7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in the Portfolio, which could adversely affect its net asset value, yield and total return, are listed below. Please see "Description of Principal Risks" in the Portfolio's prospectus for a more detailed description of the risks of investing in the Portfolio.

Interest Rate Risk is the risk that fixed income securities will decline in value because of an increase in interest rates; a fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration.

Call Risk is the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their maturity for a number of reasons (*e.g.,* declining interest rates, changes in credit spreads and improvements in the issuer's credit quality). If an issuer calls a security that the Portfolio has invested in, the Portfolio may not recoup the full amount of its initial investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features.

Credit Risk is the risk that the Portfolio could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations.

High Yield Risk is the risk that high yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") are subject to greater levels of credit, call and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments, and may be more volatile than higher-rated securities of similar maturity.

Market Risk is the risk that the value of securities owned by the Portfolio may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries.

Issuer Risk is the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services.

Liquidity Risk is the risk that a particular investment may be difficult to purchase or sell and that the Portfolio may be unable to sell illiquid investments at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances

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where investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity.

Derivatives Risk is the risk of investing in derivative instruments (such as forwards, futures, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks and valuation complexity. Changes in the value of a derivative or other similar investment may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and the Portfolio could lose more than the initial amount invested. Changes in the value of a derivative or other similar instrument may also create margin delivery or settlement payment obligations for the Portfolio. The Portfolio's use of derivatives or other similar investment may result in losses to the Portfolio, a reduction in the Portfolio's returns and/or increased volatility. Over-the-counter ("OTC") derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for OTC derivatives. The primary credit risk on derivatives that are exchange-traded or traded through a central clearing counterparty resides with the Portfolio's clearing broker or the clearinghouse. Changes in regulation relating to a registered fund's use of derivatives and related instruments could potentially limit or impact the Portfolio's ability to invest in derivatives, limit the Portfolio's ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and the Portfolio's performance.

Equity Risk is the risk that the value of equity securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity securities generally have greater price volatility than fixed income securities.

Mortgage-Related and Other Asset-Backed Securities Risk is the risks of investing in mortgage- related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk.

Foreign (Non-U.S.) Investment Risk is the risk that investing in foreign (non-U.S.) securities may result in the Portfolio experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to smaller markets, differing reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory

taxation, currency blockage, or political changes, diplomatic developments or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.

Real Estate Risk is the risk that the Portfolio's investments in Real Estate Investment Trusts ("REITs") or real estate-linked derivative instruments will subject the Portfolio to risks similar to those associated with direct ownership of real estate, including losses from casualty or condemnation, and changes in local and general economic conditions, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes and operating expenses. The Portfolio's investments in REITs or real estate-linked derivative instruments subject it to management and tax risks. In addition, privately traded REITs subject the Portfolio to liquidity and valuation risk.

Emerging Markets Risk is the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk.

Sovereign Debt Risk is the risk that investments in fixed income instruments issued by sovereign entities may decline in value as a result of default or other adverse credit event resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion.

Currency Risk is the risk that foreign (non-U.S.) currencies will change in value relative to the U.S. dollar and affect the Portfolio's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies.

Issuer Non-Diversification Risk is the risk of focusing investments in a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. Portfolios that are "non-diversified" may invest a greater percentage of their assets in the securities of a single issuer (such as bonds issued by a particular state) than funds that are "diversified."

Leveraging Risk is the risk that certain transactions of the Portfolio, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing the Portfolio to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss.

Management Risk is the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory, or tax

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restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio managers in connection with managing the Portfolio and may cause PIMCO to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of the Portfolio will be achieved.

Short Exposure Risk is the risk of entering into short sales or other short positions, including the potential loss of more money than the actual cost of the investment, and the risk that the third party to the short sale or other short position will not fulfill its contractual obligations, causing a loss to the Portfolio.

LIBOR Transition Risk is the risk related to the anticipated discontinuation of the London Interbank Offered Rate ("LIBOR"). Certain instruments held by the Portfolio rely in some fashion upon LIBOR. Although the transition process away from LIBOR has become increasingly well-defined in advance of the anticipated discontinuation date, there remains uncertainty regarding the nature of any replacement rate, and any potential effects of the transition away from LIBOR on the Portfolio or on certain instruments in which the Portfolio invests can be difficult to ascertain. The transition process may involve, among other things, increased volatility or illiquidity in markets for instruments that currently rely on LIBOR and may result in a reduction in the value of certain instruments held by the Portfolio.

(b) Other Risks

In general, the Portfolio may be subject to additional risks, including, but not limited to, risks related to government regulation and intervention in financial markets, operational risks, risks associated with financial, economic and global market disruptions, and cyber security risks. Please see the Portfolio's prospectus and Statement of Additional Information for a more detailed description of the risks of investing in the Portfolio. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments that may impact the Portfolio's performance.

Market Disruption Risk The Portfolio is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets and cause the Portfolio to lose value. These events can also impair the technology and other operational systems upon which the Portfolio's service providers, including PIMCO as the Portfolio's investment adviser, rely, and could otherwise disrupt the Portfolio's service providers' ability to fulfill their obligations to the Portfolio. For example, the recent spread of an

infectious respiratory illness caused by a novel strain of coronavirus (known as COVID-19) has caused volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities the Portfolio holds, and may adversely affect the Portfolio's investments and operations.

Additionally, to the extent the Portfolio invests in securities and instruments economically tied to Russia, the recent Russian invasion of Ukraine may adversely affect the Portfolio's investments. Please see the Important Information section for additional discussion of the COVID-19 pandemic as well as the Russian invasion of Ukraine.

Government Intervention in Financial Markets Federal, state, and other governments, their regulatory agencies, or self-regulatory organizations may take actions that affect the regulation of the instruments in which the Portfolio invests, or the issuers of such instruments, in ways that are unforeseeable. Legislation or regulation may also change the way in which the Portfolio itself is regulated. Such legislation or regulation could limit or preclude the Portfolio's ability to achieve its investment objective. Furthermore, volatile financial markets can expose the Portfolio to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Portfolio. The value of the Portfolio's holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which the Portfolio invests. In addition, it is not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.

Regulatory Risk Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/or intervention may change the way the Portfolio is regulated, affect the expenses incurred directly by the Portfolio and the value of its investments, and limit and/or preclude the Portfolio's ability to achieve its investment objective. Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects.

Operational Risk An investment in the Portfolio, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which

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could have a material adverse effect on the Portfolio. While the Portfolio seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Portfolio.

Cyber Security Risk As the use of technology has become more prevalent in the course of business, the Portfolio has become potentially more susceptible to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional cyber events that may, among other things, cause the Portfolio to lose proprietary information, suffer data corruption and/or destruction or lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Cyber security failures or breaches may result in financial losses to the Portfolio and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with the Portfolio's ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. There is also a risk that cyber security breaches may not be detected. The Portfolio and its shareholders may suffer losses as a result of a cyber security breach related to the Portfolio, its service providers, trading counterparties or the issuers in which the Portfolio invests.

8. MASTER NETTING ARRANGEMENTS

The Portfolio may be subject to various netting arrangements ("Master Agreements") with select counterparties. Master Agreements govern the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow the Portfolio to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes the Statement of Assets and Liabilities generally presents derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Statement of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statement of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. The Portfolio's overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively "Master Repo Agreements") govern repurchase, reverse repurchase, and certain sale-buyback transactions between the Portfolio and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default, and maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Schedule of Investments.

Master Securities Forward Transaction Agreements ("Master Forward Agreements") govern certain forward settling transactions, such as TBA securities, delayed-delivery or certain sale-buyback transactions by and between the Portfolio and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Schedule of Investments.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant ("FCM") registered with the Commodity Futures Trading Commission. In the United States, counterparty risk may be reduced as creditors of an FCM cannot have a

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claim to Portfolio assets in the segregated account. Portability of exposure reduces risk to the Portfolio. Variation margin, which reflects changes in market value, is generally exchanged daily, but may not be netted between futures and cleared OTC derivatives unless the parties have agreed to a separate arrangement in respect of portfolio margining. The market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin as of period end are disclosed in the Notes to Schedule of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes ("ISDA Master Agreements") govern bilateral OTC derivative transactions entered into by the Portfolio with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. The ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level or as required by regulation. Similarly, if required by regulation, the Portfolio may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent the Portfolio is required by regulation to post additional collateral beyond coverage of daily exposure, it could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedule of Investments.

9. FEES AND EXPENSES

(a) Investment Advisory Fee PIMCO is a majority-owned subsidiary of Allianz Asset Management of America LLC ("Allianz Asset Management") and serves as the Adviser to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from the Portfolio at an annual rate based on average daily net assets (the "Investment Advisory Fee"). The Investment Advisory Fee for all classes is charged at an annual rate as noted in the table in note (b) below.

(b) Supervisory and Administrative Fee PIMCO serves as administrator (the "Administrator") and provides supervisory and administrative services to the Trust for which it receives a monthly supervisory and administrative fee based on each share class's average daily net assets (the "Supervisory and Administrative Fee"). As the

Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs.

The Investment Advisory Fee and Supervisory and Administrative Fees for all classes, as applicable, are charged at the annual rate as noted in the following table (calculated as a percentage of the Portfolio's average daily net assets attributable to each class):

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| **Investment Advisory Fee** | **Supervisory and Administrative Fee** | **Supervisory and Administrative Fee** | **Supervisory and Administrative Fee** | **Supervisory and Administrative Fee** |
| **All Classes** | **Institutional<br>Class** | **Class M** | **Administrative<br>Class** | **Advisor<br>Class** |
| 0.45% | 0.40% | 0.40% | 0.40% | 0.40% |

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(c) Distribution and Servicing Fees PIMCO Investments LLC, a wholly-owned subsidiary of PIMCO, serves as the distributor ("Distributor") of the Trust's shares.

The Trust has adopted an Administrative Services Plan with respect to the Administrative Class shares of the Portfolio pursuant to Rule 12b-1 under the Act (the "Administrative Plan"). Under the terms of the Administrative Plan, the Trust is permitted to compensate the Distributor, out of the Administrative Class assets of the Portfolio, in an amount up to 0.15% on an annual basis of the average daily net assets of that class, for providing or procuring through financial intermediaries administrative, recordkeeping and investor services for Administrative Class shareholders of the Portfolio.

The Trust has adopted a separate Distribution and Servicing Plan for each of the Advisor Class and Class M shares of the Portfolio (the "Distribution and Servicing Plans"). The Distribution and Servicing Plans have been adopted pursuant to Rule 12b-1 under the Act. The Distribution and Servicing Plans permit the Portfolio to compensate the Distributor for providing or procuring through financial intermediaries, distribution, administrative, recordkeeping, shareholder and/or related services with respect to Advisor Class and Class M shares. The Distribution and Servicing Plans permit the Portfolio to make total payments at an annual rate of up to 0.25% of its average daily net assets attributable to its Advisor Class or Class M shares, respectively. The Distribution and Servicing Plan for Class M shares also permits the Portfolio to compensate the Distributor for providing or procuring administrative, recordkeeping, and other investor services at an annual rate of up to 0.20% of its average daily net assets attributable to its Class M shares.

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|  | **Distribution Fee** | **Servicing Fee** |
|  **Class M** | 0.25% | 0.20% |
|  **Administrative Class** |  | 0.15% |
|  **Advisor Class** | 0.25% |  |

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(d) Portfolio Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of

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various third-party services required by the Portfolio, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust's executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Portfolio, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust's Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual portfolio operating expenses per share class.

The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates.

(e) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has agreed, through May 1, 2023, to waive a portion of the Portfolio's Supervisory and Administrative Fee, or reimburse the Portfolio, to the extent that the Portfolio's organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata share of Trustee Fees exceed 0.0049%, (the "Expense Limit") (calculated as a percentage of the Portfolio's average daily net assets attributable to each class). The Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. The waiver, if any, is reflected on the Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO.

In any month in which the supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by the Portfolio of any portion of the supervisory and administrative fee waived or reimbursed as set forth above (the "Reimbursement Amount") within thirty-six months of the time of the waiver, provided that such amount paid to PIMCO will not: i) together with any organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity

Identifier and pro rata Trustee fees, exceed, for such month, the Expense Limit (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit); ii) exceed the total Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. At December 31, 2022, there were no recoverable amounts.

10. RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties. Fees paid to these parties are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Statement of Assets and Liabilities.

11. GUARANTEES AND INDEMNIFICATIONS

Under the Trust's organizational documents, each Trustee, officer, employee or other agent of the Trust (including the Trust's investment manager) is indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Portfolio. Additionally, in the normal course of business, the Portfolio enters into contracts that contain a variety of indemnification clauses. The Portfolio's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred. However, the Portfolio has not had prior claims or losses pursuant to these contracts.

12. PURCHASES AND SALES OF SECURITIES

The length of time the Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by the Portfolio is known as "portfolio turnover." The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objectives, particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by the Portfolio. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates when distributed to shareholders). The transaction costs associated with portfolio turnover may adversely affect the Portfolio's performance. The portfolio turnover rates are reported in the Financial Highlights.

Purchases and sales of securities (excluding short-term investments) for the period ended December 31, 2022, were as follows (amounts in thousands<sup>†</sup>):

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| **U.S. Government/Agency** | **U.S. Government/Agency** | **All Other** | **All Other** |
| **Purchases** | **Sales** | **Purchases** | **Sales** |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25990 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19299 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48708 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58875 |

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| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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13. SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with a $0.001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands<sup>†</sup>):

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|:---|:---|:---|:---|:---|
| | **Year Ended<br>12/31/2022** | **Year Ended<br>12/31/2022** | **Year Ended<br>12/31/2021** | **Year Ended<br>12/31/2021** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Receipts for shares sold** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 651 | $7012 | 779 | $10030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class M | 4 | 36 | 4 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 3190 | 33198 | 3692 | 47636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 434 | 4636 | 1087 | 14151 |
|  **Issued as reinvestment of distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 246 | 2562 | 204 | 2627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class M | 2 | 22 | 2 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 518 | 5391 | 507 | 6526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 186 | 1932 | 168 | 2160 |
|  **Cost of shares redeemed** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (730) | (7802) | (295) | (3839) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class M | (8) | (81) | (17) | (225) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3566) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37462) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4947) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63845) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (680) | (7300) | (877) | (11296) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | 247 | $2144 | 307 | $4011 |

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| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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As of December 31, 2022, three shareholders each owned 10% or more of the Portfolio's total outstanding shares comprising 59% of the Portfolio. One of the shareholders is a related party of the Portfolio and comprises 28% of the Portfolio. Related parties may include, but are not limited to, the investment adviser and its affiliates, affiliated broker dealers, fund of funds and directors or employees of the Trust or Adviser.

14. REGULATORY AND LITIGATION MATTERS

The Portfolio is not named as a defendant in any material litigation or arbitration proceedings and is not aware of any material litigation or claim pending or threatened against it.

On May 17, 2022, Allianz Global Investors U.S. LLC ("AGI U.S.") pleaded guilty in connection with the proceeding United States of America v. Allianz Global Investors U.S. LLC. AGI U.S. is an indirect subsidiary of Allianz SE. The conduct resulting in the matter described above occurred entirely within AGI U.S. and did not involve PIMCO or the Distributor, or any personnel of PIMCO or the Distributor. Nevertheless, because of the disqualifying conduct of AGI U.S., their affiliate, PIMCO would have been disqualified from serving as the investment adviser, and the Distributor would have been disqualified from serving as the principal underwriter, to the Portfolio in the absence of SEC exemptive relief. PIMCO and the Distributor have received exemptive relief from the SEC to permit them to continue serving as investment adviser and principal underwriter for U.S.- registered investment companies, including the Portfolio.

The foregoing speaks only as of the date of this report.

15. FEDERAL INCOME TAX MATTERS

The Portfolio intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (the "Code") and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

The Portfolio may be subject to local withholding taxes, including those imposed on realized capital gains. Any applicable foreign capital gains tax is accrued daily based upon net unrealized gains, and may be payable following the sale of any applicable investments.

In accordance with U.S. GAAP, the Adviser has reviewed the Portfolio's tax positions for all open tax years. As of December 31, 2022, the Portfolio has recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions it has taken or expects to take in future tax returns.

The Portfolio files U.S. federal, state, and local tax returns as required. The Portfolio's tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

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|:---|:---|
| **48** | **PIMCO VARIABLE INSURANCE TRUST** |

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##### [**Table of Contents**](#toc)
December 31, 2022

Shares of the Portfolio currently are sold to segregated asset accounts ("Separate Accounts") of insurance companies that fund variable annuity contracts and variable life insurance policies ("Variable

Contracts"). Please refer to the prospectus for the Separate Account and Variable Contract for information regarding Federal income tax treatment of distributions to the Separate Account.

As of December 31, 2022, the components of distributable taxable earnings are as follows (amounts in thousands<sup>†</sup>):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed<br>Ordinary<br>Income<sup>(1)</sup>** | **Undistributed<br>Long-Term<br>Capital Gains** | **Net Tax Basis<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup>** | **Other<br>Book-to-Tax<br>Accounting<br>Differences <sup>(3)</sup>** | **Accumulated<br>Capital<br>Losses<sup>(4)</sup>** | **Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Capital<sup>(5)</sup>** | **Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Ordinary<sup>(6)</sup>** | **Total<br>Components of<br>Distributable<br>Earnings** |
|  PIMCO Emerging Markets Bond Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;5561 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;(55892) | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;(10449) | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;(60780) |

---

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(1)</sup> Includes undistributed short-term capital gains, if any.

<sup>(2)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options and forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on swap contracts, straddle loss deferrals, and interest accrued from defaulted securities. 

<sup>(3)</sup> Represents differences in income tax regulations and financial accounting principles generally accepted in the United States of America.

<sup>(4)</sup> Capital losses available to offset future net capital gains as shown below.

<sup>(5)</sup> Capital losses realized during the period November 1, 2022 through December 31, 2022 which the Portfolio elected to defer to the following taxable year pursuant to income tax regulations.

<sup>(6)</sup> Specified losses realized during the period November 1, 2022 through December 31, 2022 which the Portfolio elected to defer to the following taxable year pursuant to income tax regulations.

Under the Regulated Investment Company Modernization Act of 2010, the Portfolio is permitted to carry forward any new capital losses for an unlimited period. Additionally, such capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term under previous law.

As of December 31, 2022, the Portfolio had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

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| | | |
|:---|:---|:---|
|  | **Short-Term** | **Long-Term** |
|  PIMCO Emerging Markets Bond Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;2216 | $&nbsp;&nbsp;&nbsp;&nbsp;8233 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

As of December 31, 2022, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal<br>Tax Cost** | **Unrealized<br>Appreciation** | **Unrealized<br>(Depreciation)** | **Net Unrealized<br>Appreciation/<br>(Depreciation)<sup>(7)</sup>** |
|  PIMCO Emerging Markets Bond Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;256927 | $&nbsp;&nbsp;&nbsp;&nbsp;3785 | $&nbsp;&nbsp;&nbsp;&nbsp;(59615) | $&nbsp;&nbsp;&nbsp;&nbsp;(55830) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(7)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options and forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on swap contracts, straddle loss deferrals, and interest accrued from defaulted securities. 

For the fiscal years ended December 31, 2022 and December 31, 2021, respectively, the Portfolio made the following tax basis distributions (amounts in thousands<sup>†</sup>):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** |
|  | **Ordinary<br>Income<br>Distributions<sup>(8)</sup>** | **Long-Term<br>Capital Gain<br>Distributions** | **Return of<br>Capital<sup>(9)</sup>** | **Ordinary<br>Income<br>Distributions<sup>(8)</sup>** | **Long-Term<br>Capital Gain<br>Distributions** | **Return of<br>Capital<sup>(9)</sup>** |
|  PIMCO Emerging Markets Bond Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;9907 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;11341 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(8)</sup> Includes short-term capital gains distributed, if any.

<sup>(9)</sup> A portion of the distributions made represents a tax return of capital. Return of capital distributions have been reclassified from undistributed net investment income to paid-in capital to more appropriately conform financial accounting to tax accounting.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **49** |

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##### [**Table of Contents**](#toc)
**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of PIMCO Variable Insurance Trust and Shareholders of PIMCO Emerging Markets Bond Portfolio

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of PIMCO Emerging Markets Bond Portfolio (one of the portfolios constituting PIMCO Variable Insurance Trust, hereafter referred to as the "Portfolio") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements are the responsibility of the Portfolio's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolio in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agent, brokers and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

February 17, 2023

We have served as the auditor of one or more investment companies in PIMCO Variable Insurance Trust since 1998.

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| | |
|:---|:---|
| **50** | **PIMCO VARIABLE INSURANCE TRUST** |

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##### [**Table of Contents**](#toc)

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| | | |
|:---|:---|:---|
| **Glossary:** | **(abbreviations that may be used in the preceding statements)** | (Unaudited) |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Counterparty Abbreviations:** | **Counterparty Abbreviations:** | | | | |
| **BOA** | Bank of America N.A. | **FICC** | Fixed Income Clearing Corporation | **MEI** | Merrill Lynch International |
| **BPG** | BNP Paribas Securities Corp. | **GLM** | Goldman Sachs Bank USA | **MYC** | Morgan Stanley Capital Services LLC |
| **BPS** | BNP Paribas S.A. | **GSC** | Goldman Sachs & Co. LLC | **MYI** | Morgan Stanley & Co. International PLC |
| **BRC** | Barclays Bank PLC | **GST** | Goldman Sachs International | **NOM** | Nomura Securities International, Inc. |
| **BSH** | Banco Santander S.A. - New York Branch | **HUS** | HSBC Bank USA N.A. | **RBC** | Royal Bank of Canada |
| **CBK** | Citibank N.A. | **JML** | JP Morgan Securities Plc | **SCX** | Standard Chartered Bank, London |
| **CDI** | Natixis Singapore | **JPM** | JP Morgan Chase Bank N.A. | **TDM** | TD Securities (USA) LLC |
| **CLY** | Crédit Agricole Corporate and Investment Bank | **MBC** | HSBC Bank Plc | **UAG** | UBS AG Stamford |
| **DUB** | Deutsche Bank AG |  |  |  |  |
|  **Currency Abbreviations:** | **Currency Abbreviations:** |  |  |  |  |
| **BRL** | Brazilian Real | **EUR** | Euro | **MXN** | Mexican Peso |
| **CLP** | Chilean Peso | **GBP** | British Pound | **PEN** | Peruvian New Sol |
| **CNY** | Chinese Renminbi (Mainland) | **HUF** | Hungarian Forint | **TRY** | Turkish New Lira |
| **COP** | Colombian Peso | **ILS** | Israeli Shekel | **USD (or $)** | United States Dollar |
| **DOP** | Dominican Peso | **JPY** | Japanese Yen | **ZAR** | South African Rand |
| **EGP** | Egyptian Pound |  |  |  |  |
|  **Exchange Abbreviations:** | **Exchange Abbreviations:** |  |  |  |  |
| **OTC** | Over the Counter |  |  |  |  |
|  **Index/Spread Abbreviations:** | **Index/Spread Abbreviations:** |  |  |  |  |
| **CNREPOFIX** | China Fixing Repo Rates 7-Day | **SOFR** | Secured Overnight Financing Rate | **US0006M** | ICE 6-Month USD LIBOR |
| **EUR006M** | 6 Month EUR Swap Rate |  |  |  |  |
|  **Other Abbreviations:** | **Other Abbreviations:** |  |  |  |  |
| **ABS** | Asset-Backed Security | **JIBAR** | Johannesburg Interbank Agreed Rate | **PIK** | Payment-in-Kind  |
| **ATM** | At-the-money  | **JSC** | Joint Stock Company | **TBA** | To-Be-Announced  |
| **BRL-CDI** | Brazil Interbank Deposit Rate | **LIBOR** | London Interbank Offered Rate | **TBD** | To-Be-Determined  |
| **CHILIBOR** | Chile Interbank Offered Rate | **Lunar** | Monthly payment based on 28-day periods. One year consists of 13 periods. | **TIIE** | Tasa de Interés Interbancaria de Equilibrio "Equilibrium Interbank Interest Rate" |
| **DAC** | Designated Activity Company | **OIS** | Overnight Index Swap |  |  |

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **51** |

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##### [**Table of Contents**](#toc)

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| | |
|:---|:---|
| **Federal Income Tax Information** | (Unaudited) |

---

As required by the Internal Revenue Code ("Code") and Treasury Regulations, if applicable, shareholders must be notified within 60 days of the Portfolio's fiscal year end regarding the status of qualified dividend income and the dividend received deduction.

Dividend Received Deduction. Corporate shareholders are generally entitled to take the dividend received deduction on the portion of the Portfolio's dividend distribution that qualifies under tax law. The percentage of the following Portfolio's fiscal 2022 ordinary income dividend that qualifies for the corporate dividend received deduction is set forth below.

Qualified Dividend Income. Under the Jobs and Growth Tax Relief Reconciliation Act of 2003, the following percentage of ordinary dividends paid during the fiscal year ended December 31, 2022 was designated as ''qualified dividend income'' as defined in the Jobs and Growth Tax Relief Reconciliation Act of 2003 subject to reduced tax rates in 2022.

Qualified Interest Income and Qualified Short-Term Capital Gain (for non-U.S. resident shareholders only). Under the American Jobs Creation Act of 2004, the following amounts of ordinary dividends paid during the fiscal year ended December 31, 2022 are considered to be derived from "qualified interest income," as defined in Section 871(k)(1)(E) of the Code, and therefore are designated as interest-related dividends, as defined in Section 871(k)(1)(C) of the Code. Further, the following amounts of ordinary dividends paid during the fiscal year ended December 31, 2022 are considered to be derived from "qualified short-term capital gain," as defined in Section 871(k)(2)(D) of the Code, and therefore are designated as qualified short-term gain dividends, as defined by Section 871(k)(2)(C) of the Code.

Section 163(j) Interest Dividends. The Portfolio intends to pass through the maximum amount allowable as Section 163(j) Interest defined in Proposed Treasury Section 1.163(j)-1(b). The 163(j) percentage of ordinary income distributions are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Dividend<br>Received<br>Deduction%** | **Qualified<br>Dividend<br>Income%** | **Qualified<br>Interest<br>Income<br>(000s<sup>†</sup>)** | **Qualified<br>Short-Term<br>Capital Gains<br>(000s<sup>†</sup>)** | **163(j)<br>Interest<br>Dividends<br>(000s<sup>†</sup>)** |
|  PIMCO Emerging Markets Bond Portfolio | 0% | 0% | $&nbsp;&nbsp;&nbsp;&nbsp;425 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;0 |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

Shareholders are advised to consult their own tax advisor with respect to the tax consequences of their investment in the Trust. In January 2023, you will be advised on IRS Form 1099-DIV as to the federal tax status of the dividends and distributions received by you in calendar year 2022.

Section 199A Dividends. Non-corporate portfolio shareholders of the Portfolio below meeting certain holding period requirements may be able to deduct up to 20 percent of qualified REIT dividends passed through and reported to the shareholders by the Portfolio as IRC section 199A dividends. The IRC section 199A percentage of ordinary dividends are as follows:

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| | |
|:---|:---|
|  | **199A Dividends** |
|  PIMCO Emerging Markets Bond Portfolio | 0% |

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| | |
|:---|:---|
| **52** | **PIMCO VARIABLE INSURANCE TRUST** |

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##### [**Table of Contents**](#toc)

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| | |
|:---|:---|
| **Management of the Trust** | (Unaudited) |

---

The charts below identify the Trustees and executive officers of the Trust. Unless otherwise indicated, the address of all persons below is 650 Newport Center Drive, Newport Beach, CA 92660.

The Portfolio's Statement of Additional Information includes more information about the Trustees and Officers. To request a free copy, call PIMCO at (888) 87-PIMCO or visit the Portfolio's website at www.pimco.com/pvit.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Year of Birth and <br>Position Held with Trust\*** | **Term of<br>Office and<br>Length of <br>Time Served<sup>†</sup>** | **Principal Occupation(s) During Past 5 Years** | **Number of Funds<br>in Fund Complex <br>Overseen by Trustee** | **Other Public Company and Investment<br>Company Directorships Held by Trustee<br>During the Past 5 Years** |
| **Interested Trustees<sup>1</sup>** |  |  |  |  |
| **Peter G. Strelow (1970)**<br> *Chairman of the Board and Trustee* | 05/2017 to present<br>Chairman of the Board - 02/2019 to present | Managing Director and Co-Chief Operating Officer, PIMCO. Senior Vice President of the Trust, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. Formerly, Chief Administrative Officer, PIMCO. | 158 | Chairman and Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT. |
| **Kimberley G. Stafford (1978)**<br> *Trustee* | 02/2021 to present | Managing Director, Global Head of Product Strategy, PIMCO; and Member of Executive Committee, PIMCO. Formerly, Head of Asia-Pacific, Global Head of Consultant Relations and Head of US Institutional and Alternatives Sales, PIMCO. | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT. |
| **Independent Trustees** |  |  |  |  |
| **George E. Borst (1948)**<br> *Trustee* | 04/2015 to present | Executive Advisor, McKinsey & Company (since 10/14); Formerly, Executive Advisor, Toyota Financial Services (10/13-12/14); and CEO, Toyota Financial Services (1/01-9/13). | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT; Director, MarineMax Inc. |
| **Jennifer Holden Dunbar (1963)**<br> *Trustee* | 04/2015 to present | Formerly, Managing Director, Dunbar Partners, LLC (business consulting and investments) (05/05-05/21); and Partner, Leonard Green & Partners, L.P. | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT; Director, PS Business Parks; Director, Big 5 Sporting Goods Corporation. |
| **Kym M. Hubbard (1957)**<br> *Trustee* | 02/2017 to present | Formerly, Global Head of Investments, Chief Investment Officer and Treasurer, Ernst & Young. | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT; Director, State Auto Financial Corporation. |
| **Gary F. Kennedy (1955)**<br> *Trustee* | 04/2015 to present | Formerly, Senior Vice President, General Counsel and Chief Compliance Officer, American Airlines and AMR Corporation (now American Airlines Group) (1/03-1/14). | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |
| **Peter B. McCarthy (1950)**<br> *Trustee* | 04/2015 to present | Formerly, Assistant Secretary and Chief Financial Officer, United States Department of Treasury; Deputy Managing Director, Institute of International Finance. | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |
| **Ronald C. Parker (1951)**<br> *Lead Independent Trustee* | 07/2009 to present<br>Lead Independent Trustee - 02/2017 to present | Director of Roseburg Forest Products Company. Formerly, Chairman of the Board, The Ford Family Foundation; and President, Chief Executive Officer, Hampton Affiliates (forestry products). | 158 | Lead Independent Trustee, PIMCO Funds and PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |

---

<sup>\*</sup> Unless otherwise noted, the information for the individuals listed is as of December 31, 2022.

<sup>1</sup> Ms. Stafford and Mr. Strelow are "interested persons" of the Trust (as that term is defined in the 1940 Act) because of their affiliations with PIMCO.

<sup>†</sup> Trustees serve until their successors are duly elected and qualified.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **53** |

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##### [**Table of Contents**](#toc)

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| | | |
|:---|:---|:---|
| **Management of the Trust** | **(Cont.)** | (Unaudited) |

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**Executive Officers** 

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| | | |
|:---|:---|:---|
| **Name, Year of Birth and<br>Position Held with Trust\*** | **Term of Office and<br>Length of Time Served** | **Principal Occupation(s) During Past 5 Years<sup>†</sup>** |
| **Eric D. Johnson (1970)**<br> *President* | 06/2019 to present | Executive Vice President and Head of Funds Business Group Americas, PIMCO. President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| **Ryan G. Leshaw (1980)**<br> *Chief Legal Officer and Secretary* | 08/2021 to present | Executive Vice President and Senior Counsel, PIMCO. Chief Legal Officer and Secretary, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Chief Legal Officer, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. Formerly, Associate, Willkie Farr & Gallagher LLP. |
| **Keisha Audain-Pressley (1975)\*\***<br> *Chief Compliance Officer* | 01/2020 to present | Executive Vice President and Deputy Chief Compliance Officer, PIMCO. Chief Compliance Officer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Joshua D. Ratner (1976)\*\***<br> *Senior Vice President* | 05/2019 to present | Executive Vice President and Head of Americas Operations, PIMCO. Senior Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| **Peter G. Strelow (1970)**<br> *Senior Vice President* | 06/2019 to present | Managing Director and Co-Chief Operating Officer, PIMCO. Senior Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. Formerly, Chief Administrative Officer, PIMCO. |
| **Wu-Kwan Kit (1981)**<br> *Assistant Secretary* | 08/2017 to present | Senior Vice President and Senior Counsel, PIMCO. Assistant Secretary, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Vice President, Senior Counsel and Secretary, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. Formerly, Assistant General Counsel, VanEck Associates Corp. |
| **Douglas B. Burrill (1980)\*\***<br> *Vice President* | 08/2022 to present | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Elizabeth A. Duggan (1964)**<br> *Vice President* | 02/2021 to present | Executive Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Jason R. Duran (1977)**<br> *Vice President* | 02/2023 to present | Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |
| **Mark A. Jelic (1981)**<br> *Vice President* | 08/2021 to present | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Kenneth W. Lee (1972)**<br> *Vice President* | 08/2022 to present | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Brian J. Pittluck (1977)**<br> *Vice President* | 01/2020 to present | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Keith A. Werber (1973)**<br> *Vice President* | 05/2022 to present | Executive Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Bijal Y. Parikh (1978)**<br> *Treasurer* | 01/2021 to present | Executive Vice President, PIMCO. Treasurer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| **Erik C. Brown (1967)\*\*\***<br> *Assistant Treasurer* | 02/2001 to present | Executive Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Brandon T. Evans (1982)**<br> *Assistant Treasurer* | 05/2019 to present | Senior Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Deputy Treasurer, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| **Maria M. Golota (1983)\*\***<br> *Assistant Treasurer* | 02/2023 to present | Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |

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<sup>\*</sup> Unless otherwise noted, the information for the individuals listed is as of February 8, 2023.

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| <sup>†</sup> | The term "PIMCO-Sponsored Closed-End Funds" as used herein includes: PIMCO Access Income Fund, PIMCO California Municipal Income Fund, PIMCO California Municipal Income Fund II, PIMCO California Municipal Income Fund III, PIMCO Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO Municipal Income Fund III, PIMCO New York Municipal Income Fund, PIMCO New York Municipal Income Fund II, PIMCO New York Municipal Income Fund III, PCM Fund Inc., PIMCO Corporate & Income Opportunity Fund, PIMCO Corporate & Income Strategy Fund, PIMCO Dynamic Income Fund, PIMCO Dynamic Income Opportunities Fund, PIMCO Energy and Tactical Credit Opportunities Fund, PIMCO Global StocksPLUS<sup>®</sup> & Income Fund, PIMCO High Income Fund, PIMCO Income Strategy Fund, PIMCO Income Strategy Fund II and PIMCO Strategic Income Fund, Inc.; the term "PIMCO-Sponsored Interval Funds" as used herein includes: PIMCO Flexible Credit Income Fund, PIMCO Flexible Municipal Income Fund, PIMCO California Flexible Municipal Income Fund and PIMCO Flexible Emerging Markets Income Fund.  |

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<sup>\*\*</sup> The address of these officers is Pacific Investment Management Company LLC, 1633 Broadway, New York, New York 10019.

<sup>\*\*\*</sup> The address of these officers is Pacific Investment Management Company LLC, 401 Congress Ave., Austin, Texas 78701.

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| **Privacy Policy<sup>1</sup>** | (Unaudited) |

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The Trust<sup>2,3</sup> consider customer privacy to be a fundamental aspect of their relationships with shareholders and are committed to maintaining the confidentiality, integrity and security of their current, prospective and former shareholders' non-public personal information. The Trust has developed policies that are designed to protect this confidentiality, while allowing shareholder needs to be served.

OBTAINING NON-PUBLIC PERSONAL INFORMATION

In the course of providing shareholders with products and services, the Trust and certain service providers to the Trust, such as the Trust's investment advisers or sub-advisers ("Advisers"), may obtain non-public personal information about shareholders, which may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder's brokerage or financial advisory firm, financial professional or consultant, and/or from information captured on applicable websites.

RESPECTING YOUR PRIVACY

As a matter of policy, the Trust does not disclose any non-public personal information provided by shareholders or gathered by the Trust to non-affiliated third parties, except as required or permitted by law or as necessary for such third parties to perform their agreements with respect to the Trust. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, conducting research on shareholder satisfaction and gathering shareholder proxies. The Trust or its affiliates may also retain non-affiliated companies to market Trust's shares or products which use Trust's shares and enter into joint marketing arrangements with them and other companies. These companies may have access to a shareholder's personal and account information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. In most cases, the shareholders will be clients of a third party, but the Trust may also provide a shareholder's personal and account information to the shareholder's respective brokerage or financial advisory firm and/or financial professional or consultant.

SHARING INFORMATION WITH THIRD PARTIES

The Trust reserves the right to disclose or report personal or account information to non-affiliated third parties in limited circumstances where the Trust believes in good faith that disclosure is required under law, to cooperate with regulators or law enforcement authorities, to protect their rights or property, or upon reasonable request by any fund in which a shareholder has invested. In addition, the Trust may disclose information about a shareholder or a shareholder's accounts to a non-affiliated third party at the shareholder's request or with the consent of the shareholder.

SHARING INFORMATION WITH AFFILIATES

The Trust may share shareholder information with their affiliates in connection with servicing shareholders' accounts, and subject to applicable law may provide shareholders with information about products and services that the Trust or its Advisers, distributors or their affiliates ("Service Affiliates") believe may be of interest to such shareholders. The information that the Trust may share may include, for example, a shareholder's participation in the Trust or in other investment programs sponsored by a Service Affiliate, a shareholder's ownership of certain types of accounts (such as IRAs), information about the Trust's experiences or transactions with a shareholder, information captured on applicable websites, or other data about a shareholder's accounts, subject to applicable law. The Trust's Service Affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

PROCEDURES TO SAFEGUARD PRIVATE INFORMATION

The Trust takes seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, the Trust has implemented procedures that are designed to restrict access to a shareholder's non-public personal information to internal personnel who need to know that information to perform their jobs, such as servicing shareholder accounts or notifying shareholders of new products or services. Physical, electronic and procedural safeguards are in place to guard a shareholder's non-public personal information.

INFORMATION COLLECTED FROM WEBSITES

The Trust or its service providers and partners may collect information from shareholders via websites they maintain. The information collected via websites maintained by the Trust or their service providers includes client non-public personal information.

CHANGES TO THE PRIVACY POLICY

From time to time, the Trust may update or revise this privacy policy. If there are changes to the terms of this privacy policy, documents containing the revised policy on the relevant website will be updated.

<sup>1</sup> Amended as of June 25, 2020.

<sup>2</sup> PIMCO Investments LLC ("PI") serves as the Trust's distributor and does not provide brokerage services or any financial advice to investors in the Trust solely because it distributes the Trust. This Privacy Policy applies to the activities of PI to the extent that PI regularly effects or engages in transactions with or for a shareholder of a series of a Trust who is the record owner of such shares. For purposes of this Privacy Policy, references to "the Trust" shall include PI when acting in this capacity.

<sup>3</sup> When distributing this Policy, the Trust may combine the distribution with any similar distribution of its investment adviser's privacy policy. The distributed, combined, policy may be written in the first person (i.e. by using "we" instead of "the Trust").

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **55** |

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**Approval of Investment Advisory Contract and Other Agreements**

At a meeting held on August 23-24, 2022, the Board of Trustees (the "Board") of PIMCO Variable Insurance Trust (the "Trust"), including the Trustees who are not "interested persons" of the Trust under the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered and unanimously approved the renewal of the Amended and Restated Investment Advisory Contract (the "Investment Advisory Contract") between the Trust, on behalf of the Trust's series (each, a "Portfolio" and collectively, the "Portfolios"), and Pacific Investment Management Company LLC ("PIMCO"), for an additional one-year term through August 31, 2023. The Board also considered and unanimously approved the renewal of the Amended and Restated Supervision and Administration Agreement (the "Supervision and Administration Agreement") between the Trust, on behalf of the Portfolios, and PIMCO for an additional one-year term through August 31, 2023. In addition, the Board considered and unanimously approved the renewal of the Amended and Restated Asset Allocation Sub-Advisory Agreement (the "Asset Allocation Agreement" and, together with the Investment Advisory Contract and the Supervision and Administration Agreement, the "Agreements") between PIMCO, on behalf of PIMCO All Asset Portfolio, a series of the Trust, and Research Affiliates, LLC ("Research Affiliates") for an additional one-year term through August 31, 2023. In addition, the Board considered and unanimously approved the renewal of the investment management agreements between PIMCO and each of the wholly-owned subsidiaries (each, a "Subsidiary" and, collectively, the "Subsidiaries") of certain of the Portfolios (collectively, the "Subsidiary Agreements"), each for the same additional one-year term through August 31, 2023.

The information, material factors and conclusions that formed the basis for the Board's approvals are summarized below.

1. INFORMATION RECEIVED

(a) Materials Reviewed: During the course of the past year, the Trustees received a wide variety of materials relating to the services provided by PIMCO and Research Affiliates to the Trust. At each of its quarterly meetings, the Board reviewed the Portfolios' investment performance and a significant amount of information relating to Portfolio operations, including shareholder services, valuation and custody, the Portfolios' compliance program and other information relating to the nature, extent and quality of services provided by PIMCO and Research Affiliates to the Trust and each of the Portfolios, as applicable. In considering whether to approve the renewal of the Agreements and the Subsidiary Agreements, the Board reviewed additional information, including, but not limited to: comparative industry data with regard to investment performance; advisory and supervisory and administrative fees and expenses; financial information for PIMCO and, where relevant, financial information for Research Affiliates; information regarding the profitability to PIMCO of its relationship with the Portfolios; information about the personnel

providing investment management services, other advisory services and supervisory and administrative services to the Portfolios; and information about the fees charged and services provided to other clients with similar investment mandates as the Portfolios, where applicable. In addition, the Board reviewed materials provided by counsel to the Trust and the Independent Trustees ("Counsel"), which included, among other things, a memorandum outlining legal duties of the Board in considering the renewal of the Agreements and Subsidiary Agreements.

With respect to the Subsidiary Agreements, the Trustees considered that each Portfolio that has a Subsidiary may utilize its Subsidiary to execute its investment strategy and that PIMCO provides investment advisory and administrative services to the Subsidiaries pursuant to the Subsidiary Agreements in the same manner as it does for such Portfolios that have Subsidiaries under the Investment Advisory Contract and Supervision and Administration Agreement. The Trustees also considered that, with respect to each Subsidiary, PIMCO does not retain a separate advisory or other fee from the Subsidiary, and that PIMCO's profitability with respect to each Portfolio that has a Subsidiary is not positively impacted as a result of the Subsidiary Agreements. The Trustees determined, therefore, that it was appropriate to consider the approval of the Subsidiary Agreements collectively with their consideration of the continuation of the Agreements.

(b) Review Process: In connection with considering the renewal of the Agreements, the Board reviewed written materials prepared by PIMCO and, where applicable, Research Affiliates in response to requests from Counsel encompassing a wide variety of topics. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from Counsel, and reviewed comparative fee and performance data prepared at the Board's request by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company performance information and fee and expense data. The Board received presentations on matters related to the Agreements and met both as a full Board and in a separate session of the Independent Trustees, without management present, at the August 23-24, 2022 meeting. The Independent Trustees also met via video conference with Counsel on July 14, 2022, and conducted a video conference meeting on August 10, 2022 with management and Counsel to discuss the materials presented and other matters deemed relevant to their consideration of the renewal of the Agreements. In connection with its review of the Agreements, the Board received comparative information on the performance, the risk-adjusted performance and the fees and expenses of other peer group funds and share classes. The Independent Trustees also requested and received supplemental information, including information regarding Broadridge peer classifications, the investment strategies and outflows for certain Portfolios, Portfolio performance and profitability.

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(Unaudited)

The approval determinations were made on the basis of each Trustee's business judgment after consideration and evaluation of all the information presented. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. In deciding to approve the renewal of the Agreements, the Board did not identify any single factor or particular information that, in isolation, was controlling. The discussion below is intended to summarize the broad factors and information that figured prominently in the Board's consideration of the renewal of the Agreements, but is not intended to summarize all of the factors considered by the Board.

2. NATURE, EXTENT AND QUALITY OF SERVICES

(a) PIMCO, Research Affiliates, their Personnel and Resources: The Board considered the depth and quality of PIMCO's investment management process, including, but not limited to: the experience, capability and integrity of its senior management and other personnel; the overall financial strength and stability of its organization; and the ability of its organizational structure to address changes in the Portfolios' asset levels. The Board also considered the various services in addition to portfolio management that PIMCO provides under the Investment Advisory Contract. The Board noted that PIMCO makes available to its investment professionals a variety of resources and systems relating to investment management, compliance, trading, performance and portfolio accounting. The Board also noted PIMCO's commitment to enhancing and investing in its global infrastructure, technology capabilities, risk management processes and the specialized talent needed to stay at the forefront of the competitive investment management industry and to strengthen its ability to deliver services under the Agreements. The Board considered PIMCO's policies, procedures and systems reasonably designed to assure compliance with applicable laws and regulations, including new regulations impacting the Portfolios, and its commitment to further developing and strengthening these programs; its oversight of matters that may involve conflicts of interest between the Portfolios' investments and those of other accounts managed by PIMCO; and its efforts to keep the Trustees informed about matters relevant to the Portfolios and their shareholders. The Board also considered PIMCO's investment in new disciplines and talented personnel, which has enhanced PIMCO's services to the Portfolios and has allowed PIMCO to introduce innovative new portfolios over time. In addition, the Board considered the nature, extent and quality of services provided by PIMCO to the Subsidiaries of certain applicable Portfolios.

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented, including the ongoing development of its own proprietary software and applications to support the Portfolios. Similarly, the Board considered the asset

allocation services provided by Research Affiliates to the PIMCO All Asset Portfolio. The Board further considered PIMCO's oversight of Research Affiliates in connection with Research Affiliates providing asset allocation services to the All Asset Portfolio. The Board also considered the depth and quality of Research Affiliates' investment management and research capabilities, the experience and capabilities of its portfolio management personnel and the overall financial strength of the organization. Ultimately, the Board concluded that the nature, extent and quality of services provided or procured by PIMCO under the Agreements and the Subsidiary Agreements and provided by Research Affiliates under the Asset Allocation Agreement are likely to continue to benefit the Portfolios and their shareholders, as applicable.

(b) Other Services: The Board also considered the nature, extent and quality of supervisory and administrative services provided by PIMCO to the Portfolios under the Supervision and Administration Agreement.

The Board considered the terms of the Supervision and Administration Agreement, under which the Trust pays for the supervisory and administrative services provided pursuant to that agreement under what is essentially an all-in fee structure (the "unified fee"). In return, PIMCO provides or procures certain supervisory and administrative services and bears the costs of various third party services required by the Portfolios, including, but not limited to, audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board also noted that the scope and complexity, as well as the costs, of the supervisory and administrative services provided by PIMCO under the Supervision and Administration Agreement continue to increase. The Board considered PIMCO's provision of supervisory and administrative services and its supervision of the Trust's third party service providers to assure that these service providers continue to provide a high level of service relative to alternatives available in the market.

Ultimately, the Board concluded that the nature, extent and quality of the services provided or procured by PIMCO has benefited, and will likely continue to benefit, the Portfolios and their shareholders.

3. INVESTMENT PERFORMANCE

The Board reviewed information from PIMCO concerning the Portfolios' performance, as available, over short- and long-term periods ended March 31, 2022 and other performance data, as available, over short- and long-term periods ended June 30, 2022 (the "PIMCO Report") and from Broadridge concerning the Portfolios' performance, as available, over short- and long-term periods ended March 31, 2022 (the "Broadridge Report"). The Board also noted that while historically the Broadridge Report included peer classifications from only Lipper, as part of this approval process the Broadridge Report incorporated peer classifications from Morningstar for the Portfolios for which it was believed that Morningstar provided a materially improved comparison.

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| **Approval of Investment Advisory Contract and Other Agreements** | **(Cont.)** |

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The Board considered information regarding both the short- and long-term relative and absolute investment performance of each Portfolio relative to its Portfolio peer group, where appropriate, and relevant benchmark index as provided to the Board in advance of each of its quarterly meetings throughout the year, including the PIMCO Report and Broadridge Report. The Trustees reviewed information indicating that classes of each Portfolio would have substantially similar performance to that of the Administrative Class of the relevant Portfolio on a relative basis because all of the classes are invested in the same portfolio of investments and that differences in performance among classes could principally be attributed to differences in the supervisory and administrative fees and distribution and/or servicing expenses of each class. The Board noted that, due to differences (such as specific investment strategies or fee structures) between certain of the Portfolios and their so-called peers in the Broadridge categories, performance comparisons may not be particularly relevant to the consideration of Portfolio performance, but found the comparative information supported its overall evaluation.

The Trustees noted that a majority of the Portfolios (based on the Administrative Class performance) have outperformed their respective benchmark indexes over the three-, five-, and ten-year periods ended March 31, 2022, and that a majority of the Portfolios (based on the Administrative Class performance) have outperformed their benchmarks since inception for the period ended March 31, 2022. The Board also discussed actions that have been taken by PIMCO to attempt to improve performance and took note of PIMCO's plans to monitor performance going forward.

The Board ultimately concluded, within the context of all of its considerations in connection with the Agreements and the Subsidiary Agreements, that PIMCO's performance record and process in managing the Portfolios indicates that its continued management is likely to benefit the Portfolios and their shareholders and merits the approval of the renewal of the Agreements and the Subsidiary Agreements.

4. ADVISORY FEES, SUPERVISORY AND ADMINISTRATIVE FEES AND TOTAL EXPENSES

The Board considered that PIMCO seeks to price new funds to scale at the outset. The Board noted that PIMCO generally seeks to price new funds competitively against the median total expense ratio of the respective Broadridge peer group, if available, while acknowledging that a fee premium may be appropriate for innovative investment offerings. PIMCO reported to the Board that, in proposing fees for any Portfolio or class of shares, it considers a number of factors, including, but not limited to, the type and complexity of the services provided, the cost of providing services, the risk assumed by PIMCO in the development of products and the provision of services and the competitive marketplace for financial products. Fees charged to or

proposed for different Portfolios for advisory services and supervisory and administrative services may vary in light of these various factors.

The Board reviewed the advisory fees, supervisory and administrative fees and total expenses of the Portfolios (each as a percentage of average net assets) and compared such amounts with the average and median fee and expense levels of other similar funds. The Board also reviewed information relating to the sub-advisory fees paid to Research Affiliates with respect to applicable Portfolios, taking into account that PIMCO compensates Research Affiliates from the advisory fees paid by such Portfolios to PIMCO. With respect to advisory fees, the Board reviewed data from the Broadridge Report that compared the average and median advisory fees of other funds in a "Peer Group" of comparable funds, where appropriate, as well as the universe of other similar funds. The Board reviewed materials indicating that, a number of Portfolios have total expense ratios that fall below the average and median expense ratios in their Peer Group and Broadridge universe. In addition, the Board considered the expense limitation agreement in place for all of the Portfolios and fee waivers in place for certain of the Portfolios and also noted the fee waivers in place with respect to the advisory fee and supervisory and administrative fee that might result from investments by applicable Portfolios in their respective Subsidiaries. The Board also considered that PIMCO reviews the Portfolios' fee levels and carefully considers changes where appropriate.

The Board also reviewed data comparing the Portfolios' advisory fees to the fee rates PIMCO charged to registered funds (open-end and closed-end), private funds, and non-U.S. registered funds, separate accounts, sub-advised clients and collective investment trusts with similar investment strategies. In cases where the fees for other clients were lower than those charged to the Portfolios, the Trustees noted that the differences in fees were attributable to various factors, including, but not limited to, differences in the advisory and other services provided by PIMCO to the Portfolios, differences in the number or extent of the services provided by PIMCO to the Portfolios, the manner in which similar portfolios may be managed, different requirements with respect to liquidity management and the implementation of other regulatory requirements, and the fact that separate accounts may have other contractual arrangements or arrangements across PIMCO strategies that justify different levels of fees. The Board considered that, with respect to collective investment trusts, PIMCO performs fewer or less extensive services because collective investment trusts are generally exempt from SEC regulation; investors in a collective investment trust may receive shareholder services from a trustee bank, rather than PIMCO; collective investment trusts have less regulatory disclosure; and the management structure of collective investment trusts differs from that of funds. The Trustees also considered that PIMCO faces increased entrepreneurial, legal and regulatory risk in sponsoring and managing mutual funds and ETFs as compared to separate accounts, external sub-advised funds or

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(Unaudited)

other investment products. In addition, the Trustees considered that PIMCO may charge certain private funds with similar investment mandates lower fees than the Portfolios because such private funds are not required to accept daily redemptions or price their assets on a daily basis, generally do not accept small investors with small account balances and operate under a less complex regulatory regime.

Regarding advisory fees charged by PIMCO in its capacity as sub-adviser to third party/unaffiliated funds, the Trustees took into account that such fees may be lower than the fees charged by PIMCO to serve as adviser to the Portfolios. The Trustees also took into account that there are various reasons for any such differences in fees, including, but not limited to, the fact that PIMCO may be subject to varying levels of entrepreneurial, legal and regulatory risk and different servicing requirements when PIMCO does not serve as the sponsor of a fund and is not principally responsible for all aspects of a fund's investment program and operations as compared to when PIMCO serves as investment adviser and sponsor.

The Board considered the Portfolios' supervisory and administrative fees, comparing them to similar funds managed by other investment advisers in the Broadridge Report. The Board also considered that, as the Portfolios' business has become increasingly complex and the number of Portfolios has grown over time, PIMCO has provided an increasingly broad array of fund supervisory and administrative functions. In addition, the Board considered the Trust's unified fee structure, under which the Trust pays for the supervisory and administrative services it requires for one set fee. In return for this unified fee, PIMCO provides or procures supervisory and administrative services and bears the costs of various third party services required by the Portfolios, including audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board further considered that many other funds pay for comparable services separately, and thus it is difficult to directly compare the Trust's unified supervisory and administrative fees with the fees paid by other funds for administrative services alone. The Board also considered that the unified supervisory and administrative fee leads to Portfolio fees that are fixed over the contract period, rather than variable. The Board noted that, although the unified fee structure does not have breakpoints, it inherently reflects certain economies of scale by fixing the absolute level of Portfolio fees at competitive levels over the contract period even if the Portfolios' operating costs rise when assets remain flat or decrease. Other factors the Board considered in assessing the unified fee include PIMCO's approach of pricing Portfolios at scale at inception and reinvesting in other important areas of the business that support the Portfolios. The Board considered historical advisory and supervisory and administrative fee reductions implemented for different Portfolios and classes, noting that the unified fee can be increased or decreased in subsequent contractual periods with Board approval and is subject to the periodic reviews discussed above. The Board noted that, with few exceptions, PIMCO has

generally maintained Portfolio fees at the same level as implemented when the unified fee was adopted, and has reduced fees for a number of Portfolios in prior years. The Board concluded that the Portfolios' supervisory and administrative fees were reasonable in relation to the value of the services provided, including the services provided to different classes of shareholders, and that the expenses assumed contractually by PIMCO under the Supervision and Administration Agreement represent, in effect, a cap on overall Portfolio fees during the contractual period, which is beneficial to the Portfolios and their shareholders.

The Board considered the Portfolios' total expenses and discussed with PIMCO certain Portfolios and/or classes of Portfolios that had above median total expenses. Upon comparing the Portfolios' total expenses to other funds in the "Peer Groups" provided by the Broadridge Report, where appropriate, the Board found total expenses of each Portfolio to be reasonable.

The Trustees also considered the advisory fees charged to the Portfolios that operate as funds of funds (the "Funds of Funds") and the advisory services provided in exchange for such fees. The Trustees determined that such services were in addition to the advisory services provided to the underlying funds in which the Funds of Funds may invest and, therefore, such services were not duplicative of the advisory services provided to the underlying funds. The Board also considered the various fee waiver agreements in place for the Funds of Funds. The Board noted that PIMCO is continuing waivers for these Funds of Funds, as well as for certain other Portfolios of the Trust.

Based on the information presented by PIMCO and Research Affiliates, members of the Board determined, in the exercise of their business judgment, that the level of the advisory fees and supervisory and administrative fees charged by PIMCO under the Agreements and the Subsidiary Agreements, that the fees charged by Research Affiliates under the Asset Allocation Agreement, and that the total expenses of each Portfolio, are reasonable.

5. ADVISER COSTS, LEVEL OF PROFITS AND ECONOMIES OF SCALE

The Board reviewed information regarding PIMCO's costs of providing services to, as well as the resulting level of profits from, the Portfolios. To the extent applicable, the Board also reviewed information regarding the portion of a Portfolio's advisory fee retained by PIMCO, following the payment of sub-advisory fees to Research Affiliates, with respect to the Portfolios. Additionally, the Board discussed PIMCO's pre- and post-distribution profit margin ranges with respect to the Portfolios, as compared to the prior year. The Board also noted that it had received information regarding the structure and manner in which PIMCO's investment professionals were compensated, and PIMCO's view of the relationship of such compensation to the recruitment and retention of quality personnel. The Board considered PIMCO's investment in global

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| **Approval of Investment Advisory Contract and Other Agreements** | **(Cont.)** | (Unaudited) |

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infrastructure, technology capabilities, risk management processes and qualified personnel to reinforce existing services, offer new services, and accommodate changing regulatory requirements.

The Board considered the existence of any economies of scale and noted that, to the extent that PIMCO achieves economies of scale in managing the Portfolios, PIMCO shares the benefits of such economies of scale, if any, with the Portfolios and their shareholders in a number of ways, including investing in portfolio and trade operations management, firm technology, middle and back office support, legal and compliance, and fund administration logistics; senior management supervision, governance and oversight of those services; and through fee reductions or waivers, the pricing of Portfolios to scale from inception and the enhancement of services provided to the Portfolios in return for fees paid. The Board reviewed the history of the Portfolios' fee structure. The Board considered that the Portfolios' unified fee rates had been set competitively and/or priced to scale from inception, had been held steady during the contractual period at that scaled competitive rate for most Portfolios as assets grew, or as assets declined in the case of some Portfolios, and continued to be competitive compared with peers. The Board also considered that the unified fee is a transparent means of informing a Portfolio's shareholders of the fees associated with the Portfolio, and that the Portfolio bears certain expenses that are not covered by the advisory fee or the unified fee. The Board further considered the challenges that arise when managing large funds, which can result in certain "diseconomies" of scale and noted that PIMCO has continued to reinvest in many areas of the business to support the Portfolios.

The Trustees considered that the unified fee has provided inherent economies of scale because a Portfolio maintains competitive fixed fees over the annual contract period even if the particular Portfolio's assets decline and/or operating costs rise. The Trustees further considered that, in contrast, breakpoints may be a proxy for charging higher fees on lower asset levels and that when a fund's assets decline, breakpoints may reverse, which causes expense ratios to increase. The Trustees also considered that, unlike the Portfolios' unified fee structure, funds with "pass through" administrative fee structures may experience increased expense ratios when fixed dollar fees are charged against declining fund assets. In addition, the Trustees considered that the unified fee protects shareholders from a rise in operating costs that may result from, among other things, PIMCO's investments in various business enhancements and infrastructure, including those referenced above. The Trustees noted that PIMCO's investments in these areas are extensive.

The Board concluded that the Portfolios' cost structures were reasonable and that PIMCO is appropriately sharing economies of scale, if any, through the Portfolios' unified fee structure, generally pricing Portfolios to scale at inception and reinvesting in its business to provide enhanced and expanded services to the Portfolios and their shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

6. ANCILLARY BENEFITS

The Board considered other benefits realized by PIMCO and its affiliates as a result of PIMCO's relationship with the Trust. Such benefits may include possible ancillary benefits to PIMCO's institutional investment management business due to the reputation and market penetration of the Trust or third party service providers' relationship-level fee concessions, which decrease fees paid by PIMCO. The Board also considered that affiliates of PIMCO provide distribution and/or shareholder services to the Portfolios and their shareholders, for which they may be compensated through distribution and servicing fees paid pursuant to the Portfolios' Rule 12b-1 plans or otherwise. The Board noted that, while PIMCO has the authority to receive the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the Portfolios, it has adopted a policy not to enter into contractual soft dollar arrangements.

7. CONCLUSIONS

Based on their review, including their comprehensive consideration and evaluation of each of the broad factors and information summarized above, the Independent Trustees and the Board as a whole concluded that the nature, extent and quality of the services rendered to the Portfolios by PIMCO and Research Affiliates supported the renewal of the Agreements and the Subsidiary Agreements. The Independent Trustees and the Board as a whole concluded that the Agreements and the Subsidiary Agreements continued to be fair and reasonable to the Portfolios and their shareholders, that the Portfolios' shareholders received reasonable value in return for the fees paid to PIMCO by the Portfolios under the Investment Advisory Contract, Supervision and Administration Agreement and the Subsidiary Agreements and the fees paid to Research Affiliates by PIMCO under the Asset Allocation Agreement, and that the renewal of the Agreements and the Subsidiary Agreements was in the best interests of the Portfolios and their shareholders.

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**General Information** 

**Investment Adviser and Administrator** 

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

**Distributor** 

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

**Custodian** 

State Street Bank and Trust Company

801 Pennsylvania Avenue

Kansas City, MO 64105

**Transfer Agent** 

SS&C Global Investor & Distribution Solutions, Inc.

430 W 7th Street STE 219024

Kansas City, MO 64105-1407

**Legal Counsel** 

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

**Independent Registered Public Accounting Firm** 

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the PIMCO Variable Insurance Trust.

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**pimco.com/pvit**![LOGO](g362543g06y60.jpg)

PVIT04AR_123122

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![LOGO](g427370g13e39.jpg)

PIMCO VARIABLE INSURANCE TRUST

## Annual Report
December 31, 2022

PIMCO Global Bond Opportunities Portfolio (Unhedged)

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**Table of Contents** 

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|:---|:---|
|  | Page |
| &nbsp;&nbsp; [Chairman's Letter](#tx427370_1) | 2 |
| &nbsp;&nbsp; [Important Information About the PIMCO Global Bond Opportunities Portfolio (Unhedged)](#tx427370_2) | 4 |
| &nbsp;&nbsp; [Portfolio Summary](#tx427370_3) | 7 |
| &nbsp;&nbsp; [Expense Example](#tx427370_4) | 8 |
| &nbsp;&nbsp; [Financial Highlights](#tx427370_5) | 10 |
| &nbsp;&nbsp; [Statement of Assets and Liabilities](#tx427370_6) | 12 |
| &nbsp;&nbsp; [Statement of Operations](#tx427370_7) | 13 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets](#tx427370_8) | 14 |
| &nbsp;&nbsp; [Schedule of Investments](#tx427370_9) | 15 |
| &nbsp;&nbsp; [Notes to Financial Statements](#tx427370_10) | 32 |
| &nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm](#tx427370_11) | 53 |
| &nbsp;&nbsp; [Glossary](#tx427370_12) | 54 |
| &nbsp;&nbsp; [Federal Income Tax Information](#tx427370_13) | 55 |
| &nbsp;&nbsp; [Management of the Trust](#tx427370_14) | 56 |
| &nbsp;&nbsp; [Privacy Policy](#tx427370_15) | 58 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements](#tx427370_16) | 59 |

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This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust (the "Trust") prospectus for the Portfolio. (The variable product prospectus may be obtained by contacting your Investment Consultant.)

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**Chairman's Letter**

Dear Shareholder,

2022 was a challenging year in the financial markets. We continue to work tirelessly to navigate global markets and manage the assets that you have entrusted with us. Following this letter is the PIMCO Variable Insurance Trust Annual Report, which covers the 12-month reporting period ended December 31, 2022 (the "reporting period"). On the subsequent pages, you will find details regarding investment results and a discussion of the factors that most affected performance during the reporting period.

For the 12-month reporting period ended December 31, 2022

The global economy faced significant headwinds in 2022, including those related to higher inflation, the COVID-19 pandemic, and the Russia-Ukraine conflict. First and second quarter 2022 U.S. annualized gross domestic product ("GDP") returned -1.6% and -0.6%, respectively. The economy strengthened in the third quarter, with annualized GDP rising 3.2%. The Commerce Department's initial estimate for fourth quarter 2022 annualized GDP — released after the reporting period ended — was 2.9%.

The Federal Reserve Board (the "Fed" or "U.S. central bank") took actions to combat elevated inflation. In March 2022, the Fed raised the federal funds rate 0.25% to a range between 0.25% and 0.50%, its first rate hike since 2018. The U.S. central bank then raised rates at its next six meetings, for a total increase of 4.25% in 2022. At the end of the year, the federal funds rate was in a range between 4.25% and 4.50%.

Economies outside the U.S. also faced several headwinds. In its October 2022 World Economic Outlook Update, the International Monetary Fund (the "IMF") downgraded its expectation for 2022 GDP citing "turbulent challenges" including high inflation, tightening financial conditions, as well as the ongoing Russia-Ukraine conflict and COVID-19 pandemic. For 2022, the IMF included in its projections that GDP would grow 1.6% in the U.S. (from 5.7% in 2021), 3.1% in the eurozone (from 5.2% in 2021), 3.6% in the U.K. (from 7.4% in 2021), and 1.7% in Japan (the same as in 2021).

Several central banks tightened their respective monetary policies in recent years. For example, in December 2021, prior to the beginning of the reporting period, the Bank of England (the "BoE") raised rates for the first time since COVID-19 began. The BoE again raised rates at its next eight meetings, for a total of 3.50% in rate hikes since its first increase. The European Central Bank raised rates four times in 2022, for a total increase of 2.50%. In contrast, the Bank of Japan (the "BoJ") maintained its loose monetary policy for most of 2022. However, in December 2022 the BoJ announced that it would allow its 10-year government bond yield to rise to 0.5% (previously limited to 0.25%). The news sent the 10-year bond yield and Japanese yen higher, as market participants interpreted the announcement to mean that the BoJ may pivot from its previous monetary stance.

During the reporting period, short- and long-term U.S. Treasury yields moved higher. The yield on the benchmark 10-year U.S. Treasury note was 3.88% on December 31, 2022, versus 1.52% on December 31, 2021. The Bloomberg Global Treasury Index (USD Hedged), which tracks fixed-rate, local currency government debt of investment grade countries, including developed and emerging markets, returned -10.79%. Meanwhile, the Bloomberg Global Aggregate Credit Index (USD Hedged), a widely used index of global investment grade credit bonds, returned -14.22%. Riskier fixed income asset classes, including high yield corporate bonds and emerging market debt, were also weak. The ICE BofAML Developed Markets High Yield Constrained Index (USD Hedged), a widely used index of below-investment-grade bonds, returned -10.56%, whereas emerging market external debt, as represented by the JPMorgan Emerging Markets Bond Index (EMBI) Global (USD Hedged), returned -16.45%. Emerging market local bonds, as represented by the JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged), returned -11.69%. Finally, the municipal market, as represented by the Bloomberg Municipal Bond Index, returned -8.53%.

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| **2** | **PIMCO VARIABLE INSURANCE TRUST** |

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Amid periods of volatility, global equities generally posted weak results during the reporting period as economic and geopolitical concerns weighed on investor sentiment. U.S. equities, as represented by the S&P 500 Index, returned -18.11%. Global equities, as represented by the MSCI World Index, returned -18.14%, while emerging market equities, as measured by the MSCI Emerging Markets Index, returned -20.09%. Meanwhile, Japanese equities, as represented by the Nikkei 225 Index (in Japanese yen), returned -7.37% and European equities, as represented by the MSCI Europe Index (in euro), returned -9.49%.

Commodity prices were volatile and generated mixed returns during the reporting period. Brent crude oil, which was approximately $77.24 a barrel at the start of the reporting period, rose to roughly $82.82 a barrel at the end of December 2022. Prices of other commodities, such as copper and gold, declined during the period.

Finally, there were also periods of volatility in the foreign exchange markets. We believe this was driven by several factors, including economic growth expectations and changing central bank monetary policies, as well as rising inflation, COVID-19 variants, and geopolitical events. The U.S. dollar strengthened against several major currencies. For example, during the reporting period, the U.S. dollar returned 5.85%, 10.71%, and 12.23% versus the euro, the British pound and the Japanese yen, respectively.

Thank you for the assets you have placed with us. We deeply value your trust, and we will continue to work diligently to meet your broad investment needs.

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| ![LOGO](g427370g19a01.jpg) | Sincerely,<br>![LOGO](g427370g65f33.jpg) <br>Peter G. Strelow<br> Chairman of the Board<br>PIMCO Variable Insurance Trust<br>|

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Past performance is no guarantee of future results. Unless otherwise noted, index returns reflect the reinvestment of income distributions and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. It is not possible to invest directly in an unmanaged index.

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|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>3</sub> |

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**Important Information About the PIMCO Global Bond Opportunities Portfolio (Unhedged)**

PIMCO Variable Insurance Trust (the "Trust") is an open-end management investment company that includes the PIMCO Global Bond Opportunities Portfolio (Unhedged) (the "Portfolio"). The Portfolio is only available as a funding vehicle under variable life insurance policies or variable annuity contracts issued by insurance companies ("Variable Contracts"). Individuals may not purchase shares of the Portfolio directly. Shares of the Portfolio also may be sold to qualified pension and retirement plans outside of the separate account context.

We believe that bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed income securities and other instruments held by the Portfolio are likely to decrease in value. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that management will anticipate such movement accurately. The Portfolio may lose money as a result of movements in interest rates.

As of the date of this report, interest rates in the United States and many parts of the world, including certain European countries, continue to increase. In efforts to combat inflation, the U.S. Federal Reserve raised interest rates multiple times in 2022 and has indicated an expectation that it will continue to raise interest rates in 2023. Thus, the Portfolio currently faces a heightened level of risk associated with rising interest rates and/or bond yields. This could be driven by a variety of factors, including but not limited to central bank monetary policies, changing inflation or real growth rates, general economic conditions, increasing bond issuances or reduced market demand for low yielding investments. Further, while bond markets have steadily grown over the past three decades, dealer inventories of corporate bonds are near historic lows in relation to market size. As a result, there has been a significant reduction in the ability of dealers to "make markets."

Bond funds and individual bonds with a longer duration (a measure used to determine the sensitivity of a security's price to changes in interest rates) tend to be more sensitive to changes in interest rates, usually making them more volatile than securities or funds with shorter durations. All of the factors mentioned above, individually or collectively, could lead to increased volatility and/or lower liquidity in the fixed income markets or negatively impact the Portfolio's performance or cause the Portfolio to incur losses. As a result, the Portfolio may experience increased shareholder redemptions, which, among other things, could further reduce the net assets of the Portfolio.

The Portfolio may be subject to various risks as described in the Portfolio's prospectus and in the Principal and Other Risks in the Notes to Financial Statements.

Classifications of the Portfolio's portfolio holdings in this report are made according to financial reporting standards. The classification of a particular portfolio holding as shown in the Allocation Breakdown and Schedule of Investments sections of this report may differ from the classification used for the Portfolio's compliance calculations, including those used in the Portfolio's prospectus, investment objectives, regulatory, and other investment limitations and policies, which may be based on different asset class, sector or geographical classifications. The Portfolio is separately monitored for compliance with respect to prospectus and regulatory requirements.

The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. In 2022, many countries lifted some or all restrictions related to COVID-19. However, the effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations and individual issuers, all of which may negatively impact the Portfolio's performance. In addition, COVID-19 and governmental responses to COVID-19 may negatively impact the capabilities of the Portfolio's service providers and disrupt the Portfolio's operations.

The United States' enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from certain other countries has contributed to and may continue to contribute to international trade tensions and may impact portfolio securities. The United States' enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government's response, may also negatively impact securities and instruments that are economically tied to Russia.

The Portfolio may have significant exposure to issuers in the United Kingdom. The United Kingdom's withdrawal from the European Union may impact Portfolio returns. The withdrawal may cause substantial volatility in foreign exchange markets, lead to weakness in the exchange rate of the British pound, result in a sustained period of market uncertainty, and destabilize some or all of the other European Union member countries and/or the Eurozone.

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| **4** | **PIMCO VARIABLE INSURANCE TRUST** |

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The Portfolio may invest in certain instruments that rely in some fashion upon the London Interbank Offered Rate ("LIBOR"). LIBOR is an average interest rate, determined by the ICE Benchmark Administration, that banks charge one another for the use of short-term money. The United Kingdom's Financial Conduct Authority, which regulates LIBOR, has announced plans to ultimately phase out the use of LIBOR. There remains uncertainty regarding future utilization of LIBOR and the nature of any replacement rate (e.g., the Secured Overnight Financing Rate, which is intended to replace U.S. dollar LIBOR and measures the cost of overnight borrowings through repurchase agreement transactions collateralized with U.S. Treasury securities). Any potential effects of the transition away from LIBOR on the Portfolio or on certain instruments in which the Portfolio invests can be difficult to ascertain, and they may vary depending on a variety of factors. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to the Portfolio.

On the Portfolio Summary page in this Shareholder Report, the Average Annual Total Return table and Cumulative Returns chart measure performance assuming that any dividend and capital gain distributions were reinvested. The Cumulative Returns chart reflects only

Administrative Class performance. Performance may vary by share class based on each class's expense ratios. The Portfolio measures its performance against at least one broad-based securities market index ("benchmark index"). The benchmark index does not take into account fees, expenses, or taxes. The Portfolio's past performance, before and after taxes, is not necessarily an indication of how the Portfolio will perform in the future. There is no assurance that the Portfolio, even if the Portfolio has experienced high or unusual performance for one or more periods, will experience similar levels of performance in the future. High performance is defined as a significant increase in either 1) the Portfolio's total return in excess of that of the Portfolio's benchmark between reporting periods or 2) the Portfolio's total return in excess of the Portfolio's historical returns between reporting periods. Unusual performance is defined as a significant change in the Portfolio's performance as compared to one or more previous reporting periods. Historical performance for the Portfolio or a share class thereof may have been positively impacted by fee waivers or expense limitations in place during some or all of the periods shown, if applicable. Future performance (including total return or yield) and distributions may be negatively impacted by the expiration or reduction of any such fee waivers or expense limitations.

The following table discloses the inception dates of the Portfolio and its share classes along with the Portfolio's diversification status as of period end:

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|:---|:---|:---|:---|:---|:---|
| **Portfolio Name** | **Portfolio<br>Inception** | **Institutional<br>Class** | **Administrative<br>Class** | **Advisor<br>Class** | **Diversification<br>Status** |
|  PIMCO Global Bond Opportunities Portfolio (Unhedged) | 01/10/02 | 01/31/06 | 01/10/02 | 10/31/06 | Diversified |

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An investment in the Portfolio is not a bank deposit and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in the Portfolio.

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Portfolio. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither this Portfolio's prospectus nor summary prospectus, the Trust's Statement of Additional Information ("SAI"), any contracts filed as exhibits to the Trust's registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or the Portfolio creates a contract between or among any shareholder of the Portfolio, on the one hand, and the Trust, the Portfolio, a service provider to the Trust or the Portfolio, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service

providers or other delegates acting under authority of the Trustees) may amend the most recent prospectus or use a new prospectus, summary prospectus or SAI with respect to the Portfolio or the Trust, and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which the Trust or the Portfolio is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to the Portfolio, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust's then-current prospectus or SAI.

PIMCO has adopted written proxy voting policies and procedures ("Proxy Policy") as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>5</sub> |

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| **Important Information About the PIMCO Global Bond Opportunities Portfolio (Unhedged)** | **(Cont.)** |

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twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at (888) 87-PIMCO, on the Portfolio's website at www.pimco.com/pvit, and on the Securities and Exchange Commission's ("SEC") website at www.sec.gov.

The Portfolio files portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The Portfolio's complete schedule of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC's website at www.sec.gov and on PIMCO's website at www.pimco.com/pvit, and will be made available, upon request by calling PIMCO at (888) 87-PIMCO.

SEC rules allow shareholder reports to be delivered to investors by providing access to such reports online free of charge and by mailing a notice that the report is electronically available. Investors may elect to receive all future reports in paper free of charge by contacting their insurance company. Any election to receive reports in paper will apply to all portfolio companies available under the investor's contract at the insurance company.

In October 2020, the SEC adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover transactions. Subject to certain exceptions, the rule requires portfolios that trade derivatives and other transactions that create future payment or delivery obligations to comply with a value-at-risk leverage limit and certain derivatives risk management program and reporting requirements. These requirements may limit the ability of the Portfolio to use derivatives and reverse repurchase agreements and similar financing transactions as part of its investment strategies and may increase the cost of the Portfolio's investments and cost of doing business, which could adversely affect investors. The rule went into effect on February 19, 2021. The compliance date for the new rule and related reporting requirements was August 19, 2022.

In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value as well as for the performance of fair value determinations, including related oversight and reporting obligations. The new rule also defines "readily available market quotations" for purposes of the definition of "value" under the Investment Company Act of 1940 (the "Act"), and the SEC noted that this definition will apply in all contexts under the Act. The effective date for the rule was March 8, 2021. The compliance date for the new rule and the related reporting requirements was September 8, 2022.

In May 2022, the SEC proposed amendments to a current rule governing portfolio naming conventions. In general, the current rule requires portfolios with certain types of names to adopt a policy to

invest at least 80% of their assets in the type of investment suggested by the name. The proposed amendments would expand the scope of the current rule in a number of ways that would result in an expansion of the types of portfolio names that would require the portfolio to adopt an 80% investment policy under the rule. Additionally, the proposed amendments would modify the circumstances under which a portfolio may deviate from its 80% investment policy and address the use and valuation of derivatives instruments for purposes of the rule. The proposal's impact on the Portfolio will not be known unless and until any final rulemaking is adopted.

In May 2022, the SEC proposed a framework that would require certain registered portfolios (such as the Portfolio) to disclose their environmental, social, and governance ("ESG") investing practices. Among other things, the proposed requirements would mandate that portfolios meeting three pre-defined classifications (i.e., integrated, ESG focused and/or impact funds) provide prospectus and shareholder report disclosure related to the ESG factors, criteria and processes used in managing the portfolio. The proposal's impact on the Portfolio will not be known unless and until any final rulemaking is adopted.

In October 2022, the SEC adopted changes to the mutual fund and exchange-traded fund ("ETF") shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which will impact the disclosures provided to shareholders. The rule amendments are effective as of January 24, 2023, but the SEC is providing an 18-month compliance period following the effective date for such amendments other than those addressing fee and expense information in advertisements that might be materially misleading.

In November 2022, the SEC proposed rule amendments which, among other things, would require funds to adopt swing pricing in order to mitigate dilution of shareholders' interests in a fund by requiring the adjustment of fund net asset value per share to pass on costs stemming from shareholder purchase or redemption activity. In addition the proposed rule would amend the liquidity rule framework. The proposal's impact on the Portfolio will not be known unless and until any final rulemaking is adopted.

In November 2022, the SEC adopted amendments to Form N-PX under the Act to improve the utility to investors of proxy voting information reported by mutual funds, ETFs and certain other funds. The rule amendments will expand th scope of funds' Form N-PX reporting obligations, subject managers to Form N-PX reporting obligations for "Say on Pay" votes, enhance Form N-PX disclosures, permit joint reporting by funds, managers and affiliated managers on Form N-PX; and require website availability of fund proxy voting records. The amendments will become effective on July 1, 2024. Funds and managers will be required to file their first reports covering the period from July 1, 2023 to June 30, 2024 on amended Form N-PX by August 31, 2024.

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| **6** | **PIMCO VARIABLE INSURANCE TRUST** |

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**PIMCO Global Bond Opportunities Portfolio (Unhedged)** 

Cumulative Returns Through December 31, 2022

![LOGO](g427370g60e32.jpg)

$10,000 invested at the end of the month when the Portfolio's Administrative Class commenced operations.

Geographic Breakdown as of December 31, 2022<sup>†</sup><sup>§</sup>

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|:---|:---|
|  United States | 41.6% |
|  Short-Term Instruments<sup>‡</sup> | 18.9% |
|  Cayman Islands | 6.5% |
|  United Kingdom | 5.4% |
|  Japan | 4.1% |
|  Luxembourg | 3.9% |
|  France | 3.3% |
|  Denmark | 2.2% |
|  Germany | 2.2% |
|  Ireland | 2.1% |
|  Supranational | 2.0% |
|  Australia | 1.8% |
|  Other | 6.0% |

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| <sup>†</sup> | % of Investments, at value.  |

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|:---|:---|
| <sup>§</sup> | Geographic Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.  |

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<sup>‡</sup> Includes Central Funds Used for Cash Management Purposes.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 |  |
|  |  | 1 Year | 5 Years | 10 Years | Inception<sup>≈</sup> |  |
|  | PIMCO Global Bond Opportunities Portfolio (Unhedged) Institutional Class | (10.87)% | (0.77)% | (0.16)% | 3.12% |  |
| ![LOGO](g427370g94o20.jpg) | PIMCO Global Bond Opportunities Portfolio (Unhedged) Administrative Class | (11.00)% | (0.92)% | (0.31)% | 4.17% |  |
|  | PIMCO Global Bond Opportunities Portfolio (Unhedged) Advisor Class | (11.09)% | (1.02)% | (0.41)% | 2.80% |  |
| ![LOGO](g427370g08y58.jpg) | Bloomberg Global Aggregate<br>(USD Unhedged) Index<sup>±</sup> | (16.25)% | (1.66)% | (0.44)% | 3.33% | <sup>¨</sup> |

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All Portfolio returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

<sup>≈</sup> For class inception dates please refer to the Important Information.

<sup>¨</sup> Average annual total return since 12/31/2001.

<sup>±</sup> Bloomberg Global Aggregate (USD Unhedged) Index provides a broad-based measure of the global investment-grade fixed income markets. The three major components of this index are the U.S. Aggregate, the Pan-European Aggregate, and the Asian-Pacific Aggregate Indices. The index also includes Eurodollar and Euro-Yen corporate bonds, Canadian Government securities, and USD investment grade 144A securities.

It is not possible to invest directly in an unmanaged index.

*Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. The Portfolio's performance does not reflect the deduction of additional charges and expenses imposed in connection with investing in Variable Contracts, which will reduce returns. Differences in the Portfolio's performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the prices of individual positions (which may be sourced from different pricing vendors or other sources) used by the Portfolio and the index. For performance current to the most recent month-end, visit www.pimco.com/pvit or via (888) 87-PIMCO.* 

*The Portfolio's total annual operating expense ratio in effect as of period end was 0.77% for Institutional Class shares, 0.92% for Administrative Class shares, and 1.02% for Advisor Class shares. Details regarding any changes to the Portfolio's operating expenses, subsequent to period end, can be found in the Portfolio's current prospectus, as supplemented.* 

Investment Objective and Strategy Overview

PIMCO Global Bond Opportunities Portfolio (Unhedged) seeks maximum total return, consistent with preservation of capital and prudent investment management, by investing under normal circumstances at least 80% of its assets in Fixed Income Instruments that are economically tied to at least three countries (one of which may be the United States), which may be represented by forwards or derivatives such as options, futures contracts or swap agreements. "Fixed Income Instruments" include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. Securities may be denominated in major foreign currencies, baskets of foreign currencies (such as the euro), or the U.S. dollar. Portfolio strategies may change from time to time. Please refer to the Portfolio's current prospectus for more information regarding the Portfolio's strategy.

Portfolio Insights

The following affected performance (on a gross basis) during the reporting period:

» Short exposure to duration in the U.K., particularly during the second and third quarters of 2022, contributed to absolute performance, as yields rose.

» Short exposure to duration in Japan, particularly during the fourth quarter of 2022, contributed to absolute performance, as yields rose.

» Short exposure to duration in China, particularly during the fourth quarter of 2022, contributed to absolute performance, as yields rose.

» Long exposure to duration in the U.S. dollar bloc particularly during the first, second and third quarters of 2022, detracted from absolute performance, as yields rose.

» Long exposure to duration in the euro bloc, particularly during the second quarter of 2022, detracted from absolute performance, as yields rose.

» Long exposure to the Japanese yen, particularly during the first, second and third quarters of 2022, detracted from absolute performance, as the currency depreciated relative to the U.S. dollar.

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>7</sub> |

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| **Expense Example** | **PIMCO Global Bond Opportunities Portfolio (Unhedged)** |

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Example

As a shareholder of the Portfolio, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including investment advisory fees, supervisory and administrative fees, distribution and/or service (12b-1) fees (if applicable), and other Portfolio expenses. The Example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The Expense Example does not reflect any fees or other expenses imposed by the Variable Contracts. If it did, the expenses reflected in the Expense Example would be higher. The Example is based on an investment of $1,000 invested at the beginning of the period and held from July 1, 2022 to December 31, 2022 unless noted otherwise in the table and footnotes below.

Actual Expenses

The information in the table under the heading "Actual" provides information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60), then multiply the result by the number in the appropriate row for your share class, in the column titled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information in the table under the heading "Hypothetical (5% return before expenses)" provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other portfolios. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other portfolios.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the information under the heading "Hypothetical (5% return before expenses)" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. In addition, if these transactional costs were included, your costs would have been higher.

Expense ratios may vary period to period because of various factors, such as an increase in expenses that are not covered by the investment advisory fees and supervisory and administrative fees, such as fees and expenses of the independent trustees and their counsel, extraordinary expenses and interest expense.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Actual** | **Actual** | **Actual** | **Hypothetical<br>(5% return before expenses)** | **Hypothetical<br>(5% return before expenses)** | **Hypothetical<br>(5% return before expenses)** | |
|  | **Beginning<br>Account Value<br>(07/01/22)** | **Ending<br>Account Value<br>(12/31/22)** | **Expenses Paid<br>During Period\*** | **Beginning<br>Account Value<br>(07/01/22)** | **Ending<br>Account Value<br>(12/31/22)** | **Expenses Paid<br>During Period\*** | **Net Annualized<br>Expense Ratio\*\*** |
| Institutional Class | $1000.00 | $1000.70 | $4.23 | $1000.00 | $1021.25 | $4.27 | 0.83% |
| Administrative Class | 1000.00 | 999.90 | 4.99 | 1000.00 | 1020.49 | 5.05 | 0.98 |
| Advisor Class | 1000.00 | 999.40 | 5.50 | 1000.00 | 1019.98 | 5.56 | 1.08 |

---

\* Expenses Paid During Period are equal to the net annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 186/365 (to reflect the one-half year period). Overall fees and expenses of investing in the Portfolio will be higher because the example does not reflect variable contract fees and expenses.

\*\* Net Annualized Expense Ratio is reflective of any applicable contractual fee waivers and/or expense reimbursements or voluntary fee waivers. Details regarding fee waivers, if any, can be found in Note 9, Fees and Expenses, in the Notes to Financial Statements.

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| | |
|:---|:---|
| **8** | **PIMCO VARIABLE INSURANCE TRUST** |

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##### [**Table of Contents**](#toc)
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| | | |
|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>9</sub> |

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------

##### [**Table of Contents**](#toc)

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| | |
|:---|:---|
| **Financial Highlights** | **PIMCO Global Bond Opportunities Portfolio (Unhedged)** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year Ended^: | **<br>Net Asset<br>Value<br>Beginning<br>of Year<sup>(a)</sup>** | **Net<br>Investment<br>Income<br>(Loss)<sup>(b)</sup>** | **Net<br>Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital<br>Gain** | **Tax Basis<br>Return of<br>Capital** | **Total** |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | $&nbsp;&nbsp;&nbsp;&nbsp;10.94 | $&nbsp;&nbsp;&nbsp;&nbsp;0.21 | $&nbsp;&nbsp;&nbsp;&nbsp;(1.40) | $&nbsp;&nbsp;&nbsp;&nbsp;(1.19) | $&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | $&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | $0.00 | $(0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 12.19 | 0.23 | (0.69) | (0.46) | (0.61) | (0.18) | 0.00 | (0.79) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 11.35 | 0.21 | 0.93 | 1.14 | (0.30) | 0.00 | 0.00 | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2019 | 10.96 | 0.27 | 0.41 | 0.68 | (0.29) | 0.00 | 0.00 | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2018 | 12.29 | 0.27 | (0.77) | (0.50) | (0.76) | (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;(0.83) |
| Administrative Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 10.94 | 0.19 | (1.39) | (1.20) | (0.15) | (0.14) | 0.00 | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 12.19 | 0.21 | (0.69) | (0.48) | (0.59) | (0.18) | 0.00 | (0.77) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 11.35 | 0.20 | 0.92 | 1.12 | (0.28) | 0.00 | 0.00 | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2019 | 10.96 | 0.26 | 0.40 | 0.66 | (0.27) | 0.00 | 0.00 | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2018 | 12.29 | 0.25 | (0.77) | (0.52) | (0.74) | (0.03) | (0.04) | (0.81) |
| Advisor Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 10.94 | 0.18 | (1.39) | (1.21) | (0.14) | (0.14) | 0.00 | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 12.19 | 0.21 | (0.70) | (0.49) | (0.58) | (0.18) | 0.00 | (0.76) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 11.35 | 0.19 | 0.92 | 1.11 | (0.27) | 0.00 | 0.00 | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2019 | 10.96 | 0.25 | 0.40 | 0.65 | (0.26) | 0.00 | 0.00 | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2018 | 12.29 | 0.24 | (0.77) | (0.53) | (0.73) | (0.03) | (0.04) | (0.80) |

---

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| | |
|:---|:---|
| ^ | A zero balance may reflect actual amounts rounding to less than $0.01 or 0.01%.  |

---

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Portfolio.

<sup>(b)</sup> Per share amounts based on average number of shares outstanding during the year. 

<sup>(c)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

<sup>(d)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Portfolio. Additionally, excludes initial sales charges and contingent deferred sales charges.

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| | | |
|:---|:---|:---|
| **10** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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------

##### [**Table of Contents**](#toc)

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | |
|<br>**Net Asset<br>Value End of<br>Year<sup>(a)</sup>** |<br>**Total Return<sup>(d)</sup>** |<br>**Net Assets<br>End of Year<br>(000s)** | **Expenses** | **Expenses<br>Excluding<br>Waivers** | **Expenses<br>Excluding<br>Interest<br>Expense** | **Expenses**<br> **Excluding**<br> **Interest**<br> **Expense and**<br> **Waivers** | **Net<br>Investment<br>Income (Loss)** |<br>**Portfolio<br>Turnover<br>Rate** |
| $9.45 | (10.87)% | $9551 | 0.81% | 0.81% | 0.75% | 0.75% | 2.14% | 560% |
| &nbsp;&nbsp;&nbsp;&nbsp;10.94 | (4.01) | 10553 | 0.77 | 0.77 | 0.75 | 0.75 | 2.01 | 408 |
| 12.19 | 10.28 | 11120 | 0.78 | 0.78 | 0.75 | 0.75 | 1.87 | 634 |
| 11.35 | 6.28 | 9625 | 0.88 | 0.88 | 0.75 | 0.75 | 2.46 | 382 |
| 10.96 | (4.05) | 9561 | 0.84 | 0.84 | 0.75 | 0.75 | 2.27 | 255 |
| 9.45 | (11.00) | 81498 | 0.96 | 0.96 | 0.90 | 0.90 | 1.97 | 560 |
| 10.94 | (4.16) | 99746 | 0.92 | 0.92 | 0.90 | 0.90 | 1.80 | 408 |
| 12.19 | 10.12 | &nbsp;&nbsp;&nbsp;&nbsp;152386 | 0.93 | 0.93 | 0.90 | 0.90 | 1.73 | 634 |
| 11.35 | 6.12 | 159222 | 1.03 | 1.03 | 0.90 | 0.90 | 2.31 | 382 |
| 10.96 | (4.19) | 166921 | 0.99 | 0.99 | 0.90 | 0.90 | 2.12 | 255 |
| 9.45 | (11.09) | 23113 | 1.06 | 1.06 | 1.00 | 1.00 | 1.88 | 560 |
| 10.94 | (4.25) | 25954 | 1.02 | 1.02 | 1.00 | 1.00 | 1.79 | 408 |
| 12.19 | 10.01 | 23451 | 1.03 | 1.03 | 1.00 | 1.00 | 1.63 | 634 |
| 11.35 | 6.02 | 23386 | 1.13 | 1.13 | 1.00 | 1.00 | 2.21 | 382 |
| 10.96 | (4.29) | 23856 | 1.09 | 1.09 | 1.00 | 1.00 | 2.01 | 255 |

---

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| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>11</sub> |

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------

##### [**Table of Contents**](#toc)

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| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **PIMCO Global Bond Opportunities Portfolio (Unhedged)** | December 31, 2022 |

---

---

| | |
|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) | (Amounts in thousands<sup>†</sup>, except per share amounts) |
|  **Assets:** |  |
|  *Investments, at value* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities\* | $127092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 9091 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 2329 |
|  Deposits with counterparty | 3768 |
|  Foreign currency, at value | 814 |
|  Receivable for investments sold | 3207 |
|  Receivable for investments sold on a delayed-delivery basis | 26 |
|  Receivable for TBA investments sold | 43542 |
|  Receivable for Portfolio shares sold | 31 |
|  Interest and/or dividends receivable | 590 |
|  Dividends receivable from Affiliates | 27 |
|  **Total Assets** | 190950 |
|  **Liabilities:** |  |
|  *Borrowings & Other Financing Transactions* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for sale-buyback transactions | $1069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for short sales | 12930 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 2632 |
|  Payable for investments purchased | 3135 |
|  Payable for investments in Affiliates purchased | 27 |
|  Payable for TBA investments purchased | 55712 |
|  Deposits from counterparty | 800 |
|  Payable for Portfolio shares redeemed | 19 |
|  Overdraft due to custodian | 1 |
|  Accrued investment advisory fees | 26 |
|  Accrued supervisory and administrative fees | 52 |
|  Accrued distribution fees | 5 |
|  Accrued servicing fees | 11 |
|  **Total Liabilities** | 76788 |
|  **Net Assets** | $114162 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | $129179 |
|  Distributable earnings (accumulated loss) | (15017) |
|  **Net Assets** | $114162 |
|  **Net Assets:** |  |
|  Institutional Class | $9551 |
|  Administrative Class | 81498 |
|  Advisor Class | 23113 |
|  **Shares Issued and Outstanding:** |  |
|  Institutional Class | 1011 |
|  Administrative Class | 8625 |
|  Advisor Class | 2446 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |
|  Institutional Class | $9.45 |
|  Administrative Class | 9.45 |
|  Advisor Class | 9.45 |
|  Cost of investments in securities | $&nbsp;&nbsp;&nbsp;&nbsp;137707 |
|  Cost of investments in Affiliates | $9236 |
|  Cost of foreign currency held | $825 |
|  Proceeds received on short sales | $12894 |
|  Cost or premiums of financial derivative instruments, net | $(814) |
|  \* Includes repurchase agreements of: | $824 |

---

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Portfolio.

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| | | |
|:---|:---|:---|
| **12** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Statement of Operations** | **PIMCO Global Bond Opportunities Portfolio (Unhedged)** |

---

---

| | |
|:---|:---|
| Year Ended December 31, 2022 |  |
| (Amounts in thousands<sup>†</sup>) |  |
|  **Investment Income:** |  |
|  Interest | $3319 |
|  Dividends | 5 |
|  Dividends from Investments in Affiliates | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 3537 |
|  **Expenses:** |  |
|  Investment advisory fees | 301 |
|  Supervisory and administrative fees | 602 |
|  Distribution and/or servicing fees - Administrative Class | 131 |
|  Distribution and/or servicing fees - Advisor Class | 59 |
|  Trustee fees | 4 |
|  Interest expense | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 1169 |
|  **Net Investment Income (Loss)** | 2368 |
|  **Net Realized Gain (Loss):** |  |
|  Investments in securities | (2836) |
|  Investments in Affiliates | (30) |
|  Exchange-traded or centrally cleared financial derivative instruments | 1554 |
|  Over the counter financial derivative instruments | (2334) |
|  Foreign currency | (205) |
|  **Net Realized Gain (Loss)** | (3851) |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in securities | (13691) |
|  Investments in Affiliates | (125) |
|  Exchange-traded or centrally cleared financial derivative instruments | 244 |
|  Over the counter financial derivative instruments | 133 |
|  Foreign currency assets and liabilities | (48) |
|  **Net Change in Unrealized Appreciation (Depreciation)** | (13487) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $&nbsp;&nbsp;&nbsp;&nbsp;(14970) |

---

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

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| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>13</sub> |

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##### [**Table of Contents**](#toc)

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| | |
|:---|:---|
| **Statements of Changes in Net Assets** | **PIMCO Global Bond Opportunities Portfolio (Unhedged)** |

---

---

| | | |
|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2021** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
|  Net investment income (loss) | $2368 | $2968 |
|  Net realized gain (loss) | (3851) | 5660 |
|  Net change in unrealized appreciation (depreciation) | (13487) | (15660) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | (14970) | (7032) |
|  **Distributions to Shareholders:** |  |  |
|  From net investment income and/or net realized capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (303) | (777) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (2568) | (9689) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (674) | (1545) |
|  **Total Distributions<sup>(a)</sup>** | (3545) | (12011) |
|  **Portfolio Share Transactions:** |  |  |
|  Net increase (decrease) resulting from Portfolio share transactions\* | (3576) | (31661) |
|  **Total Increase (Decrease) in Net Assets** | (22091) | (50704) |
|  **Net Assets:** |  |  |
|  Beginning of year | 136253 | 186957 |
|  End of year | $&nbsp;&nbsp;&nbsp;&nbsp;114162 | $&nbsp;&nbsp;&nbsp;&nbsp;136253 |

---

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

\* See Note 13, Shares of Beneficial Interest, in the Notes to Financial Statements.

<sup>(a)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

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| | | |
|:---|:---|:---|
| **14** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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##### [**Table of Contents**](#toc)

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| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Global Bond Opportunities Portfolio (Unhedged)** | December 31, 2022 |

---

**(Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)** 

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **INVESTMENTS IN SECURITIES 111.3%** | **INVESTMENTS IN SECURITIES 111.3%** | **INVESTMENTS IN SECURITIES 111.3%** |
| **ARGENTINA 0.0%** | **ARGENTINA 0.0%** | **ARGENTINA 0.0%** |
| **SOVEREIGN ISSUES 0.0%** | **SOVEREIGN ISSUES 0.0%** | **SOVEREIGN ISSUES 0.0%** |
|  **Argentina Government International Bond** | **Argentina Government International Bond** | **Argentina Government International Bond** |
|  0.500% due 07/09/2030 þ | 68 | 16 |
|  1.500% due 07/09/2035 þ | 44 | 10 |
|  **Provincia de Buenos Aires** | **Provincia de Buenos Aires** | **Provincia de Buenos Aires** |
|  72.913% due 04/12/2025 | 620 | 1 |
|  **Total Argentina (Cost $56)** | **Total Argentina (Cost $56)** | **27** |
| **AUSTRALIA 2.2%** | **AUSTRALIA 2.2%** | **AUSTRALIA 2.2%** |
| **CORPORATE BONDS & NOTES 0.5%** | **CORPORATE BONDS & NOTES 0.5%** | **CORPORATE BONDS & NOTES 0.5%** |
|  **Sydney Airport Finance Co. Pty. Ltd.** | **Sydney Airport Finance Co. Pty. Ltd.** | **Sydney Airport Finance Co. Pty. Ltd.** |
|  3.900% due 03/22/2023 | 600 | 598 |
| **SOVEREIGN ISSUES 1.7%** | **SOVEREIGN ISSUES 1.7%** | **SOVEREIGN ISSUES 1.7%** |
|  **Australia Government International Bond** | **Australia Government International Bond** | **Australia Government International Bond** |
|  0.500% due 09/21/2026 | 2200 | 1338 |
|  1.000% due 11/21/2031 | 300 | 159 |
|  1.750% due 06/21/2051 | 50 | 20 |
|  2.500% due 05/21/2030 | 400 | 248 |
|  4.500% due 04/21/2033 | 200 | 141 |
|  |  | 1906 |
|  **Total Australia (Cost $2,882)** | **Total Australia (Cost $2,882)** | **2504** |
| **BRAZIL 0.3%** | **BRAZIL 0.3%** | **BRAZIL 0.3%** |
| **CORPORATE BONDS & NOTES 0.3%** | **CORPORATE BONDS & NOTES 0.3%** | **CORPORATE BONDS & NOTES 0.3%** |
|  **Banco Bradesco SA** | **Banco Bradesco SA** | **Banco Bradesco SA** |
|  2.850% due 01/27/2023 | 300 | 300 |
|  **Total Brazil (Cost $300)** | **Total Brazil (Cost $300)** | **300** |
| **CANADA 0.5%** | **CANADA 0.5%** | **CANADA 0.5%** |
| **CORPORATE BONDS & NOTES 0.3%** | **CORPORATE BONDS & NOTES 0.3%** | **CORPORATE BONDS & NOTES 0.3%** |
|  **Air Canada Pass-Through Trust** | **Air Canada Pass-Through Trust** | **Air Canada Pass-Through Trust** |
|  3.300% due 07/15/2031 | 80 | 68 |
|  **Fairfax Financial Holdings Ltd.** | **Fairfax Financial Holdings Ltd.** | **Fairfax Financial Holdings Ltd.** |
|  2.750% due 03/29/2028 | 300 | 281 |
|  |  | 349 |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES 0.1%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 0.1%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 0.1%** |
|  **Real Estate Asset Liquidity Trust** | **Real Estate Asset Liquidity Trust** | **Real Estate Asset Liquidity Trust** |
|  3.072% due 08/12/2053 | 100 | 73 |
| **SOVEREIGN ISSUES 0.1%** | **SOVEREIGN ISSUES 0.1%** | **SOVEREIGN ISSUES 0.1%** |
|  **Canada Government Real Return Bond** | **Canada Government Real Return Bond** | **Canada Government Real Return Bond** |
|  1.500% due 12/01/2044 (d) | 133 | 102 |
|  **Total Canada (Cost $637)** | **Total Canada (Cost $637)** | **524** |
| **CAYMAN ISLANDS 7.8%** | **CAYMAN ISLANDS 7.8%** | **CAYMAN ISLANDS 7.8%** |
| **ASSET-BACKED SECURITIES 7.1%** | **ASSET-BACKED SECURITIES 7.1%** | **ASSET-BACKED SECURITIES 7.1%** |
|  **Apidos CLO** | **Apidos CLO** | **Apidos CLO** |
|  5.009% due 07/17/2030 ~ | 250 | 247 |
|  **Arbor Realty Commercial Real Estate Notes Ltd.** | **Arbor Realty Commercial Real Estate Notes Ltd.** | **Arbor Realty Commercial Real Estate Notes Ltd.** |
|  5.257% due 01/15/2037 •  | 300 | 292 |
|  **Ares CLO Ltd.** | **Ares CLO Ltd.** | **Ares CLO Ltd.** |
|  4.949% due 01/15/2029 ~ | 323 | 319 |
|  **Bain Capital Credit CLO Ltd.** | **Bain Capital Credit CLO Ltd.** | **Bain Capital Credit CLO Ltd.** |
|  5.213% due 07/20/2030 ~ | 295 | 292 |
|  **BDS Ltd.** | **BDS Ltd.** | **BDS Ltd.** |
|  5.689% due 12/16/2036 ~ | 400 | 388 |
|  **Birch Grove CLO Ltd.** | **Birch Grove CLO Ltd.** | **Birch Grove CLO Ltd.** |
|  5.899% due 06/15/2031 ~ | 500 | 492 |
|  **Carlyle Global Market Strategies CLO Ltd.** | **Carlyle Global Market Strategies CLO Ltd.** | **Carlyle Global Market Strategies CLO Ltd.** |
|  5.600% due 08/14/2030 ~ | 247 | 245 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Carlyle U.S. CLO Ltd.** | **Carlyle U.S. CLO Ltd.** | **Carlyle U.S. CLO Ltd.** |
|  5.243% due 04/20/2031 •  | 300 | 295 |
|  **CIFC Funding Ltd.** | **CIFC Funding Ltd.** | **CIFC Funding Ltd.** |
|  5.275% due 10/24/2030 ~ | 500 | 495 |
|  **Gallatin CLO Ltd.** | **Gallatin CLO Ltd.** | **Gallatin CLO Ltd.** |
|  5.328% due 01/21/2028 •  | 151 | 149 |
|  **Halseypoint CLO Ltd.** | **Halseypoint CLO Ltd.** | **Halseypoint CLO Ltd.** |
|  5.865% due 11/30/2032 ~ | 300 | 296 |
|  **KREF Ltd.** | **KREF Ltd.** | **KREF Ltd.** |
|  5.771% due 02/17/2039 •  | 300 | 290 |
|  **LCM Ltd.** | **LCM Ltd.** | **LCM Ltd.** |
|  5.323% due 04/20/2031 ~ | 500 | 489 |
|  **Marble Point CLO Ltd.** | **Marble Point CLO Ltd.** | **Marble Point CLO Ltd.** |
|  5.119% due 10/15/2030 •  | 400 | 392 |
|  **MF1 Ltd.** | **MF1 Ltd.** | **MF1 Ltd.** |
|  5.176% due 02/19/2037 ~ | 300 | 289 |
|  **MF1 Multifamily Housing Mortgage Loan Trust** | **MF1 Multifamily Housing Mortgage Loan Trust** | **MF1 Multifamily Housing Mortgage Loan Trust** |
|  5.300% due 07/15/2036 ~ | 94 | 92 |
|  **Sound Point CLO Ltd.** | **Sound Point CLO Ltd.** | **Sound Point CLO Ltd.** |
|  5.225% due 01/23/2029 ~ | 299 | 295 |
|  **Starwood Commercial Mortgage Trust** | **Starwood Commercial Mortgage Trust** | **Starwood Commercial Mortgage Trust** |
|  5.526% due 04/18/2038 ~ | 500 | 485 |
|  **Starwood Mortgage Trust** | **Starwood Mortgage Trust** | **Starwood Mortgage Trust** |
|  5.157% due 11/15/2038 •  | 300 | 291 |
|  **Stratus CLO Ltd.** | **Stratus CLO Ltd.** | **Stratus CLO Ltd.** |
|  5.193% due 12/29/2029 •  | 272 | 267 |
|  **Symphony CLO Ltd.** | **Symphony CLO Ltd.** | **Symphony CLO Ltd.** |
|  4.961% due 07/14/2026 ~ | 19 | 19 |
|  **TPG Real Estate Finance Issuer Ltd.** | **TPG Real Estate Finance Issuer Ltd.** | **TPG Real Estate Finance Issuer Ltd.** |
|  5.458% due 02/15/2039 ~ | 300 | 293 |
|  **Venture CLO Ltd.** | **Venture CLO Ltd.** | **Venture CLO Ltd.** |
|  4.959% due 04/15/2027 ~ | 68 | 68 |
|  5.343% due 01/20/2029 •  | 387 | 382 |
|  5.596% due 09/07/2030 •  | 500 | 491 |
|  **Voya CLO Ltd.** | **Voya CLO Ltd.** | **Voya CLO Ltd.** |
|  5.029% due 04/17/2030 •  | 473 | 467 |
|  |  | 8120 |
| **CORPORATE BONDS & NOTES 0.7%** | **CORPORATE BONDS & NOTES 0.7%** | **CORPORATE BONDS & NOTES 0.7%** |
|  **Avolon Holdings Funding Ltd.** | **Avolon Holdings Funding Ltd.** | **Avolon Holdings Funding Ltd.** |
|  2.528% due 11/18/2027 | 282 | 226 |
|  **KSA Sukuk Ltd.** | **KSA Sukuk Ltd.** | **KSA Sukuk Ltd.** |
|  5.268% due 10/25/2028 | 200 | 208 |
|  **SA Global Sukuk Ltd.** | **SA Global Sukuk Ltd.** | **SA Global Sukuk Ltd.** |
|  2.694% due 06/17/2031 | 200 | 171 |
|  **Sands China Ltd.** | **Sands China Ltd.** | **Sands China Ltd.** |
|  5.625% due 08/08/2025 | 200 | 192 |
|  |  | 797 |
|  **Total Cayman Islands (Cost $9,157)** | **Total Cayman Islands (Cost $9,157)** | **8917** |
| **DENMARK 2.7%** | **DENMARK 2.7%** | **DENMARK 2.7%** |
| **CORPORATE BONDS & NOTES 2.7%** | **CORPORATE BONDS & NOTES 2.7%** | **CORPORATE BONDS & NOTES 2.7%** |
|  **Jyske Realkredit AS** | **Jyske Realkredit AS** | **Jyske Realkredit AS** |
|  1.000% due 10/01/2050 | 13894 | 1421 |
|  **Nordea Kredit Realkreditaktieselskab** | **Nordea Kredit Realkreditaktieselskab** | **Nordea Kredit Realkreditaktieselskab** |
|  1.000% due 10/01/2050 | 124 | 12 |
|  1.500% due 10/01/2053 | 886 | 95 |
|  **Nykredit Realkredit AS** | **Nykredit Realkredit AS** | **Nykredit Realkredit AS** |
|  1.000% due 10/01/2050 | 10685 | 1131 |
|  1.500% due 10/01/2053 | 974 | 108 |
|  **Realkredit Danmark AS** | **Realkredit Danmark AS** | **Realkredit Danmark AS** |
|  1.000% due 10/01/2050 | 2417 | 257 |
|  1.500% due 10/01/2053 | 292 | 32 |
|  **Total Denmark (Cost $4,339)** | **Total Denmark (Cost $4,339)** | **3056** |
| **FRANCE 4.0%** | **FRANCE 4.0%** | **FRANCE 4.0%** |
| **CORPORATE BONDS & NOTES 1.0%** | **CORPORATE BONDS & NOTES 1.0%** | **CORPORATE BONDS & NOTES 1.0%** |
|  **BNP Paribas SA** | **BNP Paribas SA** | **BNP Paribas SA** |
|  2.871% due 04/19/2032 •  | 200 | 157 |
|  5.198% due 01/10/2030 •  | 200 | 191 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Dexia Credit Local SA** | **Dexia Credit Local SA** | **Dexia Credit Local SA** |
|  1.625% due 10/16/2024 | 400 | 379 |
|  **Societe Generale SA** | **Societe Generale SA** | **Societe Generale SA** |
|  2.226% due 01/21/2026 •  | 200 | 184 |
|  2.797% due 01/19/2028 •  | 200 | 175 |
|  |  | 1086 |
| **SOVEREIGN ISSUES 3.0%** | **SOVEREIGN ISSUES 3.0%** | **SOVEREIGN ISSUES 3.0%** |
|  **France Government International Bond** | **France Government International Bond** | **France Government International Bond** |
|  0.750% due 05/25/2052 | 1500 | 848 |
|  2.000% due 05/25/2048 | 800 | 662 |
|  **UNEDIC ASSEO** | **UNEDIC ASSEO** | **UNEDIC ASSEO** |
|  0.875% due 05/25/2028 | 2000 | 1896 |
|  |  | 3406 |
|  **Total France (Cost $5,858)** | **Total France (Cost $5,858)** | **4492** |
| **GERMANY 2.6%** | **GERMANY 2.6%** | **GERMANY 2.6%** |
| **CORPORATE BONDS & NOTES 2.6%** | **CORPORATE BONDS & NOTES 2.6%** | **CORPORATE BONDS & NOTES 2.6%** |
|  **Deutsche Bank AG** | **Deutsche Bank AG** | **Deutsche Bank AG** |
|  1.625% due 01/20/2027 | 200 | 189 |
|  1.750% due 11/19/2030 •  | 200 | 169 |
|  2.625% due 02/12/2026 | 300 | 303 |
|  3.035% due 05/28/2032 •(g) | 150 | 114 |
|  3.547% due 09/18/2031 •  | 200 | 161 |
|  3.729% due 01/14/2032 •(g) | 200 | 147 |
|  3.961% due 11/26/2025 •  | 200 | 191 |
|  5.882% due 07/08/2031 •  | 200 | 173 |
|  **Kreditanstalt fuer Wiederaufbau** | **Kreditanstalt fuer Wiederaufbau** | **Kreditanstalt fuer Wiederaufbau** |
|  0.000% due 12/15/2027 (c) | 1200 | 1107 |
|  **Landwirtschaftliche Rentenbank** | **Landwirtschaftliche Rentenbank** | **Landwirtschaftliche Rentenbank** |
|  4.250% due 01/24/2023 | 200 | 136 |
|  5.375% due 04/23/2024 | 500 | 317 |
|  **Total Germany (Cost $3,549)** | **Total Germany (Cost $3,549)** | **3007** |
| **IRELAND 2.4%** | **IRELAND 2.4%** | **IRELAND 2.4%** |
| **ASSET-BACKED SECURITIES 2.0%** | **ASSET-BACKED SECURITIES 2.0%** | **ASSET-BACKED SECURITIES 2.0%** |
|  **Accunia European CLO DAC** | **Accunia European CLO DAC** | **Accunia European CLO DAC** |
|  2.328% due 07/15/2030 •  | 223 | 234 |
|  **Armada Euro CLO DAC** | **Armada Euro CLO DAC** | **Armada Euro CLO DAC** |
|  2.098% due 07/15/2031 •  | 400 | 416 |
|  **BlueMountain Fuji EUR CLO II DAC** | **BlueMountain Fuji EUR CLO II DAC** | **BlueMountain Fuji EUR CLO II DAC** |
|  2.028% due 07/15/2030 ~ | 196 | 204 |
|  **CVC Cordatus Loan Fund DAC** | **CVC Cordatus Loan Fund DAC** | **CVC Cordatus Loan Fund DAC** |
|  2.028% due 10/15/2031 ~ | 250 | 260 |
|  **Harvest CLO DAC** | **Harvest CLO DAC** | **Harvest CLO DAC** |
|  1.040% due 07/15/2031 | 400 | 387 |
|  **Jubilee CLO DAC** | **Jubilee CLO DAC** | **Jubilee CLO DAC** |
|  1.988% due 04/15/2030 •  | 250 | 262 |
|  2.028% due 04/15/2031 •  | 250 | 255 |
|  **Man GLG Euro CLO DAC** | **Man GLG Euro CLO DAC** | **Man GLG Euro CLO DAC** |
|  2.736% due 12/15/2031 ~ | 300 | 311 |
|  |  | 2329 |
| **CORPORATE BONDS & NOTES 0.2%** | **CORPORATE BONDS & NOTES 0.2%** | **CORPORATE BONDS & NOTES 0.2%** |
|  **AerCap Ireland Capital DAC** | **AerCap Ireland Capital DAC** | **AerCap Ireland Capital DAC** |
|  1.650% due 10/29/2024 | 200 | 185 |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES 0.2%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 0.2%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 0.2%** |
|  **Shamrock Residential DAC** | **Shamrock Residential DAC** | **Shamrock Residential DAC** |
|  2.744% due 01/24/2061 ~ | 270 | 282 |
|  **Total Ireland (Cost $3,190)** | **Total Ireland (Cost $3,190)** | **2796** |
| **ISRAEL 0.5%** | **ISRAEL 0.5%** | **ISRAEL 0.5%** |
| **SOVEREIGN ISSUES 0.5%** | **SOVEREIGN ISSUES 0.5%** | **SOVEREIGN ISSUES 0.5%** |
|  **Israel Government International Bond** | **Israel Government International Bond** | **Israel Government International Bond** |
|  0.150% due 07/31/2023 | 2100 | 586 |
|  **Total Israel (Cost $592)** | **Total Israel (Cost $592)** | **586** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **15** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Global Bond Opportunities Portfolio (Unhedged)** | **(Cont.)** |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **ITALY 0.8%** | **ITALY 0.8%** | **ITALY 0.8%** |
| **CORPORATE BONDS & NOTES 0.8%** | **CORPORATE BONDS & NOTES 0.8%** | **CORPORATE BONDS & NOTES 0.8%** |
|  **Banca Monte dei Paschi di Siena SpA** | **Banca Monte dei Paschi di Siena SpA** | **Banca Monte dei Paschi di Siena SpA** |
|  0.875% due 10/08/2027 | 300 | 286 |
|  3.625% due 09/24/2024 | 100 | 102 |
|  **UniCredit SpA** | **UniCredit SpA** | **UniCredit SpA** |
|  7.830% due 12/04/2023 | 500 | 505 |
|  **Total Italy (Cost $980)** | **Total Italy (Cost $980)** | **893** |
| **JAPAN 4.9%** | **JAPAN 4.9%** | **JAPAN 4.9%** |
| **CORPORATE BONDS & NOTES 0.6%** | **CORPORATE BONDS & NOTES 0.6%** | **CORPORATE BONDS & NOTES 0.6%** |
|  **Mizuho Financial Group, Inc.** | **Mizuho Financial Group, Inc.** | **Mizuho Financial Group, Inc.** |
|  5.387% (US0003M + 0.630%) due 05/25/2024 ~ | 200 | 199 |
|  **Nissan Motor Co. Ltd.** | **Nissan Motor Co. Ltd.** | **Nissan Motor Co. Ltd.** |
|  4.345% due 09/17/2027 | 200 | 182 |
|  4.810% due 09/17/2030 | 300 | 255 |
|  |  | 636 |
| **SOVEREIGN ISSUES 4.3%** | **SOVEREIGN ISSUES 4.3%** | **SOVEREIGN ISSUES 4.3%** |
|  **Japan Finance Organization for Municipalities** | **Japan Finance Organization for Municipalities** | **Japan Finance Organization for Municipalities** |
|  0.625% due 09/02/2025 | 400 | 358 |
|  2.375% due 09/08/2027 | 2300 | 2340 |
|  **Japan Government International Bond** | **Japan Government International Bond** | **Japan Government International Bond** |
|  0.100% due 03/10/2028 (d) | 157232 | 1239 |
|  0.500% due 03/20/2049 | 100000 | 597 |
|  0.700% due 06/20/2051 | 64000 | 392 |
|  |  | 4926 |
|  **Total Japan (Cost $6,421)** | **Total Japan (Cost $6,421)** | **5562** |
| **LUXEMBOURG 4.6%** | **LUXEMBOURG 4.6%** | **LUXEMBOURG 4.6%** |
| **CORPORATE BONDS & NOTES 4.6%** | **CORPORATE BONDS & NOTES 4.6%** | **CORPORATE BONDS & NOTES 4.6%** |
|  **European Financial Stability Facility** | **European Financial Stability Facility** | **European Financial Stability Facility** |
|  1.250% due 05/24/2033 | 5900 | 5273 |
|  **Total Luxembourg (Cost $5,472)** | **Total Luxembourg (Cost $5,472)** | **5273** |
| **MALAYSIA 0.4%** | **MALAYSIA 0.4%** | **MALAYSIA 0.4%** |
| **SOVEREIGN ISSUES 0.4%** | **SOVEREIGN ISSUES 0.4%** | **SOVEREIGN ISSUES 0.4%** |
|  **Malaysia Government International Bond** | **Malaysia Government International Bond** | **Malaysia Government International Bond** |
|  3.480% due 03/15/2023 | 2100 | 477 |
|  **Total Malaysia (Cost $445)** | **Total Malaysia (Cost $445)** | **477** |
| **NETHERLANDS 0.8%** | **NETHERLANDS 0.8%** | **NETHERLANDS 0.8%** |
| **CORPORATE BONDS & NOTES 0.8%** | **CORPORATE BONDS & NOTES 0.8%** | **CORPORATE BONDS & NOTES 0.8%** |
|  **Enel Finance International NV** | **Enel Finance International NV** | **Enel Finance International NV** |
|  2.650% due 09/10/2024 | 200 | 191 |
|  **ING Groep NV** | **ING Groep NV** | **ING Groep NV** |
|  5.754% (US0003M + 1.000%) due 10/02/2023 ~ | 700 | 702 |
|  **Total Netherlands (Cost $900)** | **Total Netherlands (Cost $900)** | **893** |
| **NORWAY 0.2%** | **NORWAY 0.2%** | **NORWAY 0.2%** |
| **SOVEREIGN ISSUES 0.2%** | **SOVEREIGN ISSUES 0.2%** | **SOVEREIGN ISSUES 0.2%** |
|  **Kommunalbanken AS** | **Kommunalbanken AS** | **Kommunalbanken AS** |
|  1.900% due 01/19/2027 | 300 | 185 |
|  **Total Norway (Cost $218)** | **Total Norway (Cost $218)** | **185** |
| **PERU 1.1%** | **PERU 1.1%** | **PERU 1.1%** |
| **SOVEREIGN ISSUES 1.1%** | **SOVEREIGN ISSUES 1.1%** | **SOVEREIGN ISSUES 1.1%** |
|  **Peru Government International Bond** | **Peru Government International Bond** | **Peru Government International Bond** |
|  5.350% due 08/12/2040 | 300 | 59 |
|  5.940% due 02/12/2029 | 600 | 145 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.350% due 08/12/2028 |  | 3500 | 877 |
|  8.200% due 08/12/2026 |  | 800 | 221 |
|  **Total Peru (Cost $1,617)** | **Total Peru (Cost $1,617)** | **Total Peru (Cost $1,617)** | **1302** |
| **QATAR 0.1%** | **QATAR 0.1%** | **QATAR 0.1%** | **QATAR 0.1%** |
| **CORPORATE BONDS & NOTES 0.1%** | **CORPORATE BONDS & NOTES 0.1%** | **CORPORATE BONDS & NOTES 0.1%** | **CORPORATE BONDS & NOTES 0.1%** |
|  **QatarEnergy Trading LLC** | **QatarEnergy Trading LLC** | **QatarEnergy Trading LLC** | **QatarEnergy Trading LLC** |
|  2.250% due 07/12/2031 | $— | 200 | 166 |
|  **Total Qatar (Cost $198)** | **Total Qatar (Cost $198)** | **Total Qatar (Cost $198)** | **166** |
| **ROMANIA 0.4%** | **ROMANIA 0.4%** | **ROMANIA 0.4%** | **ROMANIA 0.4%** |
| **SOVEREIGN ISSUES 0.4%** | **SOVEREIGN ISSUES 0.4%** | **SOVEREIGN ISSUES 0.4%** | **SOVEREIGN ISSUES 0.4%** |
|  **Romania Government International Bond** | **Romania Government International Bond** | **Romania Government International Bond** | **Romania Government International Bond** |
|  1.750% due 07/13/2030 |  | 200 | 150 |
|  2.000% due 04/14/2033 |  | 100 | 69 |
|  2.124% due 07/16/2031 |  | 100 | 74 |
|  2.750% due 04/14/2041 |  | 100 | 60 |
|  2.875% due 04/13/2042 |  | 100 | 60 |
|  **Total Romania (Cost $703)** | **Total Romania (Cost $703)** | **Total Romania (Cost $703)** | **413** |
| **SERBIA 0.1%** | **SERBIA 0.1%** | **SERBIA 0.1%** | **SERBIA 0.1%** |
| **SOVEREIGN ISSUES 0.1%** | **SOVEREIGN ISSUES 0.1%** | **SOVEREIGN ISSUES 0.1%** | **SOVEREIGN ISSUES 0.1%** |
|  **Serbia Government International Bond** | **Serbia Government International Bond** | **Serbia Government International Bond** | **Serbia Government International Bond** |
|  1.000% due 09/23/2028 |  | 100 | 77 |
|  2.050% due 09/23/2036 |  | 100 | 61 |
|  **Total Serbia (Cost $230)** | **Total Serbia (Cost $230)** | **Total Serbia (Cost $230)** | **138** |
| **SPAIN 1.0%** | **SPAIN 1.0%** | **SPAIN 1.0%** | **SPAIN 1.0%** |
| **CORPORATE BONDS & NOTES 0.3%** | **CORPORATE BONDS & NOTES 0.3%** | **CORPORATE BONDS & NOTES 0.3%** | **CORPORATE BONDS & NOTES 0.3%** |
|  **Banco Santander SA** | **Banco Santander SA** | **Banco Santander SA** | **Banco Santander SA** |
|  1.849% due 03/25/2026 | $— | 200 | 177 |
|  3.496% due 03/24/2025 |  | 200 | 193 |
|  |  |  | 370 |
|  | **SHARES** | **SHARES** |  |
| **PREFERRED SECURITIES 0.2%** | **PREFERRED SECURITIES 0.2%** | **PREFERRED SECURITIES 0.2%** | **PREFERRED SECURITIES 0.2%** |
|  **CaixaBank SA** | **CaixaBank SA** | **CaixaBank SA** | **CaixaBank SA** |
|  5.875% due 10/09/2027 •(e)(f) |  | 200000 | 197 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| **SOVEREIGN ISSUES 0.5%** | **SOVEREIGN ISSUES 0.5%** | **SOVEREIGN ISSUES 0.5%** | **SOVEREIGN ISSUES 0.5%** |
|  **Autonomous Community of Catalonia** | **Autonomous Community of Catalonia** | **Autonomous Community of Catalonia** | **Autonomous Community of Catalonia** |
|  4.220% due 04/26/2035 |  | 100 | 104 |
|  **Spain Government International Bond** | **Spain Government International Bond** | **Spain Government International Bond** | **Spain Government International Bond** |
|  3.450% due 07/30/2066 |  | 550 | 521 |
|  |  |  | 625 |
|  **Total Spain (Cost $1,727)** | **Total Spain (Cost $1,727)** | **Total Spain (Cost $1,727)** | **1192** |
| **SUPRANATIONAL 2.4%** | **SUPRANATIONAL 2.4%** | **SUPRANATIONAL 2.4%** | **SUPRANATIONAL 2.4%** |
| **CORPORATE BONDS & NOTES 2.4%** | **CORPORATE BONDS & NOTES 2.4%** | **CORPORATE BONDS & NOTES 2.4%** | **CORPORATE BONDS & NOTES 2.4%** |
|  **European Investment Bank** | **European Investment Bank** | **European Investment Bank** | **European Investment Bank** |
|  0.500% due 07/21/2023 |  | 600 | 401 |
|  0.500% due 01/15/2027 |  | 1200 | 1165 |
|  **European Union** | **European Union** | **European Union** | **European Union** |
|  2.500% due 11/04/2027 |  | 1100 | 1155 |
|  **Total Supranational (Cost $2,903)** | **Total Supranational (Cost $2,903)** | **Total Supranational (Cost $2,903)** | **2721** |
| **SWITZERLAND 0.8%** | **SWITZERLAND 0.8%** | **SWITZERLAND 0.8%** | **SWITZERLAND 0.8%** |
| **CORPORATE BONDS & NOTES 0.8%** | **CORPORATE BONDS & NOTES 0.8%** | **CORPORATE BONDS & NOTES 0.8%** | **CORPORATE BONDS & NOTES 0.8%** |
|  **Credit Suisse AG** | **Credit Suisse AG** | **Credit Suisse AG** | **Credit Suisse AG** |
|  6.500% due 08/08/2023 (f) | $— | 400 | 388 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Credit Suisse Group AG** | **Credit Suisse Group AG** | **Credit Suisse Group AG** |
|  6.537% due 08/12/2033 •  | 600 | 528 |
|  **Total Switzerland (Cost $945)** | **Total Switzerland (Cost $945)** | **916** |
| **THAILAND 0.2%** | **THAILAND 0.2%** | **THAILAND 0.2%** |
| **SOVEREIGN ISSUES 0.2%** | **SOVEREIGN ISSUES 0.2%** | **SOVEREIGN ISSUES 0.2%** |
|  **Thailand Government International Bond** | **Thailand Government International Bond** | **Thailand Government International Bond** |
|  3.390% due 06/17/2037 | 5599 | 168 |
|  **Total Thailand (Cost $161)** | **Total Thailand (Cost $161)** | **168** |
| **UNITED KINGDOM 6.4%** | **UNITED KINGDOM 6.4%** | **UNITED KINGDOM 6.4%** |
| **CORPORATE BONDS & NOTES 2.7%** | **CORPORATE BONDS & NOTES 2.7%** | **CORPORATE BONDS & NOTES 2.7%** |
|  **Barclays PLC** | **Barclays PLC** | **Barclays PLC** |
|  4.338% due 05/16/2024 •  | 400 | 397 |
|  4.967% (BBSW3M + 1.800%) due 06/15/2023 ~ | 250 | 170 |
|  5.396% (BBSW3M + 2.150%) due 06/26/2024 ~ | 500 | 343 |
|  **HSBC Holdings PLC** | **HSBC Holdings PLC** | **HSBC Holdings PLC** |
|  2.848% due 06/04/2031 •  | 200 | 160 |
|  3.973% due 05/22/2030 •  | 100 | 88 |
|  4.041% due 03/13/2028 •  | 200 | 185 |
|  **Lloyds Bank Corporate Markets PLC** | **Lloyds Bank Corporate Markets PLC** | **Lloyds Bank Corporate Markets PLC** |
|  1.750% due 07/11/2024 | 200 | 231 |
|  **Nationwide Building Society** | **Nationwide Building Society** | **Nationwide Building Society** |
|  1.700% due 02/13/2023 | 500 | 498 |
|  **NatWest Group PLC** | **NatWest Group PLC** | **NatWest Group PLC** |
|  4.892% due 05/18/2029 •  | 400 | 379 |
|  **Standard Chartered PLC** | **Standard Chartered PLC** | **Standard Chartered PLC** |
|  1.822% due 11/23/2025 •  | 300 | 274 |
|  2.608% due 01/12/2028 •  | 200 | 174 |
|  2.678% due 06/29/2032 •  | 300 | 227 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3126 |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES 3.7%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 3.7%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 3.7%** |
|  **Avon Finance PLC** | **Avon Finance PLC** | **Avon Finance PLC** |
|  4.331% due 09/20/2048 •  | 197 | 233 |
|  **Eurohome UK Mortgages PLC** | **Eurohome UK Mortgages PLC** | **Eurohome UK Mortgages PLC** |
|  3.946% due 06/15/2044 •  | 260 | 300 |
|  **Eurosail PLC** | **Eurosail PLC** | **Eurosail PLC** |
|  4.461% due 06/13/2045 ~ | 225 | 269 |
|  **Residential Mortgage Securities PLC** | **Residential Mortgage Securities PLC** | **Residential Mortgage Securities PLC** |
|  4.681% due 06/20/2070 ~ | 197 | 238 |
|  **Ripon Mortgages PLC** | **Ripon Mortgages PLC** | **Ripon Mortgages PLC** |
|  4.011% due 08/28/2056 •  | 861 | 1022 |
|  **Stratton Mortgage Funding PLC** | **Stratton Mortgage Funding PLC** | **Stratton Mortgage Funding PLC** |
|  3.826% due 07/20/2060 •  | 511 | 612 |
|  **Towd Point Mortgage Funding** | **Towd Point Mortgage Funding** | **Towd Point Mortgage Funding** |
|  3.826% due 07/20/2045 ~ | 537 | 643 |
|  3.826% due 07/20/2045 •  | 269 | 321 |
|  4.071% (SONIO/N + 1.144%) due 10/20/2051 ~ | 252 | 302 |
|  **Trinity Square PLC** | **Trinity Square PLC** | **Trinity Square PLC** |
|  3.729% due 07/15/2059 ~ | 216 | 258 |
|  |  | 4198 |
|  **Total United Kingdom (Cost $8,128)** | **Total United Kingdom (Cost $8,128)** | **7324** |
| **UNITED STATES 49.6%** | **UNITED STATES 49.6%** | **UNITED STATES 49.6%** |
| **ASSET-BACKED SECURITIES 5.6%** | **ASSET-BACKED SECURITIES 5.6%** | **ASSET-BACKED SECURITIES 5.6%** |
|  **ACE Securities Corp. Home Equity Loan Trust** | **ACE Securities Corp. Home Equity Loan Trust** | **ACE Securities Corp. Home Equity Loan Trust** |
|  5.289% due 08/25/2035 •  | 473 | 452 |
|  **Citigroup Mortgage Loan Trust** | **Citigroup Mortgage Loan Trust** | **Citigroup Mortgage Loan Trust** |
|  5.379% due 07/25/2035 •  | 500 | 468 |
|  **Conseco Finance Securitizations Corp.** | **Conseco Finance Securitizations Corp.** | **Conseco Finance Securitizations Corp.** |
|  7.490% due 07/01/2031 þ | 444 | 451 |
|  **Countrywide Asset-Backed Certificates** | **Countrywide Asset-Backed Certificates** | **Countrywide Asset-Backed Certificates** |
|  4.789% due 08/25/2034 •  | 71 | 66 |

---

---

| | | |
|:---|:---|:---|
| **16** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Countrywide Asset-Backed Certificates Trust** | **Countrywide Asset-Backed Certificates Trust** | **Countrywide Asset-Backed Certificates Trust** |
|  4.609% due 06/25/2047 •  | 662 | 631 |
|  5.129% due 08/25/2047 •  | 58 | 56 |
|  **Credit-Based Asset Servicing & Securitization Trust** | **Credit-Based Asset Servicing & Securitization Trust** | **Credit-Based Asset Servicing & Securitization Trust** |
|  4.509% due 11/25/2036 •  | 13 | 6 |
|  **Fortress Credit Investments Ltd.** | **Fortress Credit Investments Ltd.** | **Fortress Credit Investments Ltd.** |
|  5.761% due 02/23/2039 ~ | 300 | 289 |
|  **GSAMP Trust** | **GSAMP Trust** | **GSAMP Trust** |
|  4.889% due 05/25/2046 •  | 500 | 469 |
|  **Home Equity Mortgage Trust** | **Home Equity Mortgage Trust** | **Home Equity Mortgage Trust** |
|  6.000% due 01/25/2037 ^þ | 150 | 140 |
|  **Morgan Stanley ABS Capital, Inc. Trust** | **Morgan Stanley ABS Capital, Inc. Trust** | **Morgan Stanley ABS Capital, Inc. Trust** |
|  4.499% due 03/25/2037 •  | 801 | 362 |
|  4.889% due 08/25/2036 •  | 1840 | 959 |
|  **New Century Home Equity Loan Trust** | **New Century Home Equity Loan Trust** | **New Century Home Equity Loan Trust** |
|  5.124% due 06/25/2035 •  | 28 | 28 |
|  **NovaStar Mortgage Funding Trust** | **NovaStar Mortgage Funding Trust** | **NovaStar Mortgage Funding Trust** |
|  4.929% due 05/25/2036 ~ | 500 | 466 |
|  **Renaissance Home Equity Loan Trust** | **Renaissance Home Equity Loan Trust** | **Renaissance Home Equity Loan Trust** |
|  5.294% due 01/25/2037 þ | 454 | 148 |
|  **Securitized Asset-Backed Receivables LLC Trust** | **Securitized Asset-Backed Receivables LLC Trust** | **Securitized Asset-Backed Receivables LLC Trust** |
|  4.489% due 12/25/2036 ~ | 5 | 3 |
|  **SMB Private Education Loan Trust** | **SMB Private Education Loan Trust** | **SMB Private Education Loan Trust** |
|  1.290% due 07/15/2053 | 196 | 173 |
|  4.668% due 02/16/2055 •  | 272 | 264 |
|  5.418% due 07/15/2053 ~ | 49 | 47 |
|  **Soundview Home Loan Trust** | **Soundview Home Loan Trust** | **Soundview Home Loan Trust** |
|  4.889% due 11/25/2036 •  | 494 | 458 |
|  **Structured Asset Securities Corp. Mortgage Loan Trust** | **Structured Asset Securities Corp. Mortgage Loan Trust** | **Structured Asset Securities Corp. Mortgage Loan Trust** |
|  5.620% due 04/25/2035 •  | 3 | 3 |
|  **Terwin Mortgage Trust** | **Terwin Mortgage Trust** | **Terwin Mortgage Trust** |
|  5.329% due 11/25/2033 •  | 9 | 8 |
|  **Toyota Auto Loan Extended Note Trust** | **Toyota Auto Loan Extended Note Trust** | **Toyota Auto Loan Extended Note Trust** |
|  2.560% due 11/25/2031 | 500 | 482 |
|  **Washington Mutual Asset-Backed Certificates Trust** | **Washington Mutual Asset-Backed Certificates Trust** | **Washington Mutual Asset-Backed Certificates Trust** |
|  3.816% due 10/25/2036 •  | 31 | 12 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;6441 |
| **CORPORATE BONDS & NOTES 4.8%** | **CORPORATE BONDS & NOTES 4.8%** | **CORPORATE BONDS & NOTES 4.8%** |
|  **American Tower Corp.** | **American Tower Corp.** | **American Tower Corp.** |
|  3.800% due 08/15/2029 | 400 | 364 |
|  **Bayer U.S. Finance LLC** | **Bayer U.S. Finance LLC** | **Bayer U.S. Finance LLC** |
|  4.250% due 12/15/2025 | 200 | 194 |
|  5.779% (US0003M + 1.010%) due 12/15/2023 ~ | 300 | 299 |
|  **Boeing Co.** | **Boeing Co.** | **Boeing Co.** |
|  3.250% due 02/01/2028 | 200 | 182 |
|  **British Airways Pass-Through Trust** | **British Airways Pass-Through Trust** | **British Airways Pass-Through Trust** |
|  3.350% due 12/15/2030 | 73 | 63 |
|  **Broadcom, Inc.** | **Broadcom, Inc.** | **Broadcom, Inc.** |
|  3.137% due 11/15/2035 | 400 | 295 |
|  **Campbell Soup Co.** | **Campbell Soup Co.** | **Campbell Soup Co.** |
|  3.650% due 03/15/2023 | 29 | 29 |
|  **Charter Communications Operating LLC** | **Charter Communications Operating LLC** | **Charter Communications Operating LLC** |
|  6.384% due 10/23/2035 | 600 | 587 |
|  **Citigroup, Inc.** | **Citigroup, Inc.** | **Citigroup, Inc.** |
|  3.290% due 03/17/2026 •(g) | 200 | 190 |
|  **Corebridge Financial, Inc.** | **Corebridge Financial, Inc.** | **Corebridge Financial, Inc.** |
|  3.500% due 04/04/2025 | 100 | 96 |
|  **Fidelity National Information Services, Inc.** | **Fidelity National Information Services, Inc.** | **Fidelity National Information Services, Inc.** |
|  0.750% due 05/21/2023 | 100 | 106 |
|  **Ford Motor Credit Co. LLC** | **Ford Motor Credit Co. LLC** | **Ford Motor Credit Co. LLC** |
|  2.300% due 02/10/2025 | 200 | 183 |
|  2.684% due 12/01/2024 •  | 100 | 104 |
|  2.748% due 06/14/2024 | 100 | 115 |
|  **GA Global Funding Trust** | **GA Global Funding Trust** | **GA Global Funding Trust** |
|  2.250% due 01/06/2027 | 150 | 132 |
|  **GLP Capital LP** | **GLP Capital LP** | **GLP Capital LP** |
|  5.300% due 01/15/2029 | 200 | 190 |
|  **Goldman Sachs Group, Inc.** | **Goldman Sachs Group, Inc.** | **Goldman Sachs Group, Inc.** |
|  4.598% (SOFRRATE + 0.700%) due 01/24/2025 ~ | 500 | 493 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Helmerich & Payne, Inc.** | **Helmerich & Payne, Inc.** | **Helmerich & Payne, Inc.** | **Helmerich & Payne, Inc.** |
|  2.900% due 09/29/2031 | $| 100 | 81 |
|  **Hyatt Hotels Corp.** | **Hyatt Hotels Corp.** | **Hyatt Hotels Corp.** | **Hyatt Hotels Corp.** |
|  1.300% due 10/01/2023 |  | 100 | 97 |
|  **JPMorgan Chase & Co.** | **JPMorgan Chase & Co.** | **JPMorgan Chase & Co.** | **JPMorgan Chase & Co.** |
|  4.080% due 04/26/2026 •  |  | 400 | 389 |
|  4.912% due 07/25/2033 •  |  | 100 | 96 |
|  **MPT Operating Partnership LP** | **MPT Operating Partnership LP** | **MPT Operating Partnership LP** | **MPT Operating Partnership LP** |
|  2.550% due 12/05/2023 | GBP | 400 | 460 |
|  **Organon & Co.** | **Organon & Co.** | **Organon & Co.** | **Organon & Co.** |
|  4.125% due 04/30/2028 | $| 200 | 177 |
|  **Pacific Gas & Electric Co.** | **Pacific Gas & Electric Co.** | **Pacific Gas & Electric Co.** | **Pacific Gas & Electric Co.** |
|  3.500% due 06/15/2025 |  | 100 | 95 |
|  4.000% due 12/01/2046 |  | 100 | 67 |
|  **Principal Life Global Funding** | **Principal Life Global Funding** | **Principal Life Global Funding** | **Principal Life Global Funding** |
|  1.375% due 01/10/2025 |  | 100 | 93 |
|  **Southern California Edison Co.** | **Southern California Edison Co.** | **Southern California Edison Co.** | **Southern California Edison Co.** |
|  4.963% (SOFRRATE + 0.640%) due 04/03/2023 ~ |  | 100 | 100 |
|  5.153% (SOFRRATE + 0.830%) due 04/01/2024 ~ |  | 100 | 99 |
|  **Wells Fargo & Co.** | **Wells Fargo & Co.** | **Wells Fargo & Co.** | **Wells Fargo & Co.** |
|  3.908% due 04/25/2026 •  |  | 100 | 97 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;5473 |
| **LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2%** | **LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2%** | **LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2%** | **LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2%** |
|  **CenturyLink, Inc.** | **CenturyLink, Inc.** | **CenturyLink, Inc.** | **CenturyLink, Inc.** |
|  6.634% (LIBOR01M + 2.250%) due 03/15/2027 ~ |  | 224 | 214 |
| **MUNICIPAL BONDS & NOTES 0.1%** | **MUNICIPAL BONDS & NOTES 0.1%** | **MUNICIPAL BONDS & NOTES 0.1%** | **MUNICIPAL BONDS & NOTES 0.1%** |
|  **Louisiana Local Government Environmental Facilities & Community Development Authority System Restoration Bonds, Series 2022** | **Louisiana Local Government Environmental Facilities & Community Development Authority System Restoration Bonds, Series 2022** | **Louisiana Local Government Environmental Facilities & Community Development Authority System Restoration Bonds, Series 2022** | **Louisiana Local Government Environmental Facilities & Community Development Authority System Restoration Bonds, Series 2022** |
|  4.145% due 02/01/2033 |  | 100 | 95 |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES 11.4%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 11.4%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 11.4%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 11.4%** |
|  **Adjustable Rate Mortgage Trust** | **Adjustable Rate Mortgage Trust** | **Adjustable Rate Mortgage Trust** | **Adjustable Rate Mortgage Trust** |
|  3.361% due 09/25/2035 ^~ |  | 3 | 2 |
|  **American Home Mortgage Assets Trust** | **American Home Mortgage Assets Trust** | **American Home Mortgage Assets Trust** | **American Home Mortgage Assets Trust** |
|  4.579% due 05/25/2046 ^~ |  | 111 | 90 |
|  4.599% due 10/25/2046 •  |  | 240 | 130 |
|  **Banc of America Funding Trust** | **Banc of America Funding Trust** | **Banc of America Funding Trust** | **Banc of America Funding Trust** |
|  3.860% due 10/20/2046 ^~ |  | 51 | 42 |
|  3.958% due 02/20/2036 ~ |  | 35 | 33 |
|  5.500% due 01/25/2036 |  | 36 | 36 |
|  **Bayview Opportunity Master Fund Trust** | **Bayview Opportunity Master Fund Trust** | **Bayview Opportunity Master Fund Trust** | **Bayview Opportunity Master Fund Trust** |
|  3.000% due 11/25/2051 ~ |  | 266 | 224 |
|  **BCAP LLC Trust** | **BCAP LLC Trust** | **BCAP LLC Trust** | **BCAP LLC Trust** |
|  4.729% due 01/25/2037 ^~ |  | 103 | 87 |
|  5.250% due 04/26/2037 |  | 318 | 190 |
|  **Bear Stearns Adjustable Rate Mortgage Trust** | **Bear Stearns Adjustable Rate Mortgage Trust** | **Bear Stearns Adjustable Rate Mortgage Trust** | **Bear Stearns Adjustable Rate Mortgage Trust** |
|  2.634% due 05/25/2034 ~ |  | 3 | 2 |
|  3.236% due 08/25/2033 ~ |  | 3 | 2 |
|  3.255% due 05/25/2047 ^~ |  | 72 | 64 |
|  3.559% due 05/25/2034 ~ |  | 6 | 6 |
|  3.789% due 10/25/2033 ~ |  | 2 | 2 |
|  4.111% due 11/25/2034 ~ |  | 1 | 1 |
|  **Bear Stearns ALT-A Trust** | **Bear Stearns ALT-A Trust** | **Bear Stearns ALT-A Trust** | **Bear Stearns ALT-A Trust** |
|  3.697% due 08/25/2036 ^~ |  | 103 | 55 |
|  3.729% due 09/25/2035 ^~ |  | 54 | 33 |
|  3.763% due 11/25/2035 ^~ |  | 56 | 45 |
|  **Bear Stearns Structured Products, Inc. Trust** | **Bear Stearns Structured Products, Inc. Trust** | **Bear Stearns Structured Products, Inc. Trust** | **Bear Stearns Structured Products, Inc. Trust** |
|  5.219% due 12/26/2046 ^~ |  | 42 | 31 |
|  **BX Commercial Mortgage Trust** | **BX Commercial Mortgage Trust** | **BX Commercial Mortgage Trust** | **BX Commercial Mortgage Trust** |
|  5.048% due 10/15/2036 •  |  | 298 | 287 |
|  **Chase Mortgage Finance Trust** | **Chase Mortgage Finance Trust** | **Chase Mortgage Finance Trust** | **Chase Mortgage Finance Trust** |
|  3.718% due 07/25/2037 ~ |  | 11 | 9 |
|  **Chevy Chase Funding LLC Mortgage-Backed Certificates** | **Chevy Chase Funding LLC Mortgage-Backed Certificates** | **Chevy Chase Funding LLC Mortgage-Backed Certificates** | **Chevy Chase Funding LLC Mortgage-Backed Certificates** |
|  4.569% due 07/25/2036 •  |  | 232 | 207 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Citigroup Mortgage Loan Trust** | **Citigroup Mortgage Loan Trust** | **Citigroup Mortgage Loan Trust** |
|  2.500% due 05/25/2051 ~ | 957 | 773 |
|  3.150% due 10/25/2035 ^~ | 115 | 110 |
|  3.790% due 09/25/2035 ~ | 3 | 3 |
|  **Countrywide Alternative Loan Trust** | **Countrywide Alternative Loan Trust** | **Countrywide Alternative Loan Trust** |
|  3.548% due 11/25/2035 •  | 12 | 10 |
|  3.803% due 11/25/2035 ^~ | 97 | 83 |
|  4.088% due 11/25/2035 •  | 12 | 11 |
|  4.548% due 12/20/2046 ^•  | 173 | 139 |
|  4.563% due 07/20/2046 ^~ | 109 | 81 |
|  4.739% due 05/25/2037 ^•  | 33 | 13 |
|  4.773% due 03/20/2046 •  | 53 | 42 |
|  4.949% due 02/25/2037 ~ | 63 | 52 |
|  5.250% due 06/25/2035 ^ | 8 | 6 |
|  6.000% due 04/25/2037 ^ | 39 | 18 |
|  6.250% due 08/25/2037 ^ | 18 | 10 |
|  6.500% due 06/25/2036 ^ | 91 | 45 |
|  **Countrywide Home Loan Mortgage Pass-Through Trust** | **Countrywide Home Loan Mortgage Pass-Through Trust** | **Countrywide Home Loan Mortgage Pass-Through Trust** |
|  2.761% due 05/25/2047 ~ | 52 | 43 |
|  3.792% due 11/25/2034 ~ | 5 | 5 |
|  4.849% due 05/25/2035 ~ | 29 | 24 |
|  4.929% due 04/25/2046 ~ | 900 | 262 |
|  4.969% due 04/25/2035 •  | 4 | 4 |
|  4.989% due 03/25/2035 •  | 278 | 193 |
|  5.009% due 02/25/2035 ~ | 243 | 210 |
|  5.029% due 03/25/2035 ~ | 3 | 2 |
|  5.029% due 03/25/2035 •  | 25 | 21 |
|  5.049% due 02/25/2035 ~ | 3 | 3 |
|  5.149% due 09/25/2034 ~ | 2 | 2 |
|  5.500% due 10/25/2035 | 36 | 21 |
|  6.537% due 02/20/2036 ^•  | 148 | 134 |
|  **Credit Suisse Mortgage Capital Trust** | **Credit Suisse Mortgage Capital Trust** | **Credit Suisse Mortgage Capital Trust** |
|  2.500% due 07/25/2056 ~ | 86 | 69 |
|  6.500% due 07/26/2036 ^ | 103 | 26 |
|  **Deutsche ALT-B Securities, Inc. Mortgage Loan Trust** | **Deutsche ALT-B Securities, Inc. Mortgage Loan Trust** | **Deutsche ALT-B Securities, Inc. Mortgage Loan Trust** |
|  6.386% due 10/25/2036 ^þ | 96 | 84 |
|  **GCAT Trust** | **GCAT Trust** | **GCAT Trust** |
|  3.000% due 04/25/2052 ~ | 380 | 319 |
|  **GreenPoint Mortgage Funding Trust** | **GreenPoint Mortgage Funding Trust** | **GreenPoint Mortgage Funding Trust** |
|  4.929% due 11/25/2045 •  | 5 | 4 |
|  **GS Mortgage-Backed Securities Trust** | **GS Mortgage-Backed Securities Trust** | **GS Mortgage-Backed Securities Trust** |
|  2.500% due 12/25/2051 ~ | 88 | 71 |
|  2.500% due 01/25/2052 ~ | 358 | 289 |
|  2.500% due 02/25/2052 ~ | 175 | 141 |
|  **GSR Mortgage Loan Trust** | **GSR Mortgage Loan Trust** | **GSR Mortgage Loan Trust** |
|  2.880% due 03/25/2033 •  | 1 | 1 |
|  3.028% due 06/25/2034 ~ | 1 | 1 |
|  3.767% due 09/25/2035 ~ | 31 | 29 |
|  **HarborView Mortgage Loan Trust** | **HarborView Mortgage Loan Trust** | **HarborView Mortgage Loan Trust** |
|  2.898% due 12/19/2036 ^•  | 60 | 49 |
|  **Homeward Opportunities Fund Trust** | **Homeward Opportunities Fund Trust** | **Homeward Opportunities Fund Trust** |
|  1.657% due 05/25/2065 ~ | 7 | 7 |
|  **IndyMac INDX Mortgage Loan Trust** | **IndyMac INDX Mortgage Loan Trust** | **IndyMac INDX Mortgage Loan Trust** |
|  3.227% due 09/25/2035 ^~ | 84 | 69 |
|  **JP Morgan Mortgage Trust** | **JP Morgan Mortgage Trust** | **JP Morgan Mortgage Trust** |
|  2.675% due 02/25/2035 ~ | 1 | 1 |
|  3.000% due 01/25/2052 ~ | 615 | 515 |
|  3.000% due 03/25/2052 ~ | 553 | 464 |
|  3.000% due 04/25/2052 ~ | 600 | 503 |
|  3.000% due 05/25/2052 ~ | 984 | 825 |
|  3.062% due 11/25/2033 ~ | 2 | 2 |
|  3.848% due 01/25/2037 ^~ | 69 | 53 |
|  **Luminent Mortgage Trust** | **Luminent Mortgage Trust** | **Luminent Mortgage Trust** |
|  5.109% due 04/25/2036 •  | 187 | 154 |
|  **Manhattan West Mortgage Trust** | **Manhattan West Mortgage Trust** | **Manhattan West Mortgage Trust** |
|  2.130% due 09/10/2039 | 400 | 342 |
|  **MASTR Adjustable Rate Mortgages Trust** | **MASTR Adjustable Rate Mortgages Trust** | **MASTR Adjustable Rate Mortgages Trust** |
|  3.180% due 05/25/2034 ~ | 192 | 179 |
|  **MASTR Alternative Loan Trust** | **MASTR Alternative Loan Trust** | **MASTR Alternative Loan Trust** |
|  4.789% due 03/25/2036 ^•  | 44 | 5 |
|  **Mellon Residential Funding Corp. Mortgage Pass-Through Trust** | **Mellon Residential Funding Corp. Mortgage Pass-Through Trust** | **Mellon Residential Funding Corp. Mortgage Pass-Through Trust** |
|  4.758% due 12/15/2030 •  | 2 | 1 |
|  **Merrill Lynch Mortgage Investors Trust** | **Merrill Lynch Mortgage Investors Trust** | **Merrill Lynch Mortgage Investors Trust** |
|  2.847% due 02/25/2036 ~ | 6 | 6 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **17** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Global Bond Opportunities Portfolio (Unhedged)** | **(Cont.)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.418% due 02/25/2033 ~ | $— | 3 | $— | 3 |
|  4.809% due 02/25/2036 ~ |  | 27 |  | 26 |
|  **Merrill Lynch Mortgage-Backed Securities Trust** | **Merrill Lynch Mortgage-Backed Securities Trust** | **Merrill Lynch Mortgage-Backed Securities Trust** | **Merrill Lynch Mortgage-Backed Securities Trust** | **Merrill Lynch Mortgage-Backed Securities Trust** |
|  2.861% due 04/25/2037 ^~ |  | 4 |  | 3 |
|  **New Residential Mortgage Loan Trust** | **New Residential Mortgage Loan Trust** | **New Residential Mortgage Loan Trust** | **New Residential Mortgage Loan Trust** | **New Residential Mortgage Loan Trust** |
|  2.750% due 07/25/2059 ~ |  | 304 |  | 284 |
|  2.750% due 11/25/2059 ~ |  | 259 |  | 238 |
|  **Nomura Asset Acceptance Corp. Alternative Loan Trust** | **Nomura Asset Acceptance Corp. Alternative Loan Trust** | **Nomura Asset Acceptance Corp. Alternative Loan Trust** | **Nomura Asset Acceptance Corp. Alternative Loan Trust** | **Nomura Asset Acceptance Corp. Alternative Loan Trust** |
|  3.189% due 10/25/2035 ~ |  | 6 |  | 4 |
|  **NYO Commercial Mortgage Trust** | **NYO Commercial Mortgage Trust** | **NYO Commercial Mortgage Trust** | **NYO Commercial Mortgage Trust** | **NYO Commercial Mortgage Trust** |
|  5.413% due 11/15/2038 ~ |  | 400 |  | 364 |
|  **OBX Trust** | **OBX Trust** | **OBX Trust** | **OBX Trust** | **OBX Trust** |
|  2.500% due 10/25/2051 ~ |  | 357 |  | 288 |
|  5.039% due 06/25/2057 ~ |  | 93 |  | 87 |
|  **One New York Plaza Trust** | **One New York Plaza Trust** | **One New York Plaza Trust** | **One New York Plaza Trust** | **One New York Plaza Trust** |
|  5.268% due 01/15/2036 •  |  | 500 |  | 473 |
|  **PMT Loan Trust** | **PMT Loan Trust** | **PMT Loan Trust** | **PMT Loan Trust** | **PMT Loan Trust** |
|  2.500% due 07/25/2051 ~ |  | 352 |  | 284 |
|  **Residential Accredit Loans, Inc. Trust** | **Residential Accredit Loans, Inc. Trust** | **Residential Accredit Loans, Inc. Trust** | **Residential Accredit Loans, Inc. Trust** | **Residential Accredit Loans, Inc. Trust** |
|  4.809% due 04/25/2046 ~ |  | 117 |  | 35 |
|  6.000% due 12/25/2036 ^ |  | 138 |  | 109 |
|  **Residential Funding Mortgage Securities, Inc. Trust** | **Residential Funding Mortgage Securities, Inc. Trust** | **Residential Funding Mortgage Securities, Inc. Trust** | **Residential Funding Mortgage Securities, Inc. Trust** | **Residential Funding Mortgage Securities, Inc. Trust** |
|  5.500% due 11/25/2035 ^ |  | 29 |  | 23 |
|  **Structured Adjustable Rate Mortgage Loan Trust** | **Structured Adjustable Rate Mortgage Loan Trust** | **Structured Adjustable Rate Mortgage Loan Trust** | **Structured Adjustable Rate Mortgage Loan Trust** | **Structured Adjustable Rate Mortgage Loan Trust** |
|  3.780% due 02/25/2034 ~ |  | 3 |  | 2 |
|  3.957% due 04/25/2034 ~ |  | 3 |  | 3 |
|  **Structured Asset Mortgage Investments Trust** | **Structured Asset Mortgage Investments Trust** | **Structured Asset Mortgage Investments Trust** | **Structured Asset Mortgage Investments Trust** | **Structured Asset Mortgage Investments Trust** |
|  4.609% due 09/25/2047 •  |  | 158 |  | 128 |
|  4.769% due 07/25/2046 ^~ |  | 188 |  | 130 |
|  4.809% due 05/25/2036 •  |  | 30 |  | 23 |
|  4.829% due 05/25/2036 •  |  | 175 |  | 134 |
|  4.839% due 07/19/2035 ~ |  | 41 |  | 38 |
|  4.919% due 07/19/2034 ~ |  | 1 |  | 1 |
|  4.949% due 02/25/2036 ^•  |  | 150 |  | 116 |
|  5.039% due 03/19/2034 •  |  | 1 |  | 1 |
|  **Structured Asset Securities Corp.** | **Structured Asset Securities Corp.** | **Structured Asset Securities Corp.** | **Structured Asset Securities Corp.** | **Structured Asset Securities Corp.** |
|  4.669% due 01/25/2036 ~ |  | 71 |  | 68 |
|  **SunTrust Alternative Loan Trust** | **SunTrust Alternative Loan Trust** | **SunTrust Alternative Loan Trust** | **SunTrust Alternative Loan Trust** | **SunTrust Alternative Loan Trust** |
|  5.039% due 12/25/2035 ^~ |  | 176 |  | 150 |
|  **Towd Point Mortgage Trust** | **Towd Point Mortgage Trust** | **Towd Point Mortgage Trust** | **Towd Point Mortgage Trust** | **Towd Point Mortgage Trust** |
|  1.636% due 04/25/2060 ~ |  | 255 |  | 225 |
|  2.710% due 01/25/2060 ~ |  | 212 |  | 195 |
|  2.900% due 10/25/2059 ~ |  | 868 |  | 810 |
|  **UWM Mortgage Trust** | **UWM Mortgage Trust** | **UWM Mortgage Trust** | **UWM Mortgage Trust** | **UWM Mortgage Trust** |
|  2.500% due 11/25/2051 ~ |  | 457 |  | 369 |
|  **WaMu Mortgage Pass-Through Certificates Trust** | **WaMu Mortgage Pass-Through Certificates Trust** | **WaMu Mortgage Pass-Through Certificates Trust** | **WaMu Mortgage Pass-Through Certificates Trust** | **WaMu Mortgage Pass-Through Certificates Trust** |
|  2.585% due 03/25/2034 ~ |  | 7 |  | 7 |
|  2.710% due 01/25/2037 ^~ |  | 11 |  | 10 |
|  2.748% due 02/25/2047 ^•  |  | 146 |  | 121 |
|  3.096% due 07/25/2046 •  |  | 93 |  | 76 |
|  3.206% due 06/25/2033 ~ |  | 2 |  | 2 |
|  3.240% due 06/25/2037 ^~ |  | 27 |  | 23 |
|  3.372% due 12/25/2036 ^~ |  | 14 |  | 12 |
|  3.448% due 08/25/2042 •  |  | 1 |  | 1 |
|  3.452% due 02/25/2033 ~ |  | 21 |  | 20 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.510% due 12/25/2036 ^~ | 2 | 2 |
|  3.565% due 09/25/2036 ~ | 33 | 28 |
|  4.929% due 12/25/2045 •  | 13 | 12 |
|  5.009% due 01/25/2045 ~ | 2 | 1 |
|  5.029% due 01/25/2045 ~ | 2 | 2 |
|  **Washington Mutual Mortgage Pass-Through Certificates Trust** | **Washington Mutual Mortgage Pass-Through Certificates Trust** | **Washington Mutual Mortgage Pass-Through Certificates Trust** |
|  2.988% due 07/25/2046 ^•  | 32 | 20 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13058 |
| **U.S. GOVERNMENT AGENCIES 23.5%** | **U.S. GOVERNMENT AGENCIES 23.5%** | **U.S. GOVERNMENT AGENCIES 23.5%** |
|  **Fannie Mae** | **Fannie Mae** | **Fannie Mae** |
|  3.000% due 03/01/2060 | 194 | 171 |
|  3.500% due 01/01/2059 | 336 | 308 |
|  3.632% due 12/01/2034 •  | 1 | 1 |
|  4.027% due 11/01/2034 •  | 8 | 8 |
|  4.509% due 03/25/2034 ~ | 1 | 1 |
|  4.539% due 08/25/2034 •  | 1 | 1 |
|  4.789% due 06/25/2036 •  | 7 | 7 |
|  6.000% due 07/25/2044 | 9 | 9 |
|  **Freddie Mac** | **Freddie Mac** | **Freddie Mac** |
|  0.096% due 01/15/2038 ~(a) | 105 | 4 |
|  2.928% due 04/01/2037 •  | 9 | 9 |
|  3.000% due 03/01/2045 | 173 | 156 |
|  3.248% due 10/25/2044 •  | 14 | 14 |
|  3.358% due 01/15/2038 •  | 105 | 105 |
|  4.669% due 09/25/2031 •  | 6 | 6 |
|  6.000% due 04/15/2036 | 97 | 101 |
|  **Ginnie Mae** | **Ginnie Mae** | **Ginnie Mae** |
|  3.000% due 07/20/2046 | 5 | 5 |
|  6.000% due 09/20/2038 | 2 | 2 |
|  **Uniform Mortgage-Backed Security** | **Uniform Mortgage-Backed Security** | **Uniform Mortgage-Backed Security** |
|  2.500% due 02/01/2051 | 238 | 203 |
|  3.000% due 08/01/2042 - 10/01/2049 | 354 | 315 |
|  3.500% due 10/01/2034 - 07/01/2050 | 386 | 358 |
|  4.000% due 06/01/2050 | 131 | 124 |
|  **Uniform Mortgage-Backed Security, TBA** | **Uniform Mortgage-Backed Security, TBA** | **Uniform Mortgage-Backed Security, TBA** |
|  2.500% due 12/01/2051 | 2900 | 2456 |
|  3.000% due 02/01/2053 | 4400 | 3866 |
|  3.500% due 02/01/2053 | 7300 | 6637 |
|  4.000% due 01/01/2053 | 5300 | 4971 |
|  4.500% due 02/01/2053 | 6300 | 6065 |
|  6.000% due 02/01/2053 | 900 | 913 |
|  |  | 26816 |
| **U.S. TREASURY OBLIGATIONS 4.0%** | **U.S. TREASURY OBLIGATIONS 4.0%** | **U.S. TREASURY OBLIGATIONS 4.0%** |
|  **U.S. Treasury Bonds** | **U.S. Treasury Bonds** | **U.S. Treasury Bonds** |
|  1.625% due 11/15/2050 (m) | 200 | 119 |
|  1.875% due 02/15/2041 (i)(m) | 1700 | 1203 |
|  **U.S. Treasury Inflation Protected Securities (d)** | **U.S. Treasury Inflation Protected Securities (d)** | **U.S. Treasury Inflation Protected Securities (d)** |
|  0.125% due 07/15/2031 (m) | 334 | 295 |
|  0.125% due 01/15/2032 (m) | 108 | 94 |
|  0.500% due 01/15/2028 (k)(m) | 483 | 455 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  0.625% due 07/15/2032 | $— | 103 | $— | 94 |
|  1.750% due 01/15/2028 (k)(m) |  | 1991 |  | 1991 |
|  3.875% due 04/15/2029 (m) |  | 290 |  | 326 |
|  |  |  |  | 4577 |
|  **Total United States (Cost $60,544)** | **Total United States (Cost $60,544)** | **Total United States (Cost $60,544)** |  | **56674** |
| **SHORT-TERM INSTRUMENTS 14.5%** | **SHORT-TERM INSTRUMENTS 14.5%** | **SHORT-TERM INSTRUMENTS 14.5%** | **SHORT-TERM INSTRUMENTS 14.5%** | **SHORT-TERM INSTRUMENTS 14.5%** |
| **REPURCHASE AGREEMENTS (h) 0.7%** | **REPURCHASE AGREEMENTS (h) 0.7%** | **REPURCHASE AGREEMENTS (h) 0.7%** | **REPURCHASE AGREEMENTS (h) 0.7%** | **REPURCHASE AGREEMENTS (h) 0.7%** |
|  |  |  |  | 824 |
| **ISRAEL TREASURY BILLS 2.1%** | **ISRAEL TREASURY BILLS 2.1%** | **ISRAEL TREASURY BILLS 2.1%** | **ISRAEL TREASURY BILLS 2.1%** | **ISRAEL TREASURY BILLS 2.1%** |
|  0.846% due 01/04/2023 - 07/05/2023 (b)(c) |  | 8639 |  | 2435 |
| **JAPAN TREASURY BILLS 11.2%** | **JAPAN TREASURY BILLS 11.2%** | **JAPAN TREASURY BILLS 11.2%** | **JAPAN TREASURY BILLS 11.2%** | **JAPAN TREASURY BILLS 11.2%** |
|  (0.218)% due 01/11/2023 - 03/13/2023 (b)(c) |  | 1680000 |  | 12802 |
| **U.S. TREASURY BILLS 0.5%** | **U.S. TREASURY BILLS 0.5%** | **U.S. TREASURY BILLS 0.5%** | **U.S. TREASURY BILLS 0.5%** | **U.S. TREASURY BILLS 0.5%** |
|  4.152% due 03/02/2023 (b)(c)(m) | $— | 529 |  | 525 |
| **Total Short-Term Instruments<br>(Cost $15,555)** | **Total Short-Term Instruments<br>(Cost $15,555)** | **Total Short-Term Instruments<br>(Cost $15,555)** |  | **16586** |
| **Total Investments in Securities<br>(Cost $137,707)** | **Total Investments in Securities<br>(Cost $137,707)** | **Total Investments in Securities<br>(Cost $137,707)** |  | **127092** |
|  | **SHARES** | **SHARES** |  |  |
| **INVESTMENTS IN AFFILIATES 8.0%** | **INVESTMENTS IN AFFILIATES 8.0%** | **INVESTMENTS IN AFFILIATES 8.0%** | **INVESTMENTS IN AFFILIATES 8.0%** | **INVESTMENTS IN AFFILIATES 8.0%** |
| **SHORT-TERM INSTRUMENTS 8.0%** | **SHORT-TERM INSTRUMENTS 8.0%** | **SHORT-TERM INSTRUMENTS 8.0%** | **SHORT-TERM INSTRUMENTS 8.0%** | **SHORT-TERM INSTRUMENTS 8.0%** |
| **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 8.0%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 8.0%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 8.0%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 8.0%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 8.0%** |
|  **PIMCO Short Asset Portfolio** |  | 398724 |  | 3822 |
|  **PIMCO Short-Term<br>Floating NAV Portfolio III** |  | 542322 |  | 5269 |
| **Total Short-Term Instruments<br>(Cost $9,236)** |  |  |  | **9091** |
| **Total Investments in Affiliates<br>(Cost $9,236)** |  |  |  | **9091** |
| **Total Investments 119.3%<br>(Cost $146,943)** |  |  | $— | **136183** |
|  **Financial Derivative<br>Instruments (j)(l) (0.2)%**<br> **(Cost or Premiums, net $(814))** |  |  |  | **(239)** |
| **Other Assets and Liabilities, net (19.1)%** | **Other Assets and Liabilities, net (19.1)%** | **Other Assets and Liabilities, net (19.1)%** |  | **(21782)** |
| **Net Assets 100.0%** | **Net Assets 100.0%** | **Net Assets 100.0%** | $— | **114162** |

---

**NOTES TO SCHEDULE OF INVESTMENTS:** 

**\*** **A zero balance may reflect actual amounts rounding to less than one thousand.** 

---

| | |
|:---|:---|
| **^** | **Security is in default.**  |

---

---

| | |
|:---|:---|
| **~** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.**  |

---

**•** **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** 

---

| | |
|:---|:---|
| **þ** | **Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.**  |

---

**(a)** **Security is an Interest Only ("IO") or IO Strip.** 

**(b)** **Coupon represents a weighted average yield to maturity.** 

**(c)** **Zero coupon security.** 

**(d)** **Principal amount of security is adjusted for inflation.** 

---

| | | |
|:---|:---|:---|
| **18** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

**(e)** **Perpetual maturity; date shown, if applicable, represents next contractual call date.** 

**(f)** **Contingent convertible security.** 

&nbsp;&nbsp;&nbsp;&nbsp;**(g) RESTRICTED SECURITIES:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Description** | **Coupon** | **Maturity<br>Date** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Market Value<br>as Percentage<br>of Net Assets** |
|  Citigroup, Inc. | 3.290% | 03/17/2026 | 03/10/2022 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190 | 0.17% |
|  Deutsche Bank AG | 3.035 | 05/28/2032 | 05/28/2021 | 150 | 114 | 0.10 |
|  Deutsche Bank AG | 3.729 | 01/14/2032 | 01/21/2021 | 201 | 147 | 0.13 |
|  |  |  |  | $551 | $451 | 0.40% |

---

**BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;**(h) REPURCHASE AGREEMENTS:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Lending<br>Rate** | **Settlement<br>Date** | **Maturity<br>Date** | **Principal<br>Amount** | **Collateralized By** | **Collateral<br>(Received)** | **Repurchase<br>Agreements,<br>at Value** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** |
| FICC | 1.900% | 12/30/2022 | 01/03/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824 | U.S. Treasury Inflation Protected Securities 3.625% due 04/15/2028 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(841) | $824 | $824 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** |  | $**(841)** | $**824** | $**824** |

---

**SALE-BUYBACK TRANSACTIONS:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Borrowing<br>Rate<sup>(2)</sup>** | **Borrowing<br>Date** | **Maturity<br>Date** | **Amount<br>Borrowed<sup>(2)</sup>** | **Payable for<br>Sale-Buyback<br>Transactions<sup>(3)</sup>** |
|  UBS | 4.120% | 11/15/2022 | 01/12/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1063) | $(1069) |
|  **Total Sale-Buyback Transactions** | **Total Sale-Buyback Transactions** | **Total Sale-Buyback Transactions** | **Total Sale-Buyback Transactions** |  | $**(1069)** |

---

**SHORT SALES:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **Proceeds** | **Payable for<br>Short Sales** |
|  United States (11.3)% | United States (11.3)% | United States (11.3)% | United States (11.3)% | United States (11.3)% | United States (11.3)% |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (11.3)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (11.3)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (11.3)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (11.3)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (11.3)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (11.3)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000% | 01/01/2038 | $2000 | $(1809) | $(1779) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000 | 01/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13700 | (11085) | (11151) |
|  **Total Short Sales (11.3)%** |  |  |  | $**(12894)** | $**(12930)** |

---

**BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY** 

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2022:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** | **Payable for<br>Reverse<br>Repurchase<br>Agreements** | **Payable for<br>Sale-Buyback<br>Transactions<sup>(3)</sup>** | **Payable for<br>Short Sales** | **Total<br>Borrowings and<br>Other Financing<br>Transactions** | **Collateral<br>Pledged/(Received)** | **Net Exposure<sup>(4)</sup>** |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  FICC | $824 | $0 | $0 | $0 | $824 | $(841) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) |
|  Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement |
|  UBS | 0 | 0 | (1069) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1069) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1074 | 5 |
|  **Total Borrowings and Other Financing Transactions** | $**824** | $**0** | $**(1069)** | $**0** |  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **19** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Global Bond Opportunities Portfolio (Unhedged)** | **(Cont.)** |

---

**CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS** 

**Remaining Contractual Maturity of the Agreements** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Overnight and<br>Continuous** | **Up to 30 days** | **31-90 days** | **Greater Than 90 days** | **Total** |
|  **Sale-Buyback Transactions** | **Sale-Buyback Transactions** | **Sale-Buyback Transactions** | **Sale-Buyback Transactions** | **Sale-Buyback Transactions** | **Sale-Buyback Transactions** |
|  U.S. Treasury Obligations | $0 | $(1069) | $0 | $0 | $(1069) |
|  **Total Borrowings** | $**0** | $**(1069)** | $**0** | $**0** | $**(1069)** |
|  **Payable for sale-buyback financing transactions**  | **Payable for sale-buyback financing transactions**  | **Payable for sale-buyback financing transactions**  | **Payable for sale-buyback financing transactions**  | **Payable for sale-buyback financing transactions**  | $**(1069)** |

---

**(i)** **Securities with an aggregate market value of $1,074 have been pledged as collateral under the terms of the above master agreements as of December 31, 2022.** 

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> The average amount of borrowings outstanding during the period ended December 31, 2022 was $(5896) at a weighted average interest rate of 0.234%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(3)</sup> Payable for sale-buyback transactions includes $1 of deferred price drop. 

<sup>(4)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

&nbsp;&nbsp;&nbsp;&nbsp;**(j) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** 

**WRITTEN OPTIONS:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | **OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** | | |
| **Description** | **Strike<br>Price** | **Expiration<br>Date** | **# of<br>Contracts** | **Notional<br>Amount** |<br>**Premiums<br>(Received)** |<br>**Market<br>Value** |
|  Put - CME 3-Month SOFR Active Contract December 2023 Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96.500 | 12/15/2023 | 2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | $(2) | $(6) |
|  Call - CME 3-Month SOFR Active Contract December 2023 Futures | 98.000 | 12/15/2023 | 2 | 5 | (1) | (1) |
|  **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | $**(3)** | $**(7)** |

---

**FUTURES CONTRACTS:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  3-Month SOFR Active Contract June Futures  | 09/2023 | 118 | $28037 | $(65) | $0 | $(10) |
|  3-Month SOFR Active Contract June Futures  | 09/2024 | 108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25982 | (14) | 0 | (3) |
|  Australia Government 10-Year Bond March Futures  | 03/2023 | 5 | 394 | (23) | 0 | (1) |
|  U.S. Treasury 5-Year Note March Futures  | 03/2023 | 72 | 7771 | (3) | 0 | (6) |
|  U.S. Treasury 10-Year Note March Futures  | 03/2023 | 7 | 786 | (8) | 0 | (1) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(113) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **SHORT FUTURES CONTRACTS** | | | | | | |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  3-Month SOFR Active Contract December Futures  | 03/2024 | 216 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51554) | $50 | $24 | $0 |
|  Australia Government 10-Year Bond March Futures  | 03/2023 | 11 | (800) | 11 | 0 | 0 |
|  Call Options Strike @ EUR 146.000 on Euro-Bund 10-Year Bond February 2023 Futures<sup>(1)</sup> | 01/2023 | 1 | 0 | 1 | 0 | 0 |
|  Euro-Bobl March Futures  | 03/2023 | 13 | (1611) | 50 | 6 | (3) |
|  Euro-BTP Italy Government Bond March Futures  | 03/2023 | 146 | (16427) | 231 | 20 | (19) |
|  Euro-BTP March Futures  | 03/2023 | 24 | (2798) | 208 | 29 | (23) |
|  Euro-Bund March Futures  | 03/2023 | 22 | (3130) | 192 | 25 | (11) |
|  Euro-Buxl 30-Year Bond March Futures  | 03/2023 | 2 | (290) | 55 | 8 | (1) |
|  Euro-Oat March Futures  | 03/2023 | 76 | (10356) | 721 | 94 | (53) |
|  Japan Government 10-Year Bond March Futures  | 03/2023 | 7 | (7758) | 143 | 11 | 0 |
|  Put Options Strike @ EUR 138.500 on Euro-Bund 10-Year Bond February 2023 Futures<sup>(1)</sup> | 01/2023 | 1 | (6) | (5) | 1 | (1) |
|  U.S. Treasury 2-Year Note March Futures  | 03/2023 | 21 | (4307) | (4) | 3 | 0 |
|  U.S. Treasury Ultra Long-Term Bond March Futures  | 03/2023 | 4 | (537) | 0 | 2 | 0 |
|  U.S. Ultra Treasury Note March Futures  | 03/2023 | 57 | (6742) | 11 | 4 | 0 |
|  United Kingdom Long Gilt March Futures  | 03/2023 | 28 | (3382) | 221 | 9 | (4) |
|  |  |  |  | $1885 | $236 | $(115) |
|  **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | $**1772** | $**236** | $**(136)** |

---

---

| | | |
|:---|:---|:---|
| **20** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

**SWAP AGREEMENTS:** 

**CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(2)</sup>** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2022<sup>(4)</sup>** | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(6)</sup>** | **Variation Margin** | **Variation Margin** |
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2022<sup>(4)</sup>** | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(6)</sup>** | **Asset** | **Liability** |
|  British Telecommunications PLC | 1.000% | Quarterly | 06/20/2028 | 1.674% | EUR 200 | $(1) | $(6) | $(7) | $0 | $0 |
|  Rolls-Royce PLC | 1.000 | Quarterly | 06/20/2024 | 1.844 | 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) | 22 | (2) | 0 | 0 |
|  Stellantis NV | 5.000 | Quarterly | 12/20/2026 | 1.519 | 300 | 65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 0 |
|  Tesco PLC | 1.000 | Quarterly | 06/20/2025 | 0.884 | 400 | 5 | (4) | 1 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
|  |  |  |  |  |  | $45 | $(12) | $33 | $0 | $(1) |

---

**CREDIT DEFAULT SWAPS ON CREDIT INDICES - BUY PROTECTION<sup>(3)</sup>** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Index/Tranches** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(6)</sup>** | **Variation Margin** | **Variation Margin** |
| **Index/Tranches** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(6)</sup>** | **Asset** | **Liability** |
|  CDX.IG-35 10-Year Index | (1.000)% | Quarterly | 12/20/2030 | $1200 | $(8) | $8 | $0 | $0 | $0 |
|  CDX.IG-37 10-Year Index | (1.000) | Quarterly | 12/20/2031 | 1500 | (10) | 19 | 9 | 0 | 0 |
|  CDX.IG-38 10-Year Index | (1.000) | Quarterly | 06/20/2032 | 200 | 3 | (1) | 2 | 0 | 0 |
|  CDX.IG-39 10-Year Index | (1.000) | Quarterly | 12/20/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16000 | 427 | (214) | 213 | 1 | 0 |
|  iTraxx Europe Main 38 10-Year Index | (1.000) | Quarterly | 12/20/2032 | EUR 1,600 | 62 | (31) | 31 | 0 | (3) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(219) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) |

---

**INTEREST RATE SWAPS - BASIS SWAPS** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay Floating Rate Index** | **Receive Floating Rate Index** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay Floating Rate Index** | **Receive Floating Rate Index** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  3-Month USD-LIBOR | 01-Month USD-LIBOR + 0.073% | Quarterly | 04/27/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $6 | $6 | $0 | $(2) |
|  3-Month USD-LIBOR | 01-Month USD-LIBOR + 0.070% | Quarterly | 03/07/2024 | 1400 | 0 | 0 | 0 | 0 | 0 |
|  3-Month USD-LIBOR | 01-Month USD-LIBOR + 0.088% | Quarterly | 09/06/2024 | 4400 | 0 | 4 | 4 | 0 | 0 |
|  3-Month USD-LIBOR | 01-Month USD-LIBOR + 0.105% | Quarterly | 09/27/2024 | 1100 | 0 | 0 | 0 | 0 | 0 |
|  3-Month USD-LIBOR | 01-Month USD-LIBOR + 0.102% | Quarterly | 10/04/2024 | 3300 | 0 | 1 | 1 | 0 | 0 |
|  |  |  |  |  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |

---

**INTEREST RATE SWAPS** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 0.010% | Annual | 02/07/2023 | 6650 | $(8) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(135) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(143) | $0 | $(4) |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 1.250 | Annual | 10/28/2023 | 5200 | (7) | (171) | (178) | 0 | (1) |
|  Pay<sup>(7)</sup> | 1-Day GBP-SONIO Compounded-OIS | 2.500 | Annual | 03/15/2025 | 600 | (20) | (7) | (27) | 0 | 0 |
|  Pay<sup>(7)</sup> | 1-Day GBP-SONIO Compounded-OIS | 2.250 | Annual | 03/15/2028 | 400 | (25) | (14) | (39) | 0 | (1) |
|  Pay<sup>(7)</sup> | 1-Day GBP-SONIO Compounded-OIS | 2.000 | Annual | 03/15/2033 | 1700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(312) | 22 | (290) | 0 | (1) |
|  Pay<sup>(7)</sup> | 1-Day GBP-SONIO Compounded-OIS | 2.000 | Annual | 03/15/2053 | 600 | (224) | 34 | (190) | 0 | (1) |
|  Pay | 1-Day INR-MIBOR Compounded-OIS | 6.250 | Annual | 09/21/2023 | 362900 | (1) | (15) | (16) | 0 | (1) |
|  Pay | 1-Day INR-MIBOR Compounded-OIS | 6.250 | Semi-Annual | 09/21/2024 | 140340 | (1) | (5) | (6) | 0 | 0 |
|  Pay | 1-Day INR-MIBOR Compounded-OIS | 6.500 | Semi-Annual | 09/21/2024 | 97884 | (4) | 5 | 1 | 0 | 0 |
|  Pay | 1-Day INR-MIBOR Compounded-OIS | 6.750 | Semi-Annual | 09/21/2024 | 132600 | 0 | 9 | 9 | 0 | 0 |
|  Receive | 1-Day INR-MIBOR Compounded-OIS | 5.750 | Semi-Annual | 03/16/2027 | 173720 | 120 | (68) | 52 | 0 | 0 |
|  Receive | 1-Day INR-MIBOR Compounded-OIS | 6.500 | Semi-Annual | 09/21/2027 | 46000 | 3 | (5) | (2) | 0 | 0 |
|  Receive | 1-Day INR-MIBOR Compounded-OIS | 7.000 | Semi-Annual | 09/21/2027 | 41200 | (3) | (10) | (13) | 0 | 0 |
|  Receive | 1-Day INR-MIBOR Compounded-OIS | 6.250 | Semi-Annual | 03/16/2032 | 17600 | 18 | (14) | 4 | 0 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.000 | Annual | 03/16/2024 | 380000 | 1 | 3 | 4 | 0 | (1) |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.000 | Annual | 12/15/2026 | 240000 | (2) | 38 | 36 | 1 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.000 | Annual | 12/15/2028 | 590000 | (11) | (166) | (177) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.050 | Annual | 12/15/2031 | 80000 | 1 | 41 | 42 | 2 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.400 | Semi-Annual | 06/19/2039 | 480000 | 9 | 445 | 454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.450 | Annual | 12/15/2051 | 10000 | 8 | 8 | 16 | 1 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.800 | Annual | 06/15/2052 | 40000 | (4) | (35) | (39) | 0 | (4) |
|  Pay | 1-Day SGD-SIBCSORA Compounded-OIS | 2.750 | Semi-Annual | 06/15/2027 | 1300 | (1) | (15) | (16) | 0 | 0 |
|  Pay | 1-Day SGD-SIBCSORA Compounded-OIS | 3.000 | Semi-Annual | 06/15/2027 | 500 | 0 | (2) | (2) | 0 | 0 |
|  Pay | 1-Day SGD-SIBCSORA Compounded-OIS | 2.500 | Semi-Annual | 09/21/2027 | 900 | (4) | (16) | (20) | 0 | 0 |
|  Pay | 1-Day SGD-SIBCSORA Compounded-OIS | 2.750 | Semi-Annual | 09/21/2027 | 1013 | (1) | (13) | (14) | 0 | 0 |
|  Pay | 1-Day SGD-SIBCSORA Compounded-OIS | 3.250 | Semi-Annual | 12/21/2027 | 180 | 2 | (1) | 1 | 0 | 0 |
|  Receive | 1-Day SGD-SIBCSORA Compounded-OIS | 1.250 | Semi-Annual | 09/15/2031 | 100 | (1) | 11 | 10 | 0 | 0 |
|  Pay | 1-Day SGD-SIBCSORA Compounded-OIS | 1.250 | Semi-Annual | 09/15/2031 | 100 | (8) | (2) | (10) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.320 | Annual | 12/21/2023 | $10461 | 209 | 156 | 365 | 6 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.209 | Annual | 03/31/2024 | 3800 | 0 | 134 | 134 | 3 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **21** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Global Bond Opportunities Portfolio (Unhedged)** | **(Cont.)** |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 1.850% | Annual | 04/21/2024 | $9400 | $104 | $166 | $270 | $5 | $0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 0.500 | Annual | 06/15/2024 | 1900 | (33) | (105) | (138) | 0 | (2) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.968 | Annual | 06/30/2024 | 2500 | 0 | (67) | (67) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.965 | Annual | 11/30/2026 | 10200 | 5 | 342 | 347 | 18 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.000 | Annual | 06/15/2027 | 8000 | 346 | 644 | 990 | 13 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2027 | 4000 | 330 | 27 | 357 | 8 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.250 | Annual | 12/15/2028 | 100 | 0 | 13 | 13 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.618 | Annual | 02/09/2029 | 400 | (1) | (44) | (45) | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.888 | Annual | 03/22/2029 | 700 | (2) | (68) | (70) | 0 | (2) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.936 | Annual | 03/25/2029 | 800 | (2) | (75) | (77) | 0 | (2) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.175 | Annual | 04/21/2029 | 600 | (2) | (48) | (50) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.730 | Annual | 04/30/2029 | 2800 | 0 | 152 | 152 | 7 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.750 | Annual | 04/30/2029 | 700 | 0 | 37 | 37 | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.817 | Annual | 04/30/2029 | 2800 | 0 | 137 | 137 | 7 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.818 | Annual | 04/30/2029 | 700 | 0 | 34 | 34 | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.819 | Annual | 04/30/2029 | 700 | 0 | 34 | 34 | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.000 | Annual | 06/15/2029 | 200 | 10 | 22 | 32 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2029 | 1200 | 82 | 55 | 137 | 3 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.454 | Annual | 06/30/2029 | 800 | 0 | (9) | (9) | 0 | (2) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.898 | Annual | 06/30/2029 | 800 | 0 | 12 | 12 | 0 | (2) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.050 | Annual | 09/08/2029 | 100 | (1) | (3) | (4) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.100 | Annual | 09/09/2029 | 300 | (2) | (8) | (10) | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.488 | Annual | 08/15/2031 | 800 | 0 | (128) | (128) | 0 | (3) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.695 | Annual | 11/15/2031 | 5500 | (9) | (785) | (794) | 0 | (19) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.886 | Annual | 05/15/2032 | 9700 | 111 | (648) | (537) | 0 | (34) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2032 | 2200 | (380) | 50 | (330) | 0 | (8) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.750 | Annual | 09/21/2032 | 2500 | (7) | (164) | (171) | 0 | (9) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.500 | Annual | 06/15/2052 | 600 | (17) | (179) | (196) | 0 | (2) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.500 | Annual | 06/15/2052 | 100 | (9) | (24) | (33) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2052 | 100 | 30 | (2) | 28 | 0 | 0 |
|  Pay | 3-Month CAD-Bank Bill | 1.500 | Semi-Annual | 06/17/2025 | 1100 | (9) | (46) | (55) | 0 | (2) |
|  Pay | 3-Month CAD-Bank Bill | 1.713 | Semi-Annual | 10/02/2029 | 1200 | 0 | (110) | (110) | 0 | (3) |
|  Pay | 3-Month CAD-Bank Bill | 1.250 | Semi-Annual | 06/16/2031 | 600 | (31) | (49) | (80) | 0 | (1) |
|  Pay | 3-Month CAD-Bank Bill | 2.565 | Semi-Annual | 03/07/2049 | 200 | 0 | (30) | (30) | 0 | (1) |
|  Receive | 3-Month CNY-CNREPOFIX | 2.500 | Quarterly | 06/15/2027 | 10900 | 0 | 15 | 15 | 2 | 0 |
|  Receive | 3-Month CNY-CNREPOFIX | 2.500 | Quarterly | 09/21/2027 | 10900 | 7 | 11 | 18 | 3 | 0 |
|  Receive | 3-Month CNY-CNREPOFIX | 2.500 | Quarterly | 12/21/2027 | 61000 | 31 | 91 | 122 | 22 | 0 |
|  Pay | 3-Month KRW-KORIBOR | 3.000 | Quarterly | 09/21/2027 | 1803280 | (7) | (32) | (39) | 0 | (1) |
|  Pay | 3-Month KRW-KORIBOR | 3.250 | Quarterly | 06/15/2032 | 5400 | 0 | 0 | 0 | 0 | 0 |
|  Pay | 3-Month NZD-BBR | 3.000 | Semi-Annual | 11/01/2023 | 20700 | (7) | (271) | (278) | 7 | 0 |
|  Pay<sup>(7)</sup> | 3-Month NZD-BBR | 4.000 | Semi-Annual | 06/14/2024 | 9900 | (18) | (78) | (96) | 1 | 0 |
|  Pay | 3-Month NZD-BBR | 3.750 | Semi-Annual | 06/15/2027 | 1000 | 0 | (29) | (29) | 1 | 0 |
|  Receive | 3-Month USD-LIBOR | 1.298 | Semi-Annual | 08/25/2024 | $3150 | 0 | 181 | 181 | 4 | 0 |
|  Receive | 3-Month USD-LIBOR | 1.249 | Semi-Annual | 08/31/2024 | 3900 | 0 | 226 | 226 | 5 | 0 |
|  Pay | 3-Month USD-LIBOR | 0.400 | Semi-Annual | 01/15/2028 | 5100 | (54) | (816) | (870) | 0 | (8) |
|  Pay | 3-Month USD-LIBOR | 0.500 | Semi-Annual | 06/16/2028 | 1000 | (48) | (124) | (172) | 0 | (2) |
|  Pay | 3-Month USD-LIBOR | 1.500 | Semi-Annual | 12/15/2028 | 2400 | 21 | (336) | (315) | 0 | (5) |
|  Pay | 3-Month USD-LIBOR | 1.630 | Semi-Annual | 01/20/2029 | 600 | (1) | (74) | (75) | 0 | (1) |
|  Pay | 3-Month ZAR-JIBAR | 7.250 | Quarterly | 06/20/2023 | 7100 | 33 | (33) | 0 | 0 | 0 |
|  Receive<sup>(7)</sup> | 6-Month AUD-BBR-BBSW | 3.750 | Quarterly | 03/15/2024 | 13900 | 16 | 13 | 29 | 1 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 1.750 | Semi-Annual | 03/16/2027 | 1000 | (3) | (64) | (67) | 0 | (1) |
|  Pay | 6-Month AUD-BBR-BBSW | 1.750 | Semi-Annual | 06/16/2031 | 2800 | 36 | (410) | (374) | 0 | (2) |
|  Pay<sup>(7)</sup> | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 09/15/2032 | 300 | 0 | (5) | (5) | 0 | 0 |
|  Pay<sup>(7)</sup> | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/15/2032 | 20600 | (187) | (14) | (201) | 4 | 0 |
|  Pay<sup>(7)</sup> | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 03/15/2033 | 300 | (1) | (5) | (6) | 0 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 0.550 | Annual | 08/10/2024 | 100 | 0 | (5) | (5) | 0 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 11/23/2024 | 13200 | (430) | (143) | (573) | 0 | (9) |
|  Pay<sup>(7)</sup> | 6-Month EUR-EURIBOR | 1.500 | Annual | 03/15/2025 | 1700 | (27) | (43) | (70) | 0 | (3) |
|  Pay<sup>(7)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/19/2027 | 1860 | (1) | (2) | (3) | 0 | (2) |
|  Pay<sup>(7)</sup> | 6-Month EUR-EURIBOR | 1.500 | Annual | 03/15/2028 | 3800 | (255) | (74) | (329) | 0 | (12) |
|  Pay<sup>(7)</sup> | 6-Month EUR-EURIBOR | 2.550 | Annual | 06/28/2032 | 1500 | (41) | 3 | (38) | 0 | (3) |
|  Pay<sup>(7)</sup> | 6-Month EUR-EURIBOR | 1.750 | Annual | 03/15/2033 | 8400 | (1037) | (84) | (1121) | 0 | (44) |
|  Receive<sup>(7)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/15/2033 | 820 | 3 | 2 | 5 | 2 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/21/2037 | 440 | 21 | (69) | (48) | 0 | (3) |
|  Receive<sup>(7)</sup> | 6-Month EUR-EURIBOR | 0.054 | Annual | 05/27/2050 | 100 | 0 | 44 | 44 | 1 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 0.064 | Annual | 11/17/2052 | 100 | 0 | 53 | 53 | 1 | 0 |
|  Receive<sup>(7)</sup> | 6-Month EUR-EURIBOR | 1.500 | Annual | 03/15/2053 | 3300 | 568 | 158 | 726 | 34 | 0 |
|  Receive | 6-Month NOK-NIBOR | 1.993 | Annual | 11/12/2024 | 1900 | (12) | 18 | 6 | 0 | 0 |
|  Receive | 6-Month NOK-NIBOR | 1.635 | Annual | 03/18/2025 | 2300 | 0 | 8 | 8 | 0 | 0 |
|  Pay | 6-Month PLN-WIBOR | 2.585 | Annual | 10/14/2029 | 1200 | 0 | (55) | (55) | 0 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1146) | $(2598) | $(3744) | $196 | $(220) |
|  **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** |  |  |  | $**(627)** | $**(2818)** | $**(3445)** | $**197** | $**(226)** |

---

---

| | | |
|:---|:---|:---|
| **22** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

**FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY** 

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of December 31, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** |
|  | **Market Value** | **Variation Margin<br>Asset** | **Variation Margin<br>Asset** | **Total** |  | **Variation Margin<br>Liability** | **Variation Margin<br>Liability** | **Total** |
| | **Purchased<br>Options** | **Futures** | **Swap<br>Agreements** | **Total** | | **Futures** | **Swap<br>Agreements** | **Total** |
|  **Total Exchange-Traded or Centrally Cleared** | $**0** | $**236** | $**197** | $**433** | $**(7)** | $**(136)** | $**(226)** | $**(369)** |

---

**(k)** **Securities with an aggregate market value of $1,279 and cash of $3,768 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2022. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.** 

<sup>(1)</sup> Future styled option.

<sup>(2)</sup> If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(4)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(6)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(7)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

&nbsp;&nbsp;&nbsp;&nbsp;**(l) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** 

**FORWARD FOREIGN CURRENCY CONTRACTS:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  AZD | 02/2023 | $21 | 20 | $0 | $0 |
|  BOA | 01/2023 | 790000 | $5525 | 0 | (500) |
|  | 01/2023 | $136 | 129 | 3 | 0 |
|  | 01/2023 | 70 | 485 | 0 | 0 |
|  | 01/2023 | 8 | 39 | 1 | 0 |
|  | 02/2023 | 9443 | $9998 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(140) |
|  | 02/2023 | 2108 | 2487 | 0 | (64) |
|  | 02/2023 | 79900 | 598 | 0 | (14) |
|  | 02/2023 | $642 | 604 | 7 | 0 |
|  | 02/2023 | 271 | 36400 | 8 | 0 |
|  | 03/2023 | 6814 | $1472 | 0 | (90) |
|  | 03/2023 | $497 | 3448 | 4 | 0 |
|  | 03/2023 | 138 | 2431 | 5 | 0 |
|  | 05/2023 | 3273 | $506 | 28 | 0 |
|  BPS | 01/2023 | 9410 | 307 | 0 | 0 |
|  | 01/2023 | $144 | 495 | 0 | (4) |
|  | 01/2023 | 0 | 12 | 0 | 0 |
|  | 02/2023 | 10389 | 10019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367 | 0 |
|  | 02/2023 | 44 | 694568 | 1 | 0 |
|  | 03/2023 | 955 | $148 | 9 | 0 |
|  | 03/2023 | 4606 | 228 | 0 | (5) |
|  | 03/2023 | 16 | 3 | 0 | 0 |
|  | 03/2023 | 1737 | 58 | 1 | 0 |
|  | 03/2023 | $35 | 34017 | 4 | 0 |
|  | 03/2023 | 103 | 506319 | 0 | 0 |
|  | 03/2023 | 576 | 2543 | 8 | 0 |
|  | 03/2023 | 2109 | $116 | 0 | (7) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **23** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Global Bond Opportunities Portfolio (Unhedged)** | **(Cont.)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 07/2023 | 721 | $226 | $19 | $0 |
|  BRC | 01/2023 | 150 | 34 | 0 | 0 |
|  | 01/2023 | 171 | 43 | 0 | (2) |
|  | 01/2023 | $35 | 184 | 0 | 0 |
|  | 01/2023 | 1060 | 7388 | 9 | 0 |
|  | 01/2023 | 3600 | 490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146 | 0 |
|  | 01/2023 | 1183 | 5574 | 91 | 0 |
|  | 01/2023 | 1640 | 16324 | 26 | 0 |
|  | 01/2023 | 436 | 4567 | 2 | 0 |
|  | 01/2023 | 169 | 228 | 1 | 0 |
|  | 01/2023 | 12 | 411 | 0 | 0 |
|  | 02/2023 | 182 | $222 | 2 | 0 |
|  | 02/2023 | 19047 | 620 | 0 | (3) |
|  | 02/2023 | $103 | 99 | 4 | 0 |
|  | 02/2023 | 132 | 108 | 0 | (1) |
|  CBK | 01/2023 | 482 | $326 | 0 | (3) |
|  | 01/2023 | 44525 | 47 | 0 | (6) |
|  | 01/2023 | 490 | 69 | 0 | (1) |
|  | 01/2023 | 800 | 254 | 26 | 0 |
|  | 01/2023 | 2097 | 522 | 0 | (29) |
|  | 01/2023 | $970 | 1434 | 7 | 0 |
|  | 01/2023 | 531 | 2788 | 0 | (3) |
|  | 01/2023 | 1298 | 1225 | 28 | 0 |
|  | 01/2023 | 209 | 179845 | 3 | 0 |
|  | 01/2023 | 70 | 485 | 0 | 0 |
|  | 01/2023 | 175 | 1730 | 2 | 0 |
|  | 01/2023 | 715 | 1118 | 0 | (5) |
|  | 01/2023 | 84 | 338 | 5 | 0 |
|  | 02/2023 | 895 | $272 | 17 | 0 |
|  | 02/2023 | 866 | 217 | 0 | (10) |
|  | 02/2023 | 186 | 6 | 0 | 0 |
|  | 02/2023 | $193 | 1044 | 3 | 0 |
|  | 02/2023 | 205 | 192 | 1 | 0 |
|  | 02/2023 | 121 | 16700 | 7 | 0 |
|  | 03/2023 | 2509 | $636 | 0 | (21) |
|  | 04/2023 | 182389 | 209 | 0 | (3) |
|  | 04/2023 | 496 | 152 | 10 | 0 |
|  | 04/2023 | 5526 | 1381 | 0 | (61) |
|  | 05/2023 | 362 | 56 | 3 | 0 |
|  | 05/2023 | 2776 | 829 | 34 | 0 |
|  | 05/2023 | $0 | 3 | 0 | 0 |
|  | 07/2023 | 1736 | $522 | 22 | 0 |
|  CLY | 05/2023 | 5213 | 806 | 45 | 0 |
|  DUB | 01/2023 | 10587 | 1492 | 0 | (33) |
|  | 01/2023 | 3796 | 124 | 0 | 0 |
|  GLM | 01/2023 | 2972 | 558 | 0 | (5) |
|  | 01/2023 | 28291 | 29 | 0 | (5) |
|  | 01/2023 | 2287 | 524 | 2 | 0 |
|  | 01/2023 | 50 | 13 | 0 | 0 |
|  | 01/2023 | $1148 | 7988 | 7 | 0 |
|  | 01/2023 | 380 | 1678 | 4 | 0 |
|  | 01/2023 | 169 | 858 | 27 | 0 |
|  | 01/2023 | 158 | 5489 | 1 | 0 |
|  | 03/2023 | 2494 | $386 | 24 | 0 |
|  | 03/2023 | 506319 | 105 | 2 | 0 |
|  | 03/2023 | 16704 | 813 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33) |
|  | 03/2023 | $278 | 252836 | 18 | 0 |
|  | 03/2023 | 105 | 506319 | 0 | (2) |
|  | 03/2023 | 46 | 177 | 0 | 0 |
|  | 04/2023 | 548 | 2972 | 5 | 0 |
|  | 05/2023 | 657 | 2613 | 24 | 0 |
|  | 07/2023 | 1077 | $320 | 9 | 0 |
|  JPM | 01/2023 | $2584 | 17983 | 20 | 0 |
|  | 01/2023 | 89 | 3095 | 0 | 0 |
|  | 02/2023 | 2603 | $86 | 1 | 0 |
|  | 02/2023 | $129 | 121 | 1 | 0 |
|  | 02/2023 | 76 | 1199675 | 1 | 0 |
|  | 02/2023 | 12660 | 1744676 | 708 | 0 |
|  | 03/2023 | 4640 | 32103 | 24 | 0 |

---

---

| | | |
|:---|:---|:---|
| **24** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 03/2023 | $73 | 1148053 | $1 | $0 |
|  | 04/2023 | 298 | $91 | 6 | 0 |
|  MBC | 01/2023 | 28 | 19 | 0 | 0 |
|  | 01/2023 | 1510 | 217 | 0 | (1) |
|  | 01/2023 | 9604 | 1357 | 0 | (27) |
|  | 01/2023 | 186 | 24 | 0 | 0 |
|  | 01/2023 | 3219 | 837 | 0 | (10) |
|  | 01/2023 | $170 | 253 | 2 | 0 |
|  | 01/2023 | 138 | 962 | 1 | 0 |
|  | 01/2023 | 47 | 184 | 1 | 0 |
|  | 01/2023 | 160 | 5538 | 0 | 0 |
|  | 02/2023 | 86 | 83 | 3 | 0 |
|  | 02/2023 | 140 | 19400 | 9 | 0 |
|  | 02/2023 | 835 | 3219 | 10 | 0 |
|  | 03/2023 | 45 | 696811 | 0 | 0 |
|  | 05/2023 | 35 | $5 | 0 | 0 |
|  | 05/2023 | $1320 | 8861 | 0 | (28) |
|  MYI | 01/2023 | 896 | $602 | 0 | (9) |
|  | 01/2023 | 681 | 154 | 0 | (1) |
|  | 01/2023 | 187 | 47 | 0 | (2) |
|  | 01/2023 | $211 | 997 | 17 | 0 |
|  | 02/2023 | 100 | $104 | 0 | (3) |
|  | 02/2023 | 4812 | 158 | 1 | 0 |
|  | 02/2023 | $162 | 21300 | 1 | 0 |
|  | 03/2023 | 63 | 981787 | 1 | 0 |
|  RBC | 01/2023 | 10 | $7 | 0 | 0 |
|  | 01/2023 | 134 | 29 | 0 | (1) |
|  | 02/2023 | 167 | 179 | 0 | 0 |
|  | 03/2023 | 1445 | 72 | 0 | (1) |
|  | 04/2023 | $1390 | 28822 | 60 | 0 |
|  RYL | 02/2023 | 210 | 174 | 1 | 0 |
|  | 02/2023 | 185 | 24600 | 3 | 0 |
|  SCX | 01/2023 | 60 | $40 | 0 | 0 |
|  | 01/2023 | 149961 | 151 | 0 | (26) |
|  | 01/2023 | 3095 | 1928 | 0 | (37) |
|  | 01/2023 | 272 | 68 | 0 | (4) |
|  | 01/2023 | 23753 | 755 | 0 | (19) |
|  | 01/2023 | $808 | 1085 | 0 | (6) |
|  | 01/2023 | 1248 | 1649104 | 62 | 0 |
|  | 01/2023 | 154 | 681 | 2 | 0 |
|  | 01/2023 | 911 | 3503 | 10 | 0 |
|  | 01/2023 | 185 | 6428 | 1 | 0 |
|  | 02/2023 | 198 | $210 | 0 | (3) |
|  | 02/2023 | 17600 | 129 | 0 | (6) |
|  | 02/2023 | $80 | 1262319 | 1 | 0 |
|  | 03/2023 | 2100 | $449 | 0 | (32) |
|  | 03/2023 | $0 | 1 | 0 | 0 |
|  | 05/2023 | 6191 | $896 | 0 | (8) |
|  | 05/2023 | $1280 | 8848 | 12 | 0 |
|  SOG | 01/2023 | 78 | 395 | 8 | 0 |
|  | 02/2023 | 23 | $28 | 0 | 0 |
|  TOR | 01/2023 | 1290000 | 8890 | 0 | (961) |
|  | 01/2023 | $2052 | 2759 | 0 | (15) |
|  UAG | 01/2023 | 131 | 3321 | 16 | 0 |
|  | 01/2023 | 3 | 16 | 0 | 0 |
|  | 01/2023 | 28 | 291 | 0 | 0 |
|  | 02/2023 | 1829 | $534 | 13 | 0 |
|  | 02/2023 | $118 | 1873489 | 3 | 0 |
|  | 03/2023 | 90000 | $675 | 0 | (17) |
|  **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | $**2082** | $**(2267)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **25** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Global Bond Opportunities Portfolio (Unhedged)** | **(Cont.)** |

---

**PURCHASED OPTIONS:** 

**INTEREST RATE SWAPTIONS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Floating Rate Index** | **Pay/Receive<br>Floating Rate** | **Exercise<br>Rate** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Cost** | **Market<br>Value** |
| BOA Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.180% | 01/11/2024 | 500 | $14 | $53 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 |

---

**OPTIONS ON SECURITIES** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Description** | **Strike<br>Price** | **Strike<br>Price** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Cost** | **Market<br>Value** |
| BPS | Put - OTC Euro-OAT France Government Bond 0.750% due 05/01/2052 | EUR | 97.000 | 05/23/2025 | 300 | $23 | $123 |
|  **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | $**37** | $**176** |

---

**WRITTEN OPTIONS:** 

**CREDIT DEFAULT SWAPTIONS ON CREDIT INDICES** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Description** | **Buy/Sell<br>Protection** | **Exercise<br>Rate** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Premiums<br>(Received)** | **Market<br>Value** |
|  GST | Put - OTC iTraxx Europe 37 5-Year Index | Sell | 3.000% | 03/15/2023 | 300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

**INTEREST RATE SWAPTIONS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Floating Rate Index** | **Pay/Receive <br>Floating Rate** | **Exercise<br>Rate** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Premiums<br>(Received)** | **Market<br>Value** |
| BOA Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.150% | 12/01/2023 | 400 | $(1) | $0 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.650 | 12/01/2023 | 400 | (1) | (3) |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.310 | 01/11/2024 | 4500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) | (74) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 3.000 | 01/19/2023 | 100 | 0 | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.500 | 01/19/2023 | 100 | 0 | (1) |
| BPS Call - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 0.550 | 04/11/2023 | 500 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.100 | 04/11/2023 | 500 | (1) | (8) |
| Call - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 0.700 | 04/28/2023 | 300 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.250 | 04/28/2023 | 300 | (1) | (4) |
| Call - OTC 5-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 3.270 | 01/23/2023 | 100 | 0 | 0 |
| Put - OTC 5-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.770 | 01/23/2023 | 100 | 0 | (1) |
| Put - OTC 25-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 0.451 | 05/23/2025 | 300 | (23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(115) |
| BRC Call - OTC 5-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 3.200 | 01/12/2023 | 200 | (1) | 0 |
| Put - OTC 5-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.800 | 01/12/2023 | 200 | (1) | (1) |
| CBK Call - OTC 5-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 3.150 | 01/09/2023 | 300 | (1) | 0 |
| Put - OTC 5-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.650 | 01/09/2023 | 300 | (1) | (2) |
| DUB Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.920 | 10/13/2023 | 200 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.920 | 10/13/2023 | 200 | (1) | (3) |
| GLM Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.920 | 10/13/2023 | 100 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.920 | 10/13/2023 | 100 | (1) | (1) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 3.018 | 10/20/2023 | 200 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.018 | 10/20/2023 | 200 | (1) | (3) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 3.140 | 10/23/2023 | 100 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.140 | 10/23/2023 | 100 | (1) | (1) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 3.190 | 10/23/2023 | 100 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.190 | 10/23/2023 | 100 | (1) | (1) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 3.225 | 10/23/2023 | 200 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.225 | 10/23/2023 | 200 | (1) | (2) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.973 | 10/25/2023 | 100 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.973 | 10/25/2023 | 100 | (1) | (1) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.841 | 10/27/2023 | 100 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.841 | 10/27/2023 | 100 | (1) | (2) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 3.088 | 11/03/2023 | 200 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.088 | 11/03/2023 | 200 | (1) | (3) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.910 | 11/10/2023 | 100 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.910 | 11/10/2023 | 100 | (1) | (1) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.250 | 11/17/2023 | 200 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.750 | 11/17/2023 | 200 | (1) | (2) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.150 | 11/20/2023 | 300 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.650 | 11/20/2023 | 300 | (1) | (2) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.250 | 12/07/2023 | 200 | (1) | 0 |

---

---

| | | |
|:---|:---|:---|
| **26** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Floating Rate Index** | **Pay/Receive <br>Floating Rate** | **Exercise<br>Rate** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Premiums<br>(Received)** | **Market<br>Value** |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.750% | 12/07/2023 | 200 | $(1) | $(2) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.697 | 04/02/2024 | 500 | (4) | (2) |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.697 | 04/02/2024 | 500 | (4) | (6) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.721 | 04/08/2024 | 200 | (1) | (1) |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.721 | 04/08/2024 | 200 | (1) | (3) |
| Call - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 0.550 | 04/11/2023 | 1100 | (2) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.100 | 04/11/2023 | 1100 | (2) | (17) |
| Call - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 0.700 | 04/24/2023 | 300 | 0 | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.250 | 04/24/2023 | 300 | (1) | (4) |
| Call - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 0.700 | 04/26/2023 | 400 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.250 | 04/26/2023 | 400 | (1) | (6) |
| Call - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 0.550 | 05/15/2023 | 100 | 0 | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.100 | 05/15/2023 | 100 | 0 | (2) |
| Call - OTC 5-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 3.230 | 01/23/2023 | 300 | (1) | 0 |
| Put - OTC 5-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.730 | 01/23/2023 | 300 | (1) | (2) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.067 | 06/09/2023 | 300 | (3) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 3.140 | 06/09/2023 | 300 | (4) | (10) |
| JPM Call - OTC 1-Year Interest Rate Swap  | 6-Month GBP-LIBOR | Receive | 0.820 | 12/16/2024 | 1200 | (8) | (2) |
| Call - OTC 5-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 3.200 | 01/12/2023 | 100 | 0 | 0 |
| Put - OTC 5-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.800 | 01/12/2023 | 100 | 0 | 0 |
| MYC Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.993 | 10/11/2023 | 100 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.993 | 10/11/2023 | 100 | (1) | (1) |
| NGF Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 3.020 | 11/06/2023 | 100 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.020 | 11/06/2023 | 100 | (1) | (1) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.845 | 11/13/2023 | 200 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.845 | 11/13/2023 | 200 | (1) | (3) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.785 | 04/08/2024 | 200 | (2) | (1) |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.785 | 04/08/2024 | 200 | (2) | (2) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.835 | 04/08/2024 | 200 | (1) | (1) |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.835 | 04/08/2024 | 200 | (1) | (2) |
| Call - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 0.550 | 04/03/2023 | 1100 | (2) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.100 | 04/03/2023 | 1100 | (2) | (17) |
| Call - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 0.550 | 04/04/2023 | 600 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.100 | 04/04/2023 | 600 | (1) | (9) |
| Call - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 0.550 | 05/12/2023 | 500 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.100 | 05/12/2023 | 500 | (1) | (8) |
|  |  |  |  |  |  | $(127) | $(334) |
|  **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | $**(128)** | $**(334)** |

---

**SWAP AGREEMENTS:** 

**CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION<sup>(2)</sup>** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2022<sup>(4)</sup>** | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements,<br>at Value<sup>(6)</sup>** | **Swap Agreements,<br>at Value<sup>(6)</sup>** |
| **Counterparty** | **Reference Entity** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2022<sup>(4)</sup>** | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
| BPS | South Korea Government International Bond | (1.000)% | Quarterly | 06/20/2023 | 0.319% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(3) |
| BRC | China Government International Bond | (1.000) | Quarterly | 06/20/2023 | 0.272 | 700 | (17) | 14 | 0 | (3) |
|  | South Korea Government International Bond | (1.000) | Quarterly | 06/20/2023 | 0.319 | 900 | (23) | 20 | 0 | (3) |
| GST | China Government International Bond | (1.000) | Quarterly | 06/20/2023 | 0.272 | 700 | (13) | 10 | 0 | (3) |
| HUS | South Korea Government International Bond | (1.000) | Quarterly | 06/20/2023 | 0.319 | 300 | (7) | 6 | 0 | (1) |
| JPM | South Korea Government International Bond | (1.000) | Quarterly | 06/20/2023 | 0.319 | 400 | (10) | 9 | 0 | (1) |
|  |  |  |  |  |  |  | $(90) | $76 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) |

---

**CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - SELL PROTECTION<sup>(3)</sup>** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2022<sup>(4)</sup>** | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements,<br>at Value<sup>(6)</sup>** | **Swap Agreements,<br>at Value<sup>(6)</sup>** |
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2022<sup>(4)</sup>** | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
| BRC | Italy Government International Bond | 1.000% | Quarterly | 06/20/2025 | 0.806% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) | $8 | $1 | $0 |
| CBK | Italy Government International Bond | 1.000 | Quarterly | 06/20/2025 | 0.806 | 200 | (5) | 6 | 1 | 0 |
| GST | Emirate of Abu Dhabi Government International Bond | 1.000 | Quarterly | 12/20/2026 | 0.366 | 200 | 6 | (1) | 5 | 0 |
|  |  |  |  |  |  |  | $(6) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **27** |

---

------

##### [**Table of Contents**](#toc)

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| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Global Bond Opportunities Portfolio (Unhedged)** | **(Cont.)** |

---

**CROSS-CURRENCY SWAPS** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Receive** | **Pay** | **Payment<br>Frequency** | **Maturity<br>Date<sup>(7)</sup>** | **Notional<br>Amount of<br>Currency<br>Received** | **Notional<br>Amount of<br>Currency<br>Received** | **Notional<br>Amount of<br>Currency<br>Delivered** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements,<br>at Value** | **Swap Agreements,<br>at Value** |
| **Counterparty** | **Receive** | **Pay** | **Payment<br>Frequency** | **Maturity<br>Date<sup>(7)</sup>** | **Notional<br>Amount of<br>Currency<br>Received** | **Notional<br>Amount of<br>Currency<br>Received** | **Notional<br>Amount of<br>Currency<br>Delivered** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  AZD | Floating rate equal to 3-Month AUD-LIBOR plus 0.290% based on the notional amount of currency received | Floating rate equal to 3-Month USD-LIBOR based on the notional amount of currency delivered | Maturity | 01/04/2031 | AUD | 1500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1130 | $7 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $0 |
|  CBK | Floating rate equal to 3-Month AUD-LIBOR plus 0.420% based on the notional amount of currency received | Floating rate equal to 3-Month USD-LIBOR based on the notional amount of currency delivered | Maturity | 07/31/2029 |  | 1500 | 1035 | 0 | 2 | 2 | 0 |
|  GLM | Floating rate equal to 3-Month AUD-LIBOR plus 0.423% based on the notional amount of currency received | Floating rate equal to 3-Month USD-LIBOR based on the notional amount of currency delivered | Maturity | 08/01/2029 |  | 1400 | 966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) | 2 | 0 | (3) |
|  |  |  |  |  |  |  |  | $2 | $0 | $5 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) |

---

**INTEREST RATE SWAPS** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements,<br>at Value** | **Swap Agreements,<br>at Value** |
| **Counterparty** | **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
| BOA | Receive | 3-Month MYR-KLIBOR | 3.500% | Quarterly | 09/21/2027 | MYR | 7600 | $6 | $13 | $19 | $0 |
|  | Receive | 3-Month THB-THBFIX Compounded-OIS | 2.000 | Quarterly | 09/21/2024 | THB | 15500 | (1) | 0 | 0 | (1) |
|  | Pay | 6-Month THB-THBFIX | 3.250 | Semi-Annual | 06/15/2032 |  | 300 | 0 | 1 | 1 | 0 |
|  | Pay | 6-Month THB-THBFIX | 2.750 | Semi-Annual | 09/21/2032 |  | 6600 | 0 | 5 | 5 | 0 |
| BPS | Pay | 6-Month THB-THBFIX | 3.250 | Semi-Annual | 06/15/2032 |  | 10200 | 2 | 17 | 19 | 0 |
| GLM | Receive | 3-Month MYR-KLIBOR | 3.750 | Quarterly | 09/21/2032 | MYR | 1700 | (1) | 9 | 8 | 0 |
|  | Pay | 6-Month THB-THBFIX | 3.250 | Semi-Annual | 06/15/2032 | THB | 2400 | 0 | 4 | 4 | 0 |
| GST | Receive | 3-Month THB-THBFIX Compounded-OIS | 2.000 | Quarterly | 09/21/2024 |  | 71800 | (8) | 4 | 0 | (4) |
|  | Pay | 6-Month THB-THBFIX | 2.500 | Semi-Annual | 09/21/2032 |  | 7110 | (1) | 1 | 0 | 0 |
| NGF | Receive | 3-Month THB-THBFIX Compounded-OIS | 2.000 | Quarterly | 09/21/2024 |  | 8200 | 0 | (1) | 0 | (1) |
| SCX | Receive | 3-Month MYR-KLIBOR | 3.500 | Quarterly | 09/21/2027 | MYR | 1000 | 1 | 2 | 3 | 0 |
|  | Receive | 3-Month THB-THBFIX Compounded-OIS | 2.000 | Quarterly | 09/21/2024 | THB | 125257 | 8 | (14) | 0 | (6) |
|  | Receive | 3-Month THB-THBFIX Compounded-OIS | 2.000 | Quarterly | 09/21/2027 |  | 1250 | 0 | 0 | 0 | 0 |
|  | Receive | 3-Month THB-THBFIX Compounded-OIS | 2.250 | Quarterly | 09/21/2027 |  | 28700 | (5) | 3 | 0 | (2) |
|  |  |  |  |  |  |  |  | $1 | $44 | $59 | $(14) |
|  **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | $**(93)** | $**133** | $**71** | $**(31)** |

---

**FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY** 

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2022:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | | | |
| <br>**Counterparty** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Purchased<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Written<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** |<br>**Net Market<br>Value of OTC<br>Derivatives** |<br>**Collateral<br>Pledged/<br>(Received)** |<br>**Net<br>Exposure<sup>(8)</sup>** |
|  AZD | $0 | $0 | $3 | $3 | $0 | $0 | $0 | $0 | $3 | $0 | $3 |
|  BOA | 56 | 53 | 25 | 134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(808) | (78) | (1) | (887) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(753) | 613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(140) |
|  BPS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551 | (16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(128) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(147) | 404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(260) | 144 |
|  BRC | 281 | 0 | 1 | 282 | (6) | (1) | (6) | (13) | 269 | 0 | 269 |
|  CBK | 168 | 0 | 3 | 171 | (142) | (2) | 0 | (144) | 27 | 0 | 27 |
|  CLY | 45 | 0 | 0 | 45 | 0 | 0 | 0 | 0 | 45 | 0 | 45 |
|  DUB | 0 | 0 | 0 | 0 | (33) | (3) | 0 | (36) | (36) | 22 | (14) |
|  GLM | 123 | 0 | 12 | 135 | (45) | (75) | (3) | (123) | 12 | 0 | 12 |
|  GST | 0 | 0 | 5 | 5 | 0 | 0 | (7) | (7) | (2) | 0 | (2) |
|  HUS | 0 | 0 | 0 | 0 | 0 | 0 | (1) | (1) | (1) | 23 | 22 |
|  JPM | 762 | 0 | 0 | 762 | 0 | (2) | (1) | (3) | 759 | (540) | 219 |
|  MBC | 26 | 0 | 0 | 26 | (66) | 0 | 0 | (66) | (40) | 0 | (40) |
|  MYC | 0 | 0 | 0 | 0 | 0 | (1) | 0 | (1) | (1) | 0 | (1) |
|  MYI | 20 | 0 | 0 | 20 | (15) | 0 | 0 | (15) | 5 | 27 | 32 |
|  NGF | 0 | 0 | 0 | 0 | 0 | (44) | (1) | (45) | (45) | 0 | (45) |

---

---

| | | |
|:---|:---|:---|
| **28** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | | | |
| <br>**Counterparty** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Purchased<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Written<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** |<br>**Net Market<br>Value of OTC<br>Derivatives** |<br>**Collateral<br>Pledged/<br>(Received)** |<br>**Net<br>Exposure<sup>(8)</sup>** |
|  RBC | $60 | $0 | $0 | $60 | $(2) | $0 | $0 | $(2) | $58 | $0 | $58 |
|  RYL | 4 | 0 | 0 | 4 | 0 | 0 | 0 | 0 | 4 | 0 | 4 |
|  SCX | 88 | 0 | 3 | 91 | (141) | 0 | (8) | (149) | (58) | 0 | (58) |
|  SOG | 8 | 0 | 0 | 8 | 0 | 0 | 0 | 0 | 8 | 0 | 8 |
|  TOR | 0 | 0 | 0 | 0 | (976) | 0 | 0 | (976) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(976) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(262) |
|  UAG | 32 | 0 | 0 | 32 | (17) | 0 | 0 | (17) | 15 | 0 | 15 |
|  **Total Over the Counter** | $**2082** | $**176** | $**71** | $**2329** | $**(2267)** | $**(334)** | $**(31)** | $**(2632)** |  |  |  |

---

**(m)** **Securities with an aggregate market value of $1,399 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2022.** 

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(4)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(6)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(7)</sup> At the maturity date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered. 

<sup>(8)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

**FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS** 

The following is a summary of the fair valuation of the Portfolio's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Portfolio.

Fair Values of Financial Derivative Instruments on the Statement of Assets and Liabilities as of December 31, 2022:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
| | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $236 | $236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1 | 0 | 0 | 196 | 197 |
|  | $0 | $1 | $0 | $0 | $432 | $433 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $2082 | $0 | $2082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 176 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 7 | 0 | 5 | 59 | 71 |
|  | $0 | $7 | $0 | $2087 | $235 | $2329 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2087 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2762 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **29** |

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##### [**Table of Contents**](#toc)

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| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Global Bond Opportunities Portfolio (Unhedged)** | **(Cont.)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
| | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $7 | $7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 136 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 4 | 0 | 0 | 222 | 226 |
|  | $0 | $4 | $0 | $0 | $365 | $369 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $2267 | $0 | $2267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 334 | 334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 14 | 0 | 3 | 14 | 31 |
|  | $0 | $14 | $0 | $2270 | $348 | $2632 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2270 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3001 |

---

The effect of Financial Derivative Instruments on the Statement of Operations for the period ended December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
| | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $7 | $7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 5495 | 5495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 66 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4014) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3948) |
|  | $0 | $66 | $0 | $0 | $1488 | $1554 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(2750) | $0 | $(2750) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | (9) | (43) | (52) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 55 | 0 | 9 | 199 | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 59 | 0 | 0 | 146 | 205 |
|  | $0 | $114 | $0 | $(2750) | $302 | $(2334) |
|  | $0 | $180 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2750) | $1790 | $(780) |
|  **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $(3) | $(3) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 1113 | 1113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (203) | 0 | 0 | (663) | (866) |
|  | $0 | $(203) | $0 | $0 | $447 | $244 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $167 | $0 | $167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 1 | 157 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | (14) | 0 | (1) | (132) | (147) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (57) | 0 | 7 | 5 | (45) |
|  | $0 | $(71) | $0 | $174 | $30 | $133 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(274) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $174 | $477 | $377 |

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**FAIR VALUE MEASUREMENTS** 

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Portfolio's assets and liabilities:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** |
|  Argentina | Argentina | Argentina | Argentina | Argentina |
| &nbsp;&nbsp; Sovereign Issues | $0 | $27 | $0 | $27 |
|  Australia | Australia | Australia | Australia | Australia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 598 | 0 | 598 |
| &nbsp;&nbsp; Sovereign Issues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1906 |
|  Brazil | Brazil | Brazil | Brazil | Brazil |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 300 | 0 | 300 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  Canada | Canada | Canada | Canada | Canada |
| &nbsp;&nbsp; Corporate Bonds & Notes | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $349 | $0 | $349 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 73 | 0 | 73 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 102 | 0 | 102 |
|  Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8120 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 797 | 0 | 797 |
|  Denmark | Denmark | Denmark | Denmark | Denmark |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 3056 | 0 | 3056 |

---

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| | | |
|:---|:---|:---|
| **30** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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##### [**Table of Contents**](#toc)
December 31, 2022

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| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  France | France | France | France | France |
| &nbsp;&nbsp; Corporate Bonds & Notes | $0 | $1086 | $0 | $1086 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 3406 | 0 | 3406 |
|  Germany | Germany | Germany | Germany | Germany |
| &nbsp;&nbsp; Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3007 |
|  Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 2329 | 0 | 2329 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 185 | 0 | 185 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 282 | 0 | 282 |
|  Israel | Israel | Israel | Israel | Israel |
| &nbsp;&nbsp; Sovereign Issues | 0 | 586 | 0 | 586 |
|  Italy | Italy | Italy | Italy | Italy |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 893 | 0 | 893 |
|  Japan | Japan | Japan | Japan | Japan |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 636 | 0 | 636 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 4926 | 0 | 4926 |
|  Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 5273 | 0 | 5273 |
|  Malaysia | Malaysia | Malaysia | Malaysia | Malaysia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 477 | 0 | 477 |
|  Netherlands | Netherlands | Netherlands | Netherlands | Netherlands |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 893 | 0 | 893 |
|  Norway | Norway | Norway | Norway | Norway |
| &nbsp;&nbsp; Sovereign Issues | 0 | 185 | 0 | 185 |
|  Peru | Peru | Peru | Peru | Peru |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1302 | 0 | 1302 |
|  Qatar | Qatar | Qatar | Qatar | Qatar |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 166 | 0 | 166 |
|  Romania | Romania | Romania | Romania | Romania |
| &nbsp;&nbsp; Sovereign Issues | 0 | 413 | 0 | 413 |
|  Serbia | Serbia | Serbia | Serbia | Serbia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 138 | 0 | 138 |
|  Spain | Spain | Spain | Spain | Spain |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 370 | 0 | 370 |
| &nbsp;&nbsp; Preferred Securities | 0 | 197 | 0 | 197 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 625 | 0 | 625 |
|  Supranational | Supranational | Supranational | Supranational | Supranational |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 2721 | 0 | 2721 |
|  Switzerland | Switzerland | Switzerland | Switzerland | Switzerland |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 916 | 0 | 916 |
|  Thailand | Thailand | Thailand | Thailand | Thailand |
| &nbsp;&nbsp; Sovereign Issues | 0 | 168 | 0 | 168 |
|  United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 3126 | 0 | 3126 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 4198 | 0 | 4198 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  United States | United States | United States | United States | United States |
| &nbsp;&nbsp; Asset-Backed Securities | $0 | $6441 | $0 | $6441 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 5473 | 0 | 5473 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 214 | 0 | 214 |
| &nbsp;&nbsp; Municipal Bonds & Notes | 0 | 95 | 0 | 95 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 13058 | 0 | 13058 |
| &nbsp;&nbsp; U.S. Government Agencies | 0 | 26816 | 0 | 26816 |
| &nbsp;&nbsp; U.S. Treasury Obligations | 0 | 4577 | 0 | 4577 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 824 | 0 | 824 |
| &nbsp;&nbsp; Israel Treasury Bills | 0 | 2435 | 0 | 2435 |
| &nbsp;&nbsp; Japan Treasury Bills | 0 | 12802 | 0 | 12802 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 525 | 0 | 525 |
|  | $0 | $127092 | $0 | $127092 |
|  **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $9091 | $0 | $0 | $9091 |
|  Total Investments | $9091 | $127092 | $0 | $136183 |
|  **Short Sales, at Value - Liabilities** | **Short Sales, at Value - Liabilities** | **Short Sales, at Value - Liabilities** | **Short Sales, at Value - Liabilities** | **Short Sales, at Value - Liabilities** |
|  United States |  |  |  |  |
| &nbsp;&nbsp; U.S. Government Agencies | $0 | $(12930) | $0 | $(12930) |
|  **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** |
|  Exchange-traded or centrally cleared | 203 | 230 | 0 | 433 |
|  Over the counter | 0 | 2329 | 0 | 2329 |
|  | $203 | $2559 | $0 | $2762 |
|  **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** |
|  Exchange-traded or centrally cleared | (116) | (253) | 0 | (369) |
|  Over the counter | 0 | (2632) | 0 | (2632) |
|  | $(116) | $(2885) | $0 | $(3001) |
|  Total Financial Derivative Instruments | $87 | $(326) | $0 | $(239) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9178 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113836 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123014 |

---

There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **31** |

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##### [**Table of Contents**](#toc)
**Notes to Financial Statements**

1. ORGANIZATION

PIMCO Variable Insurance Trust (the "Trust") is a Delaware statutory trust established under a trust instrument dated October 3, 1997. The Trust is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Trust is designed to be used as an investment vehicle by separate accounts of insurance companies that fund variable annuity contracts and variable life insurance policies and by qualified pension and retirement plans. Information presented in these financial statements pertains to the Institutional Class, Administrative Class and Advisor Class shares of the PIMCO Global Bond Opportunities Portfolio (Unhedged) (the "Portfolio") offered by the Trust. Pacific Investment Management Company LLC ("PIMCO") serves as the investment adviser (the "Adviser") for the Portfolio.

Hereinafter, the Board of Trustees of the Funds shall be collectively referred to as the "Board."

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The Portfolio is treated as an investment company under the reporting requirements of U.S. GAAP. The functional and reporting currency for the Portfolio is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(a) Securities Transactions and Investment Income Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Portfolio is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on

certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statement of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statement of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statement of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable.

(b) Foreign Currency Translation The market values of foreign securities, currency holdings and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies, if any, are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Portfolio does not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) from investments on the Statement of Operations. The Portfolio may invest in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains (losses) arising from sales of spot foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in net realized gain (loss) on foreign currency transactions on the Statement of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period are included in net change in unrealized appreciation (depreciation) on foreign currency assets and liabilities on the Statement of Operations.

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| | |
|:---|:---|
| **32** | **PIMCO VARIABLE INSURANCE TRUST** |

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##### [**Table of Contents**](#toc)
December 31, 2022

(c) Multi-Class Operations Each class offered by the Trust has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets. Realized and unrealized capital gains (losses) are allocated daily based on the relative net assets of each class of the Portfolio. Class specific expenses, where applicable, currently include supervisory and administrative and distribution and servicing fees. Under certain circumstances, the per share net asset value ("NAV") of a class of the Portfolio's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(d) Distributions to Shareholders Distributions from net investment income, if any, are declared daily and distributed to shareholders monthly. In addition, the Portfolio distributes any net capital gains it earns from the sale of portfolio securities to shareholders no less frequently than annually.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on the Portfolio's annual financial statements presented under U.S. GAAP.

Separately, if the Portfolio determines or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources other than net investment income in accordance with its policies, accounting records (if applicable), and accounting practices, the Portfolio will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, the Portfolio determines or estimates, as applicable, the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is determined or estimated, as applicable, that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between the Portfolio's daily internal accounting records and practices, the Portfolio's financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, the Portfolio's internal accounting records and practices may take into

account, among other factors, tax-related characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include but are not limited to, for certain Portfolios, the treatment of periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that the Portfolio may not issue a Section 19 Notice in situations where the Portfolio's financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution's tax character will be provided to shareholders when such information is available.

Distributions classified as a tax basis return of capital at the Portfolio's fiscal year end, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital on the Statement of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Statement of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(e) New Accounting Pronouncements and Regulatory Updates In March 2020, the Financial Accounting Standards Board ("FASB") issued an Accounting Standards Update ("ASU"), ASU 2020-04, which provides optional guidance to ease the potential accounting burden associated with transitioning away from the London Interbank Offered Rate and other reference rates that are expected to be discontinued. ASU 2020-04 is effective for certain reference rate-related contract modifications that occurred during the period March 12, 2020 through December 31, 2022. In March 2021, the administrator for LIBOR announced the extension of the publication of a majority of the USD LIBOR settings to June 30, 2023. In December 2022, FASB issued ASU 2022-06, which includes amendments to extend the duration of the LIBOR transition relief to December 31, 2024, after which entities will no longer be permitted to apply the reference rate reform relief. Management is continuously evaluating the potential effect a discontinuation of LIBOR could have on the Portfolio's investments and has determined that it is unlikely the ASU's adoption will have a material impact on the Portfolio's financial statements.

In October 2020, the U.S. Securities and Exchange Commission ("SEC") adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover transactions. Subject to certain exceptions, the rule requires funds that

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trade derivatives and other transactions that create future payment or delivery obligations to comply with a value-at-risk leverage limit and certain derivatives risk management program and reporting requirements. The effective date for the rule was February 19, 2021. The compliance date for the new rule and the related reporting requirements was August 19, 2022. Management has implemented changes in connection with the rule and has determined that there was no material impact to the Portfolio's financial statements.

In October 2020, the SEC adopted a rule regarding the ability of a fund to invest in other funds. The rule allows a fund to acquire shares of another fund in excess of certain limitations currently imposed by the Act without obtaining individual exemptive relief from the SEC, subject to certain conditions. The rule also includes the rescission of certain exemptive relief from the SEC and guidance from the SEC staff for funds to invest in other funds. The effective date for the rule was January 19, 2021, and the compliance date for the rule was January 19, 2022. Management has implemented changes in connection with the rule and has determined that there was no material impact to the Portfolio's financial statements.

In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value as well as for the performance of fair value determinations, including related oversight and reporting obligations. The new rule also defines "readily available market quotations" for purposes of the definition of "value" under the Act, and the SEC noted that this definition would apply in all contexts under the Act. The effective date for the rule was March 8, 2021. The compliance date for the new rule and the related reporting requirements was September 8, 2022. Management has implemented changes in connection with the rule and has determined that there was no material impact to the Portfolio's financial statements.

In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820), which affects all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring the fair value. The amendments also require additional disclosures for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The effective date for the amendments in ASU 2022-03 is for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years. At this time, management is evaluating the implications of these changes on the financial statements.

In October 2022, the SEC adopted changes to the mutual fund and ETF shareholder report and registration statement disclosure requirements

and the registered fund advertising rules, which will change the disclosures provided to shareholders. The rule is effective as of January 24, 2023, but the SEC is providing an 18-month compliance period after the effective date other than for rule amendments addressing fee and expense information in advertisements that might be materially misleading. At this time, management is evaluating the implications of these changes on the financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies The NAV of the Portfolio's shares, or each of its share classes as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Portfolio or class, less any liabilities, as applicable, by the total number of shares outstanding.

On each day that the New York Stock Exchange ("NYSE") is open, the Portfolio's shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) ("NYSE Close"). Information that becomes known to the Portfolio or its agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, the Portfolio may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. The Portfolio generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, the Portfolio may calculate its NAV as of the NYSE Close for such day or such other time that the Portfolio may determine.

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Portfolio will normally use pricing data for domestic equity securities received shortly after the NYSE Close and does not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange, or the NYSE Close, if the NYSE Close occurs before the end of trading on the foreign exchange.

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Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated PIMCO as the valuation designee ("Valuation Designee") for the Portfolio to perform the fair value determination relating to all Portfolio investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee's policies and procedures govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Portfolio investments. The Valuation Designee may value Portfolio securities for which market quotations are not readily available and other Portfolio assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, "Pricing Sources").

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives, and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Exchange-traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Swap agreements are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of the Portfolio's assets that are invested in one or more open-end management investment companies (other than ETFs), the Portfolio's NAV will be calculated based on the NAVs of such investments. Open-end management investment companies may include affiliated funds.

If a foreign (non-U.S.) equity security's value has materially changed after the close of the security's primary exchange or principal market but before the NYSE Close, the security may be valued at fair value. Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, the Portfolio may determine the fair value of investments based on information provided by Pricing Sources, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other

things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indexes) that occur after the close of the relevant market and before the NYSE Close. The Portfolio may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, unless otherwise determined by the Valuation Designee any movement in the applicable reference index or instrument ("zero trigger") between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Trust is not open for business, which may result in the Portfolio's portfolio investments being affected when shareholders are unable to buy or sell shares.

Whole loans may be fair valued using inputs that take into account borrower- or loan-level (e.g., credit risk of the borrower) that is updated periodically throughout the life of each individual loan; any new borrower- or loan-level data received in written reports periodically by the Portfolio normally will be taken into account in calculating the NAV. The Portfolio's whole loan investments, including those originated by the Portfolio, generally are fair valued in accordance with procedures approved by the Board.

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Sources. As a result, the value of such investments and, in turn, the NAV of the Portfolio's shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Trust is not open for business. As a result, to the extent that the Portfolio holds foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in the Portfolio's next calculated NAV.

Fair valuation may require subjective determinations about the value of a security. While the Trust's and Valuation Designee's policies and procedures are intended to result in a calculation of the Portfolio's NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values accurately reflect the price that the Portfolio could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Portfolio may differ from the value that would be realized if the securities were sold. The Portfolio's use of fair valuation may also help to deter "stale price arbitrage" as discussed under the "Frequent or Excessive Purchases, Exchanges and Redemptions" section in the Portfolio's prospectus.

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Under certain circumstances, the per share NAV of a class of the Portfolio's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2, or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2, and 3 of the fair value hierarchy are defined as follows:

<sup>∎</sup> Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

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| <sup>∎</sup> | Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs. |

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<sup>∎</sup> Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for the Portfolio.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between Levels of the Portfolio's assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy, and if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for the Portfolio.

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(c) Valuation Techniques and the Fair Value Hierarchy

Level 1, Level 2 and Level 3 trading assets and trading liabilities, at fair value The valuation methods (or "techniques") and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1, Level 2 and Level 3 of the fair value hierarchy are as follows:

Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

Investments in registered open-end investment companies (other than ETFs) will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in unregistered open-end investment companies will be calculated based upon the NAVs of such investments and are considered Level 1 provided that the NAVs are observable, calculated daily and are the value at which both purchases and sales will be conducted.

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities and non-U.S. bonds are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Sources' internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Fixed income securities purchased on a delayed-delivery basis or as a repurchase commitment in a sale-buyback transaction are marked to market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

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Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or pricing services. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers or Pricing Sources (normally determined as of the NYSE Close). Depending on the product and the terms of the transaction, financial derivative instruments can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as

quoted prices, issuer details, indices, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Sources (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models may use inputs that are observed from actively quoted markets such as the overnight index swap rate, LIBOR forward rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

Short-term debt instruments (such as commercial paper) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost value of such short-term debt instruments is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price.

When a fair valuation method is applied by the Adviser that uses significant unobservable inputs, investments will be priced by a method that the Valuation Designee believes reflects fair value and are categorized as Level 3 of the fair value hierarchy.

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

The Portfolio may invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III ("Central Funds") to the extent permitted by the Act and rules thereunder. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Portfolio. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC's website at www.sec.gov. A copy of each affiliate fund's shareholder report is also available at the SEC's website at www.sec.gov, on the Portfolio's website at www.pimco.com, or upon request, as applicable. The tables below show the Portfolio's transactions in and earnings from investments in the affiliated Funds for the period ended December 31, 2022 (amounts in thousands<sup>†</sup>):

**Investment in PIMCO Short Asset Portfolio** 

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| **Market Value<br>12/31/2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Market Value<br>12/31/2022** | **Dividend<br>Income<sup>(1)</sup>** | **Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup>** |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3810 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(150) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3822 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

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**Investment in PIMCO Short-Term Floating NAV Portfolio III** 

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|:---|:---|:---|:---|:---|:---|:---|:---|
| **Market Value<br>12/31/2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Market Value<br>12/31/2022** | **Dividend<br>Income<sup>(1)</sup>** | **Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup>** |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2724 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84750 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82200) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5269 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

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| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(1)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

(b) Investments in Securities

The Portfolio may utilize the investments and strategies described below to the extent permitted by the Portfolio's investment policies.

Delayed-Delivery Transactions involve a commitment by the Portfolio to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, the Portfolio will designate or receive as collateral liquid assets in an amount sufficient to meet the purchase price or respective obligations. When purchasing a security on a delayed-delivery basis, the Portfolio assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. The Portfolio may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain (loss). When the Portfolio has sold a security on a delayed-delivery basis, the Portfolio does not participate in future gains (losses) with respect to the security.

Inflation-Indexed Bonds are fixed income securities whose principal value is periodically adjusted by the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Statement of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury Inflation-Protected Securities. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

Loans and Other Indebtedness, Loan Participations and Assignments are direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental, or other borrowers. The Portfolio's investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties or investments in or originations of loans by the Portfolio. A loan is often administered by a bank or other financial institution (the "agent") that acts as agent for all holders. The agent administers the

terms of the loan, as specified in the loan agreement. The Portfolio may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When the Portfolio purchases assignments from agents it acquires direct rights against the borrowers of the loans. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing through, for example, the issuance of bonds, frequently high yield bonds issued for the purpose of acquisitions.

The types of loans and related investments in which the Portfolio may invest include, among others, senior loans, subordinated loans (including second lien loans, B-Notes and mezzanine loans), whole loans, commercial real estate and other commercial loans and structured loans. The Portfolio may originate loans or acquire direct interests in loans through primary loan distributions and/or in private transactions. In the case of subordinated loans, there may be significant indebtedness ranking ahead of the borrower's obligation to the holder of such a loan, including in the event of the borrower's insolvency. Mezzanine loans are typically secured by a pledge of an equity interest in the mortgage borrower that owns the real estate rather than an interest in a mortgage.

Investments in loans may include unfunded loan commitments, which are contractual obligations for funding. Unfunded loan commitments may include revolving credit facilities, which may obligate the Portfolio to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full, even though a percentage of the committed amount may not be utilized by the borrower. When investing in a loan participation, the Portfolio has the right to receive payments of principal, interest and any fees to which it is entitled only from the agent selling the loan agreement and only upon receipt of payments by the agent from the borrower. The Portfolio may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. In certain circumstances, the Portfolio may receive a penalty fee upon the prepayment of a loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense, respectively, on the Statement of Operations. Unfunded loan commitments are reflected as a liability on the Statement of Assets and Liabilities.

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Mortgage-Related and Other Asset-Backed Securities directly or indirectly represent a participation in, or are secured by and payable from, loans on real property. Mortgage-related securities are created from pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. These securities provide a monthly payment which consists of both interest and principal. Interest may be determined by fixed or adjustable rates. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with the full faith and credit of the U.S. Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Many of the risks of investing in mortgage-related securities secured by commercial mortgage loans reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make lease payments, and the ability of a property to attract and retain tenants. These securities may be less liquid and may exhibit greater price volatility than other types of mortgage-related or other asset-backed securities. Other asset-backed securities are created from many types of assets, including, but not limited to, auto loans, accounts receivable, such as credit card receivables and hospital account receivables, home equity loans, student loans, boat loans, mobile home loans, recreational vehicle loans, manufactured housing loans, aircraft leases, computer leases and syndicated bank loans.

Collateralized Debt Obligations ("CDOs") include Collateralized Bond Obligations ("CBOs"), Collateralized Loan Obligations ("CLOs") and other similarly structured securities. CBOs and CLOs are types of asset-backed securities. A CBO is a trust which is backed by a diversified pool of high risk, below investment grade fixed income securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which the Portfolio invests. In addition to the normal risks associated with fixed income securities discussed elsewhere in this report and the Portfolio's prospectus and statement of additional information (e.g., prepayment risk, credit risk, liquidity risk, market risk, structural risk, legal risk and interest rate risk (which may be exacerbated if the interest rate payable

on a structured financing changes based on multiples of changes in interest rates or inversely to changes in interest rates)), CBOs, CLOs, and other CDOs carry additional risks including, but not limited to, (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments, (ii) the quality of the collateral may decline in value or default, (iii) the risk that the Portfolio may invest in CBOs, CLOs, or other CDOs that are subordinate to other classes, and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

Collateralized Mortgage Obligations ("CMOs") are debt obligations of a legal entity that are collateralized by whole mortgage loans or private mortgage bonds and divided into classes. CMOs are structured into multiple classes, often referred to as "tranches", with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including prepayments. CMOs may be less liquid and may exhibit greater price volatility than other types of mortgage-related or asset-backed securities.

Stripped Mortgage-Backed Securities ("SMBS") are derivative multi-class mortgage securities. SMBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. An SMBS will have one class that will receive all of the interest (the interest-only or "IO" class), while the other class will receive the entire principal (the principal-only or "PO" class). Payments received for IOs are included in interest income on the Statement of Operations. Because no principal will be received at the maturity of an IO, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statement of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

Payment In-Kind Securities may give the issuer the option at each interest payment date of making interest payments in either cash and/or additional debt securities. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a dirty price) and require a pro rata adjustment from the unrealized appreciation (depreciation) on investments to interest receivable on the Statement of Assets and Liabilities.

Perpetual Bonds are fixed income securities with no maturity date but pay a coupon in perpetuity (with no specified ending or maturity date). Unlike typical fixed income securities, there is no obligation for perpetual bonds to repay principal. The coupon payments, however, are mandatory. While perpetual bonds have no maturity date, they may have a callable date in which the perpetuity is eliminated and the issuer

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may return the principal received on the specified call date. Additionally, a perpetual bond may have additional features, such as interest rate increases at periodic dates or an increase as of a predetermined point in the future.

Restricted Investments are subject to legal or contractual restrictions on resale and may generally be sold privately, but may be required to be registered or exempted from such registration before being sold to the public. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933. Disposal of restricted investments may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Restricted investments held by the Portfolio as of December 31, 2022, as applicable, are disclosed in the Notes to Schedule of Investments.

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the "U.S. Treasury"); and others, such as those of the Federal National Mortgage Association ("FNMA" or "Fannie Mae"), are supported by the discretionary authority of the U.S. Government to purchase the agency's obligations. U.S. Government securities may include zero coupon securities which do not distribute interest on a current basis and tend to be subject to a greater risk than interest-paying securities of similar maturities.

Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac"). FNMA is a government-sponsored corporation. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. Government. FHLMC issues Participation Certificates ("PCs"), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

In June 2019, FNMA and FHLMC started issuing Uniform Mortgage Backed Securities in place of their current offerings of TBA-eligible securities (the "Single Security Initiative"). The Single Security Initiative seeks to support the overall liquidity of the TBA market and aligns the characteristics of FNMA and FHLMC certificates. The effects that the Single Security Initiative may have on the market for TBA and other mortgage-backed securities are uncertain.

Roll-timing strategies can be used where the Portfolio seeks to extend the expiration or maturity of a position, such as a TBA security on an underlying asset, by closing out the position before expiration and opening a new position with respect to substantially the same underlying asset with a later expiration date. TBA securities purchased or sold are reflected on the Statement of Assets and Liabilities as an asset or liability, respectively. Recently finalized FINRA rules include mandatory margin requirements for the TBA market that requires the Portfolio to post collateral in connection with its TBA transactions. There is no similar requirement applicable to the Portfolio's TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the Portfolio and impose added operational complexity.

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Portfolio may enter into the borrowings and other financing transactions described below to the extent permitted by the Portfolio's investment policies.

The following disclosures contain information on the Portfolio's ability to lend or borrow cash or securities to the extent permitted under the Act, which may be viewed as borrowing or financing transactions by the Portfolio. The location of these instruments in the Portfolio's financial statements is described below.

(a) Repurchase Agreements Under the terms of a typical repurchase agreement, the Portfolio purchases an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and the Portfolio to resell, the obligation at an agreed-upon price and time. In an open maturity repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Portfolio or counterparty at any time. The underlying securities for all repurchase agreements are held by the Portfolio's custodian or designated subcustodians under tri-party repurchase agreements and in certain instances will remain in custody with the counterparty. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, if any, including accrued interest, are included on the Statement of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Statement of Operations. In periods of increased

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demand for collateral, the Portfolio may pay a fee for the receipt of collateral, which may result in interest expense to the Portfolio.

(b) Reverse Repurchase Agreements In a reverse repurchase agreement, the Portfolio delivers a security in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed upon price and date. In an open maturity reverse repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Portfolio or counterparty at any time. The Portfolio is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. Cash received in exchange for securities delivered plus accrued interest payments to be made by the Portfolio to counterparties are reflected as a liability on the Statement of Assets and Liabilities. Interest payments made by the Portfolio to counterparties are recorded as a component of interest expense on the Statement of Operations. In periods of increased demand for the security, the Portfolio may receive a fee for use of the security by the counterparty, which may result in interest income to the Portfolio. The Portfolio will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under reverse repurchase agreements.

(c) Sale-Buybacks A sale-buyback financing transaction consists of a sale of a security by the Portfolio to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. The Portfolio is not entitled to receive principal and interest payments, if any, made on the security sold to the counterparty during the term of the agreement. The agreed-upon proceeds for securities to be repurchased by the Portfolio are reflected as a liability on the Statement of Assets and Liabilities. The Portfolio will recognize net income represented by the price differential between the price received for the transferred security and the agreed-upon repurchase price. This is commonly referred to as the 'price drop.' A price drop consists of (i) the foregone interest and inflationary income adjustments, if any, the Portfolio would have otherwise received had the security not been sold and (ii) the negotiated financing terms between the Portfolio and counterparty. Foregone interest and inflationary income adjustments, if any, are recorded as components of interest income on the Statement of Operations. Interest payments based upon negotiated financing terms made by the Portfolio to counterparties are recorded as a component of interest expense on the Statement of Operations. In periods of increased demand for the security, the Portfolio may receive a fee for use of the security by the counterparty, which may result in interest income to the Portfolio. The Portfolio will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under sale-buyback transactions.

(d) Short Sales Short sales are transactions in which the Portfolio sells a security that it may not own. The Portfolio may make short sales of

securities to (i) offset potential declines in long positions in similar securities, (ii) to increase the flexibility of the Portfolio, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When the Portfolio engages in a short sale, it may borrow the security sold short and deliver it to the counterparty. The Portfolio will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Statement of Assets and Liabilities. Short sales expose the Portfolio to the risk that it will be required to cover its short position at a time when the security or other asset has appreciated in value, thus resulting in losses to the Portfolio. A short sale is "against the box" if the Portfolio holds in its portfolio or has the right to acquire the security sold short, or securities identical to the security sold short, at no additional cost. The Portfolio will be subject to additional risks to the extent that it engages in short sales that are not "against the box." The Portfolio's loss on a short sale could theoretically be unlimited in cases where the Portfolio is unable, for whatever reason, to close out its short position.

(e) Interfund Lending In accordance with an exemptive order (the "Order") from the SEC, each Portfolio of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Portfolio's investment policies and restrictions. Each Portfolio is currently permitted to borrow under the Interfund Lending Program. A lending portfolio may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing portfolio through the Interfund Lending Program. A borrowing portfolio may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the portfolio's investment restrictions). If a borrowing portfolio's total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending portfolio and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended December 31, 2022, the Portfolio did not participate in the Interfund Lending Program.

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6. FINANCIAL DERIVATIVE INSTRUMENTS

The Portfolio may enter into the financial derivative instruments described below to the extent permitted by the Portfolio's investment policies.

The following disclosures contain information on how and why the Portfolio uses financial derivative instruments, and how financial derivative instruments affect the Portfolio's financial position, results of operations and cash flows. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Statement of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table in the Notes to Schedule of Investments. The financial derivative instruments outstanding as of period end and the amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Schedule of Investments, serve as indicators of the volume of financial derivative activity for the Portfolio.

(a) Forward Foreign Currency Contracts may be engaged, in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of the Portfolio's securities or as part of an investment strategy. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked to market daily, and the change in value is recorded by the Portfolio as an unrealized gain (loss). Realized gains (losses) are equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed and are recorded upon delivery or receipt of the currency. These contracts may involve market risk in excess of the unrealized gain (loss) reflected on the Statement of Assets and Liabilities. In addition, the Portfolio could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar. To mitigate such risk, cash or securities may be exchanged as collateral pursuant to the terms of the underlying contracts.

(b) Futures Contracts are agreements to buy or sell a security or other asset for a set price on a future date and are traded on an exchange. The Portfolio may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by the Portfolio and the prices of futures contracts

and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Portfolio is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by the Portfolio ("Futures Variation Margin"). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Statement of Assets and Liabilities. Gains (losses) are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the Futures Variation Margin included within exchange traded or centrally cleared financial derivative instruments on the Statement of Assets and Liabilities.

(c) Options Contracts may be written or purchased to enhance returns or to hedge an existing position or future investment. The Portfolio may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase the Portfolio's exposure to the underlying instrument. Writing call options tends to decrease the Portfolio's exposure to the underlying instrument. When the Portfolio writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. These amounts are included on the Statement of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The Portfolio as a writer of an option has no control over whether the underlying instrument may be sold ("call") or purchased ("put") and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Portfolio may not be able to enter into a closing transaction because of an illiquid market.

Purchasing call options tends to increase the Portfolio's exposure to the underlying instrument. Purchasing put options tends to decrease the Portfolio's exposure to the underlying instrument. The Portfolio pays a premium which is included as an asset on the Statement of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with

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premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed.

Credit Default Swaptions may be written or purchased to hedge exposure to the credit risk of an investment without making a commitment to the underlying instrument. A credit default swaption is an option to sell or buy credit protection on a specific reference by entering into a pre-defined swap agreement by some specified date in the future.

Foreign Currency Options may be written or purchased to be used as a short or long hedge against possible variations in foreign exchange rates or to gain exposure to foreign currencies.

Interest Rate-Capped Options may be written or purchased to enhance returns or for hedging opportunities. The purpose of purchasing interest rate-capped options is to protect the Portfolio from floating rate risk above a certain rate on a given notional exposure. A floor can be used to give downside protection to investments in interest rate linked products.

Interest Rate Swaptions may be written or purchased to enter into a pre-defined swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, by some specified date in the future. The writer of the swaption becomes the counterparty to the swap if the buyer exercises. The interest rate swaption agreement will specify whether the buyer of the swaption will be a fixed-rate receiver or a fixed-rate payer upon exercise.

Options on Exchange-Traded Futures Contracts ("Futures Option") may be written or purchased to hedge an existing position or future investment, for speculative purposes or to manage exposure to market movements. A Futures Option is an option contract in which the underlying instrument is a single futures contract.

Options on Securities may be written or purchased to enhance returns or to hedge an existing position or future investment. An option on a security uses a specified security as the underlying instrument for the option contract.

(d) Swap Agreementsare bilaterally negotiated agreements between the Portfolio and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the over the counter market ("OTC swaps") or may be cleared through a

third party, known as a central counterparty or derivatives clearing organization ("Centrally Cleared Swaps"). The Portfolio may enter into asset, credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Statement of Operations. Daily changes in valuation of centrally cleared swaps ("Swap Variation Margin"), if any, are disclosed within centrally cleared financial derivative instruments on the Statement of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Statement of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain (loss) on the Statement of Operations.

For purposes of applying certain of the Portfolio's investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by the Portfolio at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of the Portfolio's investment policies and restrictions, the Portfolio will value the credit default swap at its notional value or its full exposure value (*i.e.*, the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of the Portfolio's other investment policies and restrictions. For example, the Portfolio may value credit default swaps at full exposure value for purposes of the Portfolio's credit quality guidelines (if any) because such value in general better reflects the Portfolio's actual economic exposure during the term of the credit default swap agreement. As a result, the Portfolio may, at times, have notional exposure to an asset class (before netting) that is greater

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or lesser than the stated limit or restriction noted in the Portfolio's prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether the Portfolio is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by the Portfolio for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates or the values of the asset upon which the swap is based.

The Portfolio's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive. The risk may be mitigated by having a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral to the Portfolio to cover the Portfolio's exposure to the counterparty.

To the extent the Portfolio has a policy to limit the net amount owed to or to be received from a single counterparty under existing swap agreements, such limitation only applies to counterparties to OTC swaps and does not apply to centrally cleared swaps where the counterparty is a central counterparty or derivatives clearing organization.

Credit Default Swap Agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues are entered into to provide a measure of protection against defaults of the issuers (*i.e.*, to reduce risk where the Portfolio owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer's default. Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event that the referenced entity, obligation or index, as specified in the swap agreement, undergoes a certain credit event. As a seller of protection on credit default swap agreements, the Portfolio will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, the Portfolio would effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the notional amount of the swap.

If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection's right to choose the deliverable obligation with the lowest value following a credit event).

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name's weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index. Credit default swaps on credit indices may be used to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default

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swaps to achieve a similar effect. Credit default swaps on indices are instruments for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues as of period end, if any, are disclosed in the Notes to Schedule of Investments. They serve as an indicator of the current status of payment/performance risk and represent the likelihood or risk of default for the reference entity. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. For credit default swap agreements on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that the Portfolio as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of period end for which the Portfolio is the seller of protection are disclosed in the Notes to Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Portfolio for the same referenced entity or entities.

Cross-Currency Swap Agreements are entered into to gain or mitigate exposure to currency risk. Cross-currency swap agreements involve two parties exchanging two different currencies with an agreement to reverse the exchange at a later date at specified exchange rates. The exchange of currencies at the inception date of the contract takes place at the current spot rate. The re-exchange at maturity may take place at the same exchange rate, a specified rate, or the then current spot rate. Interest payments, if applicable, are made between the parties based on interest rates available in the two currencies at the inception of the contract. The terms of cross-currency swap contracts may extend for many years. Cross-currency swaps are usually negotiated with commercial and investment banks. Some

cross-currency swaps may not provide for exchanging principal cash flows, but only for exchanging interest cash flows.

Interest Rate Swap Agreements may be entered into to help hedge against interest rate risk exposure and to maintain the Portfolio's ability to generate income at prevailing market rates. The value of the fixed rate bonds that the Portfolio holds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by the Portfolio with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap," (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor," (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in the Portfolio, which could adversely affect its net asset value, yield and total return, are listed below. Please see "Description of Principal Risks" in the Portfolio's prospectus for a more detailed description of the risks of investing in the Portfolio.

Interest Rate Risk is the risk that fixed income securities will decline in value because of an increase in interest rates; a portfolio with a longer average portfolio duration will be more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

Call Risk is the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their maturity for a number of reasons (*e.g.,* declining interest rates, changes in credit spreads and improvements in the issuer's credit quality). If an issuer calls a security that the Portfolio has invested in, the Portfolio may not recoup the full amount of its initial investment and may be forced to reinvest in

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lower-yielding securities, securities with greater credit risks or securities with other, less favorable features.

Credit Risk is the risk that the Portfolio could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations.

High Yield Risk is the risk that high yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") are subject to greater levels of credit, call and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments, and may be more volatile than higher-rated securities of similar maturity.

Market Risk is the risk that the value of securities owned by the Portfolio may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries.

Issuer Risk is the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services.

Liquidity Risk is the risk that a particular investment may be difficult to purchase or sell and that the Portfolio may be unable to sell illiquid investments at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity.

Derivatives Risk is the risk of investing in derivative instruments (such as forwards, futures, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks and valuation complexity. Changes in the value of a derivative or other similar investment may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and the Portfolio could lose more than the initial amount invested. Changes in the value of a derivative or other similar instrument may also create margin delivery or settlement payment obligations for the Portfolio. The Portfolio's use of derivatives or other similar investments may result in losses to the Portfolio, a reduction in the Portfolio's returns and/or increased volatility. Over- the-counter ("OTC") derivatives or other similar investments are also subject to the

risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for OTC derivatives or other similar investments. The primary credit risk on derivatives that are exchange-traded or traded through a central clearing counterparty, resides with the Portfolio's clearing broker or the clearinghouse. Changes in regulation relating to a registered fund's use of derivatives and related instruments could potentially limit or impact the Portfolio's ability to invest in derivatives, limit the Portfolio's ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and the Portfolio's performance.

Equity Risk is the risk that the value of equity securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity securities generally have greater price volatility than fixed income securities.

Mortgage-Related and Other Asset-Backed Securities Risk is the risk of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk.

Foreign (Non-U.S.) Investment Risk is the risk that investing in foreign (non-U.S.) securities may result in the Portfolio experiencing more rapid and extreme changes in value than a portfolio that invests exclusively in securities of U.S. companies, due to smaller markets, differing reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, or political changes, diplomatic developments or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.

Emerging Markets Risk is the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk.

Sovereign Debt Risk is the risk that investments in fixed income instruments issued by sovereign entities may decline in value as a result of default or other adverse credit event resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion.

Currency Risk is the risk that foreign (non-U.S.) currencies will change in value relative to the U.S. dollar and affect the Portfolio's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies.

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Leveraging Risk is the risk that certain transactions of the Portfolio, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing the Portfolio to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss.

Management Risk is the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio managers in connection with managing the Portfolio and may cause PIMCO to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of the Portfolio will be achieved.

Short Exposure Risk is the risk of entering into short sales or other short positions, including the potential loss of more money than the actual cost of the investment, and the risk that the third party to the short sale or other short position will not fulfill its contractual obligations, causing a loss to the Portfolio.

LIBOR Transition Risk is the risk related to the anticipated discontinuation of the London Interbank Offered Rate ("LIBOR"). Certain instruments held by the Portfolio rely in some fashion upon LIBOR. Although the transition process away from LIBOR has become increasingly well-defined in advance of the anticipated discontinuation date, there remains uncertainty regarding the nature of any replacement rate, and any potential effects of the transition away from LIBOR on the Portfolio or on certain instruments in which the Portfolio invests can be difficult to ascertain. The transition process may involve, among other things, increased volatility or illiquidity in markets for instruments that currently rely on LIBOR and may result in a reduction in the value of certain instruments held by the Portfolio.

(b) Other Risks

In general, the Portfolio may be subject to additional risks, including, but not limited to, risks related to government regulation and intervention in financial markets, operational risks, risks associated with financial, economic and global market disruptions, and cyber security risks. Please see the Portfolio's prospectus and Statement of Additional Information for a more detailed description of the risks of investing in the Portfolio. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments that may impact the Portfolio's performance.

Market Disruption Risk The Portfolio is subject to investment and operational risks associated with financial, economic and other global

market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets and cause the Portfolio to lose value. These events can also impair the technology and other operational systems upon which the Portfolio's service providers, including PIMCO as the Portfolio's investment adviser, rely, and could otherwise disrupt the Portfolio's service providers' ability to fulfill their obligations to the Portfolio. For example, the recent spread of an infectious respiratory illness caused by a novel strain of coronavirus (known as COVID-19) has caused volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities the Portfolio holds, and may adversely affect the Portfolio's investments and operations. Please see the Important Information section for additional discussion of the COVID-19 pandemic.

Government Intervention in Financial Markets Federal, state, and other governments, their regulatory agencies, or self-regulatory organizations may take actions that affect the regulation of the instruments in which the Portfolio invests, or the issuers of such instruments, in ways that are unforeseeable. Legislation or regulation may also change the way in which the Portfolio itself is regulated. Such legislation or regulation could limit or preclude the Portfolio's ability to achieve its investment objective. Furthermore, volatile financial markets can expose the Portfolio to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Portfolio. The value of the Portfolio's holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which the Portfolio invests. In addition, it is not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.

Regulatory Risk Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/or intervention may change the way the Portfolio is regulated, affect the expenses incurred directly by the Portfolio and the value of its investments, and limit and/or preclude the Portfolio's ability to achieve its investment objective. Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects.

Operational Risk An investment in the Portfolio, like any fund, can involve operational risks arising from factors such as processing errors,

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human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Portfolio. While the Portfolio seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Portfolio.

Cyber Security Risk As the use of technology has become more prevalent in the course of business, the Portfolio has become potentially more susceptible to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional cyber events that may, among other things, cause the Portfolio to lose proprietary information, suffer data corruption and/or destruction or lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Cyber security failures or breaches may result in financial losses to the Portfolio and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with the Portfolio's ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. There is also a risk that cyber security breaches may not be detected. The Portfolio and its shareholders may suffer losses as a result of a cyber security breach related to the Portfolio, its service providers, trading counterparties or the issuers in which the Portfolio invests.

8. MASTER NETTING ARRANGEMENTS

The Portfolio may be subject to various netting arrangements ("Master Agreements") with select counterparties. Master Agreements govern the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow the Portfolio to close out and net its total exposure to a counterparty in the event of a default

with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes the Statement of Assets and Liabilities generally presents derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Statement of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statement of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. The Portfolio's overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively "Master Repo Agreements") govern repurchase, reverse repurchase, and certain sale-buyback transactions between the Portfolio and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default, and maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Schedule of Investments.

Master Securities Forward Transaction Agreements ("Master Forward Agreements") govern certain forward settling transactions, such as TBA securities, delayed-delivery or certain sale-buyback transactions by and between the Portfolio and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Schedule of Investments.

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Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant ("FCM") registered with the Commodity Futures Trading Commission. In the United States, counterparty risk may be reduced as creditors of an FCM cannot have a claim to Portfolio assets in the segregated account. Portability of exposure reduces risk to the Portfolio. Variation margin, which reflects changes in market value, is generally exchanged daily, but may not be netted between futures and cleared OTC derivatives unless the parties have agreed to a separate arrangement in respect of portfolio margining. The market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin as of period end are disclosed in the Notes to Schedule of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes ("ISDA Master Agreements") govern bilateral OTC derivative transactions entered into by the Portfolio with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. The ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level or as required by regulation. Similarly, if required by regulation, the Portfolio may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent the Portfolio is required by regulation to post additional collateral beyond coverage of daily exposure, it could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedule of Investments.

9. FEES AND EXPENSES

(a) Investment Advisory Fee PIMCO is a majority-owned subsidiary of Allianz Asset Management of America LLC ("Allianz Asset Management") and serves as the Adviser to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from the Portfolio at an annual rate based on average daily net assets (the

"Investment Advisory Fee"). The Investment Advisory Fee for all classes is charged at an annual rate as noted in the table in note (b) below.

(b) Supervisory and Administrative Fee PIMCO serves as administrator (the "Administrator") and provides supervisory and administrative services to the Trust for which it receives a monthly supervisory and administrative fee based on each share class's average daily net assets (the "Supervisory and Administrative Fee"). As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs.

The Investment Advisory Fee and Supervisory and Administrative Fees for all classes, as applicable, are charged at the annual rate as noted in the following table (calculated as a percentage of the Portfolio's average daily net assets attributable to each class):

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| **Investment Advisory Fee** | **Supervisory and Administrative Fee** | **Supervisory and Administrative Fee** | **Supervisory and Administrative Fee** |
| **All Classes** | **Institutional<br>Class** | **Administrative<br>Class** | **Advisor<br>Class** |
| 0.25% | 0.50% | 0.50% | 0.50% |

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(c) Distribution and Servicing Fees PIMCO Investments LLC, a wholly-owned subsidiary of PIMCO, serves as the distributor ("Distributor") of the Trust's shares.

The Trust has adopted an Administrative Services Plan with respect to the Administrative Class shares of the Portfolio pursuant to Rule 12b-1 under the Act (the "Administrative Plan"). Under the terms of the Administrative Plan, the Trust is permitted to compensate the Distributor, out of the Administrative Class assets of the Portfolio, in an amount up to 0.15% on an annual basis of the average daily net assets of that class, for providing or procuring through financial intermediaries administrative, recordkeeping and investor services for Administrative Class shareholders of the Portfolio.

The Trust has adopted a separate Distribution and Servicing Plan for the Advisor Class shares of the Portfolio (the "Distribution and Servicing Plan"). The Distribution and Servicing Plan has been adopted pursuant to Rule 12b-1 under the Act. The Distribution and Servicing Plan permits the Portfolio to compensate the Distributor for providing or procuring through financial intermediaries, distribution, administrative, recordkeeping, shareholder and/or related services with respect to Advisor Class shares. The Distribution and Servicing Plan permits the Portfolio to make total payments at an annual rate of up to 0.25% of its average daily net assets attributable to its Advisor Class shares.

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|  | **Distribution Fee** | **Servicing Fee** |
|  **Administrative Class** |  | 0.15% |
|  **Advisor Class** | 0.25% |  |

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(d) Portfolio Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Portfolio, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust's executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Portfolio, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust's Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual portfolio operating expenses per share class.

The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates.

(e) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has agreed, through May 1, 2023, to waive a portion of the Portfolio's Supervisory and Administrative Fee, or reimburse the Portfolio, to the extent that the Portfolio's organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata share of Trustee Fees exceed 0.0049% (the "Expense Limit") (calculated as a percentage of the Portfolio's average daily net assets attributable to each class). The Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. The waiver, if any, is reflected on the Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO.

In any month in which the supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by the Portfolio of any portion of the supervisory and administrative fee waived or reimbursed as set forth above (the "Reimbursement Amount") within thirty-six months of the time of the waiver, provided that such amount paid to PIMCO will not: i) together with any organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee fees, exceed, for such month, the

Expense Limit (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit); ii) exceed the total Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. At December 31, 2022, there were no recoverable amounts.

10. RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties. Fees paid to these parties are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Statement of Assets and Liabilities.

The Portfolio is permitted to purchase or sell securities from or to certain related affiliated portfolios under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Portfolio from or to another fund or portfolio that are, or could be, considered an affiliate, or an affiliate of an affiliate, by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with applicable SEC rule and interpretations under the Act. Further, as defined under the procedures, each transaction is effected at the current market price. Purchases and sales of securities pursuant to applicable SEC rule and interpretations under the Act for the period ended December 31, 2022, were as follows (amounts in thousands<sup>†</sup>):

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| **Purchases** | **Sales** | **Realized<br>Gain/(Loss)** |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0) |

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| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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11. GUARANTEES AND INDEMNIFICATIONS

Under the Trust's organizational documents, each Trustee, officer, employee or other agent of the Trust (including the Trust's investment manager) is indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Portfolio. Additionally, in the normal course of business, the Portfolio enters into contracts that contain a variety of indemnification clauses. The Portfolio's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred. However, the Portfolio has not had prior claims or losses pursuant to these contracts.

12. PURCHASES AND SALES OF SECURITIES

The length of time the Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by the Portfolio is known as "portfolio turnover." The

Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective(s), particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by

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the Portfolio. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates when distributed to shareholders). The transaction costs associated with portfolio turnover may adversely affect the Portfolio's performance. The portfolio turnover rates are reported in the Financial Highlights.

Purchases and sales of securities (excluding short-term investments) for the period ended December 31, 2022, were as follows (amounts in thousands<sup>†</sup>):

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| **U.S. Government/Agency** | **U.S. Government/Agency** | **All Other** | **All Other** |
| **Purchases** | **Sales** | **Purchases** | **Sales** |
| $&nbsp;&nbsp;&nbsp;&nbsp;658267 | $&nbsp;&nbsp;&nbsp;&nbsp;657505 | $&nbsp;&nbsp;&nbsp;&nbsp;28541 | $&nbsp;&nbsp;&nbsp;&nbsp;55224 |

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| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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13. SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with a $0.001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands<sup>†</sup>):

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|:---|:---|:---|:---|:---|
| | **Year Ended<br>12/31/2022** | **Year Ended<br>12/31/2022** | **Year Ended<br>12/31/2021** | **Year Ended<br>12/31/2021** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Receipts for shares sold** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 191 | $1895 | 732 | $8256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 1435 | 14278 | 2461 | 28977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 389 | 3890 | 687 | 7937 |
|  **Issued as reinvestment of distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 31 | 303 | 68 | 774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 264 | 2568 | 842 | 9661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 69 | 674 | 135 | 1545 |
|  **Cost of shares redeemed** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (175) | (1738) | (748) | (8264) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (2188) | &nbsp;&nbsp;&nbsp;&nbsp;(21647) | (6688) | (76192) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (384) | (3799) | (373) | (4355) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | (368) | $&nbsp;&nbsp;&nbsp;&nbsp;(3576) | (2884) | $&nbsp;&nbsp;&nbsp;&nbsp;(31661) |

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| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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As of December 31, 2022, one shareholder owned 10% or more of the Portfolio's total outstanding shares comprising 36% of the Portfolio.

14. REGULATORY AND LITIGATION MATTERS

The Portfolio is not named as a defendant in any material litigation or arbitration proceedings and is not aware of any material litigation or claim pending or threatened against it.

On May 17, 2022, Allianz Global Investors U.S. LLC ("AGI U.S.") pleaded guilty in connection with the proceeding United States of America v. Allianz Global Investors U.S. LLC. AGI U.S. is an indirect subsidiary of Allianz SE. The conduct resulting in the matter described above occurred entirely within AGI U.S. and did not involve PIMCO or the Distributor, or any personnel of PIMCO or the Distributor. Nevertheless, because of the disqualifying conduct of AGI U.S., their affiliate, PIMCO would have been disqualified from serving as the investment adviser, and the Distributor would have been disqualified from serving as the principal underwriter, to the Portfolio in the absence of SEC exemptive relief. PIMCO and the Distributor have received exemptive relief from the SEC to permit them to continue

serving as investment adviser and principal underwriter for U.S.- registered investment companies, including the Portfolio.

The foregoing speaks only as of the date of this report.

15. FEDERAL INCOME TAX MATTERS

The Portfolio intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (the "Code") and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

The Portfolio may be subject to local withholding taxes, including those imposed on realized capital gains. Any applicable foreign capital gains tax is accrued daily based upon net unrealized gains, and may be payable following the sale of any applicable investments.

In accordance with U.S. GAAP, the Adviser has reviewed the Portfolio's tax positions for all open tax years. As of December 31, 2022, the Portfolio has recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions it has taken or expects to take in future tax returns.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **51** |

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##### [**Table of Contents**](#toc)

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| | | |
|:---|:---|:---|
| **Notes to Financial Statements** | **(Cont.)** | December 31, 2022 |

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The Portfolio files U.S. federal, state, and local tax returns as required. The Portfolio's tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

Shares of the Portfolio currently are sold to segregated asset accounts ("Separate Accounts") of insurance companies that fund variable annuity contracts and variable life insurance policies ("Variable Contracts"). Please refer to the prospectus for the Separate Account and Variable Contract for information regarding Federal income tax treatment of distributions to the Separate Account.

As of December 31, 2022, the components of distributable taxable earnings are as follows (amounts in thousands<sup>†</sup>):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed<br>Ordinary<br>Income<sup>(1)</sup>** | **Undistributed<br>Long-Term<br>Capital Gains** | **Net Tax Basis<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup>** | **Other<br>Book-to-Tax<br>Accounting<br>Differences <sup>(3)</sup>** | **Accumulated<br>Capital<br>Losses<sup>(4)</sup>** | **Qualified<br>Late-Year<br>Loss<br>Deferral - <br>Capital<sup>(5)</sup>** | **Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Ordinary<sup>(6)</sup>** | **Total<br>Components of<br>Distributable<br>Earnings** |
|  PIMCO Global Bond Opportunities Portfolio (Unhedged) | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;1299 | $&nbsp;&nbsp;&nbsp;&nbsp;(16316) | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;(15017) |

---

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(1)</sup> Includes undistributed short-term capital gains, if any.

<sup>(2)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options and forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on swap contracts, interest accrued from defaulted securities, straddle loss deferrals, and return of capital from non-REIT securities. 

<sup>(3)</sup> Represents differences in income tax regulations and financial accounting principles generally accepted in the United States of America.

<sup>(4)</sup> Capital losses available to offset future net capital gains as shown below.

<sup>(5)</sup> Capital losses realized during the period November 1, 2022 through December 31, 2022 which the Portfolio elected to defer to the following taxable year pursuant to income tax regulations.

<sup>(6)</sup> Specified losses realized during the period November 1, 2022 through December 31, 2022 which the Portfolio elected to defer to the following taxable year pursuant to income tax regulations.

Under the Regulated Investment Company Modernization Act of 2010, the Portfolio is permitted to carry forward any new capital losses for an unlimited period. Additionally, such capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term under previous law.

As of December 31, 2022, the Portfolio had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

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| | | |
|:---|:---|:---|
|  | **Short-Term** | **Long-Term** |
|  PIMCO Global Bond Opportunities Portfolio (Unhedged) | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

As of December 31, 2022, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands<sup>†</sup>):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal<br>Tax Cost** | **Unrealized<br>Appreciation** | **Unrealized<br>(Depreciation)** | **Net Unrealized<br>Appreciation/<br>(Depreciation)<sup>(7)</sup>** |
|  PIMCO Global Bond Opportunities Portfolio (Unhedged) | $&nbsp;&nbsp;&nbsp;&nbsp;137650 | $&nbsp;&nbsp;&nbsp;&nbsp;9698 | $&nbsp;&nbsp;&nbsp;&nbsp;(26079) | $&nbsp;&nbsp;&nbsp;&nbsp;(16381) |

---

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(7)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options and forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on swap contracts, interest accrued from defaulted securities, straddle loss deferrals, and return of capital from non-REIT securities. 

For the fiscal years ended December 31, 2022 and December 31, 2021, respectively, the Portfolio made the following tax basis distributions (amounts in thousands<sup>†</sup>):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** |
|  | **Ordinary<br>Income<br>Distributions<sup>(8)</sup>** | **Long-Term<br>Capital Gain<br>Distributions** | **Return of<br>Capital<sup>(9)</sup>** | **Ordinary<br>Income<br>Distributions<sup>(8)</sup>** | **Long-Term<br>Capital Gain<br>Distributions** | **Return of<br>Capital<sup>(9)</sup>** |
|  PIMCO Global Bond Opportunities Portfolio (Unhedged) | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;3545 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;10980 | $&nbsp;&nbsp;&nbsp;&nbsp;1031 | $&nbsp;&nbsp;&nbsp;&nbsp;0 |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(8)</sup> Includes short-term capital gains distributed, if any.

<sup>(9)</sup> A portion of the distributions made represents a tax return of capital. Return of capital distributions have been reclassified from undistributed net investment income to paid-in capital to more appropriately conform financial accounting to tax accounting.

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|:---|:---|
| **52** | **PIMCO VARIABLE INSURANCE TRUST** |

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**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of PIMCO Variable Insurance Trust and Shareholders of PIMCO Global Bond Opportunities Portfolio (Unhedged)

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of PIMCO Global Bond Opportunities Portfolio (Unhedged) (one of the portfolios constituting PIMCO Variable Insurance Trust, hereafter referred to as the "Portfolio") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements are the responsibility of the Portfolio's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolio in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agent, brokers and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

February 17, 2023

We have served as the auditor of one or more investment companies in PIMCO Variable Insurance Trust since 1998.

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|:---|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **53** |

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| | | |
|:---|:---|:---|
| **Glossary:** | **(abbreviations that may be used in the preceding statements)** | (Unaudited) |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Counterparty Abbreviations:** | **Counterparty Abbreviations:** | | | | |
| **AZD** | Australia and New Zealand Banking Group | **GLM** | Goldman Sachs Bank USA | **RBC** | Royal Bank of Canada |
| **BOA** | Bank of America N.A. | **GST** | Goldman Sachs International | **RYL** | NatWest Markets Plc |
| **BPS** | BNP Paribas S.A. | **HUS** | HSBC Bank USA N.A. | **SCX** | Standard Chartered Bank, London |
| **BRC** | Barclays Bank PLC | **JPM** | JP Morgan Chase Bank N.A. | **SOG** | Societe Generale Paris |
| **CBK** | Citibank N.A. | **MBC** | HSBC Bank Plc | **TOR** | The Toronto-Dominion Bank |
| **CLY** | Crédit Agricole Corporate and<br>Investment Bank | **MYC** | Morgan Stanley Capital Services LLC | **UAG** | UBS AG Stamford |
| **DUB** | Deutsche Bank AG | **MYI** | Morgan Stanley & Co. International PLC | **UBS** | UBS Securities LLC |
| **FICC** | Fixed Income Clearing Corporation | **NGF** | Nomura Global Financial Products, Inc. | Nomura Global Financial Products, Inc. |  |
|  **Currency Abbreviations:** | **Currency Abbreviations:** |  |  |  |  |
| **ARS** | Argentine Peso | **EUR** | Euro | **NZD** | New Zealand Dollar |
| **AUD** | Australian Dollar | **GBP** | British Pound | **PEN** | Peruvian New Sol |
| **BRL** | Brazilian Real | **HKD** | Hong Kong Dollar | **PLN** | Polish Zloty |
| **CAD** | Canadian Dollar | **IDR** | Indonesian Rupiah | **RON** | Romanian New Leu |
| **CHF** | Swiss Franc | **ILS** | Israeli Shekel | **SEK** | Swedish Krona |
| **CLP** | Chilean Peso | **INR** | Indian Rupee | **SGD** | Singapore Dollar |
| **CNH** | Chinese Renminbi (Offshore) | **JPY** | Japanese Yen | **THB** | Thai Baht |
| **CNY** | Chinese Renminbi (Mainland) | **KRW** | South Korean Won | **TWD** | Taiwanese Dollar |
| **COP** | Colombian Peso | **MXN** | Mexican Peso | **USD (or $)** | United States Dollar |
| **CZK** | Czech Koruna | **MYR** | Malaysian Ringgit | **ZAR** | South African Rand |
| **DKK** | Danish Krone | **NOK** | Norwegian Krone |  |  |
|  **Exchange Abbreviations:** | **Exchange Abbreviations:** |  |  |  |  |
| **CME** | Chicago Mercantile Exchange | **OTC** | Over the Counter |  |  |
|  **Index/Spread Abbreviations:** | **Index/Spread Abbreviations:** |  |  |  |  |
| **BBSW3M** | 3 Month Bank Bill Swap Rate | **LIBOR01M** | 1 Month USD-LIBOR | **SOFR** | Secured Overnight Financing Rate |
| **CDX.IG** | Credit Derivatives Index - Investment Grade | **MUTKCALM** | Tokyo Overnight Average Rate | **SONIO** | Sterling Overnight Interbank Average Rate |
| **CNREPOFIX** | China Fixing Repo Rates 7-Day | **SIBCSORA** | Singapore Overnight Rate Average | **US0003M** | ICE 3-Month USD LIBOR |
|  **Other Abbreviations:** | **Other Abbreviations:** |  |  |  |  |
| **ABS** | Asset-Backed Security | **EURIBOR** | Euro Interbank Offered Rate | **NIBOR** | Norwegian Interbank Offered Rate |
| **ALT** | Alternate Loan Trust | **JIBAR** | Johannesburg Interbank Agreed Rate | **OAT** | Obligations Assimilables du Trésor |
| **BBR** | Bank Bill Rate | **KLIBOR** | Kuala Lumpur Interbank Offered Rate | **OIS** | Overnight Index Swap |
| **BBSW** | Bank Bill Swap Reference Rate | **KORIBOR** | Korea Interbank Offered Rate | **TBA** | To-Be-Announced  |
| **BTP** | Buoni del Tesoro Poliennali "Long-term Treasury Bond" | **LIBOR** | London Interbank Offered Rate | **THBFIX** | Thai Baht Floating-Rate Fix |
| **CLO** | Collateralized Loan Obligation | **MIBOR** | Mumbai Interbank Offered Rate | **WIBOR** | Warsaw Interbank Offered Rate |
| **DAC** | Designated Activity Company | Designated Activity Company |  |  |  |

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|:---|:---|
| **54** | **PIMCO VARIABLE INSURANCE TRUST** |

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| | |
|:---|:---|
| **Federal Income Tax Information** | (Unaudited) |

---

As required by the Internal Revenue Code ("Code") and Treasury Regulations, if applicable, shareholders must be notified within 60 days of the Portfolio's fiscal year end regarding the status of qualified dividend income and the dividend received deduction.

Dividend Received Deduction. Corporate shareholders are generally entitled to take the dividend received deduction on the portion of the Portfolio's dividend distribution that qualifies under tax law. The percentage of the following Portfolio's fiscal 2022 ordinary income dividend that qualifies for the corporate dividend received deduction is set forth below.

Qualified Dividend Income. Under the Jobs and Growth Tax Relief Reconciliation Act of 2003, the following percentage of ordinary dividends paid during the fiscal year ended December 31, 2022 was designated as "qualified dividend income'' as defined in the Jobs and Growth Tax Relief Reconciliation Act of 2003 subject to reduced tax rates in 2022.

Qualified Interest Income and Qualified Short-Term Capital Gain (for non-U.S. resident shareholders only). Under the American Jobs Creation Act of 2004, the following amounts of ordinary dividends paid during the fiscal year ended December 31, 2022 are considered to be derived from "qualified interest income," as defined in Section 871(k)(1)(E) of the Code, and therefore are designated as interest-related dividends, as defined in Section 871(k)(1)(C) of the Code. Further, the following amounts of ordinary dividends paid during the fiscal year ended December 31, 2022 are considered to be derived from "qualified short-term capital gain," as defined in Section 871(k)(2)(D) of the Code, and therefore are designated as qualified short-term gain dividends, as defined by Section 871(k)(2)(C) of the Code.

Section 163(j) Interest Dividends. The Portfolio intends to pass through the maximum amount allowable as Section 163(j) Interest defined in Proposed Treasury Section 1.163(j)-1(b). The 163(j) percentage of ordinary income distributions are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Dividend<br>Received<br>Deduction%** | **Qualified<br>Dividend<br>Income%** | **Qualified<br>Interest<br>Income<br>(000s<sup>†</sup>)** | **Qualified<br>Short-Term<br>Capital Gains<br>(000s<sup>†</sup>)** | **163(j)<br>Interest<br>Dividends<br>(000s<sup>†</sup>)** |
|  PIMCO Global Bond Opportunities Portfolio (Unhedged) | 0% | 0% | $&nbsp;&nbsp;&nbsp;&nbsp;1662 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;0 |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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Shareholders are advised to consult their own tax advisor with respect to the tax consequences of their investment in the Trust. In January 2023, you will be advised on IRS Form 1099-DIV as to the federal tax status of the dividends and distributions received by you in calendar year 2022.

Section 199A Dividends. Non-corporate portfolio shareholders of the Portfolio below meeting certain holding period requirements may be able to deduct up to 20 percent of qualified REIT dividends passed through and reported to the shareholders by the Portfolio as IRC section 199A dividends. The IRC section 199A percentage of ordinary dividends are as follows:

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| | |
|:---|:---|
|  | **199A Dividends** |
|  PIMCO Global Bond Opportunities Portfolio (Unhedged) | 0% |

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **55** |

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##### [**Table of Contents**](#toc)
**Management of the Trust**

The charts below identify the Trustees and executive officers of the Trust. Unless otherwise indicated, the address of all persons below is 650 Newport Center Drive, Newport Beach, CA 92660.

The Portfolio's Statement of Additional Information includes more information about the Trustees and Officers. To request a free copy, call PIMCO at (888) 87-PIMCO or visit the Portfolio's website at www.pimco.com/pvit.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Year of Birth and <br>Position Held with Trust\*** | **Term of**<br> **Office and<br>Length of**<br> **Time Served<sup>†</sup>** | **Principal Occupation(s) During Past 5 Years** | **Number of Funds<br>in Fund Complex <br>Overseen by Trustee** | **Other Public Company and Investment**<br> **Company Directorships Held by Trustee<br>During the Past 5 Years** |
| **Interested Trustees<sup>1</sup>** |  |  |  |  |
| **Peter G. Strelow (1970)**<br> *Chairman of the Board and Trustee* | 05/2017 to present<br>Chairman of the Board - 02/2019 to present | Managing Director and Co-Chief Operating Officer, PIMCO. Senior Vice President of the Trust, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. Formerly, Chief Administrative Officer, PIMCO. | 158 | Chairman and Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT. |
| **Kimberley G. Stafford (1978)**<br> *Trustee* | 02/2021 to present | Managing Director, Global Head of Product Strategy, PIMCO; and Member of Executive Committee, PIMCO. Formerly, Head of Asia-Pacific, Global Head of Consultant Relations and Head of US Institutional and Alternatives Sales, PIMCO. | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT. |
| **Independent Trustees** |  |  |  |  |
| **George E. Borst (1948)**<br> *Trustee* | 04/2015 to present | Executive Advisor, McKinsey & Company (since 10/14); Formerly, Executive Advisor, Toyota Financial Services (10/13-12/14); and CEO, Toyota Financial Services (1/01-9/13). | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT; Director, MarineMax Inc. |
| **Jennifer Holden Dunbar (1963)**<br> *Trustee* | 04/2015 to present | Formerly, Managing Director, Dunbar Partners, LLC (business consulting and investments) (05/05-05/21); and Partner, Leonard Green & Partners, L.P. | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT; Director, PS Business Parks; Director, Big 5 Sporting Goods Corporation. |
| **Kym M. Hubbard (1957)**<br> *Trustee* | 02/2017 to present | Formerly, Global Head of Investments, Chief Investment Officer and Treasurer, Ernst & Young. | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT; Director, State Auto Financial Corporation. |
| **Gary F. Kennedy (1955)**<br> *Trustee* | 04/2015 to present | Formerly, Senior Vice President, General Counsel and Chief Compliance Officer, American Airlines and AMR Corporation (now American Airlines Group) (1/03-1/14). | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |
| **Peter B. McCarthy (1950)**<br> *Trustee* | 04/2015 to present | Formerly, Assistant Secretary and Chief Financial Officer, United States Department of Treasury; Deputy Managing Director, Institute of International Finance. | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |
| **Ronald C. Parker (1951)**<br> *Lead Independent Trustee* | 07/2009 to present<br>Lead Independent Trustee - 02/2017 to present | Director of Roseburg Forest Products Company. Formerly, Chairman of the Board, The Ford Family Foundation; and President, Chief Executive Officer, Hampton Affiliates (forestry products). | 158 | Lead Independent Trustee, PIMCO Funds and PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |

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\* Unless otherwise noted, the information for the individuals listed is as of December 31, 2022.

<sup>1</sup> Ms. Stafford and Mr. Strelow are "interested persons" of the Trust (as that term is defined in the 1940 Act) because of their affiliations with PIMCO.

<sup>†</sup> Trustees serve until their successors are duly elected and qualified.

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|:---|:---|
| **56** | **PIMCO VARIABLE INSURANCE TRUST** |

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(Unaudited)

**Executive Officers** 

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| | | |
|:---|:---|:---|
| **Name, Year of Birth and<br>Position Held with Trust\*** | **Term of Office and<br>Length of Time Served** | **Principal Occupation(s) During Past 5 Years<sup>†</sup>** |
| **Eric D. Johnson (1970)**<br> *President* | 06/2019 to present | Executive Vice President and Head of Funds Business Group Americas, PIMCO. President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| **Ryan G. Leshaw (1980)**<br> *Chief Legal Officer and Secretary* | 08/2021 to present | Executive Vice President and Senior Counsel, PIMCO. Chief Legal Officer and Secretary, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Chief Legal Officer, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. Formerly, Associate, Willkie Farr & Gallagher LLP. |
| **Keisha Audain-Pressley (1975)\*\***<br> *Chief Compliance Officer* | 01/2020 to present | Executive Vice President and Deputy Chief Compliance Officer, PIMCO. Chief Compliance Officer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Joshua D. Ratner (1976)\*\***<br> *Senior Vice President* | 05/2019 to present | Executive Vice President and Head of Americas Operations, PIMCO. Senior Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| **Peter G. Strelow (1970)**<br> *Senior Vice President* | 06/2019 to present | Managing Director and Co-Chief Operating Officer, PIMCO. Senior Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. Formerly, Chief Administrative Officer, PIMCO. |
| **Wu-Kwan Kit (1981)**<br> *Assistant Secretary* | 08/2017 to present | Senior Vice President and Senior Counsel, PIMCO. Assistant Secretary, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Vice President, Senior Counsel and Secretary, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. Formerly, Assistant General Counsel, VanEck Associates Corp. |
| **Douglas B. Burrill (1980)\*\***<br> *Vice President* | 08/2022 to present | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Elizabeth A. Duggan (1964)**<br> *Vice President* | 02/2021 to present | Executive Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Jason R. Duran (1977)**<br> *Vice President* | 02/2023 to present | Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |
| **Mark A. Jelic (1981)**<br> *Vice President* | 08/2021 to present | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Kenneth W. Lee (1972)**<br> *Vice President* | 08/2022 to present | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Brian J. Pittluck (1977)**<br> *Vice President* | 01/2020 to present | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Keith A. Werber (1973)**<br> *Vice President* | 05/2022 to present | Executive Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Bijal Y. Parikh (1978)**<br> *Treasurer* | 01/2021 to present | Executive Vice President, PIMCO. Treasurer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| **Erik C. Brown (1967)\*\*\***<br> *Assistant Treasurer* | 02/2001 to present | Executive Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Brandon T. Evans (1982)**<br> *Assistant Treasurer* | 05/2019 to present | Senior Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Deputy Treasurer, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| **Maria M. Golota (1983)\*\***<br> *Assistant Treasurer* | 02/2023 to present | Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |

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\* Unless otherwise noted, the information for the individuals listed is as of February 8, 2023.

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| <sup>†</sup> | The term "PIMCO-Sponsored Closed-End Funds" as used herein includes: PIMCO Access Income Fund, PIMCO California Municipal Income Fund, PIMCO California Municipal Income Fund II, PIMCO California Municipal Income Fund III, PIMCO Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO Municipal Income Fund III, PIMCO New York Municipal Income Fund, PIMCO New York Municipal Income Fund II, PIMCO New York Municipal Income Fund III, PCM Fund Inc., PIMCO Corporate & Income Opportunity Fund, PIMCO Corporate & Income Strategy Fund, PIMCO Dynamic Income Fund, PIMCO Dynamic Income Opportunities Fund, PIMCO Energy and Tactical Credit Opportunities Fund, PIMCO Global StocksPLUS<sup>®</sup> & Income Fund, PIMCO High Income Fund, PIMCO Income Strategy Fund, PIMCO Income Strategy Fund II and PIMCO Strategic Income Fund, Inc.; the term "PIMCO-Sponsored Interval Funds" as used herein includes: PIMCO Flexible Credit Income Fund, PIMCO Flexible Municipal Income Fund, PIMCO California Flexible Municipal Income Fund and PIMCO Flexible Emerging Markets Income Fund.  |

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\*\* The address of these officers is Pacific Investment Management Company LLC, 1633 Broadway, New York, New York 10019.

\*\*\* The address of these officers is Pacific Investment Management Company LLC, 401 Congress Ave., Austin, Texas 78701.

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **57** |

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| **Privacy Policy<sup>1</sup>** | (Unaudited) |

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The Portfolios<sup>2,3</sup> consider customer privacy to be a fundamental aspect of their relationships with shareholders and are committed to maintaining the confidentiality, integrity and security of their current, prospective and former shareholders' non-public personal information. The Portfolios have developed policies that are designed to protect this confidentiality, while allowing shareholder needs to be served.

OBTAINING NON-PUBLIC PERSONAL INFORMATION

In the course of providing shareholders with products and services, the Portfolios and certain service providers to the Portfolios, such as the Portfolios' investment advisers or sub-advisers ("Advisers"), may obtain non-public personal information about shareholders, which may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder's brokerage or financial advisory firm, financial professional or consultant, and/or from information captured on applicable websites.

RESPECTING YOUR PRIVACY

As a matter of policy, the Portfolios do not disclose any non-public personal information provided by shareholders or gathered by the Portfolios to non-affiliated third parties, except as required or permitted by law or as necessary for such third parties to perform their agreements with respect to the Portfolios. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, conducting research on shareholder satisfaction and gathering shareholder proxies. The Portfolios or their affiliates may also retain non-affiliated companies to market Portfolio shares or products which use Portfolio shares and enter into joint marketing arrangements with them and other companies. These companies may have access to a shareholder's personal and account information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. In most cases, the shareholders will be clients of a third party, but the Portfolios may also provide a shareholder's personal and account information to the shareholder's respective brokerage or financial advisory firm and/or financial professional or consultant.

SHARING INFORMATION WITH THIRD PARTIES

The Portfolios reserve the right to disclose or report personal or account information to non-affiliated third parties in limited circumstances where the Portfolios believe in good faith that disclosure is required under law, to cooperate with regulators or law enforcement authorities, to protect their rights or property, or upon reasonable request by any fund in which a shareholder has invested. In addition, the Portfolios may disclose information about a shareholder

or a shareholder's accounts to a non-affiliated third party at the shareholder's request or with the consent of the shareholder.

SHARING INFORMATION WITH AFFILIATES

The Portfolios may share shareholder information with their affiliates in connection with servicing shareholders' accounts, and subject to applicable law may provide shareholders with information about products and services that the Portfolios or their Advisers, distributors or their affiliates ("Service Affiliates") believe may be of interest to such shareholders. The information that the Portfolios may share may include, for example, a shareholder's participation in the Portfolios or in other investment programs sponsored by a Service Affiliate, a shareholder's ownership of certain types of accounts (such as IRAs), information about the Portfolios' experiences or transactions with a shareholder, information captured on applicable websites, or other data about a shareholder's accounts, subject to applicable law. The Portfolios' Service Affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

PROCEDURES TO SAFEGUARD PRIVATE INFORMATION

The Portfolios take seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, the Portfolios have implemented procedures that are designed to restrict access to a shareholder's non-public personal information to internal personnel who need to know that information to perform their jobs, such as servicing shareholder accounts or notifying shareholders of new products or services. Physical, electronic and procedural safeguards are in place to guard a shareholder's non-public personal information.

INFORMATION COLLECTED FROM WEBSITES

The Portfolios or their service providers and partners may collect information from shareholders via websites they maintain. The information collected via websites maintained by the Portfolios or their service providers includes client non-public personal information.

CHANGES TO THE PRIVACY POLICY

From time to time, the Portfolios may update or revise this privacy policy. If there are changes to the terms of this privacy policy, documents containing the revised policy on the relevant website will be updated.

<sup>1</sup> Amended as of June 25, 2020.

<sup>2</sup> PIMCO Investments LLC ("PI") serves as the Portfolios' distributor and does not provide brokerage services or any financial advice to investors in the Portfolios solely because it distributes the Portfolios. This Privacy Policy applies to the activities of PI to the extent that PI regularly effects or engages in transactions with or for a shareholder of a series of a Trust who is the record owner of such shares. For purposes of this Privacy Policy, references to "the Portfolios" shall include PI when acting in this capacity.

<sup>3</sup> When distributing this Policy, a Portfolio may combine the distribution with any similar distribution of its investment adviser's privacy policy. The distributed, combined, policy may be written in the first person (*i.e.* by using "we" instead of "the Portfolios").

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| **Approval of Investment Advisory Contract and Other Agreements** | (Unaudited) |

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Approval of Renewal of Investment Advisory Contract and Other Agreements

At a meeting held on August 23-24, 2022, the Board of Trustees (the "Board") of PIMCO Variable Insurance Trust (the "Trust"), including the Trustees who are not "interested persons" of the Trust under the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered and unanimously approved the renewal of the Amended and Restated Investment Advisory Contract (the "Investment Advisory Contract") between the Trust, on behalf of the Trust's series (each, a "Portfolio" and collectively, the "Portfolios"), and Pacific Investment Management Company LLC ("PIMCO"), for an additional one-year term through August 31, 2023. The Board also considered and unanimously approved the renewal of the Amended and Restated Supervision and Administration Agreement (the "Supervision and Administration Agreement") between the Trust, on behalf of the Portfolios, and PIMCO for an additional one-year term through August 31, 2023. In addition, the Board considered and unanimously approved the renewal of the Amended and Restated Asset Allocation Sub-Advisory Agreement (the "Asset Allocation Agreement" and, together with the Investment Advisory Contract and the Supervision and Administration Agreement, the "Agreements") between PIMCO, on behalf of PIMCO All Asset Portfolio, a series of the Trust, and Research Affiliates, LLC ("Research Affiliates") for an additional one-year term through August 31, 2023. In addition, the Board considered and unanimously approved the renewal of the investment management agreements between PIMCO and each of the wholly-owned subsidiaries (each, a "Subsidiary" and, collectively, the "Subsidiaries") of certain of the Portfolios (collectively, the "Subsidiary Agreements"), each for the same additional one-year term through August 31, 2023.

The information, material factors and conclusions that formed the basis for the Board's approvals are summarized below.

1. INFORMATION RECEIVED

(a) Materials Reviewed: During the course of the past year, the Trustees received a wide variety of materials relating to the services provided by PIMCO and Research Affiliates to the Trust. At each of its quarterly meetings, the Board reviewed the Portfolios' investment performance and a significant amount of information relating to Portfolio operations, including shareholder services, valuation and custody, the Portfolios' compliance program and other information relating to the nature, extent and quality of services provided by PIMCO and Research Affiliates to the Trust and each of the Portfolios, as applicable. In considering whether to approve the renewal of the Agreements and the Subsidiary Agreements, the Board reviewed additional information, including, but not limited to: comparative industry data with regard to investment performance; advisory and

supervisory and administrative fees and expenses; financial information for PIMCO and, where relevant, financial information for Research Affiliates; information regarding the profitability to PIMCO of its relationship with the Portfolios; information about the personnel providing investment management services, other advisory services and supervisory and administrative services to the Portfolios; and information about the fees charged and services provided to other clients with similar investment mandates as the Portfolios, where applicable. In addition, the Board reviewed materials provided by counsel to the Trust and the Independent Trustees ("Counsel"), which included, among other things, a memorandum outlining legal duties of the Board in considering the renewal of the Agreements and Subsidiary Agreements.

With respect to the Subsidiary Agreements, the Trustees considered that each Portfolio that has a Subsidiary may utilize its Subsidiary to execute its investment strategy and that PIMCO provides investment advisory and administrative services to the Subsidiaries pursuant to the Subsidiary Agreements in the same manner as it does for such Portfolios that have Subsidiaries under the Investment Advisory Contract and Supervision and Administration Agreement. The Trustees also considered that, with respect to each Subsidiary, PIMCO does not retain a separate advisory or other fee from the Subsidiary, and that PIMCO's profitability with respect to each Portfolio that has a Subsidiary is not positively impacted as a result of the Subsidiary Agreements. The Trustees determined, therefore, that it was appropriate to consider the approval of the Subsidiary Agreements collectively with their consideration of the continuation of the Agreements.

(b) Review Process: In connection with considering the renewal of the Agreements, the Board reviewed written materials prepared by PIMCO and, where applicable, Research Affiliates in response to requests from Counsel encompassing a wide variety of topics. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from Counsel, and reviewed comparative fee and performance data prepared at the Board's request by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company performance information and fee and expense data. The Board received presentations on matters related to the Agreements and met both as a full Board and in a separate session of the Independent Trustees, without management present, at the August 23-24, 2022 meeting. The Independent Trustees also met via video conference with Counsel on July 14, 2022, and conducted a video conference meeting on August 10, 2022 with management and Counsel to discuss the materials presented and other matters deemed relevant to their consideration of the renewal of the Agreements. In connection with its review of the Agreements, the Board received comparative information on the performance, the risk-adjusted performance and the fees and expenses of other peer group funds and share classes. The Independent Trustees also requested and received

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| **Approval of Investment Advisory Contract and Other Agreements** | **(Cont.)** |

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supplemental information, including information regarding Broadridge peer classifications, the investment strategies and outflows for certain Portfolios, Portfolio performance and profitability.

The approval determinations were made on the basis of each Trustee's business judgment after consideration and evaluation of all the information presented. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. In deciding to approve the renewal of the Agreements, the Board did not identify any single factor or particular information that, in isolation, was controlling. The discussion below is intended to summarize the broad factors and information that figured prominently in the Board's consideration of the renewal of the Agreements, but is not intended to summarize all of the factors considered by the Board.

2. NATURE, EXTENT AND QUALITY OF SERVICES

(a) PIMCO, Research Affiliates, their Personnel and Resources: The Board considered the depth and quality of PIMCO's investment management process, including, but not limited to: the experience, capability and integrity of its senior management and other personnel; the overall financial strength and stability of its organization; and the ability of its organizational structure to address changes in the Portfolios' asset levels. The Board also considered the various services in addition to portfolio management that PIMCO provides under the Investment Advisory Contract. The Board noted that PIMCO makes available to its investment professionals a variety of resources and systems relating to investment management, compliance, trading, performance and portfolio accounting. The Board also noted PIMCO's commitment to enhancing and investing in its global infrastructure, technology capabilities, risk management processes and the specialized talent needed to stay at the forefront of the competitive investment management industry and to strengthen its ability to deliver services under the Agreements. The Board considered PIMCO's policies, procedures and systems reasonably designed to assure compliance with applicable laws and regulations, including new regulations impacting the Portfolios, and its commitment to further developing and strengthening these programs; its oversight of matters that may involve conflicts of interest between the Portfolios' investments and those of other accounts managed by PIMCO; and its efforts to keep the Trustees informed about matters relevant to the Portfolios and their shareholders. The Board also considered PIMCO's investment in new disciplines and talented personnel, which has enhanced PIMCO's services to the Portfolios and has allowed PIMCO to introduce innovative new portfolios over time. In addition, the Board considered the nature, extent and quality of services provided by PIMCO to the Subsidiaries of certain applicable Portfolios.

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented, including the ongoing

development of its own proprietary software and applications to support the Portfolios. Similarly, the Board considered the asset allocation services provided by Research Affiliates to the PIMCO All Asset Portfolio. The Board further considered PIMCO's oversight of Research Affiliates in connection with Research Affiliates providing asset allocation services to the All Asset Portfolio. The Board also considered the depth and quality of Research Affiliates' investment management and research capabilities, the experience and capabilities of its portfolio management personnel and the overall financial strength of the organization. Ultimately, the Board concluded that the nature, extent and quality of services provided or procured by PIMCO under the Agreements and the Subsidiary Agreements and provided by Research Affiliates under the Asset Allocation Agreement are likely to continue to benefit the Portfolios and their shareholders, as applicable.

(b) Other Services: The Board also considered the nature, extent and quality of supervisory and administrative services provided by PIMCO to the Portfolios under the Supervision and Administration Agreement.

The Board considered the terms of the Supervision and Administration Agreement, under which the Trust pays for the supervisory and administrative services provided pursuant to that agreement under what is essentially an all-in fee structure (the "unified fee"). In return, PIMCO provides or procures certain supervisory and administrative services and bears the costs of various third party services required by the Portfolios, including, but not limited to, audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board also noted that the scope and complexity, as well as the costs, of the supervisory and administrative services provided by PIMCO under the Supervision and Administration Agreement continue to increase. The Board considered PIMCO's provision of supervisory and administrative services and its supervision of the Trust's third party service providers to assure that these service providers continue to provide a high level of service relative to alternatives available in the market.

Ultimately, the Board concluded that the nature, extent and quality of the services provided or procured by PIMCO has benefited, and will likely continue to benefit, the Portfolios and their shareholders.

3. INVESTMENT PERFORMANCE

The Board reviewed information from PIMCO concerning the Portfolios' performance, as available, over short- and long-term periods ended March 31, 2022 and other performance data, as available, over short- and long-term periods ended June 30, 2022 (the "PIMCO Report") and from Broadridge concerning the Portfolios' performance, as available, over short- and long-term periods ended March 31, 2022 (the "Broadridge Report"). The Board also noted that while historically the Broadridge Report included peer classifications from only Lipper, as

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part of this approval process the Broadridge Report incorporated peer classifications from Morningstar for the Portfolios for which it was believed that Morningstar provided a materially improved comparison.

The Board considered information regarding both the short- and long-term relative and absolute investment performance of each Portfolio relative to its Portfolio peer group, where appropriate, and relevant benchmark index as provided to the Board in advance of each of its quarterly meetings throughout the year, including the PIMCO Report and Broadridge Report. The Trustees reviewed information indicating that classes of each Portfolio would have substantially similar performance to that of the Administrative Class of the relevant Portfolio on a relative basis because all of the classes are invested in the same portfolio of investments and that differences in performance among classes could principally be attributed to differences in the supervisory and administrative fees and distribution and/or servicing expenses of each class. The Board noted that, due to differences (such as specific investment strategies or fee structures) between certain of the Portfolios and their so-called peers in the Broadridge categories, performance comparisons may not be particularly relevant to the consideration of Portfolio performance, but found the comparative information supported its overall evaluation.

The Trustees noted that a majority of the Portfolios (based on the Administrative Class performance) have outperformed their respective benchmark indexes over the three-, five-, and ten-year periods ended March 31, 2022, and that a majority of the Portfolios (based on the Administrative Class performance) have outperformed their benchmarks since inception for the period ended March 31, 2022. The Board also discussed actions that have been taken by PIMCO to attempt to improve performance and took note of PIMCO's plans to monitor performance going forward.

The Board ultimately concluded, within the context of all of its considerations in connection with the Agreements and the Subsidiary Agreements, that PIMCO's performance record and process in managing the Portfolios indicates that its continued management is likely to benefit the Portfolios and their shareholders and merits the approval of the renewal of the Agreements and the Subsidiary Agreements.

4. ADVISORY FEES, SUPERVISORY AND ADMINISTRATIVE FEES AND TOTAL EXPENSES

The Board considered that PIMCO seeks to price new funds to scale at the outset. The Board noted that PIMCO generally seeks to price new funds competitively against the median total expense ratio of the respective Broadridge peer group, if available, while acknowledging that a fee premium may be appropriate for innovative investment offerings. PIMCO reported to the Board that, in proposing fees for any Portfolio or class of shares, it considers a number of factors, including,

but not limited to, the type and complexity of the services provided, the cost of providing services, the risk assumed by PIMCO in the development of products and the provision of services and the competitive marketplace for financial products. Fees charged to or proposed for different Portfolios for advisory services and supervisory and administrative services may vary in light of these various factors.

The Board reviewed the advisory fees, supervisory and administrative fees and total expenses of the Portfolios (each as a percentage of average net assets) and compared such amounts with the average and median fee and expense levels of other similar funds. The Board also reviewed information relating to the sub-advisory fees paid to Research Affiliates with respect to applicable Portfolios, taking into account that PIMCO compensates Research Affiliates from the advisory fees paid by such Portfolios to PIMCO. With respect to advisory fees, the Board reviewed data from the Broadridge Report that compared the average and median advisory fees of other funds in a "Peer Group" of comparable funds, where appropriate, as well as the universe of other similar funds. The Board reviewed materials indicating that, a number of Portfolios have total expense ratios that fall below the average and median expense ratios in their Peer Group and Broadridge universe. In addition, the Board considered the expense limitation agreement in place for all of the Portfolios and fee waivers in place for certain of the Portfolios and also noted the fee waivers in place with respect to the advisory fee and supervisory and administrative fee that might result from investments by applicable Portfolios in their respective Subsidiaries. The Board also considered that PIMCO reviews the Portfolios' fee levels and carefully considers changes where appropriate.

The Board also reviewed data comparing the Portfolios' advisory fees to the fee rates PIMCO charged to registered funds (open-end and closed-end), private funds, and non-U.S. registered funds, separate accounts, sub-advised clients and collective investment trusts with similar investment strategies. In cases where the fees for other clients were lower than those charged to the Portfolios, the Trustees noted that the differences in fees were attributable to various factors, including, but not limited to, differences in the advisory and other services provided by PIMCO to the Portfolios, differences in the number or extent of the services provided by PIMCO to the Portfolios, the manner in which similar portfolios may be managed, different requirements with respect to liquidity management and the implementation of other regulatory requirements, and the fact that separate accounts may have other contractual arrangements or arrangements across PIMCO strategies that justify different levels of fees. The Board considered that, with respect to collective investment trusts, PIMCO performs fewer or less extensive services because collective investment trusts are generally exempt from SEC regulation; investors in a collective investment trust may receive shareholder services from a trustee bank, rather than PIMCO; collective investment

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| **Approval of Investment Advisory Contract and Other Agreements** | **(Cont.)** |

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trusts have less regulatory disclosure; and the management structure of collective investment trusts differs from that of funds. The Trustees also considered that PIMCO faces increased entrepreneurial, legal and regulatory risk in sponsoring and managing mutual funds and ETFs as compared to separate accounts, external sub-advised funds or other investment products. In addition, the Trustees considered that PIMCO may charge certain private funds with similar investment mandates lower fees than the Portfolios because such private funds are not required to accept daily redemptions or price their assets on a daily basis, generally do not accept small investors with small account balances and operate under a less complex regulatory regime.

Regarding advisory fees charged by PIMCO in its capacity as sub-adviser to third party/unaffiliated funds, the Trustees took into account that such fees may be lower than the fees charged by PIMCO to serve as adviser to the Portfolios. The Trustees also took into account that there are various reasons for any such differences in fees, including, but not limited to, the fact that PIMCO may be subject to varying levels of entrepreneurial, legal and regulatory risk and different servicing requirements when PIMCO does not serve as the sponsor of a fund and is not principally responsible for all aspects of a fund's investment program and operations as compared to when PIMCO serves as investment adviser and sponsor.

The Board considered the Portfolios' supervisory and administrative fees, comparing them to similar funds managed by other investment advisers in the Broadridge Report. The Board also considered that, as the Portfolios' business has become increasingly complex and the number of Portfolios has grown over time, PIMCO has provided an increasingly broad array of fund supervisory and administrative functions. In addition, the Board considered the Trust's unified fee structure, under which the Trust pays for the supervisory and administrative services it requires for one set fee. In return for this unified fee, PIMCO provides or procures supervisory and administrative services and bears the costs of various third party services required by the Portfolios, including audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board further considered that many other funds pay for comparable services separately, and thus it is difficult to directly compare the Trust's unified supervisory and administrative fees with the fees paid by other funds for administrative services alone. The Board also considered that the unified supervisory and administrative fee leads to Portfolio fees that are fixed over the contract period, rather than variable. The Board noted that, although the unified fee structure does not have breakpoints, it inherently reflects certain economies of scale by fixing the absolute level of Portfolio fees at competitive levels over the contract period even if the Portfolios' operating costs rise when assets remain flat or decrease. Other factors the Board considered in assessing the unified fee include PIMCO's approach of pricing Portfolios at scale

at inception and reinvesting in other important areas of the business that support the Portfolios. The Board considered historical advisory and supervisory and administrative fee reductions implemented for different Portfolios and classes, noting that the unified fee can be increased or decreased in subsequent contractual periods with Board approval and is subject to the periodic reviews discussed above. The Board noted that, with few exceptions, PIMCO has generally maintained Portfolio fees at the same level as implemented when the unified fee was adopted, and has reduced fees for a number of Portfolios in prior years. The Board concluded that the Portfolios' supervisory and administrative fees were reasonable in relation to the value of the services provided, including the services provided to different classes of shareholders, and that the expenses assumed contractually by PIMCO under the Supervision and Administration Agreement represent, in effect, a cap on overall Portfolio fees during the contractual period, which is beneficial to the Portfolios and their shareholders.

The Board considered the Portfolios' total expenses and discussed with PIMCO certain Portfolios and/or classes of Portfolios that had above median total expenses. Upon comparing the Portfolios' total expenses to other funds in the "Peer Groups" provided by the Broadridge Report, where appropriate, the Board found total expenses of each Portfolio to be reasonable.

The Trustees also considered the advisory fees charged to the Portfolios that operate as funds of funds (the "Funds of Funds") and the advisory services provided in exchange for such fees. The Trustees determined that such services were in addition to the advisory services provided to the underlying funds in which the Funds of Funds may invest and, therefore, such services were not duplicative of the advisory services provided to the underlying funds. The Board also considered the various fee waiver agreements in place for the Funds of Funds. The Board noted that PIMCO is continuing waivers for these Funds of Funds, as well as for certain other Portfolios of the Trust.

Based on the information presented by PIMCO and Research Affiliates, members of the Board determined, in the exercise of their business judgment, that the level of the advisory fees and supervisory and administrative fees charged by PIMCO under the Agreements and the Subsidiary Agreements, that the fees charged by Research Affiliates under the Asset Allocation Agreement, and that the total expenses of each Portfolio, are reasonable.

5. ADVISER COSTS, LEVEL OF PROFITS AND ECONOMIES OF SCALE

The Board reviewed information regarding PIMCO's costs of providing services to, as well as the resulting level of profits from, the Portfolios. To the extent applicable, the Board also reviewed information regarding the portion of a Portfolio's advisory fee retained by PIMCO,

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following the payment of sub-advisory fees to Research Affiliates, with respect to the Portfolios. Additionally, the Board discussed PIMCO's pre- and post-distribution profit margin ranges with respect to the Portfolios, as compared to the prior year. The Board also noted that it had received information regarding the structure and manner in which PIMCO's investment professionals were compensated, and PIMCO's view of the relationship of such compensation to the recruitment and retention of quality personnel. The Board considered PIMCO's investment in global infrastructure, technology capabilities, risk management processes and qualified personnel to reinforce existing services, offer new services, and accommodate changing regulatory requirements.

The Board considered the existence of any economies of scale and noted that, to the extent that PIMCO achieves economies of scale in managing the Portfolios, PIMCO shares the benefits of such economies of scale, if any, with the Portfolios and their shareholders in a number of ways, including investing in portfolio and trade operations management, firm technology, middle and back office support, legal and compliance, and fund administration logistics; senior management supervision, governance and oversight of those services; and through fee reductions or waivers, the pricing of Portfolios to scale from inception and the enhancement of services provided to the Portfolios in return for fees paid. The Board reviewed the history of the Portfolios' fee structure. The Board considered that the Portfolios' unified fee rates had been set competitively and/or priced to scale from inception, had been held steady during the contractual period at that scaled competitive rate for most Portfolios as assets grew, or as assets declined in the case of some Portfolios, and continued to be competitive compared with peers. The Board also considered that the unified fee is a transparent means of informing a Portfolio's shareholders of the fees associated with the Portfolio, and that the Portfolio bears certain expenses that are not covered by the advisory fee or the unified fee. The Board further considered the challenges that arise when managing large funds, which can result in certain "diseconomies" of scale and noted that PIMCO has continued to reinvest in many areas of the business to support the Portfolios.

The Trustees considered that the unified fee has provided inherent economies of scale because a Portfolio maintains competitive fixed fees over the annual contract period even if the particular Portfolio's assets decline and/or operating costs rise. The Trustees further considered that, in contrast, breakpoints may be a proxy for charging higher fees on lower asset levels and that when a fund's assets decline, breakpoints may reverse, which causes expense ratios to increase. The Trustees also considered that, unlike the Portfolios' unified fee structure, funds with "pass through" administrative fee structures may experience increased expense ratios when fixed dollar fees are charged against declining fund assets. In addition, the Trustees considered that the unified fee protects shareholders from a rise in operating costs that

may result from, among other things, PIMCO's investments in various business enhancements and infrastructure, including those referenced above. The Trustees noted that PIMCO's investments in these areas are extensive.

The Board concluded that the Portfolios' cost structures were reasonable and that PIMCO is appropriately sharing economies of scale, if any, through the Portfolios' unified fee structure, generally pricing Portfolios to scale at inception and reinvesting in its business to provide enhanced and expanded services to the Portfolios and their shareholders.

6. ANCILLARY BENEFITS

The Board considered other benefits realized by PIMCO and its affiliates as a result of PIMCO's relationship with the Trust. Such benefits may include possible ancillary benefits to PIMCO's institutional investment management business due to the reputation and market penetration of the Trust or third party service providers' relationship-level fee concessions, which decrease fees paid by PIMCO. The Board also considered that affiliates of PIMCO provide distribution and/or shareholder services to the Portfolios and their shareholders, for which they may be compensated through distribution and servicing fees paid pursuant to the Portfolios' Rule 12b-1 plans or otherwise. The Board noted that, while PIMCO has the authority to receive the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the Portfolios, it has adopted a policy not to enter into contractual soft dollar arrangements.

7. CONCLUSIONS

Based on their review, including their comprehensive consideration and evaluation of each of the broad factors and information summarized above, the Independent Trustees and the Board as a whole concluded that the nature, extent and quality of the services rendered to the Portfolios by PIMCO and Research Affiliates supported the renewal of the Agreements and the Subsidiary Agreements. The Independent Trustees and the Board as a whole concluded that the Agreements and the Subsidiary Agreements continued to be fair and reasonable to the Portfolios and their shareholders, that the Portfolios' shareholders received reasonable value in return for the fees paid to PIMCO by the Portfolios under the Investment Advisory Contract, Supervision and Administration Agreement and the Subsidiary Agreements and the fees paid to Research Affiliates by PIMCO under the Asset Allocation Agreement, and that the renewal of the Agreements and the Subsidiary Agreements was in the best interests of the Portfolios and their shareholders.

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **63** |

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**General Information** 

**Investment Adviser and Administrator** 

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

**Distributor** 

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

**Custodian** 

State Street Bank and Trust Company

801 Pennsylvania Avenue

Kansas City, MO 64105

**Transfer Agent** 

SS&C Global Investor & Distribution Solutions, Inc.

430 W 7th Street STE 219024

Kansas City, MO 64105-1407

**Legal Counsel** 

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

**Independent Registered Public Accounting Firm** 

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the PIMCO Variable Insurance Trust.

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**pimco.com/pvit**![LOGO](g427370g06y60.jpg)

PVIT08AR_123122

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##### [**Table of Contents**](#toc)
![LOGO](g435122g13e39.jpg)

PIMCO VARIABLE INSURANCE TRUST

## Annual Report
December 31, 2022

PIMCO Global Core Bond (Hedged) Portfolio

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##### [**Table of Contents**](#toc)
**Table of Contents** 

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|:---|:---|
|  | Page |
| &nbsp;&nbsp; [Chairman's Letter](#tx435122_1) | 2 |
| &nbsp;&nbsp; [Important Information About the PIMCO Global Core Bond (Hedged) Portfolio](#tx435122_2) | 4 |
| &nbsp;&nbsp; [Portfolio Summary](#tx435122_3) | 7 |
| &nbsp;&nbsp; [Expense Example](#tx435122_4) | 8 |
| &nbsp;&nbsp; [Financial Highlights](#tx435122_5) | 10 |
| &nbsp;&nbsp; [Statement of Assets and Liabilities](#tx435122_6) | 12 |
| &nbsp;&nbsp; [Statement of Operations](#tx435122_7) | 13 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets](#tx435122_8) | 14 |
| &nbsp;&nbsp; [Schedule of Investments](#tx435122_9) | 15 |
| &nbsp;&nbsp; [Notes to Financial Statements](#tx435122_10) | 31 |
| &nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm](#tx435122_11) | 52 |
| &nbsp;&nbsp; [Glossary](#tx435122_12) | 53 |
| &nbsp;&nbsp; [Federal Income Tax Information](#tx435122_13) | 54 |
| &nbsp;&nbsp; [Management of the Trust](#tx435122_14) | 55 |
| &nbsp;&nbsp; [Privacy Policy](#tx435122_15) | 57 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements](#tx435122_16) | 58 |

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This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust (the "Trust") prospectus for the Portfolio. (The variable product prospectus may be obtained by contacting your Investment Consultant.)

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**Chairman's Letter**

Dear Shareholder,

2022 was a challenging year in the financial markets. We continue to work tirelessly to navigate global markets and manage the assets that you have entrusted with us. Following this letter is the PIMCO Variable Insurance Trust Annual Report, which covers the 12-month reporting period ended December 31, 2022 (the "reporting period"). On the subsequent pages, you will find details regarding investment results and a discussion of the factors that most affected performance during the reporting period.

For the 12-month reporting period ended December 31, 2022

The global economy faced significant headwinds in 2022, including those related to higher inflation, the COVID-19 pandemic, and the Russia-Ukraine conflict. First and second quarter 2022 U.S. annualized gross domestic product ("GDP") returned -1.6% and -0.6%, respectively. The economy strengthened in the third quarter, with annualized GDP rising 3.2%. The Commerce Department's initial estimate for fourth quarter 2022 annualized GDP — released after the reporting period ended — was 2.9%.

The Federal Reserve Board (the "Fed" or "U.S. central bank") took actions to combat elevated inflation. In March 2022, the Fed raised the federal funds rate 0.25% to a range between 0.25% and 0.50%, its first rate hike since 2018. The U.S. central bank then raised rates at its next six meetings, for a total increase of 4.25% in 2022. At the end of the year, the federal funds rate was in a range between 4.25% and 4.50%.

Economies outside the U.S. also faced several headwinds. In its October 2022 World Economic Outlook Update, the International Monetary Fund (the "IMF") downgraded its expectation for 2022 GDP citing "turbulent challenges" including high inflation, tightening financial conditions, as well as the ongoing Russia-Ukraine conflict and COVID-19 pandemic. For 2022, the IMF included in its projections that GDP would grow 1.6% in the U.S. (from 5.7% in 2021), 3.1% in the eurozone (from 5.2% in 2021), 3.6% in the U.K. (from 7.4% in 2021), and 1.7% in Japan (the same as in 2021).

Several central banks tightened their respective monetary policies in recent years. For example, in December 2021, prior to the beginning of the reporting period, the Bank of England (the "BoE") raised rates for the first time since COVID-19 began. The BoE again raised rates at its next eight meetings, for a total of 3.50% in rate hikes since its first increase. The European Central Bank raised rates four times in 2022, for a total increase of 2.50%. In contrast, the Bank of Japan (the "BoJ") maintained its loose monetary policy for most of 2022. However, in December 2022 the BoJ announced that it would allow its 10-year government bond yield to rise to 0.5% (previously limited to 0.25%). The news sent the 10-year bond yield and Japanese yen higher, as market participants interpreted the announcement to mean that the BoJ may pivot from its previous monetary stance.

During the reporting period, short- and long-term U.S. Treasury yields moved higher. The yield on the benchmark 10-year U.S. Treasury note was 3.88% on December 31, 2022, versus 1.52% on December 31, 2021. The Bloomberg Global Treasury Index (USD Hedged), which tracks fixed-rate, local currency government debt of investment grade countries, including developed and emerging markets, returned -10.79%. Meanwhile, the Bloomberg Global Aggregate Credit Index (USD Hedged), a widely used index of global investment grade credit bonds, returned -14.22%. Riskier fixed income asset classes, including high yield corporate bonds and emerging market debt, were also weak. The ICE BofAML Developed Markets High Yield Constrained Index (USD Hedged), a widely used index of below-investment-grade bonds, returned -10.56%, whereas emerging market external debt, as represented by the JPMorgan Emerging Markets Bond Index (EMBI) Global (USD Hedged), returned -16.45%. Emerging market local bonds, as represented by the JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged), returned -11.69%. Finally, the municipal market, as represented by the Bloomberg Municipal Bond Index, returned -8.53%.

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| **2** | **PIMCO VARIABLE INSURANCE TRUST** |

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Amid periods of volatility, global equities generally posted weak results during the reporting period as economic and geopolitical concerns weighed on investor sentiment. U.S. equities, as represented by the S&P 500 Index, returned -18.11%. Global equities, as represented by the MSCI World Index, returned -18.14%, while emerging market equities, as measured by the MSCI Emerging Markets Index, returned -20.09%. Meanwhile, Japanese equities, as represented by the Nikkei 225 Index (in Japanese yen), returned -7.37% and European equities, as represented by the MSCI Europe Index (in euro), returned -9.49%.

Commodity prices were volatile and generated mixed returns during the reporting period. Brent crude oil, which was approximately $77.24 a barrel at the start of the reporting period, rose to roughly $82.82 a barrel at the end of December 2022. Prices of other commodities, such as copper and gold, declined during the period.

Finally, there were also periods of volatility in the foreign exchange markets. We believe this was driven by several factors, including economic growth expectations and changing central bank monetary policies, as well as rising inflation, COVID-19 variants, and geopolitical events. The U.S. dollar strengthened against several major currencies. For example, during the reporting period, the U.S. dollar returned 5.85%, 10.71%, and 12.23% versus the euro, the British pound and the Japanese yen, respectively.

Thank you for the assets you have placed with us. We deeply value your trust, and we will continue to work diligently to meet your broad investment needs.

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| ![LOGO](g435122g19a01.jpg) | Sincerely,<br>![LOGO](g435122g65f33.jpg) <br>Peter G. Strelow<br> Chairman of the Board<br>PIMCO Variable Insurance Trust<br>|

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Past performance is no guarantee of future results. Unless otherwise noted, index returns reflect the reinvestment of income distributions and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. It is not possible to invest directly in an unmanaged index.

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>3</sub> |

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**Important Information About the PIMCO Global Core Bond (Hedged) Portfolio**

PIMCO Variable Insurance Trust (the "Trust") is an open-end management investment company that includes the PIMCO Global Core Bond (Hedged) Portfolio (the "Portfolio"). The Portfolio is only available as a funding vehicle under variable life insurance policies or variable annuity contracts issued by insurance companies ("Variable Contracts"). Individuals may not purchase shares of the Portfolio directly. Shares of the Portfolio also may be sold to qualified pension and retirement plans outside of the separate account context.

We believe that bond funds have an important role to play in a well- diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed income securities and other instruments held by the Portfolio are likely to decrease in value. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that management will anticipate such movement accurately. The Portfolio may lose money as a result of movements in interest rates.

As of the date of this report, interest rates in the United States and many parts of the world, including certain European countries, continue to increase. In efforts to combat inflation, the U.S. Federal Reserve raised interest rates multiple times in 2022 and has indicated an expectation that it will continue to raise interest rates in 2023. Thus, the Portfolio currently faces a heightened level of risk associated with rising interest rates and/or bond yields. This could be driven by a variety of factors, including but not limited to central bank monetary policies, changing inflation or real growth rates, general economic conditions, increasing bond issuances or reduced market demand for low yielding investments. Further, while bond markets have steadily grown over the past three decades, dealer inventories of corporate bonds are near historic lows in relation to market size. As a result, there has been a significant reduction in the ability of dealers to "make markets."

Bond funds and individual bonds with a longer duration (a measure used to determine the sensitivity of a security's price to changes in interest rates) tend to be more sensitive to changes in interest rates, usually making them more volatile than securities or funds with shorter durations. All of the factors mentioned above, individually or collectively, could lead to increased volatility and/or lower liquidity in the fixed income markets or negatively impact the Portfolio's performance or cause the Portfolio to incur losses. As a result, the Portfolio may experience increased shareholder redemptions, which, among other things, could further reduce the net assets of the Portfolio.

The Portfolio may be subject to various risks as described in the Portfolio's prospectus and in the Principal and Other Risks in the Notes to Financial Statements.

Classifications of the Portfolio's portfolio holdings in this report are made according to financial reporting standards. The classification of a particular portfolio holding as shown in the Allocation Breakdown and Schedule of Investments sections of this report may differ from the classification used for the Portfolio's compliance calculations, including those used in the Portfolio's prospectus, investment objectives, regulatory, and other investment limitations and policies, which may be based on different asset class, sector or geographical classifications. The Portfolio is separately monitored for compliance with respect to prospectus and regulatory requirements.

The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. In 2022, many countries lifted some or all restrictions related to COVID-19. However, the effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations and individual issuers, all of which may negatively impact the Portfolio's performance. In addition, COVID-19 and governmental responses to COVID-19 may negatively impact the capabilities of the Portfolio's service providers and disrupt the Portfolio's operations.

The United States' enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from certain other countries has contributed to and may continue to contribute to international trade tensions and may impact portfolio securities. The United States' enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government's response, may also negatively impact securities and instruments that are economically tied to Russia.

The Portfolio may have significant exposure to issuers in the United Kingdom. The United Kingdom's withdrawal from the European Union may impact Portfolio returns. The withdrawal may cause substantial volatility in foreign exchange markets, lead to weakness in the exchange rate of the British pound, result in a sustained period of market uncertainty, and destabilize some or all of the other European Union member countries and/or the Eurozone.

The Portfolio may invest in certain instruments that rely in some fashion upon the London Interbank Offered Rate ("LIBOR"). LIBOR is an average interest rate, determined by the ICE Benchmark Administration, that banks charge one another for the use of short-term money. The United Kingdom's Financial Conduct Authority, which

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| **4** | **PIMCO VARIABLE INSURANCE TRUST** |

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regulates LIBOR, has announced plans to ultimately phase out the use of LIBOR. There remains uncertainty regarding future utilization of LIBOR and the nature of any replacement rate (e.g., the Secured Overnight Financing Rate, which is intended to replace U.S. dollar LIBOR and measures the cost of overnight borrowings through repurchase agreement transactions collateralized with U.S. Treasury securities). Any potential effects of the transition away from LIBOR on the Portfolio or on certain instruments in which the Portfolio invests can be difficult to ascertain, and they may vary depending on a variety of factors. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to the Portfolio.

On the Portfolio Summary page in this Shareholder Report, the Average Annual Total Return table and Cumulative Returns chart measure performance assuming that any dividend and capital gain distributions were reinvested. The Cumulative Returns chart reflects only Administrative Class performance. Performance may vary by share class based on each class's expense ratios. The Portfolio measures its performance against at

least one broad-based securities market index ("benchmark index"). The benchmark index does not take into account fees, expenses, or taxes. The Portfolio's past performance, before and after taxes, is not necessarily an indication of how the Portfolio will perform in the future. There is no assurance that the Portfolio, even if the Portfolio has experienced high or unusual performance for one or more periods, will experience similar levels of performance in the future. High performance is defined as a significant increase in either 1) the Portfolio's total return in excess of that of the Portfolio's benchmark between reporting periods or 2) the Portfolio's total return in excess of the Portfolio's historical returns between reporting periods. Unusual performance is defined as a significant change in the Portfolio's performance as compared to one or more previous reporting periods. Historical performance for the Portfolio or a share class thereof may have been positively impacted by fee waivers or expense limitations in place during some or all of the periods shown, if applicable. Future performance (including total return or yield) and distributions may be negatively impacted by the expiration or reduction of any such fee waivers or expense limitations.

The following table discloses the inception dates of the Portfolio and its share classes along with the Portfolio's diversification status as of period end:

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| **Portfolio Name** | **Portfolio<br>Inception** | **Institutional<br>Class** | **Administrative<br>Class** | **Advisor<br>Class** | **Diversification<br>Status** |
|  PIMCO Global Core Bond (Hedged) Portfolio | 05/02/11 |  | 05/02/11 |  | Diversified |

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An investment in the Portfolio is not a bank deposit and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in the Portfolio.

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Portfolio. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither this Portfolio's prospectus nor summary prospectus, the Trust's Statement of Additional Information ("SAI"), any contracts filed as exhibits to the Trust's registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or the Portfolio creates a contract between or among any shareholder of the Portfolio, on the one hand, and the Trust, the Portfolio, a service provider to the Trust or the Portfolio, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service providers or other delegates acting under authority of the Trustees) may amend the most recent prospectus or use a new prospectus, summary prospectus or SAI with respect to the Portfolio or the Trust, and/or amend, file and/or issue any other communications, disclosure

documents or regulatory filings, and may amend or enter into any contracts to which the Trust or the Portfolio is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to the Portfolio, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust's then-current prospectus or SAI.

PIMCO has adopted written proxy voting policies and procedures ("Proxy Policy") as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at (888) 87-PIMCO, on the Portfolio's website at www.pimco.com/pvit, and on the Securities and Exchange Commission's ("SEC") website at www.sec.gov.

The Portfolio files portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The Portfolio's complete schedule of securities holdings as of the end of each

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>5</sub> |

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**Important Information About the PIMCO Global Core Bond (Hedged) Portfolio (Cont.)** 

fiscal quarter will be made available to the public on the SEC's website at www.sec.gov and on PIMCO's website at www.pimco.com/pvit, and will be made available, upon request, by calling PIMCO at (888) 87-PIMCO.

SEC rules allow shareholder reports to be delivered to investors by providing access to such reports online free of charge and by mailing a notice that the report is electronically available. Investors may elect to receive all future reports in paper free of charge by contacting their insurance company. Any election to receive reports in paper will apply to all portfolio companies available under the investor's contract at the insurance company.

In October 2020, the SEC adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover transactions. Subject to certain exceptions, the rule requires portfolios that trade derivatives and other transactions that create future payment or delivery obligations to comply with a value-at-risk leverage limit and certain derivatives risk management program and reporting requirements. These requirements may limit the ability of the Portfolio to use derivatives and reverse repurchase agreements and similar financing transactions as part of its investment strategies and may increase the cost of the Portfolio's investments and cost of doing business, which could adversely affect investors. The rule went into effect on February 19, 2021. The compliance date for the new rule and related reporting requirements was August 19, 2022.

In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value as well as for the performance of fair value determinations, including related oversight and reporting obligations. The new rule also defines "readily available market quotations" for purposes of the definition of "value" under the Investment Company Act of 1940 (the "Act"), and the SEC noted that this definition will apply in all contexts under the Act. The effective date for the rule was March 8, 2021. The compliance date for the new rule and the related reporting requirements was September 8, 2022.

In May 2022, the SEC proposed amendments to a current rule governing portfolio naming conventions. In general, the current rule requires portfolios with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The proposed amendments would expand the scope of the current rule in a number of ways that would result in an expansion of the types of portfolio names that would require the portfolio to adopt an 80% investment policy under the rule. Additionally, the proposed amendments would modify the circumstances under which a portfolio may deviate from its 80% investment policy and address the

use and valuation of derivatives instruments for purposes of the rule. The proposal's impact on the Portfolio will not be known unless and until any final rulemaking is adopted.

In May 2022, the SEC proposed a framework that would require certain registered portfolios (such as the Portfolio) to disclose their environmental, social, and governance ("ESG") investing practices. Among other things, the proposed requirements would mandate that portfolios meeting three pre-defined classifications (*i.e.*, integrated, ESG focused and/or impact funds) provide prospectus and shareholder report disclosure related to the ESG factors, criteria and processes used in managing the portfolio. The proposal's impact on the Portfolio will not be known unless and until any final rulemaking is adopted.

In October 2022, the SEC adopted changes to the mutual fund and exchange-traded fund ("ETF") shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which will impact the disclosures provided to shareholders. The rule amendments are effective as of January 24, 2023, but the SEC is providing an 18-month compliance period following the effective date for such amendments other than those addressing fee and expense information in advertisements that might be materially misleading.

In November 2022, the SEC proposed rule amendments which, among other things, would require funds to adopt swing pricing in order to mitigate dilution of shareholders' interests in a fund by requiring the adjustment of fund net asset value per share to pass on costs stemming from shareholder purchase or redemption activity. In addition the proposed rule would amend the liquidity rule framework. The proposal's impact on the Portfolio will not be known unless and until any final rulemaking is adopted.

In November 2022, the SEC adopted amendments to Form N-PX under the Act to improve the utility to investors of proxy voting information reported by mutual funds, ETFs and certain other funds. The rule amendments will expand the scope of funds' Form N-PX reporting obligations, subject managers to Form N-PX reporting obligations for "Say on Pay" votes, enhance Form N-PX disclosures, permit joint reporting by funds, managers and affiliated managers on Form N-PX; and require website availability of fund proxy voting records. The amendments will become effective on July 1, 2024. Funds and managers will be required to file their first reports covering the period from July 1, 2023 to June 30, 2024 on amended Form N-PX by August 31, 2024.

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**PIMCO Global Core Bond (Hedged) Portfolio** 

Cumulative Returns Through December 31, 2022

![LOGO](g435122g57b37.jpg)

$10,000 invested at the end of the month when the Portfolio's Administrative Class commenced operations.

Geographic Breakdown as of December 31, 2022<sup>†</sup><sup>§</sup>

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|  United States | 41.4% |
|  Short-Term Instruments<sup>‡</sup> | 25.0% |
|  Cayman Islands | 6.8% |
|  United Kingdom | 6.5% |
|  Japan | 4.0% |
|  France | 1.9% |
|  Denmark | 1.9% |
|  Ireland | 1.7% |
|  Germany | 1.5% |
|  South Korea | 1.2% |
|  Netherlands | 1.2% |
|  Australia | 1.1% |
|  Other | 5.8% |

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| <sup>†</sup> | % of Investments, at value.  |

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| <sup>§</sup> | Geographic Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.  |

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<sup>‡</sup> Includes Central Funds Used for Cash Management Purposes.

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|:---|:---|:---|:---|:---|:---|
| Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 |
|  |  | 1 Year | 5 Years | 10 Years | Inception<sup>≈</sup> |
| ![LOGO](g435122g94o20.jpg) | PIMCO Global Core Bond (Hedged) Portfolio Administrative Class | (11.54)% | 0.53% | 0.35% | 0.74% |
| ![LOGO](g435122g08y58.jpg) | Bloomberg Global Aggregate (USD Hedged) Index± | (11.22)% | 0.36% | 1.70% | 2.33%¨ |

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All Portfolio returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

<sup>≈</sup> For class inception dates please refer to the Important Information.

¨ Average annual total return since 05/02/2011.

± Bloomberg Global Aggregate (USD Hedged) Index provides a broad-based measure of the global investment-grade fixed income markets. The three major components of this index are the U.S. Aggregate, the Pan-European Aggregate, and the Asian-Pacific Aggregate Indices. The index also includes Eurodollar and Euro-Yen corporate bonds, Canadian Government securities, and USD investment grade 144A securities.

It is not possible to invest directly in an unmanaged index.

*Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. The Portfolio's performance does not reflect the deduction of additional charges and expenses imposed in connection with investing in Variable Contracts, which will reduce returns. Differences in the Portfolio's performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the prices of individual positions (which may be sourced from different pricing vendors or other sources) used by the Portfolio and the index. For performance current to the most recent month-end, visit www.pimco.com/pvit or via (888) 87-PIMCO.* 

*The Portfolio's total annual operating expense ratio in effect as of period end was 0.73% for Administrative Class shares. Details regarding any changes to the Portfolio's operating expenses, subsequent to period end, can be found in the Portfolio's current prospectus, as supplemented.* 

Investment Objective and Strategy Overview

PIMCO Global Core Bond (Hedged) Portfolio seeks total return which exceeds that of its benchmark by investing under normal circumstances at least 80% of its assets in Fixed Income Instruments that are economically tied to at least three countries (one of which may be the United States), which may be represented by forwards or derivatives such as options, futures contracts or swap agreements. "Fixed Income Instruments" include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. Portfolio strategies may change from time to time. Please refer to the Portfolio's current prospectus for more information regarding the Portfolio's strategy.

Portfolio Insights

The following affected performance (on a gross basis) during the reporting period:

» Underweight exposure to U.S. duration at the front-end of the yield curve contributed to relative performance, as yields rose.

» Underweight exposure to duration in the U.K., particularly during the second and third quarters of 2022, contributed to relative performance, as yields rose.

» Underweight exposure to duration in Japan, particularly during the fourth quarter of 2022, contributed to relative performance, as yields rose.

» Overweight exposure to duration in the euro bloc, particularly during the first and second quarters of 2022, detracted from relative performance, as yields rose.

» Positions in non-agency mortgage-backed securities, particularly during the second quarter of 2022, detracted from relative performance, as spreads widened.

» Overweight exposure to the senior and subordinated financials sector, particularly during the first and second quarters of 2022, detracted from relative performance, as spreads widened.

---

| | | |
|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>7</sub> |

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##### [**Table of Contents**](#toc)
**Expense Example PIMCO Global Core Bond (Hedged) Portfolio**

Example

As a shareholder of the Portfolio, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including investment advisory fees, supervisory and administrative fees, distribution and/or service (12b-1) fees (if applicable), and other Portfolio expenses. The Example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The Expense Example does not reflect any fees or other expenses imposed by the Variable Contracts. If it did, the expenses reflected in the Expense Example would be higher. The Example is based on an investment of $1,000 invested at the beginning of the period and held from July 1, 2022 to December 31, 2022 unless noted otherwise in the table and footnotes below.

Actual Expenses

The information in the table under the heading "Actual" provides information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60), then multiply the result by the number in the appropriate row for your share class, in the column titled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information in the table under the heading "Hypothetical (5% return before expenses)" provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other portfolios. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other portfolios.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the information under the heading "Hypothetical (5% return before expenses)" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. In addition, if these transactional costs were included, your costs would have been higher.

Expense ratios may vary period to period because of various factors, such as an increase in expenses that are not covered by the investment advisory fees and supervisory and administrative fees, such as fees and expenses of the independent trustees and their counsel, extraordinary expenses and interest expense.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Actual** | **Actual** | **Actual** | **Hypothetical<br>(5% return before expenses)** | **Hypothetical<br>(5% return before expenses)** | **Hypothetical<br>(5% return before expenses)** | |
|  | **Beginning<br>Account Value<br>(07/01/22)** | **Ending<br>Account Value<br>(12/31/22)** | **Expenses Paid<br>During Period<sup>\*</sup>** | **Beginning<br>Account Value<br>(07/01/22)** | **Ending<br>Account Value<br>(12/31/22)** | **Expenses Paid<br>During Period<sup>\*</sup>** | **Net Annualized<br>Expense Ratio\*\*** |
| Administrative Class | $1000.00 | $979.50 | $4.14 | $1000.00 | $1021.30 | $4.22 | 0.82% |

---

\* Expenses Paid During Period are equal to the net annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 186/365 (to reflect the one-half year period). Overall fees and expenses of investing in the Portfolio will be higher because the example does not reflect variable contract fees and expenses.

\*\* Net Annualized Expense Ratio is reflective of any applicable contractual fee waivers and/or expense reimbursements or voluntary fee waivers. Details regarding fee waivers, if any, can be found in Note 9, Fees and Expenses, in the Notes to Financial Statements.

---

| | |
|:---|:---|
| **8** | **PIMCO VARIABLE INSURANCE TRUST** |

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##### [**Table of Contents**](#toc)
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| | | |
|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>9</sub> |

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##### [**Table of Contents**](#toc)

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| | |
|:---|:---|
| **Financial Highlights** | **PIMCO Global Core Bond (Hedged) Portfolio** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the year Ended^: | <br> **Net Asset**<br> **Value**<br> **Beginning**<br> **of Year<sup>(a)</sup>** | **Net**<br> **Investment**<br> **Income**<br> **(Loss)<sup>(b)</sup>**  | **Net**<br> **Realized/**<br> **Unrealized**<br> **Gain (Loss)** | **Total** | **From Net**<br> **Investment**<br> **Income** | **From Net**<br> **Realized**<br> **Capital Gain** | **Total** |
| Administrative Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | $9.65 | $0.15 | $(1.27) | $(1.12) | $(0.14) | $(0.06) | $(0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp;10.08 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;(0.30) | &nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;(0.07) | &nbsp;&nbsp;&nbsp;&nbsp;(0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 9.93 | 0.20 | 0.57 | 0.77 | (0.62) | 0.00 | (0.62) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2019 | 9.41 | 0.21 | 0.53 | 0.74 | (0.22) | 0.00 | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2018 | 9.47 | 0.18 | (0.08) | 0.10 | (0.16) | 0.00 | (0.16) |

---

---

| | |
|:---|:---|
| ^ | A zero balance may reflect actual amounts rounding to less than $0.01 or 0.01%.  |

---

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Portfolio.

<sup>(b)</sup> Per share amounts based on average number of shares outstanding during the year. 

<sup>(c)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

<sup>(d)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Portfolio. Additionally, excludes initial sales charges and contingent deferred sales charges.

---

| | | |
|:---|:---|:---|
| **10** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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------

##### [**Table of Contents**](#toc)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | |
|<br>**Net Asset**<br> **Value End of**<br> **Year<sup>(a)</sup>** |<br>**Total Return<sup>(d)</sup>** |<br>**Net Assets**<br> **End of Year**<br> **(000s)** | **Expenses** | **Expenses**<br> **Excluding**<br> **Waivers** | **Expenses**<br> **Excluding**<br> **Interest**<br> **Expense** | **Expenses**<br> **Excluding**<br> **Interest**<br> **Expense and**<br> **Waivers** | **Net**<br> **Investment**<br> **Income (Loss)** |<br>**Portfolio**<br> **Turnover**<br> **Rate** |
| $8.33 | (11.63)% | $98735 | 0.77% | 0.77% | 0.71% | 0.71% | 1.66% | 449% |
| 9.65 | (1.41) | &nbsp;&nbsp;&nbsp;&nbsp;129638 | 0.73 | 0.73 | 0.71 | 0.71 | 1.65 | 364 |
| &nbsp;&nbsp;&nbsp;&nbsp;10.08 | 8.10 | 92145 | 0.78 | 0.78 | 0.71 | 0.71 | 1.98 | 665 |
| 9.93 | 7.88 | 97876 | 0.84 | 0.84 | 0.71 | 0.71 | 2.19 | 375 |
| 9.41 | 1.05 | 110302 | 0.76 | 0.76 | 0.71 | 0.71 | 1.87 | 327 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>11</sub> |

---

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##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **PIMCO Global Core Bond (Hedged) Portfolio** | December 31, 2022 |

---

---

| | |
|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) |  |
|  **Assets:** |  |
|  *Investments, at value* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities\* | $&nbsp;&nbsp;&nbsp;&nbsp;113474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 5060 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 525 |
|  Deposits with counterparty | 3200 |
|  Foreign currency, at value | 461 |
|  Receivable for investments sold | 1724 |
|  Receivable for investments sold on a delayed-delivery basis | 25 |
|  Receivable for TBA investments sold | 31840 |
|  Receivable for Portfolio shares sold | 5 |
|  Interest and/or dividends receivable | 478 |
|  Dividends receivable from Affiliates | 19 |
|  **Total Assets** | 157022 |
|  **Liabilities:** |  |
|  *Borrowings & Other Financing Transactions* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for short sales | $7225 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 2647 |
|  Payable for investments purchased | 1564 |
|  Payable for investments in Affiliates purchased | 19 |
|  Payable for TBA investments purchased | 46169 |
|  Deposits from counterparty | 287 |
|  Payable for Portfolio shares redeemed | 48 |
|  Overdraft due to custodian | 2 |
|  Accrued investment advisory fees | 23 |
|  Accrued supervisory and administrative fees | 28 |
|  Accrued servicing fees | 14 |
|  **Total Liabilities** | 58287 |
|  **Net Assets** | $98735 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | $116067 |
|  Distributable earnings (accumulated loss) | (17332) |
|  **Net Assets** | $98735 |
|  **Net Assets:** |  |
|  Administrative Class | $98735 |
|  **Shares Issued and Outstanding:** |  |
|  Administrative Class | 11847 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |
|  Administrative Class | $8.33 |
|  Cost of investments in securities | $124865 |
|  Cost of investments in Affiliates | $5086 |
|  Cost of foreign currency held | $461 |
|  Proceeds received on short sales | $7221 |
|  Cost or premiums of financial derivative instruments, net | $(1565) |
|  \* Includes repurchase agreements of: | $500 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Portfolio.

---

| | | |
|:---|:---|:---|
| **12** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Statement of Operations** | **PIMCO Global Core Bond (Hedged) Portfolio** |

---

---

| | |
|:---|:---|
| Year Ended December 31, 2022 |  |
| (Amounts in thousands<sup>†</sup>) |  |
|  **Investment Income:** |  |
|  Interest, net of foreign taxes\* | $2610 |
|  Dividends | 2 |
|  Dividends from Investments in Affiliates | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 2693 |
|  **Expenses:** |  |
|  Investment advisory fees | 276 |
|  Supervisory and administrative fees | 342 |
|  Distribution and/or servicing fees - Administrative Class | 166 |
|  Trustee fees | 4 |
|  Interest expense | 67 |
|  Miscellaneous expense | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 856 |
|  **Net Investment Income (Loss)** | 1837 |
|  **Net Realized Gain (Loss):** |  |
|  Investments in securities | (5721) |
|  Investments in Affiliates | (25) |
|  Exchange-traded or centrally cleared financial derivative instruments | (3038) |
|  Over the counter financial derivative instruments | 7480 |
|  Short sales | (6) |
|  Foreign currency | (559) |
|  **Net Realized Gain (Loss)** | (1869) |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in securities | (11462) |
|  Investments in Affiliates | (4) |
|  Exchange-traded or centrally cleared financial derivative instruments | (928) |
|  Over the counter financial derivative instruments | (1878) |
|  Foreign currency assets and liabilities | 21 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;(14251) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $(14283) |
|  \* Foreign tax withholdings | $3 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>13</sub> |

---

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##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Statements of Changes in Net Assets** | **PIMCO Global Core Bond (Hedged) Portfolio** |

---

---

| | | |
|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2021** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
|  Net investment income (loss) | $1837 | $1919 |
|  Net realized gain (loss) | (1869) | 2143 |
|  Net change in unrealized appreciation (depreciation) | (14251) | (5492) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | (14283) | (1430) |
|  **Distributions to Shareholders:** |  |  |
|  From net investment income and/or net realized capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (2572) | (3029) |
|  **Total Distributions<sup>(a)</sup>** | (2572) | (3029) |
|  **Portfolio Share Transactions:** |  |  |
|  Net increase (decrease) resulting from Portfolio share transactions**\*** | (14048) | 41952 |
|  **Total Increase (Decrease) in Net Assets** | (30903) | 37493 |
|  **Net Assets:** |  |  |
|  Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;129638 | 92145 |
|  End of year | $98735 | $&nbsp;&nbsp;&nbsp;&nbsp;129638 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

\* See Note 13, Shares of Beneficial Interest, in the Notes to Financial Statements.

<sup>(a)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

---

| | | |
|:---|:---|:---|
| **14** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Global Core Bond (Hedged) Portfolio** | December 31, 2022 |

---

**(Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)** 

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **INVESTMENTS IN SECURITIES 115.0%** | **INVESTMENTS IN SECURITIES 115.0%** | **INVESTMENTS IN SECURITIES 115.0%** |
| **ARGENTINA 0.0%** | **ARGENTINA 0.0%** | **ARGENTINA 0.0%** |
| **SOVEREIGN ISSUES 0.0%** | **SOVEREIGN ISSUES 0.0%** | **SOVEREIGN ISSUES 0.0%** |
|  **Argentina Government International Bond** | **Argentina Government International Bond** | **Argentina Government International Bond** |
|  0.500% due 07/09/2030 þ | 35 | 8 |
|  1.500% due 07/09/2035 þ | 24 | 6 |
|  **Provincia de Buenos Aires** | **Provincia de Buenos Aires** | **Provincia de Buenos Aires** |
|  72.913% due 04/12/2025 | 340 | 1 |
|  **Total Argentina (Cost $29)** | **Total Argentina (Cost $29)** | **15** |
| **AUSTRALIA 1.3%** | **AUSTRALIA 1.3%** | **AUSTRALIA 1.3%** |
| **CORPORATE BONDS & NOTES 0.4%** | **CORPORATE BONDS & NOTES 0.4%** | **CORPORATE BONDS & NOTES 0.4%** |
|  **Sydney Airport Finance Co. Pty. Ltd.** | **Sydney Airport Finance Co. Pty. Ltd.** | **Sydney Airport Finance Co. Pty. Ltd.** |
|  3.625% due 04/28/2026 | 400 | 376 |
| **SOVEREIGN ISSUES 0.9%** | **SOVEREIGN ISSUES 0.9%** | **SOVEREIGN ISSUES 0.9%** |
|  **Australia Government International Bond** | **Australia Government International Bond** | **Australia Government International Bond** |
|  0.500% due 09/21/2026 | 1100 | 669 |
|  1.000% due 12/21/2030 | 100 | 54 |
|  1.000% due 11/21/2031 | 100 | 53 |
|  1.750% due 06/21/2051 | 50 | 20 |
|  2.500% due 05/21/2030 | 100 | 62 |
|  4.500% due 04/21/2033 | 100 | 71 |
|  |  | 929 |
|  **Total Australia (Cost $1,514)** | **Total Australia (Cost $1,514)** | **1305** |
| **BRAZIL 0.0%** | **BRAZIL 0.0%** | **BRAZIL 0.0%** |
| **CORPORATE BONDS & NOTES 0.0%** | **CORPORATE BONDS & NOTES 0.0%** | **CORPORATE BONDS & NOTES 0.0%** |
|  **Odebrecht Oil & Gas Finance Ltd.** | **Odebrecht Oil & Gas Finance Ltd.** | **Odebrecht Oil & Gas Finance Ltd.** |
|  0.000% due 01/30/2023 (d)(f) | 101 | 0 |
|  **Total Brazil (Cost $5)** | **Total Brazil (Cost $5)** | **0** |
| **CANADA 0.3%** | **CANADA 0.3%** | **CANADA 0.3%** |
| **CORPORATE BONDS & NOTES 0.2%** | **CORPORATE BONDS & NOTES 0.2%** | **CORPORATE BONDS & NOTES 0.2%** |
|  **Air Canada Pass-Through Trust** | **Air Canada Pass-Through Trust** | **Air Canada Pass-Through Trust** |
|  3.300% due 07/15/2031 | 80 | 68 |
|  **Fairfax Financial Holdings Ltd.** | **Fairfax Financial Holdings Ltd.** | **Fairfax Financial Holdings Ltd.** |
|  2.750% due 03/29/2028 | 100 | 94 |
|  |  | 162 |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES 0.0%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 0.0%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 0.0%** |
|  **Real Estate Asset Liquidity Trust** | **Real Estate Asset Liquidity Trust** | **Real Estate Asset Liquidity Trust** |
|  3.072% due 08/12/2053 | 50 | 37 |
| **SOVEREIGN ISSUES 0.1%** | **SOVEREIGN ISSUES 0.1%** | **SOVEREIGN ISSUES 0.1%** |
|  **Canada Government Real Return Bond** | **Canada Government Real Return Bond** | **Canada Government Real Return Bond** |
|  1.500% due 12/01/2044 (e) | 133 | 102 |
|  **Total Canada (Cost $358)** | **Total Canada (Cost $358)** | **301** |
| **CAYMAN ISLANDS 8.2%** | **CAYMAN ISLANDS 8.2%** | **CAYMAN ISLANDS 8.2%** |
| **ASSET-BACKED SECURITIES 7.2%** | **ASSET-BACKED SECURITIES 7.2%** | **ASSET-BACKED SECURITIES 7.2%** |
|  **522 Funding CLO Ltd.** | **522 Funding CLO Ltd.** | **522 Funding CLO Ltd.** |
|  5.283% due 10/20/2031 •  | 400 | 393 |
|  **Apidos CLO** | **Apidos CLO** | **Apidos CLO** |
|  5.094% due 07/18/2029 •  | 400 | 395 |
|  **Arbor Realty Commercial Real Estate Notes Ltd.** | **Arbor Realty Commercial Real Estate Notes Ltd.** | **Arbor Realty Commercial Real Estate Notes Ltd.** |
|  5.257% due 01/15/2037 •  | 300 | 292 |
|  **Ares CLO Ltd.** | **Ares CLO Ltd.** | **Ares CLO Ltd.** |
|  5.129% due 01/15/2032 ~ | 250 | 245 |
|  **Bain Capital Credit CLO Ltd.** | **Bain Capital Credit CLO Ltd.** | **Bain Capital Credit CLO Ltd.** |
|  5.213% due 07/20/2030 ~ | 295 | 292 |
|  **Brightspire Capital Ltd.** | **Brightspire Capital Ltd.** | **Brightspire Capital Ltd.** |
|  5.489% due 08/19/2038 ~ | 400 | 386 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Carlyle Global Market Strategies CLO Ltd.** | **Carlyle Global Market Strategies CLO Ltd.** | **Carlyle Global Market Strategies CLO Ltd.** | **Carlyle Global Market Strategies CLO Ltd.** |
|  5.600% due 08/14/2030 ~ | $| 395 | 391 |
|  **Carlyle U.S. CLO Ltd.** | **Carlyle U.S. CLO Ltd.** | **Carlyle U.S. CLO Ltd.** | **Carlyle U.S. CLO Ltd.** |
|  5.243% due 04/20/2031 •  |  | 400 | 394 |
|  **Catamaran CLO Ltd.** | **Catamaran CLO Ltd.** | **Catamaran CLO Ltd.** | **Catamaran CLO Ltd.** |
|  5.425% due 04/22/2030 •  |  | 298 | 294 |
|  **Crestline Denali CLO Ltd.** | **Crestline Denali CLO Ltd.** | **Crestline Denali CLO Ltd.** | **Crestline Denali CLO Ltd.** |
|  5.273% due 04/20/2030 •  |  | 361 | 357 |
|  **Dryden CLO Ltd.** | **Dryden CLO Ltd.** | **Dryden CLO Ltd.** | **Dryden CLO Ltd.** |
|  5.069% due 01/17/2032 •  |  | 300 | 295 |
|  **LCM LP** | **LCM LP** | **LCM LP** | **LCM LP** |
|  5.097% due 07/19/2027 ~ |  | 211 | 209 |
|  5.283% due 10/20/2027 •  |  | 85 | 85 |
|  **LoanCore Issuer Ltd.** | **LoanCore Issuer Ltd.** | **LoanCore Issuer Ltd.** | **LoanCore Issuer Ltd.** |
|  5.358% due 01/17/2037 ~ |  | 300 | 291 |
|  **M360 Ltd.** | **M360 Ltd.** | **M360 Ltd.** | **M360 Ltd.** |
|  5.861% due 11/22/2038 ~ |  | 300 | 295 |
|  **Marathon CLO Ltd.** | **Marathon CLO Ltd.** | **Marathon CLO Ltd.** | **Marathon CLO Ltd.** |
|  5.229% due 04/15/2029 •  |  | 137 | 136 |
|  **MF1 Multifamily Housing Mortgage Loan Trust** | **MF1 Multifamily Housing Mortgage Loan Trust** | **MF1 Multifamily Housing Mortgage Loan Trust** | **MF1 Multifamily Housing Mortgage Loan Trust** |
|  5.300% due 07/15/2036 ~ |  | 47 | 46 |
|  **Palmer Square Loan Funding Ltd.** | **Palmer Square Loan Funding Ltd.** | **Palmer Square Loan Funding Ltd.** | **Palmer Square Loan Funding Ltd.** |
|  5.043% due 07/20/2029 ~ |  | 304 | 300 |
|  **Sound Point CLO Ltd.** | **Sound Point CLO Ltd.** | **Sound Point CLO Ltd.** | **Sound Point CLO Ltd.** |
|  5.223% due 10/20/2030 •  |  | 300 | 296 |
|  5.338% due 07/25/2030 •  |  | 250 | 246 |
|  **Starwood Commercial Mortgage Trust** | **Starwood Commercial Mortgage Trust** | **Starwood Commercial Mortgage Trust** | **Starwood Commercial Mortgage Trust** |
|  5.526% due 04/18/2038 ~ |  | 200 | 194 |
|  **Stratus CLO Ltd.** | **Stratus CLO Ltd.** | **Stratus CLO Ltd.** | **Stratus CLO Ltd.** |
|  5.193% due 12/29/2029 •  |  | 543 | 534 |
|  **TICP CLO Ltd.** | **TICP CLO Ltd.** | **TICP CLO Ltd.** | **TICP CLO Ltd.** |
|  5.083% due 04/20/2028 ~ |  | 107 | 107 |
|  **Venture CLO Ltd.** | **Venture CLO Ltd.** | **Venture CLO Ltd.** | **Venture CLO Ltd.** |
|  4.959% due 04/15/2027 ~ |  | 68 | 68 |
|  5.343% due 01/20/2029 •  |  | 193 | 191 |
|  **Vibrant CLO Ltd.** | **Vibrant CLO Ltd.** | **Vibrant CLO Ltd.** | **Vibrant CLO Ltd.** |
|  5.283% due 09/15/2030 •  |  | 249 | 245 |
|  5.696% due 06/20/2029 •  |  | 115 | 114 |
|  |  |  | 7091 |
| **CORPORATE BONDS & NOTES 1.0%** | **CORPORATE BONDS & NOTES 1.0%** | **CORPORATE BONDS & NOTES 1.0%** | **CORPORATE BONDS & NOTES 1.0%** |
|  **KSA Sukuk Ltd.** | **KSA Sukuk Ltd.** | **KSA Sukuk Ltd.** | **KSA Sukuk Ltd.** |
|  5.268% due 10/25/2028 |  | 200 | 208 |
|  **Odebrecht Offshore Drilling Finance Ltd. (6.720% Cash and 1.000% PIK)** | **Odebrecht Offshore Drilling Finance Ltd. (6.720% Cash and 1.000% PIK)** | **Odebrecht Offshore Drilling Finance Ltd. (6.720% Cash and 1.000% PIK)** | **Odebrecht Offshore Drilling Finance Ltd. (6.720% Cash and 1.000% PIK)** |
|  7.720% due 12/01/2026 ^(b) |  | 885 | 237 |
|  **SA Global Sukuk Ltd.** | **SA Global Sukuk Ltd.** | **SA Global Sukuk Ltd.** | **SA Global Sukuk Ltd.** |
|  2.694% due 06/17/2031 |  | 400 | 343 |
|  **Sands China Ltd.** | **Sands China Ltd.** | **Sands China Ltd.** | **Sands China Ltd.** |
|  5.900% due 08/08/2028 |  | 200 | 187 |
|  |  |  | 975 |
|  **Total Cayman Islands (Cost $8,700)** | **Total Cayman Islands (Cost $8,700)** | **Total Cayman Islands (Cost $8,700)** | **8066** |
| **DENMARK 2.2%** | **DENMARK 2.2%** | **DENMARK 2.2%** | **DENMARK 2.2%** |
| **CORPORATE BONDS & NOTES 2.2%** | **CORPORATE BONDS & NOTES 2.2%** | **CORPORATE BONDS & NOTES 2.2%** | **CORPORATE BONDS & NOTES 2.2%** |
|  **Jyske Realkredit AS** | **Jyske Realkredit AS** | **Jyske Realkredit AS** | **Jyske Realkredit AS** |
|  1.000% due 10/01/2050 | DKK | 5086 | 533 |
|  **Nordea Kredit Realkreditaktieselskab** | **Nordea Kredit Realkreditaktieselskab** | **Nordea Kredit Realkreditaktieselskab** | **Nordea Kredit Realkreditaktieselskab** |
|  1.000% due 10/01/2050 |  | 4183 | 419 |
|  1.500% due 10/01/2053 |  | 1078 | 118 |
|  **Nykredit Realkredit AS** | **Nykredit Realkredit AS** | **Nykredit Realkredit AS** | **Nykredit Realkredit AS** |
|  1.000% due 10/01/2050 |  | 4251 | 443 |
|  1.500% due 10/01/2053 |  | 4961 | 521 |
|  **Realkredit Danmark AS** | **Realkredit Danmark AS** | **Realkredit Danmark AS** | **Realkredit Danmark AS** |
|  1.000% due 10/01/2050 |  | 1547 | 164 |
|  **Total Denmark (Cost $3,167)** | **Total Denmark (Cost $3,167)** | **Total Denmark (Cost $3,167)** | **2198** |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **FRANCE 2.2%** | **FRANCE 2.2%** | **FRANCE 2.2%** |
| **CORPORATE BONDS & NOTES 0.8%** | **CORPORATE BONDS & NOTES 0.8%** | **CORPORATE BONDS & NOTES 0.8%** |
|  **BNP Paribas SA** | **BNP Paribas SA** | **BNP Paribas SA** |
|  2.871% due 04/19/2032 •  | 300 | 235 |
|  **Dexia Credit Local SA** | **Dexia Credit Local SA** | **Dexia Credit Local SA** |
|  1.625% due 10/16/2024 | 250 | 237 |
|  **Societe Generale SA** | **Societe Generale SA** | **Societe Generale SA** |
|  2.226% due 01/21/2026 •  | 200 | 184 |
|  2.797% due 01/19/2028 •  | 200 | 175 |
|  |  | 831 |
| **SOVEREIGN ISSUES 1.4%** | **SOVEREIGN ISSUES 1.4%** | **SOVEREIGN ISSUES 1.4%** |
|  **France Government International Bond** | **France Government International Bond** | **France Government International Bond** |
|  0.500% due 05/25/2072 | 100 | 40 |
|  0.750% due 05/25/2052 | 1100 | 622 |
|  2.000% due 05/25/2048 | 600 | 496 |
|  3.250% due 05/25/2045 | 200 | 211 |
|  |  | 1369 |
|  **Total France (Cost $3,351)** | **Total France (Cost $3,351)** | **2200** |
| **GERMANY 1.8%** | **GERMANY 1.8%** | **GERMANY 1.8%** |
| **CORPORATE BONDS & NOTES 1.8%** | **CORPORATE BONDS & NOTES 1.8%** | **CORPORATE BONDS & NOTES 1.8%** |
|  **Deutsche Bank AG** | **Deutsche Bank AG** | **Deutsche Bank AG** |
|  1.375% due 02/17/2032 •  | 300 | 235 |
|  1.625% due 01/20/2027 | 200 | 189 |
|  1.750% due 11/19/2030 •  | 100 | 84 |
|  2.222% due 09/18/2024 •  | 200 | 193 |
|  2.552% due 01/07/2028 •  | 150 | 128 |
|  2.625% due 02/12/2026 | 200 | 202 |
|  3.547% due 09/18/2031 •  | 150 | 121 |
|  3.729% due 01/14/2032 •(h) | 200 | 147 |
|  3.961% due 11/26/2025 •  | 200 | 191 |
|  **IHO Verwaltungs GmbH (6.000% Cash or 6.750% PIK)** | **IHO Verwaltungs GmbH (6.000% Cash or 6.750% PIK)** | **IHO Verwaltungs GmbH (6.000% Cash or 6.750% PIK)** |
|  6.000% due 05/15/2027 (b) | 200 | 176 |
|  **Landwirtschaftliche Rentenbank** | **Landwirtschaftliche Rentenbank** | **Landwirtschaftliche Rentenbank** |
|  4.250% due 01/24/2023 | 100 | 68 |
|  **Total Germany (Cost $2,149)** | **Total Germany (Cost $2,149)** | **1734** |
| **IRELAND 2.1%** | **IRELAND 2.1%** | **IRELAND 2.1%** |
| **ASSET-BACKED SECURITIES 1.9%** | **ASSET-BACKED SECURITIES 1.9%** | **ASSET-BACKED SECURITIES 1.9%** |
|  **BlueMountain Fuji EUR CLO III DAC** | **BlueMountain Fuji EUR CLO III DAC** | **BlueMountain Fuji EUR CLO III DAC** |
|  2.098% due 01/15/2031 ~ | 250 | 260 |
|  **Cairn CLO DAC** | **Cairn CLO DAC** | **Cairn CLO DAC** |
|  2.158% due 10/15/2031 ~ | 250 | 262 |
|  **CVC Cordatus Loan Fund DAC** | **CVC Cordatus Loan Fund DAC** | **CVC Cordatus Loan Fund DAC** |
|  2.028% due 10/15/2031 ~ | 250 | 260 |
|  **Harvest CLO DAC** | **Harvest CLO DAC** | **Harvest CLO DAC** |
|  2.138% due 07/15/2031 •  | 250 | 258 |
|  **Jubilee CLO DAC** | **Jubilee CLO DAC** | **Jubilee CLO DAC** |
|  1.988% due 04/15/2030 •  | 250 | 262 |
|  2.846% due 12/15/2029 •  | 249 | 262 |
|  **Segovia European CLO DAC** | **Segovia European CLO DAC** | **Segovia European CLO DAC** |
|  2.336% due 07/20/2032 ~ | 300 | 311 |
|  |  | 1875 |
| **CORPORATE BONDS & NOTES 0.2%** | **CORPORATE BONDS & NOTES 0.2%** | **CORPORATE BONDS & NOTES 0.2%** |
|  **AerCap Ireland Capital DAC** | **AerCap Ireland Capital DAC** | **AerCap Ireland Capital DAC** |
|  1.650% due 10/29/2024 | 200 | 185 |
|  **Total Ireland (Cost $2,353)** | **Total Ireland (Cost $2,353)** | **2060** |
| **ISRAEL 0.7%** | **ISRAEL 0.7%** | **ISRAEL 0.7%** |
| **SOVEREIGN ISSUES 0.7%** | **SOVEREIGN ISSUES 0.7%** | **SOVEREIGN ISSUES 0.7%** |
|  **Israel Government International Bond** | **Israel Government International Bond** | **Israel Government International Bond** |
|  0.150% due 07/31/2023 | 800 | 223 |
|  1.500% due 11/30/2023 | 900 | 251 |
|  2.000% due 03/31/2027 | 400 | 107 |
|  3.800% due 05/13/2060 | 200 | 157 |
|  **Total Israel (Cost $819)** | **Total Israel (Cost $819)** | **738** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **15** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Global Core Bond (Hedged) Portfolio** | **(Cont.)** |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **ITALY 1.0%** | **ITALY 1.0%** | **ITALY 1.0%** |
| **CORPORATE BONDS & NOTES 0.6%** | **CORPORATE BONDS & NOTES 0.6%** | **CORPORATE BONDS & NOTES 0.6%** |
|  **Banca Monte dei Paschi di Siena SpA** | **Banca Monte dei Paschi di Siena SpA** | **Banca Monte dei Paschi di Siena SpA** |
|  0.875% due 10/08/2027 | 100 | 95 |
|  2.625% due 04/28/2025 | 100 | 97 |
|  **UniCredit SpA** | **UniCredit SpA** | **UniCredit SpA** |
|  7.830% due 12/04/2023 | 350 | 354 |
|  |  | 546 |
| **SOVEREIGN ISSUES 0.4%** | **SOVEREIGN ISSUES 0.4%** | **SOVEREIGN ISSUES 0.4%** |
|  **Italy Government International Bond** | **Italy Government International Bond** | **Italy Government International Bond** |
|  6.000% due 08/04/2028 | 300 | 366 |
|  **Total Italy (Cost $1,111)** | **Total Italy (Cost $1,111)** | **912** |
| **JAPAN 4.8%** | **JAPAN 4.8%** | **JAPAN 4.8%** |
| **CORPORATE BONDS & NOTES 0.8%** | **CORPORATE BONDS & NOTES 0.8%** | **CORPORATE BONDS & NOTES 0.8%** |
|  **Mizuho Financial Group, Inc.** | **Mizuho Financial Group, Inc.** | **Mizuho Financial Group, Inc.** |
|  3.922% due 09/11/2024 •  | 300 | 295 |
|  **Nissan Motor Co. Ltd.** | **Nissan Motor Co. Ltd.** | **Nissan Motor Co. Ltd.** |
|  3.522% due 09/17/2025 | 200 | 186 |
|  4.345% due 09/17/2027 | 200 | 182 |
|  4.810% due 09/17/2030 | 200 | 170 |
|  |  | 833 |
| **SOVEREIGN ISSUES 4.0%** | **SOVEREIGN ISSUES 4.0%** | **SOVEREIGN ISSUES 4.0%** |
|  **Japan Government International Bond** | **Japan Government International Bond** | **Japan Government International Bond** |
|  0.100% due 03/10/2028 (e) | 94339 | 744 |
|  0.400% due 03/20/2036 | 190000 | 1361 |
|  0.500% due 03/20/2049 | 180000 | 1074 |
|  0.700% due 12/20/2048 | 104000 | 657 |
|  0.700% due 06/20/2051 | 11000 | 67 |
|  |  | 3903 |
|  **Total Japan (Cost $6,262)** | **Total Japan (Cost $6,262)** | **4736** |
| **MALAYSIA 1.1%** | **MALAYSIA 1.1%** | **MALAYSIA 1.1%** |
| **CORPORATE BONDS & NOTES 0.4%** | **CORPORATE BONDS & NOTES 0.4%** | **CORPORATE BONDS & NOTES 0.4%** |
|  **Petronas Capital Ltd.** | **Petronas Capital Ltd.** | **Petronas Capital Ltd.** |
|  2.480% due 01/28/2032 | 500 | 415 |
| **SOVEREIGN ISSUES 0.7%** | **SOVEREIGN ISSUES 0.7%** | **SOVEREIGN ISSUES 0.7%** |
|  **Malaysia Government International Bond** | **Malaysia Government International Bond** | **Malaysia Government International Bond** |
|  3.480% due 03/15/2023 | 1900 | 432 |
|  **Malaysia Government Investment Issue** | **Malaysia Government Investment Issue** | **Malaysia Government Investment Issue** |
|  4.369% due 10/31/2028 | 1000 | 231 |
|  |  | 663 |
|  **Total Malaysia (Cost $1,154)** | **Total Malaysia (Cost $1,154)** | **1078** |
| **NETHERLANDS 1.4%** | **NETHERLANDS 1.4%** | **NETHERLANDS 1.4%** |
| **CORPORATE BONDS & NOTES 0.2%** | **CORPORATE BONDS & NOTES 0.2%** | **CORPORATE BONDS & NOTES 0.2%** |
|  **Enel Finance International NV** | **Enel Finance International NV** | **Enel Finance International NV** |
|  1.875% due 07/12/2028 | 300 | 239 |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES 1.2%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 1.2%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 1.2%** |
|  **Domi BV** | **Domi BV** | **Domi BV** |
|  2.642% due 11/15/2052 ~ | 337 | 358 |
|  **Dutch Property Finance BV** | **Dutch Property Finance BV** | **Dutch Property Finance BV** |
|  2.228% due 07/28/2058 •  | 468 | 495 |
|  **Jubilee Place BV** | **Jubilee Place BV** | **Jubilee Place BV** |
|  2.378% (EUR003M + 1.000%) due 10/17/2057 ~ | 296 | 314 |
|  |  | 1167 |
|  **Total Netherlands (Cost $1,618)** | **Total Netherlands (Cost $1,618)** | **1406** |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **NEW ZEALAND 0.1%** | **NEW ZEALAND 0.1%** | **NEW ZEALAND 0.1%** | **NEW ZEALAND 0.1%** |
| **SOVEREIGN ISSUES 0.1%** | **SOVEREIGN ISSUES 0.1%** | **SOVEREIGN ISSUES 0.1%** | **SOVEREIGN ISSUES 0.1%** |
|  **New Zealand Government International Bond** | **New Zealand Government International Bond** | **New Zealand Government International Bond** | **New Zealand Government International Bond** |
|  1.500% due 05/15/2031 | NZD | 200 | 101 |
|  **Total New Zealand (Cost $140)** | **Total New Zealand (Cost $140)** | **Total New Zealand (Cost $140)** | **101** |
| **NORWAY 0.1%** | **NORWAY 0.1%** | **NORWAY 0.1%** | **NORWAY 0.1%** |
| **SOVEREIGN ISSUES 0.1%** | **SOVEREIGN ISSUES 0.1%** | **SOVEREIGN ISSUES 0.1%** | **SOVEREIGN ISSUES 0.1%** |
|  **Kommunalbanken AS** | **Kommunalbanken AS** | **Kommunalbanken AS** | **Kommunalbanken AS** |
|  1.900% due 01/19/2027 | AUD | 100 | 62 |
|  **Total Norway (Cost $73)** | **Total Norway (Cost $73)** | **Total Norway (Cost $73)** | **62** |
| **PERU 0.8%** | **PERU 0.8%** | **PERU 0.8%** | **PERU 0.8%** |
| **SOVEREIGN ISSUES 0.8%** | **SOVEREIGN ISSUES 0.8%** | **SOVEREIGN ISSUES 0.8%** | **SOVEREIGN ISSUES 0.8%** |
|  **Peru Government International Bond** | **Peru Government International Bond** | **Peru Government International Bond** | **Peru Government International Bond** |
|  5.940% due 02/12/2029 | PEN | 900 | 218 |
|  6.350% due 08/12/2028 |  | 1700 | 426 |
|  6.950% due 08/12/2031 |  | 500 | 124 |
|  **Total Peru (Cost $986)** | **Total Peru (Cost $986)** | **Total Peru (Cost $986)** | **768** |
| **ROMANIA 0.5%** | **ROMANIA 0.5%** | **ROMANIA 0.5%** | **ROMANIA 0.5%** |
| **SOVEREIGN ISSUES 0.5%** | **SOVEREIGN ISSUES 0.5%** | **SOVEREIGN ISSUES 0.5%** | **SOVEREIGN ISSUES 0.5%** |
|  **Romania Government International Bond** | **Romania Government International Bond** | **Romania Government International Bond** | **Romania Government International Bond** |
|  1.375% due 12/02/2029 | EUR | 90 | 70 |
|  1.750% due 07/13/2030 |  | 200 | 150 |
|  2.000% due 04/14/2033 |  | 50 | 35 |
|  2.125% due 03/07/2028 |  | 100 | 90 |
|  2.750% due 04/14/2041 |  | 150 | 90 |
|  2.875% due 04/13/2042 |  | 100 | 60 |
|  **Total Romania (Cost $806)** | **Total Romania (Cost $806)** | **Total Romania (Cost $806)** | **495** |
| **SERBIA 0.1%** | **SERBIA 0.1%** | **SERBIA 0.1%** | **SERBIA 0.1%** |
| **SOVEREIGN ISSUES 0.1%** | **SOVEREIGN ISSUES 0.1%** | **SOVEREIGN ISSUES 0.1%** | **SOVEREIGN ISSUES 0.1%** |
|  **Serbia Government International Bond** | **Serbia Government International Bond** | **Serbia Government International Bond** | **Serbia Government International Bond** |
|  1.000% due 09/23/2028 | EUR | 100 | 77 |
|  1.650% due 03/03/2033 |  | 100 | 66 |
|  **Total Serbia (Cost $235)** | **Total Serbia (Cost $235)** | **Total Serbia (Cost $235)** | **143** |
| **SOUTH KOREA 1.5%** | **SOUTH KOREA 1.5%** | **SOUTH KOREA 1.5%** | **SOUTH KOREA 1.5%** |
| **SOVEREIGN ISSUES 1.5%** | **SOVEREIGN ISSUES 1.5%** | **SOVEREIGN ISSUES 1.5%** | **SOVEREIGN ISSUES 1.5%** |
|  **Korea Government International Bond** | **Korea Government International Bond** | **Korea Government International Bond** | **Korea Government International Bond** |
|  2.125% due 06/10/2027 | KRW | 125000 | 92 |
|  2.375% due 12/10/2027 |  | 150000 | 111 |
|  2.375% due 12/10/2028 |  | 1298600 | 952 |
|  2.625% due 06/10/2028 |  | 250000 | 187 |
|  5.500% due 03/10/2028 |  | 150000 | 128 |
|  **Total South Korea (Cost $1,802)** | **Total South Korea (Cost $1,802)** | **Total South Korea (Cost $1,802)** | **1470** |
| **SPAIN 0.9%** | **SPAIN 0.9%** | **SPAIN 0.9%** | **SPAIN 0.9%** |
| **CORPORATE BONDS & NOTES 0.4%** | **CORPORATE BONDS & NOTES 0.4%** | **CORPORATE BONDS & NOTES 0.4%** | **CORPORATE BONDS & NOTES 0.4%** |
|  **Merlin Properties Socimi SA** | **Merlin Properties Socimi SA** | **Merlin Properties Socimi SA** | **Merlin Properties Socimi SA** |
|  2.225% due 04/25/2023 | EUR | 400 | 427 |
| **SOVEREIGN ISSUES 0.5%** | **SOVEREIGN ISSUES 0.5%** | **SOVEREIGN ISSUES 0.5%** | **SOVEREIGN ISSUES 0.5%** |
|  **Spain Government International Bond** | **Spain Government International Bond** | **Spain Government International Bond** | **Spain Government International Bond** |
|  1.450% due 10/31/2071 |  | 75 | 37 |
|  3.450% due 07/30/2066 |  | 500 | 473 |
|  |  |  | 510 |
|  **Total Spain (Cost $1,415)** | **Total Spain (Cost $1,415)** | **Total Spain (Cost $1,415)** | **937** |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **SWITZERLAND 1.0%** | **SWITZERLAND 1.0%** | **SWITZERLAND 1.0%** |
| **CORPORATE BONDS & NOTES 1.0%** | **CORPORATE BONDS & NOTES 1.0%** | **CORPORATE BONDS & NOTES 1.0%** |
|  **Credit Suisse AG** | **Credit Suisse AG** | **Credit Suisse AG** |
|  6.500% due 08/08/2023 (g) | 200 | 194 |
|  **Credit Suisse Group AG** | **Credit Suisse Group AG** | **Credit Suisse Group AG** |
|  4.194% due 04/01/2031 •  | 250 | 194 |
|  4.282% due 01/09/2028 | 250 | 208 |
|  6.375% due 08/21/2026 •(f)(g) | 300 | 216 |
|  6.537% due 08/12/2033 •  | 250 | 220 |
|  **Total Switzerland (Cost $1,312)** | **Total Switzerland (Cost $1,312)** | **1032** |
| **THAILAND 0.4%** | **THAILAND 0.4%** | **THAILAND 0.4%** |
| **SOVEREIGN ISSUES 0.4%** | **SOVEREIGN ISSUES 0.4%** | **SOVEREIGN ISSUES 0.4%** |
|  **Thailand Government International Bond** | **Thailand Government International Bond** | **Thailand Government International Bond** |
|  3.390% due 06/17/2037 | 4565 | 137 |
|  3.450% due 06/17/2043 | 7700 | 226 |
|  **Total Thailand (Cost $344)** | **Total Thailand (Cost $344)** | **363** |
| **UNITED KINGDOM 7.9%** | **UNITED KINGDOM 7.9%** | **UNITED KINGDOM 7.9%** |
| **CORPORATE BONDS & NOTES 3.8%** | **CORPORATE BONDS & NOTES 3.8%** | **CORPORATE BONDS & NOTES 3.8%** |
|  **Barclays PLC** | **Barclays PLC** | **Barclays PLC** |
|  4.972% due 05/16/2029 •  | 400 | 376 |
|  7.750% due 09/15/2023 •(f)(g) | 400 | 392 |
|  **GSK Consumer Healthcare Capital UK PLC** | **GSK Consumer Healthcare Capital UK PLC** | **GSK Consumer Healthcare Capital UK PLC** |
|  3.125% due 03/24/2025 | 300 | 286 |
|  **HSBC Holdings PLC** | **HSBC Holdings PLC** | **HSBC Holdings PLC** |
|  2.251% due 11/22/2027 •  | 400 | 347 |
|  2.804% due 05/24/2032 •  | 400 | 310 |
|  **Marks & Spencer PLC** | **Marks & Spencer PLC** | **Marks & Spencer PLC** |
|  4.250% due 12/08/2023 | 100 | 119 |
|  **Nationwide Building Society** | **Nationwide Building Society** | **Nationwide Building Society** |
|  2.972% due 02/16/2028 •  | 300 | 264 |
|  **NatWest Group PLC** | **NatWest Group PLC** | **NatWest Group PLC** |
|  5.516% due 09/30/2028 •  | 300 | 297 |
|  **NatWest Markets PLC** | **NatWest Markets PLC** | **NatWest Markets PLC** |
|  1.000% due 05/28/2024 | 100 | 103 |
|  **Santander U.K. Group Holdings PLC** | **Santander U.K. Group Holdings PLC** | **Santander U.K. Group Holdings PLC** |
|  4.796% due 11/15/2024 •  | 600 | 590 |
|  **Standard Chartered PLC** | **Standard Chartered PLC** | **Standard Chartered PLC** |
|  1.822% due 11/23/2025 •  | 200 | 183 |
|  2.608% due 01/12/2028 •  | 200 | 174 |
|  2.678% due 06/29/2032 •  | 400 | 303 |
|  |  | 3744 |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES 3.4%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 3.4%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 3.4%** |
|  **Alba PLC** | **Alba PLC** | **Alba PLC** |
|  3.607% due 11/25/2042 ~ | 226 | 260 |
|  **Avon Finance PLC** | **Avon Finance PLC** | **Avon Finance PLC** |
|  4.331% due 09/20/2048 •  | 131 | 156 |
|  **Eurosail PLC** | **Eurosail PLC** | **Eurosail PLC** |
|  4.461% (SONIO/N + 1.069%) due 06/13/2045 ~ | 316 | 376 |
|  **Residential Mortgage Securities PLC** | **Residential Mortgage Securities PLC** | **Residential Mortgage Securities PLC** |
|  4.681% due 06/20/2070 ~ | 132 | 159 |
|  **Ripon Mortgages PLC** | **Ripon Mortgages PLC** | **Ripon Mortgages PLC** |
|  4.011% due 08/28/2056 •  | 861 | 1022 |
|  **RMAC Securities PLC** | **RMAC Securities PLC** | **RMAC Securities PLC** |
|  3.676% due 06/12/2044 •  | 181 | 201 |
|  **Silverstone Master Issuer PLC** | **Silverstone Master Issuer PLC** | **Silverstone Master Issuer PLC** |
|  3.701% due 01/21/2070 •  | 96 | 116 |
|  **Stratton Mortgage Funding PLC** | **Stratton Mortgage Funding PLC** | **Stratton Mortgage Funding PLC** |
|  3.826% due 07/20/2060 •  | 219 | 262 |
|  **Towd Point Mortgage Funding** | **Towd Point Mortgage Funding** | **Towd Point Mortgage Funding** |
|  3.826% due 07/20/2045 ~ | 269 | 321 |
|  4.071% (SONIO/N + 1.144%) due 10/20/2051 ~ | 126 | 151 |
|  4.190% (BP0003M + 0.800%) due 02/20/2045 ~ | 93 | 111 |

---

---

| | | |
|:---|:---|:---|
| **16** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Trinity Square PLC** | **Trinity Square PLC** | **Trinity Square PLC** |
|  3.729% due 07/15/2059 ~ | 144 | 172 |
|  |  | 3307 |
| **SOVEREIGN ISSUES 0.7%** | **SOVEREIGN ISSUES 0.7%** | **SOVEREIGN ISSUES 0.7%** |
|  **United Kingdom Gilt** | **United Kingdom Gilt** | **United Kingdom Gilt** |
|  0.625% due 10/22/2050 | 400 | 216 |
|  1.250% due 07/31/2051 | 500 | 327 |
|  1.500% due 07/31/2053 | 100 | 69 |
|  1.750% due 01/22/2049 | 100 | 78 |
|  |  | 690 |
|  **Total United Kingdom (Cost $9,300)** | **Total United Kingdom (Cost $9,300)** | **7741** |
| **UNITED STATES 49.7%** | **UNITED STATES 49.7%** | **UNITED STATES 49.7%** |
| **ASSET-BACKED SECURITIES 4.3%** | **ASSET-BACKED SECURITIES 4.3%** | **ASSET-BACKED SECURITIES 4.3%** |
|  **Argent Securities Trust** | **Argent Securities Trust** | **Argent Securities Trust** |
|  4.689% due 07/25/2036 •  | 330 | 91 |
|  4.709% due 05/25/2036 ~ | 576 | 146 |
|  **Avis Budget Rental Car Funding AESOP LLC** | **Avis Budget Rental Car Funding AESOP LLC** | **Avis Budget Rental Car Funding AESOP LLC** |
|  1.660% due 02/20/2028 | 300 | 260 |
|  **Countrywide Asset-Backed Certificates Trust** | **Countrywide Asset-Backed Certificates Trust** | **Countrywide Asset-Backed Certificates Trust** |
|  4.486% due 07/25/2036 ~ | 4 | 4 |
|  4.529% due 07/25/2037 ~ | 43 | 39 |
|  4.529% due 07/25/2037 ^•  | 45 | 44 |
|  6.264% due 07/25/2035 •  | 700 | 671 |
|  **Credit-Based Asset Servicing & Securitization Mortgage Loan Trust** | **Credit-Based Asset Servicing & Securitization Mortgage Loan Trust** | **Credit-Based Asset Servicing & Securitization Mortgage Loan Trust** |
|  3.241% due 03/25/2037 ^þ | 224 | 86 |
|  **First Franklin Mortgage Loan Trust** | **First Franklin Mortgage Loan Trust** | **First Franklin Mortgage Loan Trust** |
|  5.664% due 07/25/2034 •  | 49 | 47 |
|  **GSAA Home Equity Trust** | **GSAA Home Equity Trust** | **GSAA Home Equity Trust** |
|  5.289% due 08/25/2037 ~ | 11 | 10 |
|  **Home Equity Mortgage Loan Asset-Backed Trust** | **Home Equity Mortgage Loan Asset-Backed Trust** | **Home Equity Mortgage Loan Asset-Backed Trust** |
|  4.629% due 04/25/2037 ~ | 219 | 145 |
|  **LCCM Trust** | **LCCM Trust** | **LCCM Trust** |
|  5.518% due 12/13/2038 ~ | 400 | 388 |
|  **LMREC LLC** | **LMREC LLC** | **LMREC LLC** |
|  5.436% due 04/22/2037 ~ | 91 | 90 |
|  **MASTR Asset-Backed Securities Trust** | **MASTR Asset-Backed Securities Trust** | **MASTR Asset-Backed Securities Trust** |
|  4.599% due 05/25/2037 •  | 155 | 146 |
|  **Morgan Stanley ABS Capital, Inc. Trust** | **Morgan Stanley ABS Capital, Inc. Trust** | **Morgan Stanley ABS Capital, Inc. Trust** |
|  4.619% due 10/25/2036 •  | 472 | 234 |
|  **Morgan Stanley Mortgage Loan Trust** | **Morgan Stanley Mortgage Loan Trust** | **Morgan Stanley Mortgage Loan Trust** |
|  6.000% due 02/25/2037 ^~ | 12 | 10 |
|  **New Century Home Equity Loan Trust** | **New Century Home Equity Loan Trust** | **New Century Home Equity Loan Trust** |
|  3.740% due 06/20/2031 ~ | 271 | 233 |
|  **Nomura Home Equity Loan, Inc. Home Equity Loan Trust** | **Nomura Home Equity Loan, Inc. Home Equity Loan Trust** | **Nomura Home Equity Loan, Inc. Home Equity Loan Trust** |
|  5.019% due 02/25/2036 ~ | 300 | 271 |
|  **Option One Mortgage Loan Trust** | **Option One Mortgage Loan Trust** | **Option One Mortgage Loan Trust** |
|  4.529% due 03/25/2037 •  | 46 | 41 |
|  **PRET LLC** | **PRET LLC** | **PRET LLC** |
|  1.843% due 09/25/2051 þ | 244 | 219 |
|  **Ready Capital Mortgage Financing LLC** | **Ready Capital Mortgage Financing LLC** | **Ready Capital Mortgage Financing LLC** |
|  6.539% due 02/25/2035 •  | 83 | 81 |
|  **Renaissance Home Equity Loan Trust** | **Renaissance Home Equity Loan Trust** | **Renaissance Home Equity Loan Trust** |
|  5.294% due 01/25/2037 þ | 363 | 118 |
|  **SMB Private Education Loan Trust** | **SMB Private Education Loan Trust** | **SMB Private Education Loan Trust** |
|  1.290% due 07/15/2053 | 98 | 87 |
|  4.668% due 02/16/2055 •  | 272 | 264 |
|  5.418% due 07/15/2053 ~ | 49 | 48 |
|  **Structured Asset Investment Loan Trust** | **Structured Asset Investment Loan Trust** | **Structured Asset Investment Loan Trust** |
|  6.114% due 10/25/2034 ~ | 232 | 224 |
|  **Terwin Mortgage Trust** | **Terwin Mortgage Trust** | **Terwin Mortgage Trust** |
|  5.329% due 11/25/2033 •  | 4 | 3 |
|  **Toyota Auto Loan Extended Note Trust** | **Toyota Auto Loan Extended Note Trust** | **Toyota Auto Loan Extended Note Trust** |
|  2.560% due 11/25/2031 | 300 | 289 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4289 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **CORPORATE BONDS & NOTES 5.6%** | **CORPORATE BONDS & NOTES 5.6%** | **CORPORATE BONDS & NOTES 5.6%** |
|  **American Tower Corp.** | **American Tower Corp.** | **American Tower Corp.** |
|  3.800% due 08/15/2029 | 200 | 182 |
|  **Bank of America Corp.** | **Bank of America Corp.** | **Bank of America Corp.** |
|  2.551% due 02/04/2028 •  | 200 | 178 |
|  **Bayer U.S. Finance LLC** | **Bayer U.S. Finance LLC** | **Bayer U.S. Finance LLC** |
|  4.250% due 12/15/2025 | 300 | 291 |
|  **Boeing Co.** | **Boeing Co.** | **Boeing Co.** |
|  1.433% due 02/04/2024 | 100 | 96 |
|  **Broadcom, Inc.** | **Broadcom, Inc.** | **Broadcom, Inc.** |
|  2.450% due 02/15/2031 | 100 | 79 |
|  3.137% due 11/15/2035 | 100 | 74 |
|  3.469% due 04/15/2034 | 100 | 80 |
|  **Charter Communications Operating LLC** | **Charter Communications Operating LLC** | **Charter Communications Operating LLC** |
|  6.384% due 10/23/2035 | 200 | 196 |
|  **Citigroup, Inc.** | **Citigroup, Inc.** | **Citigroup, Inc.** |
|  3.290% due 03/17/2026 •(h) | 300 | 285 |
|  **Corebridge Financial, Inc.** | **Corebridge Financial, Inc.** | **Corebridge Financial, Inc.** |
|  3.650% due 04/05/2027 | 100 | 93 |
|  **Ford Motor Credit Co. LLC** | **Ford Motor Credit Co. LLC** | **Ford Motor Credit Co. LLC** |
|  2.330% due 11/25/2025 | 100 | 99 |
|  3.021% due 03/06/2024 | 200 | 210 |
|  5.584% due 03/18/2024 | 200 | 198 |
|  **GA Global Funding Trust** | **GA Global Funding Trust** | **GA Global Funding Trust** |
|  2.250% due 01/06/2027 | 150 | 132 |
|  **Goldman Sachs Group, Inc.** | **Goldman Sachs Group, Inc.** | **Goldman Sachs Group, Inc.** |
|  4.223% due 05/01/2029 •  | 300 | 280 |
|  4.598% (SOFRRATE + 0.700%) due 01/24/2025 ~ | 200 | 197 |
|  **Hyatt Hotels Corp.** | **Hyatt Hotels Corp.** | **Hyatt Hotels Corp.** |
|  1.300% due 10/01/2023 | 100 | 97 |
|  **JetBlue Pass-Through Trust** | **JetBlue Pass-Through Trust** | **JetBlue Pass-Through Trust** |
|  4.000% due 05/15/2034 | 87 | 77 |
|  **JPMorgan Chase & Co.** | **JPMorgan Chase & Co.** | **JPMorgan Chase & Co.** |
|  2.595% due 02/24/2026 •  | 100 | 94 |
|  2.739% due 10/15/2030 •  | 300 | 252 |
|  4.080% due 04/26/2026 •  | 300 | 292 |
|  4.912% due 07/25/2033 •  | 100 | 96 |
|  **Kinder Morgan, Inc.** | **Kinder Morgan, Inc.** | **Kinder Morgan, Inc.** |
|  7.750% due 01/15/2032 | 100 | 113 |
|  **Morgan Stanley** | **Morgan Stanley** | **Morgan Stanley** |
|  2.630% due 02/18/2026 •  | 200 | 188 |
|  **MPT Operating Partnership LP** | **MPT Operating Partnership LP** | **MPT Operating Partnership LP** |
|  2.550% due 12/05/2023 | 200 | 230 |
|  **Nissan Motor Acceptance Co. LLC** | **Nissan Motor Acceptance Co. LLC** | **Nissan Motor Acceptance Co. LLC** |
|  1.850% due 09/16/2026 | 300 | 251 |
|  **Oracle Corp.** | **Oracle Corp.** | **Oracle Corp.** |
|  1.650% due 03/25/2026 (h) | 100 | 90 |
|  2.875% due 03/25/2031 (h) | 100 | 83 |
|  3.650% due 03/25/2041 (h) | 100 | 74 |
|  **Organon & Co.** | **Organon & Co.** | **Organon & Co.** |
|  2.875% due 04/30/2028 | 100 | 94 |
|  **Pacific Gas & Electric Co.** | **Pacific Gas & Electric Co.** | **Pacific Gas & Electric Co.** |
|  2.950% due 03/01/2026 | 100 | 92 |
|  4.200% due 03/01/2029 | 100 | 89 |
|  **Penske Truck Leasing Co. LP** | **Penske Truck Leasing Co. LP** | **Penske Truck Leasing Co. LP** |
|  3.950% due 03/10/2025 | 300 | 289 |
|  **Principal Life Global Funding** | **Principal Life Global Funding** | **Principal Life Global Funding** |
|  1.375% due 01/10/2025 | 100 | 93 |
|  **Rio Oil Finance Trust** | **Rio Oil Finance Trust** | **Rio Oil Finance Trust** |
|  9.250% due 07/06/2024 | 129 | 131 |
|  **Southern California Edison Co.** | **Southern California Edison Co.** | **Southern California Edison Co.** |
|  4.963% (SOFRRATE + 0.640%) due 04/03/2023 ~ | 100 | 100 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5495 |
| **LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1%** | **LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1%** | **LOAN PARTICIPATIONS AND ASSIGNMENTS 0.1%** |
|  **CenturyLink, Inc.** | **CenturyLink, Inc.** | **CenturyLink, Inc.** |
|  6.634% (LIBOR01M + 2.250%) due 03/15/2027 ~ | 75 | 71 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **MUNICIPAL BONDS & NOTES 0.3%** | **MUNICIPAL BONDS & NOTES 0.3%** | **MUNICIPAL BONDS & NOTES 0.3%** |
|  **Fresno County, California Revenue Bonds, (NPFGC Insured), Series 2004** | **Fresno County, California Revenue Bonds, (NPFGC Insured), Series 2004** | **Fresno County, California Revenue Bonds, (NPFGC Insured), Series 2004** |
|  0.000% due 08/15/2024 (d) | 100 | 92 |
|  **Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021** | **Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021** | **Golden State, California Tobacco Securitization Corp. Revenue Bonds, Series 2021** |
|  2.746% due 06/01/2034 | 200 | 161 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;253 |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES 9.4%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 9.4%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 9.4%** |
|  **Arbor Multifamily Mortgage Securities Trust** | **Arbor Multifamily Mortgage Securities Trust** | **Arbor Multifamily Mortgage Securities Trust** |
|  2.756% due 05/15/2053 | 200 | 171 |
|  **Banc of America Funding Trust** | **Banc of America Funding Trust** | **Banc of America Funding Trust** |
|  4.773% due 04/20/2047 ^~ | 58 | 46 |
|  6.000% due 07/25/2037 ^ | 54 | 42 |
|  **BCAP LLC Trust** | **BCAP LLC Trust** | **BCAP LLC Trust** |
|  4.809% due 05/25/2047 ~ | 80 | 72 |
|  **BWAY Mortgage Trust** | **BWAY Mortgage Trust** | **BWAY Mortgage Trust** |
|  5.568% due 09/15/2036 •  | 400 | 382 |
|  **Chase Mortgage Finance Trust** | **Chase Mortgage Finance Trust** | **Chase Mortgage Finance Trust** |
|  3.718% due 07/25/2037 ~ | 5 | 5 |
|  3.824% due 03/25/2037 ^~ | 31 | 28 |
|  **Citigroup Mortgage Loan Trust** | **Citigroup Mortgage Loan Trust** | **Citigroup Mortgage Loan Trust** |
|  2.500% due 05/25/2051 ~ | 700 | 566 |
|  3.993% due 04/25/2037 ^~ | 39 | 32 |
|  4.575% due 08/25/2035 ^~ | 466 | 427 |
|  **Countrywide Home Loan Mortgage Pass-Through Trust** | **Countrywide Home Loan Mortgage Pass-Through Trust** | **Countrywide Home Loan Mortgage Pass-Through Trust** |
|  6.250% due 09/25/2036 ^ | 34 | 13 |
|  **Credit Suisse Mortgage Capital Trust** | **Credit Suisse Mortgage Capital Trust** | **Credit Suisse Mortgage Capital Trust** |
|  2.500% due 07/25/2056 ~ | 86 | 69 |
|  5.668% due 10/15/2037 •  | 200 | 195 |
|  **Deutsche ALT-A Securities, Inc. Mortgage Loan Trust** | **Deutsche ALT-A Securities, Inc. Mortgage Loan Trust** | **Deutsche ALT-A Securities, Inc. Mortgage Loan Trust** |
|  4.539% due 02/25/2047 •  | 158 | 94 |
|  **Deutsche ALT-B Securities, Inc. Mortgage Loan Trust** | **Deutsche ALT-B Securities, Inc. Mortgage Loan Trust** | **Deutsche ALT-B Securities, Inc. Mortgage Loan Trust** |
|  6.445% due 02/25/2036 ^þ | 50 | 46 |
|  **Extended Stay America Trust** | **Extended Stay America Trust** | **Extended Stay America Trust** |
|  5.398% due 07/15/2038 ~ | 390 | 380 |
|  **GCAT Trust** | **GCAT Trust** | **GCAT Trust** |
|  3.000% due 04/25/2052 ~ | 380 | 319 |
|  **GreenPoint Mortgage Funding Trust** | **GreenPoint Mortgage Funding Trust** | **GreenPoint Mortgage Funding Trust** |
|  4.849% due 06/25/2045 ~ | 42 | 31 |
|  **GS Mortgage-Backed Securities Trust** | **GS Mortgage-Backed Securities Trust** | **GS Mortgage-Backed Securities Trust** |
|  2.500% due 12/25/2051 ~ | 88 | 71 |
|  2.500% due 01/25/2052 ~ | 268 | 217 |
|  2.500% due 02/25/2052 ~ | 175 | 141 |
|  3.000% due 09/25/2052 ~ | 577 | 482 |
|  **JP Morgan Alternative Loan Trust** | **JP Morgan Alternative Loan Trust** | **JP Morgan Alternative Loan Trust** |
|  3.741% due 12/25/2036 ~ | 7 | 7 |
|  **JP Morgan Mortgage Trust** | **JP Morgan Mortgage Trust** | **JP Morgan Mortgage Trust** |
|  2.500% due 12/25/2051 ~ | 266 | 215 |
|  3.000% due 12/25/2051 ~ | 263 | 220 |
|  3.000% due 01/25/2052 ~ | 615 | 516 |
|  3.000% due 03/25/2052 ~ | 553 | 464 |
|  3.000% due 04/25/2052 ~ | 600 | 503 |
|  3.000% due 05/25/2052 ~ | 984 | 825 |
|  **MBRT** | **MBRT** | **MBRT** |
|  5.518% due 11/15/2036 •  | 300 | 294 |
|  **Merrill Lynch Mortgage Investors Trust** | **Merrill Lynch Mortgage Investors Trust** | **Merrill Lynch Mortgage Investors Trust** |
|  2.736% due 03/25/2036 ^~ | 112 | 62 |
|  **Morgan Stanley Mortgage Loan Trust** | **Morgan Stanley Mortgage Loan Trust** | **Morgan Stanley Mortgage Loan Trust** |
|  3.684% due 05/25/2036 ^~ | 72 | 42 |
|  3.711% due 09/25/2035 ^~ | 45 | 17 |
|  **New Residential Mortgage Loan Trust** | **New Residential Mortgage Loan Trust** | **New Residential Mortgage Loan Trust** |
|  2.750% due 07/25/2059 ~ | 152 | 142 |
|  2.750% due 11/25/2059 ~ | 104 | 95 |
|  **NYO Commercial Mortgage Trust** | **NYO Commercial Mortgage Trust** | **NYO Commercial Mortgage Trust** |
|  5.413% due 11/15/2038 ~ | 300 | 273 |
|  **OBX Trust** | **OBX Trust** | **OBX Trust** |
|  3.000% due 01/25/2052 ~ | 280 | 234 |
|  **PHH Alternative Mortgage Trust** | **PHH Alternative Mortgage Trust** | **PHH Alternative Mortgage Trust** |
|  6.000% due 05/25/2037 ^ | 23 | 19 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **17** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Global Core Bond (Hedged) Portfolio** | **(Cont.)** |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **PMT Loan Trust** | **PMT Loan Trust** | **PMT Loan Trust** |
|  2.500% due 07/25/2051 ~ | 264 | 213 |
|  **Prime Mortgage Trust** | **Prime Mortgage Trust** | **Prime Mortgage Trust** |
|  6.000% due 06/25/2036 ^ | 2 | 2 |
|  **Residential Accredit Loans, Inc. Trust** | **Residential Accredit Loans, Inc. Trust** | **Residential Accredit Loans, Inc. Trust** |
|  4.649% due 02/25/2037 ~ | 1 | 3 |
|  6.000% due 06/25/2036 | 55 | 44 |
|  **Residential Funding Mortgage Securities, Inc. Trust** | **Residential Funding Mortgage Securities, Inc. Trust** | **Residential Funding Mortgage Securities, Inc. Trust** |
|  6.000% due 06/25/2037 ^ | 21 | 16 |
|  **Starwood Mortgage Trust** | **Starwood Mortgage Trust** | **Starwood Mortgage Trust** |
|  5.368% due 04/15/2034 ~ | 400 | 387 |
|  **Structured Asset Securities Corp.** | **Structured Asset Securities Corp.** | **Structured Asset Securities Corp.** |
|  4.669% due 01/25/2036 ~ | 35 | 34 |
|  **Towd Point Mortgage Trust** | **Towd Point Mortgage Trust** | **Towd Point Mortgage Trust** |
|  2.710% due 01/25/2060 ~ | 127 | 117 |
|  2.900% due 10/25/2059 ~ | 457 | 427 |
|  **UWM Mortgage Trust** | **UWM Mortgage Trust** | **UWM Mortgage Trust** |
|  2.500% due 11/25/2051 ~ | 365 | 295 |
|  **WaMu Mortgage Pass-Through Certificates Trust** | **WaMu Mortgage Pass-Through Certificates Trust** | **WaMu Mortgage Pass-Through Certificates Trust** |
|  3.565% due 09/25/2036 ~ | 16 | 14 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;9309 |
| **U.S. GOVERNMENT AGENCIES 23.7%** | **U.S. GOVERNMENT AGENCIES 23.7%** | **U.S. GOVERNMENT AGENCIES 23.7%** |
|  **Fannie Mae** | **Fannie Mae** | **Fannie Mae** |
|  3.500% due 01/01/2059 | 96 | 88 |
|  4.789% due 06/25/2036 •  | 4 | 3 |
|  **Freddie Mac** | **Freddie Mac** | **Freddie Mac** |
|  0.096% due 01/15/2038 ~(a) | 70 | 3 |
|  3.000% due 02/01/2046 | 202 | 182 |
|  3.358% due 01/15/2038 •  | 70 | 70 |
|  3.500% due 11/01/2047 - 04/01/2048 | 178 | 165 |
|  3.756% due 09/01/2037 •  | 138 | 140 |
|  **Ginnie Mae** | **Ginnie Mae** | **Ginnie Mae** |
|  4.106% due 09/20/2066 ~ | 261 | 265 |
|  4.622% due 09/20/2066 •  | 333 | 329 |
|  **Uniform Mortgage-Backed Security** | **Uniform Mortgage-Backed Security** | **Uniform Mortgage-Backed Security** |
|  2.500% due 02/01/2051 - 01/01/2052 | 464 | 395 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.000% due 10/01/2049 | $| 144 | 127 |
|  3.500% due 10/01/2034 - 07/01/2050 |  | 220 | 204 |
|  4.000% due 06/01/2050 |  | 64 | 60 |
|  **Uniform Mortgage-Backed Security, TBA** | **Uniform Mortgage-Backed Security, TBA** | **Uniform Mortgage-Backed Security, TBA** | **Uniform Mortgage-Backed Security, TBA** |
|  2.500% due 12/01/2051 |  | 2400 | 2033 |
|  3.000% due 02/01/2053 |  | 7000 | 6150 |
|  3.500% due 02/01/2053 |  | 1800 | 1637 |
|  4.000% due 01/01/2053 |  | 4100 | 3846 |
|  4.500% due 02/01/2053 |  | 7300 | 7028 |
|  6.000% due 02/01/2053 |  | 700 | 710 |
|  |  |  | 23435 |
| **U.S. TREASURY OBLIGATIONS 6.3%** | **U.S. TREASURY OBLIGATIONS 6.3%** | **U.S. TREASURY OBLIGATIONS 6.3%** | **U.S. TREASURY OBLIGATIONS 6.3%** |
|  **U.S. Treasury Bonds** | **U.S. Treasury Bonds** | **U.S. Treasury Bonds** | **U.S. Treasury Bonds** |
|  1.625% due 11/15/2050 (l) |  | 650 | 387 |
|  1.875% due 02/15/2041 |  | 2300 | 1627 |
|  4.000% due 11/15/2052 |  | 200 | 200 |
|  **U.S. Treasury Inflation Protected Securities (e)** | **U.S. Treasury Inflation Protected Securities (e)** | **U.S. Treasury Inflation Protected Securities (e)** | **U.S. Treasury Inflation Protected Securities (e)** |
|  0.125% due 07/15/2031 |  | 445 | 393 |
|  0.125% due 01/15/2032 |  | 430 | 377 |
|  0.500% due 01/15/2028 |  | 1812 | 1705 |
|  **U.S. Treasury Notes** | **U.S. Treasury Notes** | **U.S. Treasury Notes** | **U.S. Treasury Notes** |
|  2.875% due 04/30/2025 (l) |  | 1600 | 1549 |
|  |  |  | 6238 |
|  **Total United States (Cost $53,081)** | **Total United States (Cost $53,081)** | **Total United States (Cost $53,081)** | **49090** |
| **SHORT-TERM INSTRUMENTS 24.9%** | **SHORT-TERM INSTRUMENTS 24.9%** | **SHORT-TERM INSTRUMENTS 24.9%** | **SHORT-TERM INSTRUMENTS 24.9%** |
| **REPURCHASE AGREEMENTS (i) 0.5%** | **REPURCHASE AGREEMENTS (i) 0.5%** | **REPURCHASE AGREEMENTS (i) 0.5%** | **REPURCHASE AGREEMENTS (i) 0.5%** |
|  |  |  | 500 |
| **HUNGARY TREASURY BILLS 0.8%** | **HUNGARY TREASURY BILLS 0.8%** | **HUNGARY TREASURY BILLS 0.8%** | **HUNGARY TREASURY BILLS 0.8%** |
|  18.250% due 01/03/2023 (c)(d) | HUF | 295000 | 791 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **ISRAEL TREASURY BILLS 2.2%** | **ISRAEL TREASURY BILLS 2.2%** | **ISRAEL TREASURY BILLS 2.2%** | **ISRAEL TREASURY BILLS 2.2%** | **ISRAEL TREASURY BILLS 2.2%** |
|  0.702% due 02/08/2023 - 05/03/2023 (c)(d) | ILS | 7513 | $— | 2122 |
| **JAPAN TREASURY BILLS 21.4%** | **JAPAN TREASURY BILLS 21.4%** | **JAPAN TREASURY BILLS 21.4%** | **JAPAN TREASURY BILLS 21.4%** | **JAPAN TREASURY BILLS 21.4%** |
|  (0.184)% due 01/06/2023 - 03/27/2023 (c)(d) | JPY | 2770000 |  | 21110 |
| **Total Short-Term Instruments<br>(Cost $22,781)** | **Total Short-Term Instruments<br>(Cost $22,781)** | **Total Short-Term Instruments<br>(Cost $22,781)** |  | **24523** |
| **Total Investments in Securities (Cost $124,865)** | **Total Investments in Securities (Cost $124,865)** |  |  | **113474** |
|  |  | **SHARES** |  |  |
| **INVESTMENTS IN AFFILIATES 5.1%** | **INVESTMENTS IN AFFILIATES 5.1%** | **INVESTMENTS IN AFFILIATES 5.1%** | **INVESTMENTS IN AFFILIATES 5.1%** | **INVESTMENTS IN AFFILIATES 5.1%** |
| **SHORT-TERM INSTRUMENTS 5.1%** | **SHORT-TERM INSTRUMENTS 5.1%** | **SHORT-TERM INSTRUMENTS 5.1%** | **SHORT-TERM INSTRUMENTS 5.1%** | **SHORT-TERM INSTRUMENTS 5.1%** |
| **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.1%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.1%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.1%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.1%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.1%** |
|  **PIMCO Short Asset Portfolio** |  | 72028 |  | 690 |
|  **PIMCO Short-Term Floating NAV Portfolio III** |  | 449756 |  | 4370 |
| **Total Short-Term Instruments (Cost $5,086)** |  |  |  | **5060** |
| **Total Investments in Affiliates (Cost $5,086)** | **Total Investments in Affiliates (Cost $5,086)** |  |  | **5060** |
| **Total Investments 120.1% (Cost $129,951)** |  |  | $— | **118534** |
|  **Financial Derivative<br>Instruments (j)(k) (2.2)%**<br> **(Cost or Premiums, net $(1565))** | **Financial Derivative<br>Instruments (j)(k) (2.2)%**<br> **(Cost or Premiums, net $(1565))** |  |  | **(2172)** |
| **Other Assets and Liabilities, net (17.9)%** | **Other Assets and Liabilities, net (17.9)%** | **Other Assets and Liabilities, net (17.9)%** |  | **(17627)** |
| **Net Assets 100.0%** | **Net Assets 100.0%** | **Net Assets 100.0%** | $— | **98735** |

---

**NOTES TO SCHEDULE OF INVESTMENTS:** 

**\*** **A zero balance may reflect actual amounts rounding to less than one thousand.** 

---

| | |
|:---|:---|
| **^** | **Security is in default.**  |

---

---

| | |
|:---|:---|
| **~** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.**  |

---

**•** **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** 

---

| | |
|:---|:---|
| **þ** | **Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.**  |

---

**(a)** **Security is an Interest Only ("IO") or IO Strip.** 

**(b)** **Payment in-kind security.** 

**(c)** **Coupon represents a weighted average yield to maturity.** 

**(d)** **Zero coupon security.** 

**(e)** **Principal amount of security is adjusted for inflation.** 

**(f)** **Perpetual maturity; date shown, if applicable, represents next contractual call date.** 

**(g)** **Contingent convertible security.** 

&nbsp;&nbsp;&nbsp;&nbsp;**(h) RESTRICTED SECURITIES:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Description** | **Coupon** | **Maturity<br>Date** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Market Value**<br>**as Percentage<br>of Net Assets** |
|  Citigroup, Inc. | 3.290% | 03/17/2026 | 03/10/2022 | $300 | $285 | 0.29% |
|  Deutsche Bank AG | 3.729 | 01/14/2032 | 01/11/2021 | 200 | 147 | 0.15 |
|  Oracle Corp. | 1.650 | 03/25/2026 | 03/22/2021 | 100 | 90 | 0.09 |
|  Oracle Corp. | 2.875 | 03/25/2031 | 03/22/2021 | 100 | 83 | 0.08 |
|  Oracle Corp. | 3.650 | 03/25/2041 | 03/22/2021 | 99 | 74 | 0.08 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679 | 0.69% |

---

---

| | | |
|:---|:---|:---|
| **18** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

**BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;**(i) REPURCHASE AGREEMENTS:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Lending<br>Rate** | **Settlement<br>Date** | **Maturity<br>Date** | **Principal<br>Amount** | **Collateralized By** | **Collateral<br>(Received)** | **Repurchase<br>Agreements,<br>at Value** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** |
| FICC | 1.900% | 12/30/2022 | 01/03/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | U.S. Treasury Bills 0.000% due 06/29/2023 | $(510) | $500 | $500 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** |  | $**(510)** | $**500** | $**500** |

---

**SHORT SALES:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **Proceeds** | **Payable for<br>Short Sales** |
|  United States (7.3)% | United States (7.3)% | United States (7.3)% | United States (7.3)% | United States (7.3)% | United States (7.3)% |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (7.3)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (7.3)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (7.3)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (7.3)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (7.3)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (7.3)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000% | 01/01/2038 | $1900 | $(1719) | $(1690) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000 | 01/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6800 | (5502) | (5535) |
|  **Total Short Sales (7.3)%** |  |  |  | $**(7221)** | $**(7225)** |

---

**BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY** 

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** | **Payable for<br>Reverse<br>Repurchase<br>Agreements** | **Payable for<br>Sale-Buyback<br>Transactions** | **Total<br>Borrowings and<br>Other Financing<br>Transactions** | **Collateral<br>Pledged/(Received)** | **Net Exposure<sup>(2)</sup>** |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  FICC | $500 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(510) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) |
|  **Total Borrowings and Other Financing Transactions** | $**500** | $**0** | $**0** |  |  |  |

---

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

**The average amount of borrowings outstanding during the period ended December 31, 2022 was $(385) at a weighted average interest rate of 2.564%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** 

&nbsp;&nbsp;&nbsp;&nbsp;**(j) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** 

**WRITTEN OPTIONS:** 

**OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Strike<br>Price** | **Expiration<br>Date** | **# of<br>Contracts** | **Notional<br>Amount** | **Premiums<br>(Received)** | **Market<br>Value** |
|  Put - CME 3-Month SOFR Active Contract December 2023 Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96.500 | 12/15/2023 | 2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | $(2) | $(6) |
|  Call - CME 3-Month SOFR Active Contract December 2023 Futures | 98.000 | 12/15/2023 | 2 | 5 | (1) | 0 |
|  **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | $**(3)** | $**(6)** |

---

**FUTURES CONTRACTS:** 

**LONG FUTURES CONTRACTS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  3-Month SOFR Active Contract June Futures  | 09/2023 | 58 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13781 | $(67) | $0 | $(5) |
|  3-Month SOFR Active Contract June Futures  | 09/2024 | 48 | 11548 | (15) | 0 | (1) |
|  Australia Government 10-Year Bond March Futures  | 03/2023 | 16 | 1260 | (72) | 1 | (2) |
|  Euro-Schatz March Futures  | 03/2023 | 28 | 3160 | (42) | 1 | (4) |
|  U.S. Treasury 5-Year Note March Futures  | 03/2023 | 102 | 11009 | (5) | 0 | (9) |
|  U.S. Treasury 10-Year Note March Futures  | 03/2023 | 38 | 4267 | (10) | 0 | (5) |
|  U.S. Treasury Ultra Long-Term Bond March Futures  | 03/2023 | 8 | 1075 | 7 | 0 | (4) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(204) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **19** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Global Core Bond (Hedged) Portfolio** | **(Cont.)** |

---

**SHORT FUTURES CONTRACTS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  3-Month SOFR Active Contract December Futures  | 03/2024 | 96 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22913) | $39 | $11 | $0 |
|  Australia Government 10-Year Bond March Futures  | 03/2023 | 5 | (364) | 5 | 0 | 0 |
|  Call Options Strike @ EUR 146.000 on Euro-Bund 10-Year Bond February 2023 Futures <sup>(1)</sup> | 01/2023 | 1 | 0 | 1 | 0 | 0 |
|  Canada Government 10-Year Bond March Futures  | 03/2023 | 9 | (815) | 14 | 2 | 0 |
|  Euro-Bobl March Futures  | 03/2023 | 31 | (3841) | 126 | 14 | (9) |
|  Euro-BTP Italy Government Bond March Futures  | 03/2023 | 25 | (2813) | 47 | 4 | (3) |
|  Euro-BTP March Futures  | 03/2023 | 2 | (233) | 17 | 2 | (2) |
|  Euro-Bund March Futures  | 03/2023 | 10 | (1423) | 87 | 11 | (5) |
|  Euro-Oat March Futures  | 03/2023 | 41 | (5587) | 390 | 51 | (29) |
|  Put Options Strike @ EUR 138.500 on Euro-Bund 10-Year Bond February 2023 Futures <sup>(1)</sup> | 01/2023 | 1 | (6) | (5) | 1 | (1) |
|  U.S. Ultra Treasury Note March Futures  | 03/2023 | 61 | (7215) | 18 | 4 | 0 |
|  United Kingdom Long Gilt March Futures  | 03/2023 | 19 | (2295) | 144 | 6 | (2) |
|  |  |  |  | $883 | $106 | $(51) |
|  **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | $**679** | $**108** | $**(81)** |

---

**SWAP AGREEMENTS:** 

**CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(2)</sup>** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2022<sup>(4)</sup>** | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(6)</sup>** | **Variation Margin** | **Variation Margin** |
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2022<sup>(4)</sup>** | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(6)</sup>** | **Asset** | **Liability** |
|  AT&T, Inc. | 1.000% | Quarterly | 12/20/2023 | 0.867% | $100 | $1 | $(1) | $0 | $0 | $0 |
|  Rolls-Royce PLC | 1.000 | Quarterly | 06/20/2026 | 2.993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | (10) | 3 | (7) | 0 | 0 |
|  Stellantis NV | 5.000 | Quarterly | 12/20/2026 | 1.519 | 200 | 46 | (18) | 28 | 0 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

**CREDIT DEFAULT SWAPS ON CREDIT INDICES - BUY PROTECTION<sup>(3)</sup>** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Index/Tranches** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(6)</sup>** | **Variation Margin** | **Variation Margin** |
| **Index/Tranches** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(6)</sup>** | **Asset** | **Liability** |
|  CDX.EM-37 5-Year Index | (1.000)% | Quarterly | 06/20/2027 | $196 | $16 | $(6) | $10 | $0 | $0 |
|  CDX.IG-39 10-Year Index | (1.000) | Quarterly | 12/20/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5900 | 161 | (82) | 79 | 0 | 0 |
|  iTraxx Europe Main 38 10-Year Index | (1.000) | Quarterly | 12/20/2032 | 1800 | 76 | (42) | 34 | 0 | (3) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(130) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) |

---

**INTEREST RATE SWAPS - BASIS SWAPS** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay Floating Rate Index** | **Receive Floating Rate Index** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay Floating Rate Index** | **Receive Floating Rate Index** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  3-Month USD-LIBOR | 01-Month USD-LIBOR + 0.073% | Quarterly | 04/27/2023 | $3600 | $1 | $26 | $27 | $0 | $(2) |
|  3-Month USD-LIBOR | 01-Month USD-LIBOR + 0.070% | Quarterly | 03/07/2024 | 700 | 0 | 1 | 1 | 0 | 0 |
|  3-Month USD-LIBOR | 01-Month USD-LIBOR + 0.088% | Quarterly | 09/06/2024 | 2400 | 1 | 0 | 1 | 0 | 0 |
|  3-Month USD-LIBOR | 01-Month USD-LIBOR + 0.105% | Quarterly | 09/27/2024 | 600 | 0 | 0 | 0 | 0 | 0 |
|  3-Month USD-LIBOR | 01-Month USD-LIBOR + 0.102% | Quarterly | 10/04/2024 | 1800 | 0 | 1 | 1 | 0 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |

---

**INTEREST RATE SWAPS** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive**<br> **Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive**<br> **Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 0.010% | Annual | 02/07/2023 | GBP | 3350 | $(4) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68) | $(72) | $0 | $(2) |
|  Receive<sup>(7)</sup> | 1-Day GBP-SONIO Compounded-OIS | 2.500 | Annual | 03/15/2025 |  | 700 | 23 | 9 | 32 | 1 | 0 |
|  Pay<sup>(7)</sup> | 1-Day GBP-SONIO Compounded-OIS | 2.250 | Annual | 03/15/2028 |  | 800 | (49) | (29) | (78) | 0 | (1) |
|  Pay<sup>(7)</sup> | 1-Day GBP-SONIO Compounded-OIS | 2.000 | Annual | 03/15/2033 |  | 3300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(607) | 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(562) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |
|  Pay<sup>(7)</sup> | 1-Day GBP-SONIO Compounded-OIS | 2.000 | Annual | 03/15/2053 |  | 200 | (59) | (4) | (63) | 0 | 0 |
|  Pay | 1-Day INR-MIBOR Compounded-OIS | 6.250 | Annual | 09/21/2023 | INR | 336600 | (1) | (14) | (15) | 0 | (1) |
|  Pay | 1-Day INR-MIBOR Compounded-OIS | 6.250 | Semi-Annual | 09/21/2024 |  | 139250 | (1) | (5) | (6) | 0 | 0 |
|  Pay | 1-Day INR-MIBOR Compounded-OIS | 6.500 | Semi-Annual | 09/21/2024 |  | 93311 | (3) | 4 | 1 | 0 | 0 |

---

---

| | | |
|:---|:---|:---|
| **20** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive**<br> **Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive**<br> **Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Pay | 1-Day INR-MIBOR Compounded-OIS | 6.750% | Semi-Annual | 09/21/2024 | 124900 | $0 | $9 | $9 | $0 | $0 |
|  Receive | 1-Day INR-MIBOR Compounded-OIS | 5.750 | Semi-Annual | 03/16/2027 | 161780 | 124 | (76) | 48 | 0 | 0 |
|  Receive | 1-Day INR-MIBOR Compounded-OIS | 6.500 | Semi-Annual | 09/21/2027 | 43800 | 3 | (5) | (2) | 0 | 0 |
|  Receive | 1-Day INR-MIBOR Compounded-OIS | 7.000 | Semi-Annual | 09/21/2027 | 38600 | (3) | (9) | (12) | 0 | 0 |
|  Receive | 1-Day INR-MIBOR Compounded-OIS | 6.250 | Semi-Annual | 03/16/2032 | 16400 | 17 | (13) | 4 | 0 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.000 | Annual | 12/15/2026 | 110000 | (10) | (6) | (16) | 0 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 5.890 | Semi-Annual | 03/17/2031 | 180000 | (17) | (79) | (96) | 0 | (5) |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.000 | Annual | 08/17/2031 | 50000 | 0 | 27 | 27 | 1 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.050 | Annual | 12/15/2031 | 190000 | (45) | (56) | (101) | 0 | (6) |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.400 | Semi-Annual | 06/19/2039 | 120000 | (41) | 154 | 113 | 7 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.450 | Annual | 12/15/2051 | 20000 | 21 | 12 | 33 | 2 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.700 | Annual | 03/15/2052 | 10000 | 1 | 10 | 11 | 1 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.800 | Annual | 06/15/2052 | 50000 | 2 | 47 | 49 | 4 | 0 |
|  Pay | 1-Day SGD-SIBCSORA Compounded-OIS | 2.750 | Semi-Annual | 06/15/2027 | 1000 | (1) | (12) | (13) | 0 | 0 |
|  Pay | 1-Day SGD-SIBCSORA Compounded-OIS | 3.000 | Semi-Annual | 06/15/2027 | 600 | (1) | (2) | (3) | 0 | 0 |
|  Pay | 1-Day SGD-SIBCSORA Compounded-OIS | 2.500 | Semi-Annual | 09/21/2027 | 500 | (2) | (9) | (11) | 0 | 0 |
|  Pay | 1-Day SGD-SIBCSORA Compounded-OIS | 2.750 | Semi-Annual | 09/21/2027 | 1720 | (4) | (19) | (23) | 0 | 0 |
|  Pay | 1-Day SGD-SIBCSORA Compounded-OIS | 3.250 | Semi-Annual | 12/21/2027 | 20 | 0 | 0 | 0 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.400 | Annual | 06/21/2024 | $1600 | (3) | (54) | (57) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.965 | Annual | 11/30/2026 | 13200 | 8 | 441 | 449 | 23 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.000 | Annual | 12/15/2026 | 1100 | 5 | 112 | 117 | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.000 | Annual | 06/15/2027 | 2100 | 79 | 181 | 260 | 4 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2027 | 7500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464 | 205 | 669 | 15 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.250 | Annual | 12/15/2028 | 300 | 1 | (40) | (39) | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.618 | Annual | 02/09/2029 | 400 | (1) | (44) | (45) | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.888 | Annual | 03/22/2029 | 600 | (2) | (58) | (60) | 0 | (2) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.936 | Annual | 03/25/2029 | 700 | (2) | (66) | (68) | 0 | (2) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.175 | Annual | 04/21/2029 | 500 | (1) | (41) | (42) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.750 | Annual | 04/30/2029 | 600 | 0 | 32 | 32 | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.817 | Annual | 04/30/2029 | 700 | 0 | 34 | 34 | 2 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.818 | Annual | 04/30/2029 | 600 | 0 | 29 | 29 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.819 | Annual | 04/30/2029 | 600 | 0 | 29 | 29 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.000 | Annual | 06/15/2029 | 1400 | (91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(134) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(225) | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2029 | 1000 | 69 | 45 | 114 | 3 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.454 | Annual | 06/30/2029 | 700 | 0 | (8) | (8) | 0 | (2) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.898 | Annual | 06/30/2029 | 700 | 0 | 10 | 10 | 0 | (2) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.050 | Annual | 09/08/2029 | 100 | (1) | (3) | (4) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.100 | Annual | 09/09/2029 | 300 | (2) | (8) | (10) | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.695 | Annual | 11/15/2031 | 2700 | (4) | (386) | (390) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.886 | Annual | 05/15/2032 | 900 | 18 | (68) | (50) | 0 | (3) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2032 | 320 | (39) | (9) | (48) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2052 | 830 | 220 | 12 | 232 | 3 | 0 |
|  Pay | 3-Month CAD-Bank Bill | 1.220 | Semi-Annual | 03/03/2025 | 1700 | 30 | (126) | (96) | 0 | (3) |
|  Pay | 3-Month CAD-Bank Bill | 1.500 | Semi-Annual | 06/17/2025 | 500 | 14 | (39) | (25) | 0 | (1) |
|  Pay | 3-Month CAD-Bank Bill | 1.713 | Semi-Annual | 10/02/2029 | 300 | 15 | (43) | (28) | 0 | (1) |
|  Pay | 3-Month CAD-Bank Bill | 1.500 | Semi-Annual | 06/17/2030 | 2700 | (6) | (282) | (288) | 0 | (6) |
|  Pay | 3-Month CAD-Bank Bill | 1.250 | Semi-Annual | 06/16/2031 | 400 | (47) | (6) | (53) | 0 | (1) |
|  Pay | 3-Month CAD-Bank Bill | 2.565 | Semi-Annual | 03/07/2049 | 200 | 42 | (72) | (30) | 0 | (1) |
|  Pay | 3-Month CAD-Bank Bill | 2.500 | Semi-Annual | 01/28/2052 | 100 | 0 | (16) | (16) | 0 | (1) |
|  Pay | 3-Month CAD-Bank Bill | 3.028 | Semi-Annual | 03/25/2052 | 100 | 0 | (9) | (9) | 0 | (1) |
|  Pay | 3-Month CHF-SRFXON3 Compounded-OIS | 0.294 | Annual | 02/10/2027 | 300 | (1) | (17) | (18) | 0 | 0 |
|  Pay | 3-Month CHF-SRFXON3 Compounded-OIS | 0.283 | Annual | 02/14/2027 | 300 | 0 | (18) | (18) | 0 | 0 |
|  Pay | 3-Month CNY-CNREPOFIX | 2.500 | Quarterly | 12/21/2027 | 4600 | (8) | (1) | (9) | 0 | (1) |
|  Pay | 3-Month KRW-KORIBOR | 3.000 | Quarterly | 09/21/2027 | 1975680 | (6) | (36) | (42) | 0 | (1) |
|  Pay | 3-Month KRW-KORIBOR | 3.000 | Quarterly | 06/15/2032 | 83100 | (1) | (2) | (3) | 0 | 0 |
|  Pay | 3-Month KRW-KORIBOR | 3.250 | Quarterly | 06/15/2032 | 93400 | 0 | (1) | (1) | 0 | 0 |
|  Pay | 3-Month NZD-BBR | 3.000 | Semi-Annual | 11/01/2023 | 3100 | 1 | (43) | (42) | 1 | 0 |
|  Pay | 3-Month NZD-BBR | 3.000 | Semi-Annual | 12/15/2023 | 3000 | (1) | (44) | (45) | 0 | 0 |
|  Pay<sup>(7)</sup> | 3-Month NZD-BBR | 4.000 | Semi-Annual | 06/14/2024 | 7700 | (19) | (56) | (75) | 1 | 0 |
|  Pay | 3-Month NZD-BBR | 3.750 | Semi-Annual | 06/15/2027 | 700 | (4) | (17) | (21) | 1 | 0 |
|  Pay | 3-Month SEK-STIBOR | 1.000 | Annual | 06/19/2029 | 1100 | 8 | (21) | (13) | 0 | 0 |
|  Pay | 3-Month USD-LIBOR | 0.250 | Semi-Annual | 06/16/2023 | $5700 | (8) | (127) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(135) | 0 | (3) |
|  Receive | 3-Month USD-LIBOR | 1.298 | Semi-Annual | 08/25/2024 | 1050 | (33) | 93 | 60 | 1 | 0 |
|  Receive | 3-Month USD-LIBOR | 1.249 | Semi-Annual | 08/31/2024 | 1300 | (39) | 114 | 75 | 2 | 0 |
|  Receive | 3-Month USD-LIBOR | 1.250 | Semi-Annual | 12/15/2026 | 2300 | (27) | 273 | 246 | 4 | 0 |
|  Pay | 3-Month USD-LIBOR | 1.500 | Semi-Annual | 12/15/2028 | 900 | 0 | (118) | (118) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | (2) |
|  Pay | 3-Month USD-LIBOR | 1.518 | Semi-Annual | 01/20/2029 | 200 | 0 | (26) | (26) | 0 | 0 |
|  Pay | 3-Month USD-LIBOR | 1.630 | Semi-Annual | 01/20/2029 | 600 | (1) | (74) | (75) | 0 | (1) |
|  Pay | 3-Month USD-LIBOR | 1.630 | Semi-Annual | 01/26/2029 | 100 | 0 | (13) | (13) | 0 | 0 |
|  Pay | 3-Month USD-LIBOR | 2.000 | Semi-Annual | 12/15/2051 | 900 | 73 | (324) | (251) | 0 | (5) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **21** |

---

------

##### [**Table of Contents**](#toc)

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| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Global Core Bond (Hedged) Portfolio** | **(Cont.)** |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive**<br> **Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive**<br> **Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Pay | 3-Month ZAR-JIBAR | 7.250% | Quarterly | 06/20/2023 | ZAR | 2900 | $15 | $(15) | $0 | $0 | $0 |
|  Receive<sup>(7)</sup> | 6-Month AUD-BBR-BBSW | 3.750 | Quarterly | 03/15/2024 | AUD | 12600 | 15 | 12 | 27 | 1 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 1.750 | Semi-Annual | 03/16/2027 |  | 500 | (1) | (33) | (34) | 0 | 0 |
|  Pay<sup>(7)</sup> | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 09/15/2032 |  | 300 | 0 | (5) | (5) | 0 | 0 |
|  Pay<sup>(7)</sup> | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/15/2032 |  | 7900 | 2 | (79) | (77) | 2 | 0 |
|  Pay<sup>(7)</sup> | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 03/15/2033 |  | 400 | (4) | (3) | (7) | 0 | 0 |
|  Pay | 6-Month CZK-PRIBOR | 1.913 | Annual | 01/30/2029 | CZK | 1600 | 6 | (18) | (12) | 0 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 0.550 | Annual | 08/10/2024 | EUR | 100 | 0 | (5) | (5) | 0 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 11/23/2024 |  | 2300 | (75) | (25) | (100) | 0 | (2) |
|  Pay<sup>(7)</sup> | 6-Month EUR-EURIBOR | 1.500 | Annual | 03/15/2025 |  | 2300 | (37) | (57) | (94) | 0 | (4) |
|  Pay<sup>(7)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/19/2027 |  | 1620 | (1) | (2) | (3) | 0 | (2) |
|  Pay | 6-Month EUR-EURIBOR | 0.700 | Annual | 04/11/2027 |  | 200 | (1) | (20) | (21) | 0 | (1) |
|  Pay | 6-Month EUR-EURIBOR | 0.650 | Annual | 04/12/2027 |  | 300 | (2) | (30) | (32) | 0 | (1) |
|  Pay | 6-Month EUR-EURIBOR | 0.650 | Annual | 05/11/2027 |  | 200 | (1) | (21) | (22) | 0 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 05/13/2027 |  | 400 | (1) | (36) | (37) | 0 | (1) |
|  Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 05/18/2027 |  | 200 | (1) | (17) | (18) | 0 | 0 |
|  Pay<sup>(7)</sup> | 6-Month EUR-EURIBOR | 1.500 | Annual | 03/15/2028 |  | 10100 | (567) | (306) | (873) | 0 | (32) |
|  Pay<sup>(7)</sup> | 6-Month EUR-EURIBOR | 1.750 | Annual | 03/15/2033 |  | 11500 | (1370) | (150) | (1520) | 0 | (45) |
|  Receive<sup>(7)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/15/2033 |  | 680 | 2 | 2 | 4 | 2 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 0.000 | Annual | 03/17/2036 |  | 100 | 5 | 32 | 37 | 1 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/21/2037 |  | 650 | (11) | (60) | (71) | 0 | (5) |
|  Receive<sup>(7)</sup> | 6-Month EUR-EURIBOR | 0.054 | Annual | 05/27/2050 |  | 50 | 0 | 22 | 22 | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 0.064 | Annual | 11/17/2052 |  | 100 | 0 | 53 | 53 | 1 | 0 |
|  Receive<sup>(7)</sup> | 6-Month EUR-EURIBOR | 1.500 | Annual | 03/15/2053 |  | 1400 | 250 | 58 | 308 | 14 | 0 |
|  Pay | 28-Day MXN-TIIE | 4.870 | Lunar | 07/07/2025 | MXN | 3600 | (1) | (18) | (19) | 0 | 0 |
|  |  |  |  |  |  |  | $(1735) | $(1650) | $(3385) | $103 | $(169) |
|  **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** |  | $**(1443)** | $**(1768)** | $**(3211)** | $**103** | $**(174)** |

---

**FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY** 

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of December 31, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** |
|  | **Market Value** | **Variation Margin<br>Asset** | **Variation Margin<br>Asset** | **Total** |  | **Variation Margin<br>Liability** |  | **Total** |
| | **Purchased<br>Options** | **Futures** | **Swap<br>Agreements** | **Total** | | | | **Total** |
|  **Total Exchange-Traded or Centrally Cleared** | $**0** | $**108** | $**103** | $**211** | $**(6)** | $**(81)** | $**(174)** | $**(261)** |

---

**Cash of $3,200 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2022. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.** 

<sup>(1)</sup> Future styled option.

<sup>(2)</sup> If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(4)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(6)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(7)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

---

| | | |
|:---|:---|:---|
| **22** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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------

##### [**Table of Contents**](#toc)
December 31, 2022

&nbsp;&nbsp;&nbsp;&nbsp;**(k) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** 

**FORWARD FOREIGN CURRENCY CONTRACTS:** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  BOA | 01/2023 | 43445 | $111 | $0 | $(6) |
|  | 01/2023 | 480000 | 3360 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(300) |
|  | 01/2023 | 189 | 49 | 0 | (1) |
|  | 01/2023 | $39 | 37 | 1 | 0 |
|  | 02/2023 | 49 | 190 | 1 | 0 |
|  | 03/2023 | 3897 | $863 | 0 | (30) |
|  | 03/2023 | $85 | 1498 | 3 | 0 |
|  | 05/2023 | 1902 | $294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | 0 |
|  BPS | 01/2023 | 51920 | 134 | 0 | (5) |
|  | 01/2023 | 437 | 128 | 3 | 0 |
|  | 01/2023 | 13 | 0 | 0 | 0 |
|  | 01/2023 | 4403 | 144 | 0 | 0 |
|  | 03/2023 | 1010 | 50 | 0 | (1) |
|  | 03/2023 | 15 | 3 | 0 | 0 |
|  | 03/2023 | 1257 | 323 | 0 | (6) |
|  | 03/2023 | 1057 | 35 | 1 | 0 |
|  | 03/2023 | $34 | 32848 | 4 | 0 |
|  | 03/2023 | 27 | 120 | 0 | 0 |
|  | 03/2023 | 1439 | $79 | 0 | (5) |
|  BRC | 01/2023 | 135 | 19 | 0 | 0 |
|  | 01/2023 | 131229 | 342 | 0 | (10) |
|  | 01/2023 | 107 | 79 | 0 | 0 |
|  | 01/2023 | $553 | 2606 | 43 | 0 |
|  | 01/2023 | 754 | 7500 | 12 | 0 |
|  | 01/2023 | 44 | 1531 | 0 | 0 |
|  | 02/2023 | 11588 | $377 | 0 | (2) |
|  | 03/2023 | 130000 | 968 | 0 | (33) |
|  CBK | 01/2023 | 154 | 103 | 0 | (2) |
|  | 01/2023 | 59938 | 63 | 0 | (8) |
|  | 01/2023 | 2000 | 498 | 0 | (28) |
|  | 01/2023 | 7467 | 216 | 0 | 0 |
|  | 01/2023 | $376 | 556 | 2 | 0 |
|  | 01/2023 | 371 | 1949 | 0 | (2) |
|  | 01/2023 | 402 | 379 | 8 | 0 |
|  | 01/2023 | 189 | 164630 | 5 | 0 |
|  | 01/2023 | 209 | 197 | 2 | 0 |
|  | 01/2023 | 80 | 795 | 1 | 0 |
|  | 01/2023 | 364 | 570 | 0 | (2) |
|  | 01/2023 | 32 | 125 | 1 | 0 |
|  | 02/2023 | 60288 | $67 | 0 | (3) |
|  | 02/2023 | 1196 | 360 | 19 | 0 |
|  | 02/2023 | $79 | 425 | 1 | 0 |
|  | 03/2023 | 130 | 2558 | 0 | (1) |
|  | 04/2023 | 106155 | $122 | 0 | (2) |
|  | 04/2023 | 397 | 122 | 8 | 0 |
|  | 05/2023 | 207 | 32 | 2 | 0 |
|  | 05/2023 | 2677 | 800 | 33 | 0 |
|  | 05/2023 | $767 | 5419 | 24 | 0 |
|  | 11/2023 | 886 | $265 | 8 | 0 |
|  CLY | 01/2023 | 30 | 0 | 0 | 0 |
|  | 05/2023 | 3014 | 466 | 26 | 0 |
|  DUB | 01/2023 | 8388 | 1182 | 0 | (26) |
|  | 01/2023 | 1776 | 58 | 0 | 0 |
|  GLM | 01/2023 | 1639 | 308 | 0 | (3) |
|  | 01/2023 | 17920 | 18 | 0 | (3) |
|  | 01/2023 | 140 | 20 | 0 | 0 |
|  | 01/2023 | 82 | 11 | 0 | 0 |
|  | 01/2023 | 105 | 27 | 0 | 0 |
|  | 01/2023 | 8084 | 232 | 0 | (2) |
|  | 01/2023 | $30 | 209 | 0 | 0 |
|  | 01/2023 | 165 | 728 | 1 | 0 |
|  | 01/2023 | 30 | 1033 | 0 | 0 |
|  | 03/2023 | 2248 | $348 | 21 | 0 |
|  | 03/2023 | 1493 | 73 | 0 | (3) |
|  | 03/2023 | $138 | 125702 | 9 | 0 |
|  | 04/2023 | 302 | 1639 | 3 | 0 |
|  | 07/2023 | 783 | $233 | 7 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **23** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Global Core Bond (Hedged) Portfolio** | **(Cont.)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  JPM | 01/2023 | 310 | $59 | $0 | $0 |
|  | 01/2023 | 4795 | 5790 | 0 | (8) |
|  | 01/2023 | 67055 | 171 | 0 | (9) |
|  | 01/2023 | $41 | 1414 | 0 | 0 |
|  | 03/2023 | 191200 | $1409 | 0 | (63) |
|  | 03/2023 | $316 | 2249 | 10 | 0 |
|  | 04/2023 | 298 | $91 | 6 | 0 |
|  | 05/2023 | $377 | 2656 | 11 | 0 |
|  MBC | 01/2023 | 98 | $66 | 0 | (1) |
|  | 01/2023 | 283 | 211 | 2 | 0 |
|  | 01/2023 | 7585 | 1071 | 0 | (21) |
|  | 01/2023 | 9255 | 9708 | 0 | (203) |
|  | 01/2023 | 33 | 40 | 0 | 0 |
|  | 01/2023 | 340 | 44 | 0 | 0 |
|  | 01/2023 | 85016 | 619 | 0 | (30) |
|  | 01/2023 | 475 | 48 | 0 | (1) |
|  | 01/2023 | $90 | 85 | 1 | 0 |
|  | 01/2023 | 73 | 2528 | 0 | 0 |
|  | 02/2023 | 893 | $259 | 5 | 0 |
|  | 02/2023 | 200000 | 1446 | 0 | (89) |
|  | 05/2023 | 2951 | 440 | 9 | 0 |
|  MYI | 01/2023 | 741 | 498 | 0 | (7) |
|  | 01/2023 | 361844 | 2639 | 0 | (120) |
|  | 01/2023 | 418 | 95 | 0 | (1) |
|  | 01/2023 | $69 | 326 | 6 | 0 |
|  | 03/2023 | 418800 | $3090 | 0 | (137) |
|  RBC | 01/2023 | 9 | 6 | 0 | 0 |
|  SCX | 01/2023 | 50 | 33 | 0 | 0 |
|  | 01/2023 | 46 | 50 | 0 | 0 |
|  | 01/2023 | 85831 | 86 | 0 | (15) |
|  | 01/2023 | 1902039 | 1439 | 0 | (71) |
|  | 01/2023 | 1581 | 985 | 0 | (19) |
|  | 01/2023 | 11711 | 372 | 0 | (9) |
|  | 01/2023 | $60 | 420 | 0 | 0 |
|  | 01/2023 | 95 | 418 | 1 | 0 |
|  | 01/2023 | 49 | 189 | 1 | 0 |
|  | 01/2023 | 88 | 3040 | 0 | 0 |
|  | 03/2023 | 2929 | $634 | 0 | (37) |
|  TOR | 01/2023 | 1350000 | 9297 | 0 | (1013) |
|  | 01/2023 | $21 | 20 | 0 | 0 |
|  UAG | 01/2023 | 4 | 1320 | 0 | 0 |
|  | 02/2023 | 2002 | $584 | 14 | 0 |
|  **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | $**331** | $**(2338)** |

---

**PURCHASED OPTIONS:** 

**INTEREST RATE SWAPTIONS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Floating Rate Index** | **Pay/Receive<br>Floating Rate** | **Exercise<br>Rate** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Cost** | **Market<br>Value** |
| BOA Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.180% | 01/11/2024 | 500 | $14 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 |

---

**OPTIONS ON SECURITIES** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Description** | **Strike<br>Price** | **Strike<br>Price** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Cost** | **Market<br>Value** |
| BPS | Put - OTC Euro-OAT France Government Bond 0.750% due 05/01/2052 | EUR | 97.000 | 05/23/2025 | 200 | $15 | $82 |
|  **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | $**29** | $**135** |

---

**WRITTEN OPTIONS:** 

**CREDIT DEFAULT SWAPTIONS ON CREDIT INDICES** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Description** | **Buy/Sell <br>Protection** | **Exercise<br>Rate** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Premiums<br>(Received)** | **Market<br>Value** |
|  GST | Put - OTC iTraxx Europe 37 5-Year Index | Sell | 3.000% | 03/15/2023 | 200 | $0 | $0 |

---

---

| | | |
|:---|:---|:---|
| **24** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

**INTEREST RATE SWAPTIONS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Floating Rate Index** | **Pay/Receive<br>Floating Rate** | **Exercise<br>Rate** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Premiums<br>(Received)** | **Market<br>Value** |
| BOA Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.150% | 12/01/2023 | 300 | $(1) | $0 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.650 | 12/01/2023 | 300 | (1) | (2) |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.310 | 01/11/2024 | 4100 | (13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 3.000 | 01/19/2023 | 100 | 0 | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.500 | 01/19/2023 | 100 | 0 | (1) |
| BPS Call - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 0.550 | 04/11/2023 | 500 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.100 | 04/11/2023 | 500 | (1) | (8) |
| Call - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 0.700 | 04/28/2023 | 300 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.250 | 04/28/2023 | 300 | (1) | (4) |
| Put - OTC 25-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 0.451 | 05/23/2025 | 200 | (15) | (77) |
| BRC Call - OTC 5-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 3.200 | 01/12/2023 | 200 | (1) | 0 |
| Put - OTC 5-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.800 | 01/12/2023 | 200 | (1) | (1) |
| CBK Call - OTC 5-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 3.150 | 01/09/2023 | 200 | (1) | 0 |
| Put - OTC 5-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.650 | 01/09/2023 | 200 | (1) | (1) |
| DUB Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.920 | 10/13/2023 | 200 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.920 | 10/13/2023 | 200 | (1) | (3) |
| GLM Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.920 | 10/13/2023 | 100 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.920 | 10/13/2023 | 100 | (1) | (2) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 3.018 | 10/20/2023 | 100 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.018 | 10/20/2023 | 100 | (1) | (1) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 3.140 | 10/23/2023 | 100 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.140 | 10/23/2023 | 100 | (1) | (1) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 3.190 | 10/23/2023 | 100 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.190 | 10/23/2023 | 100 | (1) | (1) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 3.225 | 10/23/2023 | 200 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.225 | 10/23/2023 | 200 | (1) | (2) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.973 | 10/25/2023 | 100 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.973 | 10/25/2023 | 100 | (1) | (1) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.841 | 10/27/2023 | 200 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.841 | 10/27/2023 | 200 | (1) | (3) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 3.088 | 11/03/2023 | 100 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.088 | 11/03/2023 | 100 | (1) | (1) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.250 | 11/17/2023 | 200 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.750 | 11/17/2023 | 200 | (1) | (2) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.150 | 11/20/2023 | 200 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.650 | 11/20/2023 | 200 | (1) | (2) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.250 | 12/07/2023 | 200 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.750 | 12/07/2023 | 200 | (1) | (2) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.697 | 04/02/2024 | 500 | (3) | (2) |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.697 | 04/02/2024 | 500 | (4) | (6) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.721 | 04/08/2024 | 100 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.721 | 04/08/2024 | 100 | (1) | (1) |
| Call - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 0.550 | 04/11/2023 | 1000 | (2) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.100 | 04/11/2023 | 1000 | (2) | (16) |
| Call - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 0.700 | 04/24/2023 | 300 | 0 | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.250 | 04/24/2023 | 300 | (1) | (4) |
| Call - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 0.700 | 04/26/2023 | 400 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.250 | 04/26/2023 | 400 | (1) | (6) |
| Call - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 0.550 | 05/15/2023 | 200 | 0 | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.100 | 05/15/2023 | 200 | 0 | (3) |
| Call - OTC 5-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 3.230 | 01/23/2023 | 300 | (1) | 0 |
| Put - OTC 5-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.730 | 01/23/2023 | 300 | (1) | (2) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.067 | 06/09/2023 | 300 | (3) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 3.140 | 06/09/2023 | 300 | (4) | (10) |
| JPM Call - OTC 1-Year Interest Rate Swap  | 6-Month GBP-LIBOR | Receive | 0.820 | 12/16/2024 | 1200 | (8) | (2) |
| Call - OTC 5-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 3.200 | 01/12/2023 | 100 | 0 | 0 |
| Put - OTC 5-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.800 | 01/12/2023 | 100 | 0 | 0 |
| MYC Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.993 | 10/11/2023 | 100 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.993 | 10/11/2023 | 100 | (1) | (1) |
| NGF Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 3.020 | 11/06/2023 | 200 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.020 | 11/06/2023 | 200 | (1) | (3) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.845 | 11/13/2023 | 200 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.845 | 11/13/2023 | 200 | (1) | (3) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.785 | 04/08/2024 | 200 | (1) | (1) |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.785 | 04/08/2024 | 200 | (1) | (2) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.835 | 04/08/2024 | 200 | (1) | (1) |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.835 | 04/08/2024 | 200 | (1) | (2) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **25** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Global Core Bond (Hedged) Portfolio** | **(Cont.)** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Floating Rate Index** | **Pay/Receive<br>Floating Rate** | **Exercise<br>Rate** | | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Premiums<br>(Received)** | **Market<br>Value** |
| Call - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 0.550 | % | 04/03/2023 | 1000 | $(2) | $0 |
| Put - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.100 |  | 04/03/2023 | 1000 | (2) | (16) |
| Call - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 0.550 |  | 04/04/2023 | 500 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.100 |  | 04/04/2023 | 500 | (1) | (8) |
| Call - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 0.550 |  | 05/12/2023 | 400 | 0 | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.100 |  | 05/12/2023 | 400 | (1) | (6) |
| |  |  |  |  |  |  | $(112) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(279) |
| **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** |  | $**(112)** | $**(279)** |

---

**SWAP AGREEMENTS:** 

**CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION<sup>(2)</sup>** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2022<sup>(4)</sup>** | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements,<br>at Value<sup>(6)</sup>** | **Swap Agreements,<br>at Value<sup>(6)</sup>** |
| **Counterparty** | **Reference Entity** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2022<sup>(4)</sup>** | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
| BPS | Brazil Government International Bond | (1.000)% | Quarterly | 12/20/2025 | 1.588% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | $14 | $(9) | $5 | $0 |
|  | South Korea Government International Bond | (1.000) | Quarterly | 06/20/2023 | 0.319 | 400 | (10) | 9 | 0 | (1) |
| BRC | China Government International Bond | (1.000) | Quarterly | 06/20/2023 | 0.272 | 200 | (4) | 3 | 0 | (1) |
|  | South Korea Government International Bond | (1.000) | Quarterly | 06/20/2023 | 0.319 | 500 | (12) | 10 | 0 | (2) |
| GST | China Government International Bond | (1.000) | Quarterly | 06/20/2023 | 0.272 | 300 | (6) | 5 | 0 | (1) |
| HUS | South Korea Government International Bond | (1.000) | Quarterly | 06/20/2023 | 0.319 | 200 | (5) | 4 | 0 | (1) |
| JPM | South Korea Government International Bond | (1.000) | Quarterly | 06/20/2023 | 0.319 | 200 | (5) | 4 | 0 | (1) |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) |

---

**CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - SELL PROTECTION<sup>(3)</sup>** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2022<sup>(4)</sup>** | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements,<br>at Value<sup>(6)</sup>** | **Swap Agreements,<br>at Value<sup>(6)</sup>** |
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2022<sup>(4)</sup>** | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
| BRC | Italy Government International Bond | 1.000% | Quarterly | 06/20/2025 | 0.806% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

**CROSS-CURRENCY SWAPS** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Receive** | **Pay** | **Payment<br>Frequency** | **Maturity<br>Date<sup>(7)</sup>** | **Notional<br>Amount of<br>Currency<br>Received** | **Notional<br>Amount of<br>Currency<br>Delivered** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/**<br> **(Depreciation)** | **Swap Agreements,**<br> **at Value** | **Swap Agreements,**<br> **at Value** |
| **Counterparty** | **Receive** | **Pay** | **Payment<br>Frequency** | **Maturity<br>Date<sup>(7)</sup>** | **Notional<br>Amount of<br>Currency<br>Received** | **Notional<br>Amount of<br>Currency<br>Delivered** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/**<br> **(Depreciation)** | **Asset** | **Liability** |
|  AZD | Floating rate equal to 3-Month AUD-LIBOR plus 0.290% based on the notional amount of currency received | Floating rate equal to 3-Month USD-LIBOR based on the notional amount of currency delivered | Maturity | 01/04/2031 | AUD 700 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527 | $3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $0 |
|  CBK | Floating rate equal to 3-Month AUD-LIBOR plus 0.420% based on the notional amount of currency received | Floating rate equal to 3-Month USD-LIBOR based on the notional amount of currency delivered | Maturity | 07/31/2029 | 800 | 552 | 0 | 1 | 1 | 0 |
|  GLM | Floating rate equal to 3-Month AUD-LIBOR plus 0.423% based on the notional amount of currency received | Floating rate equal to 3-Month USD-LIBOR based on the notional amount of currency delivered | Maturity | 08/01/2029 | 700 | 483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | 1 | 0 | (1) |
|  |  |  |  |  |  |  | $1 | $0 | $2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

**INTEREST RATE SWAPS** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;**Swap Agreements,**<br> **at Value** | &nbsp;&nbsp;&nbsp;&nbsp;**Swap Agreements,**<br> **at Value** |
| **Counterparty** | **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
| BOA | Receive | 3-Month MYR-KLIBOR | 3.500% | Quarterly | 09/21/2027 | MYR | 1500 | $1 | $3 | $4 | $0 |
|  | Receive | 3-Month MYR-KLIBOR | 4.000 | Quarterly | 09/21/2027 |  | 2557 | 3 | (10) | 0 | (7) |
|  | Receive | 3-Month MYR-KLIBOR | 3.250 | Quarterly | 03/16/2032 |  | 268 | 1 | 3 | 4 | 0 |

---

---

| | | |
|:---|:---|:---|
| **26** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;**Swap Agreements,**<br> **at Value** | &nbsp;&nbsp;&nbsp;&nbsp;**Swap Agreements,**<br> **at Value** |
| **Counterparty** | **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  | Receive | 3-Month THB-THBFIX Compounded-OIS | 2.000% | Quarterly | 09/21/2024 | THB | 14600 | $(1) | $0 | $0 | $(1) |
|  | Receive | 3-Month THB-THBFIX Compounded-OIS | 2.250 | Quarterly | 12/21/2027 |  | 12200 | (2) | 1 | 0 | (1) |
|  | Pay | 6-Month THB-THBFIX | 2.000 | Semi-Annual | 03/16/2032 |  | 2800 | 0 | (3) | 0 | (3) |
|  | Pay | 6-Month THB-THBFIX | 3.250 | Semi-Annual | 06/15/2032 |  | 100 | 0 | 0 | 0 | 0 |
|  | Pay | 6-Month THB-THBFIX | 2.750 | Semi-Annual | 09/21/2032 |  | 6100 | 0 | 4 | 4 | 0 |
| BPS | Pay | 6-Month THB-THBFIX | 3.250 | Semi-Annual | 06/15/2032 |  | 9800 | 2 | 16 | 18 | 0 |
| CBK | Receive | 3-Month MYR-KLIBOR | 3.500 | Quarterly | 03/16/2032 | MYR | 200 | 0 | 2 | 2 | 0 |
| GLM | Receive | 3-Month MYR-KLIBOR | 3.500 | Quarterly | 09/21/2027 |  | 300 | 0 | 1 | 1 | 0 |
|  | Receive | 3-Month MYR-KLIBOR | 3.750 | Quarterly | 09/21/2032 |  | 1000 | (1) | 6 | 5 | 0 |
|  | Pay | 6-Month THB-THBFIX | 3.250 | Semi-Annual | 06/15/2032 | THB | 2200 | 0 | 4 | 4 | 0 |
| GST | Receive | 3-Month THB-THBFIX Compounded-OIS | 2.000 | Quarterly | 09/21/2024 |  | 66600 | (7) | 4 | 0 | (3) |
|  | Pay | 6-Month THB-THBFIX | 2.500 | Semi-Annual | 09/21/2032 |  | 5070 | (1) | 1 | 0 | 0 |
| NGF | Receive | 3-Month MYR-KLIBOR | 3.500 | Quarterly | 03/16/2032 | MYR | 400 | (1) | 5 | 4 | 0 |
|  | Receive | 3-Month THB-THBFIX Compounded-OIS | 2.000 | Quarterly | 09/21/2024 | THB | 7800 | 0 | (1) | 0 | (1) |
| SCX | Receive | 3-Month MYR-KLIBOR | 3.500 | Quarterly | 09/21/2027 | MYR | 600 | 0 | 1 | 1 | 0 |
|  | Receive | 3-Month MYR-KLIBOR | 3.500 | Quarterly | 03/16/2032 |  | 300 | (1) | 4 | 3 | 0 |
|  | Receive | 3-Month THB-THBFIX Compounded-OIS | 1.750 | Quarterly | 09/21/2024 | THB | 17000 | 1 | 0 | 1 | 0 |
|  | Receive | 3-Month THB-THBFIX Compounded-OIS | 2.000 | Quarterly | 09/21/2024 |  | 87212 | 6 | (11) | 0 | (5) |
|  | Receive | 3-Month THB-THBFIX Compounded-OIS | 2.000 | Quarterly | 09/21/2027 |  | 777 | 0 | 0 | 0 | 0 |
|  | Receive | 3-Month THB-THBFIX Compounded-OIS | 2.250 | Quarterly | 09/21/2027 |  | 20900 | (4) | 3 | 0 | (1) |
|  |  |  |  |  |  |  |  | $(4) | $33 | $51 | $(22) |
|  **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | $**(36)** | $**65** | $**59** | $**(30)** |

---

**FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY** 

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2022:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | | | |
| <br>**Counterparty** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Purchased<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Written<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** |<br>**Net Market<br>Value of OTC<br>Derivatives** |<br>**Collateral<br>Pledged/**<br> **(Received)** |<br>**Net<br>Exposure<sup>(8)</sup>** |
|  AZD | $0 | $0 | $1 | $1 | $0 | $0 | $0 | $0 | $1 | $0 | $1 |
|  BOA | 21 | 53 | 12 | 86 | (337) | (71) | (12) | (420) | (334) | 272 | (62) |
|  BPS | 8 | 82 | 23 | 113 | (17) | (89) | (1) | (107) | 6 | 0 | 6 |
|  BRC | 55 | 0 | 1 | 56 | (45) | (1) | (3) | (49) | 7 | 0 | 7 |
|  CBK | 114 | 0 | 3 | 117 | (48) | (1) | 0 | (49) | 68 | 0 | 68 |
|  CLY | 26 | 0 | 0 | 26 | 0 | 0 | 0 | 0 | 26 | 0 | 26 |
|  DUB | 0 | 0 | 0 | 0 | (26) | (3) | 0 | (29) | (29) | 0 | (29) |
|  GLM | 41 | 0 | 10 | 51 | (11) | (69) | (1) | (81) | (30) | 0 | (30) |
|  GST | 0 | 0 | 0 | 0 | 0 | 0 | (4) | (4) | (4) | 0 | (4) |
|  HUS | 0 | 0 | 0 | 0 | 0 | 0 | (1) | (1) | (1) | 0 | (1) |
|  JPM | 27 | 0 | 0 | 27 | (80) | (2) | (1) | (83) | (56) | 0 | (56) |
|  MBC | 17 | 0 | 0 | 17 | (345) | 0 | 0 | (345) | (328) | 0 | (328) |
|  MYC | 0 | 0 | 0 | 0 | 0 | (1) | 0 | (1) | (1) | 0 | (1) |
|  MYI | 6 | 0 | 0 | 6 | (265) | 0 | 0 | (265) | (259) | 0 | (259) |
|  NGF | 0 | 0 | 4 | 4 | 0 | (42) | (1) | (43) | (39) | 0 | (39) |
|  SCX | 2 | 0 | 5 | 7 | (151) | 0 | (6) | (157) | (150) | 0 | (150) |
|  TOR | 0 | 0 | 0 | 0 | (1013) | 0 | 0 | (1013) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1013) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(196) |
|  UAG | 14 | 0 | 0 | 14 | 0 | 0 | 0 | 0 | 14 | 0 | 14 |
|  **Total Over the Counter** | $**331** | $**135** | $**59** | $**525** | $**(2338)** | $**(279)** | $**(30)** | $**(2647)** |  |  |  |

---

**(l)** **Securities with an aggregate market value of $1,089 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2022.** 

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **27** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Global Core Bond (Hedged) Portfolio** | **(Cont.)** |

---

<sup>(4)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(6)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(7)</sup> At the maturity date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered. 

<sup>(8)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

**FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS** 

The following is a summary of the fair valuation of the Portfolio's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Portfolio.

Fair Values of Financial Derivative Instruments on the Statement of Assets and Liabilities as of December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
| | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $108 | $108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 103 | 103 |
|  | $0 | $0 | $0 | $0 | $211 | $211 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $331 | $0 | $331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 135 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 6 | 0 | 2 | 51 | 59 |
|  | $0 | $6 | $0 | $333 | $186 | $525 |
|  | $0 | $6 | $0 | $333 | $397 | $736 |
|  **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $6 | $6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 81 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 3 | 0 | 0 | 171 | 174 |
|  | $0 | $3 | $0 | $0 | $258 | $261 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $2338 | $0 | $2338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 279 | 279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 7 | 0 | 1 | 22 | 30 |
|  | $0 | $7 | $0 | $2339 | $301 | $2647 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2339 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2908 |

---

The effect of Financial Derivative Instruments on the Statement of Operations for the period ended December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
| | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $7 | $7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 1137 | 1137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (44) | 0 | 0 | (4138) | (4182) |
|  | $0 | $(44) | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2994) | $(3038) |

---

---

| | | |
|:---|:---|:---|
| **28** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
| | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $7152 | $0 | $7152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | (3) | (22) | (25) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 50 | 0 | 6 | 175 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 24 | 0 | 0 | 98 | 122 |
|  | $0 | $74 | $0 | $7155 | $251 | $7480 |
|  | $0 | $30 | $0 | $7155 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2743) | $4442 |
|  **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $(2) | $(2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 310 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (163) | 0 | 0 | (1073) | (1236) |
|  | $0 | $(163) | $0 | $0 | $(765) | $(928) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(1841) | $0 | $(1841) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 112 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | (13) | 0 | 0 | (144) | (157) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (29) | 0 | 3 | 34 | 8 |
|  | $0 | $(42) | $0 | $(1838) | $2 | $(1878) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(205) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1838) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(763) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2806) |

---

**FAIR VALUE MEASUREMENTS** 

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair**<br> **Value at<br>12/31/2022** |
|  **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** |
|  Argentina | Argentina | Argentina | Argentina | Argentina |
| &nbsp;&nbsp; Sovereign Issues | $0 | $15 | $0 | $15 |
|  Australia | Australia | Australia | Australia | Australia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 376 | 0 | 376 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 929 | 0 | 929 |
|  Canada | Canada | Canada | Canada | Canada |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 162 | 0 | 162 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 37 | 0 | 37 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 102 | 0 | 102 |
|  Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 7091 | 0 | 7091 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 975 | 0 | 975 |
|  Denmark | Denmark | Denmark | Denmark | Denmark |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 2198 | 0 | 2198 |
|  France | France | France | France | France |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 831 | 0 | 831 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1369 | 0 | 1369 |
|  Germany | Germany | Germany | Germany | Germany |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1734 | 0 | 1734 |
|  Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 1875 | 0 | 1875 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 185 | 0 | 185 |
|  Israel | Israel | Israel | Israel | Israel |
| &nbsp;&nbsp; Sovereign Issues | 0 | 738 | 0 | 738 |
|  Italy | Italy | Italy | Italy | Italy |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 546 | 0 | 546 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 366 | 0 | 366 |
|  Japan | Japan | Japan | Japan | Japan |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 833 | 0 | 833 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 3903 | 0 | 3903 |
|  Malaysia | Malaysia | Malaysia | Malaysia | Malaysia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 415 | 0 | 415 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 663 | 0 | 663 |
|  Netherlands | Netherlands | Netherlands | Netherlands | Netherlands |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 239 | 0 | 239 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair**<br> **Value at<br>12/31/2022** |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | $0 | $1167 | $0 | $1167 |
|  New Zealand | New Zealand | New Zealand | New Zealand | New Zealand |
| &nbsp;&nbsp; Sovereign Issues | 0 | 101 | 0 | 101 |
|  Norway | Norway | Norway | Norway | Norway |
| &nbsp;&nbsp; Sovereign Issues | 0 | 62 | 0 | 62 |
|  Peru | Peru | Peru | Peru | Peru |
| &nbsp;&nbsp; Sovereign Issues | 0 | 768 | 0 | 768 |
|  Romania | Romania | Romania | Romania | Romania |
| &nbsp;&nbsp; Sovereign Issues | 0 | 495 | 0 | 495 |
|  Serbia | Serbia | Serbia | Serbia | Serbia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 143 | 0 | 143 |
|  South Korea | South Korea | South Korea | South Korea | South Korea |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1470 | 0 | 1470 |
|  Spain | Spain | Spain | Spain | Spain |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 427 | 0 | 427 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 510 | 0 | 510 |
|  Switzerland | Switzerland | Switzerland | Switzerland | Switzerland |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1032 | 0 | 1032 |
|  Thailand | Thailand | Thailand | Thailand | Thailand |
| &nbsp;&nbsp; Sovereign Issues | 0 | 363 | 0 | 363 |
|  United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 3744 | 0 | 3744 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 3307 | 0 | 3307 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 690 | 0 | 690 |
|  United States | United States | United States | United States | United States |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 4289 | 0 | 4289 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 5495 | 0 | 5495 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 71 | 0 | 71 |
| &nbsp;&nbsp; Municipal Bonds & Notes | 0 | 253 | 0 | 253 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 9309 | 0 | 9309 |
| &nbsp;&nbsp; U.S. Government Agencies | 0 | 23435 | 0 | 23435 |
| &nbsp;&nbsp; U.S. Treasury Obligations | 0 | 6238 | 0 | 6238 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 500 | 0 | 500 |
| &nbsp;&nbsp; Hungary Treasury Bills | 0 | 791 | 0 | 791 |

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| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **29** |

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| **Schedule of Investments** | **PIMCO Global Core Bond (Hedged) Portfolio** | **(Cont.)** | December 31, 2022 |

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| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair**<br> **Value at<br>12/31/2022** |
| &nbsp;&nbsp; Israel Treasury Bills | $0 | $2122 | $0 | $2122 |
| &nbsp;&nbsp; Japan Treasury Bills | 0 | 21110 | 0 | 21110 |
|  | $0 | $113474 | $0 | $113474 |
|  **Investments in Affiliates, at Value**  | **Investments in Affiliates, at Value**  | **Investments in Affiliates, at Value**  | **Investments in Affiliates, at Value**  | **Investments in Affiliates, at Value**  |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $5060 | $0 | $0 | $5060 |
|  Total Investments | $5060 | $113474 | $0 | $118534 |
|  **Short Sales, at Value - Liabilities** | **Short Sales, at Value - Liabilities** | **Short Sales, at Value - Liabilities** | **Short Sales, at Value - Liabilities** | **Short Sales, at Value - Liabilities** |
|  United States |  |  |  |  |
| &nbsp;&nbsp; U.S. Government Agencies | $0 | $(7225) | $0 | $(7225) |

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| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair**<br> **Value at<br>12/31/2022** |
|  **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** |
|  Exchange-traded or centrally cleared | $93 | $118 | $0 | $211 |
|  Over the counter | 0 | 525 | 0 | 525 |
|  | $93 | $643 | $0 | $736 |
|  **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** |
|  Exchange-traded or centrally cleared | (57) | (204) | 0 | (261) |
|  Over the counter | 0 | (2647) | 0 | (2647) |
|  | $(57) | $(2851) | $0 | $(2908) |
|  Total Financial Derivative Instruments | $36 | $(2208) | $0 | $(2172) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5096 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104041 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109137 |

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There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.

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| **30** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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| **Notes to Financial Statements** | December 31, 2022 |

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1. ORGANIZATION

PIMCO Variable Insurance Trust (the "Trust") is a Delaware statutory trust established under a trust instrument dated October 3, 1997. The Trust is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Trust is designed to be used as an investment vehicle by separate accounts of insurance companies that fund variable annuity contracts and variable life insurance policies and by qualified pension and retirement plans. Information presented in these financial statements pertains to the Administrative Class shares of the PIMCO Global Core Bond (Hedged) Portfolio (the "Portfolio") offered by the Trust. Pacific Investment Management Company LLC ("PIMCO") serves as the investment adviser (the "Adviser") for the Portfolio.

Hereinafter, the Board of Trustees of the Funds shall be collectively referred to as the "Board."

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The Portfolio is treated as an investment company under the reporting requirements of U.S. GAAP. The functional and reporting currency for the Portfolio is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(a) Securities Transactions and Investment Income Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Portfolio is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are

reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statement of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statement of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statement of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable.

(b) Foreign Currency Translation The market values of foreign securities, currency holdings and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies, if any, are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Portfolio does not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) from investments on the Statement of Operations. The Portfolio may invest in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains (losses) arising from sales of spot foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in net realized gain (loss) on foreign currency transactions on the Statement of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period are included in net change in unrealized appreciation (depreciation) on foreign currency assets and liabilities on the Statement of Operations.

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **31** |

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| **Notes to Financial Statements** | **(Cont.)** |

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(c) Distributions to Shareholders Distributions from net investment income, if any, are declared daily and distributed to shareholders monthly. In addition, the Portfolio distributes any net capital gains it earns from the sale of portfolio securities to shareholders no less frequently than annually. The Portfolio may revise its distribution policy or postpone the payment of distributions at any time.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on the Portfolio's annual financial statements presented under U.S. GAAP.

Separately, if the Portfolio determines or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources other than net investment income in accordance with its policies, accounting records (if applicable), and accounting practices, the Portfolio will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, the Portfolio determines or estimates, as applicable, the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is determined or estimated, as applicable, that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between the Portfolio's daily internal accounting records and practices, the Portfolio's financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, the Portfolio's internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include but are not limited to, for certain Portfolios, the treatment of periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that the Portfolio may not issue a Section 19 Notice in situations where the Portfolio's financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of

distributions. Final determination of a distribution's tax character will be provided to shareholders when such information is available.

Distributions classified as a tax basis return of capital at the Portfolio's fiscal year end, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital on the Statement of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Statement of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(d) New Accounting Pronouncements and Regulatory Updates In March 2020, the Financial Accounting Standards Board ("FASB") issued an Accounting Standards Update ("ASU"), ASU 2020-04, which provides optional guidance to ease the potential accounting burden associated with transitioning away from the London Interbank Offered Rate and other reference rates that are expected to be discontinued. ASU 2020-04 is effective for certain reference rate-related contract modifications that occurred during the period March 12, 2020 through December 31, 2022. In March 2021, the administrator for LIBOR announced the extension of the publication of a majority of the USD LIBOR settings to June 30, 2023. In December 2022, FASB issued ASU 2022-06, which includes amendments to extend the duration of the LIBOR transition relief to December 31, 2024, after which entities will no longer be permitted to apply the reference rate reform relief. Management is continuously evaluating the potential effect a discontinuation of LIBOR could have on the Portfolio's investments and has determined that it is unlikely the ASU's adoption will have a material impact on the Portfolio's financial statements.

In October 2020, the U.S. Securities and Exchange Commission ("SEC") adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover transactions. Subject to certain exceptions, the rule requires funds that trade derivatives and other transactions that create future payment or delivery obligations to comply with a value-at-risk leverage limit and certain derivatives risk management program and reporting requirements. The effective date for the rule was February 19, 2021. The compliance date for the new rule and the related reporting requirements was August 19, 2022. Management has implemented changes in connection with the rule and has determined that there was no material impact to the Portfolio's financial statements.

In October 2020, the SEC adopted a rule regarding the ability of a fund to invest in other funds. The rule allows a fund to acquire shares of another fund in excess of certain limitations currently imposed by the Act without obtaining individual exemptive relief from the SEC, subject

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to certain conditions. The rule also includes the rescission of certain exemptive relief from the SEC and guidance from the SEC staff for funds to invest in other funds. The effective date for the rule was January 19, 2021, and the compliance date for the rule was January 19, 2022. Management has implemented changes in connection with the rule and has determined that there was no material impact to the Portfolio's financial statements.

In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value as well as for the performance of fair value determinations, including related oversight and reporting obligations. The new rule also defines "readily available market quotations" for purposes of the definition of "value" under the Act, and the SEC noted that this definition would apply in all contexts under the Act. The effective date for the rule was March 8, 2021. The compliance date for the new rule and the related reporting requirements was September 8, 2022. Management has implemented changes in connection with the rule and has determined that there was no material impact to the Portfolio's financial statements.

In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820), which affects all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring the fair value. The amendments also require additional disclosures for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The effective date for the amendments in ASU 2022-03 is for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years. At this time, management is evaluating the implications of these changes on the financial statements.

In October 2022, the SEC adopted changes to the mutual fund and ETF shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which will change the disclosures provided to shareholders. The rule is effective as of January 24, 2023, but the SEC is providing an 18-month compliance period after the effective date other than for rule amendments addressing fee and expense information in advertisements that might be materially misleading. At this time, management is evaluating the implications of these changes on the financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies The NAV of the Portfolio's shares, or each of its share classes as applicable, is determined by dividing the

total value of portfolio investments and other assets attributable to the Portfolio or class, less any liabilities, as applicable, by the total number of shares outstanding.

On each day that the New York Stock Exchange ("NYSE") is open, the Portfolio's shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) ("NYSE Close"). Information that becomes known to the Portfolio or its agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, the Portfolio may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. The Portfolio generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, the Portfolio may calculate its NAV as of the NYSE Close for such day or such other time that the Portfolio may determine.

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Portfolio will normally use pricing data for domestic equity securities received shortly after the NYSE Close and does not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange, or the NYSE Close, if the NYSE Close occurs before the end of trading on the foreign exchange.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated PIMCO as the valuation designee ("Valuation Designee") for the Portfolio to perform the fair value determination relating to all Portfolio investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee's policies and

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **33** |

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procedures govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Portfolio investments. The Valuation Designee may value Portfolio securities for which market quotations are not readily available and other Portfolio assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, "Pricing Sources").

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives, and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Exchange-traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Swap agreements are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of the Portfolio's assets that are invested in one or more open-end management investment companies (other than ETFs), the Portfolio's NAV will be calculated based on the NAVs of such investments. Open-end management investment companies may include affiliated funds.

If a foreign (non-U.S.) equity security's value has materially changed after the close of the security's primary exchange or principal market but before the NYSE Close, the security may be valued at fair value. Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, the Portfolio may determine the fair value of investments based on information provided by Pricing Sources, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indexes) that occur after the close of the relevant market and before the NYSE Close. The Portfolio may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, unless otherwise determined by the Valuation Designee, any movement in the applicable reference index or instrument ("zero trigger") between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may

permit trading in foreign (non-U.S.) equity securities on days when the Trust is not open for business, which may result in the Portfolio's portfolio investments being affected when shareholders are unable to buy or sell shares.

Whole loans may be fair valued using inputs that take into account borrower- or loan-level data (e.g., credit risk of the borrower) that is updated periodically throughout the life of each individual loan; any new borrower- or loan-level data received in written reports periodically by the Portfolio normally will be taken into account in calculating the NAV. The Portfolio's whole loan investments, including those originated by the Portfolio or through an alternative lending platform, generally are fair valued in accordance with procedures approved by the Board.

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Sources. As a result, the value of such investments and, in turn, the NAV of the Portfolio's shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Trust is not open for business. As a result, to the extent that the Portfolio holds foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in the Portfolio's next calculated NAV.

Fair valuation may require subjective determinations about the value of a security. While the Trust's and Valuation Designee's policies and procedures are intended to result in a calculation of the Portfolio's NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values accurately reflect the price that the Portfolio could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Portfolio may differ from the value that would be realized if the securities were sold. The Portfolio's use of fair valuation may also help to deter "stale price arbitrage" as discussed under the "Frequent or Excessive Purchases, Exchanges and Redemptions" section in the Portfolio's prospectus.

(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2, or 3). The inputs or methodology used for valuing securities are not

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necessarily an indication of the risks associated with investing in those securities. Levels 1, 2, and 3 of the fair value hierarchy are defined as follows:

<sup>∎</sup> Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

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| <sup>∎</sup> | Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs. |

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<sup>∎</sup> Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for the Portfolio.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between Levels of the Portfolio's assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy, and if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for the Portfolio.

(c) Valuation Techniques and the Fair Value Hierarchy

Level 1, Level 2 and Level 3 trading assets and trading liabilities, at fair value The valuation methods (or "techniques") and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1, Level 2 and Level 3 of the fair value hierarchy are as follows:

Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation

adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

Investments in registered open-end investment companies (other than ETFs) will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in unregistered open-end investment companies will be calculated based upon the NAVs of such investments and are considered Level 1 provided that the NAVs are observable, calculated daily and are the value at which both purchases and sales will be conducted.

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities and non-U.S. bonds are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Sources' internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Fixed income securities purchased on a delayed-delivery basis or as a repurchase commitment in a sale-buyback transaction are marked to market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **35** |

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Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or Pricing Sources. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers or Pricing Sources (normally determined as of the NYSE Close). Depending on the product and the terms of the transaction, financial derivative instruments can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as quoted prices, issuer details, indices, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Sources (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models may use inputs that are observed from actively quoted markets such as the overnight index swap rate, LIBOR forward rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

Short-term debt instruments (such as commercial paper) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost value of such short-term debt instruments is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price.

When a fair valuation method is applied by PIMCO that uses significant unobservable inputs, investments will be priced by a method that the Valuation Designee believes reflects fair value and are categorized as Level 3 of the fair value hierarchy.

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

The Portfolio may invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III ("Central Funds") to the extent permitted by the Act and rules thereunder. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Portfolio. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC's website at www.sec.gov. A copy of each affiliate fund's shareholder report is also available at the SEC's website at www.sec.gov, on the Portfolio's website at www.pimco.com, or upon request, as applicable. The tables below show the Portfolio's transactions in and earnings from investments in the affiliated Funds for the period ended December 31, 2022 (amounts in thousands<sup>†</sup>):

**Investment in PIMCO Short Asset Portfolio** 

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|:---|:---|:---|:---|:---|:---|:---|:---|
| **Market Value<br>12/31/2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Market Value<br>12/31/2022** | **Dividend<br>Income<sup>(1)</sup>** | **Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup>** |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

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**Investment in PIMCO Short-Term Floating NAV Portfolio III** 

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|:---|:---|:---|:---|:---|:---|:---|:---|
| **Market Value<br>12/31/2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Market Value<br>12/31/2022** | **Dividend<br>Income<sup>(1)</sup>** | **Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup>** |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1520 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52152 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49300) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4370 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

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| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(1)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

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(b) Investments in Securities

The Portfolio may utilize the investments and strategies described below to the extent permitted by the Portfolio's investment policies.

Delayed-Delivery Transactions involve a commitment by the Portfolio to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, the Portfolio will designate or receive as collateral liquid assets in an amount sufficient to meet the purchase price or respective obligations. When purchasing a security on a delayed-delivery basis, the Portfolio assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. The Portfolio may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain (loss). When the Portfolio has sold a security on a delayed-delivery basis, the Portfolio does not participate in future gains (losses) with respect to the security.

Inflation-Indexed Bonds are fixed income securities whose principal value is periodically adjusted by the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Statement of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury Inflation-Protected Securities. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

Loans and Other Indebtedness, Loan Participations and Assignments are direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental, or other borrowers. The Portfolio's investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties or investments in or originations of loans by the Portfolio. A loan is often administered by a bank or other financial institution (the "agent") that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. The Portfolio may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When the Portfolio purchases assignments from agents it acquires direct rights against the borrowers of the loans. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing through, for example, the

issuance of bonds, frequently high yield bonds issued for the purpose of acquisitions.

The types of loans and related investments in which the Portfolio may invest include, among others, senior loans, subordinated loans (including second lien loans, B-Notes and mezzanine loans), whole loans, commercial real estate and other commercial loans and structured loans. The Portfolio may originate loans or acquire direct interests in loans through primary loan distributions and/or in private transactions. In the case of subordinated loans, there may be significant indebtedness ranking ahead of the borrower's obligation to the holder of such a loan, including in the event of the borrower's insolvency. Mezzanine loans are typically secured by a pledge of an equity interest in the mortgage borrower that owns the real estate rather than an interest in a mortgage.

Investments in loans may include unfunded loan commitments, which are contractual obligations for funding. Unfunded loan commitments may include revolving credit facilities, which may obligate the Portfolio to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full, even though a percentage of the committed amount may not be utilized by the borrower. When investing in a loan participation, the Portfolio has the right to receive payments of principal, interest and any fees to which it is entitled only from the agent selling the loan agreement and only upon receipt of payments by the agent from the borrower. The Portfolio may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. In certain circumstances, the Portfolio may receive a penalty fee upon the prepayment of a loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense, respectively, on the Statement of Operations. Unfunded loan commitments are reflected as a liability on the Statement of Assets and Liabilities.

Mortgage-Related and Other Asset-Backed Securities directly or indirectly represent a participation in, or are secured by and payable from, loans on real property. Mortgage-related securities are created from pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. These securities provide a monthly payment which consists of both interest and principal. Interest may be determined by fixed or adjustable rates. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with the full faith and credit of the U.S. Government. Pools created and guaranteed by non-governmental issuers, including government-

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sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Many of the risks of investing in mortgage-related securities secured by commercial mortgage loans reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make lease payments, and the ability of a property to attract and retain tenants. These securities may be less liquid and may exhibit greater price volatility than other types of mortgage-related or other asset-backed securities. Other asset-backed securities are created from many types of assets, including, but not limited to, auto loans, accounts receivable, such as credit card receivables and hospital account receivables, home equity loans, student loans, boat loans, mobile home loans, recreational vehicle loans, manufactured housing loans, aircraft leases, computer leases and syndicated bank loans.

Collateralized Debt Obligations ("CDOs") include Collateralized Bond Obligations ("CBOs"), Collateralized Loan Obligations ("CLOs") and other similarly structured securities. CBOs and CLOs are types of asset-backed securities. A CBO is a trust which is backed by a diversified pool of high risk, below investment grade fixed income securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which the Portfolio invests. In addition to the normal risks associated with fixed income securities discussed elsewhere in this report and the Portfolio's prospectus and statement of additional information (e.g., prepayment risk, credit risk, liquidity risk, market risk, structural risk, legal risk and interest rate risk (which may be exacerbated if the interest rate payable on a structured financing changes based on multiples of changes in interest rates or inversely to changes in interest rates)), CBOs, CLOs and other CDOs carry additional risks including, but not limited to, (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments, (ii) the quality of the collateral may decline in value or default, (iii) the risk that the Portfolio may invest in CBOs, CLOs, or other CDOs that are subordinate to other classes, and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

Collateralized Mortgage Obligations ("CMOs") are debt obligations of a legal entity that are collateralized by whole mortgage loans or private mortgage bonds and divided into classes. CMOs are structured into multiple classes, often referred to as "tranches", with each class

bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including prepayments. CMOs may be less liquid and may exhibit greater price volatility than other types of mortgage-related or asset-backed securities.

Stripped Mortgage-Backed Securities ("SMBS") are derivative multi-class mortgage securities. SMBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. An SMBS will have one class that will receive all of the interest (the interest-only or "IO" class), while the other class will receive the entire principal (the principal-only or "PO" class). Payments received for IOs are included in interest income on the Statement of Operations. Because no principal will be received at the maturity of an IO, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statement of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

Payment In-Kind Securities may give the issuer the option at each interest payment date of making interest payments in either cash and/or additional debt securities. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a dirty price) and require a pro rata adjustment from the unrealized appreciation (depreciation) on investments to interest receivable on the Statement of Assets and Liabilities.

Perpetual Bonds are fixed income securities with no maturity date but pay a coupon in perpetuity (with no specified ending or maturity date). Unlike typical fixed income securities, there is no obligation for perpetual bonds to repay principal. The coupon payments, however, are mandatory. While perpetual bonds have no maturity date, they may have a callable date in which the perpetuity is eliminated and the issuer may return the principal received on the specified call date. Additionally, a perpetual bond may have additional features, such as interest rate increases at periodic dates or an increase as of a predetermined point in the future.

Restricted Investments are subject to legal or contractual restrictions on resale and may generally be sold privately, but may be required to be registered or exempted from such registration before being sold to the public. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933. Disposal of restricted investments may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Restricted investments held

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by the Portfolio as of December 31, 2022, as applicable, are disclosed in the Notes to Schedule of Investments.

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the "U.S. Treasury"); and others, such as those of the Federal National Mortgage Association ("FNMA" or "Fannie Mae"), are supported by the discretionary authority of the U.S. Government to purchase the agency's obligations. U.S. Government securities may include zero coupon securities which do not distribute interest on a current basis and tend to be subject to a greater risk than interest-paying securities of similar maturities.

Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac"). FNMA is a government-sponsored corporation. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. Government. FHLMC issues Participation Certificates ("PCs"), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

In June 2019, FNMA and FHLMC started issuing Uniform Mortgage Backed Securities in place of their current offerings of TBA-eligible securities (the "Single Security Initiative"). The Single Security Initiative seeks to support the overall liquidity of the TBA market and aligns the characteristics of FNMA and FHLMC certificates. The effects that the Single Security Initiative may have on the market for TBA and other mortgage-backed securities are uncertain.

Roll-timing strategies can be used where the Portfolio seeks to extend the expiration or maturity of a position, such as a TBA security on an underlying asset, by closing out the position before expiration and opening a new position with respect to substantially the same underlying asset with a later expiration date. TBA securities purchased

or sold are reflected on the Statement of Assets and Liabilities as an asset or liability, respectively. Recently finalized FINRA rules include mandatory margin requirements for the TBA market that requires the Portfolio to post collateral in connection with its TBA transactions. There is no similar requirement applicable to the Portfolio's TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the Portfolio and impose added operational complexity.

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Portfolio may enter into the borrowings and other financing transactions described below to the extent permitted by the Portfolio's investment policies.

The following disclosures contain information on the Portfolio's ability to lend or borrow cash or securities to the extent permitted under the Act, which may be viewed as borrowing or financing transactions by the Portfolio. The location of these instruments in the Portfolio's financial statements is described below.

(a) Repurchase Agreements Under the terms of a typical repurchase agreement, the Portfolio purchases an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and the Portfolio to resell, the obligation at an agreed-upon price and time. In an open maturity repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Portfolio or counterparty at any time. The underlying securities for all repurchase agreements are held by the Portfolio's custodian or designated subcustodians under tri-party repurchase agreements and in certain instances will remain in custody with the counterparty. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, if any, including accrued interest, are included on the Statement of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Statement of Operations. In periods of increased demand for collateral, the Portfolio may pay a fee for the receipt of collateral, which may result in interest expense to the Portfolio.

(b) Short Sales Short sales are transactions in which the Portfolio sells a security that it may not own. The Portfolio may make short sales of securities to (i) offset potential declines in long positions in similar securities, (ii) to increase the flexibility of the Portfolio, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When the Portfolio engages in a short sale, it may borrow the security sold short and deliver it to the counterparty. The Portfolio will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any

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dividend or interest that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Statement of Assets and Liabilities. Short sales expose the Portfolio to the risk that it will be required to cover its short position at a time when the security or other asset has appreciated in value, thus resulting in losses to the Portfolio. A short sale is "against the box" if the Portfolio holds in its portfolio or has the right to acquire the security sold short, or securities identical to the security sold short, at no additional cost. The Portfolio will be subject to additional risks to the extent that it engages in short sales that are not "against the box." The Portfolio's loss on a short sale could theoretically be unlimited in cases where the Portfolio is unable, for whatever reason, to close out its short position.

(c) Interfund Lending In accordance with an exemptive order (the "Order") from the SEC, each Portfolio of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Portfolio's investment policies and restrictions. Each Portfolio is currently permitted to borrow under the Interfund Lending Program. A lending portfolio may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing portfolio through the Interfund Lending Program. A borrowing portfolio may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the portfolio's investment restrictions). If a borrowing portfolio's total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending portfolio and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended December 31, 2022, the Portfolio did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

The Portfolio may enter into the financial derivative instruments described below to the extent permitted by the Portfolio's investment policies.

The following disclosures contain information on how and why the Portfolio uses financial derivative instruments, and how financial

derivative instruments affect the Portfolio's financial position, results of operations and cash flows. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Statement of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table in the Notes to Schedule of Investments. The financial derivative instruments outstanding as of period end and the amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Schedule of Investments, serve as indicators of the volume of financial derivative activity for the Portfolio.

(a) Forward Foreign Currency Contracts may be engaged, in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of the Portfolio's securities or as part of an investment strategy. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked to market daily, and the change in value is recorded by the Portfolio as an unrealized gain (loss). Realized gains (losses) are equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed and are recorded upon delivery or receipt of the currency. These contracts may involve market risk in excess of the unrealized gain (loss) reflected on the Statement of Assets and Liabilities. In addition, the Portfolio could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar. To mitigate such risk, cash or securities may be exchanged as collateral pursuant to the terms of the underlying contracts.

(b) Futures Contracts are agreements to buy or sell a security or other asset for a set price on a future date and are traded on an exchange. The Portfolio may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by the Portfolio and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Portfolio is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the

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contracts, an appropriate payable or receivable for the change in value may be posted or collected by the Portfolio ("Futures Variation Margin"). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Statement of Assets and Liabilities. Gains (losses) are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the Futures Variation Margin included within exchange traded or centrally cleared financial derivative instruments on the Statement of Assets and Liabilities.

(c) Options Contracts may be written or purchased to enhance returns or to hedge an existing position or future investment. The Portfolio may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase the Portfolio's exposure to the underlying instrument. Writing call options tends to decrease the Portfolio's exposure to the underlying instrument. When the Portfolio writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. These amounts are included on the Statement of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The Portfolio as a writer of an option has no control over whether the underlying instrument may be sold ("call") or purchased ("put") and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Portfolio may not be able to enter into a closing transaction because of an illiquid market.

Purchasing call options tends to increase the Portfolio's exposure to the underlying instrument. Purchasing put options tends to decrease the Portfolio's exposure to the underlying instrument. The Portfolio pays a premium which is included as an asset on the Statement of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed.

Credit Default Swaptions may be written or purchased to hedge exposure to the credit risk of an investment without making a commitment to the underlying instrument. A credit default swaption is an option to sell or buy credit protection on a specific reference by entering into a pre-defined swap agreement by some specified date in the future.

Foreign Currency Options may be written or purchased to be used as a short or long hedge against possible variations in foreign exchange rates or to gain exposure to foreign currencies.

Interest Rate-Capped Options may be written or purchased to enhance returns or for hedging opportunities. The purpose of purchasing interest rate-capped options is to protect the Portfolio from floating rate risk above a certain rate on a given notional exposure. A floor can be used to give downside protection to investments in interest rate linked products.

Interest Rate Swaptions may be written or purchased to enter into a pre-defined swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, by some specified date in the future. The writer of the swaption becomes the counterparty to the swap if the buyer exercises. The interest rate swaption agreement will specify whether the buyer of the swaption will be a fixed-rate receiver or a fixed-rate payer upon exercise.

Options on Exchange-Traded Futures Contracts ("Futures Option") may be written or purchased to hedge an existing position or future investment, for speculative purposes or to manage exposure to market movements. A Futures Option is an option contract in which the underlying instrument is a single futures contract.

Options on Securities may be written or purchased to enhance returns or to hedge an existing position or future investment. An option on a security uses a specified security as the underlying instrument for the option contract.

(d) Swap Agreements are bilaterally negotiated agreements between the Portfolio and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the over the counter market ("OTC swaps") or may be cleared through a third party, known as a central counterparty or derivatives clearing organization ("Centrally Cleared Swaps"). The Portfolio may enter into asset, credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective

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swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Statement of Operations. Daily changes in valuation of centrally cleared swaps ("Swap Variation Margin"), if any, are disclosed within centrally cleared financial derivative instruments on the Statement of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Statement of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain (loss) on the Statement of Operations.

For purposes of applying certain of the Portfolio's investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by the Portfolio at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of the Portfolio's investment policies and restrictions, the Portfolio will value the credit default swap at its notional value or its full exposure value (*i.e.*, the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of the Portfolio's other investment policies and restrictions. For example, the Portfolio may value credit default swaps at full exposure value for purposes of the Portfolio's credit quality guidelines (if any) because such value in general better reflects the Portfolio's actual economic exposure during the term of the credit default swap agreement. As a result, the Portfolio may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in the Portfolio's prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether the Portfolio is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by the Portfolio for purposes of applying investment policies and

restrictions may differ from the manner in which those investments are valued by other types of investors.

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates or the values of the asset upon which the swap is based.

The Portfolio's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive. The risk may be mitigated by having a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral to the Portfolio to cover the Portfolio's exposure to the counterparty.

To the extent the Portfolio has a policy to limit the net amount owed to or to be received from a single counterparty under existing swap agreements, such limitation only applies to counterparties to OTC swaps and does not apply to centrally cleared swaps where the counterparty is a central counterparty or derivatives clearing organization.

Credit Default Swap Agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues are entered into to provide a measure of protection against defaults of the issuers (*i.e.*, to reduce risk where the Portfolio owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer's default. Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event that the referenced entity, obligation or index, as specified in the swap agreement, undergoes a certain credit event. As a seller of protection on credit default swap agreements, the Portfolio will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, the Portfolio would effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the notional amount of the swap.

If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced

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obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection's right to choose the deliverable obligation with the lowest value following a credit event).

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name's weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index. Credit default swaps on credit indices may be used to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indices are instruments for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues as of period end, if any, are disclosed in the Notes to Schedule of Investments. They serve as an indicator of the current status of payment/performance risk and represent the likelihood or risk of default for the reference entity. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. For credit default swap agreements on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that the Portfolio as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of period end for which the Portfolio is the seller of protection are disclosed in the Notes to Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Portfolio for the same referenced entity or entities.

Cross-Currency Swap Agreements are entered into to gain or mitigate exposure to currency risk. Cross-currency swap agreements involve two parties exchanging two different currencies with an agreement to reverse the exchange at a later date at specified exchange rates. The exchange of currencies at the inception date of the contract takes place at the current spot rate. The re-exchange at maturity may take place at the same exchange rate, a specified rate, or the then current spot rate. Interest payments, if applicable, are made between the parties based on interest rates available in the two currencies at the inception of the contract. The terms of cross-currency swap contracts may extend for many years. Cross-currency swaps are usually negotiated with commercial and investment banks. Some cross-currency swaps may not provide for exchanging principal cash flows, but only for exchanging interest cash flows.

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Interest Rate Swap Agreements may be entered into to help hedge against interest rate risk exposure and to maintain the Portfolio's ability to generate income at prevailing market rates. The value of the fixed rate bonds that the Portfolio holds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by the Portfolio with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap," (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor," (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in the Portfolio, which could adversely affect its net asset value, yield and total return, are listed below. Please see "Description of Principal Risks" in the Portfolio's prospectus for a more detailed description of the risks of investing in the Portfolio.

Interest Rate Risk is the risk that fixed income securities will decline in value because of an increase in interest rates; a portfolio with a longer average portfolio duration will be more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

Call Risk is the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their maturity for a number of reasons (e.g., declining interest rates, changes in credit spreads and improvements in the issuer's credit quality). If an issuer calls a security that the Portfolio has invested in, the Portfolio may not recoup the full amount of its initial investment and may be forced to reinvest in lower-yielding securities, securities with or other circumstances where investor redemptions from fixed income funds may be higher than normal,

causing increased supply in the market due to selling activity. greater credit risks or securities with other, less favorable features.

Credit Risk is the risk that the Portfolio could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations.

High Yield Risk is the risk that high yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") are subject to greater levels of credit, call and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments, and may be more volatile than higher-rated securities of similar maturity.

Market Risk is the risk that the value of securities owned by the Portfolio may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries.

Issuer Risk is the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services.

Liquidity Risk is the risk that a particular investment may be difficult to purchase or sell and that the Portfolio may be unable to sell illiquid investments at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment.

Derivatives Risk is the risk of investing in derivative instruments (such as forwards, futures, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks, and valuation complexity. Changes in the value of a derivative or other similar investment may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and the Portfolio could lose more than the initial amount invested. Changes in the value of a derivative or other similar instrument may also create margin delivery or settlement payment obligations for the Portfolio. The Portfolio's use of derivatives or other similar investments may result in losses to the Portfolio, a reduction in the Portfolio's returns and/or increased volatility. Over-the-counter ("OTC") derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to

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centrally-cleared derivative transactions might not be available for OTC derivatives or other similar investments. The primary credit risk on derivatives that are exchange-traded or traded through a central clearing counterparty, resides with the Portfolio's clearing broker, or the clearinghouse. Changes in regulation relating to a registered fund's use of derivatives and related instruments could potentially limit or impact the Portfolio's ability to invest in derivatives, limit the Portfolio's ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and the Portfolio's performance.

Equity Risk is the risk that the value of equity securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity securities generally have greater price volatility than fixed income securities.

Mortgage-Related and Other Asset-Backed Securities Risk is the risk of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk.

Foreign (Non-U.S.) Investment Risk is the risk that investing in foreign (non-U.S.) securities may result in the Portfolio experiencing more rapid and extreme changes in value than a portfolio that invests exclusively in securities of U.S. companies, due to smaller markets, differing reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, or political changes, diplomatic developments or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.

Emerging Markets Risk is the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk.

Sovereign Debt Risk is the risk that investments in fixed income instruments issued by sovereign entities may decline in value as a result of default or other adverse credit event resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion.

Currency Risk is the risk that foreign (non-U.S.) currencies will change in value relative to the U.S. dollar and affect the Portfolio's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies.

Leveraging Risk is the risk that certain transactions of the Portfolio, such as reverse repurchase agreements, loans of portfolio securities, may result in a reduction in the value of certain instruments held by the Portfolio.

(b) Other Risks

In general, the Portfolio may be subject to additional risks, including, but not limited to, risks related to government regulation and intervention in financial markets, operational risks, risks associated with financial, economic and global market disruptions, and cyber security risks. Please see the Portfolio's prospectus and Statement of Additional Information for a more detailed description of the risks of investing in the Portfolio. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments that may impact the Portfolio's performance.

Market Disruption Risk The Portfolio is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing the Portfolio to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss.

Management Risk is the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio manager in connection with managing the Portfolio and may cause PIMCO to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of the Portfolio will be achieved.

Short Exposure Risk is the risk of entering into short sales or other short positions, including the potential loss of more money than the actual cost of the investment, and the risk that the third party to the short sale or other short position will not fulfill its contractual obligations, causing a loss to the Portfolio.

LIBOR Transition Risk is the risk related to the anticipated discontinuation of the London Interbank Offered Rate ("LIBOR"). Certain instruments held by the Portfolio rely in some fashion upon LIBOR. Although the transition process away from LIBOR has become increasingly well-defined in advance of the anticipated discontinuation date, there remains uncertainty regarding the nature of any replacement rate, and any potential effects of the transition away from LIBOR on the Portfolio or on certain instruments in which the Portfolio

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invests can be difficult to ascertain. The transition process may involve, among other things, increased volatility or illiquidity in markets for instruments that currently rely on LIBOR and defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets and cause the Portfolio to lose value. These events can also impair the technology and other operational systems upon which the Portfolio's service providers, including PIMCO as the Portfolio's investment adviser, rely, and could otherwise disrupt the Portfolio's service providers' ability to fulfill their obligations to the Portfolio. For example, the recent spread of an infectious respiratory illness caused by a novel strain of coronavirus (known as COVID-19) has caused volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities the Portfolio holds, and may adversely affect the Portfolio's investments and operations. Please see the Important Information section for additional discussion of the COVID-19 pandemic.

Government Intervention in Financial Markets Federal, state, and other governments, their regulatory agencies, or self-regulatory organizations may take actions that affect the regulation of the instruments in which the Portfolio invests, or the issuers of such instruments, in ways that are unforeseeable. Legislation or regulation may also change the way in which the Portfolio itself is regulated. Such legislation or regulation could limit or preclude the Portfolio's ability to achieve its investment objective. Furthermore, volatile financial markets can expose the Portfolio to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Portfolio. The value of the Portfolio's holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which the Portfolio invests. In addition, it is not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.

Regulatory Risk Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/or intervention may change the way the Portfolio is regulated, affect the expenses incurred directly by the Portfolio and the value of its investments, and limit and/or preclude the Portfolio's ability to achieve its investment objective. Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects.

Operational Risk An investment in the Portfolio, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Portfolio. While the Portfolio seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Portfolio.

Cyber Security Risk As the use of technology has become more prevalent in the course of business, the Portfolio has become potentially more susceptible to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional cyber events that may, among other things, cause the Portfolio to lose proprietary information, suffer data corruption and/or destruction or lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Cyber security failures or breaches may result in financial losses to the Portfolio and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with the Portfolio's ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. There is also a risk that cyber security breaches may not be detected. The Portfolio and its shareholders may suffer losses as a result of a cyber security breach related to the Portfolio, its service providers, trading counterparties or the issuers in which the Portfolio invests.

8. MASTER NETTING ARRANGEMENTS

The Portfolio may be subject to various netting arrangements ("Master Agreements") with select counterparties. Master Agreements govern the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique

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operations of different asset types, they allow the Portfolio to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes the Statement of Assets and Liabilities generally presents derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Statement of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statement of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. The Portfolio's overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively "Master Repo Agreements") govern repurchase, reverse repurchase, and certain sale-buyback transactions between the Portfolio and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default, and maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Schedule of Investments.

Master Securities Forward Transaction Agreements ("Master Forward Agreements") govern certain forward settling transactions, such as TBA securities, delayed-delivery or certain sale-buyback transactions by and between the Portfolio and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Schedule of Investments.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant ("FCM") registered with the Commodity Futures Trading Commission. In the United States, counterparty risk may be reduced as creditors of an FCM cannot have a claim to Portfolio assets in the segregated account. Portability of exposure reduces risk to the Portfolio. Variation margin, which reflects changes in market value, is generally exchanged daily, but may not be netted between futures and cleared OTC derivatives unless the parties have agreed to a separate arrangement in respect of portfolio margining. The market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin as of period end are disclosed in the Notes to Schedule of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes ("ISDA Master Agreements") govern bilateral OTC derivative transactions entered into by the Portfolio with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. The ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level or as required by regulation. Similarly, if required by regulation, the Portfolio may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent the Portfolio is required by regulation to post additional collateral beyond coverage of daily exposure, it could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedule of Investments.

9. FEES AND EXPENSES

(a) Investment Advisory Fee PIMCO is a majority-owned subsidiary of Allianz Asset Management of America LLC ("Allianz Asset Management") and serves as the Adviser to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from the Portfolio at an annual rate based on average daily net assets (the

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"Investment Advisory Fee"). The Investment Advisory Fee for all classes is charged at an annual rate as noted in the table in note (b) below.

(b) Supervisory and Administrative Fee PIMCO serves as administrator (the "Administrator") and provides supervisory and administrative services to the Trust for which it receives a monthly supervisory and administrative fee based on each share class's average daily net assets (the "Supervisory and Administrative Fee"). As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs.

The Investment Advisory Fee and Supervisory and Administrative Fees for all classes, as applicable, are charged at the annual rate as noted in the following table (calculated as a percentage of the Portfolio's average daily net assets attributable to each class):

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| **Investment Advisory Fee** | **Supervisory and Administrative Fee** | **Supervisory and Administrative Fee** | **Supervisory and Administrative Fee** |
| **All Classes** | **Institutional<br>Class** | **Administrative<br>Class** | **Advisor<br>Class** |
| 0.25% | 0.31% \* | 0.31% | 0.31% \* |

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\* This particular share class has been registered with the SEC, but has not yet launched

(c) Distribution and Servicing Fees PIMCO Investments LLC, a wholly-owned subsidiary of PIMCO, serves as the distributor ("Distributor") of the Trust's shares.

The Trust has adopted an Administrative Services Plan with respect to the Administrative Class shares of the Portfolio pursuant to Rule 12b-1 under the Act (the "Administrative Plan"). Under the terms of the Administrative Plan, the Trust is permitted to compensate the Distributor, out of the Administrative Class assets of the Portfolio, in an amount up to 0.15% on an annual basis of the average daily net assets of that class, for providing or procuring through financial intermediaries administrative, recordkeeping and investor services for Administrative Class shareholders of the Portfolio.

The Trust has adopted a separate Distribution and Servicing Plan for the Advisor Class shares of the Portfolio (the "Distribution and Servicing Plan"). The Distribution and Servicing Plan has been adopted pursuant to Rule 12b-1 under the Act. The Distribution and Servicing Plan permits the Portfolio to compensate the Distributor for providing or procuring through financial intermediaries, distribution, administrative, recordkeeping, shareholder and/or related services with respect to Advisor Class shares. The Distribution and Servicing Plan permits the Portfolio to make total payments at an annual rate of up to 0.25% of its average daily net assets attributable to its Advisor Class shares.

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|  | **Distribution Fee** | **Servicing Fee** |
|  **Administrative Class** |  | 0.15% |
|  **Advisor Class** | 0.25% \* |  |

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\* This particular share class has been registered with the SEC, but has not yet launched.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(d) Portfolio Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Portfolio, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust's executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Portfolio, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust's Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual portfolio operating expenses per share class.

The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates.

(e) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has agreed, through May 1, 2023, to waive a portion of the Portfolio's Supervisory and Administrative Fee, or reimburse the Portfolio, to the extent that the Portfolio's organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata share of Trustee Fees exceed 0.0049% (the "Expense Limit") (calculated as a percentage of the Portfolio's average daily net assets attributable to each class). The Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. The waiver, if any, is reflected on the Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO.

In any month in which the supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by the Portfolio of any portion of the supervisory and administrative fee waived or reimbursed as set forth above (the "Reimbursement Amount") within thirty-six months of the time of the waiver, provided that such amount paid to PIMCO will not: i) together with any organizational expenses, pro rata

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|:---|:---|
| **48** | **PIMCO VARIABLE INSURANCE TRUST** |

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##### [**Table of Contents**](#toc)
December 31, 2022

share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee fees, exceed, for such month, the Expense Limit (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit); ii) exceed the total Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. At December 31, 2022, there were no recoverable amounts.

On December 4, 2020, the SEC granted an order approving the substitutions of shares of certain mutual funds offered as investment options to certain variable annuity and variable life insurance contracts issued by the insurance company requesting such order with shares of certain other mutual funds, including the Portfolio. As a condition of this order, the SEC required that PIMCO enter into a written contract with the Portfolio to limit expenses as required by the order. Accordingly, pursuant to a Fund Substitution Expense Limitation Agreement dated April 21, 2021, PIMCO has agreed to waive, reduce or reimburse, for the Portfolio, all or any portion of fees by an amount sufficient to reduce the Administrative Class's annualized expenses to 0.99%. This Expense Limitation Agreement will expire on June 20, 2023. The waiver will be, if applicable, reflected on the Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO. For the period ended December 31, 2022, no amounts were waived or reimbursed under this Expense Limitation Agreement.

10. RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties. Fees paid to these parties are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Statement of Assets and Liabilities.

11. GUARANTEES AND INDEMNIFICATIONS

Under the Trust's organizational documents, each Trustee, officer, employee or other agent of the Trust (including the Trust's investment

manager) is indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Portfolio. Additionally, in the normal course of business, the Portfolio enters into contracts that contain a variety of indemnification clauses. The Portfolio's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred. However, the Portfolio has not had prior claims or losses pursuant to these contracts.

12. PURCHASES AND SALES OF SECURITIES

The length of time the Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by the Portfolio is known as "portfolio turnover." The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objectives, particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by the Portfolio. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates when distributed to shareholders). The transaction costs associated with portfolio turnover may adversely affect the Portfolio's performance. The portfolio turnover rates are reported in the Financial Highlights.

Purchases and sales of securities (excluding short-term investments) for the period ended December 31, 2022, were as follows (amounts in thousands<sup>†</sup>):

---

| | | | |
|:---|:---|:---|:---|
| **U.S. Government/Agency** | **U.S. Government/Agency** | **All Other** | **All Other** |
| **Purchases** | **Sales** | **Purchases** | **Sales** |
| $&nbsp;&nbsp;&nbsp;&nbsp;462414 | $&nbsp;&nbsp;&nbsp;&nbsp;464419 | $&nbsp;&nbsp;&nbsp;&nbsp;21570 | $&nbsp;&nbsp;&nbsp;&nbsp;51729 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

13. SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with a $0.001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br>12/31/2022** | **Year Ended<br>12/31/2022** | **Year Ended<br>12/31/2021** | **Year Ended<br>12/31/2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Receipts for shares sold** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 314 | $2774 | 6156 | $60215 |
|  **Issued as reinvestment of distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 295 | 2572 | 310 | 3029 |
|  **Cost of shares redeemed** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (2202) | (19394) | (2170) | (21292) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | (1593) | $&nbsp;&nbsp;&nbsp;&nbsp;(14048) | 4296 | $&nbsp;&nbsp;&nbsp;&nbsp;41952 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **49** |

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##### [**Table of Contents**](#toc)

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| | |
|:---|:---|
| **Notes to Financial Statements** | **(Cont.)** |

---

As of December 31, 2022, one shareholder owned 10% or more of the Portfolio's total outstanding shares comprising 87% of the Portfolio and the shareholder is a related party of the Portfolio. Related parties may include, but are not limited to, the investment adviser and its affiliates, affiliated broker dealers, fund of funds and directors or employees of the Trust or Adviser.

14. REGULATORY AND LITIGATION MATTERS

The Portfolio is not named as a defendant in any material litigation or arbitration proceedings and is not aware of any material litigation or claim pending or threatened against it.

On May 17, 2022, Allianz Global Investors U.S. LLC ("AGI U.S.") pleaded guilty in connection with the proceeding United States of America v. Allianz Global Investors U.S. LLC. AGI U.S. is an indirect subsidiary of Allianz SE. The conduct resulting in the matter described above occurred entirely within AGI U.S. and did not involve PIMCO or the Distributor, or any personnel of PIMCO or the Distributor. Nevertheless, because of the disqualifying conduct of AGI U.S., their affiliate, PIMCO would have been disqualified from serving as the investment adviser, and the Distributor would have been disqualified from serving as the principal underwriter, to the Portfolio in the absence of SEC exemptive relief. PIMCO and the Distributor have received exemptive relief from the SEC to permit them to continue serving as investment adviser and principal underwriter for U.S.- registered investment companies, including the Portfolio.

The foregoing speaks only as of the date of this report.

15. FEDERAL INCOME TAX MATTERS

The Portfolio intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (the "Code") and

distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

The Portfolio may be subject to local withholding taxes, including those imposed on realized capital gains. Any applicable foreign capital gains tax is accrued daily based upon net unrealized gains, and may be payable following the sale of any applicable investments.

In accordance with U.S. GAAP, the Adviser has reviewed the Portfolio's tax positions for all open tax years. As of December 31, 2022, the Portfolio has recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions it has taken or expects to take in future tax returns.

The Portfolio files U.S. federal, state, and local tax returns as required. The Portfolio's tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

Shares of the Portfolio currently are sold to segregated asset accounts ("Separate Accounts") of insurance companies that fund variable annuity contracts and variable life insurance policies ("Variable Contracts"). Please refer to the prospectus for the Separate Account and Variable Contract for information regarding Federal income tax treatment of distributions to the Separate Account.

As of December 31, 2022, the components of distributable taxable earnings are as follows (amounts in thousands<sup>†</sup>):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed<br>Ordinary<br>Income<sup>(1)</sup>** | **Undistributed<br>Long-Term<br>Capital Gains** | **Net Tax Basis<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup>** | **Other<br>Book-to-Tax<br>Accounting<br>Differences <sup>(3)</sup>** | **Accumulated<br>Capital<br>Losses<sup>(4)</sup>** | **Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Capital<sup>(5)</sup>** | **Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Ordinary<sup>(6)</sup>** | **Total<br>Components of<br>Distributable<br>Earnings** |
|  PIMCO Global Core Bond (Hedged) Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;(15355) | $&nbsp;&nbsp;&nbsp;&nbsp;(3) | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;(1974) | $&nbsp;&nbsp;&nbsp;&nbsp;(17332) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(1)</sup> Includes undistributed short-term capital gains, if any.

<sup>(2)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options and forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on swap contracts, straddle loss deferrals, and interest accrued from defaulted securities. 

<sup>(3)</sup> Represents differences in income tax regulations and financial accounting principles generally accepted in the United States of America mainly for organizational expenditures.

<sup>(4)</sup> Capital losses available to offset future net capital gains as shown below.

<sup>(5)</sup> Capital losses realized during the period November 1, 2022 through December 31, 2022 which the Portfolio elected to defer to the following taxable year pursuant to income tax regulations.

<sup>(6)</sup> Specified losses realized during the period November 1, 2022 through December 31, 2022 which the Portfolio elected to defer to the following taxable year pursuant to income tax regulations.

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| **50** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2022

Under the Regulated Investment Company Modernization Act of 2010, the Portfolio is permitted to carry forward any new capital losses for an unlimited period. Additionally, such capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term under previous law.

As of December 31, 2022, the Portfolio had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

---

| | | |
|:---|:---|:---|
|  | **Short-Term** | **Long-Term** |
|  PIMCO Global Core Bond (Hedged) Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

As of December 31, 2022, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal <br>Tax Cost** | **Unrealized <br>Appreciation** | **Unrealized <br>(Depreciation)** | **Net Unrealized<br>Appreciation/<br>(Depreciation)<sup>(7)</sup>** |
|  PIMCO Global Core Bond (Hedged) Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;122112 | $&nbsp;&nbsp;&nbsp;&nbsp;5716 | $&nbsp;&nbsp;&nbsp;&nbsp;(21179) | $&nbsp;&nbsp;&nbsp;&nbsp;(15463) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(7)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options and forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on swap contracts, interest accrued from defaulted securities, and straddle loss deferrals. 

For the fiscal years ended December 31, 2022 and December 31, 2021, respectively, the Portfolio made the following tax basis distributions (amounts in thousands<sup>†</sup>):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** |
|  | **Ordinary<br>Income<br>Distributions<sup>(8)</sup>** | **Long-Term<br>Capital Gain<br>Distributions** | **Return of<br>Capital<sup>(9)</sup>** | **Ordinary<br>Income<br>Distributions<sup>(8)</sup>** | **Long-Term<br>Capital Gain<br>Distributions** | **Return of<br>Capital<sup>(9)</sup>** |
|  PIMCO Global Core Bond (Hedged) Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;1571 | $&nbsp;&nbsp;&nbsp;&nbsp;1001 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;3029 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(8)</sup> Includes short-term capital gains distributed, if any.

<sup>(9)</sup> A portion of the distributions made represents a tax return of capital. Return of capital distributions have been reclassified from undistributed net investment income to paid-in capital to more appropriately conform financial accounting to tax accounting.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **51** |

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##### [**Table of Contents**](#toc)
**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of PIMCO Variable Insurance Trust and Shareholders of PIMCO Global Core Bond (Hedged) Portfolio

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of PIMCO Global Core Bond (Hedged) Portfolio (one of the portfolios constituting PIMCO Variable Insurance Trust, hereafter referred to as the "Portfolio") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements are the responsibility of the Portfolio's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolio in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agent, brokers and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

February 17, 2023

We have served as the auditor of one or more investment companies in PIMCO Variable Insurance Trust since 1998.

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|:---|:---|
| **52** | **PIMCO VARIABLE INSURANCE TRUST** |

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| | | |
|:---|:---|:---|
| **Glossary:** | **(abbreviations that may be used in the preceding statements)** | (Unaudited) |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Counterparty Abbreviations:** | **Counterparty Abbreviations:** | | | | |
| **AZD** | Australia and New Zealand Banking Group | **FICC** | Fixed Income Clearing Corporation | **MYI** | Morgan Stanley & Co. International PLC |
| **BOA** | Bank of America N.A. | **GLM** | Goldman Sachs Bank USA | **NGF** | Nomura Global Financial Products, Inc. |
| **BPS** | BNP Paribas S.A. | **GST** | Goldman Sachs International | **RBC** | Royal Bank of Canada |
| **BRC** | Barclays Bank PLC | **HUS** | HSBC Bank USA N.A. | **SCX** | Standard Chartered Bank, London |
| **CBK** | Citibank N.A. | **JPM** | JP Morgan Chase Bank N.A. | **TOR** | The Toronto-Dominion Bank |
| **CLY** | Crédit Agricole Corporate and Investment Bank | **MBC** | HSBC Bank Plc | **UAG** | UBS AG Stamford |
| **DUB** | Deutsche Bank AG | **MYC** | Morgan Stanley Capital Services LLC |  |  |
|  **Currency Abbreviations:** | **Currency Abbreviations:** |  |  |  |  |
| **ARS** | Argentine Peso | **EUR** | Euro | **NOK** | Norwegian Krone |
| **AUD** | Australian Dollar | **GBP** | British Pound | **NZD** | New Zealand Dollar |
| **BRL** | Brazilian Real | **HKD** | Hong Kong Dollar | **PEN** | Peruvian New Sol |
| **CAD** | Canadian Dollar | **HUF** | Hungarian Forint | **SEK** | Swedish Krona |
| **CHF** | Swiss Franc | **ILS** | Israeli Shekel | **SGD** | Singapore Dollar |
| **CLP** | Chilean Peso | **INR** | Indian Rupee | **THB** | Thai Baht |
| **CNH** | Chinese Renminbi (Offshore) | **JPY** | Japanese Yen | **TWD** | Taiwanese Dollar |
| **CNY** | Chinese Renminbi (Mainland) | **KRW** | South Korean Won | **USD (or $)** | United States Dollar |
| **CZK** | Czech Koruna | **MXN** | Mexican Peso | **ZAR** | South African Rand |
| **DKK** | Danish Krone | **MYR** | Malaysian Ringgit |  |  |
|  **Exchange Abbreviations:** | **Exchange Abbreviations:** |  |  |  |  |
| **CME** | Chicago Mercantile Exchange | **OTC** | Over the Counter |  |  |
|  **Index/Spread Abbreviations:** | **Index/Spread Abbreviations:** |  |  |  |  |
| **BP0003M** | 3 Month GBP-LIBOR | **EUR003M** | 3 Month EUR Swap Rate | **SOFR** | Secured Overnight Financing Rate |
| **CDX.EM** | Credit Derivatives Index - Emerging Markets | **LIBOR01M** | 1 Month USD-LIBOR | **SONIO** | Sterling Overnight Interbank Average Rate |
| **CDX.IG** | Credit Derivatives Index - Investment Grade | **MUTKCALM** | Tokyo Overnight Average Rate | **SRFXON3** | Swiss Overnight Rate Average (6PM) |
| **CNREPOFIX** | China Fixing Repo Rates 7-Day | **SIBCSORA** | Singapore Overnight Rate Average |  |  |
|  **Municipal Bond or Agency Abbreviations:** | **Municipal Bond or Agency Abbreviations:** |  |  |  |  |
| **NPFGC** | National Public Finance Guarantee Corp. |  |  |  |  |
|  **Other Abbreviations:** | **Other Abbreviations:** |  |  |  |  |
| **ABS** | Asset-Backed Security | **JIBAR** | Johannesburg Interbank Agreed Rate | **OIS** | Overnight Index Swap |
| **ALT** | Alternate Loan Trust | **KLIBOR** | Kuala Lumpur Interbank Offered Rate | **PIK** | Payment-in-Kind  |
| **BBR** | Bank Bill Rate | **KORIBOR** | Korea Interbank Offered Rate | **PRIBOR** | Prague Interbank Offered Rate |
| **BBSW** | Bank Bill Swap Reference Rate | **LIBOR** | London Interbank Offered Rate | **STIBOR** | Stockholm Interbank Offered Rate |
| **BTP** | Buoni del Tesoro Poliennali "Long-term Treasury Bond" | **Lunar** | Monthly payment based on 28-day periods. One year consists of 13 periods. | **TBA** | To-Be-Announced  |
| **CLO** | Collateralized Loan Obligation | **MIBOR** | Mumbai Interbank Offered Rate | **THBFIX** | Thai Baht Floating-Rate Fix |
| **DAC** | Designated Activity Company | **OAT** | Obligations Assimilables du Trésor | **TIIE** | Tasa de Interés Interbancaria de Equilibrio "Equilibrium Interbank Interest Rate" |
| **EURIBOR** | Euro Interbank Offered Rate |  |  |  |  |

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **53** |

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| | |
|:---|:---|
| **Federal Income Tax Information** | (Unaudited) |

---

As required by the Internal Revenue Code ("Code") and Treasury Regulations, if applicable, shareholders must be notified within 60 days of the Portfolio's fiscal year end regarding the status of qualified dividend income and the dividend received deduction.

Dividend Received Deduction. Corporate shareholders are generally entitled to take the dividend received deduction on the portion of the Portfolio's dividend distribution that qualifies under tax law. The percentage of the following Portfolio's fiscal 2022 ordinary income dividend that qualifies for the corporate dividend received deduction is set forth below.

Qualified Dividend Income. Under the Jobs and Growth Tax Relief Reconciliation Act of 2003, the following percentage of ordinary dividends paid during the fiscal year ended December 31, 2022 was designated as ''qualified dividend income'' as defined in the Jobs and Growth Tax Relief Reconciliation Act of 2003 subject to reduced tax rates in 2022.

Qualified Interest Income and Qualified Short-Term Capital Gain (for non-U.S. resident shareholders only). Under the American Jobs Creation Act of 2004, the following amounts of ordinary dividends paid during the fiscal year ended December 31, 2022 are considered to be derived from "qualified interest income," as defined in Section 871(k)(1)(E) of the Code, and therefore are designated as interest-related dividends, as defined in Section 871(k)(1)(C) of the Code. Further, the following amounts of ordinary dividends paid during the fiscal year ended December 31, 2022 are considered to be derived from "qualified short-term capital gain," as defined in Section 871(k)(2)(D) of the Code, and therefore are designated as qualified short-term gain dividends, as defined by Section 871(k)(2)(C) of the Code.

Section 163(j) Interest Dividends. The Portfolio intends to pass through the maximum amount allowable as Section 163(j) Interest defined in Proposed Treasury Section 1.163(j)-1(b). The 163(j) percentage of ordinary income distributions are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Dividend<br>Received<br>Deduction%** | **Qualified<br>Dividend<br>Income%** | **Qualified<br>Interest<br>Income<br>(000s<sup>†</sup>)** | **Qualified<br>Short-Term<br>Capital Gains<br>(000s<sup>†</sup>)** | **163(j)<br>Interest<br>Dividends<br>(000s<sup>†</sup>)** |
|  PIMCO Global Core Bond (Hedged) Portfolio | 0% | 0% | $&nbsp;&nbsp;&nbsp;&nbsp;1375 | $&nbsp;&nbsp;&nbsp;&nbsp;480 | $&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

Shareholders are advised to consult their own tax advisor with respect to the tax consequences of their investment in the Trust. In January 2023, you will be advised on IRS Form 1099-DIV as to the federal tax status of the dividends and distributions received by you in calendar year 2022.

Section 199A Dividends. Non-corporate portfolio shareholders of the Portfolio below meeting certain holding period requirements may be able to deduct up to 20 percent of qualified REIT dividends passed through and reported to the shareholders by the Portfolio as IRC section 199A dividends. The IRC section 199A percentage of ordinary dividends are as follows:

---

| | |
|:---|:---|
|  | **199A<br>Dividends** |
|  PIMCO Global Core Bond (Hedged) Portfolio | 0% |

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|:---|:---|
| **54** | **PIMCO VARIABLE INSURANCE TRUST** |

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| | |
|:---|:---|
| **Management of the Trust** | (Unaudited) |

---

The charts below identify the Trustees and executive officers of the Trust. Unless otherwise indicated, the address of all persons below is 650 Newport Center Drive, Newport Beach, CA 92660.

The Portfolio's Statement of Additional Information includes more information about the Trustees and Officers. To request a free copy, call PIMCO at (888) 87-PIMCO or visit the Portfolio's website at www.pimco.com/pvit.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Year of Birth and**<br> **Position Held with Trust\*** | **Term of<br>Office and<br>Length of<br>Time Served<sup>†</sup>** | **Principal Occupation(s) During Past 5 Years** | **Number of Funds**<br> **in Fund Complex<br>Overseen by Trustee** | **Other Public Company and Investment<br>Company Directorships Held by Trustee<br>During the Past 5 Years** |
| **Interested Trustees<sup>1</sup>** |  |  |  |  |
| **Peter G. Strelow (1970)**<br> *Chairman of the Board<br>and Trustee* | 05/2017 to present<br>Chairman of the Board - 02/2019 to present | Managing Director and Co-Chief Operating Officer, PIMCO. Senior Vice President of the Trust, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. Formerly, Chief Administrative Officer, PIMCO. | 158 | Chairman and Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT. |
| **Kimberley G. Stafford (1978)**<br> *Trustee* | 02/2021 to present | Managing Director, Global Head of Product Strategy, PIMCO; and Member of Executive Committee, PIMCO. Formerly, Head of Asia-Pacific, Global Head of Consultant Relations and Head of US Institutional and Alternatives Sales, PIMCO. | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT. |
| **Independent Trustees** |  |  |  |  |
| **George E. Borst (1948)**<br> *Trustee* | 04/2015 to present | Executive Advisor, McKinsey & Company (since 10/14); Formerly, Executive Advisor, Toyota Financial Services (10/13-12/14); and CEO, Toyota Financial Services (1/01-9/13). | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT; Director, MarineMax Inc. |
| **Jennifer Holden Dunbar (1963)**<br> *Trustee* | 04/2015 to present | Formerly, Managing Director, Dunbar Partners, LLC (business consulting and investments) (05/05-05/21); and Partner, Leonard Green & Partners, L.P. | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT; Director, PS Business Parks; Director, Big 5 Sporting Goods Corporation. |
| **Kym M. Hubbard (1957)**<br> *Trustee* | 02/2017 to present | Formerly, Global Head of Investments, Chief Investment Officer and Treasurer, Ernst & Young. | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT; Director, State Auto Financial Corporation. |
| **Gary F. Kennedy (1955)**<br> *Trustee* | 04/2015 to present | Formerly, Senior Vice President, General Counsel and Chief Compliance Officer, American Airlines and AMR Corporation (now American Airlines Group) (1/03-1/14). | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |
| **Peter B. McCarthy (1950)**<br> *Trustee* | 04/2015 to present | Formerly, Assistant Secretary and Chief Financial Officer, United States Department of Treasury; Deputy Managing Director, Institute of International Finance. | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |
| **Ronald C. Parker (1951)**<br> *Lead Independent Trustee* | 07/2009 to present<br>Lead Independent Trustee - 02/2017 to present | Director of Roseburg Forest Products Company. Formerly, Chairman of the Board, The Ford Family Foundation; and President, Chief Executive Officer, Hampton Affiliates (forestry products). | 158 | Lead Independent Trustee, PIMCO Funds and PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |

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\* Unless otherwise noted, the information for the individuals listed is as of December 31, 2022.

<sup>1</sup> Ms. Stafford and Mr. Strelow are "interested persons" of the Trust (as that term is defined in the 1940 Act) because of their affiliations with PIMCO.

<sup>†</sup> Trustees serve until their successors are duly elected and qualified.

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **55** |

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| **Management of the Trust** | **(Cont.)** | (Unaudited) |

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**Executive Officers** 

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| **Name, Year of Birth and<br>Position Held with Trust\*** | **Term of Office and<br>Length of Time Served** | **Principal Occupation(s) During Past 5 Years<sup>†</sup>** |
| **Eric D. Johnson (1970)**<br> *President* | 06/2019 to present | Executive Vice President and Head of Funds Business Group Americas, PIMCO. President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| **Ryan G. Leshaw (1980)**<br> *Chief Legal Officer and Secretary* | 08/2021 to present | Executive Vice President and Senior Counsel, PIMCO. Chief Legal Officer and Secretary, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Chief Legal Officer, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. Formerly, Associate, Willkie Farr & Gallagher LLP. |
| **Keisha Audain-Pressley (1975)\*\***<br> *Chief Compliance Officer* | 01/2020 to present | Executive Vice President and Deputy Chief Compliance Officer, PIMCO. Chief Compliance Officer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Joshua D. Ratner (1976)\*\***<br> *Senior Vice President* | 05/2019 to present | Executive Vice President and Head of Americas Operations, PIMCO. Senior Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| **Peter G. Strelow (1970)**<br> *Senior Vice President* | 06/2019 to present | Managing Director and Co-Chief Operating Officer, PIMCO. Senior Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. Formerly, Chief Administrative Officer, PIMCO. |
| **Wu-Kwan Kit (1981)**<br> *Assistant Secretary* | 08/2017 to present | Senior Vice President and Senior Counsel, PIMCO. Assistant Secretary, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Vice President, Senior Counsel and Secretary, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. Formerly, Assistant General Counsel, VanEck Associates Corp. |
| **Douglas B. Burrill (1980)\*\***<br> *Vice President* | 08/2022 to present | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Elizabeth A. Duggan (1964)**<br> *Vice President* | 02/2021 to present | Executive Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Jason R. Duran (1977)**<br> *Vice President* | 02/2023 to present | Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |
| **Mark A. Jelic (1981)**<br> *Vice President* | 08/2021 to present | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Kenneth W. Lee (1972)**<br> *Vice President* | 08/2022 to present | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Brian J. Pittluck (1977)**<br> *Vice President* | 01/2020 to present | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Keith A. Werber (1973)**<br> *Vice President* | 05/2022 to present | Executive Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Bijal Y. Parikh (1978)**<br> *Treasurer* | 01/2021 to present | Executive Vice President, PIMCO. Treasurer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| **Erik C. Brown (1967)\*\*\***<br> *Assistant Treasurer* | 02/2001 to present | Executive Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Brandon T. Evans (1982)**<br> *Assistant Treasurer* | 05/2019 to present | Senior Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Deputy Treasurer, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| **Maria M. Golota (1983)\*\***<br> *Assistant Treasurer* | 02/2023 to present | Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |

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\* Unless otherwise noted, the information for the individuals listed is as of February 8, 2023.

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| <sup>†</sup> | The term "PIMCO-Sponsored Closed-End Funds" as used herein includes: PIMCO Access Income Fund, PIMCO California Municipal Income Fund, PIMCO California Municipal Income Fund II, PIMCO California Municipal Income Fund III, PIMCO Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO Municipal Income Fund III, PIMCO New York Municipal Income Fund, PIMCO New York Municipal Income Fund II, PIMCO New York Municipal Income Fund III, PCM Fund Inc., PIMCO Corporate & Income Opportunity Fund, PIMCO Corporate & Income Strategy Fund, PIMCO Dynamic Income Fund, PIMCO Dynamic Income Opportunities Fund, PIMCO Energy and Tactical Credit Opportunities Fund, PIMCO Global StocksPLUS<sup>®</sup> & Income Fund, PIMCO High Income Fund, PIMCO Income Strategy Fund, PIMCO Income Strategy Fund II and PIMCO Strategic Income Fund, Inc.; the term "PIMCO-Sponsored Interval Funds" as used herein includes: PIMCO Flexible Credit Income Fund, PIMCO Flexible Municipal Income Fund, PIMCO California Flexible Municipal Income Fund and PIMCO Flexible Emerging Markets Income Fund.  |

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\*\* The address of these officers is Pacific Investment Management Company LLC, 1633 Broadway, New York, New York 10019.

\*\*\* The address of these officers is Pacific Investment Management Company LLC, 401 Congress Ave., Austin, Texas 78701.

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| **56** | **PIMCO VARIABLE INSURANCE TRUST** |

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| **Privacy Policy<sup>1</sup>** | (Unaudited) |

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The Trust<sup>2,3</sup> consider customer privacy to be a fundamental aspect of their relationships with shareholders and are committed to maintaining the confidentiality, integrity and security of their current, prospective and former shareholders' non-public personal information. The Trust has developed policies that are designed to protect this confidentiality, while allowing shareholder needs to be served.

OBTAINING NON-PUBLIC PERSONAL INFORMATION

In the course of providing shareholders with products and services, the Trust and certain service providers to the Trust, such as the Trust's investment advisers or sub-advisers ("Advisers"), may obtain non-public personal information about shareholders, which may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder's brokerage or financial advisory firm, financial professional or consultant, and/or from information captured on applicable websites.

RESPECTING YOUR PRIVACY

As a matter of policy, the Trust does not disclose any non-public personal information provided by shareholders or gathered by the Trust to non-affiliated third parties, except as required or permitted by law or as necessary for such third parties to perform their agreements with respect to the Trust. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, conducting research on shareholder satisfaction and gathering shareholder proxies. The Trust or its affiliates may also retain non-affiliated companies to market Trust's shares or products which use Trust's shares and enter into joint marketing arrangements with them and other companies. These companies may have access to a shareholder's personal and account information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. In most cases, the shareholders will be clients of a third party, but the Trust may also provide a shareholder's personal and account information to the shareholder's respective brokerage or financial advisory firm and/or financial professional or consultant.

SHARING INFORMATION WITH THIRD PARTIES

The Trust reserves the right to disclose or report personal or account information to non-affiliated third parties in limited circumstances where the Trust believes in good faith that disclosure is required under law, to cooperate with regulators or law enforcement authorities, to protect their rights or property, or upon reasonable request by any fund in which a shareholder has invested. In addition, the Trust may disclose information about a shareholder or a shareholder's accounts to a non-affiliated third party at the shareholder's request or with the consent of the shareholder.

SHARING INFORMATION WITH AFFILIATES

The Trust may share shareholder information with their affiliates in connection with servicing shareholders' accounts, and subject to applicable law may provide shareholders with information about products and services that the Trust or its Advisers, distributors or their affiliates ("Service Affiliates") believe may be of interest to such shareholders. The information that the Trust may share may include, for example, a shareholder's participation in the Trust or in other investment programs sponsored by a Service Affiliate, a shareholder's ownership of certain types of accounts (such as IRAs), information about the Trust's experiences or transactions with a shareholder, information captured on applicable websites, or other data about a shareholder's accounts, subject to applicable law. The Trust's Service Affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

PROCEDURES TO SAFEGUARD PRIVATE INFORMATION

The Trust takes seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, the Trust has implemented procedures that are designed to restrict access to a shareholder's non-public personal information to internal personnel who need to know that information to perform their jobs, such as servicing shareholder accounts or notifying shareholders of new products or services. Physical, electronic and procedural safeguards are in place to guard a shareholder's non-public personal information.

INFORMATION COLLECTED FROM WEBSITES

The Trust or its service providers and partners may collect information from shareholders via websites they maintain. The information collected via websites maintained by the Trust or their service providers includes client non-public personal information.

CHANGES TO THE PRIVACY POLICY

From time to time, the Trust may update or revise this privacy policy. If there are changes to the terms of this privacy policy, documents containing the revised policy on the relevant website will be updated.

<sup>1</sup> Amended as of June 25, 2020.

<sup>2</sup> PIMCO Investments LLC ("PI") serves as the Trust's distributor and does not provide brokerage services or any financial advice to investors in the Trust solely because it distributes the Trust. This Privacy Policy applies to the activities of PI to the extent that PI regularly effects or engages in transactions with or for a shareholder of a series of a Trust who is the record owner of such shares. For purposes of this Privacy Policy, references to "the Trust" shall include PI when acting in this capacity.

<sup>3</sup> When distributing this Policy, the Trust may combine the distribution with any similar distribution of its investment adviser's privacy policy. The distributed, combined, policy may be written in the first person (*i.e.* by using "we" instead of "the Trust").

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **57** |

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**Approval of Investment Advisory Contract and Other Agreements**

At a meeting held on August 23-24, 2022, the Board of Trustees (the "Board") of PIMCO Variable Insurance Trust (the "Trust"), including the Trustees who are not "interested persons" of the Trust under the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered and unanimously approved the renewal of the Amended and Restated Investment Advisory Contract (the "Investment Advisory Contract") between the Trust, on behalf of the Trust's series (each, a "Portfolio" and collectively, the "Portfolios"), and Pacific Investment Management Company LLC ("PIMCO"), for an additional one-year term through August 31, 2023. The Board also considered and unanimously approved the renewal of the Amended and Restated Supervision and Administration Agreement (the "Supervision and Administration Agreement") between the Trust, on behalf of the Portfolios, and PIMCO for an additional one-year term through August 31, 2023. In addition, the Board considered and unanimously approved the renewal of the Amended and Restated Asset Allocation Sub-Advisory Agreement (the "Asset Allocation Agreement" and, together with the Investment Advisory Contract and the Supervision and Administration Agreement, the "Agreements") between PIMCO, on behalf of PIMCO All Asset Portfolio, a series of the Trust, and Research Affiliates, LLC ("Research Affiliates") for an additional one-year term through August 31, 2023. In addition, the Board considered and unanimously approved the renewal of the investment management agreements between PIMCO and each of the wholly-owned subsidiaries (each, a "Subsidiary" and, collectively, the "Subsidiaries") of certain of the Portfolios (collectively, the "Subsidiary Agreements"), each for the same additional one-year term through August 31, 2023.

The information, material factors and conclusions that formed the basis for the Board's approvals are summarized below.

1. INFORMATION RECEIVED

(a) Materials Reviewed:During the course of the past year, the Trustees received a wide variety of materials relating to the services provided by PIMCO and Research Affiliates to the Trust. At each of its quarterly meetings, the Board reviewed the Portfolios' investment performance and a significant amount of information relating to Portfolio operations, including shareholder services, valuation and custody, the Portfolios' compliance program and other information relating to the nature, extent and quality of services provided by PIMCO and Research Affiliates to the Trust and each of the Portfolios, as applicable. In considering whether to approve the renewal of the Agreements and the Subsidiary Agreements, the Board reviewed additional information, including, but not limited to: comparative industry data with regard to investment performance; advisory and supervisory and administrative fees and expenses; financial information for PIMCO and, where relevant, financial information for Research

Affiliates; information regarding the profitability to PIMCO of its relationship with the Portfolios; information about the personnel providing investment management services, other advisory services and supervisory and administrative services to the Portfolios; and information about the fees charged and services provided to other clients with similar investment mandates as the Portfolios, where applicable. In addition, the Board reviewed materials provided by counsel to the Trust and the Independent Trustees ("Counsel"), which included, among other things, a memorandum outlining legal duties of the Board in considering the renewal of the Agreements and Subsidiary Agreements.

With respect to the Subsidiary Agreements, the Trustees considered that each Portfolio that has a Subsidiary may utilize its Subsidiary to execute its investment strategy and that PIMCO provides investment advisory and administrative services to the Subsidiaries pursuant to the Subsidiary Agreements in the same manner as it does for such Portfolios that have Subsidiaries under the Investment Advisory Contract and Supervision and Administration Agreement. The Trustees also considered that, with respect to each Subsidiary, PIMCO does not retain a separate advisory or other fee from the Subsidiary, and that PIMCO's profitability with respect to each Portfolio that has a Subsidiary is not positively impacted as a result of the Subsidiary Agreements. The Trustees determined, therefore, that it was appropriate to consider the approval of the Subsidiary Agreements collectively with their consideration of the continuation of the Agreements.

(b) Review Process: In connection with considering the renewal of the Agreements, the Board reviewed written materials prepared by PIMCO and, where applicable, Research Affiliates in response to requests from Counsel encompassing a wide variety of topics. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from Counsel, and reviewed comparative fee and performance data prepared at the Board's request by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company performance information and fee and expense data. The Board received presentations on matters related to the Agreements and met both as a full Board and in a separate session of the Independent Trustees, without management present, at the August 23-24, 2022 meeting. The Independent Trustees also met via video conference with Counsel on July 14, 2022, and conducted a video conference meeting on August 10, 2022 with management and Counsel to discuss the materials presented and other matters deemed relevant to their consideration of the renewal of the Agreements. In connection with its review of the Agreements, the Board received comparative information on the performance, the risk-adjusted performance and the fees and expenses of other peer group funds and share classes. The Independent Trustees also requested and received supplemental information, including information regarding Broadridge peer classifications, the investment strategies and outflows for certain Portfolios, Portfolio performance and profitability.

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(Unaudited)

The approval determinations were made on the basis of each Trustee's business judgment after consideration and evaluation of all the information presented. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. In deciding to approve the renewal of the Agreements, the Board did not identify any single factor or particular information that, in isolation, was controlling. The discussion below is intended to summarize the broad factors and information that figured prominently in the Board's consideration of the renewal of the Agreements, but is not intended to summarize all of the factors considered by the Board.

2. NATURE, EXTENT AND QUALITY OF SERVICES

(a) PIMCO, Research Affiliates, their Personnel and Resources: The Board considered the depth and quality of PIMCO's investment management process, including, but not limited to: the experience, capability and integrity of its senior management and other personnel; the overall financial strength and stability of its organization; and the ability of its organizational structure to address changes in the Portfolios' asset levels. The Board also considered the various services in addition to portfolio management that PIMCO provides under the Investment Advisory Contract. The Board noted that PIMCO makes available to its investment professionals a variety of resources and systems relating to investment management, compliance, trading, performance and portfolio accounting. The Board also noted PIMCO's commitment to enhancing and investing in its global infrastructure, technology capabilities, risk management processes and the specialized talent needed to stay at the forefront of the competitive investment management industry and to strengthen its ability to deliver services under the Agreements. The Board considered PIMCO's policies, procedures and systems reasonably designed to assure compliance with applicable laws and regulations, including new regulations impacting the Portfolios, and its commitment to further developing and strengthening these programs; its oversight of matters that may involve conflicts of interest between the Portfolios' investments and those of other accounts managed by PIMCO; and its efforts to keep the Trustees informed about matters relevant to the Portfolios and their shareholders. The Board also considered PIMCO's investment in new disciplines and talented personnel, which has enhanced PIMCO's services to the Portfolios and has allowed PIMCO to introduce innovative new portfolios over time. In addition, the Board considered the nature, extent and quality of services provided by PIMCO to the Subsidiaries of certain applicable Portfolios.

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented, including the ongoing development of its own proprietary software and applications to support the Portfolios. Similarly, the Board considered the asset

allocation services provided by Research Affiliates to the PIMCO All Asset Portfolio. The Board further considered PIMCO's oversight of Research Affiliates in connection with Research Affiliates providing asset allocation services to the All Asset Portfolio. The Board also considered the depth and quality of Research Affiliates' investment management and research capabilities, the experience and capabilities of its portfolio management personnel and the overall financial strength of the organization. Ultimately, the Board concluded that the nature, extent and quality of services provided or procured by PIMCO under the Agreements and the Subsidiary Agreements and provided by Research Affiliates under the Asset Allocation Agreement are likely to continue to benefit the Portfolios and their shareholders, as applicable.

(b) Other Services: The Board also considered the nature, extent and quality of supervisory and administrative services provided by PIMCO to the Portfolios under the Supervision and Administration Agreement.

The Board considered the terms of the Supervision and Administration Agreement, under which the Trust pays for the supervisory and administrative services provided pursuant to that agreement under what is essentially an all-in fee structure (the "unified fee"). In return, PIMCO provides or procures certain supervisory and administrative services and bears the costs of various third party services required by the Portfolios, including, but not limited to, audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board also noted that the scope and complexity, as well as the costs, of the supervisory and administrative services provided by PIMCO under the Supervision and Administration Agreement continue to increase. The Board considered PIMCO's provision of supervisory and administrative services and its supervision of the Trust's third party service providers to assure that these service providers continue to provide a high level of service relative to alternatives available in the market.

Ultimately, the Board concluded that the nature, extent and quality of the services provided or procured by PIMCO has benefited, and will likely continue to benefit, the Portfolios and their shareholders.

3. INVESTMENT PERFORMANCE

The Board reviewed information from PIMCO concerning the Portfolios' performance, as available, over short- and long-term periods ended March 31, 2022 and other performance data, as available, over short- and long-term periods ended June 30, 2022 (the "PIMCO Report") and from Broadridge concerning the Portfolios' performance, as available, over short- and long-term periods ended March 31, 2022 (the "Broadridge Report"). The Board also noted that while historically the Broadridge Report included peer classifications from only Lipper, as part of this approval process the Broadridge Report incorporated peer classifications from Morningstar for the Portfolios for which it was believed that Morningstar provided a materially improved comparison.

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **59** |

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| **Approval of Investment Advisory Contract and Other Agreements** | **(Cont.)** |

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The Board considered information regarding both the short- and long-term relative and absolute investment performance of each Portfolio relative to its Portfolio peer group, where appropriate, and relevant benchmark index as provided to the Board in advance of each of its quarterly meetings throughout the year, including the PIMCO Report and Broadridge Report. The Trustees reviewed information indicating that classes of each Portfolio would have substantially similar performance to that of the Administrative Class of the relevant Portfolio on a relative basis because all of the classes are invested in the same portfolio of investments and that differences in performance among classes could principally be attributed to differences in the supervisory and administrative fees and distribution and/or servicing expenses of each class. The Board noted that, due to differences (such as specific investment strategies or fee structures) between certain of the Portfolios and their so-called peers in the Broadridge categories, performance comparisons may not be particularly relevant to the consideration of Portfolio performance, but found the comparative information supported its overall evaluation.

The Trustees noted that a majority of the Portfolios (based on the Administrative Class performance) have outperformed their respective benchmark indexes over the three-, five-, and ten-year periods ended March 31, 2022, and that a majority of the Portfolios (based on the Administrative Class performance) have outperformed their benchmarks since inception for the period ended March 31, 2022. The Board also discussed actions that have been taken by PIMCO to attempt to improve performance and took note of PIMCO's plans to monitor performance going forward.

The Board ultimately concluded, within the context of all of its considerations in connection with the Agreements and the Subsidiary Agreements, that PIMCO's performance record and process in managing the Portfolios indicates that its continued management is likely to benefit the Portfolios and their shareholders and merits the approval of the renewal of the Agreements and the Subsidiary Agreements.

4. ADVISORY FEES, SUPERVISORY AND ADMINISTRATIVE FEES AND TOTAL EXPENSES

The Board considered that PIMCO seeks to price new funds to scale at the outset. The Board noted that PIMCO generally seeks to price new funds competitively against the median total expense ratio of the respective Broadridge peer group, if available, while acknowledging that a fee premium may be appropriate for innovative investment offerings. PIMCO reported to the Board that, in proposing fees for any Portfolio or class of shares, it considers a number of factors, including, but not limited to, the type and complexity of the services provided, the cost of providing services, the risk assumed by PIMCO in the development of products and the provision of services and the competitive marketplace for financial products. Fees charged to or

proposed for different Portfolios for advisory services and supervisory and administrative services may vary in light of these various factors.

The Board reviewed the advisory fees, supervisory and administrative fees and total expenses of the Portfolios (each as a percentage of average net assets) and compared such amounts with the average and median fee and expense levels of other similar funds. The Board also reviewed information relating to the sub-advisory fees paid to Research Affiliates with respect to applicable Portfolios, taking into account that PIMCO compensates Research Affiliates from the advisory fees paid by such Portfolios to PIMCO. With respect to advisory fees, the Board reviewed data from the Broadridge Report that compared the average and median advisory fees of other funds in a "Peer Group" of comparable funds, where appropriate, as well as the universe of other similar funds. The Board reviewed materials indicating that, a number of Portfolios have total expense ratios that fall below the average and median expense ratios in their Peer Group and Broadridge universe. In addition, the Board considered the expense limitation agreement in place for all of the Portfolios and fee waivers in place for certain of the Portfolios and also noted the fee waivers in place with respect to the advisory fee and supervisory and administrative fee that might result from investments by applicable Portfolios in their respective Subsidiaries. The Board also considered that PIMCO reviews the Portfolios' fee levels and carefully considers changes where appropriate.

The Board also reviewed data comparing the Portfolios' advisory fees to the fee rates PIMCO charged to registered funds (open-end and closed-end), private funds, and non-U.S. registered funds, separate accounts, sub-advised clients and collective investment trusts with similar investment strategies. In cases where the fees for other clients were lower than those charged to the Portfolios, the Trustees noted that the differences in fees were attributable to various factors, including, but not limited to, differences in the advisory and other services provided by PIMCO to the Portfolios, differences in the number or extent of the services provided by PIMCO to the Portfolios, the manner in which similar portfolios may be managed, different requirements with respect to liquidity management and the implementation of other regulatory requirements, and the fact that separate accounts may have other contractual arrangements or arrangements across PIMCO strategies that justify different levels of fees. The Board considered that, with respect to collective investment trusts, PIMCO performs fewer or less extensive services because collective investment trusts are generally exempt from SEC regulation; investors in a collective investment trust may receive shareholder services from a trustee bank, rather than PIMCO; collective investment trusts have less regulatory disclosure; and the management structure of collective investment trusts differs from that of funds. The Trustees also considered that PIMCO faces increased entrepreneurial, legal and regulatory risk in sponsoring and managing mutual funds and ETFs as

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(Unaudited)

compared to separate accounts, external sub-advised funds or other investment products. In addition, the Trustees considered that PIMCO may charge certain private funds with similar investment mandates lower fees than the Portfolios because such private funds are not required to accept daily redemptions or price their assets on a daily basis, generally do not accept small investors with small account balances and operate under a less complex regulatory regime.

Regarding advisory fees charged by PIMCO in its capacity as sub-adviser to third party/unaffiliated funds, the Trustees took into account that such fees may be lower than the fees charged by PIMCO to serve as adviser to the Portfolios. The Trustees also took into account that there are various reasons for any such differences in fees, including, but not limited to, the fact that PIMCO may be subject to varying levels of entrepreneurial, legal and regulatory risk and different servicing requirements when PIMCO does not serve as the sponsor of a fund and is not principally responsible for all aspects of a fund's investment program and operations as compared to when PIMCO serves as investment adviser and sponsor.

The Board considered the Portfolios' supervisory and administrative fees, comparing them to similar funds managed by other investment advisers in the Broadridge Report. The Board also considered that, as the Portfolios' business has become increasingly complex and the number of Portfolios has grown over time, PIMCO has provided an increasingly broad array of fund supervisory and administrative functions. In addition, the Board considered the Trust's unified fee structure, under which the Trust pays for the supervisory and administrative services it requires for one set fee. In return for this unified fee, PIMCO provides or procures supervisory and administrative services and bears the costs of various third party services required by the Portfolios, including audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board further considered that many other funds pay for comparable services separately, and thus it is difficult to directly compare the Trust's unified supervisory and administrative fees with the fees paid by other funds for administrative services alone. The Board also considered that the unified supervisory and administrative fee leads to Portfolio fees that are fixed over the contract period, rather than variable. The Board noted that, although the unified fee structure does not have breakpoints, it inherently reflects certain economies of scale by fixing the absolute level of Portfolio fees at competitive levels over the contract period even if the Portfolios' operating costs rise when assets remain flat or decrease. Other factors the Board considered in assessing the unified fee include PIMCO's approach of pricing Portfolios at scale at inception and reinvesting in other important areas of the business that support the Portfolios. The Board considered historical advisory and supervisory and administrative fee reductions implemented for different Portfolios and classes, noting that the unified fee can be increased or decreased in subsequent contractual periods with Board approval and is subject to the periodic reviews discussed above. The

Board noted that, with few exceptions, PIMCO has generally maintained Portfolio fees at the same level as implemented when the unified fee was adopted, and has reduced fees for a number of Portfolios in prior years. The Board concluded that the Portfolios' supervisory and administrative fees were reasonable in relation to the value of the services provided, including the services provided to different classes of shareholders, and that the expenses assumed contractually by PIMCO under the Supervision and Administration Agreement represent, in effect, a cap on overall Portfolio fees during the contractual period, which is beneficial to the Portfolios and their shareholders.

The Board considered the Portfolios' total expenses and discussed with PIMCO certain Portfolios and/or classes of Portfolios that had above median total expenses. Upon comparing the Portfolios' total expenses to other funds in the "Peer Groups" provided by the Broadridge Report, where appropriate, the Board found total expenses of each Portfolio to be reasonable.

The Trustees also considered the advisory fees charged to the Portfolios that operate as funds of funds (the "Funds of Funds") and the advisory services provided in exchange for such fees. The Trustees determined that such services were in addition to the advisory services provided to the underlying funds in which the Funds of Funds may invest and, therefore, such services were not duplicative of the advisory services provided to the underlying funds. The Board also considered the various fee waiver agreements in place for the Funds of Funds. The Board noted that PIMCO is continuing waivers for these Funds of Funds, as well as for certain other Portfolios of the Trust.

Based on the information presented by PIMCO and Research Affiliates, members of the Board determined, in the exercise of their business judgment, that the level of the advisory fees and supervisory and administrative fees charged by PIMCO under the Agreements and the Subsidiary Agreements, that the fees charged by Research Affiliates under the Asset Allocation Agreement, and that the total expenses of each Portfolio, are reasonable.

5. ADVISER COSTS, LEVEL OF PROFITS AND ECONOMIES OF SCALE

The Board reviewed information regarding PIMCO's costs of providing services to, as well as the resulting level of profits from, the Portfolios. To the extent applicable, the Board also reviewed information regarding the portion of a Portfolio's advisory fee retained by PIMCO, following the payment of sub-advisory fees to Research Affiliates, with respect to the Portfolios. Additionally, the Board discussed PIMCO's pre- and post-distribution profit margin ranges with respect to the Portfolios, as compared to the prior year. The Board also noted that it had received information regarding the structure and manner in which PIMCO's investment professionals were compensated, and PIMCO's view of the relationship of such compensation to the recruitment and retention of

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| **Approval of Investment Advisory Contract and Other Agreements** | **(Cont.)** | (Unaudited) |

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quality personnel. The Board considered PIMCO's investment in global infrastructure, technology capabilities, risk management processes and qualified personnel to reinforce existing services, offer new services, and accommodate changing regulatory requirements.

The Board considered the existence of any economies of scale and noted that, to the extent that PIMCO achieves economies of scale in managing the Portfolios, PIMCO shares the benefits of such economies of scale, if any, with the Portfolios and their shareholders in a number of ways, including investing in portfolio and trade operations management, firm technology, middle and back office support, legal and compliance, and fund administration logistics; senior management supervision, governance and oversight of those services; and through fee reductions or waivers, the pricing of Portfolios to scale from inception and the enhancement of services provided to the Portfolios in return for fees paid. The Board reviewed the history of the Portfolios' fee structure. The Board considered that the Portfolios' unified fee rates had been set competitively and/or priced to scale from inception, had been held steady during the contractual period at that scaled competitive rate for most Portfolios as assets grew, or as assets declined in the case of some Portfolios, and continued to be competitive compared with peers. The Board also considered that the unified fee is a transparent means of informing a Portfolio's shareholders of the fees associated with the Portfolio, and that the Portfolio bears certain expenses that are not covered by the advisory fee or the unified fee. The Board further considered the challenges that arise when managing large funds, which can result in certain "diseconomies" of scale and noted that PIMCO has continued to reinvest in many areas of the business to support the Portfolios.

The Trustees considered that the unified fee has provided inherent economies of scale because a Portfolio maintains competitive fixed fees over the annual contract period even if the particular Portfolio's assets decline and/or operating costs rise. The Trustees further considered that, in contrast, breakpoints may be a proxy for charging higher fees on lower asset levels and that when a fund's assets decline, breakpoints may reverse, which causes expense ratios to increase. The Trustees also considered that, unlike the Portfolios' unified fee structure, funds with "pass through" administrative fee structures may experience increased expense ratios when fixed dollar fees are charged against declining fund assets. In addition, the Trustees considered that the unified fee protects shareholders from a rise in operating costs that may result from, among other things, PIMCO's investments in various business enhancements and infrastructure, including those referenced above. The Trustees noted that PIMCO's investments in these areas are extensive.

The Board concluded that the Portfolios' cost structures were reasonable and that PIMCO is appropriately sharing economies of scale, if any, through

the Portfolios' unified fee structure, generally pricing Portfolios to scale at inception and reinvesting in its business to provide enhanced and expanded services to the Portfolios and their shareholders.

6. ANCILLARY BENEFITS

The Board considered other benefits realized by PIMCO and its affiliates as a result of PIMCO's relationship with the Trust. Such benefits may include possible ancillary benefits to PIMCO's institutional investment management business due to the reputation and market penetration of the Trust or third party service providers' relationship-level fee concessions, which decrease fees paid by PIMCO. The Board also considered that affiliates of PIMCO provide distribution and/or shareholder services to the Portfolios and their shareholders, for which they may be compensated through distribution and servicing fees paid pursuant to the Portfolios' Rule 12b-1 plans or otherwise. The Board noted that, while PIMCO has the authority to receive the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the Portfolios, it has adopted a policy not to enter into contractual soft dollar arrangements.

7. CONCLUSIONS

Based on their review, including their comprehensive consideration and evaluation of each of the broad factors and information summarized above, the Independent Trustees and the Board as a whole concluded that the nature, extent and quality of the services rendered to the Portfolios by PIMCO and Research Affiliates supported the renewal of the Agreements and the Subsidiary Agreements. The Independent Trustees and the Board as a whole concluded that the Agreements and the Subsidiary Agreements continued to be fair and reasonable to the Portfolios and their shareholders, that the Portfolios' shareholders received reasonable value in return for the fees paid to PIMCO by the Portfolios under the Investment Advisory Contract, Supervision and Administration Agreement and the Subsidiary Agreements and the fees paid to Research Affiliates by PIMCO under the Asset Allocation Agreement, and that the renewal of the Agreements and the Subsidiary Agreements was in the best interests of the Portfolios and their shareholders.

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**General Information** 

**Investment Adviser and Administrator** 

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

**Distributor** 

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

**Custodian** 

State Street Bank and Trust Company

801 Pennsylvania Avenue

Kansas City, MO 64105

**Transfer Agent** 

SS&C Global Investor & Distribution Solutions, Inc.

430 W 7th Street STE 219024

Kansas City, MO 64105-1407

**Legal Counsel** 

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

**Independent Registered Public Accounting Firm** 

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the PIMCO Variable Insurance Trust.

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**pimco.com/pvit**![LOGO](g435122g06y60.jpg)

PVIT07AR_123122

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![LOGO](g432356g13e39.jpg)

PIMCO VARIABLE INSURANCE TRUST

## Annual Report
December 31, 2022

PIMCO Global Diversified Allocation Portfolio

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##### [**Table of Contents**](#toc)
**Table of Contents** 

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|  | Page |
| &nbsp;&nbsp; [Chairman's Letter](#tx432356_1) | 2 |
| &nbsp;&nbsp; [Important Information About the PIMCO Global Diversified Allocation Portfolio](#tx432356_2) | 4 |
| &nbsp;&nbsp; [Portfolio Summary](#tx432356_3) | 8 |
| &nbsp;&nbsp; [Expense Example](#tx432356_4) | 9 |
| &nbsp;&nbsp; [Financial Highlights](#tx432356_5) | 10 |
| &nbsp;&nbsp; [Statement of Assets and Liabilities](#tx432356_6) | 12 |
| &nbsp;&nbsp; [Statement of Operations](#tx432356_7) | 13 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets](#tx432356_8) | 14 |
| &nbsp;&nbsp; [Schedule of Investments](#tx432356_9) | 15 |
| &nbsp;&nbsp; [Notes to Financial Statements](#tx432356_10) | 18 |
| &nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm](#tx432356_11) | 34 |
| &nbsp;&nbsp; [Glossary](#tx432356_12) | 35 |
| &nbsp;&nbsp; [Distribution Information](#tx432356_17) | 36 |
| &nbsp;&nbsp; [Federal Income Tax Information](#tx432356_13) | 37 |
| &nbsp;&nbsp; [Management of the Trust](#tx432356_14) | 38 |
| &nbsp;&nbsp; [Privacy Policy](#tx432356_15) | 40 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements](#tx432356_16) | 41 |

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This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust (the "Trust") prospectus for the Portfolio. (The variable product prospectus may be obtained by contacting your Investment Consultant.)

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**Chairman's Letter** 

Dear Shareholder,

2022 was a challenging year in the financial markets. We continue to work tirelessly to navigate global markets and manage the assets that you have entrusted with us. Following this letter is the PIMCO Variable Insurance Trust Annual Report, which covers the 12-month reporting period ended December 31, 2022 (the "reporting period"). On the subsequent pages, you will find details regarding investment results and a discussion of the factors that most affected performance during the reporting period.

For the 12-month reporting period ended December 31, 2022

The global economy faced significant headwinds in 2022, including those related to higher inflation, the COVID-19 pandemic, and the Russia-Ukraine conflict. First and second quarter 2022 U.S. annualized gross domestic product ("GDP") returned -1.6% and -0.6%, respectively. The economy strengthened in the third quarter, with annualized GDP rising 3.2%. The Commerce Department's initial estimate for fourth quarter 2022 annualized GDP — released after the reporting period ended — was 2.9%.

The Federal Reserve Board (the "Fed" or "U.S. central bank") took actions to combat elevated inflation. In March 2022, the Fed raised the federal funds rate 0.25% to a range between 0.25% and 0.50%, its first rate hike since 2018. The U.S. central bank then raised rates at its next six meetings, for a total increase of 4.25% in 2022. At the end of the year, the federal funds rate was in a range between 4.25% and 4.50%.

Economies outside the U.S. also faced several headwinds. In its October 2022 World Economic Outlook Update, the International Monetary Fund (the "IMF") downgraded its expectation for 2022 GDP citing "turbulent challenges" including high inflation, tightening financial conditions, as well as the ongoing Russia-Ukraine conflict and COVID-19 pandemic. For 2022, the IMF included in its projections that GDP would grow 1.6% in the U.S. (from 5.7% in 2021), 3.1% in the eurozone (from 5.2% in 2021), 3.6% in the U.K. (from 7.4% in 2021), and 1.7% in Japan (the same as in 2021).

Several central banks tightened their respective monetary policies in recent years. For example, in December 2021, prior to the beginning of the reporting period, the Bank of England (the "BoE") raised rates for the first time since COVID-19 began. The BoE again raised rates at its next eight meetings, for a total of 3.50% in rate hikes since its first increase. The European Central Bank raised rates four times in 2022, for a total increase of 2.50%. In contrast, the Bank of Japan (the "BoJ") maintained its loose monetary policy for most of 2022. However, in December 2022 the BoJ announced that it would allow its 10-year government bond yield to rise to 0.5% (previously limited to 0.25%). The news sent the 10-year bond yield and Japanese yen higher, as market participants interpreted the announcement to mean that the BoJ may pivot from its previous monetary stance.

During the reporting period, short- and long-term U.S. Treasury yields moved higher. The yield on the benchmark 10-year U.S. Treasury note was 3.88% on December 31, 2022, versus 1.52% on December 31, 2021. The Bloomberg Global Treasury Index (USD Hedged), which tracks fixed-rate, local currency government debt of investment grade countries, including developed and emerging markets, returned -10.79%. Meanwhile, the Bloomberg Global Aggregate Credit Index (USD Hedged), a widely used index of global investment grade credit bonds, returned -14.22%. Riskier fixed income asset classes, including high yield corporate bonds and emerging market debt, were also weak. The ICE BofAML Developed Markets High Yield Constrained Index (USD Hedged), a widely used index of below-investment-grade bonds, returned -10.56%, whereas emerging market external debt, as represented by the JPMorgan Emerging Markets Bond Index (EMBI) Global (USD Hedged), returned -16.45%. Emerging market local bonds, as represented by the JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged), returned -11.69%. Finally, the municipal market, as represented by the Bloomberg Municipal Bond Index, returned -8.53%.

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Amid periods of volatility, global equities generally posted weak results during the reporting period as economic and geopolitical concerns weighed on investor sentiment. U.S. equities, as represented by the S&P 500 Index, returned -18.11%. Global equities, as represented by the MSCI World Index, returned -18.14%, while emerging market equities, as measured by the MSCI Emerging Markets Index, returned -20.09%. Meanwhile, Japanese equities, as represented by the Nikkei 225 Index (in Japanese yen), returned -7.37% and European equities, as represented by the MSCI Europe Index (in euro), returned -9.49%.

Commodity prices were volatile and generated mixed returns during the reporting period. Brent crude oil, which was approximately $77.24 a barrel at the start of the reporting period, rose to roughly $82.82 a barrel at the end of December 2022. Prices of other commodities, such as copper and gold, declined during the period.

Finally, there were also periods of volatility in the foreign exchange markets. We believe this was driven by several factors, including economic growth expectations and changing central bank monetary policies, as well as rising inflation, COVID-19 variants, and geopolitical events. The U.S. dollar strengthened against several major currencies. For example, during the reporting period, the U.S. dollar returned 5.85%, 10.71%, and 12.23% versus the euro, the British pound and the Japanese yen, respectively.

Thank you for the assets you have placed with us. We deeply value your trust, and we will continue to work diligently to meet your broad investment needs.

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| ![LOGO](g432356g19a01.jpg) | Sincerely,<br>![LOGO](g432356g65f33.jpg) <br>Peter G. Strelow<br> Chairman of the Board<br>PIMCO Variable Insurance Trust<br>|

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Past performance is no guarantee of future results. Unless otherwise noted, index returns reflect the reinvestment of income distributions and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. It is not possible to invest directly in an unmanaged index.

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>3</sub> |

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**Important Information About the PIMCO Global Diversified Allocation Portfolio** 

PIMCO Variable Insurance Trust (the "Trust") is an open-end management investment company that includes the PIMCO Global Diversified Allocation Portfolio (the "Portfolio"). The Portfolio is only available as a funding vehicle under variable life insurance policies or variable annuity contracts issued by insurance companies ("Variable Contracts"). Individuals may not purchase shares of the Portfolio directly. Shares of the Portfolio also may be sold to qualified pension and retirement plans outside of the separate account context.

The Portfolio may invest in Institutional Class or Class M shares of any of the funds of PIMCO Funds and PIMCO Equity Series, affiliated open-end investment companies, except funds of funds and PIMCO California Municipal Intermediate Value Fund, PIMCO California Municipal Opportunistic Value Fund, PIMCO National MunicipalIntermediate Value Fund and PIMCO National Municipal OpportunisticValue Fund ("Underlying PIMCO Funds"), and may also invest in other affiliated, including funds of PIMCO ETF Trust, and unaffiliated funds (collectively, the "Acquired Funds"). The Portfolio may invest in a combination of affiliated funds and unaffiliated funds, which may or may not be registered under the Investment Company Act of 1940, as amended (the "Act"), fixed income instruments, equity securities, forwards and derivatives, to the extent permitted under the Act or exemptive relief therefrom. The cost of investing in the Portfolio will generally be higher than the cost of investing in a mutual fund that only invests directly in individual stocks and bonds.

We believe that equity funds and bond funds have an important role to play in a well-diversified portfolio. It is important to note, however, that equity funds and bond funds are subject to notable risks.

Among other things, equity and equity-related securities may decline in value due to both real and perceived general market, economic, and industry conditions. The values of equity securities, such as common stocks and preferred securities, have historically risen and fallen in periodic cycles and may decline due to general market conditions, which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. Equity securities may also decline due to factors that affect a particular industry or industries, such as labor shortages, increased production costs and competitive conditions within an industry. In addition, the value of an equity security may decline for a number of reasons that directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets. Different types of equity securities may react differently to these developments and a change in the financial condition of a single issuer may affect securities markets as a whole.

During a general downturn in the securities markets, multiple asset classes, including equity securities, may decline in value simultaneously. The market price of equity securities owned by the Portfolio may go up or down, sometimes rapidly or unpredictably. Equity securities generally have greater price volatility than fixed income securities and common stocks generally have the greatest appreciation and depreciation potential of all corporate securities.

Bond funds and fixed income securities are subject to a variety of risks, including interest rate risk, liquidity risk and market risk. In an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed income securities and other instruments held by the Portfolio (and/or Underlying PIMCO Funds or Acquired Funds, as applicable) are likely to decrease in value. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that management will anticipate such movement accurately. The Portfolio may lose money as a result of movements in interest rates.

As of the date of this report, interest rates in the United States and many parts of the world, including certain European countries, continue to increase. In efforts to combat inflation, the U.S. Federal Reserve raised interest rates multiple times in 2022 and has indicated an expectation that it will continue to raise interest rates in 2023. Thus, the Portfolio currently faces a heightened level of risk associated with rising interest rates and/or bond yields. This could be driven by a variety of factors, including but not limited to central bank monetary policies, changing inflation or real growth rates, general economic conditions, increasing bond issuances or reduced market demand for low yielding investments. Further, while bond markets have steadily grown over the past three decades, dealer inventories of corporate bonds are near historic lows in relation to market size. As a result, there has been a significant reduction in the ability of dealers to "make markets".

Bond funds and individual bonds with a longer duration (a measure used to determine the sensitivity of a security's price to changes in interest rates) tend to be more sensitive to changes in interest rates, usually making them more volatile than securities or funds with shorter durations. All of the factors mentioned above, individually or collectively, could lead to increased volatility and/or lower liquidity in the fixed income markets, or negatively impact the Portfolio's performance or cause the Portfolio to incur losses. As a result, the Portfolio may experience increased shareholder redemptions, which among other things, could further reduce the net assets of the Portfolio.

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The Portfolio may be subject to various risks as described in the Portfolio's prospectus and in the Principal and Other Risks in the Notes to Financial Statements.

Classifications of the Portfolio's portfolio holdings in this report are made according to financial reporting standards. The classification of a particular portfolio holding as shown in the Allocation Breakdown and Schedule of Investments sections of this report may differ from the classification used for the Portfolio's compliance calculations, including those used in the Portfolio's prospectus, investment objectives, regulatory, and other investment limitations and policies, which may be based on different asset class, sector or geographical classifications. The Portfolio is separately monitored for compliance with respect to prospectus and regulatory requirements.

The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. In 2022, many countries lifted some or all restrictions related to COVID-19. However, the effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations and individual issuers, all of which may negatively impact the Portfolio's performance. In addition, COVID-19 and governmental responses to COVID-19 may negatively impact the capabilities of the Portfolio's service providers and disrupt the Portfolio's operations.

The United States' enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from certain other countries has contributed to and may continue to contribute to international trade tensions and may impact portfolio securities (and/or portfolio securities of Underlying PIMCO Funds or Acquired Funds, as applicable). The United States' enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government's response, may also negatively impact securities and instruments that are economically tied to Russia.

The Portfolio may have significant exposure to issuers in the United Kingdom. The United Kingdom's withdrawal from the European Union may impact Portfolio returns. The withdrawal may cause substantial volatility in foreign exchange markets, lead to weakness in the exchange rate of the British pound, result in a sustained period of

market uncertainty, and destabilize some or all of the other European Union member countries and/or the Eurozone.

The Portfolio may invest in certain instruments that rely in some fashion upon the London Interbank Offered Rate ("LIBOR"). LIBOR is an average interest rate, determined by the ICE Benchmark Administration, that banks charge one another for the use of short-term money. The United Kingdom's Financial Conduct Authority, which regulates LIBOR, has announced plans to ultimately phase out the use of LIBOR. There remains uncertainty regarding future utilization of LIBOR and the nature of any replacement rate (e.g., the Secured Overnight Financing Rate, which is intended to replace U.S. dollar LIBOR and measures the cost of overnight borrowings through repurchase agreement transactions collateralized with U.S. Treasury securities). Any potential effects of the transition away from LIBOR on Portfolio or on certain instruments in which the Portfolio invests can be difficult to ascertain, and they may vary depending on a variety of factors. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to the Portfolio.

On the Portfolio Summary page in this Shareholder Report, the Average Annual Total Return table and Cumulative Returns chart measures performance assuming that any dividend and capital gain distributions were reinvested. The Cumulative Returns chart reflects only Administrative Class performance. Performance may vary by share class based on each class's expense ratios. The Portfolio measures its performance against at least one broad-based securities market index ("benchmark index"). The benchmark index does not take into account fees, expenses, or taxes. The Portfolio's past performance, before and after taxes, is not necessarily an indication of how the Portfolio will perform in the future. There is no assurance that the Portfolio, even if the Portfolio has experienced high or unusual performance for one or more periods, will experience similar levels of performance in the future. High performance is defined as a significant increase in either 1) the Portfolio's total return in excess of that of the Portfolio's benchmark between reporting periods or 2) the Portfolio's total return in excess of the Portfolio's historical returns between reporting periods. Unusual performance is defined as a significant change in the Portfolio's performance as compared to one or more previous reporting periods. Historical performance for the Portfolio or a share class thereof may have been positively impacted by fee waivers or expense limitations in place during some or all of the periods shown, if applicable. Future performance (including total return or yield) and distributions may be negatively impacted by the expiration or reduction of any such fee waivers or expense limitations.

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>5</sub> |

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| **Important Information About the PIMCO Global Diversified Allocation Portfolio** | **(Cont.)** |

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The following table discloses the inception dates of the Portfolio and its share classes along with the Portfolio's diversification status as of period end:

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|:---|:---|:---|:---|:---|
| **Portfolio Name** | **Portfolio<br>Inception** | **Administrative<br>Class** | **Advisor<br>Class** | **Diversification<br>Status** |
|  PIMCO Global Diversified Allocation Portfolio | 04/30/12 | 04/30/12 | 04/30/13 | Diversified |

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An investment in the Portfolio is not a bank deposit and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in the Portfolio.

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Portfolio. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither this Portfolio's prospectus nor summary prospectus, the Trust's Statement of Additional Information ("SAI"), any contracts filed as exhibits to the Trust's registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or the Portfolio creates a contract between or among any shareholder of the Portfolio, on the one hand, and the Trust, the Portfolio, a service provider to the Trust or the Portfolio, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service providers or other delegates acting under authority of the Trustees) may amend the most recent prospectus or use a new prospectus, summary prospectus or SAI with respect to the Portfolio or the Trust, and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which the Trust or the Portfolio is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to the Portfolio, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust's then-current prospectus or SAI.

PIMCO has adopted written proxy voting policies and procedures ("Proxy Policy") as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30th, are available without charge, upon request, by calling the Trust at (888) 87-PIMCO, on the

Portfolio's website at www.pimco.com/pvit, and on the Securities and Exchange Commission's ("SEC") website at www.sec.gov.

The Portfolio files portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The Portfolio's complete schedule of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC's website at www.sec.gov and on PIMCO's website at www.pimco.com/pvit, and will be made available, upon request, by calling PIMCO at (888) 87-PIMCO.

SEC rules allow shareholder reports to be delivered to investors by providing access to such reports online free of charge and by mailing a notice that the report is electronically available. Investors may elect to receive all future reports in paper free of charge by contacting their insurance company. Any election to receive reports in paper will apply to all portfolio companies available under the investor's contract at the insurance company.

In October 2020, the SEC adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover transactions. Subject to certain exceptions, the rule requires portfolios that trade derivatives and other transactions that create future payment or delivery obligations to comply with a value-at-risk leverage limit and certain derivatives risk management program and reporting requirements. These requirements may limit the ability of the Portfolio to use derivatives and reverse repurchase agreements and similar financing transactions as part of its investment strategies and may increase the cost of the Portfolio's investments and cost of doing business, which could adversely affect investors. The rule went into effect on February 19, 2021. The compliance date for the new rule and related reporting requirements was August 19, 2022.

In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value as well as for the performance of fair value determinations, including related oversight and reporting obligations. The new rule also defines "readily available market quotations" for purposes of the definition of "value" under the Act, and the SEC noted that this definition will apply in all contexts under the Act. The effective date for the rule was March 8, 2021. The compliance date for the new rule and the related reporting requirements was September 8, 2022.

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| | |
|:---|:---|
| **6** | **PIMCO VARIABLE INSURANCE TRUST** |

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##### [**Table of Contents**](#toc)
In May 2022, the SEC proposed amendments to a current rule governing portfolio naming conventions. In general, the current rule requires portfolios with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The proposed amendments would expand the scope of the current rule in a number of ways that would result in an expansion of the types of portfolio names that would require the portfolio to adopt an 80% investment policy under the rule. Additionally, the proposed amendments would modify the circumstances under which a portfolio may deviate from its 80% investment policy and address the use and valuation of derivatives instruments for purposes of the rule. The proposal's impact on the Portfolio will not be known unless and until any final rulemaking is adopted.

In May 2022, the SEC proposed a framework that would require certain registered portfolios (such as the Portfolio) to disclose their environmental, social, and governance ("ESG") investing practices. Among other things, the proposed requirements would mandate that portfolios meeting three pre-defined classifications (*i.e.*, integrated, ESG focused and/or impact funds) provide prospectus and shareholder report disclosure related to the ESG factors, criteria and processes used in managing the portfolio. The proposal's impact on the Portfolio will not be known unless and until any final rulemaking is adopted.

In October 2022, the SEC adopted changes to the mutual fund and exchange-traded fund ("ETF") shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which will impact the disclosures provided to shareholders. The rule amendments are effective as of January 24, 2023, but the SEC is providing an 18-month compliance period following the effective date for such amendments other than those addressing fee and expense information in advertisements that might be materially misleading.

In November 2022, the SEC proposed rule amendments which, among other things, would require funds to adopt swing pricing in order to mitigate dilution of shareholders' interests in a fund by requiring the adjustment of fund net asset value per share to pass on costs stemming from shareholder purchase or redemption activity. In addition the proposed rule would amend the liquidity rule framework. The proposal's impact on the Portfolio will not be known unless and until any final rulemaking is adopted.

In November 2022, the SEC adopted amendments to Form N-PX under the Act to improve the utility to investors of proxy voting information reported by mutual funds, ETFs and certain other funds. The rule amendments will expand the scope of funds' Form N-PX reporting obligations, subject managers to Form N-PX reporting obligations for "Say on Pay" votes, enhance Form N-PX disclosures, permit joint reporting by funds, managers and affiliated managers on Form N- PX;

and require website availability of fund proxy voting records. The amendments will become effective on July 1, 2024. Funds and managers will be required to file their first reports covering the period from July 1, 2023 to June 30, 2024 on amended Form N-PX by August 31, 2024.

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| | | |
|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>7</sub> |

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##### [**Table of Contents**](#toc)
**PIMCO Global Diversified Allocation Portfolio** 

Cumulative Returns Through December 31, 2022

![LOGO](g432356g28i20.jpg)

$10,000 invested at the end of the month when the Portfolio's Administrative Class commenced operations.

Top 10 Holdings as of December 31, 2022<sup>†</sup><sup>§</sup>

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| | |
|:---|:---|
|  PIMCO Short-Term Fund | 15.7% |
|  PIMCO Total Return Fund IV | 15.6% |
|  PIMCO StocksPLUS<sup>®</sup> International Fund (Unhedged) | 10.3% |
|  PIMCO Income Fund | 5.2% |
|  PIMCO Real Return Fund | 5.2% |
|  PIMCO Investment Grade Credit Bond Fund | 5.2% |
|  PIMCO RAE PLUS EMG Fund | 5.2% |
|  PIMCO StocksPLUS<sup>®</sup> Fund | 5.2% |
|  PIMCO RAE PLUS Small Fund | 5.2% |
|  PIMCO RAE International Fund | 5.2% |

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| | |
|:---|:---|
| <sup>†</sup> | % of Investments, at value.  |

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| | |
|:---|:---|
| <sup>§</sup> | Top 10 Holdings and % of Investments exclude securities sold short, financial derivative instruments and short-term instruments, if any.  |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 |
|  |  | 1 Year | 5 Years | 10 Years | Inception<sup>≈</sup> |
| ![LOGO](g432356g94o20.jpg) | PIMCO Global Diversified Allocation Portfolio Administrative Class | (16.56)% | 0.90% | 3.91% | 3.79% |
|  | PIMCO Global Diversified Allocation Portfolio Advisor Class | (16.61)% | 0.80% |  | 3.30% |
| ![LOGO](g432356g08y58.jpg) | 60% MSCI World Index/40% Bloomberg U.S. Aggregate Index<sup>±</sup> | (15.85)% | 4.01% | 5.92% | 5.95%<sup>¨</sup> |

---

All Portfolio returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

<sup>≈</sup> For class inception dates please refer to the Important Information.

<sup>¨</sup> Average annual total return since 04/30/2012.

<sup>±</sup> 60% MSCI World Index/40% Bloomberg U.S. Aggregate Index. The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The MSCI World Index consists of a group of developed market country indices. It is not possible to invest directly in an unmanaged index. The Bloomberg U.S. Aggregate Index represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. These major sectors are subdivided into more specific indices that are calculated and reported on a regular basis.

It is not possible to invest directly in an unmanaged index.

*Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. The Portfolio's performance does not reflect the deduction of additional charges and expenses imposed in connection with investing in Variable Contracts, which will reduce returns. Differences in the Portfolio's performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the prices of individual positions (which may be sourced from different pricing vendors or other sources) used by the Portfolio and the index. For performance current to the most recent month-end, visit www.pimco.com/pvit or via (888) 87-PIMCO.* 

*The Portfolio's total annual operating expense ratio in effect as of period end, which includes the Acquired Fund Fees and Expenses (Underlying PIMCO Fund expenses), was 1.53% for Administrative Class shares and 1.63% for Advisor Class shares. Details regarding any changes to the Portfolio's operating expenses, subsequent to period end, can be found in the Portfolio's current prospectus, as supplemented.* 

Investment Objective and Strategy Overview

PIMCO Global Diversified Allocation Portfolio seeks to maximize risk-adjusted total return relative to a blend of 60% MSCI World Index/40% Bloomberg U.S. Aggregate Index by investing in a combination of any funds of the PIMCO Funds and PIMCO Equity Series, affiliated open-end investment companies, except other funds of funds and PIMCO California Municipal Intermediate Value Fund, PIMCO California Municipal Opportunistic Value Fund, PIMCO National MunicipalIntermediate Value Fund and PIMCO National Municipal OpportunisticValue Fund ("Underlying PIMCO Funds"), and other affiliated, including funds of PIMCO ETF Trust, and unaffiliated funds (collectively, "Acquired Funds") and/or direct investments and utilizing hedging techniques to manage downside risks and total portfolio volatility. The Portfolio will invest under normal circumstances in a combination of affiliated funds registered under the Investment Company Act of 1940, as amended (the "1940 Act"), equity securities, Fixed Income Instruments, forwards and derivatives. "Fixed Income Instruments" include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. Portfolio strategies may change from time to time. Please refer to the Portfolio's current prospectus for more information regarding the Portfolio's strategy.

Portfolio Insights

The following affected performance (on a gross basis) during the reporting period:

» Within the Portfolio's equity allocation, overweight exposure to value stocks through the PIMCO RAE PLUS Small Fund, PIMCO RAE International Fund, and PIMCO RAE PLUS EMG Fund contributed to relative performance, as the value sector outperformed the broader equity market.

» Put options on the S&P 500 Index, used for tail risk hedging, contributed to performance, as the S&P 500 Index posted negative returns.

» Exposure to equities detracted from absolute performance, as equity-related Underlying PIMCO Funds and S&P 500 Index futures posted negative returns.

» Exposure to fixed income detracted from absolute performance, as the bond-related Underlying PIMCO Funds posted negative returns.

» The Portfolio's volatility management strategy, implemented using S&P 500 Index futures, detracted from performance, due to adverse equity positioning and trading, including overweight exposure to equities in January 2022, during which the S&P 500 Index fell.

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|:---|:---|
| **8** | **PIMCO VARIABLE INSURANCE TRUST** |

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##### [**Table of Contents**](#toc)
**Expense Example PIMCO Global Diversified Allocation Portfolio** 

Example

As a shareholder of the Portfolio, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including investment advisory fees, supervisory and administrative fees, distribution and/or service (12b-1) fees (if applicable), and other Portfolio expenses. The Example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The Expense Example does not reflect any fees or other expenses imposed by the Variable Contracts. If it did, the expenses reflected in the Expense Example would be higher. The Example is based on an investment of $1,000 invested at the beginning of the period and held from July 1, 2022 to December 31, 2022 unless noted otherwise in the table and footnotes below.

Actual Expenses

The information in the table under the heading "Actual" provides information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60), then multiply the result by the number in the appropriate row for your share class, in the column titled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information in the table under the heading "Hypothetical (5% return before expenses)" provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other portfolios. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other portfolios.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the information under the heading "Hypothetical (5% return before expenses)" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. In addition, if these transactional costs were included, your costs would have been higher.

Expense ratios may vary period to period because of various factors, such as an increase in expenses that are not covered by the investment advisory fees and supervisory and administrative fees, such as fees and expenses of the independent trustees and their counsel, extraordinary expenses and interest expense.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Actual** | **Actual** | **Actual** | **Hypothetical<br>(5% return before expenses)** | **Hypothetical<br>(5% return before expenses)** | **Hypothetical<br>(5% return before expenses)** | |
|  | **Beginning<br>Account Value<br>(07/01/22)** | **Ending<br>Account Value<br>(12/31/22)** | **Expenses Paid<br>During Period\*** | **Beginning<br>Account Value<br>(07/01/22)** | **Ending<br>Account Value<br>(12/31/22)** | **Expenses Paid<br>During Period\*** | **Net Annualized<br>Expense Ratio\*\*** |
| Administrative Class | $&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;1001.00 | $&nbsp;&nbsp;&nbsp;&nbsp;2.40 | $&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;1023.08 | $&nbsp;&nbsp;&nbsp;&nbsp;2.42 | 0.47% |
| Advisor Class | 1000.00 | 1001.10 | 2.91 | 1000.00 | 1022.57 | 2.94 | 0.57 |

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\* Expenses Paid During Period are equal to the net annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 186/365 (to reflect the one-half year period). Overall fees and expenses of investing in the Portfolio will be higher because the example does not reflect variable contract fees and expenses.

\*\* Net Annualized Expense Ratio is reflective of any applicable contractual fee waivers and/or expense reimbursements or voluntary fee waivers. Details regarding fee waivers, if any, can be found in Note 9, Fees and Expenses, in the Notes to Financial Statements.

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| | | |
|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>9</sub> |

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##### [**Table of Contents**](#toc)

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| | |
|:---|:---|
| **Financial Highlights** | **PIMCO Global Diversified Allocation Portfolio** |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year Ended^**:** |<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>Net Asset**<br> **Value**<br> **Beginning**<br> **of Year<sup>(a)</sup>** | **Net**<br> **Investment**<br> **Income**<br> **(Loss)<sup>(b)</sup>** | **Net Realized/**<br> **Unrealized**<br> **Gain (Loss)** | **Total** | **From Net**<br> **Investment**<br> **Income** | **From Net**<br> **Realized**<br> **Capital**<br> **Gain** | **Total** |
| Administrative Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | $&nbsp;&nbsp;&nbsp;&nbsp;11.03 | $&nbsp;&nbsp;&nbsp;&nbsp;0.32 | $&nbsp;&nbsp;&nbsp;&nbsp;(2.00) | $&nbsp;&nbsp;&nbsp;&nbsp;(1.68) | $&nbsp;&nbsp;&nbsp;&nbsp;(0.35) | $&nbsp;&nbsp;&nbsp;&nbsp;(2.85) | $&nbsp;&nbsp;&nbsp;&nbsp;(3.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 10.62 | 0.76 | 0.14 | 0.90 | (0.49) | 0.00 | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 11.36 | 0.30 | 0.05 | 0.35 | (0.33) | (0.76) | (1.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2019 | 9.58 | 0.32 | 1.75 | 2.07 | (0.29) | 0.00 | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2018 | 10.97 | 0.27 | (1.23) | (0.96) | (0.21) | (0.22) | (0.43) |
| Advisor Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 10.37 | 0.25 | (1.82) | (1.57) | (0.36) | (2.85) | (3.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 10.55 | 0.91 | (0.02) | 0.89 | (1.07) | 0.00 | (1.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 11.30 | 0.29 | 0.04 | 0.33 | (0.32) | (0.76) | (1.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2019 | 9.53 | 0.32 | 1.73 | 2.05 | (0.28) | 0.00 | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2018 | 10.92 | 0.27 | (1.24) | (0.97) | (0.20) | (0.22) | (0.42) |

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| | |
|:---|:---|
| ^ | A zero balance may reflect actual amounts rounding to less than $0.01 or 0.01%.  |

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<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Portfolio.

<sup>(b)</sup> Per share amounts based on average number of shares outstanding during the year. 

<sup>(c)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

<sup>(d)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Portfolio. Additionally, excludes initial sales charges and contingent deferred sales charges.

<sup>(e)</sup> Ratios shown do not include expenses of the investment companies in which the Portfolio may invest. See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information regarding the expenses and any applicable fee waivers associated with these investments.

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| | | |
|:---|:---|:---|
| **10** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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##### [**Table of Contents**](#toc)

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | |
|<br>**Net Asset<br>Value End of<br>Year<sup>(a)</sup>** |<br>**Total Return<sup>(d)</sup>** |<br>**Net Assets**<br> **End of Year**<br> **(000s)** | **Expenses** | **Expenses**<br> **Excluding**<br> **Waivers** | **Expenses**<br> **Excluding**<br> **Interest**<br> **Expense** | **Expenses**<br> **Excluding**<br> **Interest**<br> **Expense and**<br> **Waivers** | **Net**<br> **Investment**<br> **Income (Loss)** |<br>**Portfolio**<br> **Turnover**<br> **Rate** |
| $6.15 | (16.56)% | $1 | 0.47% | 1.00% | 0.47% | 1.00% | 3.51% | 18% |
| &nbsp;&nbsp;&nbsp;&nbsp;11.03 | 8.60 | 11 | 0.47 | 1.00 | 0.47 | 1.00 | 7.04 | 15 |
| 10.62 | 4.15 | &nbsp;&nbsp;&nbsp;&nbsp;757485 | 0.47 | 1.00 | 0.47 | 1.00 | 2.85 | 23 |
| 11.36 | 21.71 | 808461 | 0.47 | 1.00 | 0.47 | 1.00 | 3.00 | 19 |
| 9.58 | (8.94) | 752593 | 0.47 | 1.00 | 0.47 | 1.00 | 2.53 | 16 |
| 5.59 | (16.61) | 182762 | 0.57 | 1.10 | 0.57 | 1.10 | 3.57 | 18 |
| 10.37 | 8.51 | 226050 | 0.57 | 1.10 | 0.57 | 1.10 | 8.46 | 15 |
| 10.55 | 3.99 | 218035 | 0.57 | 1.10 | 0.57 | 1.10 | 2.76 | 23 |
| 11.30 | 21.61 | 218006 | 0.57 | 1.10 | 0.57 | 1.10 | 2.97 | 19 |
| 9.53 | (9.06) | 163649 | 0.57 | 1.10 | 0.57 | 1.10 | 2.49 | 16 |

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|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>11</sub> |

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##### [**Table of Contents**](#toc)

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| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **PIMCO Global Diversified Allocation Portfolio** | December 31, 2022 |

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| | |
|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) | (Amounts in thousands<sup>†</sup>, except per share amounts) |
|  **Assets:** |  |
|  *Investments, at value* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities\* | $1127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 175817 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 987 |
|  Deposits with counterparty | 1859 |
|  Receivable for investments sold | 429 |
|  Receivable for investments in Affiliates sold | 3303 |
|  Receivable for Portfolio shares sold | 4 |
|  Interest and/or dividends receivable | 6 |
|  Dividends receivable from Affiliates | 377 |
|  Reimbursement receivable from PIMCO | 89 |
|  **Total Assets** | 183998 |
|  **Liabilities:** |  |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | $89 |
|  Payable for investments in Affiliates purchased | 905 |
|  Payable for Portfolio shares redeemed | 56 |
|  Accrued investment advisory fees | 76 |
|  Accrued supervisory and administrative fees | 67 |
|  Accrued distribution fees | 42 |
|  **Total Liabilities** | 1235 |
|  **Net Assets** | $182763 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | $217669 |
|  Distributable earnings (accumulated loss) | (34906) |
|  **Net Assets** | $182763 |
|  **Net Assets:** |  |
|  Administrative Class | $1 |
|  Advisor Class | 182762 |
|  **Shares Issued and Outstanding:** |  |
|  Administrative Class | 0 |
|  Advisor Class | 32690 |
|  **Net Asset Value Per Share Outstanding<sup>(a):</sup>** |  |
|  Administrative Class | $6.15 |
|  Advisor Class | 5.59 |
|  Cost of investments in securities | $1127 |
|  Cost of investments in Affiliates | $&nbsp;&nbsp;&nbsp;&nbsp;194780 |
|  Cost or premiums of financial derivative instruments, net | $1125 |
|  \* Includes repurchase agreements of: | $1127 |

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|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Portfolio.

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|:---|:---|:---|
| **12** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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##### [**Table of Contents**](#toc)

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| | |
|:---|:---|
| **Statement of Operations** | **PIMCO Global Diversified Allocation Portfolio** |

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| | |
|:---|:---|
| Year Ended December 31, 2022 |  |
| (Amounts in thousands<sup>†</sup>) |  |
|  **Investment Income:** |  |
|  Interest | $28 |
|  Dividends from Investments in Affiliates | 8068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 8096 |
|  **Expenses:** |  |
|  Investment advisory fees | 878 |
|  Supervisory and administrative fees | 780 |
|  Distribution and/or servicing fees - Advisor Class | 488 |
|  Trustee fees | 6 |
|  Interest expense | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 2153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (1039) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 1114 |
|  **Net Investment Income (Loss)** | 6982 |
|  **Net Realized Gain (Loss):** |  |
|  Investments in Affiliates | (3749) |
|  Net capital gain distributions received from Affiliate investments | 7568 |
|  Exchange-traded or centrally cleared financial derivative instruments | (12243) |
|  **Net Realized Gain (Loss)** | (8424) |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in Affiliates | (33935) |
|  Exchange-traded or centrally cleared financial derivative instruments | (1962) |
|  **Net Change in Unrealized Appreciation (Depreciation)** | (35897) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $&nbsp;&nbsp;&nbsp;&nbsp;(37339) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>13</sub> |

---

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Statements of Changes in Net Assets** | **PIMCO Global Diversified Allocation Portfolio** |

---

---

| | | |
|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2021** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
|  Net investment income (loss) | $6982 | $44662 |
|  Net realized gain (loss) | (8424) | 106102 |
|  Net change in unrealized appreciation (depreciation) | (35897) | (77739) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | (37339) | 73025 |
|  **Distributions to Shareholders:** |  |  |
|  From net investment income and/or net realized capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (1) | (25445) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (71400) | (22056) |
|  **Total Distributions<sup>(a)</sup>** | (71401) | (47501) |
|  **Portfolio Share Transactions:** |  |  |
|  Net increase (decrease) resulting from Portfolio share transactions\* | 65442 | (774983) |
|  **Total Increase (Decrease) in Net Assets** | (43298) | &nbsp;&nbsp;&nbsp;&nbsp;(749459) |
|  **Net Assets:** |  |  |
|  Beginning of year | 226061 | 975520 |
|  End of year | $&nbsp;&nbsp;&nbsp;&nbsp;182763 | $226061 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

\* See Note 13, Shares of Beneficial Interest, in the Notes to Financial Statements.

<sup>(a)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

---

| | | |
|:---|:---|:---|
| **14** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Global Diversified Allocation Portfolio** | December 31, 2022 |

---

**(Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **INVESTMENTS IN SECURITIES 0.6%** | **INVESTMENTS IN SECURITIES 0.6%** | **INVESTMENTS IN SECURITIES 0.6%** | **INVESTMENTS IN SECURITIES 0.6%** |
| **SHORT-TERM INSTRUMENTS 0.6%** | **SHORT-TERM INSTRUMENTS 0.6%** | **SHORT-TERM INSTRUMENTS 0.6%** | **SHORT-TERM INSTRUMENTS 0.6%** |
| **REPURCHASE AGREEMENTS (b) 0.6%** | **REPURCHASE AGREEMENTS (b) 0.6%** | **REPURCHASE AGREEMENTS (b) 0.6%** | **REPURCHASE AGREEMENTS (b) 0.6%** |
|  |  | $— | 1127 |
| **Total Short-Term Instruments (Cost $1,127)** | **Total Short-Term Instruments (Cost $1,127)** |  | **1127** |
| **Total Investments in Securities (Cost $1,127)** | **Total Investments in Securities (Cost $1,127)** |  | **1127** |
| **INVESTMENTS IN AFFILIATES 96.2%** | **INVESTMENTS IN AFFILIATES 96.2%** | **INVESTMENTS IN AFFILIATES 96.2%** | **INVESTMENTS IN AFFILIATES 96.2%** |
| **MUTUAL FUNDS (a) 90.0%** | **MUTUAL FUNDS (a) 90.0%** | **MUTUAL FUNDS (a) 90.0%** | **MUTUAL FUNDS (a) 90.0%** |
|  **PIMCO Emerging Markets Bond Fund** | 691022 |  | 5500 |
|  **PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund** | 759112 |  | 7341 |
|  **PIMCO Income Fund** | 886701 |  | 9177 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **PIMCO International Bond Fund (U.S. Dollar-Hedged)** | 590987 | $— | 5496 |
|  **PIMCO Investment Grade Credit Bond Fund** | 1060918 |  | 9156 |
|  **PIMCO RAE International Fund** | 1235977 |  | 9097 |
|  **PIMCO RAE PLUS EMG Fund** | 1542256 |  | 9146 |
|  **PIMCO RAE PLUS Small Fund** | 684585 |  | 9125 |
|  **PIMCO Real Return Fund** | 918600 |  | 9177 |
|  **PIMCO Short-Term Fund** | 2912054 |  | 27519 |
|  **PIMCO StocksPLUS<sup>®</sup> Fund** | 971994 |  | 9127 |
|  **PIMCO StocksPLUS<sup>®</sup> International Fund (U.S. Dollar-Hedged)** | 1214619 |  | 9049 |
|  **PIMCO StocksPLUS<sup>®</sup> International Fund (Unhedged)** | 1909419 |  | 18178 |
|  **PIMCO Total Return Fund IV** | 2968429 |  | 27428 |
|  **Total Mutual Funds (Cost $183,491)** | **Total Mutual Funds (Cost $183,491)** |  | **164516** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **SHORT-TERM INSTRUMENTS 6.2%** | **SHORT-TERM INSTRUMENTS 6.2%** | **SHORT-TERM INSTRUMENTS 6.2%** | **SHORT-TERM INSTRUMENTS 6.2%** |
| **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 6.2%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 6.2%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 6.2%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 6.2%** |
|  **PIMCO Short-Term Floating NAV Portfolio III** | 1163142 | $— | 11301 |
| **Total Short-Term Instruments<br>(Cost $11,289)** |  |  | **11301** |
| **Total Investments in Affiliates<br>(Cost $194,780)** |  |  | **175817** |
| **Total Investments 96.8%<br>(Cost $195,907)** |  | $— | **176944** |
|  **Financial Derivative<br>Instruments (c) 0.5%**<br> **(Cost or Premiums, net $1,125)** | **Financial Derivative<br>Instruments (c) 0.5%**<br> **(Cost or Premiums, net $1,125)** |  | **898** |
| **Other Assets and Liabilities, net 2.7%** | **Other Assets and Liabilities, net 2.7%** |  | **4921** |
| **Net Assets 100.0%** | **Net Assets 100.0%** | $— | **182763** |

---

**NOTES TO SCHEDULE OF INVESTMENTS:** 

**\*** **A zero balance may reflect actual amounts rounding to less than one thousand.** 

**(a)** **Institutional Class Shares of each Fund.** 

**BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;**(b) REPURCHASE AGREEMENTS:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Lending<br>Rate** | **Settlement<br>Date** | **Maturity<br>Date** | **Principal<br>Amount** | **Collateralized By** | **Collateral<br>(Received)** | **Repurchase<br>Agreements,<br>at Value** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** |
| FICC | 1.900% | 12/30/2022 | 01/03/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1127 | U.S. Treasury Bills 0.000% due 06/29/2023 | $(1150) | $1127 | $1127 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** |  | $**(1150)** | $**1127** | $**1127** |

---

**BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY** 

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** | **Payable for<br>Reverse<br>Repurchase<br>Agreements** | **Payable for<br>Sale-Buyback<br>Transactions** | **Total<br>Borrowings and<br>Other Financing<br>Transactions** | **Collateral<br>Pledged/(Received)** | **Net Exposure<sup>(2)</sup>** |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  FICC | $1127 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1127 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1150) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) |
|  **Total Borrowings and Other Financing Transactions** | $**1127** | $**0** | $**0** |  |  |  |

---

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

&nbsp;&nbsp;&nbsp;&nbsp;**(c) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** 

**PURCHASED OPTIONS:** 

**OPTIONS ON INDICES** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Strike<br>Value** | **Expiration<br>Date** | **# of<br>Contracts** | **Notional<br>Amount** | **Cost** | **Market<br>Value** |
|  Put - CBOE S&P 500 | 2700.000 | 12/15/2023 | 31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $195 | $157 |
|  Put - CBOE S&P 500 | 3075.000 | 12/15/2023 | 31 | 3 | 338 | 291 |
|  Put - CBOE S&P 500 | 3475.000 | 12/15/2023 | 31 | 3 | 592 | 539 |
|  **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | $**1125** | $**987** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **15** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Global Diversified Allocation Portfolio** | **(Cont.)** |

---

**FUTURES CONTRACTS:** 

**LONG FUTURES CONTRACTS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  E-Mini S&P 500 Index March Futures  | 03/2023 | 166 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32046 | $(1190) | $0 | $(89) |
|  **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | $**(1190)** | $**0** | $**(89)** |

---

**FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY** 

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of December 31, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** |
|  | **Market Value** | **Variation Margin<br>Asset** | **Variation Margin<br>Asset** | **Total** | **Market Value** | **Variation Margin<br>Liability** | **Variation Margin<br>Liability** | **Total** |
| | **Purchased<br>Options** | **Futures** | **Swap<br>Agreements** | **Total** | **Written<br>Options** | **Futures** | **Swap<br>Agreements** | **Total** |
|  **Total Exchange-Traded or Centrally Cleared** | $**987** | $**0** | $**0** | $**987** | $**0** | $**(89)** | $**0** | **$(89)** |

---

**Cash of $1,859 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2022. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.**

**FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS** 

The following is a summary of the fair valuation of the Portfolio's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Portfolio.

Fair Values of Financial Derivative Instruments on the Statement of Assets and Liabilities as of December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
| | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  **Financial Derivative Instruments - Assets** |  |  |  |  |  |  |
|  Exchange-traded or centrally cleared |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987 |
|  **Financial Derivative Instruments - Liabilities** |  |  |  |  |  |  |
|  Exchange-traded or centrally cleared |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $89 | $0 | $0 | $89 |

---

The effect of Financial Derivative Instruments on the Statement of Operations for the period ended December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
| | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | $0 | $0 | $353 | $0 | $0 | $353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | (12596) | 0 | 0 | (12596) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12243) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12243) |
|  **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | $0 | $0 | $306 | $0 | $0 | $306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | (2268) | 0 | 0 | (2268) |
|  | $0 | $0 | $(1962) | $0 | $0 | $(1962) |

---

---

| | | |
|:---|:---|:---|
| **16** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

**FAIR VALUE MEASUREMENTS** 

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Repurchase Agreements | $0 | $1127 | $0 | $1127 |
|  | $0 | $1127 | $0 | $1127 |
|  **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** |
|  Mutual Funds | 164516 | 0 | 0 | 164516 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | 11301 | 0 | 0 | 11301 |
|  | $175817 | $0 | $0 | $175817 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175817 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1127 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176944 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** |
|  Exchange-traded or centrally cleared | $0 | $987 | $0 | $987 |
|  **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** |
|  Exchange-traded or centrally cleared | $(89) | $0 | $0 | $(89) |
|  Total Financial Derivative Instruments | $(89) | $987 | $0 | $898 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175728 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2114 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177842 |

---

There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **17** |

---

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##### [**Table of Contents**](#toc)
**Notes to Financial Statements**

1. ORGANIZATION

PIMCO Variable Insurance Trust (the "Trust") is a Delaware statutory trust established under a trust instrument dated October 3, 1997. The Trust is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Trust is designed to be used as an investment vehicle by separate accounts of insurance companies that fund variable annuity contracts and variable life insurance policies and by qualified pension and retirement plans. Information presented in these financial statements pertains to the Administrative Class and Advisor Class shares of the PIMCO Global Diversified Allocation Portfolio (the "Portfolio") offered by the Trust. Pacific Investment Management Company LLC ("PIMCO") serves as the investment adviser (the "Adviser") for the Portfolio.

The Portfolio may invest in Institutional Class or Class M shares of any funds of the PIMCO Funds and PIMCO Equity Series, affiliated open-end investment companies, except funds of funds and PIMCO California Municipal Intermediate Value Fund, PIMCO California Municipal Opportunistic Value Fund, PIMCO National Municipal Intermediate Value Fund and PIMCO National Municipal Opportunistic Value Fund ("Underlying PIMCO Funds"), and may also invest in other affiliated funds, including funds of PIMCO ETF Trust, and unaffiliated funds, which may or may not be registered under the Act (collectively, "Acquired Funds").

Hereinafter, the Board of Trustees of the Portfolio shall be collectively referred to as the "Board."

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The Portfolio is treated as an investment company under the reporting requirements of U.S. GAAP. The functional and reporting currency for the Portfolio is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(a) Securities Transactions and Investment Income Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for

the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Portfolio is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statement of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statement of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statement of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

(b) Multi-Class Operations Each class offered by the Trust has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets. Realized and unrealized capital gains (losses) are allocated daily based on the relative net assets of each class of the Portfolio. Class specific expenses, where applicable, currently include supervisory and administrative and distribution and servicing fees. Under certain circumstances, the per share net asset value ("NAV") of a class of the Portfolio's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(c) Distributions to Shareholders Distributions from net investment income, if any, are declared and distributed to shareholders quarterly. In addition, the Portfolio distributes any net capital gains it earns from the sale of portfolio securities to shareholders no less frequently than annually. The Portfolio may revise its distribution policy or postpone the payment of distributions at any time.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition.

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Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on the Portfolio's annual financial statements presented under U.S. GAAP.

Separately, if the Portfolio determines or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources other than net investment income in accordance with its policies, accounting records (if applicable), and accounting practices, the Portfolio will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, the Portfolio determines or estimates, as applicable, the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is determined or estimated, as applicable, that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between the Portfolio's daily internal accounting records and practices, the Portfolio's financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, the Portfolio's internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include but are not limited to, for certain Portfolios, the treatment of periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that the Portfolio may not issue a Section 19 Notice in situations where the Portfolio's financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution's tax character will be provided to shareholders when such information is available.

Distributions classified as a tax basis return of capital at the Portfolio's fiscal year end, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital on the Statement of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Statement of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

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(d) New Accounting Pronouncements and Regulatory Updates In March 2020, the Financial Accounting Standards Board ("FASB") issued an Accounting Standards Update ("ASU"), ASU 2020-04, which provides optional guidance to ease the potential accounting burden associated with transitioning away from the London Interbank Offered Rate and other reference rates that are expected to be discontinued. ASU 2020-04 is effective for certain reference rate-related contract modifications that occurred during the period March 12, 2020 through December 31, 2022. In March 2021, the administrator for LIBOR announced the extension of the publication of a majority of the USD LIBOR settings to June 30, 2023. In December 2022, FASB issued ASU 2022-06, which includes amendments to extend the duration of the LIBOR transition relief to December 31, 2024, after which entities will no longer be permitted to apply the reference rate reform relief. Management is continuously evaluating the potential effect a discontinuation of LIBOR could have on the Portfolio's investments and has determined that it is unlikely the ASU's adoption will have a material impact on the Portfolio's financial statements.

In October 2020, the U.S. Securities and Exchange Commission ("SEC") adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover transactions. Subject to certain exceptions, the rule requires funds that trade derivatives and other transactions that create future payment or delivery obligations to comply with a value-at-risk leverage limit and certain derivatives risk management program and reporting requirements. The effective date for the rule was February 19, 2021. The compliance date for the new rule and the related reporting requirements was August 19, 2022. Management has implemented changes in connection with the rule and has determined that there was no material impact to the Portfolio's financial statements.

In October 2020, the SEC adopted a rule regarding the ability of a fund to invest in other funds. The rule allows a fund to acquire shares of another fund in excess of certain limitations currently imposed by the Act without obtaining individual exemptive relief from the SEC, subject to certain conditions. The rule also includes the rescission of certain exemptive relief from the SEC and guidance from the SEC staff for funds to invest in other funds. The effective date for the rule was January 19, 2021, and the compliance date for the rule was January 19, 2022. Management has implemented changes in connection with the rule and has determined that there was no material impact to the Portfolio's financial statements.

In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value as well as for the performance of fair value

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determinations, including related oversight and reporting obligations. The new rule also defines "readily available market quotations" for purposes of the definition of "value" under the Act, and the SEC noted that this definition would apply in all contexts under the Act. The effective date for the rule was March 8, 2021. The compliance date for the new rule and the related reporting requirements was September 8, 2022. Management has implemented changes in connection with the rule and has determined that there was no material impact to the Portfolio's financial statements.

In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820), which affects all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring the fair value. The amendments also require additional disclosures for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The effective date for the amendments in ASU 2022-03 is for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years. At this time, management is evaluating the implications of these changes on the financial statements.

In October 2022, the SEC adopted changes to the mutual fund and ETF shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which will change the disclosures provided to shareholders. The rule is effective as of January 24, 2023, but the SEC is providing an 18-month compliance period after the effective date other than for rule amendments addressing fee and expense information in advertisements that might be materially misleading. At this time, management is evaluating the implications of these changes on the financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies The NAV of the Portfolio's shares, or each of its share classes as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Portfolio or class, less any liabilities, as applicable, by the total number of shares outstanding.

On each day that the New York Stock Exchange ("NYSE") is open, the Portfolio's shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) ("NYSE Close"). Information that becomes known to the Portfolio or its agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, the Portfolio may calculate its NAV as of the earlier closing time or calculate

its NAV as of the NYSE Close for that day. The Portfolio generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, the Portfolio may calculate its NAV as of the NYSE Close for such day or such other time that the Portfolio may determine.

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Portfolio will normally use pricing data for domestic equity securities received shortly after the NYSE Close and does not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange, or the NYSE Close, if the NYSE Close occurs before the end of trading on the foreign exchange.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated PIMCO as the valuation designee ("Valuation Designee") for the Portfolio to perform the fair value determination relating to all Portfolio investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee's policies and procedures govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Portfolio investments. The Valuation Designee may value Portfolio securities for which market quotations are not readily available and other Portfolio assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, "Pricing Sources").

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives, and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on,

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among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Exchange-traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Swap agreements are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of the Portfolio's assets that are invested in one or more open-end management investment companies (other than ETFs), the Portfolio's NAV will be calculated based on the NAVs of such investments. Open-end management investment companies may include affiliated funds.

If a foreign (non-U.S.) equity security's value has materially changed after the close of the security's primary exchange or principal market but before the NYSE Close, the security may be valued at fair value. Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, the Portfolio may determine the fair value of investments based on information provided by Pricing Sources, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indexes) that occur after the close of the relevant market and before the NYSE Close. The Portfolio may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, unless otherwise determined by the Valuation Designee, any movement in the applicable reference index or instrument ("zero trigger") between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Trust is not open for business, which may result in the Portfolio's portfolio investments being affected when shareholders are unable to buy or sell shares.

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Sources. As a result, the value of such investments and, in turn, the NAV of the Portfolio's shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a

day that the Trust is not open for business. As a result, to the extent that the Portfolio holds foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in the Portfolio's next calculated NAV.

Fair valuation may require subjective determinations about the value of a security. While the Trust's and Valuation Designee's policies and procedures are policy is intended to result in a calculation of the Portfolio's NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values accurately reflect the price that the Portfolio could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Portfolio may differ from the value that would be realized if the securities were sold. The Portfolio's use of fair valuation may also help to deter "stale price arbitrage" as discussed under the "Frequent or Excessive Purchases, Exchanges and Redemptions" section in the Portfolio's prospectus.

Under certain circumstances, the per share NAV of a class of the Portfolio's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2, or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2, and 3 of the fair value hierarchy are defined as follows:

<sup>∎</sup> Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

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| <sup>∎</sup> | Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs. |

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<sup>∎</sup> Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

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In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for the Portfolio.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between Levels of the Portfolio's assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy, and if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for the Portfolio.

(c) Valuation Techniques and the Fair Value Hierarchy

Level 1, Level 2 and Level 3 trading assets and trading liabilities, at fair value The valuation methods (or "techniques") and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1, Level 2 and Level 3 of the fair value hierarchy are as follows:

Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

Investments in registered open-end investment companies (other than ETFs) will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in unregistered open-end investment companies will be calculated based upon the NAVs of such investments and are considered Level 1 provided that the NAVs are observable, calculated daily and are the value at which both purchases and sales will be conducted.

Fixed income securities purchased on a delayed-delivery basis or as a repurchase commitment in a sale-buyback transaction are marked to market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE

Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or pricing services. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers or Pricing Sources (normally determined as of the NYSE Close). Depending on the product and the terms of the transaction, financial derivative instruments can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as quoted prices, issuer details, indices, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Sources (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models may use inputs that are observed from actively quoted markets such as the overnight index swap rate, LIBOR forward rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

Short-term debt instruments (such as commercial paper) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost value of such short-term debt instruments is approximately the same as the fair value of the instrument as

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determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price.

When a fair valuation method is applied by the Adviser that uses significant unobservable inputs, investments will be priced by a method that the Valuation Designee believes reflects fair value and are categorized as Level 3 of the fair value hierarchy.

4. SECURITIES AND OTHER INVESTMENTS

Investments in Affiliates

The Portfolio invests under normal circumstances in Acquired Funds which are considered to be affiliated with the Portfolio. The Portfolio may invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III ("Central Funds") to the extent permitted by the Act and rules thereunder. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Portfolio. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC's website at www.sec.gov. A copy of each Acquired Fund's shareholder report is also available at the SEC's website at www.sec.gov, and a copy of each affiliate fund's shareholder report is available on the Portfolio's website at www.pimco.com, or upon request, as applicable. The table below shows the Portfolio's transactions in and earnings from investments in the affiliated Funds for the period ended December 31, 2022 (amounts in thousands<sup>†</sup>):

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Underlying PIMCO Funds** | **Market Value<br>12/31/2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Market Value<br>12/31/2022** | **Dividend<br>Income<sup>(1)</sup>** | **Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup>** |
|  PIMCO Emerging Markets Bond Fund | $6839 | $969 | $(783) | $(77) | $(1448) | $5500 | $413 | $0 |
|  PIMCO Global Advantage<sup>®</sup> Strategy Bond Fund | 9090 | 866 | (1340) | (23) | (1252) | 7341 | 267 | 100 |
|  PIMCO Income Fund | 11368 | 1233 | (1964) | (102) | (1358) | 9177 | 593 | 0 |
|  PIMCO International Bond Fund (U.S. Dollar-Hedged) | 6798 | 554 | (987) | (47) | (822) | 5496 | 129 | 99 |
|  PIMCO Investment Grade Credit Bond Fund | 11400 | 1095 | (1151) | (126) | (2062) | 9156 | 404 | 0 |
|  PIMCO RAE International Fund | 11294 | 1627 | (2314) | (217) | (1293) | 9097 | 212 | 427 |
|  PIMCO RAE PLUS EMG Fund | 11361 | 3163 | (2083) | (556) | (2739) | 9146 | 735 | 762 |
|  PIMCO RAE PLUS Small Fund | 11215 | 2817 | (2708) | (1242) | (957) | 9125 | 1098 | 0 |
|  PIMCO Real Return Fund | 11484 | 1551 | (1745) | (25) | (2088) | 9177 | 822 | 0 |
|  PIMCO Short-Term Fund | 33980 | 3610 | (9101) | (94) | (876) | 27519 | 907 | 0 |
|  PIMCO Short-Term Floating NAV Portfolio III | 15340 | 47253 | (51300) | (151) | 159 | 11301 | 254 | 0 |
|  PIMCO StocksPLUS<sup>®</sup> Fund | 11260 | 2210 | (1161) | (135) | (3047) | 9127 | 234 | 567 |
|  PIMCO StocksPLUS<sup>®</sup> International Fund (U.S. Dollar-Hedged) | 11296 | 1061 | (1437) | 95 | (1966) | 9049 | 497 | 385 |
|  PIMCO StocksPLUS<sup>®</sup> International Fund (Unhedged) | 22640 | 8757 | (3297) | (844) | (9078) | 18178 | 577 | 5228 |
|  PIMCO Total Return Fund IV | 34104 | 3310 | (4673) | (205) | (5108) | 27428 | 926 | 0 |
|  **Totals** | $**219469** | $**80076** | $**(86044)** | $**(3749)** | $**(33935)** | $**175817** | $**8068** | $**7568** |

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| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(1)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund, unless otherwise advised on IRS Form 1099-DIV. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Portfolio (and where applicable, certain Acquired Funds and Underlying PIMCO Funds) may enter into the borrowings and other financing transactions described below to the extent permitted by the Portfolio's investment policies.

The following disclosures contain information on the Portfolio's ability to lend or borrow cash or securities to the extent permitted under the Act, which may be viewed as borrowing or financing transactions by

the Portfolio. The location of these instruments in the Portfolio's financial statements is described below.

(a) Repurchase Agreements Under the terms of a typical repurchase agreement, the Portfolio purchases an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and the Portfolio to resell, the obligation at an agreed-upon price and time. In an open maturity

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repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Portfolio or counterparty at any time. The underlying securities for all repurchase agreements are held by the Portfolio's custodian or designated subcustodians under tri-party repurchase agreements and in certain instances will remain in custody with the counterparty. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, if any, including accrued interest, are included on the Statement of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Statement of Operations. In periods of increased demand for collateral, the Portfolio may pay a fee for the receipt of collateral, which may result in interest expense to the Portfolio.

(b) Interfund Lending In accordance with an exemptive order (the "Order") from the SEC, each Portfolio of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Portfolio's investment policies and restrictions. Each Portfolio is currently permitted to borrow under the Interfund Lending Program. A lending portfolio may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing portfolio through the Interfund Lending Program. A borrowing portfolio may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the portfolio's investment restrictions). If a borrowing portfolio's total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending portfolio and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended December 31, 2022, the Portfolio did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

The Portfolio (and where applicable, certain Acquired Funds and Underlying PIMCO Funds) may enter into the financial derivative instruments described below to the extent permitted by the Portfolio's investment policies.

The following disclosures contain information on how and why the Portfolio uses financial derivative instruments, and how financial

derivative instruments affect the Portfolio's financial position, results of operations and cash flows. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Statement of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table in the Notes to Schedule of Investments. The financial derivative instruments outstanding as of period end and the amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Schedule of Investments, serve as indicators of the volume of financial derivative activity for the Portfolio.

(a) Futures Contracts are agreements to buy or sell a security or other asset for a set price on a future date and are traded on an exchange. The Portfolio may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by the Portfolio and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Portfolio is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by the Portfolio ("Futures Variation Margin"). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Statement of Assets and Liabilities. Gains (losses) are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the Futures Variation Margin included within exchange traded or centrally cleared financial derivative instruments on the Statement of Assets and Liabilities.

(b) Options Contracts may be written or purchased to enhance returns or to hedge an existing position or future investment. The Portfolio may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase the Portfolio's exposure to the underlying instrument. Writing call options tends to decrease the Portfolio's exposure to the underlying instrument. When the Portfolio writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. These amounts are included on the Statement of Assets and Liabilities. Premiums received from writing options which expire are treated as

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realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The Portfolio as a writer of an option has no control over whether the underlying instrument may be sold ("call") or purchased ("put") and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Portfolio may not be able to enter into a closing transaction because of an illiquid market.

Purchasing call options tends to increase the Portfolio's exposure to the underlying instrument. Purchasing put options tends to decrease the Portfolio's exposure to the underlying instrument. The Portfolio pays a premium which is included as an asset on the Statement of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed.

Options on Indices ("Index Option") use a specified index as the underlying instrument for the option contract. The exercise for an Index Option will not include physical delivery of the underlying index but will result in a cash transfer of the amount of the difference between the settlement price of the underlying index and the strike price.

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in the Portfolio, which could adversely affect its net asset value, yield and total return, are listed below. The principal risks of investing in the Portfolio include risks from direct investments and/or indirect exposure through investment in Acquired Funds or Underlying PIMCO Funds. Please see "Description of Principal Risks" in the Portfolio's prospectus for a more detailed description of the risks of investing in the Portfolio.

Allocation Risk is the risk that a Portfolio could lose money as a result of less than optimal or poor asset allocation decisions. The Portfolio could miss attractive investment opportunities by underweighting markets that subsequently experience significant returns and could lose

value by overweighting markets that subsequently experience significant declines.

Acquired Fund Risk is the risk that a Portfolio's performance is closely related to the risks associated with the securities and other investments held by the Acquired Funds and that the ability of a Portfolio to achieve its investment objective will depend upon the ability of the Acquired Funds to achieve their investment objectives. In addition, a Portfolio's performance will be reduced by the Portfolio's proportionate amount of the expenses of any Acquired Funds in which it invests.

Equity Risk is the risk that the value of equity securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity securities generally have greater price volatility than fixed income securities.

Interest Rate Risk is the risk that fixed income securities will decline in value because of an increase in interest rates; a portfolio with a longer average portfolio duration will be more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

Call Risk is the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their maturity for a number of reasons (e.g., declining interest rates, changes in credit spreads and improvements in the issuer's credit quality). If an issuer calls a security that the Portfolio has invested in, the Portfolio may not recoup the full amount of its initial investment and may be forced to reinvest in

lower- yielding securities, securities with greater credit risks or securities with other, less favorable features.

Credit Risk is the risk that the Portfolio could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a

derivative contract, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations.

High Yield Risk is the risk that high yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") are subject to greater levels of credit, call and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments, and may be more volatile than higher-rated securities of similar maturity.

Market Risk is the risk that the value of securities owned by the Portfolio may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries.

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Issuer Risk is the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods

or services.

Liquidity Risk is the risk that a particular investment may be difficult to purchase or sell and that the Portfolio may be unable to sell illiquid investments at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity.

Derivatives Risk is the risk of investing in derivative instruments (such as forwards, futures, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks and valuation complexity. Changes in the value of a derivative or other similar investment may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and the Portfolio could lose more than the initial amount invested. Changes in the value of a derivative or other similar instrument may also create margin delivery or settlement payment obligations for the Portfolio. The Portfolio's use of derivatives or other similar investments may result in losses to the Portfolio, a reduction in the Portfolio's returns and/or increased volatility. Over- the-counter ("OTC") derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for OTC derivatives or other similar investments. The primary credit risk on derivatives that are exchange-traded or traded through a central clearing counterparty, resides with the Portfolio's clearing broker or the clearinghouse. Changes in regulation relating to a registered fund's use of derivatives and related instruments could potentially limit or impact the Portfolio's ability to invest in derivatives, limit the Portfolio's ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and the Portfolio's performance.

Model Risk is the risk that the Portfolio's investment models used in making investment allocation decisions may not adequately take into account certain factors, may contain design flaws or faulty assumptions, and may rely on incomplete or inaccurate data, any of which may result in a decline in the value of an investment in the Portfolio.

Commodity Risk is the risk that investing in commodity-linked derivative instruments may subject the Portfolio to greater volatility than investments in traditional securities. The value of commodity- linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, public health emergencies, embargoes, tariffs and international economic, political and

regulatory developments.

Mortgage-Related and Other Asset-Backed Securities Risk is the risk of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and

credit risk.

Foreign (Non-U.S.) Investment Risk is the risk that investing in foreign (non-U.S.) securities may result in the Portfolio experiencing more rapid and extreme changes in value than a portfolio that invests exclusively in securities of U.S. companies, due to smaller markets, differing reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, or political changes, diplomatic developments or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.

Real Estate Risk is the risk that a Portfolio's investments in Real Estate Investment Trusts ("REITs") or real estate-linked derivative instruments will subject the Portfolio to risks similar to those associated with direct ownership of real estate, including losses from casualty or condemnation, and changes in local and general economic conditions, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes and operating expenses. A Portfolio's investments in REITs or real estate-linked derivative instruments subject it to management and tax risks. In addition, privately traded REITs subject a Portfolio to liquidity and valuation risk.

Emerging Markets Risk is the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk.

Sovereign Debt Risk is the risk that investments in fixed income instruments issued by sovereign entities may decline in value as a result of default or other adverse credit event resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion.

Currency Risk is the risk that foreign (non-U.S.) currencies will change in value relative to the U.S. dollar and affect the Portfolio's investments

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in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies.

Leveraging Risk is the risk that certain transactions of the Portfolio, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing the Portfolio to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss.

Smaller Company Risk is the risk that the value of securities issued by a smaller company may go up or down, sometimes rapidly and unpredictably as compared to more widely held securities, due to narrow markets and limited resources of smaller companies. A Portfolio's investments in smaller companies subject it to greater levels of credit, market and issuer risk.

Management Risk is the risk that the investment techniques and risk analyses applied by PIMCO, including the use of quantitative models or methods, will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio manager in connection with managing the Portfolio and may cause PIMCO to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of the Portfolio will be achieved.

Tax Risk is the risk that the tax treatment of swap agreements and other derivative instruments, such as commodity-linked derivative instruments, including commodity index-linked notes, swap agreements, commodity options, futures, and options on futures, may be affected by future regulatory or legislative changes that could affect whether income from such investments is "qualifying income" under Subchapter M of the Internal Revenue Code, or otherwise affect the character, timing and/or amount of the Portfolio's taxable income or gains and distributions.

Short Exposure Risk is the risk of entering into short sales or other short positions, including the potential loss of more money than the actual cost of the investment, and the risk that the third party to the short sale or other short position will not fulfill its contractual obligations, causing a loss to the Portfolio.

Value Investing Risk is the risk that a value stock may decrease in price or may not increase in price as anticipated by PIMCO if it continues to be undervalued by the market or the factors that the portfolio manager believes will cause the stock price to increase do not occur.

Convertible Securities Risk is the risk that arises when convertible securities share both fixed income and equity characteristics. Convertible securities are subject to risks to which fixed income and equity investments are subject. These risks include equity risk, interest rate risk and credit risk.

Exchange-Traded Fund Risk is the risk that an exchange-traded fund may not track the performance of the index it is designed to track, among other reasons, because of exchange rules, market prices of shares of an exchange-traded fund may fluctuate rapidly and materially, or shares of an exchange-traded fund may trade significantly above or below net asset value, any of which may cause losses to the Portfolio invested in the exchange-traded fund.

LIBOR Transition Risk is the risk related to the anticipated discontinuation of the London Interbank Offered Rate ("LIBOR").

Certain instruments held by the Portfolio rely in some fashion upon LIBOR. Although the transition process away from LIBOR has become increasingly well-defined in advance of the anticipated discontinuation date, there remains uncertainty regarding the nature of any replacement rate, and any potential effects of the transition away from LIBOR on the Portfolio or on certain instruments in which the Portfolio invests can be difficult to ascertain. The transition process may involve, among other things, increased volatility or illiquidity in markets for instruments that currently rely on LIBOR and may result in a reduction in the value of certain instruments held by the Portfolio.

(b) Other Risks

In general, the Portfolio may be subject to additional risks, including, but not limited to, risks related to government regulation and intervention in financial markets, operational risks, risks associated with financial, economic and global market disruptions, and cyber security risks. Please see the Portfolio's prospectus and Statement of Additional Information for a more detailed description of the risks of investing in the Portfolio. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments that may impact the Portfolio's performance.

Market Disruption Risk The Portfolio is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from

war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets and cause the Portfolio to lose value. These events can also impair the technology and other operational systems upon which the Portfolio's service providers, including PIMCO as the Portfolio's investment adviser, rely, and could

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otherwise disrupt the Portfolio's service providers' ability to fulfill their obligations to the Portfolio. For example, the recent spread of an infectious respiratory illness caused by a novel strain of coronavirus (known as COVID-19) has caused volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities the Portfolio holds, and may adversely affect the Portfolio's investments and operations. Please see the Important Information section for additional discussion of the COVID-19 pandemic.

Government Intervention in Financial Markets Federal, state, and other governments, their regulatory agencies, or self-regulatory organizations may take actions that affect the regulation of the instruments in which the Portfolio invests, or the issuers of such instruments, in ways that are unforeseeable. Legislation or regulation may also change the way in which the Portfolio itself is regulated. Such legislation or regulation could limit or preclude the Portfolio's ability to achieve its investment objective. Furthermore, volatile financial markets can expose the Portfolio to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Portfolio. The value of the Portfolio's holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which the Portfolio invests. In addition, it is not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.

Regulatory Risk Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/or intervention may change the way the Portfolio is regulated, affect the expenses incurred directly by the Portfolio and the value of its investments, and limit and/or preclude the Portfolio's ability to achieve its investment objective. Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects.

Operational Risk An investment in the Portfolio, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors

caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Portfolio. While the Portfolio seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Portfolio.

Cyber Security Risk As the use of technology has become more prevalent in the course of business, the Portfolio has become potentially more susceptible to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional cyber events that may, among other things, cause the Portfolio to lose proprietary information, suffer data corruption and/or destruction or lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Cyber security failures or breaches may result in financial losses to the Portfolio and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with the Portfolio's ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. There is also a risk that cyber security breaches may not be detected. The Portfolio and its shareholders may suffer losses as a result of a cyber security breach related to the Portfolio, its service providers, trading counterparties or the issuers in which the Portfolio invests.

8. MASTER NETTING ARRANGEMENTS

The Portfolio may be subject to various netting arrangements ("Master Agreements") with select counterparties. Master Agreements govern the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow the Portfolio to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes the Statement of Assets and Liabilities generally presents derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under most Master Agreements, collateral is routinely transferred if the total

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net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Statement of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statement of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. The Portfolio's overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively "Master Repo Agreements") govern repurchase, reverse repurchase, and certain sale-buyback transactions between the Portfolio and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default, and maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Schedule of Investments.

Master Securities Forward Transaction Agreements ("Master Forward Agreements") govern certain forward settling transactions, such as TBA securities, delayed-delivery or certain sale-buyback transactions by and between the Portfolio and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Schedule of Investments.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant ("FCM") registered with the Commodity Futures Trading Commission. In the United States, counterparty risk may be reduced as creditors of an FCM cannot have a claim to Portfolio assets in the segregated account. Portability of exposure reduces risk to the Portfolio. Variation margin, which reflects

changes in market value, is generally exchanged daily, but may not be netted between futures and cleared OTC derivatives unless the parties have agreed to a separate arrangement in respect of portfolio margining. The market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin as of period end are disclosed in the Notes to Schedule of Investments.

Prime Broker Arrangements may be entered into to facilitate execution and/or clearing of listed equity option transactions or short sales of equity securities between the Portfolio and selected counterparties. The arrangements provide guidelines surrounding the rights, obligations, and other events, including, but not limited to, margin, execution, and settlement. These agreements maintain provisions for, among other things, payments, maintenance of collateral, events of default, and termination. Margin and other assets delivered as collateral are typically in the possession of the prime broker and would offset any obligations due to the prime broker. The market values of listed options and securities sold short and related collateral are disclosed in the Notes to Schedule of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes ("ISDA Master Agreements") govern bilateral OTC derivative transactions entered into by the Portfolio with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. The ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level or as required by regulation. Similarly, if required by regulation, the Portfolio may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent the Portfolio is required by regulation to post additional collateral beyond coverage of daily exposure, it could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedule of Investments.

9. FEES AND EXPENSES

(a) Investment Advisory Fee PIMCO is a majority-owned subsidiary of Allianz Asset Management of America LLC ("Allianz Asset Management") and serves as the Adviser to the Trust, pursuant to an

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investment advisory contract. The Adviser receives a monthly fee from the Portfolio at an annual rate based on average daily net assets (the "Investment Advisory Fee"). The Investment Advisory Fee for all classes is charged at an annual rate as noted in the table in note (b) below.

(b) Supervisory and Administrative Fee PIMCO serves as administrator (the "Administrator") and provides supervisory and administrative services to the Trust for which it receives a monthly supervisory and administrative fee based on each share class's average daily net assets (the "Supervisory and Administrative Fee"). As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs.

The Investment Advisory Fee and Supervisory and Administrative Fees for all classes, as applicable, are charged at the annual rate as noted in the following table (calculated as a percentage of the Portfolio's average daily net assets attributable to each class):

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| **Investment Advisory Fee** | **Supervisory and Administrative Fee** | **Supervisory and Administrative Fee** |
| **All Classes** | **Administrative<br>Class** | **Advisor<br>Class** |
| 0.45% | 0.40% | 0.40% |

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(c) Distribution and Servicing Fees PIMCO Investments LLC, a wholly-owned subsidiary of PIMCO, serves as the distributor ("Distributor") of the Trust's shares.

The Trust has adopted an Administrative Services Plan with respect to the Administrative Class shares of the Portfolio pursuant to Rule 12b-1 under the Act (the "Administrative Plan"). Under the terms of the Administrative Plan, the Trust is permitted to compensate the Distributor, out of the Administrative Class assets of the Portfolio, in an amount up to 0.15% on an annual basis of the average daily net assets of that class, for providing or procuring through financial intermediaries administrative, recordkeeping and investor services for Administrative Class shareholders of the Portfolio.

The Trust has adopted a separate Distribution and Servicing Plan for the Advisor Class shares of the Portfolio (the "Distribution and Servicing Plan"). The Distribution and Servicing Plan has been adopted pursuant to Rule 12b-1 under the Act. The Distribution and Servicing Plan permits the Portfolio to compensate the Distributor for providing or procuring through financial intermediaries, distribution, administrative, recordkeeping, shareholder and/or related services with respect to Advisor Class shares. The Distribution and Servicing Plan permits the Portfolio to make total payments at an annual rate of up to 0.25% of its average daily net assets attributable to its Advisor Class shares.

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|  | **Distribution Fee** | **Servicing Fee** |
|  **Administrative Class** |  | 0.15% |
|  **Advisor Class** | 0.25% |  |

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(d) Portfolio Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Portfolio, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust's executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Portfolio, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust's Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual portfolio operating expenses per share class.

The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates.

(e) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has agreed, through May 1, 2023, to waive a portion of the Portfolio's Supervisory and Administrative Fee, or reimburse the Portfolio, to the extent that the Portfolio's organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata share of Trustee Fees exceed 0.0049%, the "Expense Limit" (calculated as a percentage of the Portfolio's average daily net assets attributable to each class). The Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. The waiver, if any, is reflected on the Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO. For the period ended December 31, 2022, there were no waivers.

In any month in which the supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by the Portfolio of any portion of the supervisory and administrative fee waived or reimbursed as set forth above (the "Reimbursement Amount") within thirty-six

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December 31, 2022

months of the time of the waiver, provided that such amount paid to PIMCO will not: i) together with any organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee fees, exceed, for such month, the Expense Limit (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit); ii) exceed the total Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. At December 31, 2022, there were no recoverable amounts.

(f) Acquired Fund Fees and Expenses Acquired Fund expenses incurred by the Portfolio, if any, will vary with changes in the expenses of the Acquired Funds, as well as the allocation of the Portfolio's assets.

The expenses associated with investing in a fund of funds are generally higher than those for mutual funds that do not invest in other mutual funds. The cost of investing in a fund of funds will generally be higher than the cost of investing in a mutual fund that invests directly in individual stocks and bonds. By investing in a fund of funds, an investor will indirectly bear fees and expenses charged by Acquired Funds in addition to the Portfolio's direct fees and expenses. In addition, the use of a fund of funds structure could affect the timing, amount and character of distributions to the shareholders and may therefore increase the amount of taxes payable by shareholders. The Portfolio also indirectly pays its proportionate share of the Investment Advisory Fees, Supervisory and Administrative Fees and Management Fees charged by PIMCO to the Underlying PIMCO Funds and, to the extent not included among the Underlying PIMCO Funds, funds of PIMCO ETF Trust in which the Portfolio invests (collectively, "Underlying PIMCO Fund Fees").

PIMCO has contractually agreed, through May 1, 2023, to waive, first, the Investment Advisory Fee and, second, to the extent necessary, the Supervisory and Administrative Fee it receives from the Portfolio in an amount equal to the Underlying PIMCO Fund Fees indirectly incurred by the Portfolio in connection with its investments in Underlying PIMCO Funds, up to a maximum waived amount that is equal to the Portfolio's aggregate Investment Advisory Fee and Supervisory and Administrative Fee. This waiver will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. The waiver is reflected on the Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO. For the period ended December 31, 2022, the amount was $1,038,504.

10. RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties. Fees paid to these parties are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

11. GUARANTEES AND INDEMNIFICATIONS

Under the Trust's organizational documents, each Trustee, officer, employee or other agent of the Trust (including the Trust's investment manager) is indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Portfolio. Additionally, in the normal course of business, the Portfolio enters into contracts that contain a variety of indemnification clauses. The Portfolio's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred. However, the Portfolio has not had prior claims or losses pursuant to these contracts.

12. PURCHASES AND SALES OF SECURITIES

The length of time the Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by the Portfolio is known as "portfolio turnover." The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective(s), particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by the Portfolio. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates when distributed to shareholders). The transaction costs associated with portfolio turnover may adversely affect the Portfolio's performance. The portfolio turnover rates are reported in the Financial Highlights.

Purchases and sales of securities (excluding short-term investments) for the period ended December 31, 2022, were as follows (amounts in thousands<sup>†</sup>):

---

| | | | |
|:---|:---|:---|:---|
| **U.S. Government/Agency** | **U.S. Government/Agency** | **All Other** | **All Other** |
| **Purchases** | **Sales** | **Purchases** | **Sales** |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32822 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34744 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **31** |

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##### [**Table of Contents**](#toc)

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| | |
|:---|:---|
| **Notes to Financial Statements** | **(Cont.)** |

---

13. SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with a $0.001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br>12/31/2022** | **Year Ended<br>12/31/2022** | **Year Ended<br>12/31/2021** | **Year Ended<br>12/31/2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Receipts for shares sold** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 0 | $0 | 1430 | $15666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 1249 | 8784 | 765 | 8183 |
|  **Issued as reinvestment of distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 0 | 1 | 2327 | 25445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 11809 | 71400 | 2077 | 22056 |
|  **Cost of shares redeemed** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (1) | (9) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(75109) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(827902) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (2168) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14734) | (1715) | (18431) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | 10889 | $65442 | (70225) | $(774983) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

As of December 31, 2022, one shareholder owned 10% or more of the Portfolio's total outstanding shares comprising 97% of the Portfolio.

14. REGULATORY AND LITIGATION MATTERS

The Portfolio is not named as a defendant in any material litigation or arbitration proceedings and is not aware of any material litigation or claim pending or threatened against it.

On May 17, 2022, Allianz Global Investors U.S. LLC ("AGI U.S.") pleaded guilty in connection with the proceeding United States of America v. Allianz Global Investors U.S. LLC. AGI U.S. is an indirect subsidiary of Allianz SE. The conduct resulting in the matter described above occurred entirely within AGI U.S. and did not involve PIMCO or the Distributor, or any personnel of PIMCO or the Distributor. Nevertheless, because of the disqualifying conduct of AGI U.S., their affiliate, PIMCO would have been disqualified from serving as the investment adviser, and the Distributor would have been disqualified from serving as the principal underwriter, to the Portfolio in the absence of SEC exemptive relief. PIMCO and the Distributor have received exemptive relief from the SEC to permit them to continue serving as investment adviser and principal underwriter for U.S.- registered investment companies, including the Portfolio.

The foregoing speaks only as of the date of this report.

15. FEDERAL INCOME TAX MATTERS

The Portfolio intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (the "Code") and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

The Portfolio may be subject to local withholding taxes, including those imposed on realized capital gains. Any applicable foreign capital gains tax is accrued daily based upon net unrealized gains, and may be payable following the sale of any applicable investments.

In accordance with U.S. GAAP, the Adviser has reviewed the Portfolio's tax positions for all open tax years. As of December 31, 2022, the Portfolio has recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions it has taken or expects to take in future tax returns.

The Portfolio files U.S. federal, state, and local tax returns as required. The Portfolio's tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

Shares of the Portfolio currently are sold to segregated asset accounts ("Separate Accounts") of insurance companies that fund variable annuity contracts and variable life insurance policies ("Variable Contracts"). Please refer to the prospectus for the Separate Account and Variable Contract for information regarding Federal income tax treatment of distributions to the Separate Account.

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|:---|:---|
| **32** | **PIMCO VARIABLE INSURANCE TRUST** |

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##### [**Table of Contents**](#toc)
December 31, 2022

As of December 31, 2022, the components of distributable taxable earnings are as follows (amounts in thousands<sup>†</sup>):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed<br>Ordinary<br>Income<sup>(1)</sup>** | **Undistributed<br>Long-Term<br>Capital Gains** | **Net Tax Basis<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup>** | **Other<br>Book-to-Tax<br>Accounting<br>Differences <sup>(3)</sup>** | **Accumulated<br>Capital<br>Losses<sup>(4)</sup>** | **Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Capital<sup>(5)</sup>** | **Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Ordinary<sup>(6)</sup>** | **Total<br>Components of<br>Distributable<br>Earnings** |
|  PIMCO Global Diversified Allocation Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;1674 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;(26782) | $&nbsp;&nbsp;&nbsp;&nbsp;(6) | $&nbsp;&nbsp;&nbsp;&nbsp;(9792) | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;(34906) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(1)</sup> Includes undistributed short-term capital gains, if any.

<sup>(2)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options and forward contracts for federal income tax purposes.

<sup>(3)</sup> Represents differences in income tax regulations and financial accounting principles generally accepted in the United States of America mainly for organizational expenditures.

<sup>(4)</sup> Capital losses available to offset future net capital gains as shown below.

<sup>(5)</sup> Capital losses realized during the period November 1, 2022 through December 31, 2022 which the Portfolio elected to defer to the following taxable year pursuant to income tax regulations.

<sup>(6)</sup> Specified losses realized during the period November 1, 2022 through December 31, 2022 which the Portfolio elected to defer to the following taxable year pursuant to income tax regulations.

Under the Regulated Investment Company Modernization Act of 2010, the Portfolio is permitted to carry forward any new capital losses for an unlimited period. Additionally, such capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term under previous law.

As of December 31, 2022, the Portfolio had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

---

| | | |
|:---|:---|:---|
|  | **Short-Term** | **Long-Term** |
|  PIMCO Global Diversified Allocation Portfolio\* | $&nbsp;&nbsp;&nbsp;&nbsp;7266 | $&nbsp;&nbsp;&nbsp;&nbsp;2526 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

\* Portion of amount represents realized loss and recognized built-in loss under IRC sections 382-83, which is carried forward to future years to offset future realized gain subject to certain limitations. 

As of December 31, 2022, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal**<br> **Tax Cost** | **Unrealized**<br> **Appreciation** | **Unrealized**<br> **(Depreciation)** | **Net Unrealized<br>Appreciation/<br>(Depreciation)<sup>(7)</sup>** |
|  PIMCO Global Diversified Allocation Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;203522 | $&nbsp;&nbsp;&nbsp;&nbsp;2100 | $&nbsp;&nbsp;&nbsp;&nbsp;(28882) | $&nbsp;&nbsp;&nbsp;&nbsp;(26782) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(7)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options and forward contracts for federal income tax purposes.

For the fiscal years ended December 31, 2022 and December 31, 2021, respectively, the Portfolio made the following tax basis distributions (amounts in thousands<sup>†</sup>):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** |
|  | **Ordinary<br>Income<br>Distributions<sup>(8)</sup>** | **Long-Term<br>Capital Gain<br>Distributions** | **Return of<br>Capital<sup>(9)</sup>** | **Ordinary<br>Income<br>Distributions<sup>(8)</sup>** | **Long-Term<br>Capital Gain<br>Distributions** | **Return of<br>Capital<sup>(9)</sup>** |
|  PIMCO Global Diversified Allocation Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;9028 | $&nbsp;&nbsp;&nbsp;&nbsp;62373 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;47501 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(8)</sup> Includes short-term capital gains distributed, if any.

<sup>(9)</sup> A portion of the distributions made represents a tax return of capital. Return of capital distributions have been reclassified from undistributed net investment income to paid-in capital to more appropriately conform financial accounting to tax accounting.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **33** |

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##### [**Table of Contents**](#toc)
**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of PIMCO Variable Insurance Trust and Shareholders of PIMCO Global Diversified Allocation Portfolio

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of PIMCO Global Diversified Allocation Portfolio (one of the portfolios constituting PIMCO Variable Insurance Trust, hereafter referred to as the "Portfolio") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements are the responsibility of the Portfolio's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolio in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

February 17, 2023

We have served as the auditor of one or more investment companies in PIMCO Variable Insurance Trust since 1998.

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| | |
|:---|:---|
| **34** | **PIMCO VARIABLE INSURANCE TRUST** |

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| | | |
|:---|:---|:---|
| **Glossary:** | **(abbreviations that may be used in the preceding statements)** | (Unaudited) |

---

---

| | |
|:---|:---|
|  **Counterparty Abbreviations:** | **Counterparty Abbreviations:** |
| **FICC** | Fixed Income Clearing Corporation |
|  **Currency Abbreviations:** | **Currency Abbreviations:** |
| **USD (or $)** | United States Dollar |
|  **Exchange Abbreviations:** | **Exchange Abbreviations:** |
| **CBOE** | Chicago Board Options Exchange |
|  **Index/Spread Abbreviations:** | **Index/Spread Abbreviations:** |
| **S&P 500** | Standard & Poor's 500 Index |
|  **Other Abbreviations:** | **Other Abbreviations:** |
| **TBA** | To-Be-Announced  |

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **35** |

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| | |
|:---|:---|
| **Distribution Information** | (Unaudited) |

---

For purposes of Section 19 of the Investment Company Act of 1940 (the "Act"), the Portfolio estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended December 31, 2022 calculated as of each distribution period pursuant to Section 19 of the Act. The information below is not provided for U.S. federal income tax reporting purposes. The tax character of all dividends and distributions is reported on Form 1099-DIV (for shareholders who receive U.S. federal tax reporting) at the end of each calendar year. See the Financial Highlights section of this report for the tax characterization of distributions determined in accordance with federal income tax regulations for the fiscal year.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PIMCO Global Diversified Allocation Portfolio** | **PIMCO Global Diversified Allocation Portfolio** | **PIMCO Global Diversified Allocation Portfolio** | **PIMCO Global Diversified Allocation Portfolio** | **PIMCO Global Diversified Allocation Portfolio** |
| **Administrative Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  July 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  August 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  September 2022 | $0.0298 | $0.0000 | $0.0000 | $0.0298 |
|  October 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  November 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  December 2022 | $0.0776 | $0.0000 | $0.0000 | $0.0776 |
| **Advisor Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  July 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  August 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  September 2022 | $0.0305 | $0.0000 | $0.0000 | $0.0305 |
|  October 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  November 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  December 2022 | $0.0771 | $0.0000 | $0.0000 | $0.0771 |

---

\* The source of dividends provided in the table differs, in some respects, from information presented in this report prepared in accordance with generally accepted accounting principles, or U.S. GAAP. For example, net earnings from certain interest rate swap contracts are included as a source of net investment income for purposes of Section 19(a). Accordingly, the information in the table may differ from information in the accompanying financial statements that are presented on the basis of U.S. GAAP and may differ from tax information presented in the footnotes. Amounts shown may include accumulated, as well as fiscal period net income and net profits. 

\*\* Occurs when a fund distributes an amount greater than its accumulated net income and net profits. Amounts are not reflective of a fund's net income, yield, earnings or investment performance. 

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| | |
|:---|:---|
| **36** | **PIMCO VARIABLE INSURANCE TRUST** |

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| | |
|:---|:---|
| **Federal Income Tax Information** | (Unaudited) |

---

As required by the Internal Revenue Code ("Code") and Treasury Regulations, if applicable, shareholders must be notified within 60 days of the Portfolio's fiscal year end regarding the status of qualified dividend income and the dividend received deduction.

Dividend Received Deduction. Corporate shareholders are generally entitled to take the dividend received deduction on the portion of the Portfolio's dividend distribution that qualifies under tax law. The percentage of the following Portfolio's fiscal 2022 ordinary income dividend that qualifies for the corporate dividend received deduction is set forth below.

Qualified Dividend Income. Under the Jobs and Growth Tax Relief Reconciliation Act of 2003, the following percentage of ordinary dividends paid during the fiscal year ended December 31, 2022 was designated as ''qualified dividend income'' as defined in the Jobs and Growth Tax Relief Reconciliation Act of 2003 subject to reduced tax rates in 2022.

Qualified Interest Income and Qualified Short-Term Capital Gain (for non-U.S. resident shareholders only). Under the American Jobs Creation Act of 2004, the following amounts of ordinary dividends paid during the fiscal year ended December 31, 2022 are considered to be derived from "qualified interest income," as defined in Section 871(k)(1)(E) of the Code, and therefore are designated as interest-related dividends, as defined in Section 871(k)(1)(C) of the Code. Further, the following amounts of ordinary dividends paid during the fiscal year ended December 31, 2022 are considered to be derived from "qualified short-term capital gain," as defined in Section 871(k)(2)(D) of the Code, and therefore are designated as qualified short-term gain dividends, as defined by Section 871(k)(2)(C) of the Code.

Section 163(j) Interest Dividends. The Portfolio intends to pass through the maximum amount allowable as Section 163(j) Interest defined in Proposed Treasury Section 1.163(j)-1(b). The 163(j) percentage of ordinary income distributions are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Dividend<br>Received<br>Deduction%** | **Qualified<br>Dividend<br>Income%** | **Qualified<br>Interest<br>Income<br>(000s)<sup>†</sup>** | **Qualified<br>Short-Term<br>Capital Gains<br>(000s)<sup>†</sup>** | **163(j) Interest<br>Dividends<br>(000s)<sup>†</sup>** |
|  PIMCO Global Diversified Allocation Portfolio | 0% | 5% | $&nbsp;&nbsp;&nbsp;&nbsp;8 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

Shareholders are advised to consult their own tax advisor with respect to the tax consequences of their investment in the Trust. In January 2023, you will be advised on IRS Form 1099-DIV as to the federal tax status of the dividends and distributions received by you in calendar year 2022.

Section 199A Dividends. Non-corporate portfolio shareholders of the Portfolio below meeting certain holding period requirements may be able to deduct up to 20 percent of qualified REIT dividends passed through and reported to the shareholders by the Portfolio as IRC section 199A dividends. The IRC section 199A percentage of ordinary dividends are as follows:

---

| | |
|:---|:---|
|  | **199A Dividends** |
|  PIMCO Global Diversified Allocation Portfolio | 0% |

---

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **37** |

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**Management of the Trust**

The charts below identify the Trustees and executive officers of the Trust. Unless otherwise indicated, the address of all persons below is 650 Newport Center Drive, Newport Beach, CA 92660.

The Portfolio's Statement of Additional Information includes more information about the Trustees and Officers. To request a free copy, call PIMCO at (888) 87-PIMCO or visit the Portfolio's website at www.pimco.com/pvit.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Year of Birth and <br>Position Held with Trust\*** | **Term of<br>Office and<br>Length of <br>Time Served<sup>†</sup>** | **Principal Occupation(s) During Past 5 Years** | **Number of Funds**<br> **in Fund Complex**<br> **Overseen by Trustee** | **Other Public Company and Investment**<br> **Company Directorships Held by Trustee**<br> **During the Past 5 Years** |
| **Interested Trustees<sup>1</sup>** |  |  |  |  |
| **Peter G. Strelow (1970)**<br> *Chairman of the Board and Trustee* | 05/2017 to present<br>Chairman of the Board - 02/2019 to present | Managing Director and Co-Chief Operating Officer, PIMCO. Senior Vice President of the Trust, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. Formerly, Chief Administrative Officer, PIMCO. | 158 | Chairman and Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT. |
| **Kimberley G. Stafford (1978)**<br> *Trustee* | 02/2021 to present | Managing Director, Global Head of Product Strategy, PIMCO; and Member of Executive Committee, PIMCO. Formerly, Head of Asia-Pacific, Global Head of Consultant Relations and Head of US Institutional and Alternatives Sales, PIMCO. | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT. |
| **Independent Trustees** |  |  |  |  |
| **George E. Borst (1948)**<br> *Trustee* | 04/2015 to present | Executive Advisor, McKinsey & Company (since 10/14); Formerly, Executive Advisor, Toyota Financial Services (10/13-12/14); and CEO, Toyota Financial Services (1/01-9/13). | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT; Director, MarineMax Inc. |
| **Jennifer Holden Dunbar (1963)**<br> *Trustee* | 04/2015 to present | Formerly, Managing Director, Dunbar Partners, LLC (business consulting and investments) (05/05-05/21); and Partner, Leonard Green & Partners, L.P. | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT; Director, PS Business Parks; Director, Big 5 Sporting Goods Corporation. |
| **Kym M. Hubbard (1957)**<br> *Trustee* | 02/2017 to present | Formerly, Global Head of Investments, Chief Investment Officer and Treasurer, Ernst & Young. | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT; Director, State Auto Financial Corporation. |
| **Gary F. Kennedy (1955)**<br> *Trustee* | 04/2015 to present | Formerly, Senior Vice President, General Counsel and Chief Compliance Officer, American Airlines and AMR Corporation (now American Airlines Group) (1/03-1/14). | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |
| **Peter B. McCarthy (1950)**<br> *Trustee* | 04/2015 to present | Formerly, Assistant Secretary and Chief Financial Officer, United States Department of Treasury; Deputy Managing Director, Institute of International Finance. | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |
| **Ronald C. Parker (1951)**<br> *Lead Independent Trustee* | 07/2009 to present<br>Lead Independent Trustee - 02/2017 to present | Director of Roseburg Forest Products Company. Formerly, Chairman of the Board, The Ford Family Foundation; and President, Chief Executive Officer, Hampton Affiliates (forestry products). | 158 | Lead Independent Trustee, PIMCO Funds and PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |

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\* Unless otherwise noted, the information for the individuals listed is as of December 31, 2022.

<sup>1</sup> Ms. Stafford and Mr. Strelow are "interested persons" of the Trust (as that term is defined in the 1940 Act) because of their affiliations with PIMCO.

<sup>†</sup> Trustees serve until their successors are duly elected and qualified.

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(Unaudited)

**Executive Officers** 

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|:---|:---|:---|
| **Name, Year of Birth and**<br> **Position Held with Trust\*** | **Term of Office and**<br> **Length of Time Served** | **Principal Occupation(s) During Past 5 Years<sup>†</sup>** |
| **Eric D. Johnson (1970)**<br> *President* | 06/2019 to present | Executive Vice President and Head of Funds Business Group Americas, PIMCO. President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| **Ryan G. Leshaw (1980)**<br> *Chief Legal Officer and Secretary* | 08/2021 to present | Executive Vice President and Senior Counsel, PIMCO. Chief Legal Officer and Secretary, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Chief Legal Officer, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. Formerly, Associate, Willkie Farr & Gallagher LLP. |
| **Keisha Audain-Pressley (1975)\*\***<br> *Chief Compliance Officer* | 01/2020 to present | Executive Vice President and Deputy Chief Compliance Officer, PIMCO. Chief Compliance Officer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Joshua D. Ratner (1976)\*\***<br> *Senior Vice President* | 05/2019 to present | Executive Vice President and Head of Americas Operations, PIMCO. Senior Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| **Peter G. Strelow (1970)**<br> *Senior Vice President* | 06/2019 to present | Managing Director and Co-Chief Operating Officer, PIMCO. Senior Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. Formerly, Chief Administrative Officer, PIMCO. |
| **Wu-Kwan Kit (1981)**<br> *Assistant Secretary* | 08/2017 to present | Senior Vice President and Senior Counsel, PIMCO. Assistant Secretary, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Vice President, Senior Counsel and Secretary, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. Formerly, Assistant General Counsel, VanEck Associates Corp. |
| **Douglas B. Burrill (1980)\*\***<br> *Vice President* | 08/2022 to present | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Elizabeth A. Duggan (1964)**<br> *Vice President* | 02/2021 to present | Executive Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Jason R. Duran (1977)**<br> *Vice President* | 02/2023 to present | Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |
| **Mark A. Jelic (1981)**<br> *Vice President* | 08/2021 to present | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Kenneth W. Lee (1972)**<br> *Vice President* | 08/2022 to present | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Brian J. Pittluck (1977)**<br> *Vice President* | 01/2020 to present | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Keith A. Werber (1973)**<br> *Vice President* | 05/2022 to present | Executive Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Bijal Y. Parikh (1978)**<br> *Treasurer* | 01/2021 to present | Executive Vice President, PIMCO. Treasurer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| **Erik C. Brown (1967)\*\*\***<br> *Assistant Treasurer* | 02/2001 to present | Executive Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Brandon T. Evans (1982)**<br> *Assistant Treasurer* | 05/2019 to present | Senior Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Deputy Treasurer, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| **Maria M. Golota (1983)\*\***<br> *Assistant Treasurer* | 02/2023 to present | Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |

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\* Unless otherwise noted, the information for the individuals listed is as of February 8, 2023.

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| <sup>†</sup> | The term "PIMCO-Sponsored Closed-End Funds" as used herein includes: PIMCO Access Income Fund, PIMCO California Municipal Income Fund, PIMCO California Municipal Income Fund II, PIMCO California Municipal Income Fund III, PIMCO Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO Municipal Income Fund III, PIMCO New York Municipal Income Fund, PIMCO New York Municipal Income Fund II, PIMCO New York Municipal Income Fund III, PCM Fund Inc., PIMCO Corporate & Income Opportunity Fund, PIMCO Corporate & Income Strategy Fund, PIMCO Dynamic Income Fund, PIMCO Dynamic Income Opportunities Fund, PIMCO Energy and Tactical Credit Opportunities Fund, PIMCO Global StocksPLUS<sup>®</sup> & Income Fund, PIMCO High Income Fund, PIMCO Income Strategy Fund, PIMCO Income Strategy Fund II and PIMCO Strategic Income Fund, Inc.; the term "PIMCO-Sponsored Interval Funds" as used herein includes: PIMCO Flexible Credit Income Fund, PIMCO Flexible Municipal Income Fund, PIMCO California Flexible Municipal Income Fund and PIMCO Flexible Emerging Markets Income Fund.  |

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\*\* The address of these officers is Pacific Investment Management Company LLC, 1633 Broadway, New York, New York 10019.

\*\*\* The address of these officers is Pacific Investment Management Company LLC, 401 Congress Ave., Austin, Texas 78701.

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **39** |

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| **Privacy Policy<sup>1</sup>** | (Unaudited) |

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The Trust<sup>2,3</sup> consider customer privacy to be a fundamental aspect of their relationships with shareholders and are committed to maintaining the confidentiality, integrity and security of their current, prospective and former shareholders' non-public personal information. The Trust has developed policies that are designed to protect this confidentiality, while allowing shareholder needs to be served.

OBTAINING NON-PUBLIC PERSONAL INFORMATION

In the course of providing shareholders with products and services, the Trust and certain service providers to the Trust, such as the Trust's investment advisers or sub-advisers ("Advisers"), may obtain non-public personal information about shareholders, which may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder's brokerage or financial advisory firm, financial professional or consultant, and/or from information captured on applicable websites.

RESPECTING YOUR PRIVACY

As a matter of policy, the Trust does not disclose any non-public personal information provided by shareholders or gathered by the Trust to non-affiliated third parties, except as required or permitted by law or as necessary for such third parties to perform their agreements with respect to the Trust. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, conducting research on shareholder satisfaction and gathering shareholder proxies. The Trust or its affiliates may also retain non-affiliated companies to market Trust's shares or products which use Trust's shares and enter into joint marketing arrangements with them and other companies. These companies may have access to a shareholder's personal and account information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. In most cases, the shareholders will be clients of a third party, but the Trust may also provide a shareholder's personal and account information to the shareholder's respective brokerage or financial advisory firm and/or financial professional or consultant.

SHARING INFORMATION WITH THIRD PARTIES

The Trust reserves the right to disclose or report personal or account information to non-affiliated third parties in limited circumstances where the Trust believes in good faith that disclosure is required under law, to cooperate with regulators or law enforcement authorities, to protect their rights or property, or upon reasonable request by any fund in which a shareholder has invested. In addition, the Trust may disclose information about a shareholder or a shareholder's accounts to a non-affiliated third party at the shareholder's request or with the consent of the shareholder.

SHARING INFORMATION WITH AFFILIATES

The Trust may share shareholder information with their affiliates in connection with servicing shareholders' accounts, and subject to applicable law may provide shareholders with information about products and services that the Trust or its Advisers, distributors or their affiliates ("Service Affiliates") believe may be of interest to such shareholders. The information that the Trust may share may include, for example, a shareholder's participation in the Trust or in other investment programs sponsored by a Service Affiliate, a shareholder's ownership of certain types of accounts (such as IRAs), information about the Trust's experiences or transactions with a shareholder, information captured on applicable websites, or other data about a shareholder's accounts, subject to applicable law. The Trust's Service Affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

PROCEDURES TO SAFEGUARD PRIVATE INFORMATION

The Trust takes seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, the Trust has implemented procedures that are designed to restrict access to a shareholder's non-public personal information to internal personnel who need to know that information to perform their jobs, such as servicing shareholder accounts or notifying shareholders of new products or services. Physical, electronic and procedural safeguards are in place to guard a shareholder's non-public personal information.

INFORMATION COLLECTED FROM WEBSITES

The Trust or its service providers and partners may collect information from shareholders via websites they maintain. The information collected via websites maintained by the Trust or their service providers includes client non-public personal information.

CHANGES TO THE PRIVACY POLICY

From time to time, the Trust may update or revise this privacy policy. If there are changes to the terms of this privacy policy, documents containing the revised policy on the relevant website will be updated.

<sup>1</sup> Amended as of June 25, 2020.

<sup>2</sup> PIMCO Investments LLC ("PI") serves as the Trust's distributor and does not provide brokerage services or any financial advice to investors in the Trust solely because it distributes the Trust. This Privacy Policy applies to the activities of PI to the extent that PI regularly effects or engages in transactions with or for a shareholder of a series of a Trust who is the record owner of such shares. For purposes of this Privacy Policy, references to "the Trust" shall include PI when acting in this capacity.

<sup>3</sup> When distributing this Policy, the Trust may combine the distribution with any similar distribution of its investment adviser's privacy policy. The distributed, combined, policy may be written in the first person (i.e. by using "we" instead of "the Trust").

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| **40** | **PIMCO VARIABLE INSURANCE TRUST** |

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| **Approval of Investment Advisory Contract and Other Agreements** | (Unaudited) |

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At a meeting held on August 23-24, 2022, the Board of Trustees (the "Board") of PIMCO Variable Insurance Trust (the "Trust"), including the Trustees who are not "interested persons" of the Trust under the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered and unanimously approved the renewal of the Amended and Restated Investment Advisory Contract (the "Investment Advisory Contract") between the Trust, on behalf of the Trust's series (each, a "Portfolio" and collectively, the "Portfolios"), and Pacific Investment Management Company LLC ("PIMCO"), for an additional one-year term through August 31, 2023. The Board also considered and unanimously approved the renewal of the Amended and Restated Supervision and Administration Agreement (the "Supervision and Administration Agreement") between the Trust, on behalf of the Portfolios, and PIMCO for an additional one-year term through August 31, 2023. In addition, the Board considered and unanimously approved the renewal of the Amended and Restated Asset Allocation Sub-Advisory Agreement (the "Asset Allocation Agreement" and, together with the Investment Advisory Contract and the Supervision and Administration Agreement, the "Agreements") between PIMCO, on behalf of PIMCO All Asset Portfolio, a series of the Trust, and Research Affiliates, LLC ("Research Affiliates") for an additional one-year term through August 31, 2023. In addition, the Board considered and unanimously approved the renewal of the investment management agreements between PIMCO and each of the wholly-owned subsidiaries (each, a "Subsidiary" and, collectively, the "Subsidiaries") of certain of the Portfolios (collectively, the "Subsidiary Agreements"), each for the same additional one-year term through August 31, 2023.

The information, material factors and conclusions that formed the basis for the Board's approvals are summarized below.

1. INFORMATION RECEIVED

(a) Materials Reviewed: During the course of the past year, the Trustees received a wide variety of materials relating to the services provided by PIMCO and Research Affiliates to the Trust. At each of its quarterly meetings, the Board reviewed the Portfolios' investment performance and a significant amount of information relating to Portfolio operations, including shareholder services, valuation and custody, the Portfolios' compliance program and other information relating to the nature, extent and quality of services provided by PIMCO and Research Affiliates to the Trust and each of the Portfolios, as applicable. In considering whether to approve the renewal of the Agreements and the Subsidiary Agreements, the Board reviewed additional information, including, but not limited to: comparative industry data with regard to investment performance; advisory and supervisory and administrative fees and expenses; financial information for PIMCO and, where relevant, financial information for Research Affiliates; information regarding the profitability to PIMCO of its

relationship with the Portfolios; information about the personnel providing investment management services, other advisory services and supervisory and administrative services to the Portfolios; and information about the fees charged and services provided to other clients with similar investment mandates as the Portfolios, where applicable. In addition, the Board reviewed materials provided by counsel to the Trust and the Independent Trustees ("Counsel"), which included, among other things, a memorandum outlining legal duties of the Board in considering the renewal of the Agreements and Subsidiary Agreements.

With respect to the Subsidiary Agreements, the Trustees considered that each Portfolio that has a Subsidiary may utilize its Subsidiary to execute its investment strategy and that PIMCO provides investment advisory and administrative services to the Subsidiaries pursuant to the Subsidiary Agreements in the same manner as it does for such Portfolios that have Subsidiaries under the Investment Advisory Contract and Supervision and Administration Agreement. The Trustees also considered that, with respect to each Subsidiary, PIMCO does not retain a separate advisory or other fee from the Subsidiary, and that PIMCO's profitability with respect to each Portfolio that has a Subsidiary is not positively impacted as a result of the Subsidiary Agreements. The Trustees determined, therefore, that it was appropriate to consider the approval of the Subsidiary Agreements collectively with their consideration of the continuation of the Agreements.

(b) Review Process: In connection with considering the renewal of the Agreements, the Board reviewed written materials prepared by PIMCO and, where applicable, Research Affiliates in response to requests from Counsel encompassing a wide variety of topics. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from Counsel, and reviewed comparative fee and performance data prepared at the Board's request by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company performance information and fee and expense data. The Board received presentations on matters related to the Agreements and met both as a full Board and in a separate session of the Independent Trustees, without management present, at the August 23-24, 2022 meeting. The Independent Trustees also met via video conference with Counsel on July 14, 2022, and conducted a video conference meeting on August 10, 2022 with management and Counsel to discuss the materials presented and other matters deemed relevant to their consideration of the renewal of the Agreements. In connection with its review of the Agreements, the Board received comparative information on the performance, the risk-adjusted performance and the fees and expenses of other peer group funds and share classes. The Independent Trustees also requested and received supplemental information, including information regarding Broadridge peer classifications, the investment strategies and outflows for certain Portfolios, Portfolio performance and profitability.

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **41** |

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| **Approval of Investment Advisory Contract and Other Agreements** | **(Cont.)** |

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The approval determinations were made on the basis of each Trustee's business judgment after consideration and evaluation of all the information presented. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. In deciding to approve the renewal of the Agreements, the Board did not identify any single factor or particular information that, in isolation, was controlling. The discussion below is intended to summarize the broad factors and information that figured prominently in the Board's consideration of the renewal of the Agreements, but is not intended to summarize all of the factors considered by the Board.

2. NATURE, EXTENT AND QUALITY OF SERVICES

(a) PIMCO, Research Affiliates, their Personnel and Resources: The Board considered the depth and quality of PIMCO's investment management process, including, but not limited to: the experience, capability and integrity of its senior management and other personnel; the overall financial strength and stability of its organization; and the ability of its organizational structure to address changes in the Portfolios' asset levels. The Board also considered the various services in addition to portfolio management that PIMCO provides under the Investment Advisory Contract. The Board noted that PIMCO makes available to its investment professionals a variety of resources and systems relating to investment management, compliance, trading, performance and portfolio accounting. The Board also noted PIMCO's commitment to enhancing and investing in its global infrastructure, technology capabilities, risk management processes and the specialized talent needed to stay at the forefront of the competitive investment management industry and to strengthen its ability to deliver services under the Agreements. The Board considered PIMCO's policies, procedures and systems reasonably designed to assure compliance with applicable laws and regulations, including new regulations impacting the Portfolios, and its commitment to further developing and strengthening these programs; its oversight of matters that may involve conflicts of interest between the Portfolios' investments and those of other accounts managed by PIMCO; and its efforts to keep the Trustees informed about matters relevant to the Portfolios and their shareholders. The Board also considered PIMCO's investment in new disciplines and talented personnel, which has enhanced PIMCO's services to the Portfolios and has allowed PIMCO to introduce innovative new portfolios over time. In addition, the Board considered the nature, extent and quality of services provided by PIMCO to the Subsidiaries of certain applicable Portfolios.

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented, including the ongoing development of its own proprietary software and applications to support the Portfolios. Similarly, the Board considered the asset

allocation services provided by Research Affiliates to the PIMCO All Asset Portfolio. The Board further considered PIMCO's oversight of Research Affiliates in connection with Research Affiliates providing asset allocation services to the All Asset Portfolio. The Board also considered the depth and quality of Research Affiliates' investment management and research capabilities, the experience and capabilities of its portfolio management personnel and the overall financial strength of the organization. Ultimately, the Board concluded that the nature, extent and quality of services provided or procured by PIMCO under the Agreements and the Subsidiary Agreements and provided by Research Affiliates under the Asset Allocation Agreement are likely to continue to benefit the Portfolios and their shareholders, as applicable.

(b) Other Services: The Board also considered the nature, extent and quality of supervisory and administrative services provided by PIMCO to the Portfolios under the Supervision and Administration Agreement.

The Board considered the terms of the Supervision and Administration Agreement, under which the Trust pays for the supervisory and administrative services provided pursuant to that agreement under what is essentially an all-in fee structure (the "unified fee"). In return, PIMCO provides or procures certain supervisory and administrative services and bears the costs of various third party services required by the Portfolios, including, but not limited to, audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board also noted that the scope and complexity, as well as the costs, of the supervisory and administrative services provided by PIMCO under the Supervision and Administration Agreement continue to increase. The Board considered PIMCO's provision of supervisory and administrative services and its supervision of the Trust's third party service providers to assure that these service providers continue to provide a high level of service relative to alternatives available in the market.

Ultimately, the Board concluded that the nature, extent and quality of the services provided or procured by PIMCO has benefited, and will likely continue to benefit, the Portfolios and their shareholders.

3. INVESTMENT PERFORMANCE

The Board reviewed information from PIMCO concerning the Portfolios' performance, as available, over short- and long-term periods ended March 31, 2022 and other performance data, as available, over short- and long-term periods ended June 30, 2022 (the "PIMCO Report") and from Broadridge concerning the Portfolios' performance, as available, over short- and long-term periods ended March 31, 2022 (the "Broadridge Report"). The Board also noted that while historically the Broadridge Report included peer classifications from only Lipper, as part of this approval process the Broadridge Report incorporated peer classifications from Morningstar for the Portfolios for which it was believed that Morningstar provided a materially improved comparison.

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(Unaudited)

The Board considered information regarding both the short- and long-term relative and absolute investment performance of each Portfolio relative to its Portfolio peer group, where appropriate, and relevant benchmark index as provided to the Board in advance of each of its quarterly meetings throughout the year, including the PIMCO Report and Broadridge Report. The Trustees reviewed information indicating that classes of each Portfolio would have substantially similar performance to that of the Administrative Class of the relevant Portfolio on a relative basis because all of the classes are invested in the same portfolio of investments and that differences in performance among classes could principally be attributed to differences in the supervisory and administrative fees and distribution and/or servicing expenses of each class. The Board noted that, due to differences (such as specific investment strategies or fee structures) between certain of the Portfolios and their so-called peers in the Broadridge categories, performance comparisons may not be particularly relevant to the consideration of Portfolio performance, but found the comparative information supported its overall evaluation.

The Trustees noted that a majority of the Portfolios (based on the Administrative Class performance) have outperformed their respective benchmark indexes over the three-, five-, and ten-year periods ended March 31, 2022, and that a majority of the Portfolios (based on the Administrative Class performance) have outperformed their benchmarks since inception for the period ended March 31, 2022. The Board also discussed actions that have been taken by PIMCO to attempt to improve performance and took note of PIMCO's plans to monitor performance going forward.

The Board ultimately concluded, within the context of all of its considerations in connection with the Agreements and the Subsidiary Agreements, that PIMCO's performance record and process in managing the Portfolios indicates that its continued management is likely to benefit the Portfolios and their shareholders and merits the approval of the renewal of the Agreements and the Subsidiary Agreements.

4. ADVISORY FEES, SUPERVISORY AND ADMINISTRATIVE FEES AND TOTAL EXPENSES

The Board considered that PIMCO seeks to price new funds to scale at the outset. The Board noted that PIMCO generally seeks to price new funds competitively against the median total expense ratio of the respective Broadridge peer group, if available, while acknowledging that a fee premium may be appropriate for innovative investment offerings. PIMCO reported to the Board that, in proposing fees for any Portfolio or class of shares, it considers a number of factors, including, but not limited to, the type and complexity of the services provided, the cost of providing services, the risk assumed by PIMCO in the development of products and the provision of services and the competitive marketplace for financial products. Fees charged to or

proposed for different Portfolios for advisory services and supervisory and administrative services may vary in light of these various factors.

The Board reviewed the advisory fees, supervisory and administrative fees and total expenses of the Portfolios (each as a percentage of average net assets) and compared such amounts with the average and median fee and expense levels of other similar funds. The Board also reviewed information relating to the sub-advisory fees paid to Research Affiliates with respect to applicable Portfolios, taking into account that PIMCO compensates Research Affiliates from the advisory fees paid by such Portfolios to PIMCO. With respect to advisory fees, the Board reviewed data from the Broadridge Report that compared the average and median advisory fees of other funds in a "Peer Group" of comparable funds, where appropriate, as well as the universe of other similar funds. The Board reviewed materials indicating that, a number of Portfolios have total expense ratios that fall below the average and median expense ratios in their Peer Group and Broadridge universe. In addition, the Board considered the expense limitation agreement in place for all of the Portfolios and fee waivers in place for certain of the Portfolios and also noted the fee waivers in place with respect to the advisory fee and supervisory and administrative fee that might result from investments by applicable Portfolios in their respective Subsidiaries. The Board also considered that PIMCO reviews the Portfolios' fee levels and carefully considers changes where appropriate.

The Board also reviewed data comparing the Portfolios' advisory fees to the fee rates PIMCO charged to registered funds (open-end and closed-end), private funds, and non-U.S. registered funds, separate accounts, sub-advised clients and collective investment trusts with similar investment strategies. In cases where the fees for other clients were lower than those charged to the Portfolios, the Trustees noted that the differences in fees were attributable to various factors, including, but not limited to, differences in the advisory and other services provided by PIMCO to the Portfolios, differences in the number or extent of the services provided by PIMCO to the Portfolios, the manner in which similar portfolios may be managed, different requirements with respect to liquidity management and the implementation of other regulatory requirements, and the fact that separate accounts may have other contractual arrangements or arrangements across PIMCO strategies that justify different levels of fees. The Board considered that, with respect to collective investment trusts, PIMCO performs fewer or less extensive services because collective investment trusts are generally exempt from SEC regulation; investors in a collective investment trust may receive shareholder services from a trustee bank, rather than PIMCO; collective investment trusts have less regulatory disclosure; and the management structure of collective investment trusts differs from that of funds. The Trustees also considered that PIMCO faces increased entrepreneurial, legal and regulatory risk in sponsoring and managing mutual funds and ETFs as

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **43** |

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| **Approval of Investment Advisory Contract and Other Agreements** | **(Cont.)** |

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compared to separate accounts, external sub-advised funds or other investment products. In addition, the Trustees considered that PIMCO may charge certain private funds with similar investment mandates lower fees than the Portfolios because such private funds are not required to accept daily redemptions or price their assets on a daily basis, generally do not accept small investors with small account balances and operate under a less complex regulatory regime.

Regarding advisory fees charged by PIMCO in its capacity as sub-adviser to third party/unaffiliated funds, the Trustees took into account that such fees may be lower than the fees charged by PIMCO to serve as adviser to the Portfolios. The Trustees also took into account that there are various reasons for any such differences in fees, including, but not limited to, the fact that PIMCO may be subject to varying levels of entrepreneurial, legal and regulatory risk and different servicing requirements when PIMCO does not serve as the sponsor of a fund and is not principally responsible for all aspects of a fund's investment program and operations as compared to when PIMCO serves as investment adviser and sponsor.

The Board considered the Portfolios' supervisory and administrative fees, comparing them to similar funds managed by other investment advisers in the Broadridge Report. The Board also considered that, as the Portfolios' business has become increasingly complex and the number of Portfolios has grown over time, PIMCO has provided an increasingly broad array of fund supervisory and administrative functions. In addition, the Board considered the Trust's unified fee structure, under which the Trust pays for the supervisory and administrative services it requires for one set fee. In return for this unified fee, PIMCO provides or procures supervisory and administrative services and bears the costs of various third party services required by the Portfolios, including audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board further considered that many other funds pay for comparable services separately, and thus it is difficult to directly compare the Trust's unified supervisory and administrative fees with the fees paid by other funds for administrative services alone. The Board also considered that the unified supervisory and administrative fee leads to Portfolio fees that are fixed over the contract period, rather than variable. The Board noted that, although the unified fee structure does not have breakpoints, it inherently reflects certain economies of scale by fixing the absolute level of Portfolio fees at competitive levels over the contract period even if the Portfolios' operating costs rise when assets remain flat or decrease. Other factors the Board considered in assessing the unified fee include PIMCO's approach of pricing Portfolios at scale at inception and reinvesting in other important areas of the business that support the Portfolios. The Board considered historical advisory and supervisory and administrative fee reductions implemented for different Portfolios and classes, noting that the unified fee can be

increased or decreased in subsequent contractual periods with Board approval and is subject to the periodic reviews discussed above. The Board noted that, with few exceptions, PIMCO has generally maintained Portfolio fees at the same level as implemented when the unified fee was adopted, and has reduced fees for a number of Portfolios in prior years. The Board concluded that the Portfolios' supervisory and administrative fees were reasonable in relation to the value of the services provided, including the services provided to different classes of shareholders, and that the expenses assumed contractually by PIMCO under the Supervision and Administration Agreement represent, in effect, a cap on overall Portfolio fees during the contractual period, which is beneficial to the Portfolios and their shareholders.

The Board considered the Portfolios' total expenses and discussed with PIMCO certain Portfolios and/or classes of Portfolios that had above median total expenses. Upon comparing the Portfolios' total expenses to other funds in the "Peer Groups" provided by the Broadridge Report, where appropriate, the Board found total expenses of each Portfolio to be reasonable.

The Trustees also considered the advisory fees charged to the Portfolios that operate as funds of funds (the "Funds of Funds") and the advisory services provided in exchange for such fees. The Trustees determined that such services were in addition to the advisory services provided to the underlying funds in which the Funds of Funds may invest and, therefore, such services were not duplicative of the advisory services provided to the underlying funds. The Board also considered the various fee waiver agreements in place for the Funds of Funds. The Board noted that PIMCO is continuing waivers for these Funds of Funds, as well as for certain other Portfolios of the Trust.

Based on the information presented by PIMCO and Research Affiliates, members of the Board determined, in the exercise of their business judgment, that the level of the advisory fees and supervisory and administrative fees charged by PIMCO under the Agreements and the Subsidiary Agreements, that the fees charged by Research Affiliates under the Asset Allocation Agreement, and that the total expenses of each Portfolio, are reasonable.

5. ADVISER COSTS, LEVEL OF PROFITS AND ECONOMIES OF SCALE

The Board reviewed information regarding PIMCO's costs of providing services to, as well as the resulting level of profits from, the Portfolios. To the extent applicable, the Board also reviewed information regarding the portion of a Portfolio's advisory fee retained by PIMCO, following the payment of sub-advisory fees to Research Affiliates, with respect to the Portfolios. Additionally, the Board discussed PIMCO's pre- and post-distribution profit margin ranges with respect to the Portfolios, as compared to the prior year. The Board also noted that it had received information regarding the structure and manner in which

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(Unaudited)

PIMCO's investment professionals were compensated, and PIMCO's view of the relationship of such compensation to the recruitment and retention of quality personnel. The Board considered PIMCO's investment in global infrastructure, technology capabilities, risk management processes and qualified personnel to reinforce existing services, offer new services, and accommodate changing regulatory requirements.

The Board considered the existence of any economies of scale and noted that, to the extent that PIMCO achieves economies of scale in managing the Portfolios, PIMCO shares the benefits of such economies of scale, if any, with the Portfolios and their shareholders in a number of ways, including investing in portfolio and trade operations management, firm technology, middle and back office support, legal and compliance, and fund administration logistics; senior management supervision, governance and oversight of those services; and through fee reductions or waivers, the pricing of Portfolios to scale from inception and the enhancement of services provided to the Portfolios in return for fees paid. The Board reviewed the history of the Portfolios' fee structure. The Board considered that the Portfolios' unified fee rates had been set competitively and/or priced to scale from inception, had been held steady during the contractual period at that scaled competitive rate for most Portfolios as assets grew, or as assets declined in the case of some Portfolios, and continued to be competitive compared with peers. The Board also considered that the unified fee is a transparent means of informing a Portfolio's shareholders of the fees associated with the Portfolio, and that the Portfolio bears certain expenses that are not covered by the advisory fee or the unified fee. The Board further considered the challenges that arise when managing large funds, which can result in certain "diseconomies" of scale and noted that PIMCO has continued to reinvest in many areas of the business to support the Portfolios.

The Trustees considered that the unified fee has provided inherent economies of scale because a Portfolio maintains competitive fixed fees over the annual contract period even if the particular Portfolio's assets decline and/or operating costs rise. The Trustees further considered that, in contrast, breakpoints may be a proxy for charging higher fees on lower asset levels and that when a fund's assets decline, breakpoints may reverse, which causes expense ratios to increase. The Trustees also considered that, unlike the Portfolios' unified fee structure, funds with "pass through" administrative fee structures may experience increased expense ratios when fixed dollar fees are charged against declining fund assets. In addition, the Trustees considered that the unified fee protects shareholders from a rise in operating costs that may result from, among other things, PIMCO's investments in various business enhancements and infrastructure, including those referenced above. The Trustees noted that PIMCO's investments in these areas are extensive.

The Board concluded that the Portfolios' cost structures were reasonable and that PIMCO is appropriately sharing economies of scale, if any,

through the Portfolios' unified fee structure, generally pricing Portfolios to scale at inception and reinvesting in its business to provide enhanced and expanded services to the Portfolios and their shareholders.

6. ANCILLARY BENEFITS

The Board considered other benefits realized by PIMCO and its affiliates as a result of PIMCO's relationship with the Trust. Such benefits may include possible ancillary benefits to PIMCO's institutional investment management business due to the reputation and market penetration of the Trust or third party service providers' relationship-level fee concessions, which decrease fees paid by PIMCO. The Board also considered that affiliates of PIMCO provide distribution and/or shareholder services to the Portfolios and their shareholders, for which they may be compensated through distribution and servicing fees paid pursuant to the Portfolios' Rule 12b-1 plans or otherwise. The Board noted that, while PIMCO has the authority to receive the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the Portfolios, it has adopted a policy not to enter into contractual soft dollar arrangements.

7. CONCLUSIONS

Based on their review, including their comprehensive consideration and evaluation of each of the broad factors and information summarized above, the Independent Trustees and the Board as a whole concluded that the nature, extent and quality of the services rendered to the Portfolios by PIMCO and Research Affiliates supported the renewal of the Agreements and the Subsidiary Agreements. The Independent Trustees and the Board as a whole concluded that the Agreements and the Subsidiary Agreements continued to be fair and reasonable to the Portfolios and their shareholders, that the Portfolios' shareholders received reasonable value in return for the fees paid to PIMCO by the Portfolios under the Investment Advisory Contract, Supervision and Administration Agreement and the Subsidiary Agreements and the fees paid to Research Affiliates by PIMCO under the Asset Allocation Agreement, and that the renewal of the Agreements and the Subsidiary Agreements was in the best interests of the Portfolios and their shareholders.

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **45** |

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**General Information** 

**Investment Adviser and Administrator** 

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

**Distributor** 

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

**Custodian** 

State Street Bank and Trust Company

801 Pennsylvania Avenue

Kansas City, MO 64105

**Transfer Agent** 

SS&C Global Investor & Distribution Solutions, Inc.

430 W 7th Street STE 219024

Kansas City, MO 64105-1407

**Legal Counsel** 

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

**Independent Registered Public Accounting Firm** 

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the Portfolio listed on the Report cover.

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**pimco.com/pvit**![LOGO](g432356g06y60.jpg)

PVIT09AR_123122

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![LOGO](g405314g13e39.jpg)

PIMCO VARIABLE INSURANCE TRUST

## Annual Report
December 31, 2022

PIMCO Global Managed Asset Allocation Portfolio

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**Table of Contents** 

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|:---|:---|
|  | Page |
| &nbsp;&nbsp; [Chairman's Letter](#tx405314_1) | 2 |
| &nbsp;&nbsp; [Important Information About the PIMCO Global Managed Asset Allocation Portfolio](#tx405314_2) | 4 |
| &nbsp;&nbsp; [Portfolio Summary](#tx405314_3) | 8 |
| &nbsp;&nbsp; [Expense Example](#tx405314_4) | 9 |
| &nbsp;&nbsp; [Financial Highlights (Consolidated)](#tx405314_5) | 10 |
| &nbsp;&nbsp; [Consolidated Statement of Assets and Liabilities](#tx405314_6) | 12 |
| &nbsp;&nbsp; [Consolidated Statement of Operations](#tx405314_7) | 13 |
| &nbsp;&nbsp; [Consolidated Statements of Changes in Net Assets](#tx405314_8) | 14 |
| &nbsp;&nbsp; [Consolidated Schedule of Investments](#tx405314_9) | 15 |
| &nbsp;&nbsp; [Notes to Financial Statements](#tx405314_10) | 27 |
| &nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm](#tx405314_11) | 51 |
| &nbsp;&nbsp; [Glossary](#tx405314_12) | 52 |
| &nbsp;&nbsp; [Distribution Information](#tx405314_13) | 53 |
| &nbsp;&nbsp; [Federal Income Tax Information](#tx405314_14) | 54 |
| &nbsp;&nbsp; [Management of the Trust](#tx405314_15) | 55 |
| &nbsp;&nbsp; [Privacy Policy](#tx405314_16) | 57 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements](#tx405314_17) | 58 |

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This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust (the "Trust") prospectus for the Portfolio. (The variable product prospectus may be obtained by contacting your Investment Consultant.)

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**Chairman's Letter**

Dear Shareholder,

2022 was a challenging year in the financial markets. We continue to work tirelessly to navigate global markets and manage the assets that you have entrusted with us. Following this letter is the PIMCO Variable Insurance Trust Annual Report, which covers the 12-month reporting period ended December 31, 2022 (the "reporting period"). On the subsequent pages, you will find details regarding investment results and a discussion of the factors that most affected performance during the reporting period.

For the 12-month reporting period ended December 31, 2022

The global economy faced significant headwinds in 2022, including those related to higher inflation, the COVID-19 pandemic, and the Russia-Ukraine conflict. First and second quarter 2022 U.S. annualized gross domestic product ("GDP") returned -1.6% and -0.6%, respectively. The economy strengthened in the third quarter, with annualized GDP rising 3.2%. The Commerce Department's initial estimate for fourth quarter 2022 annualized GDP — released after the reporting period ended — was 2.9%.

The Federal Reserve Board (the "Fed" or "U.S. central bank") took actions to combat elevated inflation. In March 2022, the Fed raised the federal funds rate 0.25% to a range between 0.25% and 0.50%, its first rate hike since 2018. The U.S. central bank then raised rates at its next six meetings, for a total increase of 4.25% in 2022. At the end of the year, the federal funds rate was in a range between 4.25% and 4.50%.

Economies outside the U.S. also faced several headwinds. In its October 2022 World Economic Outlook Update, the International Monetary Fund (the "IMF") downgraded its expectation for 2022 GDP citing "turbulent challenges" including high inflation, tightening financial conditions, as well as the ongoing Russia-Ukraine conflict and COVID-19 pandemic. For 2022, the IMF included in its projections that GDP would grow 1.6% in the U.S. (from 5.7% in 2021), 3.1% in the eurozone (from 5.2% in 2021), 3.6% in the U.K. (from 7.4% in 2021), and 1.7% in Japan (the same as in 2021).

Several central banks tightened their respective monetary policies in recent years. For example, in December 2021, prior to the beginning of the reporting period, the Bank of England (the "BoE") raised rates for the first time since COVID-19 began. The BoE again raised rates at its next eight meetings, for a total of 3.50% in rate hikes since its first increase. The European Central Bank raised rates four times in 2022, for a total increase of 2.50%. In contrast, the Bank of Japan (the "BoJ") maintained its loose monetary policy for most of 2022. However, in December 2022 the BoJ announced that it would allow its 10-year government bond yield to rise to 0.5% (previously limited to 0.25%). The news sent the 10-year bond yield and Japanese yen higher, as market participants interpreted the announcement to mean that the BoJ may pivot from its previous monetary stance.

During the reporting period, short- and long-term U.S. Treasury yields moved higher. The yield on the benchmark 10-year U.S. Treasury note was 3.88% on December 31, 2022, versus 1.52% on December 31, 2021. The Bloomberg Global Treasury Index (USD Hedged), which tracks fixed-rate, local currency government debt of investment grade countries, including developed and emerging markets, returned -10.79%. Meanwhile, the Bloomberg Global Aggregate Credit Index (USD Hedged), a widely used index of global investment grade credit bonds, returned -14.22%. Riskier fixed income asset classes, including high yield corporate bonds and emerging market debt, were also weak. The ICE BofAML Developed Markets High Yield Constrained Index (USD Hedged), a widely used index of below-investment-grade bonds, returned -10.56%, whereas emerging market external debt, as represented by the JPMorgan Emerging Markets Bond Index (EMBI) Global (USD Hedged), returned -16.45%. Emerging market local bonds, as represented by the JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged), returned -11.69%. Finally, the municipal market, as represented by the Bloomberg Municipal Bond Index, returned -8.53%.

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Amid periods of volatility, global equities generally posted weak results during the reporting period as economic and geopolitical concerns weighed on investor sentiment. U.S. equities, as represented by the S&P 500 Index, returned -18.11%. Global equities, as represented by the MSCI World Index, returned -18.14%, while emerging market equities, as measured by the MSCI Emerging Markets Index, returned -20.09%. Meanwhile, Japanese equities, as represented by the Nikkei 225 Index (in Japanese yen), returned -7.37% and European equities, as represented by the MSCI Europe Index (in euro), returned -9.49%.

Commodity prices were volatile and generated mixed returns during the reporting period. Brent crude oil, which was approximately $77.24 a barrel at the start of the reporting period, rose to roughly $82.82 a barrel at the end of December 2022. Prices of other commodities, such as copper and gold, declined during the period.

Finally, there were also periods of volatility in the foreign exchange markets. We believe this was driven by several factors, including economic growth expectations and changing central bank monetary policies, as well as rising inflation, COVID-19 variants, and geopolitical events. The U.S. dollar strengthened against several major currencies. For example, during the reporting period, the U.S. dollar returned 5.85%, 10.71%, and 12.23% versus the euro, the British pound and the Japanese yen, respectively.

Thank you for the assets you have placed with us. We deeply value your trust, and we will continue to work diligently to meet your broad investment needs.

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| ![LOGO](g405314g19a01.jpg) | Sincerely,<br>![LOGO](g405314g65f33.jpg) <br>Peter G. Strelow<br> Chairman of the Board<br>PIMCO Variable Insurance Trust<br>|

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Past performance is no guarantee of future results. Unless otherwise noted, index returns reflect the reinvestment of income distributions and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. It is not possible to invest directly in an unmanaged index.

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>3</sub> |

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**Important Information About the PIMCO Global Managed Asset Allocation Portfolio**

PIMCO Variable Insurance Trust (the "Trust") is an open-end management investment company that includes the PIMCO Global Managed Asset Allocation Portfolio (the "Portfolio"). The Portfolio is only available as a funding vehicle under variable life insurance policies or variable annuity contracts issued by insurance companies ("Variable Contracts"). Individuals may not purchase shares of the Portfolio directly. Shares of the Portfolio also may be sold to qualified pension and retirement plans outside of the separate account context.

The Portfolio may invest in Institutional Class or Class M shares of any of the funds of PIMCO Funds and PIMCO Equity Series, affiliated open-end investment companies, except funds of funds and PIMCO California Municipal Intermediate Value Fund, PIMCO California Municipal Opportunistic Value Fund, PIMCO National Municipal Intermediate Value Fund and PIMCO National Municipal Opportunistic Value Fund ("Underlying PIMCO Funds"), and may also invest in other affiliated funds, including funds of PIMCO ETF Trust, and unaffiliated funds (collectively, the "Acquired Funds"). The Portfolio may invest in a combination of affiliated funds and unaffiliated funds, which may or may not be registered under the Investment Company Act of 1940, as amended (the "Act"), fixed income instruments, equity securities, forwards and derivatives, to the extent permitted under the Act or exemptive relief therefrom. The cost of investing in the Portfolio will generally be higher than the cost of investing in a mutual fund that only invests directly in individual stocks and bonds.

We believe that equity funds and bond funds have an important role to play in a well-diversified portfolio. It is important to note, however, that equity funds and bond funds are subject to notable risks.

Among other things, equity and equity-related securities may decline in value due to both real and perceived general market, economic, and industry conditions. The values of equity securities, such as common stocks and preferred securities, have historically risen and fallen in periodic cycles and may decline due to general market conditions, which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. Equity securities may also decline due to factors that affect a particular industry or industries, such as labor shortages, increased production costs and competitive conditions within an industry. In addition, the value of an equity security may decline for a number of reasons that directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets. Different types of equity securities may react differently to these developments and a change in the financial condition of a single issuer may affect securities markets as a whole.

During a general downturn in the securities markets, multiple asset classes, including equity securities, may decline in value simultaneously. The market price of equity securities owned by the Portfolio may go up or down, sometimes rapidly or unpredictably. Equity securities generally have greater price volatility than fixed income securities and common stocks generally have the greatest appreciation and depreciation potential of all corporate securities.

Bond funds and fixed income securities are subject to a variety of risks, including interest rate risk, liquidity risk and market risk. In an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed income securities and other instruments held by the Portfolio (and/or Underlying PIMCO Funds or Acquired Funds, as applicable) are likely to decrease in value. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that Portfolio management will anticipate such movement accurately. The Portfolio may lose money as a result of movements in interest rates.

As of the date of this report, interest rates in the United States and many parts of the world, including certain European countries, continue to increase. In efforts to combat inflation, the U.S. Federal Reserve raised interest rates multiple times in 2022 and has indicated an expectation that it will continue to raise interest rates in 2023. Thus, the Portfolio currently faces a heightened level of risk associated with rising interest rates and/or bond yields. This could be driven by a variety of factors, including but not limited to central bank monetary policies, changing inflation or real growth rates, general economic conditions, increasing bond issuances or reduced market demand for low yielding investments. Further, while bond markets have steadily grown over the past three decades, dealer inventories of corporate bonds are near historic lows in relation to market size. As a result, there has been a significant reduction in the ability of dealers to "make markets."

Bond funds and individual bonds with a longer duration (a measure used to determine the sensitivity of a security's price to changes in interest rates) tend to be more sensitive to changes in interest rates, usually making them more volatile than securities or funds with shorter durations. All of the factors mentioned above, individually or collectively, could lead to increased volatility and/or lower liquidity in the fixed income markets, or negatively impact the Portfolio's performance or cause the Portfolio to incur losses. As a result, the Portfolio may experience increased shareholder redemptions, which among other things, could further reduce the net assets of the Portfolio.

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| **4** | **PIMCO VARIABLE INSURANCE TRUST** |

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The Portfolio may be subject to various risks as described in the Portfolio's prospectus and in the Principal and Other Risks in the Notes to Financial Statements.

Classifications of the Portfolio's portfolio holdings in this report are made according to financial reporting standards. The classification of a particular portfolio holding as shown in the Allocation Breakdown and Schedule of Investments sections of this report may differ from the classification used for the Portfolio's compliance calculations, including those used in the Portfolio's prospectus, investment objectives, regulatory, and other investment limitations and policies, which may be based on different asset class, sector or geographical classifications. The Portfolio is separately monitored for compliance with respect to prospectus and regulatory requirements.

The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. In 2022, many countries lifted some or all restrictions related to COVID-19. However, the effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations and individual issuers, all of which may negatively impact the Portfolio's performance. In addition, COVID-19 and governmental responses to COVID-19 may negatively impact the capabilities of the Portfolio's service providers and disrupt the Portfolio's operations.

The United States' enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from certain other countries has contributed to and may continue to contribute to international trade tensions and may impact portfolio securities (and/or portfolio securities of Underlying PIMCO Funds or Acquired Funds, as applicable). The United States' enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government's response, may also negatively impact securities and instruments that are economically tied to Russia.

The United Kingdom's withdrawal from the European Union may impact Portfolio returns. The withdrawal may cause substantial volatility in foreign exchange markets, lead to weakness in the

exchange rate of the British pound, result in a sustained period of market uncertainty, and destabilize some or all of the other European Union member countries and/or the Eurozone.

The Portfolio may invest in certain instruments that rely in some fashion upon the London Interbank Offered Rate ("LIBOR"). LIBOR is an average interest rate, determined by the ICE Benchmark Administration, that banks charge one another for the use of short-term money. The United Kingdom's Financial Conduct Authority, which regulates LIBOR, has announced plans to ultimately phase out the use of LIBOR. There remains uncertainty regarding future utilization of LIBOR and the nature of any replacement rate (e.g., the Secured Overnight Financing Rate, which is intended to replace U.S. dollar LIBOR and measures the cost of overnight borrowings through repurchase agreement transactions collateralized with U.S. Treasury securities). Any potential effects of the transition away from LIBOR on the Portfolio or on certain instruments in which the Portfolio invests can be difficult to ascertain, and they may vary depending on a variety of factors. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to the Portfolio.

On the Portfolio Summary page in this Shareholder Report, the Average Annual Total Return table and Cumulative Returns chart measures performance assuming that any dividend and capital gain distributions were reinvested. The Cumulative Returns chart reflects only Administrative Class performance. Performance may vary by share class based on each class's expense ratios. The Portfolio measures its performance against at least one broad-based securities market index ("benchmark index"). The benchmark index does not take into account fees, expenses, or taxes. The Portfolio's past performance, before and after taxes, is not necessarily an indication of how the Portfolio will perform in the future. There is no assurance that the Portfolio, even if the Portfolio has experienced high or unusual performance for one or more periods, will experience similar levels of performance in the future. High performance is defined as a significant increase in either 1) the Portfolio's total return in excess of that of the Portfolio's benchmark between reporting periods or 2) the Portfolio's total return in excess of the Portfolio's historical returns between reporting periods. Unusual performance is defined as a significant change in the Portfolio's performance as compared to one or more previous reporting periods. Historical performance for the Portfolio or a share class thereof may have been positively impacted by fee waivers or expense limitations in place during some or all of the periods shown, if applicable. Future performance (including total return or yield) and distributions may be negatively impacted by the expiration or reduction of any such fee waivers or expense limitations.

The following table discloses the inception dates of the Portfolio and its share classes along with the Portfolio's diversification status as of period end:

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| **Portfolio Name** | **Portfolio<br>Inception** | **Institutional<br>Class** | **Administrative<br>Class** | **Advisor<br>Class** | **Diversification<br>Status** |
|  PIMCO Global Managed Asset Allocation Portfolio | 04/15/09 | 04/30/12 | 04/15/09 | 04/15/09 | Diversified |

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>5</sub> |

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| **Important Information About the PIMCO Global Managed Asset Allocation Portfolio** | **(Cont.)** |

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An investment in the Portfolio is not a bank deposit and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in the Portfolio.

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Portfolio. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither this Portfolio's prospectus nor summary prospectus, the Trust's Statement of Additional Information ("SAI"), any contracts filed as exhibits to the Trust's registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or the Portfolio creates a contract between or among any shareholder of the Portfolio, on the one hand, and the Trust, the Portfolio, a service provider to the Trust or the Portfolio, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service providers or other delegates acting under authority of the Trustees) may amend the most recent prospectus or use a new prospectus, summary prospectus or SAI with respect to the Portfolio or the Trust, and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which the Trust or the Portfolio is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to the Portfolio, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust's then-current prospectus or SAI.

PIMCO has adopted written proxy voting policies and procedures ("Proxy Policy") as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30th, are available without charge, upon request, by calling the Trust at (888) 87-PIMCO, on the Portfolio's website at www.pimco.com/pvit, and on the Securities and Exchange Commission's ("SEC") website at www.sec.gov.

The Portfolio files portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The

Portfolio's complete schedule of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC's website at www.sec.gov and on PIMCO's website at www.pimco.com/pvit, and will be made available, upon request, by calling PIMCO at (888) 87-PIMCO.

SEC rules allow shareholder reports to be delivered to investors by providing access to such reports online free of charge and by mailing a notice that the report is electronically available. Investors may elect to receive all future reports in paper free of charge by contacting their insurance company. Any election to receive reports in paper will apply to all portfolio companies available under the investor's contract at the insurance company.

In October 2020, the SEC adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover transactions. Subject to certain exceptions, the rule requires portfolios that trade derivatives and other transactions that create future payment or delivery obligations to comply with a value-at-risk leverage limit and certain derivatives risk management program and reporting requirements. These requirements may limit the ability of the Portfolio to use derivatives and reverse repurchase agreements and similar financing transactions as part of its investment strategies and may increase the cost of the Portfolio's investments and cost of doing business, which could adversely affect investors. The rule went into effect on February 19, 2021. The compliance date for the new rule and related reporting requirements was August 19, 2022.

In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value as well as for the performance of fair value determinations, including related oversight and reporting obligations. The new rule also defines "readily available market quotations" for purposes of the definition of "value" under the Act, and the SEC noted that this definition will apply in all contexts under the Act. The effective date for the rule was March 8, 2021. The compliance date for the new rule and the related reporting requirements was September 8, 2022.

In May 2022, the SEC proposed amendments to a current rule governing portfolio naming conventions. In general, the current rule requires portfolios with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The proposed amendments would expand the scope of the current rule in a number of ways that would result in an expansion of the types of portfolio names that would require the portfolio to adopt an 80% investment policy under the rule. Additionally, the proposed amendments would modify the circumstances under which a portfolio may deviate from its 80% investment policy and address the

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| **6** | **PIMCO VARIABLE INSURANCE TRUST** |

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##### [**Table of Contents**](#toc)
use and valuation of derivatives instruments for purposes of the rule. The proposal's impact on the Portfolio will not be known unless and until any final rulemaking is adopted.

In May 2022, the SEC proposed a framework that would require certain registered portfolios (such as the Portfolio) to disclose their environmental, social, and governance ("ESG") investing practices. Among other things, the proposed requirements would mandate that portfolios meeting three pre-defined classifications (*i.e.*, integrated, ESG focused and/or impact funds) provide prospectus and shareholder report disclosure related to the ESG factors, criteria and processes used in managing the portfolio. The proposal's impact on the Portfolio will not be known unless and until any final rulemaking is adopted.

In October 2022, the SEC adopted changes to the mutual fund and exchange-traded fund ("ETF") shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which will impact the disclosures provided to shareholders. The rule amendments are effective as of January 24, 2023, but the SEC is providing an 18-month compliance period following the effective date for such amendments other than those addressing fee and expense information in advertisements that might be materially misleading.

In November 2022, the SEC proposed rule amendments which, among other things, would require funds to adopt swing pricing in order to mitigate dilution of shareholders' interests in a fund by requiring the adjustment of fund net asset value per share to pass on costs stemming from shareholder purchase or redemption activity. In addition, the proposed rule would amend the liquidity rule framework. The proposal's impact on the Portfolio will not be known unless and until any final rulemaking is adopted.

In November 2022, the SEC adopted amendments to Form N-PX under the Act to improve the utility to investors of proxy voting information reported by mutual funds, ETFs and certain other funds. The rule amendments will expand the scope of funds' Form N-PX reporting obligations, subject managers to Form N-PX reporting obligations for "Say on Pay" votes, enhance Form N-PX disclosures, permit joint reporting by funds, managers and affiliated managers on Form N-PX; and require website availability of fund proxy voting records. The amendments will become effective on July 1, 2024. Funds and managers will be required to file their first reports covering the period from July 1, 2023 to June 30, 2024 on amended Form N-PX by August 31, 2024.

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|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>7</sub> |

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##### [**Table of Contents**](#toc)
**PIMCO Global Managed Asset Allocation Portfolio (Consolidated)** 

Cumulative Returns Through December 31, 2022

![LOGO](g405314g95h34.jpg)

$10,000 invested at the end of the month when the Portfolio's Administrative Class commenced operations.

Allocation Breakdown

as of December 31, 2022<sup>†</sup><sup>§</sup>

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| | |
|:---|:---|
|  Short-Term Instruments<sup>‡</sup> | 53.4% |
|  Asset-Backed Securities | 10.2% |
|  U.S. Government Agencies | 9.7% |
|  Mutual Funds | 9.0% |
|  Sovereign Issues | 4.5% |
|  Common Stocks | 4.4% |
|  Corporate Bonds & Notes | 3.8% |
|  U.S. Treasury Obligations | 3.4% |
|  Non-Agency Mortgage-Backed Securities | 1.2% |
|  Other | 0.4% |

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| | |
|:---|:---|
| <sup>†</sup> | % of Investments, at value.  |

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| | |
|:---|:---|
| <sup>§</sup> | Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.  |

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<sup>‡</sup> Includes Central Funds Used for Cash Management Purposes.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 |
|  |  | 1 Year | 5 Years | 10 Years | Inception<sup>≈</sup> |
|  | PIMCO Global Managed Asset Allocation Portfolio Institutional Class | (18.17)% | 3.69% | 3.28% | 3.40% |
| ![LOGO](g405314g94o20.jpg) | PIMCO Global Managed Asset Allocation Portfolio Administrative Class | (18.36)% | 3.52% | 3.12% | 4.92% |
|  | PIMCO Global Managed Asset Allocation Portfolio Advisor Class | (18.40)% | 3.43% | 3.02% | 4.83% |
| ![LOGO](g405314g08y58.jpg) | 60% MSCI World Index/40% Bloomberg U.S. Aggregate Index<sup>±</sup> | (15.85)% | 4.01% | 5.92% | 7.50%<sup>¨</sup> |

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All Portfolio returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

<sup>≈</sup> For class inception dates please refer to the Important Information.

<sup>¨</sup> Average annual total return since 04/15/2009.

<sup>±</sup> 60% MSCI World Index/40% Bloomberg U.S. Aggregate Index. The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The MSCI World Index consists of 23 developed market country indices. It is not possible to invest directly in an unmanaged index. The Bloomberg U.S. Aggregate Index represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. These major sectors are subdivided into more specific indices that are calculated and reported on a regular basis.

It is not possible to invest directly in an unmanaged index.

*Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. The Portfolio's performance does not reflect the deduction of additional charges and expenses imposed in connection with investing in Variable Contracts, which will reduce returns. Differences in the Portfolio's performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the prices of individual positions (which may be sourced from different pricing vendors or other sources) used by the Portfolio and the index. For performance current to the most recent month-end, visit www.pimco.com/pvit or via (888) 87-PIMCO.* 

*The Portfolio's total annual operating expense ratio in effect as of period end, which includes the Acquired Fund Fees and Expenses (Underlying PIMCO Fund expenses), was 1.17% for Institutional Class shares, 1.32% for Administrative Class shares, and 1.42% for Advisor Class shares. Details regarding any changes to the Portfolio's operating expenses, subsequent to period end, can be found in the Portfolio's current prospectus, as supplemented.* 

Investment Objective and Strategy Overview

PIMCO Global Managed Asset Allocation Portfolio seeks total return which exceeds that of a blend of 60% MSCI World Index/40% Bloomberg U.S. Aggregate Index. PIMCO uses a three-step approach in seeking to achieve the Portfolio's investment objective which consists of 1) developing a target asset allocation; 2) developing a series of relative value strategies designed to add value beyond the target allocation; and 3) utilizing hedging techniques to manage risks. PIMCO evaluates these three steps and uses varying combinations of Acquired Funds and/or direct investments to implement them within the Portfolio. The Portfolio seeks to achieve its investment objective by investing under normal circumstances in a combination of affiliated and unaffiliated funds, which may or may not be registered under the Investment Company Act of 1940, as amended (the "1940 Act"), Fixed Income Instruments, equity securities, forwards and derivatives. "Fixed Income Instruments" include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. Portfolio strategies may change from time to time. Please refer to the Portfolio's current prospectus for more information regarding the Portfolio's strategy.

Portfolio Insights

The following affected performance (on a gross basis) during the reporting period:

» U.S. duration positioning, particularly underweight exposure to the intermediate portion of the yield curve, contributed to relative performance, as this part of the curve rose.

» Overall underweight exposure to emerging markets equities contributed to relative performance, as emerging markets equities fell.

» Non-US developed markets currencies, particularly underweight exposure to the British pound, contributed to relative performance, as the British pound depreciated relative to the U.S. dollar.

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|:---|:---|
| » | U.S. equities positioning, particularly overweight exposure during the first half of the year and underweight exposure during the second half of the year, detracted from relative performance, as securities posted negative returns for the first part of the year followed by a 2-month rebound in the second half of the year.  |

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» Select securitized credit positioning, particularly security selection within structured product and residential mortgage-backed security sectors, detracted from relative performance, as these securities posted negative returns.

» Exposure to select emerging markets debt detracted from relative performance, as these securities posted negative returns.

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| **8** | **PIMCO VARIABLE INSURANCE TRUST** |

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##### [**Table of Contents**](#toc)

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|:---|:---|
| **Expense Example** | **PIMCO Global Managed Asset Allocation Portfolio (Consolidated)** |

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Example

As a shareholder of the Portfolio, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including investment advisory fees, supervisory and administrative fees, distribution and/or service (12b-1) fees (if applicable), and other Portfolio expenses. The Example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The Expense Example does not reflect any fees or other expenses imposed by the Variable Contracts. If it did, the expenses reflected in the Expense Example would be higher. The Example is based on an investment of $1,000 invested at the beginning of the period and held from July 1, 2022 to December 31, 2022 unless noted otherwise in the table and footnotes below.

Actual Expenses

The information in the table under the heading "Actual" provides information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60), then multiply the result by the number in the appropriate row for your share class, in the column titled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information in the table under the heading "Hypothetical (5% return before expenses)" provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other portfolios. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other portfolios.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the information under the heading "Hypothetical (5% return before expenses)" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. In addition, if these transactional costs were included, your costs would have been higher.

Expense ratios may vary period to period because of various factors, such as an increase in expenses that are not covered by the investment advisory fees and supervisory and administrative fees, such as fees and expenses of the independent trustees and their counsel, extraordinary expenses and interest expense.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Actual** | **Actual** | **Actual** | **Hypothetical<br>(5% return before expenses)** | **Hypothetical<br>(5% return before expenses)** | **Hypothetical<br>(5% return before expenses)** | |
|  | **Beginning<br>Account Value<br>(07/01/22)** | **Ending<br>Account Value<br>(12/31/22)** | **Expenses Paid<br>During Period\*** | **Beginning<br>Account Value<br>(07/01/22)** | **Ending<br>Account Value<br>(12/31/22)** | **Expenses Paid<br>During Period\*** | **Net Annualized<br>Expense Ratio\*\*** |
| Institutional Class | $1000.00 | $1010.90 | $5.07 | $1000.00 | $1020.43 | $5.10 | 0.99% |
| Administrative Class | 1000.00 | 1010.50 | 5.84 | 1000.00 | 1019.67 | 5.87 | 1.14 |
| Advisor Class | 1000.00 | 1010.60 | 6.35 | 1000.00 | 1019.16 | 6.38 | 1.24 |

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\* Expenses Paid During Period are equal to the net annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 186/365 (to reflect the one-half year period). Overall fees and expenses of investing in the Portfolio will be higher because the example does not reflect variable contract fees and expenses.

\*\* Net Annualized Expense Ratio is reflective of any applicable contractual fee waivers and/or expense reimbursements or voluntary fee waivers. Details regarding fee waivers, if any, can be found in Note 9, Fees and Expenses, in the Notes to Financial Statements.

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| | | |
|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>9</sub> |

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##### [**Table of Contents**](#toc)

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|:---|:---|
| **Financial Highlights** | **PIMCO Global Managed Asset Allocation Portfolio (Consolidated)** |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year Ended^: | **Net Asset<br>Value<br>Beginning**<br> **of Year<sup>(a)</sup>** | **Net<br>Investment<br>Income<br>(Loss)<sup>(b)</sup>** | **<br>Net<br>Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital**<br> **Gain** | **Tax Basis<br>Return of<br>Capital** | **Total** |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | $&nbsp;&nbsp;&nbsp;&nbsp;12.91 | $&nbsp;&nbsp;&nbsp;&nbsp;0.21 | $&nbsp;&nbsp;&nbsp;&nbsp;(2.48) | $&nbsp;&nbsp;&nbsp;&nbsp;(2.27) | $&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | $&nbsp;&nbsp;&nbsp;&nbsp;(1.98) | $&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | $&nbsp;&nbsp;&nbsp;&nbsp;(2.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 13.15 | 0.21 | 1.39 | 1.60 | (0.35) | (1.49) | 0.00 | (1.84) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 12.53 | 0.13 | 1.72 | 1.85 | (0.99) | (0.24) | 0.00 | (1.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2019 | 10.94 | 0.29 | 1.58 | 1.87 | (0.28) | 0.00 | 0.00 | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2018 | 12.83 | 0.31 | (0.97) | (0.66) | (0.23) | (1.00) | 0.00 | (1.23) |
| Administrative Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 12.95 | 0.23 | (2.52) | (2.29) | (0.07) | (1.98) | (0.14) | (2.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 13.15 | 0.16 | 1.41 | 1.57 | (0.28) | (1.49) | 0.00 | (1.77) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 12.53 | 0.12 | 1.72 | 1.84 | (0.98) | (0.24) | 0.00 | (1.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2019 | 10.94 | 0.26 | 1.59 | 1.85 | (0.26) | 0.00 | 0.00 | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2018 | 12.83 | 0.29 | (0.97) | (0.68) | (0.21) | (1.00) | 0.00 | (1.21) |
| Advisor Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 12.99 | 0.18 | (2.49) | (2.31) | (0.05) | (1.98) | (0.14) | (2.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 13.22 | 0.17 | 1.41 | 1.58 | (0.32) | (1.49) | 0.00 | (1.81) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 12.60 | 0.10 | 1.72 | 1.82 | (0.96) | (0.24) | 0.00 | (1.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2019 | 10.99 | 0.25 | 1.61 | 1.86 | (0.25) | 0.00 | 0.00 | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2018 | 12.89 | 0.28 | (0.98) | (0.70) | (0.20) | (1.00) | 0.00 | (1.20) |

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|:---|:---|
| ^ | A zero balance may reflect actual amounts rounding to less than $0.01 or 0.01%.  |

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<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Portfolio.

<sup>(b)</sup> Per share amounts based on average number of shares outstanding during the year. 

<sup>(c)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

<sup>(d)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Portfolio. Additionally, excludes initial sales charges and contingent deferred sales charges.

<sup>(e)</sup> Ratios shown do not include expenses of the investment companies in which the Portfolio may invest. See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information regarding the expenses and any applicable fee waivers associated with these investments.

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| **10** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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##### [**Table of Contents**](#toc)

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | |
|<br>**Net Asset<br>Value End of<br>Year<sup>(a)</sup>** |<br>**Total Return<sup>(d)</sup>** |<br>**Net Assets<br>End of Year<br>(000s)** | **Expenses** | **Expenses<br>Excluding<br>Waivers** | **Expenses<br>Excluding<br>Interest<br>Expense** | **Expenses**<br> **Excluding<br>Interest**<br> **Expense and**<br> **Waivers** | **Net**<br> **Investment**<br> **Income (Loss)** |<br>**Portfolio<br>Turnover<br>Rate** |
| $8.44 | (18.24)% | $1194 | 0.91% | 1.06% | 0.86% | 1.01% | 2.15% | 345% |
| 12.91 | 12.86 | 1420 | 0.80 | 1.00 | 0.79 | 0.99 | 1.61 | 108 |
| 13.15 | 17.01 | 1166 | 0.82 | 1.02 | 0.80 | 1.00 | 1.06 | 360 |
| &nbsp;&nbsp;&nbsp;&nbsp;12.53 | 17.23 | 1972 | 0.88 | 1.04 | 0.83 | 0.99 | 2.41 | 694 |
| 10.94 | (5.32) | 1687 | 0.90 | 1.05 | 0.84 | 0.99 | 2.46 | 693 |
| 8.47 | (18.36) | 4381 | 1.06 | 1.21 | 1.01 | 1.16 | 2.34 | 345 |
| 12.95 | 12.63 | 2971 | 0.95 | 1.15 | 0.94 | 1.14 | 1.19 | 108 |
| 13.15 | 16.83 | &nbsp;&nbsp;&nbsp;&nbsp;148037 | 0.97 | 1.17 | 0.95 | 1.15 | 0.96 | 360 |
| 12.53 | 17.06 | 150211 | 1.03 | 1.19 | 0.98 | 1.14 | 2.22 | 694 |
| 10.94 | (5.46) | 151493 | 1.05 | 1.20 | 0.99 | 1.14 | 2.28 | 693 |
| 8.51 | (18.40) | 319648 | 1.16 | 1.31 | 1.11 | 1.26 | 1.86 | 345 |
| 12.99 | 12.60 | 435199 | 1.05 | 1.25 | 1.04 | 1.24 | 1.33 | 108 |
| 13.22 | 16.62 | 447404 | 1.07 | 1.27 | 1.05 | 1.25 | 0.86 | 360 |
| 12.60 | 17.05 | 440736 | 1.13 | 1.29 | 1.08 | 1.24 | 2.12 | 694 |
| 10.99 | (5.61) | 436873 | 1.15 | 1.30 | 1.09 | 1.24 | 2.18 | 693 |

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| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>11</sub> |

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##### [**Table of Contents**](#toc)

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| **Consolidated Statement of Assets and Liabilities** | **PIMCO Global Managed Asset Allocation Portfolio** | December 31, 2022 |

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|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) |  |
|  **Assets:** |  |
|  *Investments, at value* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities\* | $232711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 110202 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 4362 |
|  Cash | 1 |
|  Deposits with counterparty | 14232 |
|  Foreign currency, at value | 4433 |
|  Receivable for investments sold | 488 |
|  Receivable for investments sold on a delayed-delivery basis | 270 |
|  Receivable for TBA investments sold | 49897 |
|  Interest and/or dividends receivable | 805 |
|  Dividends receivable from Affiliates | 415 |
|  Reimbursement receivable from PIMCO | 35 |
|  **Total Assets** | 418431 |
|  **Liabilities:** |  |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | $1509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 8291 |
|  Payable for investments purchased | 461 |
|  Payable for investments in Affiliates purchased | 428 |
|  Payable for TBA investments purchased | 79478 |
|  Deposits from counterparty | 2584 |
|  Payable for Portfolio shares redeemed | 71 |
|  Accrued investment advisory fees | 284 |
|  Accrued supervisory and administrative fees | 21 |
|  Accrued distribution fees | 73 |
|  Accrued servicing fees | 1 |
|  Other liabilities | 7 |
|  **Total Liabilities** | 93208 |
|  **Net Assets** | $325223 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | $403285 |
|  Distributable earnings (accumulated loss) | (78062) |
|  **Net Assets** | $325223 |
|  **Net Assets:** |  |
|  Institutional Class | $1194 |
|  Administrative Class | 4381 |
|  Advisor Class | 319648 |
|  **Shares Issued and Outstanding:** |  |
|  Institutional Class | 141 |
|  Administrative Class | 517 |
|  Advisor Class | 37576 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |
|  Institutional Class | $8.44 |
|  Administrative Class | 8.47 |
|  Advisor Class | 8.51 |
|  Cost of investments in securities | $&nbsp;&nbsp;&nbsp;&nbsp;236732 |
|  Cost of investments in Affiliates | $118642 |
|  Cost of foreign currency held | $4429 |
|  Cost or premiums of financial derivative instruments, net | $(3522) |
|  \* Includes repurchase agreements of: | $35973 |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Portfolio.

---

| | | |
|:---|:---|:---|
| **12** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Consolidated Statement of Operations** | **PIMCO Global Managed Asset Allocation Portfolio** |

---

---

| | |
|:---|:---|
| Year Ended December 31, 2022 |  |
| (Amounts in thousands<sup>†</sup>) |  |
|  **Investment Income:** |  |
|  Interest, net of foreign taxes\* | $5624 |
|  Dividends, net of foreign taxes\*\* | 220 |
|  Dividends from Investments in Affiliates | 5113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 10957 |
|  **Expenses:** |  |
|  Investment advisory fees | 3404 |
|  Supervisory and administrative fees | 246 |
|  Distribution and/or servicing fees - Administrative Class | 3 |
|  Distribution and/or servicing fees - Advisor Class | 892 |
|  Trustee fees | 12 |
|  Interest expense | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 4752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (533) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 4219 |
|  **Net Investment Income (Loss)** | 6738 |
|  **Net Realized Gain (Loss):** |  |
|  Investments in securities | (23268) |
|  Investments in Affiliates | (5392) |
|  Exchange-traded or centrally cleared financial derivative instruments | (34763) |
|  Over the counter financial derivative instruments | 5033 |
|  Short sales | 74 |
|  Foreign currency | (912) |
|  **Net Realized Gain (Loss)** | (59228) |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in securities | (2086) |
|  Investments in Affiliates | (7917) |
|  Exchange-traded or centrally cleared financial derivative instruments | (12907) |
|  Over the counter financial derivative instruments | (3666) |
|  Foreign currency assets and liabilities | 187 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | (26389) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $&nbsp;&nbsp;&nbsp;&nbsp;(78879) |
|  \* Foreign tax withholdings - Interest | $6 |
|  \*\* Foreign tax withholdings - Dividends | $13 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>13</sub> |

---

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Consolidated Statements of Changes in Net Assets** | **PIMCO Global Managed Asset Allocation Portfolio** |

---

---

| | | |
|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2021** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
|  Net investment income (loss) | $6738 | $6777 |
|  Net realized gain (loss) | (59228) | 72873 |
|  Net change in unrealized appreciation (depreciation) | (26389) | (18214) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | (78879) | 61436 |
|  **Distributions to Shareholders:** |  |  |
|  From net investment income and/or net realized capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (235) | (170) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (401) | (18619) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (65281) | (58713) |
|  Tax basis return of capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (18) | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (32) | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (5034) | 0 |
|  **Total Distributions<sup>(a)</sup>** | (71001) | (77502) |
|  **Portfolio Share Transactions:** |  |  |
|  Net increase (decrease) resulting from Portfolio share transactions\* | 35513 | (140951) |
|  **Total Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;(114367) | &nbsp;&nbsp;&nbsp;&nbsp;(157017) |
|  **Net Assets:** |  |  |
|  Beginning of year | 439590 | 596607 |
|  End of year | $325223 | $439590 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

\* See Note 13, Shares of Beneficial Interest, in the Notes to Financial Statements.

<sup>(a)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

---

| | | |
|:---|:---|:---|
| **14** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Consolidated Schedule of Investments** | **PIMCO Global Managed Asset Allocation Portfolio** | December 31, 2022 |

---

**(Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)** 

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **INVESTMENTS IN SECURITIES 71.6%** | **INVESTMENTS IN SECURITIES 71.6%** | **INVESTMENTS IN SECURITIES 71.6%** |
| **CORPORATE BONDS & NOTES 4.1%** | **CORPORATE BONDS & NOTES 4.1%** | **CORPORATE BONDS & NOTES 4.1%** |
| **BANKING & FINANCE 1.9%** | **BANKING & FINANCE 1.9%** | **BANKING & FINANCE 1.9%** |
|  **Ally Financial, Inc.** | **Ally Financial, Inc.** | **Ally Financial, Inc.** |
|  8.000% due 11/01/2031 | 800 | 828 |
|  **Ford Motor Credit Co. LLC** | **Ford Motor Credit Co. LLC** | **Ford Motor Credit Co. LLC** |
|  5.584% due 03/18/2024 | 200 | 198 |
|  **Kaisa Group Holdings Ltd.** | **Kaisa Group Holdings Ltd.** | **Kaisa Group Holdings Ltd.** |
|  9.375% due 06/30/2024 ^(c) | 1200 | 169 |
|  **Nissan Motor Acceptance Co. LLC** | **Nissan Motor Acceptance Co. LLC** | **Nissan Motor Acceptance Co. LLC** |
|  1.850% due 09/16/2026 | 100 | 84 |
|  **Sunac China Holdings Ltd.** | **Sunac China Holdings Ltd.** | **Sunac China Holdings Ltd.** |
|  8.350% due 04/19/2023 ^(c) | 800 | 176 |
|  **UniCredit SpA** | **UniCredit SpA** | **UniCredit SpA** |
|  7.830% due 12/04/2023 | 3050 | 3082 |
|  **Ursa Re II Ltd.** | **Ursa Re II Ltd.** | **Ursa Re II Ltd.** |
|  8.277% (T-BILL 3MO + 3.750%) due 12/07/2027 ~ | 1100 | 1081 |
|  **VICI Properties LP** | **VICI Properties LP** | **VICI Properties LP** |
|  3.875% due 02/15/2029 | 700 | 614 |
|  |  | 6232 |
| **INDUSTRIALS 1.4%** | **INDUSTRIALS 1.4%** | **INDUSTRIALS 1.4%** |
|  **Berry Global, Inc.** | **Berry Global, Inc.** | **Berry Global, Inc.** |
|  4.875% due 07/15/2026 | 1995 | 1925 |
|  **Broadcom, Inc.** | **Broadcom, Inc.** | **Broadcom, Inc.** |
|  3.137% due 11/15/2035 | 208 | 154 |
|  **DAE Funding LLC** | **DAE Funding LLC** | **DAE Funding LLC** |
|  1.625% due 02/15/2024 | 700 | 665 |
|  **Energy Transfer LP** | **Energy Transfer LP** | **Energy Transfer LP** |
|  3.750% due 05/15/2030 | 1100 | 972 |
|  **Nissan Motor Co. Ltd.** | **Nissan Motor Co. Ltd.** | **Nissan Motor Co. Ltd.** |
|  4.810% due 09/17/2030 | 900 | 766 |
|  |  | 4482 |
| **UTILITIES 0.8%** | **UTILITIES 0.8%** | **UTILITIES 0.8%** |
|  **Midwest Connector Capital Co. LLC** | **Midwest Connector Capital Co. LLC** | **Midwest Connector Capital Co. LLC** |
|  3.900% due 04/01/2024 | 1700 | 1647 |
|  **Pacific Gas & Electric Co.** | **Pacific Gas & Electric Co.** | **Pacific Gas & Electric Co.** |
|  2.500% due 02/01/2031 | 1100 | 856 |
|  |  | 2503 |
|  **Total Corporate Bonds & Notes (Cost $15,883)** | **Total Corporate Bonds & Notes (Cost $15,883)** | **13217** |
| **CONVERTIBLE BONDS & NOTES 0.3%** | **CONVERTIBLE BONDS & NOTES 0.3%** | **CONVERTIBLE BONDS & NOTES 0.3%** |
| **INDUSTRIALS 0.3%** | **INDUSTRIALS 0.3%** | **INDUSTRIALS 0.3%** |
|  **Multiplan Corp. (6.000% Cash or 7.000% PIK)** | **Multiplan Corp. (6.000% Cash or 7.000% PIK)** | **Multiplan Corp. (6.000% Cash or 7.000% PIK)** |
|  6.000% due 10/15/2027 (b) | 1300 | 835 |
|  **Total Convertible Bonds & Notes (Cost $1,276)** | **Total Convertible Bonds & Notes (Cost $1,276)** | **835** |
| **U.S. GOVERNMENT AGENCIES 10.3%** | **U.S. GOVERNMENT AGENCIES 10.3%** | **U.S. GOVERNMENT AGENCIES 10.3%** |
|  **Ginnie Mae** | **Ginnie Mae** | **Ginnie Mae** |
|  3.600% due 09/20/2071 •  | 2960 | 2922 |
|  3.858% due 08/20/2068 ~ | 588 | 572 |
|  **Uniform Mortgage-Backed Security, TBA** | **Uniform Mortgage-Backed Security, TBA** | **Uniform Mortgage-Backed Security, TBA** |
|  2.000% due 01/01/2053 | 14800 | 12046 |
|  2.500% due 12/01/2051 | 8600 | 7284 |
|  3.000% due 02/01/2053 | 5900 | 5184 |
|  3.500% due 02/01/2053 | 5900 | 5364 |
|  **Total U.S. Government Agencies (Cost $33,464)** | **Total U.S. Government Agencies (Cost $33,464)** | **33372** |
| **U.S. TREASURY OBLIGATIONS 3.6%** | **U.S. TREASURY OBLIGATIONS 3.6%** | **U.S. TREASURY OBLIGATIONS 3.6%** |
|  **U.S. Treasury Bonds** | **U.S. Treasury Bonds** | **U.S. Treasury Bonds** |
|  1.375% due 11/15/2040 (l)(n) | 9500 | 6181 |
|  4.000% due 11/15/2042 (a) | 990 | 970 |
|  4.000% due 11/15/2052 | 740 | 741 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **U.S. Treasury Inflation Protected Securities (g)** | **U.S. Treasury Inflation Protected Securities (g)** | **U.S. Treasury Inflation Protected Securities (g)** |
|  0.625% due 07/15/2032 | 4103 | 3761 |
|  **Total U.S. Treasury Obligations (Cost $15,140)** | **Total U.S. Treasury Obligations (Cost $15,140)** | **11653** |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES 1.3%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 1.3%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 1.3%** |
|  **Alliance Bancorp Trust** | **Alliance Bancorp Trust** | **Alliance Bancorp Trust** |
|  4.869% due 07/25/2037 •  | 295 | 243 |
|  **Bear Stearns Adjustable Rate Mortgage Trust** | **Bear Stearns Adjustable Rate Mortgage Trust** | **Bear Stearns Adjustable Rate Mortgage Trust** |
|  3.474% due 07/25/2036 ^~ | 72 | 63 |
|  3.845% due 02/25/2036 ^~ | 16 | 15 |
|  **Countrywide Alternative Loan Trust** | **Countrywide Alternative Loan Trust** |  |
|  4.689% due 07/25/2035 •  | 416 | 331 |
|  4.709% due 09/25/2047 •  | 110 | 95 |
|  **Countrywide Home Loan Mortgage Pass-Through Trust** | **Countrywide Home Loan Mortgage Pass-Through Trust** | **Countrywide Home Loan Mortgage Pass-Through Trust** |
|  6.000% due 04/25/2036 | 232 | 129 |
|  **Impac CMB Trust** | **Impac CMB Trust** |  |
|  5.009% due 04/25/2035 ~ | 97 | 89 |
|  5.034% due 04/25/2035 •  | 126 | 114 |
|  **Residential Accredit Loans, Inc. Trust** | **Residential Accredit Loans, Inc. Trust** |  |
|  4.749% due 06/25/2046 •  | 223 | 52 |
|  6.000% due 12/25/2036 | 74 | 58 |
|  **Residential Asset Securitization Trust** | **Residential Asset Securitization Trust** |  |
|  4.789% due 05/25/2035 •  | 352 | 241 |
|  **Towd Point Mortgage Funding** | **Towd Point Mortgage Funding** |  |
|  4.071% (SONIO/N + 1.144%) due 10/20/2051 ~ | 1007 | 1210 |
|  **WaMu Mortgage Pass-Through Certificates Trust** | **WaMu Mortgage Pass-Through Certificates Trust** | **WaMu Mortgage Pass-Through Certificates Trust** |
|  5.049% due 01/25/2045 ~ | 1671 | 1518 |
|  **Total Non-Agency Mortgage-Backed Securities (Cost $4,691)** | **Total Non-Agency Mortgage-Backed Securities (Cost $4,691)** | **4158** |
| **ASSET-BACKED SECURITIES 10.7%** | **ASSET-BACKED SECURITIES 10.7%** | **ASSET-BACKED SECURITIES 10.7%** |
|  **522 Funding CLO Ltd.** | **522 Funding CLO Ltd.** | **522 Funding CLO Ltd.** |
|  5.283% due 10/20/2031 • | 600 | 589 |
|  **Aames Mortgage Investment Trust** | **Aames Mortgage Investment Trust** | **Aames Mortgage Investment Trust** |
|  4.869% due 04/25/2036 • | 87 | 78 |
|  **ACAS CLO Ltd.** | **ACAS CLO Ltd.** | **ACAS CLO Ltd.** |
|  5.084% due 10/18/2028 • | 462 | 456 |
|  **ACE Securities Corp. Home Equity Loan Trust** | **ACE Securities Corp. Home Equity Loan Trust** | **ACE Securities Corp. Home Equity Loan Trust** |
|  4.869% due 06/25/2036 • | 163 | 118 |
|  5.289% due 08/25/2035 • | 142 | 136 |
|  6.189% due 06/25/2034 ~ | 9 | 10 |
|  **Anchorage Capital CLO Ltd.** | **Anchorage Capital CLO Ltd.** | **Anchorage Capital CLO Ltd.** |
|  5.129% due 07/15/2030 ~ | 1100 | 1085 |
|  **Apex Credit CLO Ltd.** | **Apex Credit CLO Ltd.** | **Apex Credit CLO Ltd.** |
|  5.736% due 09/20/2029 ~ | 82 | 81 |
|  **Apidos CLO** | **Apidos CLO** | **Apidos CLO** |
|  5.094% due 07/18/2029 • | 800 | 791 |
|  **Ares CLO Ltd.** | **Ares CLO Ltd.** | **Ares CLO Ltd.** |
|  4.949% due 01/15/2029 ~ | 808 | 797 |
|  **Argent Securities Trust** | **Argent Securities Trust** | **Argent Securities Trust** |
|  4.689% due 07/25/2036 • | 358 | 310 |
|  4.869% due 05/25/2035 • | 503 | 450 |
|  **Benefit Street Partners CLO Ltd.** | **Benefit Street Partners CLO Ltd.** | **Benefit Street Partners CLO Ltd.** |
|  5.109% due 01/17/2032 ~ | 200 | 196 |
|  **Carlyle Global Market Strategies CLO Ltd.** | **Carlyle Global Market Strategies CLO Ltd.** | **Carlyle Global Market Strategies CLO Ltd.** |
|  5.600% due 08/14/2030 ~ | 1285 | 1271 |
|  **Catamaran CLO Ltd.** | **Catamaran CLO Ltd.** | **Catamaran CLO Ltd.** |
|  5.425% due 04/22/2030 • | 696 | 686 |
|  **CIT Mortgage Loan Trust** | **CIT Mortgage Loan Trust** | **CIT Mortgage Loan Trust** |
|  5.739% due 10/25/2037 • | 372 | 370 |
|  **Citigroup Mortgage Loan Trust** | **Citigroup Mortgage Loan Trust** | **Citigroup Mortgage Loan Trust** |
|  4.824% due 11/25/2036 • | 72 | 71 |
|  **Countrywide Asset-Backed Certificates** | **Countrywide Asset-Backed Certificates** | **Countrywide Asset-Backed Certificates** |
|  4.889% due 03/25/2037 • | 667 | 622 |
|  **Countrywide Asset-Backed Certificates Trust** | **Countrywide Asset-Backed Certificates Trust** | **Countrywide Asset-Backed Certificates Trust** |
|  4.529% due 05/25/2035 • | 259 | 250 |
|  **Crestline Denali CLO Ltd.** | **Crestline Denali CLO Ltd.** | **Crestline Denali CLO Ltd.** |
|  5.465% due 10/23/2031 ~ | 500 | 491 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Elevation CLO Ltd.** | **Elevation CLO Ltd.** | **Elevation CLO Ltd.** |
|  5.308% due 10/25/2030 •  | 700 | 688 |
|  **First Franklin Mortgage Loan Trust** | **First Franklin Mortgage Loan Trust** | **First Franklin Mortgage Loan Trust** |
|  5.094% due 11/25/2036 •  | 1477 | 1409 |
|  **Fremont Home Loan Trust** | **Fremont Home Loan Trust** | **Fremont Home Loan Trust** |
|  4.524% due 10/25/2036 ~ | 707 | 624 |
|  4.539% due 10/25/2036 ~ | 1999 | 845 |
|  **Gallatin CLO Ltd.** | **Gallatin CLO Ltd.** | **Gallatin CLO Ltd.** |
|  5.169% due 07/15/2031 ~ | 400 | 393 |
|  **GoldenTree Loan Management U.S. CLO Ltd.** | **GoldenTree Loan Management U.S. CLO Ltd.** | **GoldenTree Loan Management U.S. CLO Ltd.** |
|  5.153% due 11/20/2030 •  | 700 | 691 |
|  **IndyMac INDB Mortgage Loan Trust** | **IndyMac INDB Mortgage Loan Trust** | **IndyMac INDB Mortgage Loan Trust** |
|  4.529% due 07/25/2036 •  | 851 | 266 |
|  **LCM LP** | **LCM LP** | **LCM LP** |
|  5.097% due 07/19/2027 ~ | 703 | 696 |
|  **Lehman ABS Manufactured Housing Contract Trust** | **Lehman ABS Manufactured Housing Contract Trust** | **Lehman ABS Manufactured Housing Contract Trust** |
|  7.170% due 04/15/2040 ^~ | 537 | 378 |
|  **Lehman XS Trust** | **Lehman XS Trust** | **Lehman XS Trust** |
|  4.292% due 06/25/2036 þ | 560 | 552 |
|  4.709% due 05/25/2036 •  | 468 | 395 |
|  **Long Beach Mortgage Loan Trust** | **Long Beach Mortgage Loan Trust** | **Long Beach Mortgage Loan Trust** |
|  4.989% due 01/25/2036 •  | 1210 | 1083 |
|  **Magnetite Ltd.** | **Magnetite Ltd.** | **Magnetite Ltd.** |
|  5.486% due 11/15/2028 ~ | 772 | 763 |
|  **Man GLG Euro CLO DAC** | **Man GLG Euro CLO DAC** | **Man GLG Euro CLO DAC** |
|  2.248% due 01/15/2030 •  | 171 | 180 |
|  **Oaktree CLO Ltd.** | **Oaktree CLO Ltd.** | **Oaktree CLO Ltd.** |
|  5.435% due 04/22/2030 •  | 300 | 293 |
|  **OCP Euro CLO DAC** | **OCP Euro CLO DAC** | **OCP Euro CLO DAC** |
|  2.382% due 09/22/2034 •  | 600 | 624 |
|  **Octagon Investment Partners Ltd.** | **Octagon Investment Partners Ltd.** | **Octagon Investment Partners Ltd.** |
|  5.650% due 02/14/2031 •  | 400 | 393 |
|  **OSD CLO Ltd.** | **OSD CLO Ltd.** | **OSD CLO Ltd.** |
|  4.949% due 04/17/2031 ~ | 598 | 588 |
|  **OZLM Ltd.** | **OZLM Ltd.** | **OZLM Ltd.** |
|  5.059% due 10/17/2029 •  | 672 | 663 |
|  5.403% due 07/20/2032 ~ | 500 | 488 |
|  5.665% due 10/30/2030 ~ | 297 | 293 |
|  **Palmer Square CLO Ltd.** | **Palmer Square CLO Ltd.** | **Palmer Square CLO Ltd.** |
|  5.227% due 10/17/2031 ~ | 200 | 197 |
|  **Palmer Square European Loan Funding DAC** | **Palmer Square European Loan Funding DAC** | **Palmer Square European Loan Funding DAC** |
|  2.158% due 04/15/2031 •  | 427 | 444 |
|  **Palmer Square Loan Funding Ltd.** | **Palmer Square Loan Funding Ltd.** | **Palmer Square Loan Funding Ltd.** |
|  4.879% due 10/15/2029 ~ | 2192 | 2160 |
|  5.043% due 07/20/2029 ~ | 1214 | 1200 |
|  **Popular ABS Mortgage Pass-Through Trust** | **Popular ABS Mortgage Pass-Through Trust** | **Popular ABS Mortgage Pass-Through Trust** |
|  4.884% due 07/25/2036 •  | 137 | 128 |
|  **Rad CLO Ltd.** | **Rad CLO Ltd.** | **Rad CLO Ltd.** |
|  5.445% due 07/24/2032 ~ | 800 | 781 |
|  **Saranac CLO Ltd.** | **Saranac CLO Ltd.** | **Saranac CLO Ltd.** |
|  5.873% due 08/13/2031 ~ | 500 | 485 |
|  **Segovia European CLO DAC** | **Segovia European CLO DAC** | **Segovia European CLO DAC** |
|  2.336% due 07/20/2032 ~ | 500 | 518 |
|  **Sound Point CLO Ltd.** | **Sound Point CLO Ltd.** | **Sound Point CLO Ltd.** |
|  5.223% due 10/20/2030 •  | 1350 | 1332 |
|  5.338% due 07/25/2030 •  | 700 | 690 |
|  5.453% due 07/20/2032 ~ | 600 | 580 |
|  **Stratus CLO Ltd.** | **Stratus CLO Ltd.** | **Stratus CLO Ltd.** |
|  5.193% due 12/29/2029 •  | 453 | 445 |
|  **Structured Asset Securities Corp. Mortgage Loan Trust** | **Structured Asset Securities Corp. Mortgage Loan Trust** | **Structured Asset Securities Corp. Mortgage Loan Trust** |
|  4.959% due 10/25/2036 ~ | 86 | 84 |
|  5.184% due 02/25/2036 •  | 100 | 92 |
|  **TCI-Symphony CLO Ltd.** | **TCI-Symphony CLO Ltd.** | **TCI-Symphony CLO Ltd.** |
|  4.961% due 10/13/2032 •  | 600 | 587 |
|  **TCW CLO Ltd.** | **TCW CLO Ltd.** | **TCW CLO Ltd.** |
|  5.328% due 04/25/2031 ~ | 600 | 591 |
|  **THL Credit Wind River CLO Ltd.** | **THL Credit Wind River CLO Ltd.** | **THL Credit Wind River CLO Ltd.** |
|  5.159% due 04/15/2031 ~ | 700 | 681 |
|  **Venture CLO Ltd.** | **Venture CLO Ltd.** | **Venture CLO Ltd.** |
|  4.959% due 07/15/2027 •  | 42 | 42 |
|  5.233% due 07/20/2030 •  | 600 | 589 |
|  5.575% due 07/30/2032 •  | 1200 | 1163 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **15** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Consolidated Schedule of Investments** | **PIMCO Global Managed Asset Allocation Portfolio** | **(Cont.)** |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Vibrant CLO Ltd.** | **Vibrant CLO Ltd.** | **Vibrant CLO Ltd.** |
|  5.363% due 07/20/2032 •  | 300 | 292 |
|  **Voya CLO Ltd.** | **Voya CLO Ltd.** | **Voya CLO Ltd.** |
|  5.079% due 10/15/2030 •  | 300 | 295 |
|  **Wellfleet CLO Ltd.** | **Wellfleet CLO Ltd.** | **Wellfleet CLO Ltd.** |
|  5.133% due 07/20/2029 •  | 364 | 359 |
|  **Total Asset-Backed Securities (Cost $35,916)** | **Total Asset-Backed Securities (Cost $35,916)** | **34898** |
| **SOVEREIGN ISSUES 4.7%** | **SOVEREIGN ISSUES 4.7%** | **SOVEREIGN ISSUES 4.7%** |
|  **Argentina Government International Bond** | **Argentina Government International Bond** | **Argentina Government International Bond** |
|  0.500% due 07/09/2030 þ | 441 | 102 |
|  1.500% due 07/09/2035 þ | 289 | 65 |
|  15.500% due 10/17/2026 | 10280 | 8 |
|  **Bonos de la Tesoreria de la Republica en pesos** | **Bonos de la Tesoreria de la Republica en pesos** | **Bonos de la Tesoreria de la Republica en pesos** |
|  4.700% due 09/01/2030 | 2300000 | 2616 |
|  **Brazil Letras do Tesouro Nacional** | **Brazil Letras do Tesouro Nacional** | **Brazil Letras do Tesouro Nacional** |
|  0.000% due 04/01/2023 (f) | 18400 | 3376 |
|  **Colombian TES** | **Colombian TES** | **Colombian TES** |
|  7.000% due 03/26/2031 | 2449800 | 356 |
|  7.750% due 09/18/2030 | 17500000 | 2722 |
|  **Peru Government International Bond** | **Peru Government International Bond** | **Peru Government International Bond** |
|  1.862% due 12/01/2032 | 800 | 586 |
|  **Qatar Government International Bond** | **Qatar Government International Bond** | **Qatar Government International Bond** |
|  3.875% due 04/23/2023 | 1400 | 1394 |
|  **South Africa Government International Bond** | **South Africa Government International Bond** | **South Africa Government International Bond** |
|  10.500% due 12/21/2026 | 66200 | 4119 |
|  **United Kingdom Gilt** | **United Kingdom Gilt** | **United Kingdom Gilt** |
|  0.625% due 10/22/2050 | 3 | 2 |
|  **Total Sovereign Issues (Cost $16,442)** | **Total Sovereign Issues (Cost $16,442)** | **15346** |
|  | **SHARES** |  |
| **COMMON STOCKS 4.6%** | **COMMON STOCKS 4.6%** | **COMMON STOCKS 4.6%** |
| **COMMUNICATION SERVICES 0.1%** | **COMMUNICATION SERVICES 0.1%** | **COMMUNICATION SERVICES 0.1%** |
|  **Activision Blizzard, Inc.** | 1997 | 153 |
| **ENERGY 0.1%** | **ENERGY 0.1%** | **ENERGY 0.1%** |
|  **Devon Energy Corp.** | 1800 | 111 |
|  **Exxon Mobil Corp.** | 1700 | 187 |
|  |  | 298 |
| **HEALTH CARE 2.6%** | **HEALTH CARE 2.6%** | **HEALTH CARE 2.6%** |
|  **AbbVie, Inc.** | 2400 | 388 |
|  **Elevance Health, Inc.** | 1971 | 1011 |
|  **Exact Sciences Corp. (d)** | 2800 | 139 |
|  **Exelixis, Inc. (d)** | 24317 | 390 |
|  **Halozyme Therapeutics, Inc. (d)** | 11447 | 651 |
|  **Hologic, Inc. (d)** | 7450 | 557 |
|  **Humana, Inc.** | 1914 | 980 |
|  **Incyte Corp. (d)** | 7215 | 579 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  **Merck & Co., Inc.** | 1597 | 177 |
|  **Molina Healthcare, Inc. (d)** | 789 | 261 |
|  **Neurocrine Biosciences, Inc. (d)** | 1464 | 175 |
|  **Pfizer, Inc.** | 8000 | 410 |
|  **Regeneron Pharmaceuticals, Inc. (d)** | 1440 | 1039 |
|  **Seagen, Inc. (d)** | 1926 | 248 |
|  **United Therapeutics Corp. (d)** | 2125 | 591 |
|  **Vertex Pharmaceuticals, Inc. (d)** | 3204 | 925 |
|  |  | 8521 |
| **INDUSTRIALS 1.3%** | **INDUSTRIALS 1.3%** | **INDUSTRIALS 1.3%** |
|  **ABB Ltd.** | 11629 | 353 |
|  **Accelleron Industries AG (d)** | 581 | 12 |
|  **AMETEK, Inc.** | 7331 | 1025 |
|  **Eaton Corp. PLC** | 4383 | 688 |
|  **Emerson Electric Co.** | 6977 | 670 |
|  **FANUC Corp.** | 1391 | 210 |
|  **MasTec, Inc. (d)** | 7651 | 653 |
|  **Mueller Water Products, Inc. 'A'** | 61823 | 665 |
|  |  | 4276 |
| **INFORMATION TECHNOLOGY 0.4%** | **INFORMATION TECHNOLOGY 0.4%** | **INFORMATION TECHNOLOGY 0.4%** |
|  **Flex Ltd. (d)** | 22763 | 488 |
|  **NetApp, Inc.** | 11299 | 679 |
|  **Zebra Technologies Corp. 'A' (d)** | 400 | 103 |
|  |  | 1270 |
| **MATERIALS 0.1%** | **MATERIALS 0.1%** | **MATERIALS 0.1%** |
|  **CF Industries Holdings, Inc.** | 2200 | 187 |
|  **Mosaic Co.** | 2800 | 123 |
|  **Nutrien Ltd.** | 1700 | 124 |
|  |  | 434 |
|  **Total Common Stocks (Cost $15,021)** | **Total Common Stocks (Cost $15,021)** | **14952** |
| **PREFERRED SECURITIES 0.1%** | **PREFERRED SECURITIES 0.1%** | **PREFERRED SECURITIES 0.1%** |
| **BANKING & FINANCE 0.1%** | **BANKING & FINANCE 0.1%** | **BANKING & FINANCE 0.1%** |
|  **Bank of America Corp.** | **Bank of America Corp.** | **Bank of America Corp.** |
|  5.875% due 03/15/2028 •(h) | 420000 | 373 |
|  **Total Preferred Securities (Cost $420)** | **Total Preferred Securities (Cost $420)** | **373** |
| **SHORT-TERM INSTRUMENTS 31.9%** | **SHORT-TERM INSTRUMENTS 31.9%** | **SHORT-TERM INSTRUMENTS 31.9%** |
| **REPURCHASE AGREEMENTS (j) 11.1%** | **REPURCHASE AGREEMENTS (j) 11.1%** | **REPURCHASE AGREEMENTS (j) 11.1%** |
|  |  | 35973 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **HUNGARY TREASURY BILLS 0.9%** | **HUNGARY TREASURY BILLS 0.9%** | **HUNGARY TREASURY BILLS 0.9%** | **HUNGARY TREASURY BILLS 0.9%** |
|  18.250% due 01/03/2023 (e)(f) | 1100000 | $— | 2949 |
| **ISRAEL TREASURY BILLS 0.2%** | **ISRAEL TREASURY BILLS 0.2%** | **ISRAEL TREASURY BILLS 0.2%** | **ISRAEL TREASURY BILLS 0.2%** |
|  1.760% due 05/03/2023 - 07/05/2023 (e)(f) | 2100 |  | 589 |
| **JAPAN TREASURY BILLS 19.0%** | **JAPAN TREASURY BILLS 19.0%** | **JAPAN TREASURY BILLS 19.0%** | **JAPAN TREASURY BILLS 19.0%** |
|  (0.189)% due 01/11/2023 - 02/27/2023 (e)(f) | 8132000 |  | 61971 |
| **U.S. TREASURY BILLS 0.7%** | **U.S. TREASURY BILLS 0.7%** | **U.S. TREASURY BILLS 0.7%** | **U.S. TREASURY BILLS 0.7%** |
|  3.987% due 01/31/2023 - 03/02/2023 (e)(f)(n) | 2436 |  | 2425 |
| **Total Short-Term Instruments**<br> **(Cost $98,479)** | **Total Short-Term Instruments**<br> **(Cost $98,479)** |  | **103907** |
| **Total Investments in Securities (Cost $236,732)** | **Total Investments in Securities (Cost $236,732)** |  | **232711** |
|  | **SHARES** |  |  |
| **INVESTMENTS IN AFFILIATES 33.8%** | **INVESTMENTS IN AFFILIATES 33.8%** | **INVESTMENTS IN AFFILIATES 33.8%** | **INVESTMENTS IN AFFILIATES 33.8%** |
| **MUTUAL FUNDS (i) 9.5%** | **MUTUAL FUNDS (i) 9.5%** | **MUTUAL FUNDS (i) 9.5%** | **MUTUAL FUNDS (i) 9.5%** |
|  **PIMCO Investment Grade Credit Bond Fund** | 3595289 |  | 31027 |
| **Total Mutual Funds (Cost $37,386)** | **Total Mutual Funds (Cost $37,386)** |  | **31027** |
| **SHORT-TERM INSTRUMENTS 24.3%** | **SHORT-TERM INSTRUMENTS 24.3%** | **SHORT-TERM INSTRUMENTS 24.3%** | **SHORT-TERM INSTRUMENTS 24.3%** |
| **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 24.3%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 24.3%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 24.3%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 24.3%** |
|  **PIMCO Short Asset Portfolio** | 5103471 |  | 48922 |
|  **PIMCO Short-Term Floating NAV Portfolio III** | 3113754 |  | 30253 |
| **Total Short-Term Instruments**<br> **(Cost $81,256)** | **Total Short-Term Instruments**<br> **(Cost $81,256)** |  | **79175** |
| **Total Investments in Affiliates (Cost $118,642)** | **Total Investments in Affiliates (Cost $118,642)** |  | **110202** |
| **Total Investments 105.4%**<br> **(Cost $355,374)** | **Total Investments 105.4%**<br> **(Cost $355,374)** | $— | **342913** |
|  **Financial Derivative Instruments (k)(m) (1.5)%**<br> **(Cost or Premiums, net $(3522))** | **Financial Derivative Instruments (k)(m) (1.5)%**<br> **(Cost or Premiums, net $(3522))** |  | **(4858)** |
| **Other Assets and Liabilities, net (3.9)%** | **Other Assets and Liabilities, net (3.9)%** |  | **(12832)** |
| **Net Assets 100.0%** | **Net Assets 100.0%** | $— | **325223** |

---

**NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:** 

**\*** **A zero balance may reflect actual amounts rounding to less than one thousand.** 

---

| | |
|:---|:---|
| **^** | **Security is in default.**  |

---

---

| | |
|:---|:---|
| **«** | **Security valued using significant unobservable inputs (Level 3).**  |

---

---

| | |
|:---|:---|
| **~** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.**  |

---

**•** **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** 

---

| | |
|:---|:---|
| **þ** | **Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.**  |

---

**(a)** **When-issued security.** 

**(b)** **Payment in-kind security.** 

---

| | | |
|:---|:---|:---|
| **16** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

**(c)** **Security is not accruing income as of the date of this report.** 

**(d)** **Security did not produce income within the last twelve months.** 

**(e)** **Coupon represents a weighted average yield to maturity.** 

**(f)** **Zero coupon security.** 

**(g)** **Principal amount of security is adjusted for inflation.** 

**(h)** **Perpetual maturity; date shown, if applicable, represents next contractual call date.** 

**(i)** **Institutional Class Shares of each Fund.** 

**BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;**(j) REPURCHASE AGREEMENTS:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Lending<br>Rate** | **Settlement<br>Date** | **Maturity<br>Date** | **Principal<br>Amount** | **Collateralized By** | **Collateral<br>(Received)** | **Repurchase<br>Agreements,<br>at Value** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** |
| FICC | 1.900% | 12/30/2022 | 01/03/2023 | $3172 | U.S. Treasury Bills 0.000% due 06/29/2023 | $(3236) | $3172 | $3172 |
| SAL | 4.320 | 12/30/2022 | 01/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32500 | U.S. Treasury Notes 0.125% due 10/15/2023 | (33124) | 32500 | 32516 |
| SSB | 1.900 | 12/30/2022 | 01/03/2023 | 301 | U.S. Treasury Notes 1.875% due 06/30/2026<sup>(2)</sup> | (307) | 301 | 301 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** |  | $**(36667)** | $**35973** | $**35989** |

---

**BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY** 

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** | **Payable for<br>Reverse<br>Repurchase<br>Agreements** | **Payable for<br>Sale-Buyback<br>Transactions** | **Total<br>Borrowings and<br>Other Financing<br>Transactions** | **Collateral<br>Pledged/(Received)** | **Net Exposure<sup>(3)</sup>** |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  FICC | $3172 | $0 | $0 | $3172 | $(3236) | $(64) |
|  SAL | 32516 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33124) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(608) |
|  SSB | 301 | 0 | 0 | 301 | (307) | (6) |
|  **Total Borrowings and Other Financing Transactions** | $**35989** | $**0** | $**0** |  |  |  |

---

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> Collateral is held in custody by the counterparty.

<sup>(3)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

**The average amount of borrowings outstanding during the period ended December 31, 2022 was $(255) at a weighted average interest rate of 1.593%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.**

&nbsp;&nbsp;&nbsp;&nbsp;**(k) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** 

**FUTURES CONTRACTS:** 

**LONG FUTURES CONTRACTS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  Australia Government 10-Year Bond March Futures  | 03/2023 | 1 | $73 | $(1) | $0 | $0 |
|  CAC 40 Index January Futures  | 01/2023 | 15 | 1039 | (29) | 10 | (16) |
|  DAX Index March Futures  | 03/2023 | 2 | 749 | (21) | 7 | (7) |
|  E-Mini S&P 500 Index March Futures  | 03/2023 | 597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115251 | (4294) | 0 | (315) |
|  Euro STOXX 600 March Futures  | 03/2023 | 1266 | 28737 | (1100) | 186 | (405) |
|  Euro-BTP March Futures  | 03/2023 | 2 | 233 | (17) | 2 | (2) |
|  FTSE/MIB TOP 40 Index March Futures  | 03/2023 | 1 | 127 | (3) | 1 | (2) |
|  IBEX 35 Index January Futures  | 01/2023 | 1 | 88 | 0 | 1 | (1) |
|  Mini MSCI Emerging Markets Index March Futures  | 03/2023 | 102 | 4893 | (95) | 0 | (78) |
|  S&P/Toronto Stock Exchange 60 March Futures  | 03/2023 | 38 | 6567 | (226) | 0 | (49) |
|  SPI 200 Index March Futures  | 03/2023 | 63 | 7498 | (143) | 33 | (75) |
|  Topix Index March Futures  | 03/2023 | 65 | 9368 | (261) | 20 | (77) |
|  U.S. Treasury 2-Year Note March Futures  | 03/2023 | 79 | 16201 | (1) | 0 | (12) |
|  U.S. Treasury 5-Year Note March Futures  | 03/2023 | 136 | 14678 | (22) | 0 | (12) |
|  U.S. Treasury Long-Term Bond March Futures  | 03/2023 | 48 | 6017 | (18) | 0 | (8) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6231) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1059) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **17** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Consolidated Schedule of Investments** | **PIMCO Global Managed Asset Allocation Portfolio** | **(Cont.)** |

---

**SHORT FUTURES CONTRACTS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  Australia Government 10-Year Bond March Futures  | 03/2023 | 2 | $(158) | $9 | $0 | $0 |
|  Canada Government 10-Year Bond March Futures  | 03/2023 | 7 | (634) | 11 | 1 | 0 |
|  Euro STOXX 50 March Futures  | 03/2023 | 38 | (1540) | 55 | 28 | (17) |
|  Euro-Bobl March Futures  | 03/2023 | 20 | (2478) | 80 | 9 | (6) |
|  Euro-Bund March Futures  | 03/2023 | 56 | (7969) | 0 | 32 | 0 |
|  Euro-Buxl 30-Year Bond March Futures  | 03/2023 | 6 | (869) | 164 | 23 | (4) |
|  Euro-Oat March Futures  | 03/2023 | 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4769) | 332 | 44 | (24) |
|  FTSE 100 Index March Futures  | 03/2023 | 1 | (90) | 0 | 0 | 0 |
|  Gold 100 oz. February Futures  | 02/2023 | 14 | (2557) | (71) | 0 | 0 |
|  Japan Government 10-Year Bond March Futures  | 03/2023 | 3 | (3325) | 62 | 5 | 0 |
|  OMX Stockholm 30 Index January Futures  | 01/2023 | 1 | (20) | 1 | 0 | 0 |
|  U.S. Treasury 10-Year Note March Futures  | 03/2023 | 22 | (2467) | (4) | 0 | (7) |
|  United Kingdom Long Gilt March Futures  | 03/2023 | 1 | (121) | 0 | 0 | (11) |
|  |  |  |  | $639 | $142 | $(69) |
|  **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | $**(5592)** | $**402** | $**(1128)** |

---

**SWAP AGREEMENTS:** 

**CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(1)</sup>** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2022<sup>(3)</sup>** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(5)</sup>** | **Variation Margin** | **Variation Margin** |
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2022<sup>(3)</sup>** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(5)</sup>** | **Asset** | **Liability** |
|  Ford Motor Credit Co. LLC | 5.000% | Quarterly | 06/20/2025 | 2.648% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

**CREDIT DEFAULT SWAPS ON CREDIT INDICES - BUY PROTECTION<sup>(2)</sup>** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Index/Tranches** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(5)</sup>** | **Variation Margin** | **Variation Margin** |
| **Index/Tranches** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(5)</sup>** | **Asset** | **Liability** |
|  CDX.HY-39 5-Year Index | (5.000)% | Quarterly | 12/20/2027 | $100 | $5 | $(6) | $(1) | $0 | $0 |
|  iTraxx Crossover 37 5-Year Index | (5.000) | Quarterly | 06/20/2027 | 100 | (6) | 4 | (2) | 0 | (1) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

**CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION<sup>(1)</sup>** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(5)</sup>** | **Variation Margin** | **Variation Margin** |
| **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(5)</sup>** | **Asset** | **Liability** |
|  CDX.IG-39 5-Year Index | 1.000% | Quarterly | 12/20/2027 | $600 | $1 | $4 | $5 | $0 | $0 |
|  iTraxx Europe Main 37 5-Year Index | 1.000 | Quarterly | 06/20/2027 | 400 | 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | 3 | 1 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | $1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

**INTEREST RATE SWAPS** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Receive<sup>(6)</sup> | 1-Day GBP-SONIO Compounded-OIS | 2.250% | Annual | 03/15/2028 | 1600 | $99 | $57 | $156 | $3 | $0 |
|  Pay<sup>(6)</sup> | 1-Day GBP-SONIO Compounded-OIS | 2.000 | Annual | 03/15/2033 | 1900 | (364) | 40 | (324) | 0 | (1) |
|  Receive<sup>(6)</sup> | 1-Day GBP-SONIO Compounded-OIS | 2.000 | Annual | 03/15/2053 | 900 | 327 | (42) | 285 | 1 | 0 |
|  Receive | 1-Day INR-MIBOR Compounded-OIS | 5.270 | Semi-Annual | 03/17/2026 | 43500 | 28 | (10) | 18 | 0 | 0 |
|  Pay | 1-Day INR-MIBOR Compounded-OIS | 5.270 | Semi-Annual | 03/17/2026 | 43500 | 4 | (22) | (18) | 0 | 0 |
|  Pay | 1-Day INR-MIBOR Compounded-OIS | 6.500 | Semi-Annual | 09/21/2027 | 125400 | 11 | (5) | 6 | 0 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.000 | Annual | 12/15/2026 | 2090000 | (107) | (204) | (311) | 0 | (9) |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.050 | Annual | 12/15/2031 | 1390000 | 366 | 371 | 737 | 41 | 0 |
|  Receive | 1-Day SGD-SIBCSORA Compounded-OIS | 1.250 | Semi-Annual | 12/15/2026 | 4190 | 271 | (44) | 227 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 0.250 | Annual | 03/16/2024 | $2500 | 126 | 46 | 172 | 2 | 0 |
|  Pay<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 11/03/2025 | 43700 | (39) | 304 | 265 | 0 | (43) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2029 | 18000 | (1292) | (764) | (2056) | 0 | (34) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.385 | Annual | 06/08/2032 | 2600 | 28 | 220 | 248 | 9 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2032 | 2500 | 273 | 102 | 375 | 9 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2032 | 2200 | (293) | (38) | (331) | 0 | (6) |

---

---

| | | |
|:---|:---|:---|
| **18** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.700% | Annual | 11/03/2033 | $10100 | $20 | $(254) | $(234) | $31 | $0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2052 | 700 | 136 | 59 | 195 | 3 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2052 | 3000 | (706) | (133) | (839) | 0 | (15) |
|  Pay | 1-Year BRL-CDI | 11.670 | Maturity | 01/02/2025 | 9600 | (8) | (32) | (40) | 0 | 0 |
|  Receive | 1-Year BRL-CDI | 11.740 | Maturity | 01/02/2025 | 4300 | 0 | 13 | 13 | 0 | 0 |
|  Receive | 1-Year BRL-CDI | 11.750 | Maturity | 01/02/2025 | 11392 | 0 | 33 | 33 | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 12.120 | Maturity | 01/02/2025 | 30700 | 0 | (65) | (65) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 12.330 | Maturity | 01/02/2025 | 36900 | 0 | (60) | (60) | 0 | 0 |
|  Receive | 1-Year BRL-CDI | 12.460 | Maturity | 01/02/2025 | 6500 | 0 | 8 | 8 | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 11.575 | Maturity | 01/04/2027 | 17700 | (78) | (4) | (82) | 0 | 0 |
|  Receive | 3-Month CNY-CNREPOFIX | 2.500 | Quarterly | 12/15/2026 | 5100 | 5 | 0 | 5 | 0 | 0 |
|  Receive | 3-Month CNY-CNREPOFIX | 2.250 | Quarterly | 12/21/2027 | 50040 | 194 | (14) | 180 | 16 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 10.960 | Quarterly | 11/21/2025 | 4971900 | 0 | (7) | (7) | 0 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.585 | Quarterly | 11/26/2025 | 9045300 | 0 | 100 | 100 | 1 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.590 | Quarterly | 11/26/2025 | 9692800 | 0 | 107 | 107 | 1 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 9.280 | Quarterly | 11/26/2025 | 10517000 | 0 | 78 | 78 | 1 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 10.840 | Quarterly | 12/02/2025 | 32311600 | 0 | 26 | 26 | 0 | (1) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 4.920 | Quarterly | 08/26/2026 | 11900000 | 0 | 414 | 414 | 0 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 5.925 | Quarterly | 08/26/2026 | 11700000 | 0 | (332) | (332) | 0 | 0 |
|  Receive | 3-Month COP-IBR Compounded-OIS | 7.215 | Quarterly | 02/09/2027 | 16987420 | 347 | 20 | 367 | 0 | 0 |
|  Pay | 3-Month COP-IBR Compounded-OIS | 10.270 | Quarterly | 11/17/2027 | 7451100 | 0 | 9 | 9 | 0 | (1) |
|  Receive | 3-Month COP-IBR Compounded-OIS | 8.930 | Quarterly | 09/18/2030 | &nbsp;&nbsp;&nbsp;&nbsp;13800000 | 0 | 132 | 132 | 2 | 0 |
|  Pay | 3-Month ILS-TELBOR | 1.215 | Annual | 02/11/2027 | 4390 | (114) | 7 | (107) | 0 | (2) |
|  Receive | 3-Month KRW-KORIBOR | 0.939 | Quarterly | 12/16/2025 | 3728800 | 226 | 9 | 235 | 0 | (1) |
|  Pay | 3-Month KRW-KORIBOR | 0.939 | Quarterly | 12/16/2025 | 3728800 | (40) | (195) | (235) | 1 | 0 |
|  Pay | 3-Month KRW-KORIBOR | 2.500 | Quarterly | 03/16/2027 | 214500 | (8) | 0 | (8) | 0 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 6.690 | Quarterly | 11/04/2026 | 62400 | (23) | (135) | (158) | 0 | (4) |
|  Pay | 3-Month ZAR-JIBAR | 5.980 | Quarterly | 12/21/2026 | 58000 | (291) | 51 | (240) | 0 | (4) |
|  Receive | 6-Month CLP-CHILIBOR | 5.850 | Semi-Annual | 01/14/2027 | 1925540 | 49 | 25 | 74 | 0 | (2) |
|  Receive | 6-Month CLP-CHILIBOR | 6.045 | Semi-Annual | 02/11/2027 | 1283500 | 0 | 30 | 30 | 0 | (2) |
|  Receive | 6-Month CZK-PRIBOR | 5.225 | Annual | 07/29/2027 | 30230 | (2) | 20 | 18 | 7 | 0 |
|  Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 1.500 | Annual | 03/15/2028 | 1400 | (53) | (68) | (121) | 0 | (5) |
|  Pay | 6-Month EUR-EURIBOR | 0.081 | Annual | 02/15/2031 | 10400 | (1066) | (1406) | (2472) | 0 | (37) |
|  Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 1.750 | Annual | 03/15/2033 | 5900 | (616) | (172) | (788) | 0 | (31) |
|  Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 1.500 | Annual | 03/15/2053 | 800 | (103) | (73) | (176) | 0 | (8) |
|  Receive | 6-Month HUF-BBR | 3.700 | Annual | 11/08/2026 | 1446600 | 749 | 260 | 1009 | 32 | 0 |
|  Pay | 6-Month HUF-BBR | 11.070 | Annual | 09/02/2027 | 206100 | 0 | (8) | (8) | 0 | (5) |
|  Pay | 6-Month PLN-WIBOR | 2.983 | Annual | 11/08/2026 | 3320 | (68) | (22) | (90) | 0 | 0 |
|  Pay | 28-Day MXN-TIIE | 9.400 | Lunar | 12/11/2024 | 107000 | 0 | (52) | (52) | 0 | (4) |
|  Pay | 28-Day MXN-TIIE | 9.455 | Lunar | 12/12/2024 | 105300 | 0 | (45) | (45) | 0 | (4) |
|  Receive | 28-Day MXN-TIIE | 7.745 | Lunar | 02/11/2027 | 32630 | 61 | 6 | 67 | 4 | 0 |
|  Pay | 28-Day MXN-TIIE | 8.700 | Lunar | 11/05/2027 | 13400 | 0 | (4) | (4) | 0 | (2) |
|  Receive | 28-Day MXN-TIIE | 8.250 | Lunar | 12/01/2032 | 29000 | 0 | 48 | 48 | 6 | 0 |
|  Receive | 28-Day MXN-TIIE | 8.240 | Lunar | 12/02/2032 | 28400 | 0 | 48 | 48 | 6 | 0 |
|  |  |  |  |  |  | $(1951) | $(1567) | $(3518) | $177 | $(221) |
|  **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** |  | $**(1925)** | $**(1561)** | $**(3486)** | $**178** | $**(222)** |

---

**FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY** 

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of December 31, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** |
|  | **Market Value** | **Variation Margin<br>Asset** | **Variation Margin<br>Asset** | | **Market Value** | **Variation Margin<br>Liability<sup>(7)</sup>** | **Variation Margin<br>Liability<sup>(7)</sup>** | |
| | **Purchased<br>Options** | **Futures** | **Swap<br>Agreements** |<br>**Total** | **Written<br>Options** | **Futures** | **Swap<br>Agreements** |<br>**Total** |
|  **Total Exchange-Traded or Centrally Cleared** | $**0** | $**402** | $**178** | $**580** | $**0** | $**(1287)** | $**(222)** | $**(1509)** |

---

**(l)** **Securities with an aggregate market value of $1,532 and cash of $14,232 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2022.** 

<sup>(1)</sup> If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **19** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Consolidated Schedule of Investments** | **PIMCO Global Managed Asset Allocation Portfolio** | **(Cont.)** |

---

<sup>(3)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(4)</sup> The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(5)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(6)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

<sup>(7)</sup> Unsettled variation margin liability of $(159) for closed futures is outstanding at period end. 

&nbsp;&nbsp;&nbsp;&nbsp;**(m) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** 

**FORWARD FOREIGN CURRENCY CONTRACTS:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  AZD | 02/2023 | 386 | $283 | $0 | $(2) |
|  BOA | 01/2023 | 99591 | 254 | 0 | (13) |
|  | 01/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4572000 | 31974 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2891) |
|  | 01/2023 | $2876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1301686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603 | 0 |
|  | 01/2023 | 469 | 4780 | 0 | (11) |
|  | 02/2023 | 990 | $1055 | 0 | (8) |
|  | 02/2023 | 1750800 | 12091 | 0 | (1319) |
|  | 02/2023 | $3568 | 4737 | 0 | (69) |
|  | 02/2023 | 751 | 711 | 22 | 0 |
|  | 02/2023 | 2473 | 2333 | 32 | 0 |
|  | 02/2023 | 663 | 89300 | 21 | 0 |
|  | 02/2023 | 1069 | 10614 | 16 | 0 |
|  | 02/2023 | 4444 | $244 | 0 | (17) |
|  | 03/2023 | $820 | 24880 | 0 | (4) |
|  | 03/2023 | 965 | 17001 | 29 | 0 |
|  BPS | 01/2023 | 2472 | $475 | 7 | 0 |
|  | 01/2023 | 529 | 639 | 0 | 0 |
|  | 01/2023 | 406024 | 1055 | 0 | (33) |
|  | 01/2023 | 492 | 144 | 4 | 0 |
|  | 01/2023 | $6 | 202 | 0 | 0 |
|  | 01/2023 | 498 | 8633 | 10 | 0 |
|  | 02/2023 | 6546 | 31717946 | 0 | (63) |
|  | 02/2023 | 25785 | 24867 | 910 | 0 |
|  | 03/2023 | 76462327 | $15612 | 78 | (31) |
|  | 03/2023 | 71569 | 863 | 2 | 0 |
|  | 03/2023 | 34566 | 8891 | 0 | (153) |
|  | 03/2023 | 715 | 24 | 0 | 0 |
|  | 03/2023 | $1360 | 27413 | 27 | 0 |
|  | 05/2023 | 296 | $92 | 7 | 0 |
|  BRC | 01/2023 | 1259 | 181 | 0 | (2) |
|  | 01/2023 | 421508 | 1099 | 0 | (31) |
|  | 01/2023 | 971 | 221 | 0 | (1) |
|  | 01/2023 | $294 | 123375 | 36 | 0 |
|  | 01/2023 | 282 | 1323 | 21 | 0 |
|  | 01/2023 | 229 | 2403 | 1 | 0 |
|  | 01/2023 | 608 | 819 | 4 | 0 |
|  | 02/2023 | 1134 | $1209 | 0 | (9) |
|  | 02/2023 | $390 | 365 | 7 | 0 |
|  BSH | 03/2023 | 787348 | $915 | 0 | (5) |
|  | 04/2023 | 18400 | 3433 | 8 | 0 |
|  CBK | 01/2023 | 1033123 | 1084 | 0 | (133) |
|  | 01/2023 | 578437 | 1450 | 0 | (96) |
|  | 01/2023 | 175 | 35 | 0 | (5) |
|  | 01/2023 | $3973 | 20870 | 0 | (20) |
|  | 01/2023 | 1162 | 1033472 | 56 | 0 |
|  | 01/2023 | 3023 | 12140 | 168 | 0 |
|  | 01/2023 | 1275 | 22342 | 37 | 0 |
|  | 01/2023 | 8633 | $497 | 0 | (11) |
|  | 02/2023 | 1913 | 354 | 0 | (6) |
|  | 02/2023 | 1039164 | 1162 | 0 | (57) |
|  | 02/2023 | $1006 | 138900 | 59 | 0 |

---

---

| | | |
|:---|:---|:---|
| **20** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 02/2023 | $7470 | 29791 | $353 | $0 |
|  | 02/2023 | 18622 | $1069 | 0 | (23) |
|  | 03/2023 | 9534 | 2372 | 0 | (126) |
|  | 03/2023 | $2988 | 58613 | 0 | (21) |
|  | 03/2023 | 111 | 3369 | 0 | (1) |
|  | 04/2023 | 479 | 1916 | 21 | 0 |
|  | 05/2023 | 790 | $247 | 20 | 0 |
|  | 05/2023 | 49 | 2 | 0 | 0 |
|  | 07/2023 | 985 | 307 | 24 | 0 |
|  CLY | 01/2023 | 2 | 0 | 0 | 0 |
|  | 02/2023 | 112 | 120 | 0 | (2) |
|  DUB | 03/2023 | $918 | 18252 | 5 | 0 |
|  GLM | 01/2023 | 20534 | $3841 | 3 | (51) |
|  | 01/2023 | 1307 | 188 | 0 | (1) |
|  | 01/2023 | 3503940 | 724 | 2 | 0 |
|  | 01/2023 | 30035 | 78 | 0 | (2) |
|  | 01/2023 | 3127 | 90 | 0 | 0 |
|  | 01/2023 | $376 | 1964 | 0 | (4) |
|  | 01/2023 | 100 | 135 | 0 | 0 |
|  | 01/2023 | 723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3503940 | 0 | (1) |
|  | 01/2023 | 157 | 1219 | 0 | 0 |
|  | 01/2023 | 98 | $5 | 0 | 0 |
|  | 03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35138543 | 7268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116 | 0 |
|  | 03/2023 | 161431 | 7853 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(317) |
|  | 03/2023 | $1849 | 1684818 | 119 | 0 |
|  | 03/2023 | 6560 | 31634603 | 0 | (120) |
|  | 03/2023 | 2642 | 53027 | 41 | 0 |
|  | 04/2023 | 11555 | $574 | 0 | (7) |
|  | 04/2023 | $2258 | 12247 | 22 | 0 |
|  JPM | 01/2023 | 779022 | $1959 | 0 | (124) |
|  | 01/2023 | $142 | 734 | 0 | (3) |
|  | 01/2023 | 31 | 213 | 0 | 0 |
|  | 01/2023 | 497 | 9898 | 10 | 0 |
|  | 01/2023 | 13645 | $749 | 0 | (52) |
|  | 02/2023 | 734 | 141 | 2 | 0 |
|  | 02/2023 | 21139 | 696 | 5 | 0 |
|  | 02/2023 | $11445 | 1577189 | 640 | 0 |
|  | 02/2023 | 476 | 8304 | 11 | 0 |
|  | 03/2023 | 722812 | $46 | 0 | 0 |
|  | 03/2023 | $55 | 379 | 0 | 0 |
|  | 03/2023 | 113 | 9430 | 1 | 0 |
|  | 03/2023 | 2015 | 39724 | 6 | (10) |
|  MBC | 01/2023 | 404 | $274 | 0 | (1) |
|  | 01/2023 | 2096 | 302 | 0 | (1) |
|  | 01/2023 | 1287 | 824 | 7 | 0 |
|  | 01/2023 | 341 | 87 | 0 | (3) |
|  | 01/2023 | $198 | 295 | 3 | 0 |
|  | 01/2023 | 1247 | 8920 | 37 | 0 |
|  | 01/2023 | 650 | 5059 | 0 | (1) |
|  | 01/2023 | 484 | 4950 | 0 | (9) |
|  | 01/2023 | 894 | 30845 | 0 | (2) |
|  | 01/2023 | 6161 | $343 | 0 | (19) |
|  | 02/2023 | 1150000 | 8314 | 0 | (511) |
|  | 02/2023 | $1522 | 210500 | 91 | 0 |
|  | 03/2023 | 438709 | $28 | 0 | 0 |
|  | 03/2023 | $5116 | 23440304 | 2 | (346) |
|  | 05/2023 | 1713 | 11497 | 0 | (36) |
|  MYI | 01/2023 | 2827 | $115 | 0 | (10) |
|  | 01/2023 | 543 | 662 | 5 | 0 |
|  | 01/2023 | 211076 | 477 | 0 | (87) |
|  | 01/2023 | $6291 | 9368 | 89 | 0 |
|  | 01/2023 | 6 | 98 | 0 | 0 |
|  | 01/2023 | 2536 | $140 | 0 | (9) |
|  | 02/2023 | 39082 | 1282 | 5 | 0 |
|  | 02/2023 | $1293 | 1748 | 0 | (2) |
|  | 02/2023 | 701 | 668 | 16 | 0 |
|  | 02/2023 | 1056 | 19298 | 76 | 0 |
|  | 02/2023 | 5597 | $317 | 0 | (12) |
|  | 03/2023 | 1779139 | 363 | 1 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **21** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Consolidated Schedule of Investments** | **PIMCO Global Managed Asset Allocation Portfolio** | **(Cont.)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 03/2023 | 618130 | $39 | $0 | $0 |
|  | 03/2023 | 17001 | 960 | 0 | (35) |
|  RBC | 01/2023 | 882 | 113 | 0 | 0 |
|  | 01/2023 | $72 | 108 | 1 | 0 |
|  | 02/2023 | 16846 | $850 | 0 | (10) |
|  | 02/2023 | $2602 | 25960 | 53 | 0 |
|  | 03/2023 | 20132 | $998 | 0 | (24) |
|  | 03/2023 | $1197 | 23939 | 16 | 0 |
|  | 09/2023 | 12286 | $682 | 0 | (26) |
|  RYL | 01/2023 | $54 | 20322 | 0 | 0 |
|  SCX | 01/2023 | 343542 | $260 | 0 | (13) |
|  | 01/2023 | $764 | 1134 | 8 | 0 |
|  | 01/2023 | 83 | 106662 | 2 | 0 |
|  | 01/2023 | 116 | 187 | 2 | 0 |
|  | 01/2023 | 164 | 648 | 6 | 0 |
|  | 02/2023 | 81 | $88 | 0 | (1) |
|  | 02/2023 | 94600 | 698 | 0 | (27) |
|  | 02/2023 | 18429 | 599 | 0 | (4) |
|  | 03/2023 | 2409991 | 2760 | 0 | (56) |
|  | 03/2023 | 642 | 167 | 0 | (1) |
|  | 03/2023 | $483 | 2347280 | 0 | (5) |
|  TOR | 01/2023 | 1920 | $81 | 0 | (4) |
|  | 02/2023 | $825 | 1122 | 4 | 0 |
|  | 02/2023 | 34489 | $1998 | 0 | (25) |
|  UAG | 01/2023 | 561 | 106 | 0 | 0 |
|  | 01/2023 | 1792 | 70 | 0 | (9) |
|  | 01/2023 | 650 | 799 | 13 | 0 |
|  | 01/2023 | 22309 | 58 | 0 | (2) |
|  | 01/2023 | $228 | 5459 | 14 | 0 |
|  | 02/2023 | 960000 | $6831 | 0 | (530) |
|  | 02/2023 | $1909 | 35550 | 176 | 0 |
|  | 05/2023 | 11500 | $1659 | 0 | (18) |
|  | 09/2023 | $111 | 1972 | 3 | 0 |
|  **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | $**4196** | $**(7694)** |

---

**WRITTEN OPTIONS:** 

**INFLATION-CAPPED OPTIONS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Description** | **Initial<br>Index** | **Floating Rate** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Premiums<br>(Received)** | **Market<br>Value** |
| GLM | Cap - OTC CPALEMU | 100.151 | Maximum of [(Final Index/Initial Index - 1) - 3.000%] or 0 | 06/22/2035 | 5600 | $(255) | $(285) |
| JPM | Cap - OTC CPURNSA | 234.781 | Maximum of [(Final Index/Initial Index - 1) - 4.000%] or 0 | 05/16/2024 | 1100 | (7) | 0 |
|  |  |  |  |  |  | $**(262)** | $**(285)** |

---

**INTEREST RATE SWAPTIONS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Floating Rate Index** | **Pay/Receive<br>Floating Rate** | **Exercise<br>Rate** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Premiums<br>(Received)** | **Market<br>Value** |
| BOA Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 3.000% | 01/19/2023 | 850 | $(4) | $(1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.500 | 01/19/2023 | 850 | (4) | (10) |
| BPS Call - OTC 2-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 4.140 | 01/05/2023 | 10500 | (14) | (1) |
| Put - OTC 2-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 4.640 | 01/05/2023 | 10500 | (14) | (2) |
| BRC Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 3.000 | 01/19/2023 | 850 | (3) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.500 | 01/19/2023 | 850 | (3) | (10) |
|  |  |  |  |  |  | $(42) | $(24) |
|  **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | $**(304)** | $**(309)** |

---

---

| | | |
|:---|:---|:---|
| **22** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

**SWAP AGREEMENTS:** 

**CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION<sup>(2)</sup>** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements,<br>at Value<sup>(4)</sup>** | **Swap Agreements,<br>at Value<sup>(4)</sup>** |
| **Counterparty** | **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
| GST | CMBX.NA.AAA.10 Index | 0.500% | Monthly | 11/17/2059 | $2200 | $(65) | $60 | $0 | $(5) |
|  | CMBX.NA.AAA.9 Index | 0.500 | Monthly | 09/17/2058 | 11028 | (680) | 676 | 0 | (4) |
| MYC | CMBX.NA.AAA.10 Index | 0.500 | Monthly | 11/17/2059 | 9600 | (317) | 296 | 0 | (21) |
| SAL | CMBX.NA.AAA.12 Index | 0.500 | Monthly | 08/17/2061 | 1600 | (4) | (9) | 0 | (13) |
| UAG | CMBX.NA.AAA.10 Index | 0.500 | Monthly | 11/17/2059 | 3800 | (110) | 102 | 0 | (8) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1176) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1125 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51) |

---

**INTEREST RATE SWAPS** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements,<br>at Value** | **Swap Agreements,<br>at Value** |
| **Counterparty** | **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
| BOA | Pay | 3-Month MYR-KLIBOR | 2.750% | Quarterly | 12/15/2026 | MYR | 4600 | $(11) | $(28) | $0 | $(39) |
|  | Pay | 3-Month MYR-KLIBOR | 3.000 | Quarterly | 03/16/2027 |  | 12890 | (71) | (16) | 0 | (87) |
| CBK | Pay | 3-Month KRW-KORIBOR | 1.430 | Quarterly | 07/01/2029 | KRW | 100 | 0 | 0 | 0 | 0 |
| GLM | Pay | 6-Month THB-THBFIX | 1.750 | Semi-Annual | 06/15/2027 | THB | 55800 | (43) | 9 | 0 | (34) |
| GST | Pay | 3-Month THB-THBFIX<br>Compounded-OIS | 2.500 | Quarterly | 09/21/2027 |  | 19100 | 9 | (1) | 8 | 0 |
| MYC | Receive | 3-Month THB-THBFIX<br>Compounded-OIS | 2.250 | Quarterly | 09/21/2027 |  | 3800 | 1 | (1) | 0 | 0 |
|  |  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(115) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(160) |

---

**TOTAL RETURN SWAPS ON COMMODITY, EQUITY AND INTEREST RATE INDICES** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<sup>(5)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements,<br>at Value** | **Swap Agreements,<br>at Value** |
| **Counterparty** | **Pay/Receive<sup>(5)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  BPS | Pay | Industrial Select Sector Index  | 1061 | 4.570% (1-Month USD-LIBOR plus a specified spread) | Monthly | 06/21/2023 | $3745 | $0 | $15 | $15 | $0 |
|  | Receive | NDDUWI Index  | 939 | 4.200% (1-Month USD-LIBOR less a specified spread) | Monthly | 09/06/2023 | 7499 | 0 | (28) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28) |
|  | Receive | iBoxx USD Liquid Investment Grade Index  | N/A | 1.058% | Maturity | 12/20/2023 | 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | (2) | 0 | (3) |
|  GST | Receive | CMDSKEWLS Index  | 6081 | 0.250% | Monthly | 02/15/2023 | 1713 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | 0 |
|  | Receive | iBoxx USD Liquid High Yield Index  | N/A | 1.058% | Maturity | 06/20/2023 | 100 | (1) | (1) | 0 | (2) |
|  JPM | Pay | JPPMGSHP Index  | 81082 | 3.350% (1-Month USD-LIBOR less a specified spread) | Monthly | 06/07/2023 | 6555 | 0 | 18 | 18 | 0 |
|  | Receive<sup>(5)</sup> | JMABFNJ2 Index « | 20914 | 0.000% | Monthly | 12/29/2023 | 2103 | 0 | 0 | 0 | 0 |
|  MEI | Pay | SX4T Index  | 645 | 1.534% (1-Month USD-LIBOR less a specified spread) | Monthly | 01/11/2023 | 1908 | 0 | 1 | 1 | 0 |
|  MYI | Receive | DWRTFT Index  | 67 | 4.740% (1-Month USD-LIBOR plus a specified spread) | Monthly | 01/04/2023 | $779 | 0 | (44) | 0 | (44) |
|  |  |  |  |  |  |  |  | $(2) | $16 | $91 | $(77) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **23** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Consolidated Schedule of Investments** | **PIMCO Global Managed Asset Allocation Portfolio** | **(Cont.)** |

---

**TOTAL RETURN SWAPS ON SECURITIES** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<sup>(5)</sup>** | **Underlying Reference** | **# of Shares** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements,<br>at Value** | **Swap Agreements,<br>at Value** |
| **Counterparty** | **Pay/Receive<sup>(5)</sup>** | **Underlying Reference** | **# of Shares** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  BOA | Pay | 3M Co. | 7800 | 4.230% (1-Month USD-LIBOR less a specified spread) | Monthly | 06/28/2023 | $941 | $0 | $9 | $9 | $0 |
|  | Pay | Fastenal Co. | 16200 | 4.230% (1-Month USD-LIBOR less a specified spread) | Monthly | 06/28/2023 | 771 | 0 | 7 | 7 | 0 |
|  | Pay | Illinois Tool Works, Inc. | 4600 | 4.230% (1-Month USD-LIBOR less a specified spread) | Monthly | 06/28/2023 | 1021 | 0 | 5 | 5 | 0 |
|  | Pay | JB Hunt Transport Services, Inc. | 2400 | 4.230% (1-Month USD-LIBOR less a specified spread) | Monthly | 06/28/2023 | 424 | 0 | 7 | 7 | 0 |
|  | Pay | Knight-Swift Transportation Holdings, Inc. | 8100 | 4.230% (1-Month USD-LIBOR less a specified spread) | Monthly | 06/28/2023 | 425 | 0 | 3 | 3 | 0 |
|  | Pay | Old Dominion Freight Line, Inc. | 1500 | 4.230% (1-Month USD-LIBOR less a specified spread) | Monthly | 06/28/2023 | 430 | 0 | 6 | 6 | 0 |
|  | Pay | Watsco, Inc. | 3600 | 4.230% (1-Month USD-LIBOR less a specified spread) | Monthly | 06/28/2023 | 909 | 0 | 15 | 15 | 0 |
|  | Pay | WW Grainger, Inc. | 1900 | 4.230% (1-Month USD-LIBOR less a specified spread) | Monthly | 06/28/2023 | 1068 | 0 | 15 | 15 | 0 |
|  |  |  |  |  |  |  |  | $0 | $67 | $67 | $0 |
|  **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** |  |  |  |  |  | $**(1293)** | $**1171** | $**166** | $**(288)** |

---

**FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY** 

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2022:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | | | |
| <br>**Counterparty** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Purchased<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Written<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** |<br>**Net Market<br>Value of OTC<br>Derivatives** |<br>**Collateral<br>Pledged/<br>(Received)** |<br>**Net<br>Exposure<sup>(6)</sup>** |
|  AZD | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $0 | $(2) | $0 | $0 | $(2) | $(2) | $0 | $(2) |
|  BOA | 723 | 0 | 67 | 790 | (4332) | (11) | (126) | (4469) | &nbsp;&nbsp;&nbsp;&nbsp;(3679) | &nbsp;&nbsp;&nbsp;&nbsp;2899 | &nbsp;&nbsp;&nbsp;&nbsp;(780) |
|  BPS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045 | 0 | 15 | 1060 | (280) | (3) | (31) | (314) | 746 | (660) | 86 |
|  BRC | 69 | 0 | 0 | 69 | (43) | (10) | 0 | (53) | 16 | 0 | 16 |
|  BSH | 8 | 0 | 0 | 8 | (5) | 0 | 0 | (5) | 3 | 0 | 3 |
|  CBK | 738 | 0 | 0 | 738 | (499) | 0 | 0 | (499) | 239 | (380) | (141) |
|  CLY | 0 | 0 | 0 | 0 | (2) | 0 | 0 | (2) | (2) | 0 | (2) |
|  DUB | 5 | 0 | 0 | 5 | 0 | 0 | 0 | 0 | 5 | 0 | 5 |
|  GLM | 303 | 0 | 0 | 303 | (503) | (285) | (34) | (822) | (519) | 337 | (182) |
|  GST | 0 | 0 | 65 | 65 | 0 | 0 | (11) | (11) | 54 | 0 | 54 |
|  JPM | 675 | 0 | 18 | 693 | (189) | 0 | 0 | (189) | 504 | (180) | 324 |
|  MBC | 140 | 0 | 0 | 140 | (929) | 0 | 0 | (929) | (789) | 545 | (244) |
|  MEI | 0 | 0 | 1 | 1 | 0 | 0 | 0 | 0 | 1 | 0 | 1 |
|  MYC | 0 | 0 | 0 | 0 | 0 | 0 | (21) | (21) | (21) | 3 | (18) |
|  MYI | 192 | 0 | 0 | 192 | (155) | 0 | (44) | (199) | (7) | 0 | (7) |
|  RBC | 70 | 0 | 0 | 70 | (60) | 0 | 0 | (60) | 10 | 0 | 10 |
|  SAL | 0 | 0 | 0 | 0 | 0 | 0 | (13) | (13) | (13) | 0 | (13) |
|  SCX | 18 | 0 | 0 | 18 | (107) | 0 | 0 | (107) | (89) | 0 | (89) |
|  TOR | 4 | 0 | 0 | 4 | (29) | 0 | 0 | (29) | (25) | 0 | (25) |
|  UAG | 206 | 0 | 0 | 206 | (559) | 0 | (8) | (567) | (361) | 268 | (93) |
|  **Total Over the Counter** | $**4196** | $**0** | $**166** | $**4362** | $**(7694)** | $**(309)** | $**(288)** | $**(8291)** |  |  |  |

---

**(n)** **Securities with an aggregate market value of $4,052 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2022.** 

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

---

| | | |
|:---|:---|:---|
| **24** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

<sup>(3)</sup> The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(4)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> Receive represents that the Portfolio receives payments for any positive net return on the underlying reference. The Portfolio makes payments for any negative net return on such underlying reference. Pay represents that the Portfolio receives payments for any negative net return on the underlying reference. The Portfolio makes payments for any positive net return on such underlying reference. 

<sup>(6)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

**FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS** 

The following is a summary of the fair valuation of the Portfolio's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Portfolio.

Fair Values of Financial Derivative Instruments on the Consolidated Statement of Assets and Liabilities as of December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
| | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $286 | $0 | $116 | $402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1 | 0 | 0 | 177 | 178 |
|  | $0 | $1 | $286 | $0 | $293 | $580 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $4196 | $0 | $4196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 57 | 0 | 101 | 0 | 8 | 166 |
|  | $57 | $0 | $101 | $4196 | $8 | $4362 |
|  | $57 | $1 | $387 | $4196 | $301 | $4942 |
|  **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $10 | $0 | $1054 | $0 | $223 | $1287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1 | 0 | 0 | 221 | 222 |
|  | $10 | $1 | $1054 | $0 | $444 | $1509 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $7694 | $0 | $7694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 309 | 309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 51 | 72 | 0 | 165 | 288 |
|  | $0 | $51 | $72 | $7694 | $474 | $8291 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1126 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7694 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9800 |

---

The effect of Financial Derivative Instruments on the Consolidated Statement of Operations for the period ended December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
| | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $6 | $6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | (468) | 0 | (31076) | 0 | (2171) | (33715) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | (1054) | (1054) |
|  | $(468) | $0 | $(31076) | $0 | $(3219) | $(34763) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $5136 | $0 | $5136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | (60) | 0 | (60) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 24 | 0 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 895 | 147 | (272) | 0 | (837) | (67) |
|  | $895 | $147 | $(272) | $5100 | $(837) | $5033 |
|  | $427 | $147 | $(31348) | $5100 | $(4056) | $(29730) |

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| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **25** |

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| **Consolidated Schedule of Investments** | **PIMCO Global Managed Asset Allocation Portfolio** | **(Cont.)** | December 31, 2022 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
| | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $(277) | $0 | $(10970) | $0 | $346 | $(10901) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 5 | 0 | 0 | (2011) | (2006) |
|  | $(277) | $5 | $(10970) | $0 | $(1665) | $(12907) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(3247) | $0 | $(3247) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 87 | 0 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | (24) | (239) | (263) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | (24) | (285) | 31 | 0 | 35 | (243) |
|  | $(24) | $(285) | $31 | $(3184) | $(204) | $(3666) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(301) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(280) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10939) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3184) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1869) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16573) |

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**FAIR VALUE MEASUREMENTS** 

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Portfolio's assets and liabilities:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | $0 | $6232 | $0 | $6232 |
| &nbsp;&nbsp; Industrials | 0 | 4482 | 0 | 4482 |
| &nbsp;&nbsp; Utilities | 0 | 2503 | 0 | 2503 |
|  Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes | Convertible Bonds & Notes |
| &nbsp;&nbsp; Industrials | 0 | 835 | 0 | 835 |
|  U.S. Government Agencies | 0 | 33372 | 0 | 33372 |
|  U.S. Treasury Obligations | 0 | 11653 | 0 | 11653 |
|  Non-Agency Mortgage-Backed Securities | 0 | 4158 | 0 | 4158 |
|  Asset-Backed Securities | 0 | 34898 | 0 | 34898 |
|  Sovereign Issues | 0 | 15346 | 0 | 15346 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Communication Services | 153 | 0 | 0 | 153 |
| &nbsp;&nbsp; Energy | 298 | 0 | 0 | 298 |
| &nbsp;&nbsp; Health Care | 8521 | 0 | 0 | 8521 |
| &nbsp;&nbsp; Industrials | 4276 | 0 | 0 | 4276 |
| &nbsp;&nbsp; Information Technology | 1270 | 0 | 0 | 1270 |
| &nbsp;&nbsp; Materials | 434 | 0 | 0 | 434 |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | 0 | 373 | 0 | 373 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 35973 | 0 | 35973 |
| &nbsp;&nbsp; Hungary Treasury Bills | 0 | 2949 | 0 | 2949 |
| &nbsp;&nbsp; Israel Treasury Bills | 0 | 589 | 0 | 589 |
| &nbsp;&nbsp; Japan Treasury Bills | 0 | 61971 | 0 | 61971 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 2425 | 0 | 2425 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14952 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217759 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232711 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** |
|  Mutual Funds | $31027 | $0 | $0 | $31027 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | 79175 | 0 | 0 | 79175 |
|  | $110202 | $0 | $0 | $110202 |
|  Total Investments | $125154 | $217759 | $0 | $342913 |
|  **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** |
|  Exchange-traded or centrally cleared | 402 | 178 | 0 | 580 |
|  Over the counter | 0 | 4362 | 0 | 4362 |
|  | $402 | $4540 | $0 | $4942 |
|  **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** |
|  Exchange-traded or centrally cleared | (1089) | (261) | 0 | (1350) |
|  Over the counter | 0 | (8291) | 0 | (8291) |
|  | $(1089) | $(8552) | $0 | $(9641) |
|  Total Financial Derivative Instruments | $(687) | $(4012) | $0 | $(4699) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124467 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213747 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338214 |

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There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.

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| **26** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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| **Notes to Financial Statements** | December 31, 2022 |

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1. ORGANIZATION

PIMCO Variable Insurance Trust (the "Trust") is a Delaware statutory trust established under a trust instrument dated October 3, 1997. The Trust is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Trust is designed to be used as an investment vehicle by separate accounts of insurance companies that fund variable annuity contracts and variable life insurance policies and by qualified pension and retirement plans. Information presented in these financial statements pertains to the Institutional Class, Administrative Class and Advisor Class shares of the PIMCO Global Managed Asset Allocation Portfolio (the "Portfolio") offered by the Trust. Pacific Investment Management Company LLC ("PIMCO") serves as the investment adviser (the "Adviser") for the Portfolio.

The Portfolio may invest in Institutional Class or Class M shares of any funds of the PIMCO Funds and PIMCO Equity Series, affiliated open-end investment companies, except funds of funds and PIMCO California Municipal Intermediate Value Fund, PIMCO California Municipal Opportunistic Value Fund, PIMCO National Municipal Intermediate Value Fund and PIMCO National Municipal Opportunistic Value Fund ("Underlying PIMCO Funds"), and may also invest in other affiliated funds, including funds of PIMCO ETF Trust, and unaffiliated funds, which may or may not be registered under the Act (collectively, "Acquired Funds").

Hereinafter, the Board of Trustees of the Portfolio shall be collectively referred to as the "Board."

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The Portfolio is treated as an investment company under the reporting requirements of U.S. GAAP. The functional and reporting currency for the Portfolio is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(a) Securities Transactions and Investment Income Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities

sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Portfolio is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Consolidated Statement of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Consolidated Statement of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Consolidated Statement of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable.

(b) Foreign Currency Translation The market values of foreign securities, currency holdings and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies, if any, are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Portfolio does not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) from investments on the Consolidated Statement of Operations. The Portfolio may invest directly or indirectly through investments in Underlying PIMCO Funds or Acquired Funds, as applicable, in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains (losses) arising from sales of spot foreign currencies, currency gains

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **27** |

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| **Notes to Financial Statements** | **(Cont.)** |

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(losses) realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in net realized gain (loss) on foreign currency transactions on the Consolidated Statement of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period are included in net change in unrealized appreciation (depreciation) on foreign currency assets and liabilities on the Consolidated Statement of Operations.

(c) Multi-Class Operations Each class offered by the Trust has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets. Realized and unrealized capital gains (losses) are allocated daily based on the relative net assets of each class of the Portfolio. Class specific expenses, where applicable, currently include supervisory and administrative and distribution and servicing fees. Under certain circumstances, the per share net asset value ("NAV") of a class of the Portfolio's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(d) Distributions to Shareholders Distributions from net investment income, if any, are declared and distributed to shareholders quarterly. In addition, the Portfolio distributes any net capital gains it earns from the sale of portfolio securities to shareholders no less frequently than annually. The Portfolio may revise its distribution policy or postpone the payment of distributions at any time.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on the Portfolio's annual financial statements presented under U.S. GAAP.

Separately, if the Portfolio determines or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources other than net investment income in accordance with its policies, accounting records (if applicable), and accounting practices, the Portfolio will notify shareholders of the estimated composition of such

distribution through a Section 19 Notice. For these purposes, the Portfolio determines or estimates, as applicable, the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is determined or estimated, as applicable, that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between the Portfolio's daily internal accounting records and practices, the Portfolio's financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, the Portfolio's internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include but are not limited to, for certain Portfolios, the treatment of periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that the Portfolio may not issue a Section 19 Notice in situations where the Portfolio's financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution's tax character will be provided to shareholders when such information is available.

Distributions classified as a tax basis return of capital at the Portfolio's fiscal year end, if any, are reflected on the Consolidated Statements of Changes in Net Assets and have been recorded to paid in capital on the Consolidated Statement of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Consolidated Statement of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(e) New Accounting Pronouncements and Regulatory Updates In March 2020, the Financial Accounting Standards Board ("FASB") issued an Accounting Standards Update ("ASU"), ASU 2020-04, which provides optional guidance to ease the potential accounting burden associated with transitioning away from the London Interbank Offered Rate and other reference rates that are expected to be discontinued. ASU 2020-04 is effective for certain reference rate-related contract modifications that occurred during the period March 12, 2020 through December 31, 2022. In March 2021, the administrator for LIBOR announced the extension of the publication of a majority of the USD LIBOR settings to June 30, 2023. In December 2022, FASB issued ASU

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2022-06, which includes amendments to extend the duration of the LIBOR transition relief to December 31, 2024, after which entities will no longer be permitted to apply the reference rate reform relief. Management is continuously evaluating the potential effect a discontinuation of LIBOR could have on the Portfolio's investments and has determined that it is unlikely the ASU's adoption will have a material impact on the Portfolio's financial statements.

In October 2020, the U.S. Securities and Exchange Commission ("SEC") adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover transactions. Subject to certain exceptions, the rule requires funds that trade derivatives and other transactions that create future payment or delivery obligations to comply with a value-at-risk leverage limit and certain derivatives risk management program and reporting requirements. The effective date for the rule was February 19, 2021. The compliance date for the new rule and the related reporting requirements was August 19, 2022. Management has implemented changes in connection with the rule and has determined that there was no material impact to the Portfolio's financial statements.

In October 2020, the SEC adopted a rule regarding the ability of a fund to invest in other funds. The rule allows a fund to acquire shares of another fund in excess of certain limitations currently imposed by the Act without obtaining individual exemptive relief from the SEC, subject to certain conditions. The rule also includes the rescission of certain exemptive relief from the SEC and guidance from the SEC staff for funds to invest in other funds. The effective date for the rule was January 19, 2021, and the compliance date for the rule was January 19, 2022. Management has implemented changes in connection with the rule and has determined that there was no material impact to the Portfolio's financial statements.

In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value as well as for the performance of fair value determinations, including related oversight and reporting obligations. The new rule also defines "readily available market quotations" for purposes of the definition of "value" under the Act, and the SEC noted that this definition would apply in all contexts under the Act. The effective date for the rule was March 8, 2021. The compliance date for the new rule and the related reporting requirements was September 8, 2022. Management has implemented changes in connection with the rule and has determined that there was no material impact to the Portfolio's financial statements.

In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820), which affects all entities that have investments in equity

securities measured at fair value that are subject to a contractual sale restriction. The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring the fair value. The amendments also require additional disclosures for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The effective date for the amendments in ASU 2022-03 is for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years. At this time, management is evaluating the implications of these changes on the financial statements.

In October 2022, the SEC adopted changes to the mutual fund and ETF shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which will change the disclosures provided to shareholders. The rule is effective as of January 24, 2023, but the SEC is providing an 18-month compliance period after the effective date other than for rule amendments addressing fee and expense information in advertisements that might be materially misleading. At this time, management is evaluating the implications of these changes on the financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies The NAV of the Portfolio's shares, or each of its share classes as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Portfolio or class, less any liabilities, as applicable, by the total number of shares outstanding.

On each day that the New York Stock Exchange ("NYSE") is open, the Portfolio's shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) ("NYSE Close"). Information that becomes known to the Portfolio or its agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, the Portfolio may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. The Portfolio generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, the Portfolio may calculate its NAV as of the NYSE Close for such day or such other time that the Portfolio may determine.

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date,

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **29** |

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provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Portfolio will normally use pricing data for domestic equity securities received shortly after the NYSE Close and does not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange, or the NYSE Close, if the NYSE Close occurs before the end of trading on the foreign exchange.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated PIMCO as the valuation designee ("Valuation Designee") for the Portfolio to perform the fair value determination relating to all Portfolio investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee's policies and procedures govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Portfolio investments. The Valuation Designee may value Portfolio securities for which market quotations are not readily available and other Portfolio assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, "Pricing Sources").

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives, and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Exchange-traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Swap agreements are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of the Portfolio's assets that are invested in one or more open-end management investment

companies (other than ETFs), the Portfolio's NAV will be calculated based on the NAVs of such investments. Open-end management investment companies may include affiliated funds.

If a foreign (non-U.S.) equity security's value has materially changed after the close of the security's primary exchange or principal market but before the NYSE Close, the security may be valued at fair value. Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, the Portfolio may determine the fair value of investments based on information provided by Pricing Sources, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indexes) that occur after the close of the relevant market and before the NYSE Close. The Portfolio may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, unless otherwise determined by the Valuation Designee, any movement in the applicable reference index or instrument ("zero trigger") between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Trust is not open for business, which may result in the Portfolio's portfolio investments being affected when shareholders are unable to buy or sell shares.

Whole loans may be fair valued using inputs that take into account borrower- or loan-level data (e.g., credit risk of the borrower) that is updated periodically throughout the life of each individual loan; any new borrower- or loan-level data received in written reports periodically by the Portfolio normally will be taken into account in calculating the NAV. The Portfolio's whole loan investments, including those originated by the Portfolio or through an alternative lending platform, generally are fair valued in accordance with procedures approved by the Board.

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Sources. As a result, the value of such investments and, in turn, the NAV of the Portfolio's shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Trust is not open for business. As a result, to the extent that the Portfolio holds foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable

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to buy or sell shares and the value of such investments will be reflected in the Portfolio's next calculated NAV.

Fair valuation may require subjective determinations about the value of a security. While the Trust's and Valuation Designee's policies and procedures are intended to result in a calculation of the Portfolio's NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values accurately reflect the price that the Portfolio could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Portfolio may differ from the value that would be realized if the securities were sold. The Portfolio's use of fair valuation may also help to deter "stale price arbitrage" as discussed under the "Frequent or Excessive Purchases, Exchanges and Redemptions" section in the Portfolio's prospectus.

Under certain circumstances, the per share NAV of a class of the Portfolio's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2, or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2, and 3 of the fair value hierarchy are defined as follows:

<sup>∎</sup> Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

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| <sup>∎</sup> | Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs. |

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<sup>∎</sup> Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Consolidated Schedule of Investments for the Portfolio.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between Levels of the Portfolio's assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy, and if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Consolidated Schedule of Investments for the Portfolio.

(c) Valuation Techniques and the Fair Value Hierarchy

Level 1, Level 2 and Level 3 trading assets and trading liabilities, at fair value The valuation methods (or "techniques") and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1, Level 2 and Level 3 of the fair value hierarchy are as follows:

Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

Investments in registered open-end investment companies (other than ETFs) will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in unregistered open-end investment companies will be calculated based upon the NAVs of such investments and are considered Level 1 provided that the NAVs are observable, calculated daily and are the value at which both purchases and sales will be conducted.

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities and non-U.S. bonds are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Sources' internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

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Fixed income securities purchased on a delayed-delivery basis or as a repurchase commitment in a sale-buyback transaction are marked to market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or pricing services. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers or Pricing Sources (normally determined as of the NYSE Close). Depending on the product and the terms of the transaction, financial derivative instruments can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as quoted prices, issuer details, indices, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates.

Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Sources (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models may use inputs that are observed from actively quoted markets such as the overnight index swap rate, LIBOR forward rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

Short-term debt instruments (such as commercial paper) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost value of such short-term debt instruments is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price.

When a fair valuation method is applied by the Adviser that uses significant unobservable inputs, investments will be priced by a method that the Valuation Designee believes reflects fair value and are categorized as Level 3 of the fair value hierarchy.

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

The Portfolio invests under normal circumstances in Acquired Funds which are considered to be affiliated with the Portfolio. The Portfolio may invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III ("Central Funds") to the extent permitted by the Act and rules thereunder. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Portfolio. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC's website at www.sec.gov. A copy of each Acquired Fund's shareholder report is

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also available at the SEC's website at www.sec.gov, and a copy of each affiliate fund's shareholder report is available on the Portfolio's website at www.pimco.com, or upon request, as applicable. The table below shows the Portfolio's transactions in and earnings from investments in the affiliated Funds for the period ended December 31, 2022 (amounts in thousands<sup>†</sup>):

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| **Underlying PIMCO Funds** | **Market Value<br>12/31/2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Market Value<br>12/31/2022** | **Dividend<br>Income<sup>(1)</sup>** | **Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup>** |
|  PIMCO Investment Grade Credit Bond Fund | $40089 | $1401 | $(2811) | $(372) | $(7280) | $31027 | $1399 | $0 |
|  PIMCO Mortgage Opportunities and Bond Fund | 51217 | 752 | (48206) | (4223) | 460 | 0 | 846 | 0 |
|  PIMCO Short Asset Portfolio | 48760 | 2078 | 0 | 0 | (1916) | 48922 | 2078 | 0 |
|  PIMCO Short-Term Floating NAV Portfolio III | 58940 | 290491 | (319200) | (797) | 819 | 30253 | 790 | 0 |
|  **Totals** | $**199006** | $**294722** | $**(370217)** | $**(5392)** | $**(7917)** | $**110202** | $**5113** | $**0** |

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| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(1)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund, unless otherwise advised on IRS Form 1099-DIV. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

(b) Investments in Securities

The Portfolio (and where applicable, certain Acquired Funds and Underlying PIMCO Funds) may utilize the investments and strategies described below to the extent permitted by the Portfolio's investment policies.

Delayed-Delivery Transactions involve a commitment by the Portfolio to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, the Portfolio will designate or receive as collateral liquid assets in an amount sufficient to meet the purchase price or respective obligations. When purchasing a security on a delayed-delivery basis, the Portfolio assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. The Portfolio may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain (loss). When the Portfolio has sold a security on a delayed-delivery basis, the Portfolio does not participate in future gains (losses) with respect to the security.

Inflation-Indexed Bonds are fixed income securities whose principal value is periodically adjusted by the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Consolidated Statement of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury Inflation-Protected Securities. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

Loans and Other Indebtedness, Loan Participations and Assignments are direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental, or other borrowers. The Portfolio's investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties or investments in or originations of loans by the Portfolio. A loan is often administered by a bank or other financial institution (the "agent") that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. The Portfolio may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When the Portfolio purchases assignments from agents it acquires direct rights against the borrowers of the loans. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing through, for example, the issuance of bonds, frequently high yield bonds issued for the purpose of acquisitions.

The types of loans and related investments in which the Portfolio may invest include, among others, senior loans, subordinated loans (including second lien loans, B-Notes and mezzanine loans), whole loans, commercial real estate and other commercial loans and structured loans. The Portfolio may originate loans or acquire direct interests in loans through primary loan distributions and/or in private transactions. In the case of subordinated loans, there may be significant indebtedness ranking ahead of the borrower's obligation to the holder of such a loan, including in the event of the borrower's insolvency. Mezzanine loans are typically secured by a pledge of an equity interest in the mortgage borrower that owns the real estate rather than an interest in a mortgage.

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Investments in loans may include unfunded loan commitments, which are contractual obligations for funding. Unfunded loan commitments may include revolving credit facilities, which may obligate the Portfolio to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full, even though a percentage of the committed amount may not be utilized by the borrower. When investing in a loan participation, the Portfolio has the right to receive payments of principal, interest and any fees to which it is entitled only from the agent selling the loan agreement and only upon receipt of payments by the agent from the borrower. The Portfolio may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. In certain circumstances, the Portfolio may receive a penalty fee upon the prepayment of a loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense, respectively, on the Consolidated Statement of Operations. Unfunded loan commitments are reflected as a liability on the Consolidated Statement of Assets and Liabilities.

Mortgage-Related and Other Asset-Backed Securities directly or indirectly represent a participation in, or are secured by and payable from, loans on real property. Mortgage-related securities are created from pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. These securities provide a monthly payment which consists of both interest and principal. Interest may be determined by fixed or adjustable rates. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with the full faith and credit of the U.S. Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Many of the risks of investing in mortgage-related securities secured by commercial mortgage loans reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make lease payments, and the ability of a property to attract and retain tenants. These securities may be less liquid and may exhibit greater price volatility than other types of mortgage-related or other asset-backed securities. Other asset-backed securities are created from many types of assets, including, but not limited to, auto loans, accounts receivable, such as credit card receivables and hospital account receivables, home equity loans, student loans, boat loans, mobile home loans, recreational vehicle loans, manufactured housing loans, aircraft leases, computer leases and syndicated bank loans.

Collateralized Debt Obligations ("CDOs") include Collateralized Bond Obligations ("CBOs"), Collateralized Loan Obligations ("CLOs") and other similarly structured securities. CBOs and CLOs are types of asset-backed securities. A CBO is a trust which is backed by a diversified pool of high risk, below investment grade fixed income securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which the Portfolio invests. In addition to the normal risks associated with fixed income securities discussed elsewhere in this report and the Portfolio's prospectus and statement of additional information (e.g., prepayment risk, credit risk, liquidity risk, market risk, structural risk, legal risk and interest rate risk (which may be exacerbated if the interest rate payable on a structured financing changes based on multiples of changes in interest rates or inversely to changes in interest rates)), CBOs, CLOs and other CDOs carry additional risks including, but not limited to, (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments, (ii) the quality of the collateral may decline in value or default, (iii) the risk that the Portfolio may invest in CBOs, CLOs, or other CDOs that are subordinate to other classes, and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

Collateralized Mortgage Obligations ("CMOs") are debt obligations of a legal entity that are collateralized by whole mortgage loans or private mortgage bonds and divided into classes. CMOs are structured into multiple classes, often referred to as "tranches", with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including prepayments. CMOs may be less liquid and may exhibit greater price volatility than other types of mortgage-related or asset-backed securities.

Payment In-Kind Securities may give the issuer the option at each interest payment date of making interest payments in either cash and/ or additional debt securities. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a dirty price) and require a pro rata adjustment from the unrealized appreciation (depreciation) on investments to interest receivable on the Consolidated Statement of Assets and Liabilities.

Perpetual Bonds are fixed income securities with no maturity date but pay a coupon in perpetuity (with no specified ending or maturity date). Unlike typical fixed income securities, there is no obligation for perpetual

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bonds to repay principal. The coupon payments, however, are mandatory. While perpetual bonds have no maturity date, they may have a callable date in which the perpetuity is eliminated and the issuer may return the principal received on the specified call date. Additionally, a perpetual bond may have additional features, such as interest rate increases at periodic dates or an increase as of a predetermined point in the future.

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the "U.S. Treasury"); and others, such as those of the Federal National Mortgage Association ("FNMA" or "Fannie Mae"), are supported by the discretionary authority of the U.S. Government to purchase the agency's obligations. U.S. Government securities may include zero coupon securities which do not distribute interest on a current basis and tend to be subject to a greater risk than interest-paying securities of similar maturities.

Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac"). FNMA is a government-sponsored corporation. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. Government. FHLMC issues Participation Certificates ("PCs"), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

In June 2019, FNMA and FHLMC started issuing Uniform Mortgage Backed Securities in place of their current offerings of TBA-eligible securities (the "Single Security Initiative"). The Single Security Initiative seeks to support the overall liquidity of the TBA market and aligns the characteristics of FNMA and FHLMC certificates. The effects that the Single Security Initiative may have on the market for TBA and other mortgage-backed securities are uncertain.

Roll-timing strategies can be used where the Portfolio seeks to extend the expiration or maturity of a position, such as a TBA security on an underlying asset, by closing out the position before expiration and opening a new position with respect to substantially the same underlying asset with a later expiration date. TBA securities purchased or sold are reflected on the Consolidated Statement of Assets and Liabilities as an asset or liability, respectively. Recently finalized FINRA rules include mandatory margin requirements for the TBA market that requires the Portfolio to post collateral in connection with its TBA transactions. There is no similar requirement applicable to the Portfolio's TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the Portfolio and impose added operational complexity.

When-Issued Transactions are purchases or sales made on a when-issued basis. These transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Transactions to purchase or sell securities on a when-issued basis involve a commitment by the Portfolio to purchase or sell these securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. The Portfolio may sell when-issued securities before they are delivered, which may result in a realized gain (loss).

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Portfolio (and where applicable, certain Acquired Funds and Underlying PIMCO Funds) may enter into the borrowings and other financing transactions described below to the extent permitted by the Portfolio's investment policies.

The following disclosures contain information on the Portfolio's ability to lend or borrow cash or securities to the extent permitted under the Act, which may be viewed as borrowing or financing transactions by the Portfolio. The location of these instruments in the Portfolio's financial statements is described below.

(a) Repurchase Agreements Under the terms of a typical repurchase agreement, the Portfolio purchases an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and the Portfolio to resell, the obligation at an agreed-upon price and time. In an open maturity repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Portfolio or counterparty at any time. The underlying securities for all repurchase agreements are held by the Portfolio's custodian or designated subcustodians under tri-party repurchase agreements and in certain instances will remain in custody with the counterparty. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements,

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if any, including accrued interest, are included on the Consolidated Statement of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Consolidated Statement of Operations. In periods of increased demand for collateral, the Portfolio may pay a fee for the receipt of collateral, which may result in interest expense to the Portfolio.

(b) Reverse Repurchase Agreements In a reverse repurchase agreement, the Portfolio delivers a security in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed upon price and date. In an open maturity reverse repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Portfolio or counterparty at any time. The Portfolio is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. Cash received in exchange for securities delivered plus accrued interest payments to be made by the Portfolio to counterparties are reflected as a liability on the Consolidated Statement of Assets and Liabilities. Interest payments made by the Portfolio to counterparties are recorded as a component of interest expense on the Consolidated Statement of Operations. In periods of increased demand for the security, the Portfolio may receive a fee for use of the security by the counterparty, which may result in interest income to the Portfolio. The Portfolio will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under reverse repurchase agreements.

(c) Sale-Buybacks A sale-buyback financing transaction consists of a sale of a security by the Portfolio to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. The Portfolio is not entitled to receive principal and interest payments, if any, made on the security sold to the counterparty during the term of the agreement. The agreed-upon proceeds for securities to be repurchased by the Portfolio are reflected as a liability on the Consolidated Statement of Assets and Liabilities. The Portfolio will recognize net income represented by the price differential between the price received for the transferred security and the agreed-upon repurchase price. This is commonly referred to as the 'price drop.' A price drop consists of (i) the foregone interest and inflationary income adjustments, if any, the Portfolio would have otherwise received had the security not been sold and (ii) the negotiated financing terms between the Portfolio and counterparty. Foregone interest and inflationary income adjustments, if any, are recorded as components of interest income on the Consolidated Statement of Operations. Interest payments based upon negotiated financing terms made by the Portfolio to counterparties are recorded

as a component of interest expense on the Consolidated Statement of Operations. In periods of increased demand for the security, the Portfolio may receive a fee for use of the security by the counterparty, which may result in interest income to the Portfolio. The Portfolio will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under sale-buyback transactions.

(d) Short Sales Short sales are transactions in which the Portfolio sells a security that it may not own. The Portfolio may make short sales of securities to (i) offset potential declines in long positions in similar securities, (ii) to increase the flexibility of the Portfolio, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When the Portfolio engages in a short sale, it may borrow the security sold short and deliver it to the counterparty. The Portfolio will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Consolidated Statement of Assets and Liabilities. Short sales expose the Portfolio to the risk that it will be required to cover its short position at a time when the security or other asset has appreciated in value, thus resulting in losses to the Portfolio. A short sale is "against the box" if the Portfolio holds in its portfolio or has the right to acquire the security sold short, or securities identical to the security sold short, at no additional cost. The Portfolio will be subject to additional risks to the extent that it engages in short sales that are not "against the box." The Portfolio's loss on a short sale could theoretically be unlimited in cases where the Portfolio is unable, for whatever reason, to close out its short position.

(e) Interfund Lending In accordance with an exemptive order (the "Order") from the SEC, each Portfolio of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Portfolio's investment policies and restrictions. Each Portfolio is currently permitted to borrow under the Interfund Lending Program. A lending portfolio may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing portfolio through the Interfund Lending Program. A borrowing portfolio may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the portfolio's investment restrictions). If a borrowing portfolio's total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans

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will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending portfolio and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended December 31, 2022, the Portfolio did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

The Portfolio (and where applicable, certain Acquired Funds and Underlying PIMCO Funds) may enter into the financial derivative instruments described below to the extent permitted by the Portfolio's investment policies.

The following disclosures contain information on how and why the Portfolio uses financial derivative instruments, and how financial derivative instruments affect the Portfolio's financial position, results of operations and cash flows. The location and fair value amounts of these instruments on the Consolidated Statement of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Consolidated Statement of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table in the Notes to Consolidated Schedule of Investments. The financial derivative instruments outstanding as of period end and the amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Consolidated Schedule of Investments, serve as indicators of the volume of financial derivative activity for the Portfolio.

(a) Forward Foreign Currency Contracts may be engaged, in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of the Portfolio's securities or as part of an investment strategy. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked to market daily, and the change in value is recorded by the Portfolio as an unrealized gain (loss). Realized gains (losses) are equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed and are recorded upon delivery or receipt of the currency. These contracts may involve market risk in excess of the unrealized gain (loss) reflected on the Consolidated Statement of Assets and Liabilities. In addition, the Portfolio could be exposed to risk if the counterparties are unable to meet the terms of

the contracts or if the value of the currency changes unfavorably to the U.S. dollar. To mitigate such risk, cash or securities may be exchanged as collateral pursuant to the terms of the underlying contracts.

(b) Futures Contracts are agreements to buy or sell a security or other asset for a set price on a future date and are traded on an exchange. The Portfolio may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by the Portfolio and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Portfolio is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by the Portfolio ("Futures Variation Margin"). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Consolidated Statement of Assets and Liabilities. Gains (losses) are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the Futures Variation Margin included within exchange traded or centrally cleared financial derivative instruments on the Consolidated Statement of Assets and Liabilities.

(c) Options Contracts may be written or purchased to enhance returns or to hedge an existing position or future investment. The Portfolio may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase the Portfolio's exposure to the underlying instrument. Writing call options tends to decrease the Portfolio's exposure to the underlying instrument. When the Portfolio writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. These amounts are included on the Consolidated Statement of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The Portfolio as a writer of an option has no control over whether the underlying instrument may be sold ("call") or purchased ("put") and as a result bears the market risk of

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an unfavorable change in the price of the instrument underlying the written option. There is the risk the Portfolio may not be able to enter into a closing transaction because of an illiquid market.

Purchasing call options tends to increase the Portfolio's exposure to the underlying instrument. Purchasing put options tends to decrease the Portfolio's exposure to the underlying instrument. The Portfolio pays a premium which is included as an asset on the Consolidated Statement of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed.

Foreign Currency Options may be written or purchased to be used as a short or long hedge against possible variations in foreign exchange rates or to gain exposure to foreign currencies.

Inflation-Capped Options may be written or purchased to enhance returns or for hedging opportunities. The purpose of purchasing inflation-capped options is to protect the Portfolio from inflation erosion above a certain rate on a given notional exposure. A floor can be used to give downside protection to investments in inflation-linked products.

Interest Rate Swaptions may be written or purchased to enter into a pre-defined swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, by some specified date in the future. The writer of the swaption becomes the counterparty to the swap if the buyer exercises. The interest rate swaption agreement will specify whether the buyer of the swaption will be a fixed-rate receiver or a fixed-rate payer upon exercise.

Options on Exchange-Traded Futures Contracts ("Futures Option") may be written or purchased to hedge an existing position or future investment, for speculative purposes or to manage exposure to market movements. A Futures Option is an option contract in which the underlying instrument is a single futures contract.

Options on Securities may be written or purchased to enhance returns or to hedge an existing position or future investment. An option on a security uses a specified security as the underlying instrument for the option contract.

(d) Swap Agreements are bilaterally negotiated agreements between the Portfolio and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the over the counter market ("OTC swaps") or may be cleared through a third party, known as a central counterparty or derivatives clearing organization ("Centrally Cleared Swaps"). The Portfolio may enter into asset, credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Consolidated Statement of Operations. Daily changes in valuation of centrally cleared swaps ("Swap Variation Margin"), if any, are disclosed within centrally cleared financial derivative instruments on the Consolidated Statement of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Consolidated Statement of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Consolidated Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Consolidated Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain (loss) on the Consolidated Statement of Operations.

For purposes of applying certain of the Portfolio's investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by the Portfolio at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of the Portfolio's investment policies and restrictions, the Portfolio will value the credit default swap at its notional value or its full exposure value (*i.e.*, the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value

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for purposes of applying certain of the Portfolio's other investment policies and restrictions. For example, the Portfolio may value credit default swaps at full exposure value for purposes of the Portfolio's credit quality guidelines (if any) because such value in general better reflects the Portfolio's actual economic exposure during the term of the credit default swap agreement. As a result, the Portfolio may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in the Portfolio's prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether the Portfolio is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by the Portfolio for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the amounts recognized on the Consolidated Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates or the values of the asset upon which the swap is based.

The Portfolio's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive. The risk may be mitigated by having a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral to the Portfolio to cover the Portfolio's exposure to the counterparty.

To the extent the Portfolio has a policy to limit the net amount owed to or to be received from a single counterparty under existing swap agreements, such limitation only applies to counterparties to OTC swaps and does not apply to centrally cleared swaps where the counterparty is a central counterparty or derivatives clearing organization.

Commodity Forward Swap Agreements ("Commodity Forwards") are entered into to gain or mitigate exposure to the underlying referenced commodity. Commodity Forwards involve commitments between two parties where cash flows are exchanged at a future date based on the difference between a fixed and variable price with respect to the number of units of the commodity. At the maturity date, a net cash flow is exchanged, where the payoff amount is equivalent to the difference between the fixed and variable price of the underlying commodity multiplied by the number of units. To the extent the

difference between the fixed and variable price of the underlying referenced commodity exceeds or falls short of the offsetting payment obligation, the Portfolio will receive a payment from or make a payment to the counterparty.

Credit Default Swap Agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues are entered into to provide a measure of protection against defaults of the issuers (*i.e.*, to reduce risk where the Portfolio owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer's default. Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event that the referenced entity, obligation or index, as specified in the swap agreement, undergoes a certain credit event. As a seller of protection on credit default swap agreements, the Portfolio will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, the Portfolio would effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the notional amount of the swap.

If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection's right to choose the deliverable obligation with the lowest value following a credit event).

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Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name's weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index. Credit default swaps on credit indices may be used to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indices are instruments for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues as of period end, if any, are disclosed in the Notes to Consolidated Schedule of Investments. They serve as an indicator of the current status of payment/performance risk and represent the likelihood or risk of default for the reference entity. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. For credit default swap agreements on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that the Portfolio as a seller of protection could be required to make under a

credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of period end for which the Portfolio is the seller of protection are disclosed in the Notes to Consolidated Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Portfolio for the same referenced entity or entities.

Interest Rate Swap Agreements may be entered into to help hedge against interest rate risk exposure and to maintain the Portfolio's ability to generate income at prevailing market rates. The value of the fixed rate bonds that the Portfolio holds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by the Portfolio with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap," (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor," (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.

Total Return Swap Agreements are entered into to gain or mitigate exposure to the underlying reference asset. Total return swap agreements involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset and on a fixed or variable interest rate. Total return swap agreements may involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific underlying reference asset, which may include a single security, a basket of securities, or an index, and in return receives a fixed or variable rate. At the maturity date, a net cash flow is exchanged where

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the total return is equivalent to the return of the underlying reference asset less a financing rate, if any. As a receiver, the Portfolio would receive payments based on any net positive total return and would owe payments in the event of a net negative total return. As the payer, the Portfolio would owe payments on any net positive total return, and would receive payments in the event of a net negative total return.

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in the Portfolio, which could adversely affect its net asset value, yield and total return, are listed below. The principal risks of investing in the Portfolio include risks from direct investments and/or for certain Portfolios that invest in Acquired Funds or Underlying PIMCO Funds, indirect exposure through investment in such Acquired Funds or Underlying PIMCO Funds. Please see "Description of Principal Risks" in the Portfolio's prospectus for a more detailed description of the risks of investing in the Portfolio.

Allocation Risk is the risk that a Portfolio could lose money as a result of less than optimal or poor asset allocation decisions. The Portfolio could miss attractive investment opportunities by underweighting markets that subsequently experience significant returns and could lose value by overweighting markets that subsequently experience significant declines.

Acquired Fund Risk is the risk that a Portfolio's performance is closely related to the risks associated with the securities and other investments held by the Acquired Funds and that the ability of a Portfolio to achieve its investment objective will depend upon the ability of the Acquired Funds to achieve their investment objectives. In addition, a Portfolio's performance will be reduced by the Portfolio's proportionate amount of the expenses of any Acquired Funds in which it invests.

Interest Rate Risk is the risk that fixed income securities will decline in value because of an increase in interest rates; a portfolio with a longer average portfolio duration will be more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

Call Risk is the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their maturity for a number of reasons (e.g., declining interest rates, changes in credit spreads and improvements in the issuer's credit quality). If an issuer calls a security that the Portfolio has invested in, the Portfolio may not recoup the full amount of its initial investment and may be forced to reinvest in lower- yielding securities, securities with greater credit risks or securities with other, less favorable features.

Credit Risk is the risk that the Portfolio could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a

derivative contract, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations.

High Yield Risk is the risk that high yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") are subject to greater levels of credit, call and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments, and may be more volatile than higher-rated securities of similar maturity.

Distressed Company Risk is the risk that securities of distressed companies may be subject to greater levels of credit, issuer and liquidity risk than a portfolio that does not invest in such securities. Securities of distressed companies include both debt and equity securities. Debt securities of distressed companies are considered predominantly speculative with respect to the issuers' continuing ability to make principal and interest payments.

Market Risk is the risk that the value of securities owned by the Portfolio may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries.

Issuer Risk is the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services.

Liquidity Risk is the risk that a particular investment may be difficult to purchase or sell and that the Portfolio may be unable to sell illiquid investments at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity.

Derivatives Risk is the risk of investing in derivative instruments (such as forwards, futures, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks and valuation complexity. Changes in the value of a derivative or other similar investment may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and the Portfolio could lose more than the initial amount invested. Changes in the value of a derivative or other similar instrument may also create margin delivery or settlement payment obligations for the Portfolio. The Portfolio's use of derivatives or other

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similar investments may result in losses to the Portfolio, a reduction in the Portfolio's returns and/or increased volatility. Over- the-counter ("OTC") derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for OTC derivatives or other similar investments. The primary credit risk on derivatives that are exchange-traded or traded through a central clearing counterparty, resides with the Portfolio's clearing broker or the clearinghouse. Changes in regulation relating to a registered fund's use of derivatives and related instruments could potentially limit or impact the Portfolio's ability to invest in derivatives, limit the Portfolio's ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and the Portfolio's performance.

Commodity Risk is the risk that investing in commodity-linked derivative instruments may subject the Portfolio to greater volatility than investments in traditional securities. The value of commodity- linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, public health emergencies, embargoes, tariffs and international economic, political and regulatory developments.

Equity Risk is the risk that the value of equity securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity securities generally have greater price volatility than fixed income securities.

Mortgage-Related and Other Asset-Backed Securities Risk is the risk of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk.

Foreign (Non-U.S.) Investment Risk is the risk that investing in foreign (non-U.S.) securities may result in the Portfolio experiencing more rapid and extreme changes in value than a portfolio that invests exclusively in securities of U.S. companies, due to smaller markets, differing reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, or political changes, diplomatic developments or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.

Real Estate Risk is the risk that the Portfolio's investments in Real Estate Investment Trusts ("REITs") or real estate-linked derivative instruments will subject the Portfolio to risks similar to those associated with direct ownership of real estate, including losses from casualty or condemnation, and changes in local and general economic conditions, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes and operating expenses. A Portfolio's investments in REITs or real estate-linked derivative instruments subject it to management and tax risks. In addition, privately traded REITs subject a Portfolio to liquidity and valuation risk.

Emerging Markets Risk is the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk.

Sovereign Debt Risk is the risk that investments in fixed income instruments issued by sovereign entities may decline in value as a result of default or other adverse credit event resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion.

Currency Risk is the risk that foreign (non-U.S.) currencies will change in value relative to the U.S. dollar and affect the Portfolio's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies.

Leveraging Risk is the risk that certain transactions of the Portfolio, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing the Portfolio to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss.

Smaller Company Risk is the risk that the value of securities issued by a smaller company may go up or down, sometimes rapidly and unpredictably as compared to more widely held securities, due to narrow markets and limited resources of smaller companies. A Portfolio's investments in smaller companies subject it to greater levels of credit, market and issuer risk.

Management Risk is the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio managers in connection with managing the Portfolio and may cause PIMCO to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of the Portfolio will be achieved.

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Tax Risk is the risk that the tax treatment of swap agreements and other derivative instruments, such as commodity-linked derivative instruments, including commodity index-linked notes, swap agreements, commodity options, futures, and options on futures, may be affected by future regulatory or legislative changes that could affect whether income from such investments is "qualifying income" under Subchapter M of the Internal Revenue Code, or otherwise affect the character, timing and/or amount of the Portfolio's taxable income or gains and distributions.

Subsidiary Risk is the risk that, by investing in the GMAA Subsidiary, the Portfolio is indirectly exposed to the risks associated with the GMAA Subsidiary's investments. The GMAA Subsidiary is not registered under the Act and may not be subject to all the investor protections of the Act. There is no guarantee that the investment objective of the GMAA Subsidiary will be achieved.

Short Exposure Risk is the risk of entering into short sales or other short positions, including the potential loss of more money than the actual cost of the investment, and the risk that the third party to the short sale or other short position will not fulfill its contractual obligations, causing a loss to the Portfolio.

Value Investing Risk is the risk that a value stock may decrease in price or may not increase in price as anticipated by PIMCO if it continues to be undervalued by the market or the factors that the portfolio manager believes will cause the stock price to increase do not occur.

Convertible Securities Risk is the risk that arises when convertible securities share both fixed income and equity characteristics. Convertible securities are subject to risks to which fixed income and equity investments are subject. These risks include equity risk, interest rate risk and credit risk.

Exchange-Traded Fund Risk is the risk that an exchange-traded fund may not track the performance of the index it is designed to track, among other reasons, because of exchange rules, market prices of shares of an exchange-traded fund may fluctuate rapidly and materially, or shares of an exchange-traded fund may trade significantly above or below net asset value, any of which may cause losses to the Portfolio invested in the exchange-traded fund.

LIBOR Transition Risk is the risk related to the anticipated discontinuation of the London Interbank Offered Rate ("LIBOR"). Certain instruments held by the Portfolio rely in some fashion upon LIBOR. Although the transition process away from LIBOR has become increasingly well-defined in advance of the anticipated discontinuation date, there remains uncertainty regarding the nature of any replacement rate, and any potential effects of the transition away from LIBOR on the

Portfolio or on certain instruments in which the Portfolio invests can be difficult to ascertain. The transition process may involve, among other things, increased volatility or illiquidity in markets for instruments that currently rely on LIBOR and may result in a reduction in the value of certain instruments held by the Portfolio.

(b) Other Risks

In general, the Portfolio may be subject to additional risks, including, but not limited to, risks related to government regulation and intervention in financial markets, operational risks, risks associated with financial, economic and global market disruptions, and cyber security risks. Please see the Portfolio's prospectus and Statement of Additional Information for a more detailed description of the risks of investing in the Portfolio. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments that may impact the Portfolio's performance.

Market Disruption Risk The Portfolio is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets and cause the Portfolio to lose value. These events can also impair the technology and other operational systems upon which the Portfolio's service providers, including PIMCO as the Portfolio's investment adviser, rely, and could otherwise disrupt the Portfolio's service providers' ability to fulfill their obligations to the Portfolio. For example, the recent spread of an infectious respiratory illness caused by a novel strain of coronavirus (known as COVID-19) has caused volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities the Portfolio holds, and may adversely affect the Portfolio's investments and operations. Please see the Important Information section for additional discussion of the COVID-19 pandemic.

Government Intervention in Financial Markets Federal, state, and other governments, their regulatory agencies, or self-regulatory organizations may take actions that affect the regulation of the instruments in which the Portfolio invests, or the issuers of such instruments, in ways that are unforeseeable. Legislation or regulation may also change the way in which the Portfolio itself is regulated. Such legislation or regulation could limit or preclude the Portfolio's ability to achieve its investment objective. Furthermore, volatile financial markets can expose the Portfolio to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Portfolio. The value of the Portfolio's holdings is also generally subject to the risk of future local, national, or global economic disturbances based on

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| **Notes to Financial Statements** | **(Cont.)** |

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unknown weaknesses in the markets in which the Portfolio invests. In addition, it is not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.

Regulatory Risk Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/or intervention may change the way the Portfolio is regulated, affect the expenses incurred directly by the Portfolio and the value of its investments, and limit and/or preclude the Portfolio's ability to achieve its investment objective. Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects.

Operational Risk An investment in the Portfolio, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Portfolio. While the Portfolio seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Portfolio.

Cyber Security Risk As the use of technology has become more prevalent in the course of business, the Portfolio has become potentially more susceptible to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional cyber events that may, among other things, cause the Portfolio to lose proprietary information, suffer data corruption and/or destruction or lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Cyber security failures or breaches may result in financial losses to the Portfolio and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with the Portfolio's ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any

cyber incidents in the future. There is also a risk that cyber security breaches may not be detected. The Portfolio and its shareholders may suffer losses as a result of a cyber security breach related to the Portfolio, its service providers, trading counterparties or the issuers in which the Portfolio invests.

8. MASTER NETTING ARRANGEMENTS

The Portfolio may be subject to various netting arrangements ("Master Agreements") with select counterparties. Master Agreements govern the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow the Portfolio to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes the Consolidated Statement of Assets and Liabilities generally presents derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Consolidated Statement of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Consolidated Statement of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. The Portfolio's overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively "Master Repo Agreements") govern repurchase, reverse repurchase, and certain sale-buyback

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transactions between the Portfolio and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default, and maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Consolidated Schedule of Investments.

Master Securities Forward Transaction Agreements ("Master Forward Agreements") govern certain forward settling transactions, such as TBA securities, delayed-delivery or certain sale-buyback transactions by and between the Portfolio and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Consolidated Schedule of Investments.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant ("FCM") registered with the Commodity Futures Trading Commission. In the United States, counterparty risk may be reduced as creditors of an FCM cannot have a claim to Portfolio assets in the segregated account. Portability of exposure reduces risk to the Portfolio. Variation margin, which reflects changes in market value, is generally exchanged daily, but may not be netted between futures and cleared OTC derivatives unless the parties have agreed to a separate arrangement in respect of portfolio margining. The market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin as of period end are disclosed in the Notes to Consolidated Schedule of Investments.

Prime Broker Arrangements may be entered into to facilitate execution and/or clearing of listed equity option transactions or short sales of equity securities between the Portfolio and selected counterparties. The arrangements provide guidelines surrounding the rights, obligations, and other events, including, but not limited to, margin, execution, and settlement. These agreements maintain provisions for, among other things, payments, maintenance of collateral, events of default, and termination. Margin and other assets delivered as collateral are typically in the possession of the prime broker and would offset any obligations due to the prime broker. The market values of listed options and securities sold short and related collateral are disclosed in the Notes to Consolidated Schedule of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes ("ISDA Master Agreements") govern bilateral OTC derivative transactions entered into by the Portfolio with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. The ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level or as required by regulation. Similarly, if required by regulation, the Portfolio may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent the Portfolio is required by regulation to post additional collateral beyond coverage of daily exposure, it could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Consolidated Schedule of Investments.

9. FEES AND EXPENSES

(a) Investment Advisory Fee PIMCO is a majority-owned subsidiary of Allianz Asset Management of America LLC ("Allianz Asset Management") and serves as the Adviser to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from the Portfolio at an annual rate based on average daily net assets (the "Investment Advisory Fee"). The Investment Advisory Fee for all classes is charged at an annual rate as noted in the table in note (b) below.

(b) Supervisory and Administrative Fee PIMCO serves as administrator (the "Administrator") and provides supervisory and administrative services to the Trust for which it receives a monthly supervisory and administrative fee based on each share class's average daily net assets (the "Supervisory and Administrative Fee"). As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs.

The Investment Advisory Fee and Supervisory and Administrative Fees for all classes, as applicable, are charged at the annual rate as noted in the following table (calculated as a percentage of the Portfolio's average daily net assets attributable to each class):

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| | | | |
|:---|:---|:---|:---|
| **Investment Advisory Fee** | **Supervisory and Administrative Fee** | **Supervisory and Administrative Fee** | **Supervisory and Administrative Fee** |
| **All Classes** | **Institutional<br>Class** | **Administrative<br>Class** | **Advisor<br>Class** |
| 0.90% | 0.05% | 0.05% | 0.05% |

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(c) Distribution and Servicing Fees PIMCO Investments LLC, a wholly-owned subsidiary of PIMCO, serves as the distributor ("Distributor") of the Trust's shares.

The Trust has adopted an Administrative Services Plan with respect to the Administrative Class shares of the Portfolio pursuant to Rule 12b-1 under the Act (the "Administrative Plan"). Under the terms of the Administrative Plan, the Trust is permitted to compensate the Distributor, out of the Administrative Class assets of the Portfolio, in an amount up to 0.15% on an annual basis of the average daily net assets of that class, for providing or procuring through financial intermediaries administrative, recordkeeping and investor services for Administrative Class shareholders of the Portfolio.

The Trust has adopted a separate Distribution and Servicing Plan for the Advisor Class shares of the Portfolio (the "Distribution and Servicing Plan"). The Distribution and Servicing Plan has been adopted pursuant to Rule 12b-1 under the Act. The Distribution and Servicing Plan permits the Portfolio to compensate the Distributor for providing or procuring through financial intermediaries, distribution, administrative, recordkeeping, shareholder and/or related services with respect to Advisor Class shares. The Distribution and Servicing Plan permits the Portfolio to make total payments at an annual rate of up to 0.25% of its average daily net assets attributable to its Advisor Class shares.

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| | | |
|:---|:---|:---|
|  | **Distribution Fee** | **Servicing Fee** |
|  **Administrative Class** |  | 0.15% |
|  **Advisor Class** | 0.25% |  |

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(d) Portfolio Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Portfolio, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust's executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Portfolio, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust's Multi-Class Plan adopted pursuant

to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual portfolio operating expenses per share class.

The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates.

(e) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has agreed, through May 1, 2023, to waive a portion of the Portfolio's Supervisory and Administrative Fee, or reimburse the Portfolio, to the extent that the Portfolio's organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata share of Trustee Fees exceed 0.0049%, the "Expense Limit" (calculated as a percentage of the Portfolio's average daily net assets attributable to each class). The Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. The waiver, if any, is reflected on the Consolidated Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO. For the period ended December 31, 2022, there were no waivers.

In any month in which the supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by the Portfolio of any portion of the supervisory and administrative fee waived or reimbursed as set forth above (the "Reimbursement Amount") within thirty-six months of the time of the waiver, provided that such amount paid to PIMCO will not: i) together with any organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee fees, exceed, for such month, the Expense Limit (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit); ii) exceed the total Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. At December 31, 2022, there were no recoverable amounts.

(f) Acquired Fund Fees and Expenses Acquired Fund expenses incurred by the Portfolio, if any, will vary with changes in the expenses of the Underlying PIMCO Funds, as well as the allocation of the Portfolio's assets.

The expenses associated with investing in a fund of funds are generally higher than those for mutual funds that do not invest in other mutual funds. The cost of investing in a fund of funds will generally be higher than the cost of investing in a mutual fund that invests directly in individual stocks and bonds. By investing in a fund of funds, an investor will indirectly bear fees and expenses charged by Acquired Funds in addition to the Portfolio's direct fees and expenses. In addition, the use

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of a fund of funds structure could affect the timing, amount and character of distributions to the shareholders and may therefore increase the amount of taxes payable by shareholders. The Portfolio also indirectly pays its proportionate share of the Investment Advisory Fees, Supervisory and Administrative Fees and Management Fees charged by PIMCO to the Underlying PIMCO Funds and, to the extent not included among the Underlying PIMCO Funds, funds of PIMCO ETF Trust in which the Portfolio invests (collectively, "Underlying PIMCO Fund Fees").

PIMCO has contractually agreed, through May 1, 2023, to waive, first, the Investment Advisory Fee and, second, to the extent necessary, the Supervisory and Administrative Fee it receives from the Portfolio in an amount equal to the Underlying PIMCO Fund Fees indirectly incurred by the Portfolio in connection with its investments in Underlying PIMCO Funds, up to a maximum waived amount that is equal to the Portfolio's aggregate Investment Advisory Fee and Supervisory and Administrative Fee. This waiver will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. The waiver is reflected on the Consolidated Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO. For the period ended December 31, 2022, the amount was $304,709.

PIMCO Cayman Commodity Portfolio II, Ltd. (the "Commodity Subsidiary"), has entered into a separate contract with PIMCO for the management of the Commodity Subsidiary's portfolio pursuant to which the Commodity Subsidiary pays PIMCO a management fee and an administrative services fee at the annual rates of 0.49% and 0.20%, respectively, of its net assets. PIMCO has contractually agreed to waive the Portfolio's Investment Advisory Fee and the Supervisory and Administrative Fee in an amount equal to the management fee and administrative services fee, respectively, paid by the Commodity Subsidiary to PIMCO. This waiver may not be terminated by PIMCO and will remain in effect for as long as PIMCO's contract with the Commodity Subsidiary is in place. The waiver is reflected on the Consolidated Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO. For the period ended December 31, 2022, the amount was $228,788. See Note 14, Basis for Consolidation in the Notes to Financial Statements for more information regarding the Commodity Subsidiary.

10. RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties. Fees paid to these parties are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Consolidated Statement of Assets and Liabilities.

The Portfolio is permitted to purchase or sell securities from or to certain related affiliated portfolios under specified conditions outlined

in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Portfolio from or to another fund or portfolio that are, or could be, considered an affiliate, or an affiliate of an affiliate, by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with applicable SEC rule and interpretations under the Act. Further, as defined under the procedures, each transaction is effected at the current market price. Purchases and sales of securities pursuant to applicable SEC rule and interpretations under the Act for the period ended December 31, 2022, were as follows (amounts in thousands<sup>†</sup>):

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| | | |
|:---|:---|:---|
| **Purchases** | **Sales** | **Realized<br>Gain/(Loss)** |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2967 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(172) |

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|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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11. GUARANTEES AND INDEMNIFICATIONS

Under the Trust's organizational documents, each Trustee, officer, employee or other agent of the Trust (including the Trust's investment manager) is indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Portfolio. Additionally, in the normal course of business, the Portfolio enters into contracts that contain a variety of indemnification clauses. The Portfolio's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred. However, the Portfolio has not had prior claims or losses pursuant to these contracts.

12. PURCHASES AND SALES OF SECURITIES

The length of time the Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by the Portfolio is known as "portfolio turnover." The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective(s), particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by the Portfolio. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates when distributed to shareholders). The transaction costs associated with portfolio turnover may adversely affect the Portfolio's performance. The portfolio turnover rates are reported in the Financial Highlights.

Purchases and sales of securities (excluding short-term investments) for the period ended December 31, 2022, were as follows (amounts in thousands<sup>†</sup>):

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| | | | |
|:---|:---|:---|:---|
| **U.S. Government/Agency** | **U.S. Government/Agency** | **All Other** | **All Other** |
| **Purchases** | **Sales** | **Purchases** | **Sales** |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668114 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72893 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161768 |

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|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **47** |

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| **Notes to Financial Statements** | **(Cont.)** |

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13. SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with a $0.001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands<sup>†</sup>):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended<br>12/31/2022** | **Year Ended<br>12/31/2022** | **Year Ended<br>12/31/2021** | **Year Ended<br>12/31/2021** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Receipts for shares sold** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 6 | $69 | 11 | $145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 341 | 3004 | 34 | 437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 1332 | 12261 | 320 | 4202 |
|  **Issued as reinvestment of distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 28 | 253 | 14 | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 48 | 433 | 1493 | 18619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 7828 | 70315 | 4679 | 58713 |
|  **Cost of shares redeemed** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (3) | (33) | (4) | (45) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (101) | (1003) | (12557) | (154106) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (5095) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49786) | (5326) | (69086) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | 4384 | $35513 | (11336) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(140951) |

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|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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As of December 31, 2022, one shareholder owned 10% or more of the Portfolio's total outstanding shares comprising 84% of the Portfolio.

14. BASIS FOR CONSOLIDATION

The Commodity Subsidiary, a Cayman Islands exempted company, was incorporated on November 21, 2008, as a wholly owned subsidiary acting as an investment vehicle for the Portfolio in order to effect certain investments for the Portfolio consistent with the Portfolio's investment objectives and policies as specified in its prospectus and statement of additional information. The Portfolio's investment portfolio has been consolidated and includes the portfolio holdings of the Portfolio and the Commodity Subsidiary. The consolidated financial statements include the accounts of the Portfolio and the Commodity Subsidiary. All inter-company transactions and balances have been eliminated. A subscription agreement was entered into between the Portfolio and the Commodity Subsidiary, comprising the entire issued share capital of the Commodity Subsidiary, with the intent that the Portfolio will remain the sole shareholder and retain all rights. Under the Memorandum and Articles of Association, shares issued by the Commodity Subsidiary confer upon a shareholder the right to receive notice of, to attend and to vote at general meetings of the Commodity Subsidiary and shall confer upon the shareholder rights in a winding-up or repayment of capital and the right to participate in the profits or assets of the Commodity Subsidiary. The net assets of the Commodity Subsidiary as of period end represented 10.2% of the Portfolio's consolidated net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

15. REGULATORY AND LITIGATION MATTERS

The Portfolio is not named as a defendant in any material litigation or arbitration proceedings and is not aware of any material litigation or claim pending or threatened against it.

On May 17, 2022, Allianz Global Investors U.S. LLC ("AGI U.S.") pleaded guilty in connection with the proceeding United States of America v. Allianz Global Investors U.S. LLC. AGI U.S. is an indirect subsidiary of Allianz SE. The conduct resulting in the matter described above occurred entirely within AGI U.S. and did not involve PIMCO or the Distributor, or any personnel of PIMCO or the Distributor. Nevertheless, because of the disqualifying conduct of AGI U.S., their affiliate, PIMCO would have been disqualified from serving as the investment adviser, and the Distributor would have been disqualified from serving as the principal underwriter, to the Portfolio in the absence of SEC exemptive relief. PIMCO and the Distributor have received exemptive relief from the SEC to permit them to continue serving as investment adviser and principal underwriter for U.S. registered investment companies, including the Portfolio.

The foregoing speaks only as of the date of this report.

16. FEDERAL INCOME TAX MATTERS

The Portfolio intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (the "Code") and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

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The Portfolio may be subject to local withholding taxes, including those imposed on realized capital gains. Any applicable foreign capital gains tax is accrued daily based upon net unrealized gains, and may be payable following the sale of any applicable investments.

In accordance with U.S. GAAP, the Adviser has reviewed the Portfolio's tax positions for all open tax years. As of December 31, 2022, the Portfolio has recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions it has taken or expects to take in future tax returns.

The Portfolio files U.S. federal, state, and local tax returns as required. The Portfolio's tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

The Portfolio may gain exposure to the commodities markets primarily through investments in swap agreements, futures and options.

The Portfolio may also gain exposure indirectly to commodity markets by investing in the Commodity Subsidiary, which may invest without limit in commodity-linked swap agreements and other commodity-linked derivative instruments.

One of the requirements for favorable tax treatment as a regulated investment company under the Code is that the Portfolio must derive at least 90% of its gross income from certain qualifying sources of income. The Internal Revenue Service ("IRS") has issued a revenue ruling which holds that income derived from commodity index-linked derivatives, if earned directly by the Portfolio, is not qualifying income under Subchapter M of the Code. The IRS has issued private letter rulings in which the IRS specifically concluded that income derived from an investment in a subsidiary that provides commodity-linked exposure through its investments will be qualifying income. Based on the reasoning in such rulings, the Portfolio will continue to seek to gain exposure to the commodity markets primarily through investments in the Commodity Subsidiary and perhaps through commodity-linked notes.

It should be noted, however, that the IRS currently has ceased the issuance of such rulings. In addition, the IRS also issued a revenue procedure, which states that the IRS will not in the future issue private letter rulings that would require a determination of whether an asset

(such as a commodity index-linked note) is a "security" under the Act. The IRS issued in September 2016 proposed regulations that would have generally treated the Portfolio's income inclusion (under Subpart F of the Code) with respect to the Commodity Subsidiary as qualifying income only if there were a distribution during the same taxable year out of the earnings and profits of the Commodity Subsidiary attributable to such income inclusion. In March 2019, the IRS issued final regulations (so modifying the proposed regulations) providing that (i) it will not rule on the determination of whether a financial instrument or position is a security under the Act; (ii) any earnings and profits paid out in the same taxable year as earned by a controlled foreign corporation to the Portfolio is treated as qualifying dividends; and (iii) that income inclusion by the Portfolio of its Commodity Subsidiary's earnings would be treated as other qualifying income if derived with respect to the Portfolio's business of investing in stock, securities, or currencies.

There can be no assurance that the IRS will not change its position that income derived from commodity-linked notes and wholly-owned subsidiaries is qualifying income. Furthermore, the tax treatment of commodity-linked notes, other commodity-linked derivatives, and the Portfolio's investments in the Commodity Subsidiary may otherwise be adversely affected by future legislation, court decisions, Treasury Regulations and/or guidance issued by the IRS. Such developments could affect the character, timing and/or amount of the Portfolio's taxable income or any distributions made by the Portfolio or result in the inability of the Portfolio to operate as described in its prospectus.

If, during a taxable year, the Commodity Subsidiary's taxable losses (and other deductible items) exceed its income and gains, the net loss will not pass through to the Portfolio as a deductible amount for income tax purposes. In the event the Commodity Subsidiary's taxable gains exceed its losses and other deductible items during a taxable year, the net gain will pass through to the Portfolio as ordinary income for Federal income tax purposes.

Shares of the Portfolio currently are sold to segregated asset accounts ("Separate Accounts") of insurance companies that fund variable annuity contracts and variable life insurance policies ("Variable Contracts"). Please refer to the prospectus for the Separate Account and Variable Contract for information regarding Federal income tax treatment of distributions to the Separate Account.

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **49** |

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| **Notes to Financial Statements** | **(Cont.)** | December 31, 2022 |

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As of December 31, 2022, the components of distributable taxable earnings are as follows (amounts in thousands<sup>†</sup>):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed<br>Ordinary<br>Income<sup>(1)</sup>** | **Undistributed<br>Long-Term<br>Capital Gains** | **Net Tax Basis<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup>** | **Other<br>Book-to-Tax<br>Accounting<br>Differences <sup>(3)</sup>** | **Accumulated<br>Capital<br>Losses<sup>(4)</sup>** | **Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Capital<sup>(5)</sup>** | **Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Ordinary<sup>(6)</sup>** | **Total<br>Components of<br>Distributable<br>Earnings** |
|  PIMCO Global Managed Asset Allocation Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;(20266) | $&nbsp;&nbsp;&nbsp;&nbsp;(2) | $&nbsp;&nbsp;&nbsp;&nbsp;(57794) | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;(78062) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(1)</sup> Includes undistributed short-term capital gains, if any.

<sup>(2)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options and forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on swap contracts, interest accrued from defaulted securities, straddle loss deferrals, and controlled foreign corporation (CFC) transactions. 

<sup>(3)</sup> Represents differences in income tax regulations and financial accounting principles generally accepted in the United States of America mainly for organizational expenditures.

<sup>(4)</sup> Capital losses available to offset future net capital gains as shown below.

<sup>(5)</sup> Capital losses realized during the period November 1, 2022 through December 31, 2022 which the Portfolio elected to defer to the following taxable year pursuant to income tax regulations.

<sup>(6)</sup> Specified losses realized during the period November 1, 2022 through December 31, 2022 which the Portfolio elected to defer to the following taxable year pursuant to income tax regulations.

Under the Regulated Investment Company Modernization Act of 2010, the Portfolio is permitted to carry forward any new capital losses for an unlimited period. Additionally, such capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term under previous law.

As of December 31, 2022, the Portfolio had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

---

| | | |
|:---|:---|:---|
|  | **Short-Term** | **Long-Term** |
|  PIMCO Global Managed Asset Allocation Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;26424 | $&nbsp;&nbsp;&nbsp;&nbsp;31370 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

As of December 31, 2022, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal<br>Tax Cost** | **Unrealized<br>Appreciation** | **Unrealized<br>(Depreciation)** | **Net Unrealized<br>Appreciation/<br>(Depreciation)<sup>(7)</sup>** |
|  PIMCO Global Managed Asset Allocation Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;350307 | $&nbsp;&nbsp;&nbsp;&nbsp;16265 | $&nbsp;&nbsp;&nbsp;&nbsp;(36666) | $&nbsp;&nbsp;&nbsp;&nbsp;(20401) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(7)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options and forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on swap contracts, interest accrued from defaulted securities, straddle loss deferrals, and controlled foreign corporation (CFC) transactions. 

For the fiscal years ended December 31, 2022 and December 31, 2021, respectively, the Portfolio made the following tax basis distributions (amounts in thousands<sup>†</sup>):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** |
|  | **Ordinary<br>Income<br>Distributions<sup>(8)</sup>** | **Long-Term<br>Capital Gain<br>Distributions** | **Return of<br>Capital<sup>(9)</sup>** | **Ordinary<br>Income<br>Distributions<sup>(8)</sup>** | **Long-Term<br>Capital Gain<br>Distributions** | **Return of<br>Capital<sup>(9)</sup>** |
|  PIMCO Global Managed Asset Allocation Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;34025 | $&nbsp;&nbsp;&nbsp;&nbsp;31892 | $&nbsp;&nbsp;&nbsp;&nbsp;5084 | $&nbsp;&nbsp;&nbsp;&nbsp;37502 | $&nbsp;&nbsp;&nbsp;&nbsp;40000 | $&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(8)</sup> Includes short-term capital gains distributed, if any.

<sup>(9)</sup> A portion of the distributions made represents a tax return of capital. Return of capital distributions have been reclassified from undistributed net investment income to paid-in capital to more appropriately conform financial accounting to tax accounting.

---

| | |
|:---|:---|
| **50** | **PIMCO VARIABLE INSURANCE TRUST** |

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##### [**Table of Contents**](#toc)
**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of PIMCO Variable Insurance Trust and Shareholders of PIMCO Global Managed Asset Allocation Portfolio

**Opinion on the Financial Statements** 

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of PIMCO Global Managed Asset Allocation Portfolio and its subsidiary (one of the portfolios constituting PIMCO Variable Insurance Trust, hereafter referred to as the "Portfolio") as of December 31, 2022, the related consolidated statement of operations for the year ended December 31, 2022, the consolidated statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights (consolidated) for each of the five years in the period ended December 31, 2022 (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Portfolio as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These consolidated financial statements are the responsibility of the Portfolio's management. Our responsibility is to express an opinion on the Portfolio's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolio in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

February 17, 2023

We have served as the auditor of one or more investment companies in PIMCO Variable Insurance Trust since 1998.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **51** |

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##### [**Table of Contents**](#toc)

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| | | |
|:---|:---|:---|
| **Glossary:** | **(abbreviations that may be used in the preceding statements)** | (Unaudited) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Counterparty Abbreviations:** | **Counterparty Abbreviations:** | | | | |
| **AZD** | Australia and New Zealand Banking Group | **DUB** | Deutsche Bank AG | **MYI** | Morgan Stanley & Co. International PLC |
| **BOA** | Bank of America N.A. | **FICC** | Fixed Income Clearing Corporation | **RBC** | Royal Bank of Canada |
| **BPS** | BNP Paribas S.A. | **GLM** | Goldman Sachs Bank USA | **RYL** | NatWest Markets Plc |
| **BRC** | Barclays Bank PLC | **GST** | Goldman Sachs International | **SAL** | Citigroup Global Markets, Inc. |
| **BSH** | Banco Santander S.A. - New York Branch | **JPM** | JP Morgan Chase Bank N.A. | **SCX** | Standard Chartered Bank, London |
| **CBK** | Citibank N.A. | **MBC** | HSBC Bank Plc | **SSB** | State Street Bank and Trust Co. |
| **CDI** | Natixis Singapore | **MEI** | Merrill Lynch International | **TOR** | The Toronto-Dominion Bank |
| **CLY** | Crédit Agricole Corporate and Investment Bank | **MYC** | Morgan Stanley Capital Services LLC | **UAG** | UBS AG Stamford |
|  **Currency Abbreviations:** | **Currency Abbreviations:** |  |  |  |  |
| **ARS** | Argentine Peso | **EUR** | Euro | **NOK** | Norwegian Krone |
| **AUD** | Australian Dollar | **GBP** | British Pound | **NZD** | New Zealand Dollar |
| **BRL** | Brazilian Real | **HKD** | Hong Kong Dollar | **PEN** | Peruvian New Sol |
| **CAD** | Canadian Dollar | **HUF** | Hungarian Forint | **PLN** | Polish Zloty |
| **CHF** | Swiss Franc | **IDR** | Indonesian Rupiah | **SEK** | Swedish Krona |
| **CLP** | Chilean Peso | **ILS** | Israeli Shekel | **SGD** | Singapore Dollar |
| **CNH** | Chinese Renminbi (Offshore) | **INR** | Indian Rupee | **THB** | Thai Baht |
| **CNY** | Chinese Renminbi (Mainland) | **JPY** | Japanese Yen | **TWD** | Taiwanese Dollar |
| **COP** | Colombian Peso | **KRW** | South Korean Won | **USD (or $)** | United States Dollar |
| **CZK** | Czech Koruna | **MXN** | Mexican Peso | **ZAR** | South African Rand |
| **DKK** | Danish Krone | **MYR** | Malaysian Ringgit |  |  |
|  **Exchange Abbreviations:** | **Exchange Abbreviations:** |  |  |  |  |
| **FTSE** | Financial Times Stock Exchange | **OTC** | Over the Counter |  |  |
|  **Index/Spread Abbreviations:** | **Index/Spread Abbreviations:** |  |  |  |  |
| **CAC** | Cotation Assistée en Continu | **DAX** | Deutscher Aktien Index 30 | **NDDUWI** | MSCI World Index Future |
| **CDX.HY** | Credit Derivatives Index - High Yield | **DWRTFT** | Dow Jones Wilshire REIT Total Return Index | **OMX** | Stockholm 30 Index |
| **CDX.IG** | Credit Derivatives Index - Investment Grade | **FTSE/MIB** | Borsa Italiana's 40 Most Liquid/Capitalized Italian Shares Equity Index | **S&P 500** | Standard & Poor's 500 Index |
| **CMBX** | Commercial Mortgage-Backed Index | **IBEX 35** | Spanish Continuous Exchange Index | **SIBCSORA** | Singapore Overnight Rate Average |
| **CMDSKEWLS** | CBEO SKEW Index is an index derived from the price of S&P 500 tail risk | **IBR** | Indicador Bancario de Referencia | **SONIO** | Sterling Overnight Interbank Average Rate |
| **CNREPOFIX** | China Fixing Repo Rates 7-Day | **JMABFNJ2** | J.P. Morgan Custom Commodity Index | **SPI 200** | Australian Equity Futures Index |
| **CPALEMU** | Euro Area All Items Non-Seasonally Adjusted Index | **JPPMGSHP** | JP Morgan Custom Commodity Index | **SX4T** | EURO STOXX Chemicals Index |
| **CPURNSA** | Consumer Price All Urban Non-Seasonally Adjusted Index | **MUTKCALM** | Tokyo Overnight Average Rate | **TOPIX** | Tokyo Price Index |
|  **Other Abbreviations:** | **Other Abbreviations:** |  |  |  |  |
| **ABS** | Asset-Backed Security | **KLIBOR** | Kuala Lumpur Interbank Offered Rate | **oz.** | Ounce |
| **BBR** | Bank Bill Rate | **KORIBOR** | Korea Interbank Offered Rate | **PIK** | Payment-in-Kind  |
| **BRL-CDI** | Brazil Interbank Deposit Rate | **LIBOR** | London Interbank Offered Rate | **PRIBOR** | Prague Interbank Offered Rate |
| **BTP** | Buoni del Tesoro Poliennali "Long-term Treasury Bond" | **Lunar** | Monthly payment based on 28-day periods. One year consists of 13 periods. | **TBA** | To-Be-Announced  |
| **CHILIBOR** | Chile Interbank Offered Rate | **MIBOR** | Mumbai Interbank Offered Rate | **TELBOR** | Tel Aviv Inter-Bank Offered Rate |
| **CLO** | Collateralized Loan Obligation | **MSCI** | Morgan Stanley Capital International | **THBFIX** | Thai Baht Floating-Rate Fix |
| **DAC** | Designated Activity Company | **OAT** | Obligations Assimilables du Trésor | **TIIE** | Tasa de Interés Interbancaria de Equilibrio "Equilibrium Interbank Interest Rate" |
| **EURIBOR** | Euro Interbank Offered Rate | **OIS** | Overnight Index Swap | **WIBOR** | Warsaw Interbank Offered Rate |
| **JIBAR** | Johannesburg Interbank Agreed Rate |  |  |  |  |

---

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| | |
|:---|:---|
| **52** | **PIMCO VARIABLE INSURANCE TRUST** |

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##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Distribution Information** | (Unaudited) |

---

For purposes of Section 19 of the Investment Company Act of 1940 (the "Act"), the Portfolio estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended December 31, 2022 calculated as of each distribution period pursuant to Section 19 of the Act. The information below is not provided for U.S. federal income tax reporting purposes. The tax character of all dividends and distributions is reported on Form 1099-DIV (for shareholders who receive U.S. federal tax reporting) at the end of each calendar year. See the Financial Highlights section of this report for the tax characterization of distributions determined in accordance with federal income tax regulations for the fiscal year.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PIMCO Global Managed Asset Allocation Portfolio** | **PIMCO Global Managed Asset Allocation Portfolio** | **PIMCO Global Managed Asset Allocation Portfolio** | **PIMCO Global Managed Asset Allocation Portfolio** | **PIMCO Global Managed Asset Allocation Portfolio** |
| **Institutional Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  July 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  August 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  September 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  October 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  November 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  December 2022 | $0.1039 | $0.0000 | $0.0000 | $0.1039 |
| **Administrative Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  July 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  August 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  September 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  October 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  November 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  December 2022 | $0.1011 | $0.0000 | $0.0000 | $0.1011 |
| **Advisor Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  July 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  August 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  September 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  October 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  November 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  December 2022 | $0.0920 | $0.0000 | $0.0000 | $0.0920 |

---

\* The source of dividends provided in the table differs, in some respects, from information presented in this report prepared in accordance with generally accepted accounting principles, or U.S. GAAP. For example, net earnings from certain interest rate swap contracts are included as a source of net investment income for purposes of Section 19(a). Accordingly, the information in the table may differ from information in the accompanying financial statements that are presented on the basis of U.S. GAAP and may differ from tax information presented in the footnotes. Amounts shown may include accumulated, as well as fiscal period net income and net profits. 

\*\* Occurs when a portfolio distributes an amount greater than its accumulated net income and net profits. Amounts are not reflective of a portfolio's net income, yield, earnings or investment performance. 

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **53** |

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##### [**Table of Contents**](#toc)

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| | |
|:---|:---|
| **Federal Income Tax Information** | (Unaudited) |

---

As required by the Internal Revenue Code ("Code") and Treasury Regulations, if applicable, shareholders must be notified within 60 days of the Portfolio's fiscal year end regarding the status of qualified dividend income and the dividend received deduction.

Dividend Received Deduction. Corporate shareholders are generally entitled to take the dividend received deduction on the portion of the Portfolio's dividend distribution that qualifies under tax law. The percentage of the following Portfolio's fiscal 2022 ordinary income dividend that qualifies for the corporate dividend received deduction is set forth below.

Qualified Dividend Income. Under the Jobs and Growth Tax Relief Reconciliation Act of 2003, the following percentage of ordinary dividends paid during the fiscal year ended December 31, 2022 was designated as "qualified dividend income" as defined in the Jobs and Growth Tax Relief Reconciliation Act of 2003 subject to reduced tax rates in 2022.

Qualified Interest Income and Qualified Short-Term Capital Gain (for non-U.S. resident shareholders only). Under the American Jobs Creation Act of 2004, the following amounts of ordinary dividends paid during the fiscal year ended December 31, 2022 are considered to be derived from "qualified interest income," as defined in Section 871(k)(1)(E) of the Code, and therefore are designated as interest-related dividends, as defined in Section 871(k)(1)(C) of the Code. Further, the following amounts of ordinary dividends paid during the fiscal year ended December 31, 2022 are considered to be derived from "qualified short-term capital gain," as defined in Section 871(k)(2)(D) of the Code, and therefore are designated as qualified short-term gain dividends, as defined by Section 871(k)(2)(C) of the Code.

Section 163(j) Interest Dividends. The Portfolio intends to pass through the maximum amount allowable as Section 163(j) Interest defined in Proposed Treasury Section 1.163(j)-1(b). The 163(j) percentage of ordinary income distributions are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Dividend<br>Received<br>Deduction%** | **Qualified<br>Dividend<br>Income%** | **Qualified<br>Interest<br>Income<br>(000s<sup>†</sup>)** | **Qualified<br>Short-Term<br>Capital Gains<br>(000s<sup>†</sup>)** | **163(j)<br>Interest<br>Dividends<br>(000s<sup>†</sup>)** |
|  PIMCO Global Managed Asset Allocation Portfolio | 0% | 0% | $&nbsp;&nbsp;&nbsp;&nbsp;3315 | $&nbsp;&nbsp;&nbsp;&nbsp;32200 | $&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

Shareholders are advised to consult their own tax advisor with respect to the tax consequences of their investment in the Trust. In January 2023, you will be advised on IRS Form 1099-DIV as to the federal tax status of the dividends and distributions received by you in calendar year 2022.

Section 199A Dividends. Non-corporate portfolio shareholders of the Portfolio below meeting certain holding period requirements may be able to deduct up to 20 percent of qualified REIT dividends passed through and reported to the shareholders by the Portfolio as IRC section 199A dividends. The IRC section 199A percentage of ordinary dividends are as follows:

---

| | |
|:---|:---|
|  | **199A Dividends** |
|  PIMCO Global Managed Asset Allocation Portfolio | 0% |

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| | |
|:---|:---|
| **54** | **PIMCO VARIABLE INSURANCE TRUST** |

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##### [**Table of Contents**](#toc)

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| | |
|:---|:---|
| **Management of the Trust** | (Unaudited) |

---

The charts below identify the Trustees and executive officers of the Trust. Unless otherwise indicated, the address of all persons below is 650 Newport Center Drive, Newport Beach, CA 92660.

The Portfolio's Statement of Additional Information includes more information about the Trustees and Officers. To request a free copy, call PIMCO at (888) 87-PIMCO or visit the Portfolio's website at www.pimco.com/pvit.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Year of Birth and <br>Position Held with Trust\*** | **Term of<br>Office and<br>Length of <br>Time Served<sup>†</sup>** | **Principal Occupation(s) During Past 5 Years** | **Number of Funds<br>in Fund Complex <br>Overseen by Trustee** | **Other Public Company and Investment<br>Company Directorships Held by Trustee<br>During the Past 5 Years** |
| **Interested Trustees<sup>1</sup>** |  |  |  |  |
| **Peter G. Strelow (1970)**<br> *Chairman of the Board and Trustee* | 05/2017 to present<br>Chairman of the Board - 02/2019 to present | Managing Director and Co-Chief Operating Officer, PIMCO. Senior Vice President of the Trust, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. Formerly, Chief Administrative Officer, PIMCO. | 158 | Chairman and Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT. |
| **Kimberley G. Stafford (1978)**<br> *Trustee* | 02/2021 to present | Managing Director, Global Head of Product Strategy, PIMCO; and Member of Executive Committee, PIMCO. Formerly, Head of Asia-Pacific, Global Head of Consultant Relations and Head of US Institutional and Alternatives Sales, PIMCO. | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT. |
| **Independent Trustees** |  |  |  |  |
| **George E. Borst (1948)**<br> *Trustee* | 04/2015 to present | Executive Advisor, McKinsey & Company (since 10/14); Formerly, Executive Advisor, Toyota Financial Services (10/13-12/14); and CEO, Toyota Financial Services (1/01-9/13). | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT; Director, MarineMax Inc. |
| **Jennifer Holden Dunbar (1963)**<br> *Trustee* | 04/2015 to present | Formerly, Managing Director, Dunbar Partners, LLC (business consulting and investments) (05/05-05/21); and Partner, Leonard Green & Partners, L.P. | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT; Director, PS Business Parks; Director, Big 5 Sporting Goods Corporation. |
| **Kym M. Hubbard (1957)**<br> *Trustee* | 02/2017 to present | Formerly, Global Head of Investments, Chief Investment Officer and Treasurer, Ernst & Young. | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT; Director, State Auto Financial Corporation. |
| **Gary F. Kennedy (1955)**<br> *Trustee* | 04/2015 to present | Formerly, Senior Vice President, General Counsel and Chief Compliance Officer, American Airlines and AMR Corporation (now American Airlines Group) (1/03-1/14). | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |
| **Peter B. McCarthy (1950)**<br> *Trustee* | 04/2015 to present | Formerly, Assistant Secretary and Chief Financial Officer, United States Department of Treasury; Deputy Managing Director, Institute of International Finance. | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |
| **Ronald C. Parker (1951)**<br> *Lead Independent Trustee* | 07/2009 to present<br>Lead Independent Trustee - 02/2017 to present | Director of Roseburg Forest Products Company. Formerly, Chairman of the Board, The Ford Family Foundation; and President, Chief Executive Officer, Hampton Affiliates (forestry products). | 158 | Lead Independent Trustee, PIMCO Funds and PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |

---

\* Unless otherwise noted, the information for the individuals listed is as of December 31, 2022.

<sup>1</sup> Ms. Stafford and Mr. Strelow are "interested persons" of the Trust (as that term is defined in the 1940 Act) because of their affiliations with PIMCO.

<sup>†</sup> Trustees serve until their successors are duly elected and qualified.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **55** |

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##### [**Table of Contents**](#toc)

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| | | |
|:---|:---|:---|
| **Management of the Trust** | **(Cont.)** | (Unaudited) |

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**Executive Officers** 

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| | | |
|:---|:---|:---|
| **Name, Year of Birth and**<br> **Position Held with Trust\*** | **Term of Office and**<br> **Length of Time Served** | **Principal Occupation(s) During Past 5 Years<sup>†</sup>** |
| **Eric D. Johnson (1970)**<br> *President* | 06/2019 to present | Executive Vice President and Head of Funds Business Group Americas, PIMCO. President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| **Ryan G. Leshaw (1980)**<br> *Chief Legal Officer and Secretary* | 08/2021 to present | Executive Vice President and Senior Counsel, PIMCO. Chief Legal Officer and Secretary, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Chief Legal Officer, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. Formerly, Associate, Willkie Farr & Gallagher LLP. |
| **Keisha Audain-Pressley (1975)\*\***<br> *Chief Compliance Officer* | 01/2020 to present | Executive Vice President and Deputy Chief Compliance Officer, PIMCO. Chief Compliance Officer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Joshua D. Ratner (1976)\*\***<br> *Senior Vice President* | 05/2019 to present | Executive Vice President and Head of Americas Operations, PIMCO. Senior Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| **Peter G. Strelow (1970)**<br> *Senior Vice President* | 06/2019 to present | Managing Director and Co-Chief Operating Officer, PIMCO. Senior Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. Formerly, Chief Administrative Officer, PIMCO. |
| **Wu-Kwan Kit (1981)**<br> *Assistant Secretary* | 08/2017 to present | Senior Vice President and Senior Counsel, PIMCO. Assistant Secretary, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Vice President, Senior Counsel and Secretary, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. Formerly, Assistant General Counsel, VanEck Associates Corp. |
| **Douglas B. Burrill (1980)\*\***<br> *Vice President* | 08/2022 to present | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Elizabeth A. Duggan (1964)**<br> *Vice President* | 02/2021 to present | Executive Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Jason R. Duran (1977)**<br> *Vice President* | 02/2023 to present | Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |
| **Mark A. Jelic (1981)**<br> *Vice President* | 08/2021 to present | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Kenneth W. Lee (1972)**<br> *Vice President* | 08/2022 to present | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Brian J. Pittluck (1977)**<br> *Vice President* | 01/2020 to present | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Keith A. Werber (1973)**<br> *Vice President* | 05/2022 to present | Executive Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Bijal Y. Parikh (1978)**<br> *Treasurer* | 01/2021 to present | Executive Vice President, PIMCO. Treasurer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| **Erik C. Brown (1967)\*\*\***<br> *Assistant Treasurer* | 02/2001 to present | Executive Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Brandon T. Evans (1982)**<br> *Assistant Treasurer* | 05/2019 to present | Senior Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Deputy Treasurer, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| **Maria M. Golota (1983)\*\***<br> *Assistant Treasurer* | 02/2023 to present | Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |

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\* Unless otherwise noted, the information for the individuals listed is as of February 8, 2023.

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| <sup>†</sup> | The term "PIMCO-Sponsored Closed-End Funds" as used herein includes: PIMCO Access Income Fund, PIMCO California Municipal Income Fund, PIMCO California Municipal Income Fund II, PIMCO California Municipal Income Fund III, PIMCO Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO Municipal Income Fund III, PIMCO New York Municipal Income Fund, PIMCO New York Municipal Income Fund II, PIMCO New York Municipal Income Fund III, PCM Fund Inc., PIMCO Corporate & Income Opportunity Fund, PIMCO Corporate & Income Strategy Fund, PIMCO Dynamic Income Fund, PIMCO Dynamic Income Opportunities Fund, PIMCO Energy and Tactical Credit Opportunities Fund, PIMCO Global StocksPLUS<sup>®</sup> & Income Fund, PIMCO High Income Fund, PIMCO Income Strategy Fund, PIMCO Income Strategy Fund II and PIMCO Strategic Income Fund, Inc.; the term "PIMCO-Sponsored Interval Funds" as used herein includes: PIMCO Flexible Credit Income Fund, PIMCO Flexible Municipal Income Fund, PIMCO California Flexible Municipal Income Fund and PIMCO Flexible Emerging Markets Income Fund.  |

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\*\* The address of these officers is Pacific Investment Management Company LLC, 1633 Broadway, New York, New York 10019.

\*\*\* The address of these officers is Pacific Investment Management Company LLC, 401 Congress Ave., Austin, Texas 78701.

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| **Privacy Policy<sup>1</sup>** | (Unaudited) |

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The Trust<sup>2,3</sup> consider customer privacy to be a fundamental aspect of their relationships with shareholders and are committed to maintaining the confidentiality, integrity and security of their current, prospective and former shareholders' non-public personal information. The Trust has developed policies that are designed to protect this confidentiality, while allowing shareholder needs to be served.

OBTAINING NON-PUBLIC PERSONAL INFORMATION

In the course of providing shareholders with products and services, the Trust and certain service providers to the Trust, such as the Trust's investment advisers or sub-advisers ("Advisers"), may obtain non-public personal information about shareholders, which may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder's brokerage or financial advisory firm, financial professional or consultant, and/or from information captured on applicable websites.

RESPECTING YOUR PRIVACY

As a matter of policy, the Trust does not disclose any non-public personal information provided by shareholders or gathered by the Trust to non-affiliated third parties, except as required or permitted by law or as necessary for such third parties to perform their agreements with respect to the Trust. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, conducting research on shareholder satisfaction and gathering shareholder proxies. The Trust or its affiliates may also retain non-affiliated companies to market Trust's shares or products which use Trust's shares and enter into joint marketing arrangements with them and other companies. These companies may have access to a shareholder's personal and account information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. In most cases, the shareholders will be clients of a third party, but the Trust may also provide a shareholder's personal and account information to the shareholder's respective brokerage or financial advisory firm and/or financial professional or consultant.

SHARING INFORMATION WITH THIRD PARTIES

The Trust reserves the right to disclose or report personal or account information to non-affiliated third parties in limited circumstances where the Trust believes in good faith that disclosure is required under law, to cooperate with regulators or law enforcement authorities, to protect their rights or property, or upon reasonable request by any fund in which a shareholder has invested. In addition, the Trust may disclose information about a shareholder or a shareholder's accounts to a non-affiliated third party at the shareholder's request or with the consent of the shareholder.

SHARING INFORMATION WITH AFFILIATES

The Trust may share shareholder information with their affiliates in connection with servicing shareholders' accounts, and subject to applicable law may provide shareholders with information about products and services that the Trust or its Advisers, distributors or their affiliates ("Service Affiliates") believe may be of interest to such shareholders. The information that the Trust may share may include, for example, a shareholder's participation in the Trust or in other investment programs sponsored by a Service Affiliate, a shareholder's ownership of certain types of accounts (such as IRAs), information about the Trust's experiences or transactions with a shareholder, information captured on applicable websites, or other data about a shareholder's accounts, subject to applicable law. The Trust's Service Affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

PROCEDURES TO SAFEGUARD PRIVATE INFORMATION

The Trust takes seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, the Trust has implemented procedures that are designed to restrict access to a shareholder's non-public personal information to internal personnel who need to know that information to perform their jobs, such as servicing shareholder accounts or notifying shareholders of new products or services. Physical, electronic and procedural safeguards are in place to guard a shareholder's non-public personal information.

INFORMATION COLLECTED FROM WEBSITES

The Trust or its service providers and partners may collect information from shareholders via websites they maintain. The information collected via websites maintained by the Trust or their service providers includes client non-public personal information.

CHANGES TO THE PRIVACY POLICY

From time to time, the Trust may update or revise this privacy policy. If there are changes to the terms of this privacy policy, documents containing the revised policy on the relevant website will be updated.

<sup>1</sup> Amended as of June 25, 2020.

<sup>2</sup> PIMCO Investments LLC ("PI") serves as the Trust's distributor and does not provide brokerage services or any financial advice to investors in the Trust solely because it distributes the Trust. This Privacy Policy applies to the activities of PI to the extent that PI regularly effects or engages in transactions with or for a shareholder of a series of a Trust who is the record owner of such shares. For purposes of this Privacy Policy, references to "the Trust" shall include PI when acting in this capacity.

<sup>3</sup> When distributing this Policy, the Trust may combine the distribution with any similar distribution of its investment adviser's privacy policy. The distributed, combined, policy may be written in the first person (*i.e.* by using "we" instead of "the Trust").

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **57** |

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**Approval of Investment Advisory Contract and Other Agreements**

At a meeting held on August 23-24, 2022, the Board of Trustees (the "Board") of PIMCO Variable Insurance Trust (the "Trust"), including the Trustees who are not "interested persons" of the Trust under the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered and unanimously approved the renewal of the Amended and Restated Investment Advisory Contract (the "Investment Advisory Contract") between the Trust, on behalf of the Trust's series (each, a "Portfolio" and collectively, the "Portfolios"), and Pacific Investment Management Company LLC ("PIMCO"), for an additional one-year term through August 31, 2023. The Board also considered and unanimously approved the renewal of the Amended and Restated Supervision and Administration Agreement (the "Supervision and Administration Agreement") between the Trust, on behalf of the Portfolios, and PIMCO for an additional one-year term through August 31, 2023. In addition, the Board considered and unanimously approved the renewal of the Amended and Restated Asset Allocation Sub-Advisory Agreement (the "Asset Allocation Agreement" and, together with the Investment Advisory Contract and the Supervision and Administration Agreement, the "Agreements") between PIMCO, on behalf of PIMCO All Asset Portfolio, a series of the Trust, and Research Affiliates, LLC ("Research Affiliates") for an additional one-year term through August 31, 2023. In addition, the Board considered and unanimously approved the renewal of the investment management agreements between PIMCO and each of the wholly-owned subsidiaries (each, a "Subsidiary" and, collectively, the "Subsidiaries") of certain of the Portfolios (collectively, the "Subsidiary Agreements"), each for the same additional one-year term through August 31, 2023.

The information, material factors and conclusions that formed the basis for the Board's approvals are summarized below.

1. INFORMATION RECEIVED

(a) Materials Reviewed: During the course of the past year, the Trustees received a wide variety of materials relating to the services provided by PIMCO and Research Affiliates to the Trust. At each of its quarterly meetings, the Board reviewed the Portfolios' investment performance and a significant amount of information relating to Portfolio operations, including shareholder services, valuation and custody, the Portfolios' compliance program and other information relating to the nature, extent and quality of services provided by PIMCO and Research Affiliates to the Trust and each of the Portfolios, as applicable. In considering whether to approve the renewal of the Agreements and the Subsidiary Agreements, the Board reviewed additional information, including, but not limited to: comparative industry data with regard to investment performance; advisory and supervisory and administrative fees and expenses; financial information for PIMCO and, where relevant, financial information for Research

Affiliates; information regarding the profitability to PIMCO of its relationship with the Portfolios; information about the personnel providing investment management services, other advisory services and supervisory and administrative services to the Portfolios; and information about the fees charged and services provided to other clients with similar investment mandates as the Portfolios, where applicable. In addition, the Board reviewed materials provided by counsel to the Trust and the Independent Trustees ("Counsel"), which included, among other things, a memorandum outlining legal duties of the Board in considering the renewal of the Agreements and Subsidiary Agreements.

With respect to the Subsidiary Agreements, the Trustees considered that each Portfolio that has a Subsidiary may utilize its Subsidiary to execute its investment strategy and that PIMCO provides investment advisory and administrative services to the Subsidiaries pursuant to the Subsidiary Agreements in the same manner as it does for such Portfolios that have Subsidiaries under the Investment Advisory Contract and Supervision and Administration Agreement. The Trustees also considered that, with respect to each Subsidiary, PIMCO does not retain a separate advisory or other fee from the Subsidiary, and that PIMCO's profitability with respect to each Portfolio that has a Subsidiary is not positively impacted as a result of the Subsidiary Agreements. The Trustees determined, therefore, that it was appropriate to consider the approval of the Subsidiary Agreements collectively with their consideration of the continuation of the Agreements.

(b) Review Process: In connection with considering the renewal of the Agreements, the Board reviewed written materials prepared by PIMCO and, where applicable, Research Affiliates in response to requests from Counsel encompassing a wide variety of topics. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from Counsel, and reviewed comparative fee and performance data prepared at the Board's request by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company performance information and fee and expense data. The Board received presentations on matters related to the Agreements and met both as a full Board and in a separate session of the Independent Trustees, without management present, at the August 23-24, 2022 meeting. The Independent Trustees also met via video conference with Counsel on July 14, 2022, and conducted a video conference meeting on August 10, 2022 with management and Counsel to discuss the materials presented and other matters deemed relevant to their consideration of the renewal of the Agreements. In connection with its review of the Agreements, the Board received comparative information on the performance, the risk-adjusted performance and the fees and expenses of other peer group funds and share classes. The Independent Trustees also requested and received supplemental information, including information regarding Broadridge peer classifications, the investment strategies and outflows for certain Portfolios, Portfolio performance and profitability.

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(Unaudited)

The approval determinations were made on the basis of each Trustee's business judgment after consideration and evaluation of all the information presented. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. In deciding to approve the renewal of the Agreements, the Board did not identify any single factor or particular information that, in isolation, was controlling. The discussion below is intended to summarize the broad factors and information that figured prominently in the Board's consideration of the renewal of the Agreements, but is not intended to summarize all of the factors considered by the Board.

2. NATURE, EXTENT AND QUALITY OF SERVICES

(a) PIMCO, Research Affiliates, their Personnel and Resources: The Board considered the depth and quality of PIMCO's investment management process, including, but not limited to: the experience, capability and integrity of its senior management and other personnel; the overall financial strength and stability of its organization; and the ability of its organizational structure to address changes in the Portfolios' asset levels. The Board also considered the various services in addition to portfolio management that PIMCO provides under the Investment Advisory Contract. The Board noted that PIMCO makes available to its investment professionals a variety of resources and systems relating to investment management, compliance, trading, performance and portfolio accounting. The Board also noted PIMCO's commitment to enhancing and investing in its global infrastructure, technology capabilities, risk management processes and the specialized talent needed to stay at the forefront of the competitive investment management industry and to strengthen its ability to deliver services under the Agreements. The Board considered PIMCO's policies, procedures and systems reasonably designed to assure compliance with applicable laws and regulations, including new regulations impacting the Portfolios, and its commitment to further developing and strengthening these programs; its oversight of matters that may involve conflicts of interest between the Portfolios' investments and those of other accounts managed by PIMCO; and its efforts to keep the Trustees informed about matters relevant to the Portfolios and their shareholders. The Board also considered PIMCO's investment in new disciplines and talented personnel, which has enhanced PIMCO's services to the Portfolios and has allowed PIMCO to introduce innovative new portfolios over time. In addition, the Board considered the nature, extent and quality of services provided by PIMCO to the Subsidiaries of certain applicable Portfolios.

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented, including the ongoing development of its own proprietary software and applications to support the Portfolios. Similarly, the Board considered the asset

allocation services provided by Research Affiliates to the PIMCO All Asset Portfolio. The Board further considered PIMCO's oversight of Research Affiliates in connection with Research Affiliates providing asset allocation services to the All Asset Portfolio. The Board also considered the depth and quality of Research Affiliates' investment management and research capabilities, the experience and capabilities of its portfolio management personnel and the overall financial strength of the organization. Ultimately, the Board concluded that the nature, extent and quality of services provided or procured by PIMCO under the Agreements and the Subsidiary Agreements and provided by Research Affiliates under the Asset Allocation Agreement are likely to continue to benefit the Portfolios and their shareholders, as applicable.

(b) Other Services: The Board also considered the nature, extent and quality of supervisory and administrative services provided by PIMCO to the Portfolios under the Supervision and Administration Agreement.

The Board considered the terms of the Supervision and Administration Agreement, under which the Trust pays for the supervisory and administrative services provided pursuant to that agreement under what is essentially an all-in fee structure (the "unified fee"). In return, PIMCO provides or procures certain supervisory and administrative services and bears the costs of various third party services required by the Portfolios, including, but not limited to, audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board also noted that the scope and complexity, as well as the costs, of the supervisory and administrative services provided by PIMCO under the Supervision and Administration Agreement continue to increase. The Board considered PIMCO's provision of supervisory and administrative services and its supervision of the Trust's third party service providers to assure that these service providers continue to provide a high level of service relative to alternatives available in the market.

Ultimately, the Board concluded that the nature, extent and quality of the services provided or procured by PIMCO has benefited, and will likely continue to benefit, the Portfolios and their shareholders.

3. Investment Performance

The Board reviewed information from PIMCO concerning the Portfolios' performance, as available, over short- and long-term periods ended March 31, 2022 and other performance data, as available, over short- and long-term periods ended June 30, 2022 (the "PIMCO Report") and from Broadridge concerning the Portfolios' performance, as available, over short- and long-term periods ended March 31, 2022 (the "Broadridge Report"). The Board also noted that while historically the Broadridge Report included peer classifications from only Lipper, as part of this approval process the Broadridge Report incorporated peer classifications from Morningstar for the Portfolios for which it was believed that Morningstar provided a materially improved comparison.

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **59** |

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| **Approval of Investment Advisory Contract and Other Agreements** | **(Cont.)** |

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The Board considered information regarding both the short- and long-term relative and absolute investment performance of each Portfolio relative to its Portfolio peer group, where appropriate, and relevant benchmark index as provided to the Board in advance of each of its quarterly meetings throughout the year, including the PIMCO Report and Broadridge Report. The Trustees reviewed information indicating that classes of each Portfolio would have substantially similar performance to that of the Administrative Class of the relevant Portfolio on a relative basis because all of the classes are invested in the same portfolio of investments and that differences in performance among classes could principally be attributed to differences in the supervisory and administrative fees and distribution and/or servicing expenses of each class. The Board noted that, due to differences (such as specific investment strategies or fee structures) between certain of the Portfolios and their so-called peers in the Broadridge categories, performance comparisons may not be particularly relevant to the consideration of Portfolio performance, but found the comparative information supported its overall evaluation.

The Trustees noted that a majority of the Portfolios (based on the Administrative Class performance) have outperformed their respective benchmark indexes over the three-, five-, and ten-year periods ended March 31, 2022, and that a majority of the Portfolios (based on the Administrative Class performance) have outperformed their benchmarks since inception for the period ended March 31, 2022. The Board also discussed actions that have been taken by PIMCO to attempt to improve performance and took note of PIMCO's plans to monitor performance going forward.

The Board ultimately concluded, within the context of all of its considerations in connection with the Agreements and the Subsidiary Agreements, that PIMCO's performance record and process in managing the Portfolios indicates that its continued management is likely to benefit the Portfolios and their shareholders and merits the approval of the renewal of the Agreements and the Subsidiary Agreements.

4. ADVISORY FEES, SUPERVISORY AND ADMINISTRATIVE FEES AND TOTAL EXPENSES

The Board considered that PIMCO seeks to price new funds to scale at the outset. The Board noted that PIMCO generally seeks to price new funds competitively against the median total expense ratio of the respective Broadridge peer group, if available, while acknowledging that a fee premium may be appropriate for innovative investment offerings. PIMCO reported to the Board that, in proposing fees for any Portfolio or class of shares, it considers a number of factors, including, but not limited to, the type and complexity of the services provided, the cost of providing services, the risk assumed by PIMCO in the development of products and the provision of services and the competitive marketplace for financial products. Fees charged to or

proposed for different Portfolios for advisory services and supervisory and administrative services may vary in light of these various factors.

The Board reviewed the advisory fees, supervisory and administrative fees and total expenses of the Portfolios (each as a percentage of average net assets) and compared such amounts with the average and median fee and expense levels of other similar funds. The Board also reviewed information relating to the sub-advisory fees paid to Research Affiliates with respect to applicable Portfolios, taking into account that PIMCO compensates Research Affiliates from the advisory fees paid by such Portfolios to PIMCO. With respect to advisory fees, the Board reviewed data from the Broadridge Report that compared the average and median advisory fees of other funds in a "Peer Group" of comparable funds, where appropriate, as well as the universe of other similar funds. The Board reviewed materials indicating that, a number of Portfolios have total expense ratios that fall below the average and median expense ratios in their Peer Group and Broadridge universe. In addition, the Board considered the expense limitation agreement in place for all of the Portfolios and fee waivers in place for certain of the Portfolios and also noted the fee waivers in place with respect to the advisory fee and supervisory and administrative fee that might result from investments by applicable Portfolios in their respective Subsidiaries. The Board also considered that PIMCO reviews the Portfolios' fee levels and carefully considers changes where appropriate.

The Board also reviewed data comparing the Portfolios' advisory fees to the fee rates PIMCO charged to registered funds (open-end and closed-end), private funds, and non-U.S. registered funds, separate accounts, sub-advised clients and collective investment trusts with similar investment strategies. In cases where the fees for other clients were lower than those charged to the Portfolios, the Trustees noted that the differences in fees were attributable to various factors, including, but not limited to, differences in the advisory and other services provided by PIMCO to the Portfolios, differences in the number or extent of the services provided by PIMCO to the Portfolios, the manner in which similar portfolios may be managed, different requirements with respect to liquidity management and the implementation of other regulatory requirements, and the fact that separate accounts may have other contractual arrangements or arrangements across PIMCO strategies that justify different levels of fees. The Board considered that, with respect to collective investment trusts, PIMCO performs fewer or less extensive services because collective investment trusts are generally exempt from SEC regulation; investors in a collective investment trust may receive shareholder services from a trustee bank, rather than PIMCO; collective investment trusts have less regulatory disclosure; and the management structure of collective investment trusts differs from that of funds. The Trustees also considered that PIMCO faces increased entrepreneurial, legal and regulatory risk in sponsoring and managing mutual funds and ETFs as

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(Unaudited)

compared to separate accounts, external sub-advised funds or other investment products. In addition, the Trustees considered that PIMCO may charge certain private funds with similar investment mandates lower fees than the Portfolios because such private funds are not required to accept daily redemptions or price their assets on a daily basis, generally do not accept small investors with small account balances and operate under a less complex regulatory regime.

Regarding advisory fees charged by PIMCO in its capacity as sub-adviser to third party/unaffiliated funds, the Trustees took into account that such fees may be lower than the fees charged by PIMCO to serve as adviser to the Portfolios. The Trustees also took into account that there are various reasons for any such differences in fees, including, but not limited to, the fact that PIMCO may be subject to varying levels of entrepreneurial, legal and regulatory risk and different servicing requirements when PIMCO does not serve as the sponsor of a fund and is not principally responsible for all aspects of a fund's investment program and operations as compared to when PIMCO serves as investment adviser and sponsor.

The Board considered the Portfolios' supervisory and administrative fees, comparing them to similar funds managed by other investment advisers in the Broadridge Report. The Board also considered that, as the Portfolios' business has become increasingly complex and the number of Portfolios has grown over time, PIMCO has provided an increasingly broad array of fund supervisory and administrative functions. In addition, the Board considered the Trust's unified fee structure, under which the Trust pays for the supervisory and administrative services it requires for one set fee. In return for this unified fee, PIMCO provides or procures supervisory and administrative services and bears the costs of various third party services required by the Portfolios, including audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board further considered that many other funds pay for comparable services separately, and thus it is difficult to directly compare the Trust's unified supervisory and administrative fees with the fees paid by other funds for administrative services alone. The Board also considered that the unified supervisory and administrative fee leads to Portfolio fees that are fixed over the contract period, rather than variable. The Board noted that, although the unified fee structure does not have breakpoints, it inherently reflects certain economies of scale by fixing the absolute level of Portfolio fees at competitive levels over the contract period even if the Portfolios' operating costs rise when assets remain flat or decrease. Other factors the Board considered in assessing the unified fee include PIMCO's approach of pricing Portfolios at scale at inception and reinvesting in other important areas of the business that support the Portfolios. The Board considered historical advisory and supervisory and administrative fee reductions implemented for different Portfolios and classes, noting that the unified fee can be

increased or decreased in subsequent contractual periods with Board approval and is subject to the periodic reviews discussed above. The Board noted that, with few exceptions, PIMCO has generally maintained Portfolio fees at the same level as implemented when the unified fee was adopted, and has reduced fees for a number of Portfolios in prior years. The Board concluded that the Portfolios' supervisory and administrative fees were reasonable in relation to the value of the services provided, including the services provided to different classes of shareholders, and that the expenses assumed contractually by PIMCO under the Supervision and Administration Agreement represent, in effect, a cap on overall Portfolio fees during the contractual period, which is beneficial to the Portfolios and their shareholders.

The Board considered the Portfolios' total expenses and discussed with PIMCO certain Portfolios and/or classes of Portfolios that had above median total expenses. Upon comparing the Portfolios' total expenses to other funds in the "Peer Groups" provided by the Broadridge Report, where appropriate, the Board found total expenses of each Portfolio to be reasonable.

The Trustees also considered the advisory fees charged to the Portfolios that operate as funds of funds (the "Funds of Funds") and the advisory services provided in exchange for such fees. The Trustees determined that such services were in addition to the advisory services provided to the underlying funds in which the Funds of Funds may invest and, therefore, such services were not duplicative of the advisory services provided to the underlying funds. The Board also considered the various fee waiver agreements in place for the Funds of Funds. The Board noted that PIMCO is continuing waivers for these Funds of Funds, as well as for certain other Portfolios of the Trust.

Based on the information presented by PIMCO and Research Affiliates, members of the Board determined, in the exercise of their business judgment, that the level of the advisory fees and supervisory and administrative fees charged by PIMCO under the Agreements and the Subsidiary Agreements, that the fees charged by Research Affiliates under the Asset Allocation Agreement, and that the total expenses of each Portfolio, are reasonable.

5. ADVISER COSTS, LEVEL OF PROFITS AND ECONOMIES OF SCALE

The Board reviewed information regarding PIMCO's costs of providing services to, as well as the resulting level of profits from, the Portfolios. To the extent applicable, the Board also reviewed information regarding the portion of a Portfolio's advisory fee retained by PIMCO, following the payment of sub-advisory fees to Research Affiliates, with respect to the Portfolios. Additionally, the Board discussed PIMCO's pre- and post-distribution profit margin ranges with respect to the Portfolios, as compared to the prior year. The Board also noted that it had received information regarding the structure and manner in which

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **61** |

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| **Approval of Investment Advisory Contract and Other Agreements** | **(Cont.)** | (Unaudited) |

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PIMCO's investment professionals were compensated, and PIMCO's view of the relationship of such compensation to the recruitment and retention of quality personnel. The Board considered PIMCO's investment in global infrastructure, technology capabilities, risk management processes and qualified personnel to reinforce existing services, offer new services, and accommodate changing regulatory requirements.

The Board considered the existence of any economies of scale and noted that, to the extent that PIMCO achieves economies of scale in managing the Portfolios, PIMCO shares the benefits of such economies of scale, if any, with the Portfolios and their shareholders in a number of ways, including investing in portfolio and trade operations management, firm technology, middle and back office support, legal and compliance, and fund administration logistics; senior management supervision, governance and oversight of those services; and through fee reductions or waivers, the pricing of Portfolios to scale from inception and the enhancement of services provided to the Portfolios in return for fees paid. The Board reviewed the history of the Portfolios' fee structure. The Board considered that the Portfolios' unified fee rates had been set competitively and/or priced to scale from inception, had been held steady during the contractual period at that scaled competitive rate for most Portfolios as assets grew, or as assets declined in the case of some Portfolios, and continued to be competitive compared with peers. The Board also considered that the unified fee is a transparent means of informing a Portfolio's shareholders of the fees associated with the Portfolio, and that the Portfolio bears certain expenses that are not covered by the advisory fee or the unified fee. The Board further considered the challenges that arise when managing large funds, which can result in certain "diseconomies" of scale and noted that PIMCO has continued to reinvest in many areas of the business to support the Portfolios.

The Trustees considered that the unified fee has provided inherent economies of scale because a Portfolio maintains competitive fixed fees over the annual contract period even if the particular Portfolio's assets decline and/or operating costs rise. The Trustees further considered that, in contrast, breakpoints may be a proxy for charging higher fees on lower asset levels and that when a fund's assets decline, breakpoints may reverse, which causes expense ratios to increase. The Trustees also considered that, unlike the Portfolios' unified fee structure, funds with "pass through" administrative fee structures may experience increased expense ratios when fixed dollar fees are charged against declining fund assets. In addition, the Trustees considered that the unified fee protects shareholders from a rise in operating costs that may result from, among other things, PIMCO's investments in various business enhancements and infrastructure, including those referenced above. The Trustees noted that PIMCO's investments in these areas are extensive.

The Board concluded that the Portfolios' cost structures were reasonable and that PIMCO is appropriately sharing economies of scale, if any, through the Portfolios' unified fee structure, generally pricing Portfolios to scale at inception and reinvesting in its business to provide enhanced and expanded services to the Portfolios and their shareholders.

6. ANCILLARY BENEFITS

The Board considered other benefits realized by PIMCO and its affiliates as a result of PIMCO's relationship with the Trust. Such benefits may include possible ancillary benefits to PIMCO's institutional investment management business due to the reputation and market penetration of the Trust or third party service providers' relationship-level fee concessions, which decrease fees paid by PIMCO. The Board also considered that affiliates of PIMCO provide distribution and/or shareholder services to the Portfolios and their shareholders, for which they may be compensated through distribution and servicing fees paid pursuant to the Portfolios' Rule 12b-1 plans or otherwise. The Board noted that, while PIMCO has the authority to receive the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the Portfolios, it has adopted a policy not to enter into contractual soft dollar arrangements.

7. CONCLUSIONS

Based on their review, including their comprehensive consideration and evaluation of each of the broad factors and information summarized above, the Independent Trustees and the Board as a whole concluded that the nature, extent and quality of the services rendered to the Portfolios by PIMCO and Research Affiliates supported the renewal of the Agreements and the Subsidiary Agreements. The Independent Trustees and the Board as a whole concluded that the Agreements and the Subsidiary Agreements continued to be fair and reasonable to the Portfolios and their shareholders, that the Portfolios' shareholders received reasonable value in return for the fees paid to PIMCO by the Portfolios under the Investment Advisory Contract, Supervision and Administration Agreement and the Subsidiary Agreements and the fees paid to Research Affiliates by PIMCO under the Asset Allocation Agreement, and that the renewal of the Agreements and the Subsidiary Agreements was in the best interests of the Portfolios and their shareholders.

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**General Information** 

**Investment Adviser and Administrator** 

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

**Distributor** 

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

**Custodian** 

State Street Bank and Trust Company

801 Pennsylvania Avenue

Kansas City, MO 64105

**Transfer Agent** 

SS&C Global Investor & Distribution Solutions, Inc.

430 W 7th Street STE 219024

Kansas City, MO 64105-1407

**Legal Counsel** 

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

**Independent Registered Public Accounting Firm** 

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the Portfolio listed on the Report cover.

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**pimco.com/pvit**![LOGO](g405314g06y60.jpg)

PVIT11AR_123122

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![LOGO](g419332g13e39.jpg)

PIMCO VARIABLE INSURANCE TRUST

## Annual Report
December 31, 2022

PIMCO High Yield Portfolio

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##### [**Table of Contents**](#toc)
**Table of Contents** 

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|:---|:---|
|  | Page |
| &nbsp;&nbsp; [Chairman's Letter](#tx419332_1) | 2 |
| &nbsp;&nbsp; [Important Information About the PIMCO High Yield Portfolio](#tx419332_2) | 4 |
| &nbsp;&nbsp; [Portfolio Summary](#tx419332_3) | 7 |
| &nbsp;&nbsp; [Expense Example](#tx419332_4) | 8 |
| &nbsp;&nbsp; [Financial Highlights](#tx419332_5) | 10 |
| &nbsp;&nbsp; [Statement of Assets and Liabilities](#tx419332_6) | 12 |
| &nbsp;&nbsp; [Statement of Operations](#tx419332_7) | 13 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets](#tx419332_8) | 14 |
| &nbsp;&nbsp; [Schedule of Investments](#tx419332_9) | 15 |
| &nbsp;&nbsp; [Notes to Financial Statements](#tx419332_10) | 24 |
| &nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm](#tx419332_10a) | 43 |
| &nbsp;&nbsp; [Glossary](#tx419332_11) | 44 |
| &nbsp;&nbsp; [Federal Income Tax Information](#tx419332_12) | 45 |
| &nbsp;&nbsp; [Management of the Trust](#tx419332_13) | 46 |
| &nbsp;&nbsp; [Privacy Policy](#tx419332_14) | 48 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements](#tx419332_15) | 49 |

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This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust (the "Trust") prospectus for the Portfolio. (The variable product prospectus may be obtained by contacting your Investment Consultant.)

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**Chairman's Letter**

Dear Shareholder,

2022 was a challenging year in the financial markets. We continue to work tirelessly to navigate global markets and manage the assets that you have entrusted with us. Following this letter is the PIMCO Variable Insurance Trust Annual Report, which covers the 12-month reporting period ended December 31, 2022 (the "reporting period"). On the subsequent pages, you will find details regarding investment results and a discussion of the factors that most affected performance during the reporting period.

For the 12-month reporting period ended December 31, 2022

The global economy faced significant headwinds in 2022, including those related to higher inflation, the COVID-19 pandemic, and the Russia-Ukraine conflict. First and second quarter 2022 U.S. annualized gross domestic product ("GDP") returned -1.6% and -0.6%, respectively. The economy strengthened in the third quarter, with annualized GDP rising 3.2%. The Commerce Department's initial estimate for fourth quarter 2022 annualized GDP — released after the reporting period ended — was 2.9%.

The Federal Reserve Board (the "Fed" or "U.S. central bank") took actions to combat elevated inflation. In March 2022, the Fed raised the federal funds rate 0.25% to a range between 0.25% and 0.50%, its first rate hike since 2018. The U.S. central bank then raised rates at its next six meetings, for a total increase of 4.25% in 2022. At the end of the year, the federal funds rate was in a range between 4.25% and 4.50%.

Economies outside the U.S. also faced several headwinds. In its October 2022 World Economic Outlook Update, the International Monetary Fund (the "IMF") downgraded its expectation for 2022 GDP citing "turbulent challenges" including high inflation, tightening financial conditions, as well as the ongoing Russia-Ukraine conflict and COVID-19 pandemic. For 2022, the IMF included in its projections that GDP would grow 1.6% in the U.S. (from 5.7% in 2021), 3.1% in the eurozone (from 5.2% in 2021), 3.6% in the U.K. (from 7.4% in 2021), and 1.7% in Japan (the same as in 2021).

Several central banks tightened their respective monetary policies in recent years. For example, in December 2021, prior to the beginning of the reporting period, the Bank of England (the "BoE") raised rates for the first time since COVID-19 began. The BoE again raised rates at its next eight meetings, for a total of 3.50% in rate hikes since its first increase. The European Central Bank raised rates four times in 2022, for a total increase of 2.50%. In contrast, the Bank of Japan (the "BoJ") maintained its loose monetary policy for most of 2022. However, in December 2022 the BoJ announced that it would allow its 10-year government bond yield to rise to 0.5% (previously limited to 0.25%). The news sent the 10-year bond yield and Japanese yen higher, as market participants interpreted the announcement to mean that the BoJ may pivot from its previous monetary stance.

During the reporting period, short- and long-term U.S. Treasury yields moved higher. The yield on the benchmark 10-year U.S. Treasury note was 3.88% on December 31, 2022, versus 1.52% on December 31, 2021. The Bloomberg Global Treasury Index (USD Hedged), which tracks fixed-rate, local currency government debt of investment grade countries, including developed and emerging markets, returned -10.79%. Meanwhile, the Bloomberg Global Aggregate Credit Index (USD Hedged), a widely used index of global investment grade credit bonds, returned -14.22%. Riskier fixed income asset classes, including high yield corporate bonds and emerging market debt, were also weak. The ICE BofAML Developed Markets High Yield Constrained Index (USD Hedged), a widely used index of below-investment-grade bonds, returned -10.56%, whereas emerging market external debt, as represented by the JPMorgan Emerging Markets Bond Index (EMBI) Global (USD Hedged), returned -16.45%. Emerging market local bonds, as represented by the JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged), returned -11.69%. Finally, the municipal market, as represented by the Bloomberg Municipal Bond Index, returned -8.53%.

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Amid periods of volatility, global equities generally posted weak results during the reporting period as economic and geopolitical concerns weighed on investor sentiment. U.S. equities, as represented by the S&P 500 Index, returned -18.11%. Global equities, as represented by the MSCI World Index, returned -18.14%, while emerging market equities, as measured by the MSCI Emerging Markets Index, returned -20.09%. Meanwhile, Japanese equities, as represented by the Nikkei 225 Index (in Japanese yen), returned -7.37% and European equities, as represented by the MSCI Europe Index (in euro), returned -9.49%.

Commodity prices were volatile and generated mixed returns during the reporting period. Brent crude oil, which was approximately $77.24 a barrel at the start of the reporting period, rose to roughly $82.82 a barrel at the end of December 2022. Prices of other commodities, such as copper and gold, declined during the period.

Finally, there were also periods of volatility in the foreign exchange markets. We believe this was driven by several factors, including economic growth expectations and changing central bank monetary policies, as well as rising inflation, COVID-19 variants, and geopolitical events. The U.S. dollar strengthened against several major currencies. For example, during the reporting period, the U.S. dollar returned 5.85%, 10.71%, and 12.23% versus the euro, the British pound and the Japanese yen, respectively.

Thank you for the assets you have placed with us. We deeply value your trust, and we will continue to work diligently to meet your broad investment needs.

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| ![LOGO](g419332g19a01.jpg) | Sincerely,<br>![LOGO](g419332g65f33.jpg) <br>Peter G. Strelow<br> Chairman of the Board<br> PIMCO Variable Insurance Trust<br>|

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Past performance is no guarantee of future results. Unless otherwise noted, index returns reflect the reinvestment of income distributions and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. It is not possible to invest directly in an unmanaged index.

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>3</sub> |

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**Important Information About the PIMCO High Yield Portfolio**

PIMCO Variable Insurance Trust (the "Trust") is an open-end management investment company that includes the PIMCO High Yield Portfolio (the "Portfolio"). The Portfolio is only available as a funding vehicle under variable life insurance policies or variable annuity contracts issued by insurance companies ("Variable Contracts"). Individuals may not purchase shares of the Portfolio directly. Shares of the Portfolio also may be sold to qualified pension and retirement plans outside of the separate account context.

We believe that bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed income securities and other instruments held by the Portfolio are likely to decrease in value. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that management will anticipate such movement accurately. The Portfolio may lose money as a result of movements in interest rates.

As of the date of this report, interest rates in the United States and many parts of the world, including certain European countries, continue to increase. In efforts to combat inflation, the U.S. Federal Reserve raised interest rates multiple times in 2022 and has indicated an expectation that it will continue to raise interest rates in 2023. Thus, the Portfolio currently faces a heightened level of risk associated with rising interest rates and/or bond yields. This could be driven by a variety of factors, including but not limited to central bank monetary policies, changing inflation or real growth rates, general economic conditions, increasing bond issuances or reduced market demand for low yielding investments. Further, while bond markets have steadily grown over the past three decades, dealer inventories of corporate bonds are near historic lows in relation to market size. As a result, there has been a significant reduction in the ability of dealers to "make markets."

Bond funds and individual bonds with a longer duration (a measure used to determine the sensitivity of a security's price to changes in interest rates) tend to be more sensitive to changes in interest rates, usually making them more volatile than securities or funds with shorter durations. All of the factors mentioned above, individually or collectively, could lead to increased volatility and/or lower liquidity in the fixed income markets or negatively impact the Portfolio's performance or cause the Portfolio to incur losses. As a result, the Portfolio may experience increased shareholder redemptions, which, among other things, could further reduce the net assets of the Portfolio.

The Portfolio may be subject to various risks as described in the Portfolio's prospectus and in the Principal and Other Risks in the Notes to Financial Statements.

Classifications of the Portfolio's portfolio holdings in this report are made according to financial reporting standards. The classification of a particular portfolio holding as shown in the Allocation Breakdown and Schedule of Investments sections of this report may differ from the classification used for the Portfolio's compliance calculations, including those used in the Portfolio's prospectus, investment objectives, regulatory, and other investment limitations and policies, which may be based on different asset class, sector or geographical classifications. The Portfolio is separately monitored for compliance with respect to prospectus and regulatory requirements.

The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. In 2022, many countries lifted some or all restrictions related to COVID-19. However, the effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations and individual issuers, all of which may negatively impact the Portfolio's performance. In addition, COVID-19 and governmental responses to COVID-19 may negatively impact the capabilities of the Portfolio's service providers and disrupt the Portfolio's operations.

The United States' enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from certain other countries has contributed to and may continue to contribute to international trade tensions and may impact portfolio securities. The United States' enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government's response, may also negatively impact securities and instruments that are economically tied to Russia.

The United Kingdom's withdrawal from the European Union may impact Portfolio returns. The withdrawal may cause substantial volatility in foreign exchange markets, lead to weakness in the exchange rate of the British pound, result in a sustained period of market uncertainty, and destabilize some or all of the other European Union member countries and/or the Eurozone.

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| **4** | **PIMCO VARIABLE INSURANCE TRUST** |

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The Portfolio may invest in certain instruments that rely in some fashion upon the London Interbank Offered Rate ("LIBOR"). LIBOR is an average interest rate, determined by the ICE Benchmark Administration, that banks charge one another for the use of short-term money. The United Kingdom's Financial Conduct Authority, which regulates LIBOR, has announced plans to ultimately phase out the use of LIBOR. There remains uncertainty regarding future utilization of LIBOR and the nature of any replacement rate (e.g., the Secured Overnight Financing Rate, which is intended to replace U.S. dollar LIBOR and measures the cost of overnight borrowings through repurchase agreement transactions collateralized with U.S. Treasury securities). Any potential effects of the transition away from LIBOR on the Portfolio or on certain instruments in which the Portfolio invests can be difficult to ascertain, and they may vary depending on a variety of factors. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to the Portfolio.

On the Portfolio Summary page in this Shareholder Report, the Average Annual Total Return table and Cumulative Returns chart measure performance assuming that any dividend and capital gain distributions were reinvested. The Cumulative Returns chart reflects only

Administrative Class performance. Performance may vary by share class based on each class's expense ratios. The Portfolio measures its performance against at least one broad-based securities market index ("benchmark index"). The benchmark index does not take into account fees, expenses, or taxes. The Portfolio's past performance, before and after taxes, is not necessarily an indication of how the Portfolio will perform in the future. There is no assurance that the Portfolio, even if the Portfolio has experienced high or unusual performance for one or more periods, will experience similar levels of performance in the future. High performance is defined as a significant increase in either 1) the Portfolio's total return in excess of that of the Portfolio's benchmark between reporting periods or 2) the Portfolio's total return in excess of the Portfolio's historical returns between reporting periods. Unusual performance is defined as a significant change in the Portfolio's performance as compared to one or more previous reporting periods. Historical performance for the Portfolio or a share class thereof may have been positively impacted by fee waivers or expense limitations in place during some or all of the periods shown, if applicable. Future performance (including total return or yield) and distributions may be negatively impacted by the expiration or reduction of any such fee waivers or expense limitations.

The following table discloses the inception dates of the Portfolio and its share classes along with the Portfolio's diversification status as of period end:

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| **Portfolio Name** | **Portfolio<br>Inception** | **Institutional<br>Class** | **Administrative<br>Class** | **Advisor<br>Class** | **Diversification<br>Status** |
|  PIMCO High Yield Portfolio | 04/30/98 | 07/01/02 | 04/30/98 | 03/31/06 | Diversified |

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An investment in the Portfolio is not a bank deposit and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in the Portfolio.

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Portfolio. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither this Portfolio's prospectus nor summary prospectus, the Trust's Statement of Additional Information ("SAI"), any contracts filed as exhibits to the Trust's registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or the Portfolio creates a contract between or among any shareholder of the Portfolio, on the one hand, and the Trust, the Portfolio, a service provider to the Trust or the Portfolio, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service

providers or other delegates acting under authority of the Trustees) may amend the most recent prospectus or use a new prospectus,

summary prospectus or SAI with respect to the Portfolio or the Trust, and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which the Trust or the Portfolio is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to the Portfolio, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust's then-current prospectus or SAI.

PIMCO has adopted written proxy voting policies and procedures ("Proxy Policy") as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>5</sub> |

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| **Important Information About the PIMCO High Yield Portfolio** | **(Cont.)** |

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twelve-month period ended June 30th, are available without charge, upon request, by calling the Trust at (888) 87-PIMCO, on the Portfolio's website at www.pimco.com/pvit, and on the Securities and Exchange Commission's ("SEC") website at www.sec.gov.

The Portfolio files portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The Portfolio's complete schedule of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC's website at www.sec.gov and on PIMCO's website at www.pimco.com/pvit, and will be made available, upon request, by calling PIMCO at (888) 87-PIMCO.

SEC rules allow shareholder reports to be delivered to investors by providing access to such reports online free of charge and by mailing a notice that the report is electronically available. Investors may elect to receive all future reports in paper free of charge by contacting their insurance company. Any election to receive reports in paper will apply to all portfolio companies available under the investor's contract at the insurance company.

In October 2020, the SEC adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover transactions. Subject to certain exceptions, the rule requires portfolios that trade derivatives and other transactions that create future payment or delivery obligations to comply with a value-at-risk leverage limit and certain derivatives risk management program and reporting requirements. These requirements may limit the ability of the Portfolio to use derivatives and reverse repurchase agreements and similar financing transactions as part of its investment strategies and may increase the cost of the Portfolio's investments and cost of doing business, which could adversely affect investors. The rule went into effect on February 19, 2021. The compliance date for the new rule and related reporting requirements was August 19, 2022.

In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value as well as for the performance of fair value determinations, including related oversight and reporting obligations. The new rule also defines "readily available market quotations" for purposes of the definition of "value" under the Investment Company Act of 1940 (the "Act"), and the SEC noted that this definition will apply in all contexts under the Act. The effective date for the rule was March 8, 2021. The compliance date for the new rule and the related reporting requirements was September 8, 2022.

In May 2022, the SEC proposed amendments to a current rule governing portfolio naming conventions. In general, the current rule requires portfolios with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested

by the name. The proposed amendments would expand the scope of the current rule in a number of ways that would result in an expansion of the types of portfolio names that would require the portfolio to adopt an 80% investment policy under the rule. Additionally, the proposed amendments would modify the circumstances under which a portfolio may deviate from its 80% investment policy and address the use and valuation of derivatives instruments for purposes of the rule. The proposal's impact on the Portfolio will not be known unless and until any final rulemaking is adopted.

In May 2022, the SEC proposed a framework that would require certain registered portfolios (such as the Portfolio) to disclose their environmental, social, and governance ("ESG") investing practices. Among other things, the proposed requirements would mandate that portfolios meeting three pre-defined classifications (*i.e.*, integrated, ESG focused and/or impact funds) provide prospectus and shareholder report disclosure related to the ESG factors, criteria and processes used in managing the portfolio. The proposal's impact on the Portfolio will not be known unless and until any final rulemaking is adopted.

In October 2022, the SEC adopted changes to the mutual fund and exchange-traded fund ("ETF") shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which will impact the disclosures provided to shareholders. The rule amendments are effective as of January 24, 2023, but the SEC is providing an 18-month compliance period following the effective date for such amendments other than those addressing fee and expense information in advertisements that might be materially misleading.

In November 2022, the SEC proposed rule amendments which, among other things, would require funds to adopt swing pricing in order to mitigate dilution of shareholders' interests in a fund by requiring the adjustment of fund net asset value per share to pass on costs stemming from shareholder purchase or redemption activity. In addition the proposed rule would amend the liquidity rule framework. The proposal's impact on the Portfolio will not be known unless and until any final rulemaking is adopted.

In November 2022, the SEC adopted amendments to Form N-PX under the Act to improve the utility to investors of proxy voting information reported by mutual funds, ETFs and certain other funds. The rule amendments will expand the scope of funds' Form N-PX reporting obligations, subject managers to Form N-PX reporting obligations for "Say on Pay" votes, enhance Form N-PX disclosures, permit joint reporting by funds, managers and affiliated managers on Form N-PX; and require website availability of fund proxy voting records. The amendments will become effective on July 1, 2024. Funds and managers will be required to file their first reports covering the period from July 1, 2023 to June 30, 2024 on amended Form N-PX by August 31, 2024.

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**PIMCO High Yield Portfolio** 

Cumulative Returns Through December 31, 2022

![LOGO](g419332g38a22.jpg)

$10,000 invested at the end of the month when the Portfolio's Administrative Class commenced operations.

Allocation Breakdown as of December 31, 2022<sup>†</sup><sup>§</sup>

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|  Corporate Bonds & Notes | 86.0% |
|  Short-Term Instruments<sup>‡</sup> | 7.2% |
|  U.S. Treasury Obligations | 4.2% |
|  Loan Participations and Assignments | 2.5% |
|  Other | 0.1% |

---

---

| | |
|:---|:---|
| <sup>†</sup> | % of Investments, at value.  |

---

---

| | |
|:---|:---|
| <sup>§</sup> | Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.  |

---

<sup>‡</sup> Includes Central Funds Used for Cash Management Purposes.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 |  |
|  |  | 1 Year | 5 Years | 10 Years | Inception<sup>≈</sup> |  |
|  | PIMCO High Yield Portfolio Institutional Class | (10.15)% | 2.04% | 3.68% | 6.24% |  |
| ![LOGO](g419332g94o20.jpg) | PIMCO High Yield Portfolio Administrative Class | (10.28)% | 1.89% | 3.53% | 5.10% |  |
|  | PIMCO High Yield Portfolio Advisor Class | (10.38)% | 1.78% | 3.42% | 4.88% |  |
| ![LOGO](g419332g08y58.jpg) | ICE BofAML U.S. High Yield, BB-B Rated, Constrained Index<sup>±</sup> | (10.58)% | 2.31% | 3.94% | 5.54% | <sup>¨</sup> |

---

All Portfolio returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

<sup>≈</sup> For class inception dates please refer to the Important Information.

<sup>¨</sup> Average annual total return since 04/30/1998.

<sup>±</sup> ICE BofAML U.S. High Yield, BB-B Rated, Constrained Index tracks the performance of BB-B Rated U.S. Dollar-denominated corporate bonds publicly issued in the U.S. domestic market. Qualifying bonds are capitalization-weighted provided the total allocation to an individual issuer (defined by Bloomberg tickers) does not exceed 2%. Issuers that exceed the limit are reduced to 2% and the face value of each of their bonds is adjusted on a pro-rata basis. Similarly, the face value of bonds of all other issuers that fall below the 2% cap are increased on a pro-rata basis.

It is not possible to invest directly in an unmanaged index.

*Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. The Portfolio's performance does not reflect the deduction of additional charges and expenses imposed in connection with investing in Variable Contracts, which will reduce returns. Differences in the Portfolio's performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the prices of individual positions (which may be sourced from different pricing vendors or other sources) used by the Portfolio and the index. For performance current to the most recent month-end, visit www.pimco.com/pvit or via (888) 87-PIMCO.* 

*The Portfolio's total annual operating expense ratio in effect as of period end was 0.62% for Institutional Class shares, 0.77% for Administrative Class shares, and 0.87% for Advisor Class shares. Details regarding any changes to the Portfolio's operating expenses, subsequent to period end, can be found in the Portfolio's current prospectus, as supplemented.* 

Investment Objective and Strategy Overview

PIMCO High Yield Portfolio seeks maximum total return, consistent with preservation of capital and prudent investment management, by investing under normal circumstances at least 80% of its assets in high yield investments ("junk bonds"), which may be represented by forwards or derivatives such as options, futures contracts or swap agreements. High yield investments include securities (i) rated below investment grade by each of Moody's Investors Services, Inc. ("Moody's"), Standard & Poor's Ratings Services ("S&P") or Fitch, Inc. ("Fitch") that provides a rating on such investment or, if unrated, determined by PIMCO to be of comparable quality, or (ii) comprising the ICE BofAML U.S. High Yield, BB-B Rated, Constrained Index. The Portfolio may invest up to 20% of its total assets in securities rated Caa or below by Moody's, or equivalently rated by S&P or Fitch, or, if unrated, determined by PIMCO to be of comparable quality. The remainder of the Portfolio's assets may be invested in investment grade Fixed Income Instruments. "Fixed Income Instruments" include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. Portfolio strategies may change from time to time. Please refer to the Portfolio's current prospectus for more information regarding the Portfolio's strategy.

Portfolio Insights

The following affected performance (on a gross basis) during the reporting period:

» Underweight exposure to retailers contributed to performance, as the sector underperformed.

» Security selection in retailers contributed to performance, as the Portfolio's retail positions outperformed the broader sector.

» Security selection in the forest products, paper and packaging sector contributed to performance, as the Portfolio's positions outperformed the broader sector.

» Security selection in the healthcare sector detracted from performance, as the Portfolio's healthcare positions underperformed the broader sector.

» Overweight exposure to the healthcare sector detracted from performance, as the sector underperformed the broader market.

» Security selection in the media entertainment and publishing sector detracted from performance, as the Portfolio's positions underperformed the broader sector.

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| | | |
|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>7</sub> |

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##### [**Table of Contents**](#toc)
**Expense Example PIMCO High Yield Portfolio**

Example

As a shareholder of the Portfolio, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including investment advisory fees, supervisory and administrative fees, distribution and/or service (12b-1) fees (if applicable), and other Portfolio expenses. The Example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The Expense Example does not reflect any fees or other expenses imposed by the Variable Contracts. If it did, the expenses reflected in the Expense Example would be higher. The Example is based on an investment of $1,000 invested at the beginning of the period and held from July 1, 2022 to December 31, 2022 unless noted otherwise in the table and footnotes below.

Actual Expenses

The information in the table under the heading "Actual" provides information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60), then multiply the result by the number in the appropriate row for your share class, in the column titled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information in the table under the heading "Hypothetical (5% return before expenses)" provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other portfolios. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other portfolios.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the information under the heading "Hypothetical (5% return before expenses)" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. In addition, if these transactional costs were included, your costs would have been higher.

Expense ratios may vary period to period because of various factors, such as an increase in expenses that are not covered by the investment advisory fees and supervisory and administrative fees, such as fees and expenses of the independent trustees and their counsel, extraordinary expenses and interest expense.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Actual** | **Actual** | **Actual** | **Hypothetical<br>(5% return before expenses)** | **Hypothetical<br>(5% return before expenses)** | **Hypothetical<br>(5% return before expenses)** | |
|  | **Beginning<br>Account Value<br>(07/01/22)** | **Ending<br>Account Value<br>(12/31/22)** | **Expenses Paid**<br> **During Period\*** | **Beginning<br>Account Value<br>(07/01/22)** | **Ending<br>Account Value<br>(12/31/22)** | **Expenses Paid**<br> **During Period\*** | **Net Annualized**<br> **Expense Ratio\*\*** |
| Institutional Class | $1000.00 | $1037.90 | $3.22 | $1000.00 | $1022.32 | $3.19 | 0.62% |
| Administrative Class | 1000.00 | 1037.10 | 4.00 | 1000.00 | 1021.56 | 3.97 | 0.77 |
| Advisor Class | 1000.00 | 1036.50 | 4.51 | 1000.00 | 1021.05 | 4.48 | 0.87 |

---

\* Expenses Paid During Period are equal to the net annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 186/365 (to reflect the one-half year period). Overall fees and expenses of investing in the Portfolio will be higher because the example does not reflect variable contract fees and expenses.

\*\* Net Annualized Expense Ratio is reflective of any applicable contractual fee waivers and/or expense reimbursements or voluntary fee waivers. Details regarding fee waivers, if any, can be found in Note 9, Fees and Expenses, in the Notes to Financial Statements.

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| | |
|:---|:---|
| **8** | **PIMCO VARIABLE INSURANCE TRUST** |

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##### [**Table of Contents**](#toc)
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| | | |
|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>9</sub> |

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------

##### [**Table of Contents**](#toc)

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| | |
|:---|:---|
| **Financial Highlights** | **PIMCO High Yield Portfolio** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year Ended^: | **Net Asset<br>Value<br>Beginning<br>of Year<sup>(a)</sup>** | **Net<br>Investment<br>Income<br>(Loss)<sup>(b)</sup>** | **Net**<br> **Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital**<br> **Gain** | **Total** |
| Institutional Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | $&nbsp;&nbsp;&nbsp;&nbsp;7.94 | $&nbsp;&nbsp;&nbsp;&nbsp;0.34 | $&nbsp;&nbsp;&nbsp;&nbsp;(1.14) | $&nbsp;&nbsp;&nbsp;&nbsp;(0.80) | $&nbsp;&nbsp;&nbsp;&nbsp;(0.37) | $&nbsp;&nbsp;&nbsp;&nbsp;0.00 | $&nbsp;&nbsp;&nbsp;&nbsp;(0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 8.01 | 0.35 | (0.05) | 0.30 | (0.37) | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 7.95 | 0.37 | 0.07 | 0.44 | (0.38) | 0.00 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2019 | 7.28 | 0.39 | 0.68 | 1.07 | (0.40) | 0.00 | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2018 | 7.87 | 0.39 | (0.58) | (0.19) | (0.40) | 0.00 | (0.40) |
| Administrative Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 7.94 | 0.33 | (1.14) | (0.81) | (0.36) | 0.00 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 8.01 | 0.33 | (0.05) | 0.28 | (0.35) | 0.00 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 7.95 | 0.36 | 0.07 | 0.43 | (0.37) | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2019 | 7.28 | 0.37 | 0.68 | 1.05 | (0.38) | 0.00 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2018 | 7.87 | 0.38 | (0.58) | (0.20) | (0.39) | 0.00 | (0.39) |
| Advisor Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 7.94 | 0.33 | (1.15) | (0.82) | (0.35) | 0.00 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 8.01 | 0.33 | (0.05) | 0.28 | (0.35) | 0.00 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 7.95 | 0.35 | 0.07 | 0.42 | (0.36) | 0.00 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2019 | 7.28 | 0.37 | 0.68 | 1.05 | (0.38) | 0.00 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2018 | 7.87 | 0.37 | (0.58) | (0.21) | (0.38) | 0.00 | (0.38) |

---

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| | |
|:---|:---|
| ^ | A zero balance may reflect actual amounts rounding to less than $0.01 or 0.01%.  |

---

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Portfolio.

<sup>(b)</sup> Per share amounts based on average number of shares outstanding during the year. 

<sup>(c)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

<sup>(d)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Portfolio. Additionally, excludes initial sales charges and contingent deferred sales charges.

<sup>(e)</sup> Ratio of expenses to average net assets includes line of credit expenses.

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| | | |
|:---|:---|:---|
| **10** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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##### [**Table of Contents**](#toc)

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | |
|<br>**Net Asset<br>Value End of<br>Year<sup>(a)</sup>** |<br>**Total<br>Return<sup>(d)</sup>** |<br>**Net Assets<br>End of Year<br>(000s)** | **Expenses** | **Expenses<br>Excluding<br>Waivers** | **Expenses<br>Excluding<br>Interest<br>Expense** | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** | **Net<br>Investment<br>Income (Loss)** |<br>**Portfolio<br>Turnover<br>Rate** |
| $&nbsp;&nbsp;&nbsp;&nbsp;6.77 | (10.15)% | $13791 | 0.61 %<sup>(e)</sup> | 0.61 %<sup>(e)</sup> | 0.60% | 0.60% | 4.87% | 16% |
| 7.94 | 3.79 | 13115 | 0.62 <sup>(e)</sup> | 0.62 <sup>(e)</sup> | 0.60 | 0.60 | 4.38 | 29 |
| 8.01 | 5.90 | 10147 | 0.64 <sup>(e)</sup> | 0.64 <sup>(e)</sup> | 0.60 | 0.60 | 4.79 | 31 |
| 7.95 | 14.90 | 11169 | 0.63 <sup>(e)</sup> | 0.63 <sup>(e)</sup> | 0.60 | 0.60 | 4.97 | 30 |
| 7.28 | (2.50) | 9211 | 0.63 <sup>(e)</sup> | 0.63 <sup>(e)</sup> | 0.60 | 0.60 | 5.11 | 17 |
| 6.77 | (10.28) | &nbsp;&nbsp;&nbsp;&nbsp;533896 | 0.76 <sup>(e)</sup> | 0.76 <sup>(e)</sup> | 0.75 | 0.75 | 4.69 | 16 |
| 7.94 | 3.63 | 691740 | 0.77 <sup>(e)</sup> | 0.77 <sup>(e)</sup> | 0.75 | 0.75 | 4.21 | 29 |
| 8.01 | 5.75 | 764646 | 0.79 <sup>(e)</sup> | 0.79 <sup>(e)</sup> | 0.75 | 0.75 | 4.65 | 31 |
| 7.95 | 14.72 | 895701 | 0.78 <sup>(e)</sup> | 0.78 <sup>(e)</sup> | 0.75 | 0.75 | 4.83 | 30 |
| 7.28 | (2.65) | 847818 | 0.78 <sup>(e)</sup> | 0.78 <sup>(e)</sup> | 0.75 | 0.75 | 4.96 | 17 |
| 6.77 | (10.38) | 14493 | 0.86 <sup>(e)</sup> | 0.86 <sup>(e)</sup> | 0.85 | 0.85 | 4.62 | 16 |
| 7.94 | 3.53 | 15295 | 0.87 <sup>(e)</sup> | 0.87 <sup>(e)</sup> | 0.85 | 0.85 | 4.09 | 29 |
| 8.01 | 5.64 | 19470 | 0.89 <sup>(e)</sup> | 0.89 <sup>(e)</sup> | 0.85 | 0.85 | 4.51 | 31 |
| 7.95 | 14.61 | 33523 | 0.88 <sup>(e)</sup> | 0.88 <sup>(e)</sup> | 0.85 | 0.85 | 4.73 | 30 |
| 7.28 | (2.75) | 16190 | 0.88 <sup>(e)</sup> | 0.88 <sup>(e)</sup> | 0.85 | 0.85 | 4.83 | 17 |

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| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>11</sub> |

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##### [**Table of Contents**](#toc)

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| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **PIMCO High Yield Portfolio** | December 31, 2022 |

---

---

| | |
|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) | (Amounts in thousands<sup>†</sup>, except per share amounts) |
|  **Assets:** |  |
|  *Investments, at value* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities\* | $524841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 23480 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 55 |
|  Cash | 32 |
|  Deposits with counterparty | 7529 |
|  Foreign currency, at value | 108 |
|  Receivable for investments sold | 18 |
|  Receivable for Portfolio shares sold | 127 |
|  Interest and/or dividends receivable | 8375 |
|  Dividends receivable from Affiliates | 113 |
|  Prepaid expenses | 11 |
|  **Total Assets** | 564723 |
|  **Liabilities:** |  |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | $55 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 210 |
|  Payable for investments in Affiliates purchased | 113 |
|  Payable for Portfolio shares redeemed | 1766 |
|  Accrued investment advisory fees | 131 |
|  Accrued supervisory and administrative fees | 183 |
|  Accrued distribution fees | 4 |
|  Accrued servicing fees | 74 |
|  Other liabilities | 7 |
|  **Total Liabilities** | 2543 |
|  **Net Assets** | $562180 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | $651317 |
|  Distributable earnings (accumulated loss) | (89137) |
|  **Net Assets** | $562180 |
|  **Net Assets:** |  |
|  Institutional Class | $13791 |
|  Administrative Class | 533896 |
|  Advisor Class | 14493 |
|  **Shares Issued and Outstanding:** |  |
|  Institutional Class | 2038 |
|  Administrative Class | 78896 |
|  Advisor Class | 2142 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |
|  Institutional Class | $6.77 |
|  Administrative Class | 6.77 |
|  Advisor Class | 6.77 |
|  Cost of investments in securities | $&nbsp;&nbsp;&nbsp;&nbsp;592564 |
|  Cost of investments in Affiliates | $23461 |
|  Cost of foreign currency held | $105 |
|  Cost or premiums of financial derivative instruments, net | $(718) |
|  \* Includes repurchase agreements of: | $300 |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Portfolio.

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| | | |
|:---|:---|:---|
| **12** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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##### [**Table of Contents**](#toc)

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| | |
|:---|:---|
| **Statement of Operations** | **PIMCO High Yield Portfolio** |

---

---

| | |
|:---|:---|
| Year Ended December 31, 2022 |  |
| (Amounts in thousands<sup>†</sup>) |  |
|  **Investment Income:** |  |
|  Interest | $32832 |
|  Dividends from Investments in Affiliates | 659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 33491 |
|  **Expenses:** |  |
|  Investment advisory fees | 1533 |
|  Supervisory and administrative fees | 2146 |
|  Distribution and/or servicing fees - Administrative Class | 877 |
|  Distribution and/or servicing fees - Advisor Class | 37 |
|  Trustee fees | 20 |
|  Interest expense | 79 |
|  Miscellaneous expense | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 4695 |
|  **Net Investment Income (Loss)** | 28796 |
|  **Net Realized Gain (Loss):** |  |
|  Investments in securities | (8256) |
|  Investments in Affiliates | (524) |
|  Exchange-traded or centrally cleared financial derivative instruments | (2203) |
|  Over the counter financial derivative instruments | (1640) |
|  Foreign currency | 162 |
|  **Net Realized Gain (Loss)** | (12461) |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in securities | &nbsp;&nbsp;&nbsp;&nbsp;(90138) |
|  Investments in Affiliates | 523 |
|  Exchange-traded or centrally cleared financial derivative instruments | 1691 |
|  Over the counter financial derivative instruments | (444) |
|  Foreign currency assets and liabilities | (29) |
|  **Net Change in Unrealized Appreciation (Depreciation)** | (88397) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $(72062) |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>13</sub> |

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##### [**Table of Contents**](#toc)

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| | |
|:---|:---|
| **Statements of Changes in Net Assets** | **PIMCO High Yield Portfolio** |

---

---

| | | |
|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2021** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
|  Net investment income (loss) | $28796 | $31718 |
|  Net realized gain (loss) | (12461) | 18449 |
|  Net change in unrealized appreciation (depreciation) | (88397) | (23182) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | (72062) | 26985 |
|  **Distributions to Shareholders:** |  |  |
|  From net investment income and/or net realized capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (725) | (536) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (29484) | (32217) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (724) | (821) |
|  **Total Distributions<sup>(a)</sup>** | (30933) | (33574) |
|  **Portfolio Share Transactions:** |  |  |
|  Net increase (decrease) resulting from Portfolio share transactions\* | (54975) | (67524) |
|  **Total Increase (Decrease) in Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;(157970) | (74113) |
|  **Net Assets:** |  |  |
|  Beginning of year | 720150 | &nbsp;&nbsp;&nbsp;&nbsp;794263 |
|  End of year | $562180 | $720150 |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

\* See Note 13, Shares of Beneficial Interest, in the Notes to Financial Statements.

<sup>(a)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

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|:---|:---|:---|
| **14** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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##### [**Table of Contents**](#toc)

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| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO High Yield Portfolio** | December 31, 2022 |

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**(Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)** 

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **INVESTMENTS IN SECURITIES 93.3%** | **INVESTMENTS IN SECURITIES 93.3%** | **INVESTMENTS IN SECURITIES 93.3%** |
| **LOAN PARTICIPATIONS AND ASSIGNMENTS 2.4%** | **LOAN PARTICIPATIONS AND ASSIGNMENTS 2.4%** | **LOAN PARTICIPATIONS AND ASSIGNMENTS 2.4%** |
|  **American Airlines, Inc.** | **American Airlines, Inc.** | **American Airlines, Inc.** |
|  8.993% (LIBOR03M + 4.750%) due 04/20/2028 ~ | 1500 | 1496 |
|  **Carnival Corp.** | **Carnival Corp.** | **Carnival Corp.** |
|  7.634% (LIBOR01M + 3.250%) due 10/18/2028 ~ | 1980 | 1859 |
|  **CDK Global, Inc.** | **CDK Global, Inc.** | **CDK Global, Inc.** |
|  9.080% due 07/06/2029 | 600 | 596 |
|  **CommScope, Inc.** | **CommScope, Inc.** | **CommScope, Inc.** |
|  7.634% (LIBOR01M + 3.250%) due 04/06/2026 ~ | 968 | 915 |
|  **Da Vinci Purchaser Corp.** | **Da Vinci Purchaser Corp.** | **Da Vinci Purchaser Corp.** |
|  8.384% (LIBOR01M + 4.000%) due 01/08/2027 ~ | 978 | 893 |
|  **Diamond Sports Group LLC** | **Diamond Sports Group LLC** | **Diamond Sports Group LLC** |
|  7.567% due 08/24/2026 | 968 | 124 |
|  12.317% due 05/25/2026 | 530 | 504 |
|  **Getty Images, Inc.** | **Getty Images, Inc.** | **Getty Images, Inc.** |
|  8.938% (LIBOR01M + 4.500%) due 02/19/2026 «~ | 1157 | 1156 |
|  **RegionalCare Hospital Partners Holdings, Inc.** | **RegionalCare Hospital Partners Holdings, Inc.** | **RegionalCare Hospital Partners Holdings, Inc.** |
|  8.165% (LIBOR03M + 3.750%) due 11/16/2025 ~ | 865 | 818 |
|  **Softbank Vision Fund** | **Softbank Vision Fund** | **Softbank Vision Fund** |
|  5.000% due 12/21/2025 « | 1873 | 1802 |
|  **Sotera Health Holdings LLC** | **Sotera Health Holdings LLC** | **Sotera Health Holdings LLC** |
|  7.165% (LIBOR03M + 2.750%) due 12/11/2026 ~ | 2000 | 1855 |
|  **Starfruit Finco BV** | **Starfruit Finco BV** | **Starfruit Finco BV** |
|  7.165% (LIBOR03M + 2.750%) due 10/01/2025 ~ | 760 | 751 |
|  **U.S. Renal Care, Inc.** | **U.S. Renal Care, Inc.** | **U.S. Renal Care, Inc.** |
|  9.438% (LIBOR01M + 5.000%) due 06/26/2026 ~ | 1921 | 1084 |
|  **Total Loan Participations and Assignments (Cost $16,038)** | **Total Loan Participations and Assignments (Cost $16,038)** | **13853** |
| **CORPORATE BONDS & NOTES 83.9%** | **CORPORATE BONDS & NOTES 83.9%** | **CORPORATE BONDS & NOTES 83.9%** |
| **BANKING & FINANCE 10.2%** | **BANKING & FINANCE 10.2%** | **BANKING & FINANCE 10.2%** |
|  **Allied Universal Holdco LLC** | **Allied Universal Holdco LLC** | **Allied Universal Holdco LLC** |
|  3.625% due 06/01/2028 | 2300 | 1962 |
|  6.625% due 07/15/2026 | 1500 | 1376 |
|  **Barclays PLC** | **Barclays PLC** | **Barclays PLC** |
|  8.000% due 03/15/2029 •(d)(e) | 800 | 750 |
|  **Coinbase Global, Inc.** | **Coinbase Global, Inc.** | **Coinbase Global, Inc.** |
|  3.625% due 10/01/2031 | 325 | 157 |
|  **Credit Acceptance Corp.** | **Credit Acceptance Corp.** | **Credit Acceptance Corp.** |
|  5.125% due 12/31/2024 | 1000 | 942 |
|  **CTR Partnership LP** | **CTR Partnership LP** | **CTR Partnership LP** |
|  3.875% due 06/30/2028 | 600 | 509 |
|  **Curo Group Holdings Corp.** | **Curo Group Holdings Corp.** | **Curo Group Holdings Corp.** |
|  7.500% due 08/01/2028 | 1500 | 702 |
|  **Ford Motor Credit Co. LLC** | **Ford Motor Credit Co. LLC** | **Ford Motor Credit Co. LLC** |
|  2.900% due 02/16/2028 | 750 | 620 |
|  2.900% due 02/10/2029 | 800 | 640 |
|  3.375% due 11/13/2025 | 1000 | 906 |
|  4.000% due 11/13/2030 | 1000 | 823 |
|  4.063% due 11/01/2024 | 1000 | 962 |
|  4.125% due 08/17/2027 | 1000 | 897 |
|  4.134% due 08/04/2025 | 1000 | 938 |
|  4.542% due 08/01/2026 | 500 | 462 |
|  5.113% due 05/03/2029 | 750 | 681 |
|  5.584% due 03/18/2024 | 1500 | 1484 |
|  **Fortress Transportation & Infrastructure Investors LLC** | **Fortress Transportation & Infrastructure Investors LLC** | **Fortress Transportation & Infrastructure Investors LLC** |
|  5.500% due 05/01/2028 | 1600 | 1367 |
|  6.500% due 10/01/2025 | 1147 | 1080 |
|  **Freedom Mortgage Corp.** | **Freedom Mortgage Corp.** | **Freedom Mortgage Corp.** |
|  6.625% due 01/15/2027 | 1100 | 857 |
|  **Greystar Real Estate Partners LLC** | **Greystar Real Estate Partners LLC** | **Greystar Real Estate Partners LLC** |
|  5.750% due 12/01/2025 | 1000 | 979 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **HAT Holdings LLC** | **HAT Holdings LLC** | **HAT Holdings LLC** |
|  3.375% due 06/15/2026 | 1200 | 1044 |
|  3.750% due 09/15/2030 | 1000 | 737 |
|  **Howard Hughes Corp.** | **Howard Hughes Corp.** | **Howard Hughes Corp.** |
|  5.375% due 08/01/2028 | 750 | 677 |
|  **Intesa Sanpaolo SpA** | **Intesa Sanpaolo SpA** | **Intesa Sanpaolo SpA** |
|  5.017% due 06/26/2024 | 1000 | 962 |
|  5.710% due 01/15/2026 | 1000 | 962 |
|  7.700% due 09/17/2025 •(d)(e) | 1000 | 910 |
|  **Jefferies Finance LLC** | **Jefferies Finance LLC** | **Jefferies Finance LLC** |
|  5.000% due 08/15/2028 | 700 | 572 |
|  **Ladder Capital Finance Holdings LLLP** | **Ladder Capital Finance Holdings LLLP** | **Ladder Capital Finance Holdings LLLP** |
|  4.750% due 06/15/2029 | 450 | 364 |
|  **LFS Topco LLC** | **LFS Topco LLC** | **LFS Topco LLC** |
|  5.875% due 10/15/2026 | 1000 | 808 |
|  **Lloyds Banking Group PLC** | **Lloyds Banking Group PLC** | **Lloyds Banking Group PLC** |
|  7.500% due 06/27/2024 •(d)(e) | 3500 | 3400 |
|  **Midcap Financial Issuer Trust** | **Midcap Financial Issuer Trust** | **Midcap Financial Issuer Trust** |
|  6.500% due 05/01/2028 | 1025 | 883 |
|  **MPT Operating Partnership LP** | **MPT Operating Partnership LP** | **MPT Operating Partnership LP** |
|  3.500% due 03/15/2031 | 1800 | 1238 |
|  **Nationstar Mortgage Holdings, Inc.** | **Nationstar Mortgage Holdings, Inc.** | **Nationstar Mortgage Holdings, Inc.** |
|  5.125% due 12/15/2030 | 1000 | 774 |
|  5.500% due 08/15/2028 | 1000 | 817 |
|  **NCL Finance Ltd.** | **NCL Finance Ltd.** | **NCL Finance Ltd.** |
|  6.125% due 03/15/2028 | 250 | 185 |
|  **OneMain Finance Corp.** | **OneMain Finance Corp.** | **OneMain Finance Corp.** |
|  5.375% due 11/15/2029 | 1000 | 820 |
|  5.625% due 03/15/2023 | 1000 | 998 |
|  6.125% due 03/15/2024 | 1000 | 970 |
|  6.625% due 01/15/2028 | 750 | 692 |
|  6.875% due 03/15/2025 | 1000 | 963 |
|  7.125% due 03/15/2026 | 1000 | 953 |
|  **Oxford Finance LLC** | **Oxford Finance LLC** | **Oxford Finance LLC** |
|  6.375% due 02/01/2027 | 900 | 839 |
|  **Park Intermediate Holdings LLC** | **Park Intermediate Holdings LLC** | **Park Intermediate Holdings LLC** |
|  4.875% due 05/15/2029 | 1325 | 1123 |
|  7.500% due 06/01/2025 | 1000 | 1001 |
|  **Paysafe Finance PLC** | **Paysafe Finance PLC** | **Paysafe Finance PLC** |
|  4.000% due 06/15/2029 | 1500 | 1161 |
|  **PennyMac Financial Services, Inc.** | **PennyMac Financial Services, Inc.** | **PennyMac Financial Services, Inc.** |
|  4.250% due 02/15/2029 | 1500 | 1172 |
|  **PRA Group, Inc.** | **PRA Group, Inc.** | **PRA Group, Inc.** |
|  5.000% due 10/01/2029 | 1000 | 826 |
|  **RHP Hotel Properties LP** | **RHP Hotel Properties LP** | **RHP Hotel Properties LP** |
|  4.500% due 02/15/2029 | 750 | 648 |
|  4.750% due 10/15/2027 | 1000 | 907 |
|  **RLJ Lodging Trust LP** | **RLJ Lodging Trust LP** | **RLJ Lodging Trust LP** |
|  3.750% due 07/01/2026 | 1000 | 892 |
|  4.000% due 09/15/2029 | 700 | 568 |
|  **Rocket Mortgage LLC** | **Rocket Mortgage LLC** | **Rocket Mortgage LLC** |
|  3.875% due 03/01/2031 | 750 | 574 |
|  4.000% due 10/15/2033 | 1650 | 1235 |
|  **SBA Communications Corp.** | **SBA Communications Corp.** | **SBA Communications Corp.** |
|  3.125% due 02/01/2029 | 2000 | 1666 |
|  **Service Properties Trust** | **Service Properties Trust** | **Service Properties Trust** |
|  7.500% due 09/15/2025 | 500 | 477 |
|  **SLM Corp.** | **SLM Corp.** | **SLM Corp.** |
|  3.125% due 11/02/2026 | 750 | 639 |
|  **UniCredit SpA** | **UniCredit SpA** | **UniCredit SpA** |
|  7.296% due 04/02/2034 •  | 500 | 459 |
|  **United Wholesale Mortgage LLC** | **United Wholesale Mortgage LLC** | **United Wholesale Mortgage LLC** |
|  5.500% due 11/15/2025 | 750 | 677 |
|  **VICI Properties LP** | **VICI Properties LP** | **VICI Properties LP** |
|  4.125% due 08/15/2030 | 500 | 438 |
|  4.500% due 09/01/2026 | 1000 | 942 |
|  4.625% due 12/01/2029 | 500 | 456 |
|  5.625% due 05/01/2024 | 1000 | 992 |
|  5.750% due 02/01/2027 | 750 | 732 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;57247 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **INDUSTRIALS 67.1%** | **INDUSTRIALS 67.1%** | **INDUSTRIALS 67.1%** |
|  **Academy Ltd.** | **Academy Ltd.** | **Academy Ltd.** |
|  6.000% due 11/15/2027 | 750 | 719 |
|  **AdaptHealth LLC** | **AdaptHealth LLC** | **AdaptHealth LLC** |
|  4.625% due 08/01/2029 | 250 | 210 |
|  5.125% due 03/01/2030 | 825 | 703 |
|  6.125% due 08/01/2028 | 500 | 460 |
|  **Adient Global Holdings Ltd.** | **Adient Global Holdings Ltd.** | **Adient Global Holdings Ltd.** |
|  4.875% due 08/15/2026 | 1300 | &nbsp;&nbsp;&nbsp;&nbsp;1212 |
|  **ADT Security Corp.** | **ADT Security Corp.** | **ADT Security Corp.** |
|  4.125% due 06/15/2023 | 370 | 367 |
|  4.875% due 07/15/2032 | 1000 | 852 |
|  **Advantage Sales & Marketing, Inc.** | **Advantage Sales & Marketing, Inc.** | **Advantage Sales & Marketing, Inc.** |
|  6.500% due 11/15/2028 | 1000 | 764 |
|  **Air Canada** | **Air Canada** | **Air Canada** |
|  3.875% due 08/15/2026 | 1300 | 1154 |
|  **Albertsons Cos., Inc.** | **Albertsons Cos., Inc.** | **Albertsons Cos., Inc.** |
|  3.250% due 03/15/2026 | 250 | 228 |
|  3.500% due 03/15/2029 | 1000 | 841 |
|  4.625% due 01/15/2027 | 250 | 233 |
|  4.875% due 02/15/2030 | 1000 | 894 |
|  7.500% due 03/15/2026 | 1500 | 1534 |
|  **Albion Financing 1 SARL** | **Albion Financing 1 SARL** | **Albion Financing 1 SARL** |
|  6.125% due 10/15/2026 | 750 | 670 |
|  **Allegiant Travel Co.** | **Allegiant Travel Co.** | **Allegiant Travel Co.** |
|  7.250% due 08/15/2027 | 700 | 667 |
|  **Altice Financing SA** | **Altice Financing SA** | **Altice Financing SA** |
|  5.000% due 01/15/2028 | 1000 | 807 |
|  5.750% due 08/15/2029 | 1500 | 1183 |
|  **Altice France Holding SA** | **Altice France Holding SA** | **Altice France Holding SA** |
|  6.000% due 02/15/2028 | 750 | 444 |
|  **Altice France SA** | **Altice France SA** | **Altice France SA** |
|  5.125% due 01/15/2029 | 500 | 377 |
|  5.125% due 07/15/2029 | 1000 | 752 |
|  5.500% due 01/15/2028 | 2000 | 1571 |
|  5.500% due 10/15/2029 | 500 | 382 |
|  8.125% due 02/01/2027 | 2500 | 2282 |
|  **AMC Networks, Inc.** | **AMC Networks, Inc.** | **AMC Networks, Inc.** |
|  4.250% due 02/15/2029 | 1000 | 625 |
|  4.750% due 08/01/2025 | 500 | 381 |
|  5.000% due 04/01/2024 | 400 | 375 |
|  **American Airlines Pass-Through Trust** | **American Airlines Pass-Through Trust** | **American Airlines Pass-Through Trust** |
|  3.375% due 11/01/2028 | 375 | 314 |
|  **American Airlines, Inc.** | **American Airlines, Inc.** | **American Airlines, Inc.** |
|  5.500% due 04/20/2026 | 3875 | 3733 |
|  5.750% due 04/20/2029 | 1525 | 1397 |
|  **American Builders & Contractors Supply Co., Inc.** | **American Builders & Contractors Supply Co., Inc.** | **American Builders & Contractors Supply Co., Inc.** |
|  3.875% due 11/15/2029 | 1000 | 819 |
|  4.000% due 01/15/2028 | 2000 | 1788 |
|  **Amsted Industries, Inc.** | **Amsted Industries, Inc.** | **Amsted Industries, Inc.** |
|  4.625% due 05/15/2030 | 1000 | 857 |
|  5.625% due 07/01/2027 | 500 | 476 |
|  **ANGI Group LLC** | **ANGI Group LLC** | **ANGI Group LLC** |
|  3.875% due 08/15/2028 | 625 | 465 |
|  **Antero Resources Corp.** | **Antero Resources Corp.** | **Antero Resources Corp.** |
|  5.375% due 03/01/2030 | 300 | 279 |
|  **Apache Corp.** | **Apache Corp.** | **Apache Corp.** |
|  4.875% due 11/15/2027 | 1500 | 1369 |
|  **APi Group DE, Inc.** | **APi Group DE, Inc.** | **APi Group DE, Inc.** |
|  4.125% due 07/15/2029 | 800 | 664 |
|  **Arches Buyer, Inc.** | **Arches Buyer, Inc.** | **Arches Buyer, Inc.** |
|  4.250% due 06/01/2028 | 1000 | 783 |
|  **Ardagh Metal Packaging Finance USA LLC** | **Ardagh Metal Packaging Finance USA LLC** | **Ardagh Metal Packaging Finance USA LLC** |
|  3.250% due 09/01/2028 | 500 | 425 |
|  4.000% due 09/01/2029 | 625 | 497 |
|  **Ardagh Packaging Finance PLC** | **Ardagh Packaging Finance PLC** | **Ardagh Packaging Finance PLC** |
|  2.125% due 08/15/2026 | 750 | 674 |
|  5.250% due 08/15/2027 | 1000 | 749 |
|  **Ascent Resources Utica Holdings LLC** | **Ascent Resources Utica Holdings LLC** | **Ascent Resources Utica Holdings LLC** |
|  5.875% due 06/30/2029 | 1000 | 893 |
|  **ASP Unifrax Holdings, Inc.** | **ASP Unifrax Holdings, Inc.** | **ASP Unifrax Holdings, Inc.** |
|  5.250% due 09/30/2028 | 1200 | 967 |
|  7.500% due 09/30/2029 | 675 | 429 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **15** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO High Yield Portfolio** | **(Cont.)** |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Avantor Funding, Inc.** | **Avantor Funding, Inc.** | **Avantor Funding, Inc.** |
|  4.625% due 07/15/2028 | 1750 | &nbsp;&nbsp;&nbsp;&nbsp;1594 |
|  **Avient Corp.** | **Avient Corp.** | **Avient Corp.** |
|  5.750% due 05/15/2025 | 750 | 733 |
|  7.125% due 08/01/2030 | 650 | 636 |
|  **Axalta Coating Systems Dutch Holding B BV** | **Axalta Coating Systems Dutch Holding B BV** | **Axalta Coating Systems Dutch Holding B BV** |
|  3.750% due 01/15/2025 | 625 | 643 |
|  **Axalta Coating Systems LLC** | **Axalta Coating Systems LLC** | **Axalta Coating Systems LLC** |
|  3.375% due 02/15/2029 | 750 | 620 |
|  4.750% due 06/15/2027 | 1250 | 1157 |
|  **B.C. Unlimited Liability Co.** | **B.C. Unlimited Liability Co.** | **B.C. Unlimited Liability Co.** |
|  3.500% due 02/15/2029 | 1900 | 1632 |
|  3.875% due 01/15/2028 | 1275 | 1143 |
|  4.000% due 10/15/2030 | 2000 | 1624 |
|  **Ball Corp.** | **Ball Corp.** | **Ball Corp.** |
|  2.875% due 08/15/2030 | 1100 | 880 |
|  **Bath & Body Works, Inc.** | **Bath & Body Works, Inc.** | **Bath & Body Works, Inc.** |
|  6.625% due 10/01/2030 | 625 | 588 |
|  6.875% due 11/01/2035 | 1500 | 1336 |
|  **Bausch Health Cos., Inc.** | **Bausch Health Cos., Inc.** | **Bausch Health Cos., Inc.** |
|  5.500% due 11/01/2025 | 2000 | 1703 |
|  5.750% due 08/15/2027 | 1000 | 682 |
|  **BCP Modular Services Finance PLC** | **BCP Modular Services Finance PLC** | **BCP Modular Services Finance PLC** |
|  4.750% due 11/30/2028 | 1400 | 1261 |
|  **BCPE Empire Holdings, Inc.** | **BCPE Empire Holdings, Inc.** | **BCPE Empire Holdings, Inc.** |
|  7.625% due 05/01/2027 | 875 | 786 |
|  **BellRing Brands, Inc.** | **BellRing Brands, Inc.** | **BellRing Brands, Inc.** |
|  7.000% due 03/15/2030 | 1000 | 964 |
|  **Berry Global, Inc.** | **Berry Global, Inc.** | **Berry Global, Inc.** |
|  4.500% due 02/15/2026 | 594 | 568 |
|  **Black Knight InfoServ LLC** | **Black Knight InfoServ LLC** | **Black Knight InfoServ LLC** |
|  3.625% due 09/01/2028 | 500 | 435 |
|  **Block, Inc.** | **Block, Inc.** | **Block, Inc.** |
|  2.750% due 06/01/2026 | 500 | 447 |
|  3.500% due 06/01/2031 | 500 | 400 |
|  **Boyd Gaming Corp.** | **Boyd Gaming Corp.** | **Boyd Gaming Corp.** |
|  4.750% due 06/15/2031 | 400 | 348 |
|  **Boyne USA, Inc.** | **Boyne USA, Inc.** | **Boyne USA, Inc.** |
|  4.750% due 05/15/2029 | 500 | 443 |
|  **Buckeye Partners LP** | **Buckeye Partners LP** | **Buckeye Partners LP** |
|  4.125% due 03/01/2025 | 875 | 835 |
|  4.500% due 03/01/2028 | 625 | 550 |
|  **Builders FirstSource, Inc.** | **Builders FirstSource, Inc.** | **Builders FirstSource, Inc.** |
|  5.000% due 03/01/2030 | 1250 | 1110 |
|  6.375% due 06/15/2032 | 1400 | 1317 |
|  **Cable One, Inc.** | **Cable One, Inc.** | **Cable One, Inc.** |
|  4.000% due 11/15/2030 | 625 | 491 |
|  **Cablevision Lightpath LLC** | **Cablevision Lightpath LLC** | **Cablevision Lightpath LLC** |
|  3.875% due 09/15/2027 | 750 | 622 |
|  5.625% due 09/15/2028 | 250 | 186 |
|  **Caesars Entertainment, Inc.** | **Caesars Entertainment, Inc.** | **Caesars Entertainment, Inc.** |
|  4.625% due 10/15/2029 | 1400 | 1142 |
|  6.250% due 07/01/2025 | 875 | 852 |
|  **Caesars Resort Collection LLC** | **Caesars Resort Collection LLC** | **Caesars Resort Collection LLC** |
|  5.750% due 07/01/2025 | 800 | 784 |
|  **Camelot Finance SA** | **Camelot Finance SA** | **Camelot Finance SA** |
|  4.500% due 11/01/2026 | 1000 | 939 |
|  **Cargo Aircraft Management, Inc.** | **Cargo Aircraft Management, Inc.** | **Cargo Aircraft Management, Inc.** |
|  4.750% due 02/01/2028 | 1000 | 909 |
|  **Carnival Corp.** | **Carnival Corp.** | **Carnival Corp.** |
|  4.000% due 08/01/2028 | 1400 | 1144 |
|  5.750% due 03/01/2027 | 1500 | 1074 |
|  7.625% due 03/01/2026 | 1250 | 993 |
|  10.500% due 02/01/2026 | 1000 | 1006 |
|  **Catalent Pharma Solutions, Inc.** | **Catalent Pharma Solutions, Inc.** | **Catalent Pharma Solutions, Inc.** |
|  3.125% due 02/15/2029 | 1250 | 997 |
|  5.000% due 07/15/2027 | 1000 | 932 |
|  **CCO Holdings LLC** | **CCO Holdings LLC** | **CCO Holdings LLC** |
|  4.250% due 02/01/2031 | 2000 | 1609 |
|  4.500% due 08/15/2030 | 2000 | 1657 |
|  4.500% due 05/01/2032 | 1250 | 997 |
|  4.500% due 06/01/2033 | 2000 | 1538 |
|  4.750% due 03/01/2030 | 1000 | 865 |
|  4.750% due 02/01/2032 | 500 | 406 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.000% due 02/01/2028 | $— | 1000 | $— | 910 |
|  5.125% due 05/01/2027 |  | 1000 |  | 934 |
|  5.375% due 06/01/2029 |  | 1500 |  | 1360 |
|  6.375% due 09/01/2029 |  | 2200 |  | &nbsp;&nbsp;&nbsp;&nbsp;2072 |
|  **CD&R Smokey Buyer, Inc.** | **CD&R Smokey Buyer, Inc.** | **CD&R Smokey Buyer, Inc.** | **CD&R Smokey Buyer, Inc.** | **CD&R Smokey Buyer, Inc.** |
|  6.750% due 07/15/2025 |  | 500 |  | 432 |
|  **Cellnex Finance Co. SA** | **Cellnex Finance Co. SA** | **Cellnex Finance Co. SA** | **Cellnex Finance Co. SA** | **Cellnex Finance Co. SA** |
|  3.875% due 07/07/2041 |  | 600 |  | 411 |
|  **Charles River Laboratories International, Inc.** | **Charles River Laboratories International, Inc.** | **Charles River Laboratories International, Inc.** | **Charles River Laboratories International, Inc.** | **Charles River Laboratories International, Inc.** |
|  3.750% due 03/15/2029 |  | 1000 |  | 886 |
|  4.000% due 03/15/2031 |  | 1000 |  | 866 |
|  **Cheniere Energy Partners LP** | **Cheniere Energy Partners LP** | **Cheniere Energy Partners LP** | **Cheniere Energy Partners LP** | **Cheniere Energy Partners LP** |
|  4.000% due 03/01/2031 |  | 1500 |  | 1279 |
|  4.500% due 10/01/2029 |  | 1000 |  | 901 |
|  **Cheniere Energy, Inc.** | **Cheniere Energy, Inc.** | **Cheniere Energy, Inc.** | **Cheniere Energy, Inc.** | **Cheniere Energy, Inc.** |
|  4.625% due 10/15/2028 |  | 1375 |  | 1245 |
|  **Cheplapharm Arzneimittel GmbH** | **Cheplapharm Arzneimittel GmbH** | **Cheplapharm Arzneimittel GmbH** | **Cheplapharm Arzneimittel GmbH** | **Cheplapharm Arzneimittel GmbH** |
|  5.500% due 01/15/2028 |  | 1000 |  | 838 |
|  **Chesapeake Energy Corp.** | **Chesapeake Energy Corp.** | **Chesapeake Energy Corp.** | **Chesapeake Energy Corp.** | **Chesapeake Energy Corp.** |
|  5.500% due 02/01/2026 |  | 175 |  | 169 |
|  5.875% due 02/01/2029 |  | 175 |  | 166 |
|  6.750% due 04/15/2029 |  | 1500 |  | 1462 |
|  **Churchill Downs, Inc.** | **Churchill Downs, Inc.** | **Churchill Downs, Inc.** | **Churchill Downs, Inc.** | **Churchill Downs, Inc.** |
|  4.750% due 01/15/2028 |  | 2000 |  | 1793 |
|  5.500% due 04/01/2027 |  | 750 |  | 712 |
|  **Clarios Global LP** | **Clarios Global LP** | **Clarios Global LP** | **Clarios Global LP** | **Clarios Global LP** |
|  4.375% due 05/15/2026 |  | 1100 |  | 1092 |
|  8.500% due 05/15/2027 | $— | 1000 |  | 979 |
|  **Clarivate Science Holdings Corp.** | **Clarivate Science Holdings Corp.** | **Clarivate Science Holdings Corp.** | **Clarivate Science Holdings Corp.** | **Clarivate Science Holdings Corp.** |
|  3.875% due 07/01/2028 |  | 1300 |  | 1128 |
|  4.875% due 07/01/2029 |  | 900 |  | 766 |
|  **Clean Harbors, Inc.** | **Clean Harbors, Inc.** | **Clean Harbors, Inc.** | **Clean Harbors, Inc.** | **Clean Harbors, Inc.** |
|  4.875% due 07/15/2027 |  | 750 |  | 712 |
|  **Cloud Software Group Holdings, Inc.** | **Cloud Software Group Holdings, Inc.** | **Cloud Software Group Holdings, Inc.** | **Cloud Software Group Holdings, Inc.** | **Cloud Software Group Holdings, Inc.** |
|  6.500% due 03/31/2029 |  | 1150 |  | 971 |
|  **CNX Midstream Partners LP** | **CNX Midstream Partners LP** | **CNX Midstream Partners LP** | **CNX Midstream Partners LP** | **CNX Midstream Partners LP** |
|  4.750% due 04/15/2030 |  | 700 |  | 575 |
|  **Coherent Corp.** | **Coherent Corp.** | **Coherent Corp.** | **Coherent Corp.** | **Coherent Corp.** |
|  5.000% due 12/15/2029 |  | 700 |  | 605 |
|  **CommScope Technologies LLC** | **CommScope Technologies LLC** | **CommScope Technologies LLC** | **CommScope Technologies LLC** | **CommScope Technologies LLC** |
|  5.000% due 03/15/2027 |  | 1000 |  | 681 |
|  6.000% due 06/15/2025 |  | 1084 |  | 989 |
|  **CommScope, Inc.** | **CommScope, Inc.** | **CommScope, Inc.** | **CommScope, Inc.** | **CommScope, Inc.** |
|  6.000% due 03/01/2026 |  | 250 |  | 231 |
|  7.125% due 07/01/2028 |  | 1000 |  | 716 |
|  8.250% due 03/01/2027 |  | 750 |  | 582 |
|  **Community Health Systems, Inc.** | **Community Health Systems, Inc.** | **Community Health Systems, Inc.** | **Community Health Systems, Inc.** | **Community Health Systems, Inc.** |
|  4.750% due 02/15/2031 |  | 1000 |  | 728 |
|  5.625% due 03/15/2027 |  | 1250 |  | 1074 |
|  6.000% due 01/15/2029 |  | 250 |  | 209 |
|  6.875% due 04/15/2029 |  | 750 |  | 387 |
|  8.000% due 03/15/2026 |  | 875 |  | 798 |
|  **Comstock Resources, Inc.** | **Comstock Resources, Inc.** | **Comstock Resources, Inc.** | **Comstock Resources, Inc.** | **Comstock Resources, Inc.** |
|  5.875% due 01/15/2030 |  | 325 |  | 280 |
|  6.750% due 03/01/2029 |  | 1000 |  | 904 |
|  **Connect Finco SARL** | **Connect Finco SARL** | **Connect Finco SARL** | **Connect Finco SARL** | **Connect Finco SARL** |
|  6.750% due 10/01/2026 |  | 1250 |  | 1161 |
|  **Consolidated Communications, Inc.** | **Consolidated Communications, Inc.** | **Consolidated Communications, Inc.** | **Consolidated Communications, Inc.** | **Consolidated Communications, Inc.** |
|  5.000% due 10/01/2028 |  | 250 |  | 185 |
|  **CoreLogic, Inc.** | **CoreLogic, Inc.** | **CoreLogic, Inc.** | **CoreLogic, Inc.** | **CoreLogic, Inc.** |
|  4.500% due 05/01/2028 |  | 1250 |  | 961 |
|  **Coty, Inc.** | **Coty, Inc.** | **Coty, Inc.** | **Coty, Inc.** | **Coty, Inc.** |
|  3.875% due 04/15/2026 |  | 2900 |  | 2900 |
|  5.000% due 04/15/2026 | $— | 750 |  | 712 |
|  **Covanta Holding Corp.** | **Covanta Holding Corp.** | **Covanta Holding Corp.** | **Covanta Holding Corp.** | **Covanta Holding Corp.** |
|  5.000% due 09/01/2030 |  | 500 |  | 405 |
|  **CQP Holdco LP** | **CQP Holdco LP** | **CQP Holdco LP** | **CQP Holdco LP** | **CQP Holdco LP** |
|  5.500% due 06/15/2031 |  | 1000 |  | 875 |
|  **Crocs, Inc.** | **Crocs, Inc.** | **Crocs, Inc.** | **Crocs, Inc.** | **Crocs, Inc.** |
|  4.250% due 03/15/2029 |  | 750 |  | 636 |
|  **Crown Americas LLC** | **Crown Americas LLC** | **Crown Americas LLC** | **Crown Americas LLC** | **Crown Americas LLC** |
|  4.250% due 09/30/2026 |  | 1000 |  | 955 |
|  **CSC Holdings LLC** | **CSC Holdings LLC** | **CSC Holdings LLC** | **CSC Holdings LLC** | **CSC Holdings LLC** |
|  3.375% due 02/15/2031 |  | 1000 |  | 654 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.250% due 06/01/2024 | $— | 1000 | $— | 932 |
|  5.375% due 02/01/2028 |  | 500 |  | 404 |
|  5.500% due 04/15/2027 |  | 1000 |  | 841 |
|  5.750% due 01/15/2030 |  | 2250 |  | 1274 |
|  6.500% due 02/01/2029 |  | 1000 |  | 820 |
|  **DaVita, Inc.** | **DaVita, Inc.** | **DaVita, Inc.** | **DaVita, Inc.** | **DaVita, Inc.** |
|  3.750% due 02/15/2031 |  | 1750 |  | 1310 |
|  4.625% due 06/01/2030 |  | 1500 |  | 1210 |
|  **Deluxe Corp.** | **Deluxe Corp.** | **Deluxe Corp.** | **Deluxe Corp.** | **Deluxe Corp.** |
|  8.000% due 06/01/2029 |  | 775 |  | 638 |
|  **Diamond Sports Group LLC** | **Diamond Sports Group LLC** | **Diamond Sports Group LLC** | **Diamond Sports Group LLC** | **Diamond Sports Group LLC** |
|  5.375% due 08/15/2026 |  | 2000 |  | 237 |
|  6.625% due 08/15/2027 |  | 1000 |  | 11 |
|  **DirecTV Financing LLC** | **DirecTV Financing LLC** | **DirecTV Financing LLC** | **DirecTV Financing LLC** | **DirecTV Financing LLC** |
|  5.875% due 08/15/2027 |  | 2100 |  | 1883 |
|  **DISH DBS Corp.** | **DISH DBS Corp.** | **DISH DBS Corp.** | **DISH DBS Corp.** | **DISH DBS Corp.** |
|  5.250% due 12/01/2026 |  | 1800 |  | &nbsp;&nbsp;&nbsp;&nbsp;1520 |
|  5.750% due 12/01/2028 |  | 2300 |  | 1840 |
|  **DISH Network Corp.** | **DISH Network Corp.** | **DISH Network Corp.** | **DISH Network Corp.** | **DISH Network Corp.** |
|  11.750% due 11/15/2027 |  | 750 |  | 773 |
|  **DT Midstream, Inc.** | **DT Midstream, Inc.** | **DT Midstream, Inc.** | **DT Midstream, Inc.** | **DT Midstream, Inc.** |
|  4.125% due 06/15/2029 |  | 1700 |  | 1464 |
|  4.375% due 06/15/2031 |  | 1700 |  | 1428 |
|  **Dun & Bradstreet Corp.** | **Dun & Bradstreet Corp.** | **Dun & Bradstreet Corp.** | **Dun & Bradstreet Corp.** | **Dun & Bradstreet Corp.** |
|  5.000% due 12/15/2029 |  | 1000 |  | 857 |
|  **Edgewell Personal Care Co.** | **Edgewell Personal Care Co.** | **Edgewell Personal Care Co.** | **Edgewell Personal Care Co.** | **Edgewell Personal Care Co.** |
|  4.125% due 04/01/2029 |  | 1000 |  | 854 |
|  5.500% due 06/01/2028 |  | 750 |  | 703 |
|  **Elanco Animal Health, Inc.** | **Elanco Animal Health, Inc.** | **Elanco Animal Health, Inc.** | **Elanco Animal Health, Inc.** | **Elanco Animal Health, Inc.** |
|  6.400% due 08/28/2028 |  | 400 |  | 383 |
|  **Element Solutions, Inc.** | **Element Solutions, Inc.** | **Element Solutions, Inc.** | **Element Solutions, Inc.** | **Element Solutions, Inc.** |
|  3.875% due 09/01/2028 |  | 1000 |  | 852 |
|  **Energizer Holdings, Inc.** | **Energizer Holdings, Inc.** | **Energizer Holdings, Inc.** | **Energizer Holdings, Inc.** | **Energizer Holdings, Inc.** |
|  4.375% due 03/31/2029 |  | 1000 |  | 850 |
|  4.750% due 06/15/2028 |  | 500 |  | 434 |
|  **EnLink Midstream LLC** | **EnLink Midstream LLC** | **EnLink Midstream LLC** | **EnLink Midstream LLC** | **EnLink Midstream LLC** |
|  6.500% due 09/01/2030 |  | 1000 |  | 991 |
|  **EnLink Midstream Partners LP** | **EnLink Midstream Partners LP** | **EnLink Midstream Partners LP** | **EnLink Midstream Partners LP** | **EnLink Midstream Partners LP** |
|  4.150% due 06/01/2025 |  | 596 |  | 564 |
|  5.450% due 06/01/2047 |  | 750 |  | 604 |
|  **EQM Midstream Partners LP** | **EQM Midstream Partners LP** | **EQM Midstream Partners LP** | **EQM Midstream Partners LP** | **EQM Midstream Partners LP** |
|  4.125% due 12/01/2026 |  | 1000 |  | 891 |
|  4.500% due 01/15/2029 |  | 500 |  | 421 |
|  4.750% due 01/15/2031 |  | 1000 |  | 819 |
|  6.000% due 07/01/2025 |  | 92 |  | 89 |
|  6.500% due 07/01/2027 |  | 500 |  | 479 |
|  6.500% due 07/15/2048 |  | 500 |  | 376 |
|  **Fair Isaac Corp.** | **Fair Isaac Corp.** | **Fair Isaac Corp.** | **Fair Isaac Corp.** | **Fair Isaac Corp.** |
|  4.000% due 06/15/2028 |  | 1000 |  | 909 |
|  **Fertitta Entertainment LLC** | **Fertitta Entertainment LLC** | **Fertitta Entertainment LLC** | **Fertitta Entertainment LLC** | **Fertitta Entertainment LLC** |
|  4.625% due 01/15/2029 |  | 1305 |  | 1106 |
|  **Ford Motor Co.** | **Ford Motor Co.** | **Ford Motor Co.** | **Ford Motor Co.** | **Ford Motor Co.** |
|  3.250% due 02/12/2032 |  | 1570 |  | 1180 |
|  6.100% due 08/19/2032 |  | 600 |  | 555 |
|  **Frontier Communications Holdings LLC** | **Frontier Communications Holdings LLC** | **Frontier Communications Holdings LLC** | **Frontier Communications Holdings LLC** | **Frontier Communications Holdings LLC** |
|  5.000% due 05/01/2028 |  | 500 |  | 437 |
|  5.875% due 10/15/2027 |  | 625 |  | 582 |
|  6.750% due 05/01/2029 |  | 750 |  | 621 |
|  8.750% due 05/15/2030 |  | 1200 |  | 1222 |
|  **Gap, Inc.** | **Gap, Inc.** | **Gap, Inc.** | **Gap, Inc.** | **Gap, Inc.** |
|  3.875% due 10/01/2031 |  | 1900 |  | 1328 |
|  **Garda World Security Corp.** | **Garda World Security Corp.** | **Garda World Security Corp.** | **Garda World Security Corp.** | **Garda World Security Corp.** |
|  4.625% due 02/15/2027 |  | 1500 |  | 1327 |
|  **GFL Environmental, Inc.** | **GFL Environmental, Inc.** | **GFL Environmental, Inc.** | **GFL Environmental, Inc.** | **GFL Environmental, Inc.** |
|  3.500% due 09/01/2028 |  | 1500 |  | 1321 |
|  **Global Medical Response, Inc.** | **Global Medical Response, Inc.** | **Global Medical Response, Inc.** | **Global Medical Response, Inc.** | **Global Medical Response, Inc.** |
|  6.500% due 10/01/2025 |  | 1500 |  | 1076 |
|  **Go Daddy Operating Co. LLC** | **Go Daddy Operating Co. LLC** | **Go Daddy Operating Co. LLC** | **Go Daddy Operating Co. LLC** | **Go Daddy Operating Co. LLC** |
|  3.500% due 03/01/2029 |  | 2000 |  | 1677 |
|  **goeasy Ltd.** | **goeasy Ltd.** | **goeasy Ltd.** | **goeasy Ltd.** | **goeasy Ltd.** |
|  5.375% due 12/01/2024 |  | 1000 |  | 961 |
|  **GoTo Group, Inc.** | **GoTo Group, Inc.** | **GoTo Group, Inc.** | **GoTo Group, Inc.** | **GoTo Group, Inc.** |
|  5.500% due 09/01/2027 |  | 750 |  | 405 |

---

---

| | | |
|:---|:---|:---|
| **16** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Graphic Packaging International LLC** | **Graphic Packaging International LLC** | **Graphic Packaging International LLC** |
|  3.500% due 03/15/2028 | 750 | 654 |
|  3.750% due 02/01/2030 | 700 | 596 |
|  **Great Lakes Dredge & Dock Corp.** | **Great Lakes Dredge & Dock Corp.** | **Great Lakes Dredge & Dock Corp.** |
|  5.250% due 06/01/2029 | 350 | 273 |
|  **Grifols Escrow Issuer SA** | **Grifols Escrow Issuer SA** | **Grifols Escrow Issuer SA** |
|  4.750% due 10/15/2028 | 700 | 605 |
|  **H-Food Holdings LLC** | **H-Food Holdings LLC** | **H-Food Holdings LLC** |
|  8.500% due 06/01/2026 | 2000 | 1163 |
|  **Hanesbrands, Inc.** | **Hanesbrands, Inc.** | **Hanesbrands, Inc.** |
|  4.875% due 05/15/2026 | 1500 | 1343 |
|  **Harvest Midstream LP** | **Harvest Midstream LP** | **Harvest Midstream LP** |
|  7.500% due 09/01/2028 | 750 | 718 |
|  **Hawaiian Brand Intellectual Property Ltd.** | **Hawaiian Brand Intellectual Property Ltd.** | **Hawaiian Brand Intellectual Property Ltd.** |
|  5.750% due 01/20/2026 | 875 | 794 |
|  **HealthEquity, Inc.** | **HealthEquity, Inc.** | **HealthEquity, Inc.** |
|  4.500% due 10/01/2029 | 925 | 810 |
|  **Hilton Domestic Operating Co., Inc.** | **Hilton Domestic Operating Co., Inc.** | **Hilton Domestic Operating Co., Inc.** |
|  3.625% due 02/15/2032 | 1500 | 1204 |
|  3.750% due 05/01/2029 | 625 | 541 |
|  4.000% due 05/01/2031 | 625 | 524 |
|  4.875% due 01/15/2030 | 1000 | 908 |
|  **Hilton Grand Vacations Borrower Escrow LLC** | **Hilton Grand Vacations Borrower Escrow LLC** | **Hilton Grand Vacations Borrower Escrow LLC** |
|  4.875% due 07/01/2031 | 750 | 613 |
|  5.000% due 06/01/2029 | 850 | 732 |
|  **Hilton Worldwide Finance LLC** | **Hilton Worldwide Finance LLC** | **Hilton Worldwide Finance LLC** |
|  4.875% due 04/01/2027 | 750 | 715 |
|  **Howard Midstream Energy Partners LLC** | **Howard Midstream Energy Partners LLC** | **Howard Midstream Energy Partners LLC** |
|  6.750% due 01/15/2027 | 700 | 672 |
|  **Howmet Aerospace, Inc.** | **Howmet Aerospace, Inc.** | **Howmet Aerospace, Inc.** |
|  5.950% due 02/01/2037 | 1000 | 972 |
|  **IHO Verwaltungs GmbH (6.000% Cash or 6.750% PIK)** | **IHO Verwaltungs GmbH (6.000% Cash or 6.750% PIK)** | **IHO Verwaltungs GmbH (6.000% Cash or 6.750% PIK)** |
|  6.000% due 05/15/2027 (a) | 500 | 440 |
|  **IHO Verwaltungs GmbH (6.375% Cash or 7.125% PIK)** | **IHO Verwaltungs GmbH (6.375% Cash or 7.125% PIK)** | **IHO Verwaltungs GmbH (6.375% Cash or 7.125% PIK)** |
|  6.375% due 05/15/2029 (a) | 500 | 423 |
|  **Imola Merger Corp.** | **Imola Merger Corp.** | **Imola Merger Corp.** |
|  4.750% due 05/15/2029 | 1000 | 870 |
|  **INEOS Quattro Finance 2 PLC** | **INEOS Quattro Finance 2 PLC** | **INEOS Quattro Finance 2 PLC** |
|  3.375% due 01/15/2026 | 875 | 805 |
|  **Ingevity Corp.** | **Ingevity Corp.** | **Ingevity Corp.** |
|  3.875% due 11/01/2028 | 1500 | 1292 |
|  **International Game Technology PLC** | **International Game Technology PLC** | **International Game Technology PLC** |
|  5.250% due 01/15/2029 | 750 | 700 |
|  6.250% due 01/15/2027 | 500 | 497 |
|  **IQVIA, Inc.** | **IQVIA, Inc.** | **IQVIA, Inc.** |
|  5.000% due 10/15/2026 | 2000 | 1914 |
|  5.000% due 05/15/2027 | 1000 | 955 |
|  **Jazz Securities DAC** | **Jazz Securities DAC** | **Jazz Securities DAC** |
|  4.375% due 01/15/2029 | 625 | 558 |
|  **JELD-WEN, Inc.** | **JELD-WEN, Inc.** | **JELD-WEN, Inc.** |
|  4.625% due 12/15/2025 | 1000 | 839 |
|  4.875% due 12/15/2027 | 1750 | 1320 |
|  **Kaiser Aluminum Corp.** | **Kaiser Aluminum Corp.** | **Kaiser Aluminum Corp.** |
|  4.500% due 06/01/2031 | 300 | 242 |
|  4.625% due 03/01/2028 | 1000 | 874 |
|  **KFC Holding Co.** | **KFC Holding Co.** | **KFC Holding Co.** |
|  4.750% due 06/01/2027 | 750 | 721 |
|  **Kinetik Holdings LP** | **Kinetik Holdings LP** | **Kinetik Holdings LP** |
|  5.875% due 06/15/2030 | 600 | 563 |
|  **LABL, Inc.** | **LABL, Inc.** | **LABL, Inc.** |
|  6.750% due 07/15/2026 | 2000 | 1888 |
|  **Lamar Media Corp.** | **Lamar Media Corp.** | **Lamar Media Corp.** |
|  3.625% due 01/15/2031 | 500 | 414 |
|  3.750% due 02/15/2028 | 1000 | 897 |
|  **Lamb Weston Holdings, Inc.** | **Lamb Weston Holdings, Inc.** | **Lamb Weston Holdings, Inc.** |
|  4.375% due 01/31/2032 | 2100 | &nbsp;&nbsp;&nbsp;&nbsp;1838 |
|  **Las Vegas Sands Corp.** | **Las Vegas Sands Corp.** | **Las Vegas Sands Corp.** |
|  2.900% due 06/25/2025 | 750 | 690 |
|  3.900% due 08/08/2029 | 700 | 591 |
|  **Legacy LifePoint Health LLC** | **Legacy LifePoint Health LLC** | **Legacy LifePoint Health LLC** |
|  4.375% due 02/15/2027 | 500 | 424 |
|  **Level 3 Financing, Inc.** | **Level 3 Financing, Inc.** | **Level 3 Financing, Inc.** |
|  3.750% due 07/15/2029 | 875 | 631 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Lindblad Expeditions LLC** | **Lindblad Expeditions LLC** | **Lindblad Expeditions LLC** |
|  6.750% due 02/15/2027 | 900 | 818 |
|  **Live Nation Entertainment, Inc.** | **Live Nation Entertainment, Inc.** | **Live Nation Entertainment, Inc.** |
|  3.750% due 01/15/2028 | 600 | 513 |
|  4.875% due 11/01/2024 | 500 | 485 |
|  6.500% due 05/15/2027 | 875 | 858 |
|  **Madison IAQ LLC** | **Madison IAQ LLC** | **Madison IAQ LLC** |
|  5.875% due 06/30/2029 | 1500 | 1031 |
|  **Marriott Ownership Resorts, Inc.** | **Marriott Ownership Resorts, Inc.** | **Marriott Ownership Resorts, Inc.** |
|  4.500% due 06/15/2029 | 1425 | 1184 |
|  4.750% due 01/15/2028 | 500 | 436 |
|  **Masonite International Corp.** | **Masonite International Corp.** | **Masonite International Corp.** |
|  5.375% due 02/01/2028 | 1500 | 1389 |
|  **Mattel, Inc.** | **Mattel, Inc.** | **Mattel, Inc.** |
|  3.375% due 04/01/2026 | 500 | 460 |
|  **Mauser Packaging Solutions Holding Co.** | **Mauser Packaging Solutions Holding Co.** | **Mauser Packaging Solutions Holding Co.** |
|  5.500% due 04/15/2024 | 2500 | 2436 |
|  **Medline Borrower LP** | **Medline Borrower LP** | **Medline Borrower LP** |
|  3.875% due 04/01/2029 | 1500 | 1212 |
|  5.250% due 10/01/2029 | 1200 | 955 |
|  **MEG Energy Corp.** | **MEG Energy Corp.** | **MEG Energy Corp.** |
|  5.875% due 02/01/2029 | 500 | 472 |
|  7.125% due 02/01/2027 | 1500 | 1532 |
|  **MGM China Holdings Ltd.** | **MGM China Holdings Ltd.** | **MGM China Holdings Ltd.** |
|  4.750% due 02/01/2027 | 500 | 443 |
|  **MGM Resorts International** | **MGM Resorts International** | **MGM Resorts International** |
|  5.500% due 04/15/2027 | 327 | 305 |
|  5.750% due 06/15/2025 | 657 | 639 |
|  6.000% due 03/15/2023 | 500 | 499 |
|  **Midwest Gaming Borrower LLC** | **Midwest Gaming Borrower LLC** | **Midwest Gaming Borrower LLC** |
|  4.875% due 05/01/2029 | 1000 | 852 |
|  **MPH Acquisition Holdings LLC** | **MPH Acquisition Holdings LLC** | **MPH Acquisition Holdings LLC** |
|  5.750% due 11/01/2028 | 1500 | 1001 |
|  **MSCI, Inc.** | **MSCI, Inc.** | **MSCI, Inc.** |
|  3.625% due 09/01/2030 | 500 | 417 |
|  3.625% due 11/01/2031 | 1000 | 828 |
|  **NCL Corp. Ltd.** | **NCL Corp. Ltd.** | **NCL Corp. Ltd.** |
|  5.875% due 03/15/2026 | 625 | 492 |
|  5.875% due 02/15/2027 | 800 | 694 |
|  7.750% due 02/15/2029 | 300 | 226 |
|  **NCR Corp.** | **NCR Corp.** | **NCR Corp.** |
|  5.000% due 10/01/2028 | 500 | 427 |
|  5.125% due 04/15/2029 | 1000 | 838 |
|  **NESCO Holdings, Inc.** | **NESCO Holdings, Inc.** | **NESCO Holdings, Inc.** |
|  5.500% due 04/15/2029 | 375 | 329 |
|  **Newell Brands, Inc.** | **Newell Brands, Inc.** | **Newell Brands, Inc.** |
|  5.625% due 04/01/2036 | 500 | 430 |
|  5.750% due 04/01/2046 | 400 | 320 |
|  **Nexstar Media, Inc.** | **Nexstar Media, Inc.** | **Nexstar Media, Inc.** |
|  5.625% due 07/15/2027 | 1750 | 1609 |
|  **NextEra Energy Operating Partners LP** | **NextEra Energy Operating Partners LP** | **NextEra Energy Operating Partners LP** |
|  4.250% due 07/15/2024 | 625 | 607 |
|  4.250% due 09/15/2024 | 45 | 42 |
|  4.500% due 09/15/2027 | 750 | 689 |
|  **Northriver Midstream Finance LP** | **Northriver Midstream Finance LP** | **Northriver Midstream Finance LP** |
|  5.625% due 02/15/2026 | 1125 | &nbsp;&nbsp;&nbsp;&nbsp;1067 |
|  **Novelis Corp.** | **Novelis Corp.** | **Novelis Corp.** |
|  3.875% due 08/15/2031 | 600 | 491 |
|  4.750% due 01/30/2030 | 2000 | 1778 |
|  **NuStar Logistics LP** | **NuStar Logistics LP** | **NuStar Logistics LP** |
|  5.750% due 10/01/2025 | 625 | 602 |
|  6.375% due 10/01/2030 | 500 | 463 |
|  **Occidental Petroleum Corp.** | **Occidental Petroleum Corp.** | **Occidental Petroleum Corp.** |
|  4.625% due 06/15/2045 | 2000 | 1619 |
|  6.375% due 09/01/2028 | 500 | 506 |
|  6.450% due 09/15/2036 | 750 | 767 |
|  6.600% due 03/15/2046 | 1000 | 1031 |
|  6.625% due 09/01/2030 | 750 | 777 |
|  7.500% due 05/01/2031 | 500 | 535 |
|  8.875% due 07/15/2030 | 875 | 989 |
|  **Olympus Water U.S. Holding Corp.** | **Olympus Water U.S. Holding Corp.** | **Olympus Water U.S. Holding Corp.** |
|  3.875% due 10/01/2028 | 800 | 698 |
|  4.250% due 10/01/2028 | 1750 | 1423 |
|  6.250% due 10/01/2029 | 750 | 570 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **ON Semiconductor Corp.** | **ON Semiconductor Corp.** | **ON Semiconductor Corp.** |
|  3.875% due 09/01/2028 | 1000 | 874 |
|  **Open Text Holdings, Inc.** | **Open Text Holdings, Inc.** | **Open Text Holdings, Inc.** |
|  4.125% due 02/15/2030 | 1000 | 804 |
|  **Option Care Health, Inc.** | **Option Care Health, Inc.** | **Option Care Health, Inc.** |
|  4.375% due 10/31/2029 | 700 | 613 |
|  **Organon & Co.** | **Organon & Co.** | **Organon & Co.** |
|  4.125% due 04/30/2028 | 1750 | &nbsp;&nbsp;&nbsp;&nbsp;1553 |
|  5.125% due 04/30/2031 | 1750 | 1518 |
|  **Outfront Media Capital LLC** | **Outfront Media Capital LLC** | **Outfront Media Capital LLC** |
|  5.000% due 08/15/2027 | 1000 | 902 |
|  **Owens & Minor, Inc.** | **Owens & Minor, Inc.** | **Owens & Minor, Inc.** |
|  4.500% due 03/31/2029 | 1250 | 998 |
|  **Pactiv Evergreen Group Issuer LLC** | **Pactiv Evergreen Group Issuer LLC** | **Pactiv Evergreen Group Issuer LLC** |
|  4.375% due 10/15/2028 | 1200 | 1074 |
|  **Pactiv Evergreen Group Issuer, Inc.** | **Pactiv Evergreen Group Issuer, Inc.** | **Pactiv Evergreen Group Issuer, Inc.** |
|  4.000% due 10/15/2027 | 1875 | 1666 |
|  **Parkland Corp.** | **Parkland Corp.** | **Parkland Corp.** |
|  5.875% due 07/15/2027 | 1750 | 1665 |
|  **PDC Energy, Inc.** | **PDC Energy, Inc.** | **PDC Energy, Inc.** |
|  5.750% due 05/15/2026 | 1000 | 956 |
|  6.125% due 09/15/2024 | 500 | 498 |
|  **Pediatrix Medical Group, Inc.** | **Pediatrix Medical Group, Inc.** | **Pediatrix Medical Group, Inc.** |
|  5.375% due 02/15/2030 | 600 | 522 |
|  **Performance Food Group, Inc.** | **Performance Food Group, Inc.** | **Performance Food Group, Inc.** |
|  5.500% due 10/15/2027 | 500 | 473 |
|  **Permian Resources Operating LLC** | **Permian Resources Operating LLC** | **Permian Resources Operating LLC** |
|  5.375% due 01/15/2026 | 2000 | 1824 |
|  **Perrigo Finance Unlimited Co.** | **Perrigo Finance Unlimited Co.** | **Perrigo Finance Unlimited Co.** |
|  4.400% due 06/15/2030 | 1200 | 1024 |
|  **PetSmart, Inc.** | **PetSmart, Inc.** | **PetSmart, Inc.** |
|  4.750% due 02/15/2028 | 1500 | 1361 |
|  7.750% due 02/15/2029 | 1250 | 1176 |
|  **PGT Innovations, Inc.** | **PGT Innovations, Inc.** | **PGT Innovations, Inc.** |
|  4.375% due 10/01/2029 | 600 | 503 |
|  **Post Holdings, Inc.** | **Post Holdings, Inc.** | **Post Holdings, Inc.** |
|  4.625% due 04/15/2030 | 1000 | 865 |
|  5.500% due 12/15/2029 | 1000 | 907 |
|  5.625% due 01/15/2028 | 1250 | 1179 |
|  5.750% due 03/01/2027 | 707 | 685 |
|  **Precision Drilling Corp.** | **Precision Drilling Corp.** | **Precision Drilling Corp.** |
|  6.875% due 01/15/2029 | 575 | 536 |
|  **Prestige Brands, Inc.** | **Prestige Brands, Inc.** | **Prestige Brands, Inc.** |
|  3.750% due 04/01/2031 | 1000 | 826 |
|  5.125% due 01/15/2028 | 1000 | 940 |
|  **Prime Security Services Borrower LLC** | **Prime Security Services Borrower LLC** | **Prime Security Services Borrower LLC** |
|  5.250% due 04/15/2024 | 1000 | 984 |
|  5.750% due 04/15/2026 | 1000 | 965 |
|  6.250% due 01/15/2028 | 1000 | 912 |
|  **Radiate Holdco LLC** | **Radiate Holdco LLC** | **Radiate Holdco LLC** |
|  4.500% due 09/15/2026 | 1000 | 736 |
|  6.500% due 09/15/2028 | 1000 | 421 |
|  **Range Resources Corp.** | **Range Resources Corp.** | **Range Resources Corp.** |
|  4.750% due 02/15/2030 | 200 | 177 |
|  4.875% due 05/15/2025 | 1000 | 952 |
|  **Rockcliff Energy LLC** | **Rockcliff Energy LLC** | **Rockcliff Energy LLC** |
|  5.500% due 10/15/2029 | 780 | 715 |
|  **Rockies Express Pipeline LLC** | **Rockies Express Pipeline LLC** | **Rockies Express Pipeline LLC** |
|  4.800% due 05/15/2030 | 500 | 441 |
|  6.875% due 04/15/2040 | 500 | 421 |
|  **Roller Bearing Co. of America, Inc.** | **Roller Bearing Co. of America, Inc.** | **Roller Bearing Co. of America, Inc.** |
|  4.375% due 10/15/2029 | 750 | 649 |
|  **Rolls-Royce PLC** | **Rolls-Royce PLC** | **Rolls-Royce PLC** |
|  5.750% due 10/15/2027 | 750 | 716 |
|  **Royal Caribbean Cruises Ltd.** | **Royal Caribbean Cruises Ltd.** | **Royal Caribbean Cruises Ltd.** |
|  5.500% due 04/01/2028 | 500 | 400 |
|  11.500% due 06/01/2025 | 3324 | 3572 |
|  **RP Escrow Issuer LLC** | **RP Escrow Issuer LLC** | **RP Escrow Issuer LLC** |
|  5.250% due 12/15/2025 | 500 | 382 |
|  **Sabre Global, Inc.** | **Sabre Global, Inc.** | **Sabre Global, Inc.** |
|  7.375% due 09/01/2025 | 1000 | 963 |
|  9.250% due 04/15/2025 | 500 | 499 |
|  **Scientific Games Holdings LP** | **Scientific Games Holdings LP** | **Scientific Games Holdings LP** |
|  6.625% due 03/01/2030 | 650 | 550 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **17** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO High Yield Portfolio** | **(Cont.)** |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **SCIH Salt Holdings, Inc.** | **SCIH Salt Holdings, Inc.** | **SCIH Salt Holdings, Inc.** |
|  4.875% due 05/01/2028 | 1000 | 860 |
|  **Scripps Escrow, Inc.** | **Scripps Escrow, Inc.** | **Scripps Escrow, Inc.** |
|  3.875% due 01/15/2029 | 600 | 482 |
|  5.875% due 07/15/2027 | 800 | 715 |
|  **Seagate HDD Cayman** | **Seagate HDD Cayman** | **Seagate HDD Cayman** |
|  9.625% due 12/01/2032 | 1989 | &nbsp;&nbsp;&nbsp;&nbsp;2184 |
|  **Sealed Air Corp.** | **Sealed Air Corp.** | **Sealed Air Corp.** |
|  5.500% due 09/15/2025 | 1000 | 987 |
|  **Select Medical Corp.** | **Select Medical Corp.** | **Select Medical Corp.** |
|  6.250% due 08/15/2026 | 1000 | 953 |
|  **Sensata Technologies BV** | **Sensata Technologies BV** | **Sensata Technologies BV** |
|  5.625% due 11/01/2024 | 1250 | 1244 |
|  **Sensata Technologies, Inc.** | **Sensata Technologies, Inc.** | **Sensata Technologies, Inc.** |
|  3.750% due 02/15/2031 | 1000 | 824 |
|  4.375% due 02/15/2030 | 500 | 436 |
|  **Sigma Holdco BV** | **Sigma Holdco BV** | **Sigma Holdco BV** |
|  7.875% due 05/15/2026 | 1500 | 1075 |
|  **Silgan Holdings, Inc.** | **Silgan Holdings, Inc.** | **Silgan Holdings, Inc.** |
|  4.125% due 02/01/2028 | 1500 | 1390 |
|  **Simmons Foods, Inc.** | **Simmons Foods, Inc.** | **Simmons Foods, Inc.** |
|  4.625% due 03/01/2029 | 1000 | 815 |
|  **Sirius XM Radio, Inc.** | **Sirius XM Radio, Inc.** | **Sirius XM Radio, Inc.** |
|  4.125% due 07/01/2030 | 2000 | 1655 |
|  5.000% due 08/01/2027 | 1000 | 927 |
|  5.500% due 07/01/2029 | 500 | 458 |
|  **SM Energy Co.** | **SM Energy Co.** | **SM Energy Co.** |
|  6.500% due 07/15/2028 | 700 | 672 |
|  **Southwestern Energy Co.** | **Southwestern Energy Co.** | **Southwestern Energy Co.** |
|  5.375% due 02/01/2029 | 1000 | 929 |
|  **Spectrum Brands, Inc.** | **Spectrum Brands, Inc.** | **Spectrum Brands, Inc.** |
|  3.875% due 03/15/2031 | 625 | 487 |
|  5.000% due 10/01/2029 | 750 | 650 |
|  5.750% due 07/15/2025 | 90 | 89 |
|  **Speedway Motorsports LLC** | **Speedway Motorsports LLC** | **Speedway Motorsports LLC** |
|  4.875% due 11/01/2027 | 1375 | 1222 |
|  **Spirit AeroSystems, Inc.** | **Spirit AeroSystems, Inc.** | **Spirit AeroSystems, Inc.** |
|  7.500% due 04/15/2025 | 1000 | 990 |
|  9.375% due 11/30/2029 | 900 | 949 |
|  **Spirit Loyalty Cayman Ltd.** | **Spirit Loyalty Cayman Ltd.** | **Spirit Loyalty Cayman Ltd.** |
|  8.000% due 09/20/2025 | 600 | 604 |
|  **SRS Distribution, Inc.** | **SRS Distribution, Inc.** | **SRS Distribution, Inc.** |
|  4.625% due 07/01/2028 | 700 | 621 |
|  **Stagwell Global LLC** | **Stagwell Global LLC** | **Stagwell Global LLC** |
|  5.625% due 08/15/2029 | 1100 | 909 |
|  **Standard Industries, Inc.** | **Standard Industries, Inc.** | **Standard Industries, Inc.** |
|  3.375% due 01/15/2031 | 1000 | 755 |
|  4.375% due 07/15/2030 | 1250 | 1021 |
|  4.750% due 01/15/2028 | 1000 | 901 |
|  5.000% due 02/15/2027 | 500 | 462 |
|  **Staples, Inc.** | **Staples, Inc.** | **Staples, Inc.** |
|  7.500% due 04/15/2026 | 2000 | 1725 |
|  **Station Casinos LLC** | **Station Casinos LLC** | **Station Casinos LLC** |
|  4.500% due 02/15/2028 | 750 | 653 |
|  4.625% due 12/01/2031 | 1200 | 964 |
|  **Studio City Finance Ltd.** | **Studio City Finance Ltd.** | **Studio City Finance Ltd.** |
|  5.000% due 01/15/2029 | 200 | 148 |
|  **Suburban Propane Partners LP** | **Suburban Propane Partners LP** | **Suburban Propane Partners LP** |
|  5.000% due 06/01/2031 | 700 | 596 |
|  **Sunoco LP** | **Sunoco LP** | **Sunoco LP** |
|  4.500% due 05/15/2029 | 500 | 438 |
|  5.875% due 03/15/2028 | 500 | 474 |
|  **Superior Plus LP** | **Superior Plus LP** | **Superior Plus LP** |
|  4.500% due 03/15/2029 | 750 | 642 |
|  **Syneos Health, Inc.** | **Syneos Health, Inc.** | **Syneos Health, Inc.** |
|  3.625% due 01/15/2029 | 500 | 399 |
|  **Team Health Holdings, Inc.** | **Team Health Holdings, Inc.** | **Team Health Holdings, Inc.** |
|  6.375% due 02/01/2025 | 1000 | 578 |
|  **TEGNA, Inc.** | **TEGNA, Inc.** | **TEGNA, Inc.** |
|  4.625% due 03/15/2028 | 1000 | 951 |
|  5.000% due 09/15/2029 | 1000 | 951 |
|  **Tenet Healthcare Corp.** | **Tenet Healthcare Corp.** | **Tenet Healthcare Corp.** |
|  4.250% due 06/01/2029 | 225 | 195 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.375% due 01/15/2030 | 700 | 607 |
|  4.625% due 07/15/2024 | 412 | 402 |
|  4.625% due 09/01/2024 | 1125 | &nbsp;&nbsp;&nbsp;&nbsp;1094 |
|  4.875% due 01/01/2026 | 500 | 474 |
|  5.125% due 11/01/2027 | 500 | 466 |
|  6.125% due 10/01/2028 | 2000 | 1795 |
|  6.125% due 06/15/2030 | 1200 | 1145 |
|  6.250% due 02/01/2027 | 1000 | 963 |
|  **TK Elevator U.S. Newco, Inc.** | **TK Elevator U.S. Newco, Inc.** | **TK Elevator U.S. Newco, Inc.** |
|  5.250% due 07/15/2027 | 1000 | 890 |
|  **TopBuild Corp.** | **TopBuild Corp.** | **TopBuild Corp.** |
|  3.625% due 03/15/2029 | 1375 | 1129 |
|  **TransDigm, Inc.** | **TransDigm, Inc.** | **TransDigm, Inc.** |
|  4.625% due 01/15/2029 | 1000 | 881 |
|  5.500% due 11/15/2027 | 2000 | 1882 |
|  6.250% due 03/15/2026 | 2000 | 1977 |
|  6.375% due 06/15/2026 | 2000 | 1949 |
|  **Transocean Pontus Ltd.** | **Transocean Pontus Ltd.** | **Transocean Pontus Ltd.** |
|  6.125% due 08/01/2025 | 560 | 550 |
|  **Travel & Leisure Co.** | **Travel & Leisure Co.** | **Travel & Leisure Co.** |
|  4.500% due 12/01/2029 | 800 | 653 |
|  4.625% due 03/01/2030 | 1500 | 1247 |
|  6.625% due 07/31/2026 | 1000 | 980 |
|  **TripAdvisor, Inc.** | **TripAdvisor, Inc.** | **TripAdvisor, Inc.** |
|  7.000% due 07/15/2025 | 500 | 495 |
|  **Triumph Group, Inc.** | **Triumph Group, Inc.** | **Triumph Group, Inc.** |
|  6.250% due 09/15/2024 | 500 | 475 |
|  8.875% due 06/01/2024 | 680 | 693 |
|  **Twilio, Inc.** | **Twilio, Inc.** | **Twilio, Inc.** |
|  3.625% due 03/15/2029 | 500 | 407 |
|  3.875% due 03/15/2031 | 625 | 497 |
|  **U.S. Foods, Inc.** | **U.S. Foods, Inc.** | **U.S. Foods, Inc.** |
|  4.625% due 06/01/2030 | 900 | 794 |
|  4.750% due 02/15/2029 | 1000 | 889 |
|  6.250% due 04/15/2025 | 750 | 743 |
|  **Uber Technologies, Inc.** | **Uber Technologies, Inc.** | **Uber Technologies, Inc.** |
|  4.500% due 08/15/2029 | 1575 | 1375 |
|  **United Airlines, Inc.** | **United Airlines, Inc.** | **United Airlines, Inc.** |
|  4.375% due 04/15/2026 | 1650 | 1532 |
|  4.625% due 04/15/2029 | 2575 | 2247 |
|  **United Rentals North America, Inc.** | **United Rentals North America, Inc.** | **United Rentals North America, Inc.** |
|  3.875% due 02/15/2031 | 500 | 420 |
|  4.000% due 07/15/2030 | 1500 | 1285 |
|  5.500% due 05/15/2027 | 500 | 494 |
|  **Univision Communications, Inc.** | **Univision Communications, Inc.** | **Univision Communications, Inc.** |
|  6.625% due 06/01/2027 | 1250 | 1209 |
|  7.375% due 06/30/2030 | 600 | 574 |
|  **UPC Holding BV** | **UPC Holding BV** | **UPC Holding BV** |
|  5.500% due 01/15/2028 | 1000 | 889 |
|  **USA Compression Partners LP** | **USA Compression Partners LP** | **USA Compression Partners LP** |
|  6.875% due 04/01/2026 | 1250 | 1201 |
|  **Valaris Ltd. (8.250% Cash or 12.000% PIK)** | **Valaris Ltd. (8.250% Cash or 12.000% PIK)** | **Valaris Ltd. (8.250% Cash or 12.000% PIK)** |
|  8.250% due 04/30/2028 (a) | 800 | 806 |
|  **Venture Global Calcasieu Pass LLC** | **Venture Global Calcasieu Pass LLC** | **Venture Global Calcasieu Pass LLC** |
|  3.875% due 08/15/2029 | 2900 | 2543 |
|  3.875% due 11/01/2033 | 1200 | 982 |
|  **Veritas U.S., Inc.** | **Veritas U.S., Inc.** | **Veritas U.S., Inc.** |
|  7.500% due 09/01/2025 | 1000 | 691 |
|  **Viasat, Inc.** | **Viasat, Inc.** | **Viasat, Inc.** |
|  5.625% due 09/15/2025 | 1500 | 1394 |
|  5.625% due 04/15/2027 | 250 | 228 |
|  **Viking Cruises Ltd.** | **Viking Cruises Ltd.** | **Viking Cruises Ltd.** |
|  5.875% due 09/15/2027 | 1250 | 1021 |
|  **Virgin Media Finance PLC** | **Virgin Media Finance PLC** | **Virgin Media Finance PLC** |
|  5.000% due 07/15/2030 | 1000 | 804 |
|  **Virgin Media Secured Finance PLC** | **Virgin Media Secured Finance PLC** | **Virgin Media Secured Finance PLC** |
|  5.500% due 05/15/2029 | 2500 | 2245 |
|  **Vmed O2 U.K. Financing PLC** | **Vmed O2 U.K. Financing PLC** | **Vmed O2 U.K. Financing PLC** |
|  4.250% due 01/31/2031 | 1000 | 812 |
|  **VOC Escrow Ltd.** | **VOC Escrow Ltd.** | **VOC Escrow Ltd.** |
|  5.000% due 02/15/2028 | 1000 | 862 |
|  **WESCO Distribution, Inc.** | **WESCO Distribution, Inc.** | **WESCO Distribution, Inc.** |
|  7.125% due 06/15/2025 | 600 | 609 |
|  7.250% due 06/15/2028 | 1500 | 1523 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Western Midstream Operating LP** | **Western Midstream Operating LP** | **Western Midstream Operating LP** |
|  3.350% due 02/01/2025 | 500 | 474 |
|  5.450% due 04/01/2044 | 2000 | 1665 |
|  **White Cap Buyer LLC** | **White Cap Buyer LLC** | **White Cap Buyer LLC** |
|  6.875% due 10/15/2028 | 1000 | 867 |
|  **White Cap Parent LLC (8.250% Cash or 9.000% PIK)** | **White Cap Parent LLC (8.250% Cash or 9.000% PIK)** | **White Cap Parent LLC (8.250% Cash or 9.000% PIK)** |
|  8.250% due 03/15/2026 (a) | 500 | 433 |
|  **WMG Acquisition Corp.** | **WMG Acquisition Corp.** | **WMG Acquisition Corp.** |
|  2.250% due 08/15/2031 | 900 | 758 |
|  **WR Grace Holdings LLC** | **WR Grace Holdings LLC** | **WR Grace Holdings LLC** |
|  4.875% due 06/15/2027 | 1000 | 887 |
|  5.625% due 10/01/2024 | 500 | 493 |
|  5.625% due 08/15/2029 | 700 | 567 |
|  **WW International, Inc.** | **WW International, Inc.** | **WW International, Inc.** |
|  4.500% due 04/15/2029 | 1000 | 501 |
|  **Wynn Las Vegas LLC** | **Wynn Las Vegas LLC** | **Wynn Las Vegas LLC** |
|  5.250% due 05/15/2027 | 1700 | 1537 |
|  5.500% due 03/01/2025 | 1100 | 1047 |
|  **Wynn Resorts Finance LLC** | **Wynn Resorts Finance LLC** | **Wynn Resorts Finance LLC** |
|  5.125% due 10/01/2029 | 1000 | 859 |
|  **Yum! Brands, Inc.** | **Yum! Brands, Inc.** | **Yum! Brands, Inc.** |
|  4.625% due 01/31/2032 | 2000 | 1772 |
|  **Zayo Group Holdings, Inc.** | **Zayo Group Holdings, Inc.** | **Zayo Group Holdings, Inc.** |
|  4.000% due 03/01/2027 | 750 | 556 |
|  6.125% due 03/01/2028 | 1250 | 712 |
|  **Ziggo Bond Co. BV** | **Ziggo Bond Co. BV** | **Ziggo Bond Co. BV** |
|  5.125% due 02/28/2030 | 1500 | 1214 |
|  **Ziggo BV** | **Ziggo BV** | **Ziggo BV** |
|  4.875% due 01/15/2030 | 500 | 419 |
|  **ZipRecruiter, Inc.** | **ZipRecruiter, Inc.** | **ZipRecruiter, Inc.** |
|  5.000% due 01/15/2030 | 800 | 661 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;377218 |
| **UTILITIES 6.6%** | **UTILITIES 6.6%** | **UTILITIES 6.6%** |
|  **Antero Midstream Partners LP** | **Antero Midstream Partners LP** | **Antero Midstream Partners LP** |
|  5.375% due 06/15/2029 | 1500 | 1373 |
|  5.750% due 03/01/2027 | 500 | 474 |
|  **Atlantica Sustainable Infrastructure PLC** | **Atlantica Sustainable Infrastructure PLC** | **Atlantica Sustainable Infrastructure PLC** |
|  4.125% due 06/15/2028 | 75 | 67 |
|  **Blue Racer Midstream LLC** | **Blue Racer Midstream LLC** | **Blue Racer Midstream LLC** |
|  6.625% due 07/15/2026 | 1000 | 970 |
|  **Calpine Corp.** | **Calpine Corp.** | **Calpine Corp.** |
|  3.750% due 03/01/2031 | 750 | 605 |
|  4.500% due 02/15/2028 | 1000 | 894 |
|  4.625% due 02/01/2029 | 250 | 215 |
|  5.000% due 02/01/2031 | 375 | 315 |
|  5.125% due 03/15/2028 | 1250 | 1118 |
|  **Clearway Energy Operating LLC** | **Clearway Energy Operating LLC** | **Clearway Energy Operating LLC** |
|  3.750% due 02/15/2031 | 500 | 416 |
|  3.750% due 01/15/2032 | 1000 | 805 |
|  4.750% due 03/15/2028 | 500 | 462 |
|  **Crestwood Midstream Partners LP** | **Crestwood Midstream Partners LP** | **Crestwood Midstream Partners LP** |
|  5.625% due 05/01/2027 | 1000 | 932 |
|  6.000% due 02/01/2029 | 250 | 230 |
|  **CrownRock LP** | **CrownRock LP** | **CrownRock LP** |
|  5.000% due 05/01/2029 | 500 | 452 |
|  5.625% due 10/15/2025 | 2350 | 2273 |
|  **Embarq Corp.** | **Embarq Corp.** | **Embarq Corp.** |
|  7.995% due 06/01/2036 | 1000 | 467 |
|  **Endeavor Energy Resources LP** | **Endeavor Energy Resources LP** | **Endeavor Energy Resources LP** |
|  5.750% due 01/30/2028 | 2000 | 1918 |
|  **Genesis Energy LP** | **Genesis Energy LP** | **Genesis Energy LP** |
|  6.500% due 10/01/2025 | 1000 | 957 |
|  8.000% due 01/15/2027 | 750 | 709 |
|  **Lumen Technologies, Inc.** | **Lumen Technologies, Inc.** | **Lumen Technologies, Inc.** |
|  4.000% due 02/15/2027 | 500 | 425 |
|  **NRG Energy, Inc.** | **NRG Energy, Inc.** | **NRG Energy, Inc.** |
|  3.625% due 02/15/2031 | 1000 | 762 |
|  5.250% due 06/15/2029 | 1000 | 884 |
|  **NSG Holdings LLC** | **NSG Holdings LLC** | **NSG Holdings LLC** |
|  7.750% due 12/15/2025 | 365 | 356 |
|  **Sprint Capital Corp.** | **Sprint Capital Corp.** | **Sprint Capital Corp.** |
|  8.750% due 03/15/2032 | 2000 | 2385 |

---

---

| | | |
|:---|:---|:---|
| **18** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Sprint LLC** | **Sprint LLC** | **Sprint LLC** |
|  7.125% due 06/15/2024 | 2000 | 2043 |
|  7.625% due 02/15/2025 | 2000 | 2069 |
|  7.625% due 03/01/2026 | 1000 | 1054 |
|  7.875% due 09/15/2023 | 3000 | 3049 |
|  **Tallgrass Energy Partners LP** | **Tallgrass Energy Partners LP** | **Tallgrass Energy Partners LP** |
|  5.500% due 01/15/2028 | 500 | 444 |
|  6.000% due 12/31/2030 | 500 | 433 |
|  **Telecom Italia Capital SA** | **Telecom Italia Capital SA** | **Telecom Italia Capital SA** |
|  6.375% due 11/15/2033 | 1000 | 820 |
|  **Telecom Italia SpA** | **Telecom Italia SpA** | **Telecom Italia SpA** |
|  5.303% due 05/30/2024 | 1000 | 949 |
|  **TerraForm Power Operating LLC** | **TerraForm Power Operating LLC** | **TerraForm Power Operating LLC** |
|  4.750% due 01/15/2030 | 500 | 436 |
|  5.000% due 01/31/2028 | 1000 | 902 |
|  **Vistra Operations Co. LLC** | **Vistra Operations Co. LLC** | **Vistra Operations Co. LLC** |
|  5.000% due 07/31/2027 | 1000 | 930 |
|  5.500% due 09/01/2026 | 1000 | 965 |
|  5.625% due 02/15/2027 | 2000 | 1902 |
|  **Vodafone Group PLC** | **Vodafone Group PLC** | **Vodafone Group PLC** |
|  5.125% due 06/04/2081 •  | 1000 | 730 |
|  |  | 37190 |
|  **Total Corporate Bonds & Notes (Cost $537,294)** | **Total Corporate Bonds & Notes (Cost $537,294)** | **471655** |
| **U.S. TREASURY OBLIGATIONS 4.0%** | **U.S. TREASURY OBLIGATIONS 4.0%** | **U.S. TREASURY OBLIGATIONS 4.0%** |
|  **U.S. Treasury Notes** | **U.S. Treasury Notes** | **U.S. Treasury Notes** |
|  4.125% due 09/30/2027 | 22600 | 22686 |
|  **Total U.S. Treasury Obligations (Cost $22,597)** | **Total U.S. Treasury Obligations (Cost $22,597)** | **22686** |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES 0.1%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 0.1%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 0.1%** |
|  **Bear Stearns ALT-A Trust** | **Bear Stearns ALT-A Trust** | **Bear Stearns ALT-A Trust** |
|  3.668% due 11/25/2036 ^~ | 254 | 118 |
|  **Countrywide Alternative Loan Trust** | **Countrywide Alternative Loan Trust** | **Countrywide Alternative Loan Trust** |
|  4.813% due 05/20/2046 ^~ | 38 | 32 |
|  **Countrywide Home Loan Mortgage Pass-Through Trust** | **Countrywide Home Loan Mortgage Pass-Through Trust** | **Countrywide Home Loan Mortgage Pass-Through Trust** |
|  3.229% due 05/20/2036 ^~ | 111 | 101 |
|  5.029% due 03/25/2035 •  | 17 | 13 |
|  **GSR Mortgage Loan Trust** | **GSR Mortgage Loan Trust** | **GSR Mortgage Loan Trust** |
|  4.124% due 04/25/2035 ~ | 1 | 1 |
|  **IndyMac IMSC Mortgage Loan Trust** | **IndyMac IMSC Mortgage Loan Trust** | **IndyMac IMSC Mortgage Loan Trust** |
|  6.000% due 07/25/2037 ^ | 193 | 143 |
|  **WaMu Mortgage Pass-Through Certificates Trust** | **WaMu Mortgage Pass-Through Certificates Trust** | **WaMu Mortgage Pass-Through Certificates Trust** |
|  3.510% due 12/25/2036 ^~ | 128 | 111 |
|  **Washington Mutual Mortgage Pass-Through Certificates Trust** | **Washington Mutual Mortgage Pass-Through Certificates Trust** | **Washington Mutual Mortgage Pass-Through Certificates Trust** |
|  3.018% due 05/25/2046 ^•  | 12 | 10 |
|  **Total Non-Agency Mortgage-Backed Securities (Cost $491)** | **Total Non-Agency Mortgage-Backed Securities (Cost $491)** | **529** |
| **ASSET-BACKED SECURITIES 0.0%** | **ASSET-BACKED SECURITIES 0.0%** | **ASSET-BACKED SECURITIES 0.0%** |
|  **Credit-Based Asset Servicing & Securitization Trust** | **Credit-Based Asset Servicing & Securitization Trust** | **Credit-Based Asset Servicing & Securitization Trust** |
|  2.909% due 01/25/2037 ^•  | 65 | 21 |
|  **Total Asset-Backed Securities (Cost $49)** | **Total Asset-Backed Securities (Cost $49)** | **21** |
| **SHORT-TERM INSTRUMENTS 2.9%** | **SHORT-TERM INSTRUMENTS 2.9%** | **SHORT-TERM INSTRUMENTS 2.9%** |
| **REPURCHASE AGREEMENTS (f) 0.1%** | **REPURCHASE AGREEMENTS (f) 0.1%** | **REPURCHASE AGREEMENTS (f) 0.1%** |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;300 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **U.S. TREASURY BILLS 2.8%** | **U.S. TREASURY BILLS 2.8%** | **U.S. TREASURY BILLS 2.8%** | **U.S. TREASURY BILLS 2.8%** |
|  4.264% due 01/26/2023 - 03/30/2023 (b)(c) | 15900 | $— | 15797 |
| **Total Short-Term Instruments<br>(Cost $16,095)** | **Total Short-Term Instruments<br>(Cost $16,095)** |  | **16097** |
| **Total Investments in Securities (Cost $592,564)** | **Total Investments in Securities (Cost $592,564)** |  | **524841** |
|  | **SHARES** |  |  |
| **INVESTMENTS IN AFFILIATES 4.2%** | **INVESTMENTS IN AFFILIATES 4.2%** | **INVESTMENTS IN AFFILIATES 4.2%** | **INVESTMENTS IN AFFILIATES 4.2%** |
| **SHORT-TERM INSTRUMENTS 4.2%** | **SHORT-TERM INSTRUMENTS 4.2%** | **SHORT-TERM INSTRUMENTS 4.2%** | **SHORT-TERM INSTRUMENTS 4.2%** |
| **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.2%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.2%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.2%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.2%** |
|  **PIMCO Short-Term Floating NAV Portfolio III** | 2416677 |  | 23480 |
| **Total Short-Term Instruments<br>(Cost $23,461)** | **Total Short-Term Instruments<br>(Cost $23,461)** |  | **23480** |
| **Total Investments in Affiliates<br>(Cost $23,461)** | **Total Investments in Affiliates<br>(Cost $23,461)** |  | **23480** |
| **Total Investments 97.5%<br>(Cost $616,025)** | **Total Investments 97.5%<br>(Cost $616,025)** | $— | **548321** |
|  **Financial Derivative<br>Instruments (g)(h) (0.0)%**<br> **(Cost or Premiums, net $(718))** | **Financial Derivative<br>Instruments (g)(h) (0.0)%**<br> **(Cost or Premiums, net $(718))** |  | **(176)** |
| **Other Assets and Liabilities, net 2.5%** | **Other Assets and Liabilities, net 2.5%** |  | **14035** |
| **Net Assets 100.0%** | **Net Assets 100.0%** | $— | **562180** |

---

**NOTES TO SCHEDULE OF INVESTMENTS:** 

**\*** **A zero balance may reflect actual amounts rounding to less than one thousand.** 

---

| | |
|:---|:---|
| **^** | **Security is in default.**  |

---

---

| | |
|:---|:---|
| **«** | **Security valued using significant unobservable inputs (Level 3).**  |

---

---

| | |
|:---|:---|
| **~** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.**  |

---

**•** **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** 

**(a)** **Payment in-kind security.** 

**(b)** **Coupon represents a weighted average yield to maturity.** 

**(c)** **Zero coupon security.** 

**(d)** **Perpetual maturity; date shown, if applicable, represents next contractual call date.** 

**(e)** **Contingent convertible security.** 

**BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;**(f) REPURCHASE AGREEMENTS:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Lending<br>Rate** | **Settlement<br>Date** | **Maturity<br>Date** | **Principal<br>Amount** | **Collateralized By** | **Collateral<br>(Received)** | **Repurchase<br>Agreements,<br>at Value** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** |
| FICC | 1.900% | 12/30/2022 | 01/03/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | U.S. Treasury Inflation Protected Securities 3.625% due 04/15/2028 | $(306) | $300 | $300 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** |  | $**(306)** | $**300** | $**300** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **19** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO High Yield Portfolio** | **(Cont.)** |

---

**BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY** 

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** | **Payable for<br>Reverse<br>Repurchase<br>Agreements** | **Payable for<br>Sale-Buyback<br>Transactions** | **Total<br>Borrowings and<br>Other Financing<br>Transactions** | **Collateral<br>Pledged/(Received)** | **Net Exposure<sup>(2)</sup>** |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  FICC | $300 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(306) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) |
|  **Total Borrowings and Other Financing Transactions** | $**300** | $**0** | $**0** |  |  |  |

---

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

**The average amount of borrowings outstanding during the period ended December 31, 2022 was $(3,464) at a weighted average interest rate of (0.069%). Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** 

&nbsp;&nbsp;&nbsp;&nbsp;**(g) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** 

**FUTURES CONTRACTS:** 

**LONG FUTURES CONTRACTS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  U.S. Treasury 5-Year Note March Futures  | 03/2023 | 324 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34969 | $(44) | $0 | $(28) |
|  U.S. Ultra Treasury Note March Futures  | 03/2023 | 80 | 9463 | (13) | 0 | (5) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33) |

---

**SHORT FUTURES CONTRACTS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  Euro-Bund March Futures  | 03/2023 | 29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4127) | $266 | $33 | $(15) |
|  **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | $**209** | $**33** | $**(48)** |

---

**SWAP AGREEMENTS:** 

**CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(1)</sup>** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2022<sup>(2)</sup>** | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(4)</sup>** | **Variation Margin** | **Variation Margin** |
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2022<sup>(2)</sup>** | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(4)</sup>** | **Asset** | **Liability** |
|  Bombardier, Inc. | 5.000% | Quarterly | 12/20/2024 | 2.780% | $300 | $6 | $7 | $13 | $0 | $0 |
|  Bombardier, Inc. | 5.000 | Quarterly | 12/20/2027 | 4.429 | 700 | (5) | 22 | 17 | 0 | 0 |
|  Ford Motor Co. | 5.000 | Quarterly | 06/20/2027 | 3.542 | 800 | 50 | (5) | 45 | 1 | 0 |
|  Ford Motor Credit Co. LLC | 5.000 | Quarterly | 06/20/2025 | 2.648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | 30 | 11 | 41 | 0 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

**CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION<sup>(1)</sup>** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(4)</sup>** | **Variation Margin** | **Variation Margin** |
| **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(4)</sup>** | **Asset** | **Liability** |
|  CDX.HY-36 5-Year Index | 5.000% | Quarterly | 06/20/2026 | $3168 | $306 | $(208) | $98 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 |
|  CDX.HY-37 5-Year Index | 5.000 | Quarterly | 12/20/2026 | 693 | 54 | (33) | 21 | 0 | 0 |
|  CDX.HY-38 5-Year Index | 5.000 | Quarterly | 06/20/2027 | 8514 | 94 | 99 | 193 | 0 | 0 |
|  CDX.HY-39 5-Year Index | 5.000 | Quarterly | 12/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1251) | 1604 | 353 | 0 | (7) |
|  |  |  |  |  | $(797) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1462 | $665 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) |
|  **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | $**(716)** | $**1497** | $**781** | $**1** | $**(7)** |

---

---

| | | |
|:---|:---|:---|
| **20** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

**FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY** 

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of December 31, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** |
|  | **Market Value** | **Variation Margin<br>Asset** | **Variation Margin<br>Asset** | **Total** | **Market Value** | **Variation Margin<br>Liability** |  | **Total** |
| | **Purchased<br>Options** | **Futures** | **Swap<br>Agreements** | **Total** | **Written<br>Options** | **Futures** | | **Total** |
|  **Total Exchange-Traded or Centrally Cleared** | $**0** | $**33** | $**1** | $**34** | $**0** | $**(48)** | $**(7)** | $**(55)** |

---

**Cash of $7,529 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2022. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.** 

<sup>(1)</sup> If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(3)</sup> The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(4)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

&nbsp;&nbsp;&nbsp;&nbsp;**(h) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** 

**FORWARD FOREIGN CURRENCY CONTRACTS:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  BPS | 01/2023 | $314 | 295 | $2 | $0 |
|  MBC | 01/2023 | 9218 | $9661 | 0 | (210) |
|  **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | $**2** | $**(210)** |

---

**SWAP AGREEMENTS:** 

**TOTAL RETURN SWAPS ON INTEREST RATE INDICES** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<sup>(1)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements,<br>at Value** | **Swap Agreements,<br>at Value** |
| **Counterparty** | **Pay/Receive<sup>(1)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  BOA | Receive | iBoxx USD Liquid High Yield Index | N/A | 1.059% | Maturity | 03/20/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | $(2) | $55 | $53 | $0 |
|  **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | $**(2)** | $**55** | $**53** | $**0** |

---

**FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY** 

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2022:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | | | |
| <br>**Counterparty** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Purchased<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Written<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** |<br>**Net Market<br>Value of OTC<br>Derivatives** |<br>**Collateral<br>Pledged/<br>(Received)** |<br>**Net<br>Exposure<sup>(2)</sup>** |
|  BOA | $0 | $0 | $53 | $53 | $0 | $0 | $0 | $0 | $53 | $0 | $53 |
|  BPS | 2 | 0 | 0 | 2 | 0 | 0 | 0 | 0 | 2 | 0 | 2 |
|  MBC | 0 | 0 | 0 | 0 | (210) | 0 | 0 | (210) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(210) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(210) |
|  **Total Over the Counter** | $**2** | $**0** | $**53** | $**55** | $**(210)** | $**0** | $**0** | $**(210)** |  |  |  |

---

<sup>(1)</sup> Receive represents that the Portfolio receives payments for any positive net return on the underlying reference. The Portfolio makes payments for any negative net return on such underlying reference. Pay represents that the Portfolio receives payments for any negative net return on the underlying reference. The Portfolio makes payments for any positive net return on such underlying reference. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **21** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO High Yield Portfolio** | **(Cont.)** |

---

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

**FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS** 

The following is a summary of the fair valuation of the Portfolio's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Portfolio.

Fair Values of Financial Derivative Instruments on the Statement of Assets and Liabilities as of December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
| | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $33 | $33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1 | 0 | 0 | 0 | 1 |
|  | $0 | $1 | $0 | $0 | $33 | $34 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $2 | $0 | $2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 53 | 53 |
|  | $0 | $0 | $0 | $2 | $53 | $55 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 |
|  **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $48 | $48 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 7 | 0 | 0 | 0 | 7 |
|  | $0 | $7 | $0 | $0 | $48 | $55 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $210 | $0 | $210 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265 |

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The effect of Financial Derivative Instruments on the Statement of Operations for the period ended December 31, 2022:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
| | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $0 | $0 | $(1362) | $(1362) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (840) | 0 | 0 | (1) | (841) |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(840) | $0 | $0 | $(1363) | $(2203) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $190 | $0 | $190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | (1830) | (1830) |
|  | $0 | $0 | $0 | $190 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1830) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1640) |
|  | $0 | $(840) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190 | $(3193) | $(3843) |
|  **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $208 | $208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1483 | 0 | 0 | 0 | 1483 |
|  | $0 | $1483 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $208 | $1691 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(199) | $0 | $(199) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | (245) | (245) |
|  | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(199) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(245) | $(444) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1483 | $0 | $(199) | $(37) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1247 |

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|:---|:---|:---|
| **22** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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##### [**Table of Contents**](#toc)
December 31, 2022

**FAIR VALUE MEASUREMENTS** 

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Portfolio's assets and liabilities:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** |
|  Loan Participations and Assignments | $0 | $10895 | $2958 | $13853 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 57247 | 0 | 57247 |
| &nbsp;&nbsp; Industrials | 0 | 377218 | 0 | 377218 |
| &nbsp;&nbsp; Utilities | 0 | 37190 | 0 | 37190 |
|  U.S. Treasury Obligations | 0 | 22686 | 0 | 22686 |
|  Non-Agency Mortgage-Backed Securities | 0 | 529 | 0 | 529 |
|  Asset-Backed Securities | 0 | 21 | 0 | 21 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 300 | 0 | 300 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 15797 | 0 | 15797 |
|  | $0 | $521883 | $2958 | $524841 |
|  **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $23480 | $0 | $0 | $23480 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23480 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521883 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2958 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548321 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** |
|  Exchange-traded or centrally cleared | $33 | $1 | $0 | $34 |
|  Over the counter | 0 | 55 | 0 | 55 |
|  | $33 | $56 | $0 | $89 |
|  **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** |
|  Exchange-traded or centrally cleared | (15) | (40) | 0 | (55) |
|  Over the counter | 0 | (210) | 0 | (210) |
|  | $(15) | $(250) | $0 | $(265) |
|  Total Financial Derivative Instruments | $18 | $(194) | $0 | $(176) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23498 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521689 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2958 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548145 |

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There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.

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|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **23** |

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##### [**Table of Contents**](#toc)
**Notes to Financial Statements**

1. ORGANIZATION

PIMCO Variable Insurance Trust (the "Trust") is a Delaware statutory trust established under a trust instrument dated October 3, 1997. The Trust is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Trust is designed to be used as an investment vehicle by separate accounts of insurance companies that fund variable annuity contracts and variable life insurance policies and by qualified pension and retirement plans. Information presented in these financial statements pertains to the Institutional Class, Administrative Class and Advisor Class shares of the PIMCO High Yield Portfolio (the "Portfolio") offered by the Trust. Pacific Investment Management Company LLC ("PIMCO") serves as the investment adviser (the "Adviser") for the Portfolio.

Hereinafter, the Board of Trustees of the Funds shall be collectively referred to as the "Board."

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The Portfolio is treated as an investment company under the reporting requirements of U.S. GAAP. The functional and reporting currency for the Portfolio is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(a) Securities Transactions and Investment Income Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Portfolio is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on

certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statement of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statement of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statement of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable.

(b) Foreign Currency Translation The market values of foreign securities, currency holdings and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies, if any, are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Portfolio does not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) from investments on the Statement of Operations. The Portfolio may invest in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains (losses) arising from sales of spot foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in net realized gain (loss) on foreign currency transactions on the Statement of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period are included in net change in unrealized appreciation (depreciation) on foreign currency assets and liabilities on the Statement of Operations.

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| **24** | **PIMCO VARIABLE INSURANCE TRUST** |

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##### [**Table of Contents**](#toc)
December 31, 2022

(c) Multi-Class Operations Each class offered by the Trust has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets. Realized and unrealized capital gains (losses) are allocated daily based on the relative net assets of each class of the Portfolio. Class specific expenses, where applicable, currently include supervisory and administrative and distribution and servicing fees. Under certain circumstances, the per share net asset value ("NAV") of a class of the Portfolio's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(d) Distributions to Shareholders Distributions from net investment income, if any, are declared daily and distributed to shareholders monthly. In addition, the Portfolio distributes any net capital gains it earns from the sale of portfolio securities to shareholders no less frequently than annually. The Portfolio may revise its distribution policy or postpone the payment of distributions at any time.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on the Portfolio's annual financial statements presented under U.S. GAAP.

Separately, if the Portfolio determines or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources other than net investment income in accordance with its policies, accounting records (if applicable), and accounting practices, the Portfolio will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, the Portfolio determines or estimates, as applicable, the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is determined or estimated, as applicable, that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between the Portfolio's daily internal accounting records and practices, the Portfolio's financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, the

Portfolio's internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include but are not limited to, for certain Portfolios, the treatment of periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that the Portfolio may not issue a Section 19 Notice in situations where the Portfolio's financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution's tax character will be provided to shareholders when such information is available.

Distributions classified as a tax basis return of capital at the Portfolio's fiscal year end, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital on the Statement of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Statement of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(e) New Accounting Pronouncements and Regulatory Updates In March 2020, the Financial Accounting Standards Board ("FASB") issued an Accounting Standards Update ("ASU"), ASU 2020-04, which provides optional guidance to ease the potential accounting burden associated with transitioning away from the London Interbank Offered Rate and other reference rates that are expected to be discontinued. ASU 2020-04 is effective for certain reference rate-related contract modifications that occurred during the period March 12, 2020 through December 31, 2022. In March 2021, the administrator for LIBOR announced the extension of the publication of a majority of the USD LIBOR settings to June 30, 2023. In December 2022, FASB issued ASU 2022-06, which includes amendments to extend the duration of the LIBOR transition relief to December 31, 2024, after which entities will no longer be permitted to apply the reference rate reform relief. Management is continuously evaluating the potential effect a discontinuation of LIBOR could have on the Portfolio's investments and has determined that it is unlikely the ASU's adoption will have a material impact on the Portfolio's financial statements.

In October 2020, the U.S. Securities and Exchange Commission ("SEC") adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover transactions. Subject to certain exceptions, the rule requires funds that

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|:---|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **25** |

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##### [**Table of Contents**](#toc)

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| **Notes to Financial Statements** | **(Cont.)** |

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trade derivatives and other transactions that create future payment or delivery obligations to comply with a value-at-risk leverage limit and certain derivatives risk management program and reporting requirements. The effective date for the rule was February 19, 2021. The compliance date for the new rule and the related reporting requirements was August 19, 2022. Management has implemented changes in connection with the rule and has determined that there was no material impact to the Portfolio's financial statements.

In October 2020, the SEC adopted a rule regarding the ability of a fund to invest in other funds. The rule allows a fund to acquire shares of another fund in excess of certain limitations currently imposed by the Act without obtaining individual exemptive relief from the SEC, subject to certain conditions. The rule also includes the rescission of certain exemptive relief from the SEC and guidance from the SEC staff for funds to invest in other funds. The effective date for the rule was January 19, 2021, and the compliance date for the rule was January 19, 2022. Management has implemented changes in connection with the rule and has determined that there was no material impact to the Portfolio's financial statements.

In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value as well as for the performance of fair value determinations, including related oversight and reporting obligations. The new rule also defines "readily available market quotations" for purposes of the definition of "value" under the Act, and the SEC noted that this definition would apply in all contexts under the Act. The effective date for the rule was March 8, 2021. The compliance date for the new rule and the related reporting requirements was September 8, 2022. Management has implemented changes in connection with the rule and has determined that there was no material impact to the Portfolio's financial statements.

In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820), which affects all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring the fair value. The amendments also require additional disclosures for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The effective date for the amendments in ASU 2022-03 is for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years. At this time, management is evaluating the implications of these changes on the financial statements.

In October 2022, the SEC adopted changes to the mutual fund and ETF shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which will change the disclosures provided to shareholders. The rule is effective as of January 24, 2023, but the SEC is providing an 18-month compliance period after the effective date other than for rule amendments addressing fee and expense information in advertisements that might be materially misleading. At this time, management is evaluating the implications of these changes on the financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies The NAV of the Portfolio's shares, or each of its share classes as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Portfolio or class, less any liabilities, as applicable, by the total number of shares outstanding.

On each day that the New York Stock Exchange ("NYSE") is open, the Portfolio's shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) ("NYSE Close"). Information that becomes known to the Portfolio or its agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, the Portfolio may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. The Portfolio generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, the Portfolio may calculate its NAV as of the NYSE Close for such day or such other time that the Portfolio may determine.

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Portfolio will normally use pricing data for domestic equity securities received shortly after the NYSE Close and does not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange, or the NYSE Close, if the NYSE Close occurs before the end of trading on the foreign exchange.

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| **26** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2022

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated PIMCO as the valuation designee ("Valuation Designee") for the Portfolio to perform the fair value determination relating to all Portfolio investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee's policies and procedures govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Portfolio investments. The Valuation Designee may value Portfolio securities for which market quotations are not readily available and other Portfolio assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, "Pricing Sources").

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives, and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Exchange-traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Swap agreements are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of the Portfolio's assets that are invested in one or more open-end management investment companies (other than ETFs), the Portfolio's NAV will be calculated based on the NAVs of such investments. Open-end management investment companies may include affiliated funds.

If a foreign (non-U.S.) equity security's value has materially changed after the close of the security's primary exchange or principal market but before the NYSE Close, the security may be valued at fair value. Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, the Portfolio may determine the fair value of investments based on information provided by Pricing Sources, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is

required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indexes) that occur after the close of the relevant market and before the NYSE Close. The Portfolio may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, unless otherwise determined by the Valuation Designee, any movement in the applicable reference index or instrument ("zero trigger") between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Trust is not open for business, which may result in the Portfolio's portfolio investments being affected when shareholders are unable to buy or sell shares.

Whole loans may be fair valued using inputs that take into account borrower-or loan-level (e.g., credit risk of the borrower) that is updated periodically throughout the life of each individual loan; any new borrower- or loan-level data received in written reports periodically by the Portfolio normally will be taken into account in calculating the NAV. The Portfolio's whole loan investments, including those originated by the Portfolio, generally are fair valued in accordance with procedures approved by the Board.

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Sources. As a result, the value of such investments and, in turn, the NAV of the Portfolio's shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Trust is not open for business. As a result, to the extent that the Portfolio holds foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in the Portfolio's next calculated NAV.

Investments for which market quotes or market based valuations are not readily available are valued at fair value as determined in good faith by the Board or persons acting at their direction. The Board has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available, and has delegated to the Adviser the responsibility for applying the fair valuation methods. In the event that market quotes or market based valuations are not readily available, and the security or asset cannot be valued pursuant to a Board approved valuation method, the value of the security or asset will be determined in good faith by the Board.

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Market quotes are considered not readily available in circumstances where there is an absence of current or reliable market-based data (e.g., trade information, bid/ask information, indicative market quotations ("Broker Quotes"), Pricing Services' prices), including where events occur after the close of the relevant market, but prior to the NYSE Close, that materially affect the values of the Portfolio's securities or assets. In addition, market quotes are considered not readily available when, due to extraordinary circumstances, the exchanges or markets on which the securities trade do not open for trading for the entire day and no other market prices are available. The Board has delegated, to the Adviser, the responsibility for monitoring significant events that may materially affect the values of the Portfolio's securities or assets and for determining whether the value of the applicable securities or assets should be reevaluated in light of such significant events.

When the Portfolio uses fair valuation to determine the value of a portfolio security or other asset for purposes of calculating its NAV, such investments will not be priced on the basis of quotes from the primary market in which they are traded, but rather may be priced by another method that the Board or persons acting at their direction believe reflects fair value.

Fair valuation may require subjective determinations about the value of a security. While the Trust's and Valuation Designee's policies and procedures are intended to result in a calculation of the Portfolio's NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values accurately reflect the price that the Portfolio could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Portfolio may differ from the value that would be realized if the securities were sold. The Portfolio's use of fair valuation may also help to deter "stale price arbitrage" as discussed under the "Abusive Trading Practices" section in the Portfolio's prospectus.

Under certain circumstances, the per share NAV of a class of the Portfolio's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2, or 3). The inputs or methodology used for valuing securities are not

necessarily an indication of the risks associated with investing in those securities. Levels 1, 2, and 3 of the fair value hierarchy are defined as follows:

<sup>∎</sup> Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

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| <sup>∎</sup> | Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs. |

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<sup>∎</sup> Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for the Portfolio.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between Levels of the Portfolio's assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy, and if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for the Portfolio.

(c) Valuation Techniques and the Fair Value Hierarchy

Level 1, Level 2 and Level 3 trading assets and trading liabilities, at fair value The valuation methods (or "techniques") and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1, Level 2 and Level 3 of the fair value hierarchy are as follows:

Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

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Investments in registered open-end investment companies (other than ETFs) will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in unregistered open-end investment companies will be calculated based upon the NAVs of such investments and are considered Level 1 provided that the NAVs are observable, calculated daily and are the value at which both purchases and sales will be conducted.

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities and non-U.S. bonds are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Sources' internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Fixed income securities purchased on a delayed-delivery basis or as a repurchase commitment in a sale-buyback transaction are marked to market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or Pricing Sources. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers or Pricing Sources (normally determined as of the NYSE Close). Depending on the product and the terms of the transaction, financial derivative instruments can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as quoted prices, issuer details, indices, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Sources (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models may use inputs that are observed from actively quoted markets such as the overnight index swap rate, LIBOR forward rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

Short-term debt instruments (such as commercial paper) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost value of such short-term debt instruments is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price.

When a fair valuation method is applied by PIMCO that uses significant unobservable inputs, investments will be priced by a method that the Valuation Designee believes reflects fair value and are categorized as Level 3 of the fair value hierarchy.

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4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

The Portfolio may invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III ("Central Funds") to the extent permitted by the Act and rules thereunder. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Portfolio. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC's website at www.sec.gov. A copy of each affiliate fund's shareholder report is also available at the SEC's website at www.sec.gov, on the Portfolio's website at www.pimco.com, or upon request, as applicable. The table below shows the Portfolio's transactions in and earnings from investments in the affiliated Funds for the period ended December 31, 2022 (amounts in thousands<sup>†</sup>):

**Investment in PIMCO Short-Term Floating NAV Portfolio III** 

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|:---|:---|:---|:---|:---|:---|:---|:---|
| **Market Value<br>12/31/2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Market Value<br>12/31/2022** | **Dividend<br>Income<sup>(1)</sup>** | **Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup>** |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39718 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139359 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(155596) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(524) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23480 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

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| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(1)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

(b) Investments in Securities

The Portfolio may utilize the investments and strategies described below to the extent permitted by the Portfolio's investment policies.

Loans and Other Indebtedness, Loan Participations and Assignments are direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental, or other borrowers. The Portfolio's investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties or investments in or originations of loans by the Portfolio. A loan is often administered by a bank or other financial institution (the "agent") that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. The Portfolio may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When the Portfolio purchases assignments from agents it acquires direct rights against the borrowers of the loans. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing through, for example, the issuance of bonds, frequently high yield bonds issued for the purpose of acquisitions.

The types of loans and related investments in which the Portfolio may invest include, among others, senior loans, subordinated loans (including second lien loans, B-Notes and mezzanine loans), whole loans, commercial real estate and other commercial loans and

structured loans. The Portfolio may originate loans or acquire direct interests in loans through primary loan distributions and/or in private transactions. In the case of subordinated loans, there may be significant indebtedness ranking ahead of the borrower's obligation to the holder of such a loan, including in the event of the borrower's insolvency. Mezzanine loans are typically secured by a pledge of an equity interest in the mortgage borrower that owns the real estate rather than an interest in a mortgage.

Investments in loans may include unfunded loan commitments, which are contractual obligations for funding. Unfunded loan commitments may include revolving credit facilities, which may obligate the Portfolio to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full, even though a percentage of the committed amount may not be utilized by the borrower. When investing in a loan participation, the Portfolio has the right to receive payments of principal, interest and any fees to which it is entitled only from the agent selling the loan agreement and only upon receipt of payments by the agent from the borrower. The Portfolio may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. In certain circumstances, the Portfolio may receive a penalty fee upon the prepayment of a loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense, respectively, on the Statement of Operations. Unfunded loan commitments are reflected as a liability on the Statement of Assets and Liabilities.

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Mortgage-Related and Other Asset-Backed Securities directly or indirectly represent a participation in, or are secured by and payable from, loans on real property. Mortgage-related securities are created from pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. These securities provide a monthly payment which consists of both interest and principal. Interest may be determined by fixed or adjustable rates. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with the full faith and credit of the U.S. Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Many of the risks of investing in mortgage-related securities secured by commercial mortgage loans reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make lease payments, and the ability of a property to attract and retain tenants. These securities may be less liquid and may exhibit greater price volatility than other types of mortgage-related or other asset-backed securities. Other asset-backed securities are created from many types of assets, including, but not limited to, auto loans, accounts receivable, such as credit card receivables and hospital account receivables, home equity loans, student loans, boat loans, mobile home loans, recreational vehicle loans, manufactured housing loans, aircraft leases, computer leases and syndicated bank loans.

Collateralized Mortgage Obligations ("CMOs") are debt obligations of a legal entity that are collateralized by whole mortgage loans or private mortgage bonds and divided into classes. CMOs are structured into multiple classes, often referred to as "tranches", with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including prepayments. CMOs may be less liquid and may exhibit greater price volatility than other types of mortgage-related or asset-backed securities.

Payment In-Kind Securities may give the issuer the option at each interest payment date of making interest payments in either cash and/or additional debt securities. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a dirty price) and require a pro rata adjustment from the unrealized appreciation (depreciation) on investments to interest receivable on the Statement of Assets and Liabilities.

Perpetual Bonds are fixed income securities with no maturity date but pay a coupon in perpetuity (with no specified ending or maturity date). Unlike typical fixed income securities, there is no obligation for perpetual bonds to repay principal. The coupon payments, however, are mandatory. While perpetual bonds have no maturity date, they may have a callable date in which the perpetuity is eliminated and the issuer may return the principal received on the specified call date. Additionally, a perpetual bond may have additional features, such as interest rate increases at periodic dates or an increase as of a predetermined point in the future.

Restricted Investments are subject to legal or contractual restrictions on resale and may generally be sold privately, but may be required to be registered or exempted from such registration before being sold to the public. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933. Disposal of restricted investments may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Restricted investments held by the Portfolio as of December 31, 2022, as applicable, are disclosed in the Notes to Schedule of Investments.

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the "U.S. Treasury"); and others, such as those of the Federal National Mortgage Association ("FNMA" or "Fannie Mae"), are supported by the discretionary authority of the U.S. Government to purchase the agency's obligations. U.S. Government securities may include zero coupon securities which do not distribute interest on a current basis and tend to be subject to a greater risk than interest-paying securities of similar maturities.

Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac"). FNMA is a government-sponsored corporation. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the

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full faith and credit of the U.S. Government. FHLMC issues Participation Certificates ("PCs"), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Portfolio may enter into the borrowings and other financing transactions described below to the extent permitted by the Portfolio's investment policies.

The following disclosures contain information on the Portfolio's ability to lend or borrow cash or securities to the extent permitted under the Act, which may be viewed as borrowing or financing transactions by the Portfolio. The location of these instruments in the Portfolio's financial statements is described below.

(a) Line of Credit The Portfolio entered into a 364-day senior unsecured revolving credit agreement with State Street Bank & Trust Company and other commercial banks to be utilized for temporary purposes to fund shareholder redemptions or for other short-term liquidity purposes. State Street Bank & Trust Company serves as both a bank and as an agent for the other banks that are parties to the agreement. The Portfolio pays financing charges based on a combination of a SOFR-based variable rate plus a credit spread. The Portfolio also pays a fee of 0.15% per annum on the unused commitment amounts. As of December 31, 2022, if applicable any outstanding borrowings would be disclosed as a payable for line of credit on the Statement of Assets and Liabilities. Interest and Commitment and Upfront fees, if any, paid by the Portfolio are disclosed as part of the interest expense on the Statement of Operations.

During the year, there were no borrowings on this line of credit. The maximum available commitment and related fees for the revolving credit agreement are:

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| **Maximum Available<br>Commitment\*** | **Expiration<br>Date** | **Commitment and<br>Upfront Fees** |
| $&nbsp;&nbsp;&nbsp;&nbsp;18000000 | 08/29/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;50454 |

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\* Maximum available commitment prior to renewal on August 30, 2022, for the Portfolio was $21,000,000. 

(b) Repurchase Agreements Under the terms of a typical repurchase agreement, the Portfolio purchases an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and the Portfolio to resell, the obligation at an agreed-upon price and time. In an open maturity repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Portfolio or counterparty at any time. The underlying securities for all repurchase

agreements are held by the Portfolio's custodian or designated subcustodians under tri-party repurchase agreements and in certain instances will remain in custody with the counterparty. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, if any, including accrued interest, are included on the Statement of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Statement of Operations. In periods of increased demand for collateral, the Portfolio may pay a fee for the receipt of collateral, which may result in interest expense to the Portfolio.

(c) Reverse Repurchase Agreements In a reverse repurchase agreement, the Portfolio delivers a security in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed upon price and date. In an open maturity reverse repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Portfolio or counterparty at any time. The Portfolio is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. Cash received in exchange for securities delivered plus accrued interest payments to be made by the Portfolio to counterparties are reflected as a liability on the Statement of Assets and Liabilities. Interest payments made by the Portfolio to counterparties are recorded as a component of interest expense on the Statement of Operations. In periods of increased demand for the security, the Portfolio may receive a fee for use of the security by the counterparty, which may result in interest income to the Portfolio. The Portfolio will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under reverse repurchase agreements.

(d) Interfund Lending In accordance with an exemptive order (the "Order") from the SEC, each Portfolio of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Portfolio's investment policies and restrictions. Each Portfolio is currently permitted to borrow under the Interfund Lending Program. A lending portfolio may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing portfolio through the Interfund Lending Program. A borrowing portfolio may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the portfolio's investment restrictions). If a borrowing portfolio's total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to

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collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending portfolio and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended December 31, 2022, the Portfolio did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

The Portfolio may enter into the financial derivative instruments described below to the extent permitted by the Portfolio's investment policies.

The following disclosures contain information on how and why the Portfolio uses financial derivative instruments, and how financial derivative instruments affect the Portfolio's financial position, results of operations and cash flows. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Statement of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table in the Notes to Schedule of Investments. The financial derivative instruments outstanding as of period end and the amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Schedule of Investments, serve as indicators of the volume of financial derivative activity for the Portfolio.

(a) Forward Foreign Currency Contracts may be engaged, in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of the Portfolio's securities or as part of an investment strategy. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked to market daily, and the change in value is recorded by the Portfolio as an unrealized gain (loss). Realized gains (losses) are equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed and are recorded upon delivery or receipt of the currency. These contracts may involve market risk in excess of the unrealized gain (loss) reflected on the Statement of Assets and Liabilities. In addition, the Portfolio could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar. To mitigate such risk, cash or securities may be exchanged as collateral pursuant to the terms of the underlying contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(b) Futures Contracts are agreements to buy or sell a security or other asset for a set price on a future date and are traded on an exchange. The Portfolio may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by the Portfolio and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Portfolio is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by the Portfolio ("Futures Variation Margin"). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Statement of Assets and Liabilities. Gains (losses) are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the Futures Variation Margin included within exchange traded or centrally cleared financial derivative instruments on the Statement of Assets and Liabilities.

(c) Swap Agreements are bilaterally negotiated agreements between the Portfolio and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the over the counter market ("OTC swaps") or may be cleared through a third party, known as a central counterparty or derivatives clearing organization ("Centrally Cleared Swaps"). The Portfolio may enter into asset, credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Statement of Operations. Daily changes in valuation of centrally cleared swaps ("Swap Variation Margin"), if any, are disclosed within centrally cleared financial derivative instruments on the Statement of Assets and Liabilities. Centrally Cleared and OTC swap payments

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received or paid at the beginning of the measurement period are included on the Statement of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain (loss) on the Statement of Operations.

For purposes of applying certain of the Portfolio's investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by the Portfolio at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of the Portfolio's investment policies and restrictions, the Portfolio will value the credit default swap at its notional value or its full exposure value (*i.e.*, the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of the Portfolio's other investment policies and restrictions. For example, the Portfolio may value credit default swaps at full exposure value for purposes of the Portfolio's credit quality guidelines (if any) because such value in general better reflects the Portfolio's actual economic exposure during the term of the credit default swap agreement. As a result, the Portfolio may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in the Portfolio's prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether the Portfolio is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by the Portfolio for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates or the values of the asset upon which the swap is based.

The Portfolio's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive. The risk may be mitigated by having a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral to the Portfolio to cover the Portfolio's exposure to the counterparty.

To the extent the Portfolio has a policy to limit the net amount owed to or to be received from a single counterparty under existing swap agreements, such limitation only applies to counterparties to OTC swaps and does not apply to centrally cleared swaps where the counterparty is a central counterparty or derivatives clearing organization.

Credit Default Swap Agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues are entered into to provide a measure of protection against defaults of the issuers (*i.e.*, to reduce risk where the Portfolio owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer's default. Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event that the referenced entity, obligation or index, as specified in the swap agreement, undergoes a certain credit event. As a seller of protection on credit default swap agreements, the Portfolio will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, the Portfolio would effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the notional amount of the swap.

If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced

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obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection's right to choose the deliverable obligation with the lowest value following a credit event).

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name's weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index. Credit default swaps on credit indices may be used to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indices are instruments for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues as of period end, if any, are disclosed in the Notes to Schedule of Investments. They serve as an indicator of the current status of payment/performance risk and represent the likelihood or risk of default for the reference entity. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of

the agreement. For credit default swap agreements on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that the Portfolio as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of period end for which the Portfolio is the seller of protection are disclosed in the Notes to Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Portfolio for the same referenced entity or entities.

Total Return Swap Agreements are entered into to gain or mitigate exposure to the underlying reference asset. Total return swap agreements involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset and on a fixed or variable interest rate. Total return swap agreements may involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific underlying reference asset, which may include a single security, a basket of securities, or an index, and in return receives a fixed or variable rate. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference asset less a financing rate, if any. As a receiver, the Portfolio would receive payments based on any net positive total return and would owe payments in the event of a net negative total return. As the payer, the Portfolio would owe payments on any net positive total return, and would receive payments in the event of a net negative total return.

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in the Portfolio, which could adversely affect its net asset value, yield and total return, are listed below. Please see "Description of Principal Risks" in the Portfolio's prospectus for a more detailed description of the risks of investing in the Portfolio.

Interest Rate Risk is the risk that fixed income securities will decline in value because of an increase in interest rates; a portfolio with a longer average portfolio duration will be more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

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Call Risk is the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their maturity for a number of reasons (*e.g.,* declining interest rates, changes in credit spreads and improvements in the issuer's credit quality). If an issuer calls a security that the Portfolio has invested in, the Portfolio may not recoup the full amount of its initial investment and may be forced to reinvest in lower- yielding securities, securities with greater credit risks or securities with other, less favorable features.

Credit Risk is the risk that the Portfolio could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations.

High Yield Risk is the risk that high yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") are subject to greater levels of credit, call and liquidity risks. High yield securities are considered primarily speculative with respect to theissuer's continuing ability to make principal and interest payments, and may be more volatile than higher-rated securities of similar maturity.

Market Risk is the risk that the value of securities owned by the Portfolio may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries.

Issuer Risk is the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services.

Liquidity Risk is the risk that a particular investment may be difficult to purchase or sell and that the Portfolio may be unable to sell illiquid investments at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity.

Derivatives Risk is the risk of investing in derivative instruments (such as forwards, futures, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks and valuation complexity. Changes in the value of a derivative or

other similar investment may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and the Portfolio could lose more than the initial amount invested. Changes in the value of a derivative or other similar instrument may also create margin delivery or settlement payment obligations for the Portfolio. The Portfolio's use of derivatives or other similar investments may result in losses to the Portfolio, a reduction in the Portfolio's returns and/or increased volatility. Over- the-counter ("OTC") derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for OTC derivatives or other similar investments. The primary credit risk on derivatives that are exchange-traded or traded through a central clearing counterparty, resides with the Portfolio's clearing broker or the clearinghouse. Changes in regulation relating to a registered fund's use of derivatives and related instruments could potentially limit or impact the Portfolio's ability to invest in derivatives, limit the Portfolio's ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and the Portfolio's performance.

Equity Risk is the risk that the value of equity securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity securities generally have greater price volatility than fixed income securities.

Mortgage-Related and Other Asset-Backed Securities Risk is the risks of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk, and credit risk.

Foreign (Non-U.S.) Investment Risk is the risk that investing in foreign (non-U.S.) securities may result in the Portfolio experiencing more rapid and extreme changes in value than a portfolio that invests exclusively in securities of U.S. companies, due to smaller markets, differing reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, or political changes, diplomatic developments or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.

Emerging Markets Risk is the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk.

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Sovereign Debt Risk is the risk that investments in fixed income instruments issued by sovereign entities may decline in value as a result of default or other adverse credit event resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion.

Currency Risk is the risk that foreign (non-U.S.) currencies will change in value relative to the U.S. dollar and affect the Portfolio's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies.

Leveraging Risk is the risk that certain transactions of the Portfolio, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing the Portfolio to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss.

Management Risk is the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio managers in connection with managing the Portfolio and may cause PIMCO to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of the Portfolio will be achieved.

Short Exposure Risk is the risk of entering into short sales or other short positions, including the potential loss of more money than the actual cost of the investment, and the risk that the third party to the short sale or other short position will not fulfill its contractual obligations, causing a loss to the Portfolio.

(b) Other Risks

In general, the Portfolio may be subject to additional risks, including, but not limited to, risks related to government regulation and intervention in financial markets, operational risks, risks associated with financial, economic and global market disruptions, and cyber security risks. Please see the Portfolio's prospectus and Statement of Additional Information for a more detailed description of the risks of investing in the Portfolio. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments that may impact the Portfolio's performance.

Market Disruption Risk The Portfolio is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from

war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets and cause the Portfolio to lose value. These events can also impair the technology and other operational systems upon which the Portfolio's service providers, including PIMCO as the Portfolio's investment adviser, rely, and could otherwise disrupt the Portfolio's service providers' ability to fulfill their obligations to the Portfolio. For example, the recent spread of an infectious respiratory illness caused by a novel strain of coronavirus (known as COVID-19) has caused volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities the Portfolio holds, and may adversely affect the Portfolio's investments and operations. Please see the Important Information section for additional discussion of the COVID-19 pandemic.

Government Intervention in Financial Markets Federal, state, and other governments, their regulatory agencies, or self-regulatory organizations may take actions that affect the regulation of the instruments in which the Portfolio invests, or the issuers of such instruments, in ways that are unforeseeable. Legislation or regulation may also change the way in which the Portfolio itself is regulated. Such legislation or regulation could limit or preclude the Portfolio's ability to achieve its investment objective. Furthermore, volatile financial markets can expose the Portfolio to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Portfolio. The value of the Portfolio's holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which the Portfolio invests. In addition, it is not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.

Regulatory Risk Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/or intervention may change the way the Portfolio is regulated, affect the expenses incurred directly by the Portfolio and the value of its investments, and limit and/or preclude the Portfolio's ability to achieve its investment objective. Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects.

Operational Risk An investment in the Portfolio, like any fund, can involve operational risks arising from factors such as processing errors,

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human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Portfolio. While the Portfolio seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Portfolio.

Cyber Security Risk As the use of technology has become more prevalent in the course of business, the Portfolio has become potentially more susceptible to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional cyber events that may, among other things, cause the Portfolio to lose proprietary information, suffer data corruption and/or destruction or lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Cyber security failures or breaches may result in financial losses to the Portfolio and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with the Portfolio's ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. There is also a risk that cyber security breaches may not be detected. The Portfolio and its shareholders may suffer losses as a result of a cyber security breach related to the Portfolio, its service providers, trading counterparties or the issuers in which the Portfolio invests.

8. MASTER NETTING ARRANGEMENTS

The Portfolio may be subject to various netting arrangements ("Master Agreements") with select counterparties. Master Agreements govern the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow the Portfolio to close out and net its total exposure to a counterparty in the event of a default

with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes the Statement of Assets and Liabilities generally presents derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Statement of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statement of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. The Portfolio's overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively "Master Repo Agreements") govern repurchase, reverse repurchase, and certain sale-buyback transactions between the Portfolio and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default, and maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Schedule of Investments.

Master Securities Forward Transaction Agreements ("Master Forward Agreements") govern certain forward settling transactions, such as TBA securities, delayed-delivery or certain sale-buyback transactions by and between the Portfolio and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Schedule of Investments.

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Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant ("FCM") registered with the Commodity Futures Trading Commission. In the United States, counterparty risk may be reduced as creditors of an FCM cannot have a claim to Portfolio assets in the segregated account. Portability of exposure reduces risk to the Portfolio. Variation margin, which reflects changes in market value, is generally exchanged daily, but may not be netted between futures and cleared OTC derivatives unless the parties have agreed to a separate arrangement in respect of portfolio margining. The market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin as of period end are disclosed in the Notes to Schedule of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes ("ISDA Master Agreements") govern bilateral OTC derivative transactions entered into by the Portfolio with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. The ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level or as required by regulation. Similarly, if required by regulation, the Portfolio may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent the Portfolio is required by regulation to post additional collateral beyond coverage of daily exposure, it could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedule of Investments.

9. FEES AND EXPENSES

(a) Investment Advisory Fee PIMCO is a majority-owned subsidiary of Allianz Asset Management of America LLC ("Allianz Asset Management") and serves as the Adviser to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from the Portfolio at an annual rate based on average daily net assets (the

"Investment Advisory Fee"). The Investment Advisory Fee for all classes is charged at an annual rate as noted in the table in note (b) below.

(b) Supervisory and Administrative Fee PIMCO serves as administrator (the "Administrator") and provides supervisory and administrative services to the Trust for which it receives a monthly supervisory and administrative fee based on each share class's average daily net assets (the "Supervisory and Administrative Fee"). As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs.

The Investment Advisory Fee and Supervisory and Administrative Fees for all classes, as applicable, are charged at the annual rate as noted in the following table (calculated as a percentage of the Portfolio's average daily net assets attributable to each class):

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| **Investment Advisory Fee** | **Supervisory and Administrative Fee** | **Supervisory and Administrative Fee** | **Supervisory and Administrative Fee** |
| **All Classes** | **Institutional<br>Class** | **Administrative<br>Class** | **Advisor<br>Class** |
| 0.25% | 0.35% | 0.35% | 0.35% |

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(c) Distribution and Servicing Fees PIMCO Investments LLC, a wholly-owned subsidiary of PIMCO, serves as the distributor ("Distributor") of the Trust's shares.

The Trust has adopted an Administrative Services Plan with respect to the Administrative Class shares of the Portfolio pursuant to Rule 12b-1 under the Act (the "Administrative Plan"). Under the terms of the Administrative Plan, the Trust is permitted to compensate the Distributor, out of the Administrative Class assets of the Portfolio, in an amount up to 0.15% on an annual basis of the average daily net assets of that class, for providing or procuring through financial intermediaries administrative, recordkeeping and investor services for Administrative Class shareholders of the Portfolio.

The Trust has adopted a separate Distribution and Servicing Plan for the Advisor Class shares of the Portfolio (the "Distribution and Servicing Plan"). The Distribution and Servicing Plan has been adopted pursuant to Rule 12b-1 under the Act. The Distribution and Servicing Plan permits the Portfolio to compensate the Distributor for providing or procuring through financial intermediaries, distribution, administrative, recordkeeping, shareholder and/or related services with respect to Advisor Class shares. The Distribution and Servicing Plan permits the Portfolio to make total payments at an annual rate of up to 0.25% of its average daily net assets attributable to its Advisor Class shares.

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|  | **Distribution Fee** | **Servicing Fee** |
|  **Administrative Class** |  | 0.15% |
|  **Advisor Class** | 0.25% |  |

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(d) Portfolio Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Portfolio, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust's executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Portfolio, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust's Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual portfolio operating expenses per share class.

The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates.

(e) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has agreed, through May 1, 2023, to waive a portion of the Portfolio's Supervisory and Administrative Fee, or reimburse the Portfolio, to the extent that the Portfolio's organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata share of Trustee Fees exceed 0.0049%, the "Expense Limit" (calculated as a percentage of the Portfolio's average daily net assets attributable to each class). The Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. The waiver, if any, is reflected on the Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO.

In any month in which the supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by the Portfolio of any portion of the supervisory and administrative fee waived or reimbursed as set forth above (the "Reimbursement Amount") within thirty-six months of the time of the waiver, provided that such amount paid to PIMCO will not: i) together with any organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity

Identifier and pro rata Trustee fees, exceed, for such month, the Expense Limit (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit); ii) exceed the total Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. At December 31, 2022, there were no recoverable amounts.

10. RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties. Fees paid to these parties are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Statement of Assets and Liabilities.

11. GUARANTEES AND INDEMNIFICATIONS

Under the Trust's organizational documents, each Trustee, officer, employee or other agent of the Trust (including the Trust's investment manager) is indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Portfolio. Additionally, in the normal course of business, the Portfolio enters into contracts that contain a variety of indemnification clauses. The Portfolio's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred. However, the Portfolio has not had prior claims or losses pursuant to these contracts.

12. PURCHASES AND SALES OF SECURITIES

The length of time the Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by the Portfolio is known as "portfolio turnover." The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective(s), particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by the Portfolio. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates when distributed to shareholders). The transaction costs associated with portfolio turnover may adversely affect the Portfolio's performance. The portfolio turnover rates are reported in the Financial Highlights.

Purchases and sales of securities (excluding short-term investments) for the period ended December 31, 2022, were as follows (amounts in thousands<sup>†</sup>):

---

| | | | |
|:---|:---|:---|:---|
| **U.S. Government/Agency** | **U.S. Government/Agency** | **All Other** | **All Other** |
| **Purchases** | **Sales** | **Purchases** | **Sales** |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22597 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4583 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65868 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147598 |

---

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

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| | |
|:---|:---|
| **40** | **PIMCO VARIABLE INSURANCE TRUST** |

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##### [**Table of Contents**](#toc)
December 31, 2022

13. SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with a $0.001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended<br>12/31/2022** | **Year Ended<br>12/31/2022** | **Year Ended<br>12/31/2021** | **Year Ended<br>12/31/2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Receipts for shares sold** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 696 | $5219 | 416 | $3311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 18961 | 133391 | 12144 | 96808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 1994 | 14106 | 1938 | 15447 |
|  **Issued as reinvestment of distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 103 | 725 | 67 | 536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 4193 | 29484 | 4048 | 32217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 103 | 724 | 103 | 821 |
|  **Cost of shares redeemed** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (412) | (3043) | (99) | (787) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (31356) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(222430) | (24585) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(195693) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (1881) | (13151) | (2547) | (20184) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | (7599) | $(54975) | (8515) | $(67524) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

As of December 31, 2022, one shareholder owned 10% or more of the Portfolio's total outstanding shares comprising 56% of the Portfolio, and the shareholder is a related party of the Portfolio. Related parties may include, but are not limited to, the investment adviser and its affiliates, affiliated broker dealers, fund of funds and directors or employees of the Trust or Adviser.

14. REGULATORY AND LITIGATION MATTERS

The Portfolio is not named as a defendant in any material litigation or arbitration proceedings and is not aware of any material litigation or claim pending or threatened against it.

On May 17, 2022, Allianz Global Investors U.S. LLC ("AGI U.S.") pleaded guilty in connection with the proceeding United States of America v. Allianz Global Investors U.S. LLC. AGI U.S. is an indirect subsidiary of Allianz SE. The conduct resulting in the matter described above occurred entirely within AGI U.S. and did not involve PIMCO or the Distributor, or any personnel of PIMCO or the Distributor. Nevertheless, because of the disqualifying conduct of AGI U.S., their affiliate, PIMCO would have been disqualified from serving as the investment adviser, and the Distributor would have been disqualified from serving as the principal underwriter, to the Portfolio in the absence of SEC exemptive relief. PIMCO and the Distributor have received exemptive relief from the SEC to permit them to continue serving as investment adviser and principal underwriter for U.S. registered investment companies, including the Portfolio.

The foregoing speaks only as of the date of this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

15. FEDERAL INCOME TAX MATTERS

The Portfolio intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (the "Code") and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

The Portfolio may be subject to local withholding taxes, including those imposed on realized capital gains. Any applicable foreign capital gains tax is accrued daily based upon net unrealized gains, and may be payable following the sale of any applicable investments.

In accordance with U.S. GAAP, the Adviser has reviewed the Portfolio's tax positions for all open tax years. As of December 31, 2022, the Portfolio has recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions it has taken or expects to take in future tax returns.

The Portfolio files U.S. federal, state, and local tax returns as required. The Portfolio's tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

Shares of the Portfolio currently are sold to segregated asset accounts ("Separate Accounts") of insurance companies that fund variable annuity contracts and variable life insurance policies ("Variable Contracts"). Please refer to the prospectus for the Separate Account and Variable Contract for information regarding Federal income tax treatment of distributions to the Separate Account.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **41** |

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##### [**Table of Contents**](#toc)

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| | | |
|:---|:---|:---|
| **Notes to Financial Statements** | **(Cont.)** | December 31, 2022 |

---

As of December 31, 2022, the components of distributable taxable earnings are as follows (amounts in thousands<sup>†</sup>):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed<br>Ordinary<br>Income<sup>(1)</sup>** | **Undistributed<br>Long-Term<br>Capital Gains** | **Net Tax Basis<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup>** | **Other<br>Book-to-Tax<br>Accounting<br>Differences <sup>(3)</sup>** | **Accumulated<br>Capital<br>Losses<sup>(4)</sup>** | **Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Capital<sup>(5)</sup>** | **Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Ordinary<sup>(6)</sup>** | **Total<br>Components of<br>Distributable<br>Earnings** |
|  PIMCO High Yield Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;4238 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;(67376) | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;(25999) | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;(89137) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(1)</sup> Includes undistributed short-term capital gains, if any.

<sup>(2)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options and forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on swap contracts, interest accrued from defaulted securities, straddle loss deferrals, and return of capital from non-REIT securities. 

<sup>(3)</sup> Represents differences in income tax regulations and financial accounting principles generally accepted in the United States of America.

<sup>(4)</sup> Capital losses available to offset future net capital gains as shown below.

<sup>(5)</sup> Capital losses realized during the period November 1, 2022 through December 31, 2022 which the Portfolio elected to defer to the following taxable year pursuant to income tax regulations.

<sup>(6)</sup> Specified losses realized during the period November 1, 2022 through December 31, 2022 which the Portfolio elected to defer to the following taxable year pursuant to income tax regulations.

Under the Regulated Investment Company Modernization Act of 2010, the Portfolio is permitted to carry forward any new capital losses for an unlimited period. Additionally, such capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term under previous law.

As of December 31, 2022, the Portfolio had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

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| | | |
|:---|:---|:---|
|  | **Short-Term** | **Long-Term** |
|  PIMCO High Yield Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;5109 | $&nbsp;&nbsp;&nbsp;&nbsp;20890 |

---

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

As of December 31, 2022, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal**<br> **Tax Cost** | **Unrealized**<br> **Appreciation** | **Unrealized**<br> **(Depreciation)** | **Net Unrealized<br>Appreciation/<br>(Depreciation)<sup>(7)</sup>** |
|  PIMCO High Yield Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;616536 | $&nbsp;&nbsp;&nbsp;&nbsp;4373 | $&nbsp;&nbsp;&nbsp;&nbsp;(71754) | $&nbsp;&nbsp;&nbsp;&nbsp;(67381) |

---

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(7)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options and forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on swap contracts, interest accrued from defaulted securities, straddle loss deferrals, and return of capital from non-REIT securities. 

For the fiscal years ended December 31, 2022 and December 31, 2021, respectively, the Portfolio made the following tax basis distributions (amounts in thousands<sup>†</sup>):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** |
|  | **Ordinary<br>Income<br>Distributions<sup>(8)</sup>** | **Long-Term<br>Capital Gain<br>Distributions** | **Return of<br>Capital<sup>(9)</sup>** | **Ordinary<br>Income<br>Distributions<sup>(8)</sup>** | **Long-Term<br>Capital Gain<br>Distributions** | **Return of<br>Capital<sup>(9)</sup>** |
|  PIMCO High Yield Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;30933 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;33574 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(8)</sup> Includes short-term capital gains distributed, if any.

<sup>(9)</sup> A portion of the distributions made represents a tax return of capital. Return of capital distributions have been reclassified from undistributed net investment income to paid-in capital to more appropriately conform financial accounting to tax accounting.

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| | |
|:---|:---|
| **42** | **PIMCO VARIABLE INSURANCE TRUST** |

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**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of PIMCO Variable Insurance Trust and Shareholders of PIMCO High Yield Portfolio

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of PIMCO High Yield Portfolio (one of the portfolios constituting PIMCO Variable Insurance Trust, hereafter referred to as the "Portfolio") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements are the responsibility of the Portfolio's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolio in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agent, brokers and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

February 17, 2023

We have served as the auditor of one or more investment companies in PIMCO Variable Insurance Trust since 1998.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **43** |

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| | | |
|:---|:---|:---|
| **Glossary:** | **(abbreviations that may be used in the preceding statements)** | (Unaudited) |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Counterparty Abbreviations:** | **Counterparty Abbreviations:** | | | | |
| **BOA** | Bank of America N.A. | **FICC** | Fixed Income Clearing Corporation | **MBC** | HSBC Bank Plc |
| **BPS** | BNP Paribas S.A. |  |  |  |  |
|  **Currency Abbreviations:** | **Currency Abbreviations:** |  |  |  |  |
| **EUR** | Euro | **USD (or $)** | United States Dollar |  |  |
|  **Exchange Abbreviations:** | **Exchange Abbreviations:** |  |  |  |  |
| **OTC** | Over the Counter |  |  |  |  |
|  **Index/Spread Abbreviations:** | **Index/Spread Abbreviations:** |  |  |  |  |
| **CDX.HY** | Credit Derivatives Index - High Yield | **LIBOR01M** | 1 Month USD-LIBOR | **LIBOR03M** | 3 Month USD-LIBOR |
|  **Other Abbreviations:** | **Other Abbreviations:** |  |  |  |  |
| **ALT** | Alternate Loan Trust | **PIK** | Payment-in-Kind  | **TBA** | To-Be-Announced  |
| **DAC** | Designated Activity Company |  |  |  |  |

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| | |
|:---|:---|
| **44** | **PIMCO VARIABLE INSURANCE TRUST** |

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| | |
|:---|:---|
| **Federal Income Tax Information** | (Unaudited) |

---

As required by the Internal Revenue Code ("Code") and Treasury Regulations, if applicable, shareholders must be notified within 60 days of the Portfolio's fiscal year end regarding the status of qualified dividend income and the dividend received deduction.

Dividend Received Deduction. Corporate shareholders are generally entitled to take the dividend received deduction on the portion of the Portfolio's dividend distribution that qualifies under tax law. The percentage of the following Portfolio's fiscal 2022 ordinary income dividend that qualifies for the corporate dividend received deduction is set forth below.

Qualified Dividend Income. Under the Jobs and Growth Tax Relief Reconciliation Act of 2003, the following percentage of ordinary dividends paid during the fiscal year ended December 31, 2022 was designated as ''qualified dividend income'' as defined in the Jobs and Growth Tax Relief Reconciliation Act of 2003 subject to reduced tax rates in 2022.

Qualified Interest Income and Qualified Short-Term Capital Gain (for non-U.S. resident shareholders only). Under the American Jobs Creation Act of 2004, the following amounts of ordinary dividends paid during the fiscal year ended December 31, 2022 are considered to be derived from "qualified interest income," as defined in Section 871(k)(1)(E) of the Code, and therefore are designated as interest-related dividends, as defined in Section 871(k)(1)(C) of the Code. Further, the following amounts of ordinary dividends paid during the fiscal year ended December 31, 2022 are considered to be derived from "qualified short-term capital gain," as defined in Section 871(k)(2)(D) of the Code, and therefore are designated as qualified short-term gain dividends, as defined by Section 871(k)(2)(C) of the Code.

Section 163(j) Interest Dividends. The Portfolio intends to pass through the maximum amount allowable as Section 163(j) Interest defined in Proposed Treasury Section 1.163(j)-1(b). The 163(j) percentage of ordinary income distributions are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Dividend<br>Received<br>Deduction%** | **Qualified<br>Dividend<br>Income%** | **Qualified<br>Interest<br>Income<br>(000s)<sup>†</sup>** | **Qualified<br>Short-Term<br>Capital Gains<br>(000s)<sup>†</sup>** | **163(j)<br>Interest<br>Dividends<br>(000s)<sup>†</sup>** |
|  PIMCO High Yield Portfolio | 0% | 0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30933 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

Shareholders are advised to consult their own tax advisor with respect to the tax consequences of their investment in the Trust. In January 2023, you will be advised on IRS Form 1099-DIV as to the federal tax status of the dividends and distributions received by you in calendar year 2022.

Section 199A Dividends. Non-corporate portfolio shareholders of the Portfolio below meeting certain holding period requirements may be able to deduct up to 20 percent of qualified REIT dividends passed through and reported to the shareholders by the Portfolio as IRC section 199A dividends. The IRC section 199A percentage of ordinary dividends are as follows:

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| | |
|:---|:---|
|  | **199A<br>Dividends** |
|  PIMCO High Yield Portfolio | 0% |

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **45** |

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##### [**Table of Contents**](#toc)
**Management of the Trust**

The charts below identify the Trustees and executive officers of the Trust. Unless otherwise indicated, the address of all persons below is 650 Newport Center Drive, Newport Beach, CA 92660.

The Portfolio's Statement of Additional Information includes more information about the Trustees and Officers. To request a free copy, call PIMCO at (888) 87-PIMCO or visit the Portfolio's website at www.pimco.com/pvit.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Year of Birth and <br>Position Held with Trust\*** | **Term of<br>Office and<br>Length of <br>Time Served<sup>†</sup>** | **Principal Occupation(s) During Past 5 Years** | **Number of Funds<br>in Fund Complex <br>Overseen by Trustee** | **Other Public Company and Investment<br>Company Directorships Held by Trustee<br>During the Past 5 Years** |
| **Interested Trustees<sup>1</sup>** |  |  |  |  |
| **Peter G. Strelow (1970)**<br> *Chairman of the Board <br>and Trustee* | 05/2017 to present<br>Chairman of the Board - 02/2019 to present | Managing Director and Co-Chief Operating Officer, PIMCO. Senior Vice President of the Trust, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. Formerly, Chief Administrative Officer, PIMCO. | 158 | Chairman and Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT. |
| **Kimberley G. Stafford (1978)**<br> *Trustee* | 02/2021 to present | Managing Director, Global Head of Product Strategy, PIMCO; and Member of Executive Committee, PIMCO. Formerly, Head of Asia-Pacific, Global Head of Consultant Relations and Head of US Institutional and Alternatives Sales, PIMCO. | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT. |
| **Independent Trustees** |  |  |  |  |
| **George E. Borst (1948)**<br> *Trustee* | 04/2015 to present | Executive Advisor, McKinsey & Company (since 10/14); Formerly, Executive Advisor, Toyota Financial Services (10/13-12/14); and CEO, Toyota Financial Services (1/01-9/13). | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT; Director, MarineMax Inc. |
| **Jennifer Holden Dunbar (1963)**<br> *Trustee* | 04/2015 to present | Formerly, Managing Director, Dunbar Partners, LLC (business consulting and investments) (05/05-05/21); and Partner, Leonard Green & Partners, L.P. | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT; Director, PS Business Parks; Director, Big 5 Sporting Goods Corporation. |
| **Kym M. Hubbard (1957)**<br> *Trustee* | 02/2017 to present | Formerly, Global Head of Investments, Chief Investment Officer and Treasurer, Ernst & Young. | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT; Director, State Auto Financial Corporation. |
| **Gary F. Kennedy (1955)**<br> *Trustee* | 04/2015 to present | Formerly, Senior Vice President, General Counsel and Chief Compliance Officer, American Airlines and AMR Corporation (now American Airlines Group) (1/03-1/14). | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |
| **Peter B. McCarthy (1950)**<br> *Trustee* | 04/2015 to present | Formerly, Assistant Secretary and Chief Financial Officer, United States Department of Treasury; Deputy Managing Director, Institute of International Finance. | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |
| **Ronald C. Parker (1951)**<br> *Lead Independent Trustee* | 07/2009 to present<br>Lead Independent Trustee - 02/2017 to present | Director of Roseburg Forest Products Company. Formerly, Chairman of the Board, The Ford Family Foundation; and President, Chief Executive Officer, Hampton Affiliates (forestry products). | 158 | Lead Independent Trustee, PIMCO Funds and PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |

---

<sup>\*</sup> Unless otherwise noted, the information for the individuals listed is as of December 31, 2022.

<sup>1</sup> Ms. Stafford and Mr. Strelow are "interested persons" of the Trust (as that term is defined in the 1940 Act) because of their affiliations with PIMCO.

<sup>†</sup> Trustees serve until their successors are duly elected and qualified.

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|:---|:---|
| **46** | **PIMCO VARIABLE INSURANCE TRUST** |

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##### [**Table of Contents**](#toc)
(Unaudited)

**Executive Officers** 

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| | | |
|:---|:---|:---|
| **Name, Year of Birth and<br>Position Held with Trust\*** | **Term of Office and<br>Length of Time Served** | **Principal Occupation(s) During Past 5 Years<sup>†</sup>** |
| **Eric D. Johnson (1970)**<br> *President* | 06/2019 to present | Executive Vice President and Head of Funds Business Group Americas, PIMCO. President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| **Ryan G. Leshaw (1980)**<br> *Chief Legal Officer and Secretary* | 08/2021 to present | Executive Vice President and Senior Counsel, PIMCO. Chief Legal Officer and Secretary, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Chief Legal Officer, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. Formerly, Associate, Willkie Farr & Gallagher LLP. |
| **Keisha Audain-Pressley (1975)\*\***<br> *Chief Compliance Officer* | 01/2020 to present | Executive Vice President and Deputy Chief Compliance Officer, PIMCO. Chief Compliance Officer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Joshua D. Ratner (1976)\*\***<br> *Senior Vice President* | 05/2019 to present | Executive Vice President and Head of Americas Operations, PIMCO. Senior Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| **Peter G. Strelow (1970)**<br> *Senior Vice President* | 06/2019 to present | Managing Director and Co-Chief Operating Officer, PIMCO. Senior Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. Formerly, Chief Administrative Officer, PIMCO. |
| **Wu-Kwan Kit (1981)**<br> *Assistant Secretary* | 08/2017 to present | Senior Vice President and Senior Counsel, PIMCO. Assistant Secretary, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Vice President, Senior Counsel and Secretary, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. Formerly, Assistant General Counsel, VanEck Associates Corp. |
| **Douglas B. Burrill (1980)\*\***<br> *Vice President* | 08/2022 to present | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Elizabeth A. Duggan (1964)**<br> *Vice President* | 02/2021 to present | Executive Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Jason R. Duran (1977)**<br> *Vice President* | 02/2023 to present | Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |
| **Mark A. Jelic (1981)**<br> *Vice President* | 08/2021 to present | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Kenneth W. Lee (1972)**<br> *Vice President* | 08/2022 to present | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Brian J. Pittluck (1977)**<br> *Vice President* | 01/2020 to present | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Keith A. Werber (1973)**<br> *Vice President* | 05/2022 to present | Executive Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Bijal Y. Parikh (1978)**<br> *Treasurer* | 01/2021 to present | Executive Vice President, PIMCO. Treasurer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| **Erik C. Brown (1967)\*\*\***<br> *Assistant Treasurer* | 02/2001 to present | Executive Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Brandon T. Evans (1982)**<br> *Assistant Treasurer* | 05/2019 to present | Senior Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Deputy Treasurer, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| **Maria M. Golota (1983)\*\***<br> *Assistant Treasurer* | 02/2023 to present | Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |

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<sup>\*</sup> Unless otherwise noted, the information for the individuals listed is as of February 8, 2023.

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| <sup>†</sup> | The term "PIMCO-Sponsored Closed-End Funds" as used herein includes: PIMCO Access Income Fund, PIMCO California Municipal Income Fund, PIMCO California Municipal Income Fund II, PIMCO California Municipal Income Fund III, PIMCO Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO Municipal Income Fund III, PIMCO New York Municipal Income Fund, PIMCO New York Municipal Income Fund II, PIMCO New York Municipal Income Fund III, PCM Fund Inc., PIMCO Corporate & Income Opportunity Fund, PIMCO Corporate & Income Strategy Fund, PIMCO Dynamic Income Fund, PIMCO Dynamic Income Opportunities Fund, PIMCO Energy and Tactical Credit Opportunities Fund, PIMCO Global StocksPLUS<sup>®</sup> & Income Fund, PIMCO High Income Fund, PIMCO Income Strategy Fund, PIMCO Income Strategy Fund II and PIMCO Strategic Income Fund, Inc.; the term "PIMCO-Sponsored Interval Funds" as used herein includes: PIMCO Flexible Credit Income Fund, PIMCO Flexible Municipal Income Fund, PIMCO California Flexible Municipal Income Fund and PIMCO Flexible Emerging Markets Income Fund.  |

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<sup>\*\*</sup> The address of these officers is Pacific Investment Management Company LLC, 1633 Broadway, New York, New York 10019.

<sup>\*\*\*</sup> The address of these officers is Pacific Investment Management Company LLC, 401 Congress Ave., Austin, Texas 78701.

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **47** |

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| **Privacy Policy<sup>1</sup>** | (Unaudited) |

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The Trust<sup>2,3</sup> consider customer privacy to be a fundamental aspect of their relationships with shareholders and are committed to maintaining the confidentiality, integrity and security of their current, prospective and former shareholders' non-public personal information. The Trust has developed policies that are designed to protect this confidentiality, while allowing shareholder needs to be served.

OBTAINING NON-PUBLIC PERSONAL INFORMATION

In the course of providing shareholders with products and services, the Trust and certain service providers to the Trust, such as the Trust's investment advisers or sub-advisers ("Advisers"), may obtain non-public personal information about shareholders, which may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder's brokerage or financial advisory firm, financial professional or consultant, and/or from information captured on applicable websites.

RESPECTING YOUR PRIVACY

As a matter of policy, the Trust does not disclose any non-public personal information provided by shareholders or gathered by the Trust to non-affiliated third parties, except as required or permitted by law or as necessary for such third parties to perform their agreements with respect to the Trust. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, conducting research on shareholder satisfaction and gathering shareholder proxies. The Trust or its affiliates may also retain non-affiliated companies to market Trust's shares or products which use Trust's shares and enter into joint marketing arrangements with them and other companies. These companies may have access to a shareholder's personal and account information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. In most cases, the shareholders will be clients of a third party, but the Trust may also provide a shareholder's personal and account information to the shareholder's respective brokerage or financial advisory firm and/or financial professional or consultant.

SHARING INFORMATION WITH THIRD PARTIES

The Trust reserves the right to disclose or report personal or account information to non-affiliated third parties in limited circumstances where the Trust believes in good faith that disclosure is required under law, to cooperate with regulators or law enforcement authorities, to protect their rights or property, or upon reasonable request by any fund in which a shareholder has invested. In addition, the Trust may disclose information about a shareholder or a shareholder's accounts to a non-affiliated third party at the shareholder's request or with the consent of the shareholder.

SHARING INFORMATION WITH AFFILIATES

The Trust may share shareholder information with their affiliates in connection with servicing shareholders' accounts, and subject to applicable law may provide shareholders with information about products and services that the Trust or its Advisers, distributors or their affiliates ("Service Affiliates") believe may be of interest to such shareholders. The information that the Trust may share may include, for example, a shareholder's participation in the Trust or in other investment programs sponsored by a Service Affiliate, a shareholder's ownership of certain types of accounts (such as IRAs), information about the Trust's experiences or transactions with a shareholder, information captured on applicable websites, or other data about a shareholder's accounts, subject to applicable law. The Trust's Service Affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

PROCEDURES TO SAFEGUARD PRIVATE INFORMATION

The Trust takes seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, the Trust has implemented procedures that are designed to restrict access to a shareholder's non-public personal information to internal personnel who need to know that information to perform their jobs, such as servicing shareholder accounts or notifying shareholders of new products or services. Physical, electronic and procedural safeguards are in place to guard a shareholder's non-public personal information.

INFORMATION COLLECTED FROM WEBSITES

The Trust or its service providers and partners may collect information from shareholders via websites they maintain. The information collected via websites maintained by the Trust or their service providers includes client non-public personal information.

CHANGES TO THE PRIVACY POLICY

From time to time, the Trust may update or revise this privacy policy. If there are changes to the terms of this privacy policy, documents containing the revised policy on the relevant website will be updated.

<sup>1</sup> Amended as of June 25, 2020.

<sup>2</sup> PIMCO Investments LLC ("PI") serves as the Trust's distributor and does not provide brokerage services or any financial advice to investors in the Trust solely because it distributes the Trust. This Privacy Policy applies to the activities of PI to the extent that PI regularly effects or engages in transactions with or for a shareholder of a series of a Trust who is the record owner of such shares. For purposes of this Privacy Policy, references to "the Trust" shall include PI when acting in this capacity.

<sup>3</sup> When distributing this Policy, the Trust may combine the distribution with any similar distribution of its investment adviser's privacy policy. The distributed, combined, policy may be written in the first person (i.e. by using "we" instead of "the Trust").

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| **Approval of Investment Advisory Contract and Other Agreements** | (Unaudited) |

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At a meeting held on August 23-24, 2022, the Board of Trustees (the "Board") of PIMCO Variable Insurance Trust (the "Trust"), including the Trustees who are not "interested persons" of the Trust under the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered and unanimously approved the renewal of the Amended and Restated Investment Advisory Contract (the "Investment Advisory Contract") between the Trust, on behalf of the Trust's series (each, a "Portfolio" and collectively, the "Portfolios"), and Pacific Investment Management Company LLC ("PIMCO"), for an additional one-year term through August 31, 2023. The Board also considered and unanimously approved the renewal of the Amended and Restated Supervision and Administration Agreement (the "Supervision and Administration Agreement") between the Trust, on behalf of the Portfolios, and PIMCO for an additional one-year term through August 31, 2023. In addition, the Board considered and unanimously approved the renewal of the Amended and Restated Asset Allocation Sub-Advisory Agreement (the "Asset Allocation Agreement" and, together with the Investment Advisory Contract and the Supervision and Administration Agreement, the "Agreements") between PIMCO, on behalf of PIMCO All Asset Portfolio, a series of the Trust, and Research Affiliates, LLC ("Research Affiliates") for an additional one-year term through August 31, 2023. In addition, the Board considered and unanimously approved the renewal of the investment management agreements between PIMCO and each of the wholly-owned subsidiaries (each, a "Subsidiary" and, collectively, the "Subsidiaries") of certain of the Portfolios (collectively, the "Subsidiary Agreements"), each for the same additional one-year term through August 31, 2023.

The information, material factors and conclusions that formed the basis for the Board's approvals are summarized below.

1. INFORMATION RECEIVED

(a) Materials Reviewed: During the course of the past year, the Trustees received a wide variety of materials relating to the services provided by PIMCO and Research Affiliates to the Trust. At each of its quarterly meetings, the Board reviewed the Portfolios' investment performance and a significant amount of information relating to Portfolio operations, including shareholder services, valuation and custody, the Portfolios' compliance program and other information relating to the nature, extent and quality of services provided by PIMCO and Research Affiliates to the Trust and each of the Portfolios, as applicable. In considering whether to approve the renewal of the Agreements and the Subsidiary Agreements, the Board reviewed additional information, including, but not limited to: comparative industry data with regard to investment performance; advisory and supervisory and administrative fees and expenses; financial information for PIMCO and, where relevant, financial information for Research

Affiliates; information regarding the profitability to PIMCO of its relationship with the Portfolios; information about the personnel providing investment management services, other advisory services and supervisory and administrative services to the Portfolios; and information about the fees charged and services provided to other clients with similar investment mandates as the Portfolios, where applicable. In addition, the Board reviewed materials provided by counsel to the Trust and the Independent Trustees ("Counsel"), which included, among other things, a memorandum outlining legal duties of the Board in considering the renewal of the Agreements and Subsidiary Agreements.

With respect to the Subsidiary Agreements, the Trustees considered that each Portfolio that has a Subsidiary may utilize its Subsidiary to execute its investment strategy and that PIMCO provides investment advisory and administrative services to the Subsidiaries pursuant to the Subsidiary Agreements in the same manner as it does for such Portfolios that have Subsidiaries under the Investment Advisory Contract and Supervision and Administration Agreement. The Trustees also considered that, with respect to each Subsidiary, PIMCO does not retain a separate advisory or other fee from the Subsidiary, and that PIMCO's profitability with respect to each Portfolio that has a Subsidiary is not positively impacted as a result of the Subsidiary Agreements. The Trustees determined, therefore, that it was appropriate to consider the approval of the Subsidiary Agreements collectively with their consideration of the continuation of the Agreements.

(b) Review Process: In connection with considering the renewal of the Agreements, the Board reviewed written materials prepared by PIMCO and, where applicable, Research Affiliates in response to requests from Counsel encompassing a wide variety of topics. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from Counsel, and reviewed comparative fee and performance data prepared at the Board's request by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company performance information and fee and expense data. The Board received presentations on matters related to the Agreements and met both as a full Board and in a separate session of the Independent Trustees, without management present, at the August 23-24, 2022 meeting. The Independent Trustees also met via video conference with Counsel on July 14, 2022, and conducted a video conference meeting on August 10, 2022 with management and Counsel to discuss the materials presented and other matters deemed relevant to their consideration of the renewal of the Agreements. In connection with its review of the Agreements, the Board received comparative information on the performance, the risk-adjusted performance and the fees and expenses of other peer group funds and share classes. The Independent Trustees also requested and received

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| **Approval of Investment Advisory Contract and Other Agreements** | **(Cont.)** |

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supplemental information, including information regarding Broadridge peer classifications, the investment strategies and outflows for certain Portfolios, Portfolio performance and profitability.

The approval determinations were made on the basis of each Trustee's business judgment after consideration and evaluation of all the information presented. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. In deciding to approve the renewal of the Agreements, the Board did not identify any single factor or particular information that, in isolation, was controlling. The discussion below is intended to summarize the broad factors and information that figured prominently in the Board's consideration of the renewal of the Agreements, but is not intended to summarize all of the factors considered by the Board.

2. NATURE, EXTENT AND QUALITY OF SERVICES

(a) PIMCO, Research Affiliates, their Personnel and Resources: The Board considered the depth and quality of PIMCO's investment management process, including, but not limited to: the experience, capability and integrity of its senior management and other personnel; the overall financial strength and stability of its organization; and the ability of its organizational structure to address changes in the Portfolios' asset levels. The Board also considered the various services in addition to portfolio management that PIMCO provides under the Investment Advisory Contract. The Board noted that PIMCO makes available to its investment professionals a variety of resources and systems relating to investment management, compliance, trading, performance and portfolio accounting. The Board also noted PIMCO's commitment to enhancing and investing in its global infrastructure, technology capabilities, risk management processes and the specialized talent needed to stay at the forefront of the competitive investment management industry and to strengthen its ability to deliver services under the Agreements. The Board considered PIMCO's policies, procedures and systems reasonably designed to assure compliance with applicable laws and regulations, including new regulations impacting the Portfolios, and its commitment to further developing and strengthening these programs; its oversight of matters that may involve conflicts of interest between the Portfolios' investments and those of other accounts managed by PIMCO; and its efforts to keep the Trustees informed about matters relevant to the Portfolios and their shareholders. The Board also considered PIMCO's investment in new disciplines and talented personnel, which has enhanced PIMCO's services to the Portfolios and has allowed PIMCO to introduce innovative new portfolios over time. In addition, the Board considered the nature, extent and quality of services provided by PIMCO to the Subsidiaries of certain applicable Portfolios.

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented, including the ongoing

development of its own proprietary software and applications to support the Portfolios. Similarly, the Board considered the asset allocation services provided by Research Affiliates to the PIMCO All Asset Portfolio. The Board further considered PIMCO's oversight of Research Affiliates in connection with Research Affiliates providing asset allocation services to the All Asset Portfolio. The Board also considered the depth and quality of Research Affiliates' investment management and research capabilities, the experience and capabilities of its portfolio management personnel and the overall financial strength of the organization. Ultimately, the Board concluded that the nature, extent and quality of services provided or procured by PIMCO under the Agreements and the Subsidiary Agreements and provided by Research Affiliates under the Asset Allocation Agreement are likely to continue to benefit the Portfolios and their shareholders, as applicable.

(b) Other Services: The Board also considered the nature, extent and quality of supervisory and administrative services provided by PIMCO to the Portfolios under the Supervision and Administration Agreement.

The Board considered the terms of the Supervision and Administration Agreement, under which the Trust pays for the supervisory and administrative services provided pursuant to that agreement under what is essentially an all-in fee structure (the "unified fee"). In return, PIMCO provides or procures certain supervisory and administrative services and bears the costs of various third party services required by the Portfolios, including, but not limited to, audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board also noted that the scope and complexity, as well as the costs, of the supervisory and administrative services provided by PIMCO under the Supervision and Administration Agreement continue to increase. The Board considered PIMCO's provision of supervisory and administrative services and its supervision of the Trust's third party service providers to assure that these service providers continue to provide a high level of service relative to alternatives available in the market.

Ultimately, the Board concluded that the nature, extent and quality of the services provided or procured by PIMCO has benefited, and will likely continue to benefit, the Portfolios and their shareholders.

3. INVESTMENT PERFORMANCE

The Board reviewed information from PIMCO concerning the Portfolios' performance, as available, over short- and long-term periods ended March 31, 2022 and other performance data, as available, over short- and long-term periods ended June 30, 2022 (the "PIMCO Report") and from Broadridge concerning the Portfolios' performance, as available, over short- and long-term periods ended March 31, 2022 (the "Broadridge Report"). The Board also noted that while historically the Broadridge Report included peer classifications from only Lipper, as

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(Unaudited)

part of this approval process the Broadridge Report incorporated peer classifications from Morningstar for the Portfolios for which it was believed that Morningstar provided a materially improved comparison.

The Board considered information regarding both the short- and long-term relative and absolute investment performance of each Portfolio relative to its Portfolio peer group, where appropriate, and relevant benchmark index as provided to the Board in advance of each of its quarterly meetings throughout the year, including the PIMCO Report and Broadridge Report. The Trustees reviewed information indicating that classes of each Portfolio would have substantially similar performance to that of the Administrative Class of the relevant Portfolio on a relative basis because all of the classes are invested in the same portfolio of investments and that differences in performance among classes could principally be attributed to differences in the supervisory and administrative fees and distribution and/or servicing expenses of each class. The Board noted that, due to differences (such as specific investment strategies or fee structures) between certain of the Portfolios and their so-called peers in the Broadridge categories, performance comparisons may not be particularly relevant to the consideration of Portfolio performance, but found the comparative information supported its overall evaluation.

The Trustees noted that a majority of the Portfolios (based on the Administrative Class performance) have outperformed their respective benchmark indexes over the three-, five-, and ten-year periods ended March 31, 2022, and that a majority of the Portfolios (based on the Administrative Class performance) have outperformed their benchmarks since inception for the period ended March 31, 2022. The Board also discussed actions that have been taken by PIMCO to attempt to improve performance and took note of PIMCO's plans to monitor performance going forward.

The Board ultimately concluded, within the context of all of its considerations in connection with the Agreements and the Subsidiary Agreements, that PIMCO's performance record and process in managing the Portfolios indicates that its continued management is likely to benefit the Portfolios and their shareholders and merits the approval of the renewal of the Agreements and the Subsidiary Agreements.

4. ADVISORY FEES, SUPERVISORY AND ADMINISTRATIVE FEES AND TOTAL EXPENSES

The Board considered that PIMCO seeks to price new funds to scale at the outset. The Board noted that PIMCO generally seeks to price new funds competitively against the median total expense ratio of the respective Broadridge peer group, if available, while acknowledging that a fee premium may be appropriate for innovative investment offerings. PIMCO reported to the Board that, in proposing fees for any Portfolio or class of shares, it considers a number of factors, including,

but not limited to, the type and complexity of the services provided, the cost of providing services, the risk assumed by PIMCO in the development of products and the provision of services and the competitive marketplace for financial products. Fees charged to or proposed for different Portfolios for advisory services and supervisory and administrative services may vary in light of these various factors.

The Board reviewed the advisory fees, supervisory and administrative fees and total expenses of the Portfolios (each as a percentage of average net assets) and compared such amounts with the average and median fee and expense levels of other similar funds. The Board also reviewed information relating to the sub-advisory fees paid to Research Affiliates with respect to applicable Portfolios, taking into account that PIMCO compensates Research Affiliates from the advisory fees paid by such Portfolios to PIMCO. With respect to advisory fees, the Board reviewed data from the Broadridge Report that compared the average and median advisory fees of other funds in a "Peer Group" of comparable funds, where appropriate, as well as the universe of other similar funds. The Board reviewed materials indicating that, a number of Portfolios have total expense ratios that fall below the average and median expense ratios in their Peer Group and Broadridge universe. In addition, the Board considered the expense limitation agreement in place for all of the Portfolios and fee waivers in place for certain of the Portfolios and also noted the fee waivers in place with respect to the advisory fee and supervisory and administrative fee that might result from investments by applicable Portfolios in their respective Subsidiaries. The Board also considered that PIMCO reviews the Portfolios' fee levels and carefully considers changes where appropriate.

The Board also reviewed data comparing the Portfolios' advisory fees to the fee rates PIMCO charged to registered funds (open-end and closed-end), private funds, and non-U.S. registered funds, separate accounts, sub-advised clients and collective investment trusts with similar investment strategies. In cases where the fees for other clients were lower than those charged to the Portfolios, the Trustees noted that the differences in fees were attributable to various factors, including, but not limited to, differences in the advisory and other services provided by PIMCO to the Portfolios, differences in the number or extent of the services provided by PIMCO to the Portfolios, the manner in which similar portfolios may be managed, different requirements with respect to liquidity management and the implementation of other regulatory requirements, and the fact that separate accounts may have other contractual arrangements or arrangements across PIMCO strategies that justify different levels of fees. The Board considered that, with respect to collective investment trusts, PIMCO performs fewer or less extensive services because collective investment trusts are generally exempt from SEC regulation; investors in a collective investment trust may receive shareholder

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| **Approval of Investment Advisory Contract and Other Agreements** | **(Cont.)** |

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services from a trustee bank, rather than PIMCO; collective investment trusts have less regulatory disclosure; and the management structure of collective investment trusts differs from that of funds. The Trustees also considered that PIMCO faces increased entrepreneurial, legal and regulatory risk in sponsoring and managing mutual funds and ETFs as compared to separate accounts, external sub-advised funds or other investment products. In addition, the Trustees considered that PIMCO may charge certain private funds with similar investment mandates lower fees than the Portfolios because such private funds are not required to accept daily redemptions or price their assets on a daily basis, generally do not accept small investors with small account balances and operate under a less complex regulatory regime.

Regarding advisory fees charged by PIMCO in its capacity as sub-adviser to third party/unaffiliated funds, the Trustees took into account that such fees may be lower than the fees charged by PIMCO to serve as adviser to the Portfolios. The Trustees also took into account that there are various reasons for any such differences in fees, including, but not limited to, the fact that PIMCO may be subject to varying levels of entrepreneurial, legal and regulatory risk and different servicing requirements when PIMCO does not serve as the sponsor of a fund and is not principally responsible for all aspects of a fund's investment program and operations as compared to when PIMCO serves as investment adviser and sponsor.

The Board considered the Portfolios' supervisory and administrative fees, comparing them to similar funds managed by other investment advisers in the Broadridge Report. The Board also considered that, as the Portfolios' business has become increasingly complex and the number of Portfolios has grown over time, PIMCO has provided an increasingly broad array of fund supervisory and administrative functions. In addition, the Board considered the Trust's unified fee structure, under which the Trust pays for the supervisory and administrative services it requires for one set fee. In return for this unified fee, PIMCO provides or procures supervisory and administrative services and bears the costs of various third party services required by the Portfolios, including audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board further considered that many other funds pay for comparable services separately, and thus it is difficult to directly compare the Trust's unified supervisory and administrative fees with the fees paid by other funds for administrative services alone. The Board also considered that the unified supervisory and administrative fee leads to Portfolio fees that are fixed over the contract period, rather than variable. The Board noted that, although the unified fee structure does not have breakpoints, it inherently reflects certain economies of scale by fixing the absolute level of Portfolio fees at competitive levels over the contract period even if the Portfolios' operating costs rise when assets remain flat or decrease. Other factors the Board considered in assessing

the unified fee include PIMCO's approach of pricing Portfolios at scale at inception and reinvesting in other important areas of the business that support the Portfolios. The Board considered historical advisory and supervisory and administrative fee reductions implemented for different Portfolios and classes, noting that the unified fee can be increased or decreased in subsequent contractual periods with Board approval and is subject to the periodic reviews discussed above. The Board noted that, with few exceptions, PIMCO has generally maintained Portfolio fees at the same level as implemented when the unified fee was adopted, and has reduced fees for a number of Portfolios in prior years. The Board concluded that the Portfolios' supervisory and administrative fees were reasonable in relation to the value of the services provided, including the services provided to different classes of shareholders, and that the expenses assumed contractually by PIMCO under the Supervision and Administration Agreement represent, in effect, a cap on overall Portfolio fees during the contractual period, which is beneficial to the Portfolios and their shareholders.

The Board considered the Portfolios' total expenses and discussed with PIMCO certain Portfolios and/or classes of Portfolios that had above median total expenses. Upon comparing the Portfolios' total expenses to other funds in the "Peer Groups" provided by the Broadridge Report, where appropriate, the Board found total expenses of each Portfolio to be reasonable.

The Trustees also considered the advisory fees charged to the Portfolios that operate as funds of funds (the "Funds of Funds") and the advisory services provided in exchange for such fees. The Trustees determined that such services were in addition to the advisory services provided to the underlying funds in which the Funds of Funds may invest and, therefore, such services were not duplicative of the advisory services provided to the underlying funds. The Board also considered the various fee waiver agreements in place for the Funds of Funds. The Board noted that PIMCO is continuing waivers for these Funds of Funds, as well as for certain other Portfolios of the Trust.

Based on the information presented by PIMCO and Research Affiliates, members of the Board determined, in the exercise of their business judgment, that the level of the advisory fees and supervisory and administrative fees charged by PIMCO under the Agreements and the Subsidiary Agreements, that the fees charged by Research Affiliates under the Asset Allocation Agreement, and that the total expenses of each Portfolio, are reasonable.

5. ADVISER COSTS, LEVEL OF PROFITS AND ECONOMIES OF SCALE

The Board reviewed information regarding PIMCO's costs of providing services to, as well as the resulting level of profits from, the Portfolios. To the extent applicable, the Board also reviewed information

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(Unaudited)

regarding the portion of a Portfolio's advisory fee retained by PIMCO, following the payment of sub-advisory fees to Research Affiliates, with respect to the Portfolios. Additionally, the Board discussed PIMCO's pre- and post-distribution profit margin ranges with respect to the Portfolios, as compared to the prior year. The Board also noted that it had received information regarding the structure and manner in which PIMCO's investment professionals were compensated, and PIMCO's view of the relationship of such compensation to the recruitment and retention of quality personnel. The Board considered PIMCO's investment in global infrastructure, technology capabilities, risk management processes and qualified personnel to reinforce existing services, offer new services, and accommodate changing regulatory requirements.

The Board considered the existence of any economies of scale and noted that, to the extent that PIMCO achieves economies of scale in managing the Portfolios, PIMCO shares the benefits of such economies of scale, if any, with the Portfolios and their shareholders in a number of ways, including investing in portfolio and trade operations management, firm technology, middle and back office support, legal and compliance, and fund administration logistics; senior management supervision, governance and oversight of those services; and through fee reductions or waivers, the pricing of Portfolios to scale from inception and the enhancement of services provided to the Portfolios in return for fees paid. The Board reviewed the history of the Portfolios' fee structure. The Board considered that the Portfolios' unified fee rates had been set competitively and/or priced to scale from inception, had been held steady during the contractual period at that scaled competitive rate for most Portfolios as assets grew, or as assets declined in the case of some Portfolios, and continued to be competitive compared with peers. The Board also considered that the unified fee is a transparent means of informing a Portfolio's shareholders of the fees associated with the Portfolio, and that the Portfolio bears certain expenses that are not covered by the advisory fee or the unified fee. The Board further considered the challenges that arise when managing large funds, which can result in certain "diseconomies" of scale and noted that PIMCO has continued to reinvest in many areas of the business to support the Portfolios.

The Trustees considered that the unified fee has provided inherent economies of scale because a Portfolio maintains competitive fixed fees over the annual contract period even if the particular Portfolio's assets decline and/or operating costs rise. The Trustees further considered that, in contrast, breakpoints may be a proxy for charging higher fees on lower asset levels and that when a fund's assets decline, breakpoints may reverse, which causes expense ratios to increase. The Trustees also considered that, unlike the Portfolios' unified fee structure, funds with "pass through" administrative fee structures may experience increased expense ratios when fixed dollar fees are charged

against declining fund assets. In addition, the Trustees considered that the unified fee protects shareholders from a rise in operating costs that may result from, among other things, PIMCO's investments in various business enhancements and infrastructure, including those referenced above. The Trustees noted that PIMCO's investments in these areas are extensive.

The Board concluded that the Portfolios' cost structures were reasonable and that PIMCO is appropriately sharing economies of scale, if any, through the Portfolios' unified fee structure, generally pricing Portfolios to scale at inception and reinvesting in its business to provide enhanced and expanded services to the Portfolios and their shareholders.

6. ANCILLARY BENEFITS

The Board considered other benefits realized by PIMCO and its affiliates as a result of PIMCO's relationship with the Trust. Such benefits may include possible ancillary benefits to PIMCO's institutional investment management business due to the reputation and market penetration of the Trust or third party service providers' relationship-level fee concessions, which decrease fees paid by PIMCO. The Board also considered that affiliates of PIMCO provide distribution and/or shareholder services to the Portfolios and their shareholders, for which they may be compensated through distribution and servicing fees paid pursuant to the Portfolios' Rule 12b-1 plans or otherwise. The Board noted that, while PIMCO has the authority to receive the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the Portfolios, it has adopted a policy not to enter into contractual soft dollar arrangements.

7. CONCLUSIONS

Based on their review, including their comprehensive consideration and evaluation of each of the broad factors and information summarized above, the Independent Trustees and the Board as a whole concluded that the nature, extent and quality of the services rendered to the Portfolios by PIMCO and Research Affiliates supported the renewal of the Agreements and the Subsidiary Agreements. The Independent Trustees and the Board as a whole concluded that the Agreements and the Subsidiary Agreements continued to be fair and reasonable to the Portfolios and their shareholders, that the Portfolios' shareholders received reasonable value in return for the fees paid to PIMCO by the Portfolios under the Investment Advisory Contract, Supervision and Administration Agreement and the Subsidiary Agreements and the fees paid to Research Affiliates by PIMCO under the Asset Allocation Agreement, and that the renewal of the Agreements and the Subsidiary Agreements was in the best interests of the Portfolios and their shareholders.

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **53** |

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**General Information** 

**Investment Adviser and Administrator** 

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

**Distributor** 

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

**Custodian** 

State Street Bank and Trust Company

801 Pennsylvania Avenue

Kansas City, MO 64105

**Transfer Agent** 

SS&C Global Investor & Distribution Solutions, Inc.

430 W 7th Street STE 219024

Kansas City, MO 64105-1407

**Legal Counsel** 

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

**Independent Registered Public Accounting Firm** 

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the PIMCO Variable Insurance Trust.

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**pimco.com/pvit**![LOGO](g419332g06y60.jpg)

PVIT12AR_123122

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![LOGO](g431218g13e39.jpg)

PIMCO VARIABLE INSURANCE TRUST

## Annual Report
December 31, 2022

PIMCO Income Portfolio

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**Table of Contents** 

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|:---|:---|
|  | Page |
| &nbsp;&nbsp; [Chairman's Letter](#tx431218_1) | 2 |
| &nbsp;&nbsp; [Important Information About the PIMCO Income Portfolio](#tx431218_2) | 4 |
| &nbsp;&nbsp; [Portfolio Summary](#tx431218_3) | 7 |
| &nbsp;&nbsp; [Expense Example](#tx431218_4) | 8 |
| &nbsp;&nbsp; [Financial Highlights](#tx431218_5) | 10 |
| &nbsp;&nbsp; [Statement of Assets and Liabilities](#tx431218_6) | 12 |
| &nbsp;&nbsp; [Statement of Operations](#tx431218_7) | 13 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets](#tx431218_8) | 14 |
| &nbsp;&nbsp; [Schedule of Investments](#tx431218_9) | 15 |
| &nbsp;&nbsp; [Notes to Financial Statements](#tx431218_10) | 31 |
| &nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm](#tx431218_11) | 53 |
| &nbsp;&nbsp; [Glossary](#tx431218_12) | 54 |
| &nbsp;&nbsp; [Federal Income Tax Information](#tx431218_13) | 55 |
| &nbsp;&nbsp; [Management of the Trust](#tx431218_14) | 56 |
| &nbsp;&nbsp; [Privacy Policy](#tx431218_15) | 58 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements](#tx431218_16) | 59 |

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This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust (the "Trust") prospectus for the Portfolio. (The variable product prospectus may be obtained by contacting your Investment Consultant.)

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**Chairman's Letter**

Dear Shareholder,

2022 was a challenging year in the financial markets. We continue to work tirelessly to navigate global markets and manage the assets that you have entrusted with us. Following this letter is the PIMCO Variable Insurance Trust Annual Report, which covers the 12-month reporting period ended December 31, 2022 (the "reporting period"). On the subsequent pages, you will find details regarding investment results and a discussion of the factors that most affected performance during the reporting period.

For the 12-month reporting period ended December 31, 2022

The global economy faced significant headwinds in 2022, including those related to higher inflation, the COVID-19 pandemic, and the Russia-Ukraine conflict. First and second quarter 2022 U.S. annualized gross domestic product ("GDP") returned -1.6% and -0.6%, respectively. The economy strengthened in the third quarter, with annualized GDP rising 3.2%. The Commerce Department's initial estimate for fourth quarter 2022 annualized GDP — released after the reporting period ended — was 2.9%.

The Federal Reserve Board (the "Fed" or "U.S. central bank") took actions to combat elevated inflation. In March 2022, the Fed raised the federal funds rate 0.25% to a range between 0.25% and 0.50%, its first rate hike since 2018. The U.S. central bank then raised rates at its next six meetings, for a total increase of 4.25% in 2022. At the end of the year, the federal funds rate was in a range between 4.25% and 4.50%.

Economies outside the U.S. also faced several headwinds. In its October 2022 World Economic Outlook Update, the International Monetary Fund (the "IMF") downgraded its expectation for 2022 GDP citing "turbulent challenges" including high inflation, tightening financial conditions, as well as the ongoing Russia-Ukraine conflict and COVID-19 pandemic. For 2022, the IMF included in its projections that GDP would grow 1.6% in the U.S. (from 5.7% in 2021), 3.1% in the eurozone (from 5.2% in 2021), 3.6% in the U.K. (from 7.4% in 2021), and 1.7% in Japan (the same as in 2021).

Several central banks tightened their respective monetary policies in recent years. For example, in December 2021, prior to the beginning of the reporting period, the Bank of England (the "BoE") raised rates for the first time since COVID-19 began. The BoE again raised rates at its next eight meetings, for a total of 3.50% in rate hikes since its first increase. The European Central Bank raised rates four times in 2022, for a total increase of 2.50%. In contrast, the Bank of Japan (the "BoJ") maintained its loose monetary policy for most of 2022. However, in December 2022 the BoJ announced that it would allow its 10-year government bond yield to rise to 0.5% (previously limited to 0.25%). The news sent the 10-year bond yield and Japanese yen higher, as market participants interpreted the announcement to mean that the BoJ may pivot from its previous monetary stance.

During the reporting period, short- and long-term U.S. Treasury yields moved higher. The yield on the benchmark 10-year U.S. Treasury note was 3.88% on December 31, 2022, versus 1.52% on December 31, 2021. The Bloomberg Global Treasury Index (USD Hedged), which tracks fixed-rate, local currency government debt of investment grade countries, including developed and emerging markets, returned -10.79%. Meanwhile, the Bloomberg Global Aggregate Credit Index (USD Hedged), a widely used index of global investment grade credit bonds, returned -14.22%. Riskier fixed income asset classes, including high yield corporate bonds and emerging market debt, were also weak. The ICE BofAML Developed Markets High Yield Constrained Index (USD Hedged), a widely used index of below-investment-grade bonds, returned -10.56%, whereas emerging market external debt, as represented by the JPMorgan Emerging Markets Bond Index (EMBI) Global (USD Hedged), returned -16.45%. Emerging market local bonds, as represented by the JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged), returned -11.69%. Finally, the municipal market, as represented by the Bloomberg Municipal Bond Index, returned -8.53%.

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| **2** | **PIMCO VARIABLE INSURANCE TRUST** |

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Amid periods of volatility, global equities generally posted weak results during the reporting period as economic and geopolitical concerns weighed on investor sentiment. U.S. equities, as represented by the S&P 500 Index, returned -18.11%. Global equities, as represented by the MSCI World Index, returned -18.14%, while emerging market equities, as measured by the MSCI Emerging Markets Index, returned -20.09%. Meanwhile, Japanese equities, as represented by the Nikkei 225 Index (in Japanese yen), returned -7.37% and European equities, as represented by the MSCI Europe Index (in euro), returned -9.49%.

Commodity prices were volatile and generated mixed returns during the reporting period. Brent crude oil, which was approximately $77.24 a barrel at the start of the reporting period, rose to roughly $82.82 a barrel at the end of December 2022. Prices of other commodities, such as copper and gold, declined during the period.

Finally, there were also periods of volatility in the foreign exchange markets. We believe this was driven by several factors, including economic growth expectations and changing central bank monetary policies, as well as rising inflation, COVID-19 variants, and geopolitical events. The U.S. dollar strengthened against several major currencies. For example, during the reporting period, the U.S. dollar returned 5.85%, 10.71%, and 12.23% versus the euro, the British pound and the Japanese yen, respectively.

Thank you for the assets you have placed with us. We deeply value your trust, and we will continue to work diligently to meet your broad investment needs.

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| ![LOGO](g431218g19a01.jpg) | Sincerely,<br>![LOGO](g431218g65f33.jpg) <br>Peter G. Strelow<br> Chairman of the Board<br>PIMCO Variable Insurance Trust<br>|

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Past performance is no guarantee of future results. Unless otherwise noted, index returns reflect the reinvestment of income distributions and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. It is not possible to invest directly in an unmanaged index.

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>3</sub> |

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**Important Information About the PIMCO Income Portfolio**

PIMCO Variable Insurance Trust (the "Trust") is an open-end management investment company that includes the PIMCO Income Portfolio (the "Portfolio"). The Portfolio is only available as a funding vehicle under variable life insurance policies or variable annuity contracts issued by insurance companies ("Variable Contracts"). Individuals may not purchase shares of the Portfolio directly. Shares of the Portfolio also may be sold to qualified pension and retirement plans outside of the separate account context.

We believe that bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed income securities and other instruments held by the Portfolio are likely to decrease in value. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that management will anticipate such movement accurately. The Portfolio may lose money as a result of movements in interest rates.

As of the date of this report, interest rates in the United States and many parts of the world, including certain European countries, continue to increase. In efforts to combat inflation, the U.S. Federal Reserve raised interest rates multiple times in 2022 and has indicated an expectation that it will continue to raise interest rates in 2023. Thus, the Portfolio currently faces a heightened level of risk associated with rising interest rates and/or bond yields. This could be driven by a variety of factors, including but not limited to central bank monetary policies, changing inflation or real growth rates, general economic conditions, increasing bond issuances or reduced market demand for low yielding investments. Further, while bond markets have steadily grown over the past three decades, dealer inventories of corporate bonds are near historic lows in relation to market size. As a result, there has been a significant reduction in the ability of dealers to "make markets."

Bond funds and individual bonds with a longer duration (a measure used to determine the sensitivity of a security's price to changes in interest rates) tend to be more sensitive to changes in interest rates, usually making them more volatile than securities or funds with shorter durations. All of the factors mentioned above, individually or collectively, could lead to increased volatility and/or lower liquidity in the fixed income markets or negatively impact the Portfolio's performance or cause the Portfolio to incur losses. As a result, the Portfolio may experience increased shareholder redemptions, which, among other things, could further reduce the net assets of the Portfolio.

The Portfolio may be subject to various risks as described in the Portfolio's prospectus and in the Principal and Other Risks in the Notes to Financial Statements.

Classifications of the Portfolio's portfolio holdings in this report are made according to financial reporting standards. The classification of a particular portfolio holding as shown in the Allocation Breakdown and Schedule of Investments sections of this report may differ from the classification used for the Portfolio's compliance calculations, including those used in the Portfolio's prospectus, investment objectives, regulatory, and other investment limitations and policies, which may be based on different asset class, sector or geographical classifications. The Portfolio is separately monitored for compliance with respect to prospectus and regulatory requirements.

The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. In 2022, many countries lifted some or all restrictions related to COVID-19. However, the effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations and individual issuers, all of which may negatively impact the Portfolio's performance. In addition, COVID-19 and governmental responses to COVID-19 may negatively impact the capabilities of the Portfolio's service providers and disrupt the Portfolio's operations.

The United States' enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from certain other countries has contributed to and may continue to contribute to international trade tensions and may impact portfolio securities. The United States' enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government's response, may also negatively impact securities and instruments that are economically tied to Russia.

The United Kingdom's withdrawal from the European Union may impact Portfolio returns. The withdrawal may cause substantial volatility in foreign exchange markets, lead to weakness in the exchange rate of the British pound, result in a sustained period of market uncertainty, and destabilize some or all of the other European Union member countries and/or the Eurozone.

The Portfolio may invest in certain instruments that rely in some fashion upon the London Interbank Offered Rate ("LIBOR"). LIBOR is an average interest rate, determined by the ICE Benchmark Administration, that banks charge one another for the use of short-term money. The United Kingdom's Financial Conduct Authority, which

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| **4** | **PIMCO VARIABLE INSURANCE TRUST** |

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regulates LIBOR, has announced plans to ultimately phase out the use of LIBOR. There remains uncertainty regarding future utilization of LIBOR and the nature of any replacement rate (e.g., the Secured Overnight Financing Rate, which is intended to replace U.S. dollar LIBOR and measures the cost of overnight borrowings through repurchase agreement transactions collateralized with U.S. Treasury securities). Any potential effects of the transition away from LIBOR on the Portfolio or on certain instruments in which the Portfolio invests can be difficult to ascertain, and they may vary depending on a variety of factors. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to the Portfolio.

On the Portfolio Summary page in this Shareholder Report, the Average Annual Total Return table and Cumulative Returns chart measure performance assuming that any dividend and capital gain distributions were reinvested. The Cumulative Returns chart reflects only Administrative Class performance. Performance may vary by share class based on each class's expense ratios. The Portfolio measures its performance against at least one broad-based securities market index

("benchmark index"). The benchmark index does not take into account fees, expenses, or taxes. The Portfolio's past performance, before and after taxes, is not necessarily an indication of how the Portfolio will perform in the future. There is no assurance that the Portfolio, even if the Portfolio has experienced high or unusual performance for one or more periods, will experience similar levels of performance in the future. High performance is defined as a significant increase in either 1) the Portfolio's total return in excess of that of the Portfolio's benchmark between reporting periods or 2) the Portfolio's total return in excess of the Portfolio's historical returns between reporting periods. Unusual performance is defined as a significant change in the Portfolio's performance as compared to one or more previous reporting periods. Historical performance for the Portfolio or a share class thereof may have been positively impacted by fee waivers or expense limitations in place during some or all of the periods shown, if applicable. Future performance (including total return or yield) and distributions may be negatively impacted by the expiration or reduction of any such fee waivers or expense limitations.

The following table discloses the inception dates of the Portfolio and its share classes along with the Portfolio's diversification status as of period end:

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| **Portfolio Name** | **Portfolio<br>Inception** | **Institutional<br>Class** | **Class M** | **Administrative<br>Class** | **Advisor<br>Class** | **Diversification<br>Status** |
|  PIMCO Income Portfolio | 04/29/16 | 04/29/16 |  | 04/29/16 | 04/29/16 | Diversified |

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An investment in the Portfolio is not a bank deposit and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in the Portfolio.

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Portfolio. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither this Portfolio's prospectus nor summary prospectus, the Trust's Statement of Additional Information ("SAI"), any contracts filed as exhibits to the Trust's registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or the Portfolio creates a contract between or among any shareholder of the Portfolio, on the one hand, and the Trust, the Portfolio, a service provider to the Trust or the Portfolio, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service providers or other delegates acting under authority of the Trustees) may amend the most recent prospectus or use a new prospectus, summary prospectus or SAI with respect to the Portfolio or the Trust, and/or amend, file and/or issue any other communications, disclosure

documents or regulatory filings, and may amend or enter into any contracts to which the Trust or the Portfolio is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to the Portfolio, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust's then-current prospectus or SAI.

PIMCO has adopted written proxy voting policies and procedures ("Proxy Policy") as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at (888) 87-PIMCO, on the Portfolio's website at www.pimco.com/pvit, and on the Securities and Exchange Commission's ("SEC") website at www.sec.gov.

The Portfolio files portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The Portfolio's complete schedule of securities holdings as of the end of each

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>5</sub> |

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| **Important Information About the PIMCO Income Portfolio** | **(Cont.)** |

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fiscal quarter will be made available to the public on the SEC's website at www.sec.gov and on PIMCO's website at www.pimco.com/pvit, and will be made available, upon request, by calling PIMCO at (888) 87-PIMCO.

SEC rules allow shareholder reports to be delivered to investors by providing access to such reports online free of charge and by mailing a notice that the report is electronically available. Investors may elect to receive all future reports in paper free of charge by contacting their insurance company. Any election to receive reports in paper will apply to all portfolio companies available under the investor's contract at the insurance company.

In October 2020, the SEC adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover transactions. Subject to certain exceptions, the rule requires portfolios that trade derivatives and other transactions that create future payment or delivery obligations to comply with a value-at-risk leverage limit and certain derivatives risk management program and reporting requirements. These requirements may limit the ability of the Portfolio to use derivatives and reverse repurchase agreements and similar financing transactions as part of its investment strategies and may increase the cost of the Portfolio's investments and cost of doing business, which could adversely affect investors. The rule went into effect on February 19, 2021. The compliance date for the new rule and related reporting requirements was August 19, 2022.

In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value as well as for the performance of fair value determinations, including related oversight and reporting obligations. The new rule also defines "readily available market quotations" for purposes of the definition of "value" under the Investment Company Act of 1940 (the "Act"), and the SEC noted that this definition will apply in all contexts under the Act. The effective date for the rule was March 8, 2021. The compliance date for the new rule and the related reporting requirements was September 8, 2022.

In May 2022, the SEC proposed amendments to a current rule governing portfolio naming conventions. In general, the current rule requires portfolios with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The proposed amendments would expand the scope of the current rule in a number of ways that would result in an expansion of the types of portfolio names that would require the portfolio to adopt an 80% investment policy under the rule. Additionally, the proposed amendments would modify the circumstances under which a portfolio may deviate from its 80% investment policy and address the

use and valuation of derivatives instruments for purposes of the rule. The proposal's impact on the Portfolio will not be known unless and until any final rulemaking is adopted.

In May 2022, the SEC proposed a framework that would require certain registered portfolios (such as the Portfolio) to disclose their environmental, social, and governance ("ESG") investing practices. Among other things, the proposed requirements would mandate that portfolios meeting three pre-defined classifications (i.e., integrated, ESG focused and/or impact funds) provide prospectus and shareholder report disclosure related to the ESG factors, criteria and processes used in managing the portfolio. The proposal's impact on the Portfolio will not be known unless and until any final rulemaking is adopted.

In October 2022, the SEC adopted changes to the mutual fund and exchange-traded fund ("ETF") shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which will impact the disclosures provided to shareholders. The rule amendments are effective as of January 24, 2023, but the SEC is providing an 18-month compliance period following the effective date for such amendments other than those addressing fee and expense information in advertisements that might be materially misleading.

In November 2022, the SEC proposed rule amendments which, among other things, would require funds to adopt swing pricing in order to mitigate dilution of shareholders' interests in a fund by requiring the adjustment of fund net asset value per share to pass on costs stemming from shareholder purchase or redemption activity. In addition the proposed rule would amend the liquidity rule framework. The proposal's impact on the Portfolio will not be known unless and until any final rulemaking is adopted.

In November 2022, the SEC adopted amendments to Form N-PX under the Act to improve the utility to investors of proxy voting information reported by mutual funds, ETFs and certain other funds. The rule amendments will expand the scope of funds' Form N-PX reporting obligations, subject managers to Form N-PX reporting obligations for "Say on Pay" votes, enhance Form N-PX disclosures, permit joint reporting by funds, managers and affiliated managers on Form N-PX; and require website availability of fund proxy voting records. The amendments will become effective on July 1, 2024. Funds and managers will be required to file their first reports covering the period from July 1, 2023 to June 30, 2024 on amended Form N-PX by August 31, 2024.

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**PIMCO Income Portfolio** 

Cumulative Returns Through December 31, 2022

![LOGO](g431218g29l28.jpg)

$10,000 invested at the end of the month when the Portfolio's Administrative Class commenced operations.

Allocation Breakdown as of December 31, 2022<sup>†§</sup>

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|  U.S. Government Agencies | 22.2% |
|  Asset-Backed Securities | 19.1% |
|  U.S. Treasury Obligations | 17.6% |
|  Corporate Bonds & Notes | 13.6% |
|  Short-Term Instruments<sup>‡</sup> | 10.6% |
|  Non-Agency Mortgage-Backed Securities | 9.2% |
|  Loan Participations and Assignments | 4.2% |
|  Sovereign Issues | 2.5% |
|  Other | 1.0% |

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| <sup>†</sup> | % of Investments, at value.  |

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| <sup>§</sup> | Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.  |

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<sup>‡</sup> Includes Central Funds Used for Cash Management Purposes.

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|:---|:---|:---|:---|:---|
| Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 |  |
|  |  | 1 Year | 5 Years | Inception<sup>≈</sup> |
|  | PIMCO Income Portfolio Institutional Class | (7.64)% | 1.93% | 3.54% |
| ![LOGO](g431218g94o20.jpg) | PIMCO Income Portfolio Administrative Class | (7.78)% | 1.77% | 3.38% |
|  | PIMCO Income Portfolio Advisor Class | (7.87)% | 1.67% | 3.28% |
| ![LOGO](g431218g08y58.jpg) | Bloomberg U.S. Aggregate Index<sup>±</sup> | (13.01)% | 0.02% | 0.43% |

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All Portfolio returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

≈ For class inception dates please refer to the Important Information.

Average annual total return since 4/29/2016.

<sup>±</sup> Bloomberg U.S. Aggregate Index represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. These major sectors are subdivided into more specific indices that are calculated and reported on a regular basis.

It is not possible to invest directly in an unmanaged index.

*Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. The Portfolio's performance does not reflect the deduction of additional charges and expenses imposed in connection with investing in Variable Contracts, which will reduce returns. Differences in the Portfolio's performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the prices of individual positions (which may be sourced from different pricing vendors or other sources) used by the Portfolio and the index. For performance current to the most recent month-end, visit www.pimco.com/pvit or via (888) 87-PIMCO.* 

*The Portfolio's total annual operating expense ratio in effect as of period end was 0.67% for Institutional Class shares, 0.82% for Administrative Class shares, and 0.92% for Advisor Class shares. Details regarding any changes to the Portfolio's operating expenses, subsequent to period end, can be found in the Portfolio's current prospectus, as supplemented.* 

Investment Objective and Strategy Overview

PIMCO Income Portfolio seeks to maximize current income, with long-term capital appreciation as a secondary objective, by investing under normal circumstances at least 65% of its total assets in a multi-sector portfolio of Fixed Income Instruments of varying maturities, which may be represented by forwards or derivatives such as options, futures contracts or swap agreements. "Fixed Income Instruments" include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public-or private-sector entities. The Portfolio will seek to maintain a high and consistent level of dividend income by investing in a broad array of fixed income sectors and utilizing strategies that seek to optimize portfolio income (i.e., strategies that prioritize current income over total return). The capital appreciation sought by the Portfolio generally arises from decreases in interest rates or improving credit fundamentals for a particular sector or security. Portfolio strategies may change from time to time. Please refer to the Portfolio's current prospectus for more information regarding the Portfolio's strategy.

Portfolio Insights

The following affected performance (on a gross basis) during the reporting period:

» Short exposure to United Kingdom ("U.K.") duration contributed to performance, as interest rates rose across all tenors of the U.K. sovereign curve.

» Short exposure to Japanese duration contributed to performance, as the Japanese yield curve steepened, with interest rates rising in the belly and long end of the Japanese sovereign curve.

» Exposure to the Brazilian real contributed to performance, as the currency appreciated relative to the United States ("U.S.") dollar.

» Exposure to U.S. duration detracted from performance, as interest rates rose across all tenors of the U.S. sovereign curve.

» Holdings of non-agency mortgage-backed securities ("MBS") detracted from performance, as the majority of non-agency MBS spread sectors widened.

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| | |
|:---|:---|
| » | Holdings of agency MBS detracted from performance, as the sector posted negative total returns.  |

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| | | |
|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>7</sub> |

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##### [**Table of Contents**](#toc)
**Expense Example PIMCO Income Portfolio**

Example

As a shareholder of the Portfolio, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including investment advisory fees, supervisory and administrative fees, distribution and/or service (12b-1) fees (if applicable), and other Portfolio expenses. The Example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The Expense Example does not reflect any fees or other expenses imposed by the Variable Contracts. If it did, the expenses reflected in the Expense Example would be higher. The Example is based on an investment of $1,000 invested at the beginning of the period and held from July 1, 2022 to December 31, 2022 unless noted otherwise in the table and footnotes below.

Actual Expenses

The information in the table under the heading "Actual" provides information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60), then multiply the result by the number in the appropriate row for your share class, in the column titled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information in the table under the heading "Hypothetical (5% return before expenses)" provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other portfolios. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other portfolios.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the information under the heading "Hypothetical (5% return before expenses)" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. In addition, if these transactional costs were included, your costs would have been higher.

Expense ratios may vary period to period because of various factors, such as an increase in expenses that are not covered by the investment advisory fees and supervisory and administrative fees, such as fees and expenses of the independent trustees and their counsel, extraordinary expenses and interest expense.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Actual** | **Actual** | **Actual** | **Hypothetical<br>(5% return before expenses)** | **Hypothetical<br>(5% return before expenses)** | **Hypothetical<br>(5% return before expenses)** | |
|  | **Beginning<br>Account Value<br>(07/01/22)** | **Ending<br>Account Value<br>(12/31/22)** | **Expenses Paid<br>During Period\*** | **Beginning<br>Account Value<br>(07/01/22)** | **Ending<br>Account Value<br>(12/31/22)** | **Expenses Paid<br>During Period\*** | **Net Annualized<br>Expense Ratio\*\*** |
| Institutional Class | $1000.00 | $1023.20 | $3.61 | $1000.00 | $1021.91 | $3.61 | 0.70% |
| Administrative Class | 1000.00 | 1022.40 | 4.38 | 1000.00 | 1021.15 | 4.38 | 0.85 |
| Advisor Class | 1000.00 | 1021.90 | 4.89 | 1000.00 | 1020.64 | 4.89 | 0.95 |

---

\* Expenses Paid During Period are equal to the net annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 186/365 (to reflect the one-half year period). Overall fees and expenses of investing in the Portfolio will be higher because the example does not reflect variable contract fees and expenses.

\*\* Net Annualized Expense Ratio is reflective of any applicable contractual fee waivers and/or expense reimbursements or voluntary fee waivers. Details regarding fee waivers, if any, can be found in Note 9, Fees and Expenses, in the Notes to Financial Statements.

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| | |
|:---|:---|
| **8** | **PIMCO VARIABLE INSURANCE TRUST** |

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##### [**Table of Contents**](#toc)
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| | | |
|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>9</sub> |

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##### [**Table of Contents**](#toc)

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| | |
|:---|:---|
| **Financial Highlights** | **PIMCO Income Portfolio** |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year Ended^: | **<br>Net Asset Value<br>Beginning of<br>Year<sup>(a)</sup>** | **Net Investment<br>Income (Loss<sup>)(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gain** | **Total** |
| Institutional Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | $&nbsp;&nbsp;&nbsp;&nbsp;10.90 | $&nbsp;&nbsp;&nbsp;&nbsp;0.37 | $&nbsp;&nbsp;&nbsp;&nbsp;(1.19) | $&nbsp;&nbsp;&nbsp;&nbsp;(0.82) | $&nbsp;&nbsp;&nbsp;&nbsp;(0.39) | $&nbsp;&nbsp;&nbsp;&nbsp;(0.00) | $&nbsp;&nbsp;&nbsp;&nbsp;(0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 11.01 | 0.38 | (0.16) | 0.22 | (0.33) | 0.00 | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 10.87 | 0.38 | 0.30 | 0.68 | (0.51) | (0.03) | (0.54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2019 | 10.37 | 0.44 | 0.45 | 0.89 | (0.39) | 0.00 | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2018 | 10.74 | 0.45 | (0.40) | 0.05 | (0.35) | (0.07) | (0.42) |
| Administrative Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 10.90 | 0.35 | (1.19) | (0.84) | (0.37) | (0.00) | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 11.01 | 0.33 | (0.12) | 0.21 | (0.32) | 0.00 | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 10.87 | 0.36 | 0.31 | 0.67 | (0.50) | (0.03) | (0.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2019 | 10.37 | 0.43 | 0.45 | 0.88 | (0.38) | 0.00 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2018 | 10.74 | 0.40 | (0.37) | 0.03 | (0.33) | (0.07) | (0.40) |
| Advisor Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 10.90 | 0.34 | (1.19) | (0.85) | (0.36) | (0.00) | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 11.01 | 0.32 | (0.12) | 0.20 | (0.31) | 0.00 | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 10.87 | 0.35 | 0.31 | 0.66 | (0.49) | (0.03) | (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2019 | 10.37 | 0.42 | 0.45 | 0.87 | (0.37) | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2018 | 10.74 | 0.39 | (0.37) | 0.02 | (0.32) | (0.07) | (0.39) |

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| | |
|:---|:---|
| ^ | A zero balance may reflect actual amounts rounding to less than $0.01 or 0.01%.  |

---

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Portfolio.

<sup>(b)</sup> Per share amounts based on average number of shares outstanding during the year. 

<sup>(c)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

<sup>(d)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Portfolio. Additionally, excludes initial sales charges and contingent deferred sales charges.

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| | | |
|:---|:---|:---|
| **10** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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##### [**Table of Contents**](#toc)

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | |
|<br>**Net Asset<br>Value End of<br>Year<sup>(a)</sup>** |<br>**Total Return<sup>(d)</sup>** |<br>**Net Assets<br>End of Year<br>(000s)** | **Expenses** | **Expenses<br>Excluding<br>Waivers** | **Expenses<br>Excluding<br>Interest<br>Expense** | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** | **Net<br>Investment<br>Income (Loss)** |<br>**Portfolio<br>Turnover<br>Rate** |
| $9.69 | (7.55)% | $41664 | 0.67% | 0.67% | 0.65% | 0.65% | 3.67% | 326% |
| &nbsp;&nbsp;&nbsp;&nbsp;10.90 | 2.05 | 46699 | 0.67 | 0.67 | 0.66 | 0.66 | 3.45 | 329 |
| 11.01 | 6.67 | 4454 | 0.69 | 0.69 | 0.66 | 0.66 | 3.59 | 390 |
| 10.87 | 8.73 | 1503 | 0.82 | 0.82 | 0.65 | 0.65 | 4.14 | 267 |
| 10.37 | 0.54 | 1382 | 0.89 | 0.89 | 0.65 | 0.65 | 4.29 | 188 |
| 9.69 | (7.69) | &nbsp;&nbsp;&nbsp;&nbsp;204943 | 0.82 | 0.82 | 0.80 | 0.80 | 3.53 | 326 |
| 10.90 | 1.90 | 194511 | 0.82 | 0.82 | 0.81 | 0.81 | 2.99 | 329 |
| 11.01 | 6.51 | 159538 | 0.84 | 0.84 | 0.81 | 0.81 | 3.40 | 390 |
| 10.87 | 8.57 | 141089 | 0.97 | 0.97 | 0.80 | 0.80 | 4.00 | 267 |
| 10.37 | 0.39 | 96244 | 1.04 | 1.04 | 0.80 | 0.80 | 3.83 | 188 |
| 9.69 | (7.79) | 274211 | 0.92 | 0.92 | 0.90 | 0.90 | 3.39 | 326 |
| 10.90 | 1.80 | 321456 | 0.92 | 0.92 | 0.91 | 0.91 | 2.90 | 329 |
| 11.01 | 6.41 | 217730 | 0.94 | 0.94 | 0.91 | 0.91 | 3.30 | 390 |
| 10.87 | 8.46 | 207647 | 1.07 | 1.07 | 0.90 | 0.90 | 3.89 | 267 |
| 10.37 | 0.29 | 181869 | 1.14 | 1.14 | 0.90 | 0.90 | 3.73 | 188 |

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| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>11</sub> |

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##### [**Table of Contents**](#toc)

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| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **PIMCO Income Portfolio** | December 31, 2022 |

---

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| | |
|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) | (Amounts in thousands<sup>†</sup>, except per share amounts) |
|  **Assets:** |  |
|  *Investments, at value* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities \* | $&nbsp;&nbsp;&nbsp;&nbsp;573507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 67200 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 1059 |
|  Cash | 54 |
|  Deposits with counterparty | 7573 |
|  Foreign currency, at value | 2816 |
|  Receivable for investments sold | 2825 |
|  Receivable for investments sold on a delayed-delivery basis | 96 |
|  Receivable for TBA investments sold | 124037 |
|  Receivable for Portfolio shares sold | 615 |
|  Interest and/or dividends receivable | 3066 |
|  Dividends receivable from Affiliates | 240 |
|  **Total Assets** | 783691 |
|  **Liabilities:** |  |
|  *Borrowings & Other Financing Transactions* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for short sales | $3990 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 2358 |
|  Payable for investments purchased | 2950 |
|  Payable for investments in Affiliates purchased | 240 |
|  Payable for TBA investments purchased | 252405 |
|  Payable for unfunded loan commitments | 61 |
|  Payable for Portfolio shares redeemed | 36 |
|  Accrued investment advisory fees | 116 |
|  Accrued supervisory and administrative fees | 186 |
|  Accrued distribution fees | 62 |
|  Accrued servicing fees | 27 |
|  **Total Liabilities** | 262873 |
|  **Net Assets** | $520818 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | $563862 |
|  Distributable earnings (accumulated loss) | (43044) |
|  **Net Assets** | $520818 |
|  **Net Assets:** |  |
|  Institutional Class | $41664 |
|  Administrative Class | 204943 |
|  Advisor Class | 274211 |
|  **Shares Issued and Outstanding:** |  |
|  Institutional Class | 4298 |
|  Administrative Class | 21140 |
|  Advisor Class | 28288 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |
|  Institutional Class | $9.69 |
|  Administrative Class | 9.69 |
|  Advisor Class | 9.69 |
|  Cost of investments in securities | $621084 |
|  Cost of investments in Affiliates | $67171 |
|  Cost of foreign currency held | $2838 |
|  Proceeds received on short sales | $4055 |
|  Cost or premiums of financial derivative instruments, net | $(5975) |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Portfolio.

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| | | |
|:---|:---|:---|
| **12** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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##### [**Table of Contents**](#toc)

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| | |
|:---|:---|
| **Statement of Operations** | **PIMCO Income Portfolio** |

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| | |
|:---|:---|
| Year Ended December 31, 2022 |  |
| (Amounts in thousands<sup>†</sup>) |  |
|  **Investment Income:** |  |
|  Interest | $21115 |
|  Dividends | 3 |
|  Dividends from Investments in Affiliates | 609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 21727 |
|  **Expenses:** |  |
|  Investment advisory fees | 1253 |
|  Supervisory and administrative fees | 2004 |
|  Distribution and/or servicing fees - Administrative Class | 271 |
|  Distribution and/or servicing fees - Advisor Class | 717 |
|  Trustee fees | 15 |
|  Interest expense | 116 |
|  Miscellaneous expense | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 4377 |
|  **Net Investment Income (Loss)** | 17350 |
|  **Net Realized Gain (Loss):** |  |
|  Investments in securities | (20378) |
|  Investments in Affiliates | (577) |
|  Exchange-traded or centrally cleared financial derivative instruments | 6444 |
|  Over the counter financial derivative instruments | 5930 |
|  Foreign currency | (91) |
|  **Net Realized Gain (Loss)** | (8672) |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in securities | (58257) |
|  Investments in Affiliates | 587 |
|  Exchange-traded or centrally cleared financial derivative instruments | 7964 |
|  Over the counter financial derivative instruments | (824) |
|  Foreign currency assets and liabilities | (259) |
|  **Net Change in Unrealized Appreciation (Depreciation)** | (50789) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $&nbsp;&nbsp;&nbsp;&nbsp;(42111) |

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|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>13</sub> |

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##### [**Table of Contents**](#toc)

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| | |
|:---|:---|
| **Statements of Changes in Net Assets** | **PIMCO Income Portfolio** |

---

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| | | |
|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2021** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
|  Net investment income (loss) | $17350 | $13435 |
|  Net realized gain (loss) | (8672) | 6150 |
|  Net change in unrealized appreciation (depreciation) | (50789) | (11303) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | (42111) | 8282 |
|  **Distributions to Shareholders:** |  |  |
|  From net investment income and/or net realized capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (1320) | (428) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (6756) | (5042) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (10360) | (7536) |
|  **Total Distributions<sup>(a)</sup>** | (18436) | (13006) |
|  **Portfolio Share Transactions:** |  |  |
|  Net increase (decrease) resulting from Portfolio share transactions\* | 18699 | 185668 |
|  **Total Increase (Decrease) in Net Assets** | (41848) | 180944 |
|  **Net Assets:** |  |  |
|  Beginning of year | 562666 | 381722 |
|  End of year | $&nbsp;&nbsp;&nbsp;&nbsp;520818 | $&nbsp;&nbsp;&nbsp;&nbsp;562666 |

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|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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\* See Note 13, Shares of Beneficial Interest, in the Notes to Financial Statements.

<sup>(a)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

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|:---|:---|:---|
| **14** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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##### [**Table of Contents**](#toc)

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| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Income Portfolio** | December 31, 2022 |

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**(Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)** 

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **INVESTMENTS IN SECURITIES 110.1%** | **INVESTMENTS IN SECURITIES 110.1%** | **INVESTMENTS IN SECURITIES 110.1%** |
| **LOAN PARTICIPATIONS AND ASSIGNMENTS 5.2%** | **LOAN PARTICIPATIONS AND ASSIGNMENTS 5.2%** | **LOAN PARTICIPATIONS AND ASSIGNMENTS 5.2%** |
|  **Altar Bidco, Inc.** | **Altar Bidco, Inc.** | **Altar Bidco, Inc.** |
|  7.993% due 02/01/2029 | 1000 | 958 |
|  **AmSurg LLC** | **AmSurg LLC** | **AmSurg LLC** |
|  TBD% due 04/29/2027 µ | 62 | 60 |
|  **Avolon TLB Borrower 1 (U.S.) LLC** | **Avolon TLB Borrower 1 (U.S.) LLC** | **Avolon TLB Borrower 1 (U.S.) LLC** |
|  5.853% (LIBOR01M + 1.500%) due 02/12/2027 ~ | 29 | 29 |
|  6.103% (LIBOR01M + 1.750%) due 01/15/2025 ~ | 63 | 63 |
|  **Axalta Coating Systems U.S. Holdings, Inc.** | **Axalta Coating Systems U.S. Holdings, Inc.** | **Axalta Coating Systems U.S. Holdings, Inc.** |
|  7.506% due 12/20/2029 | 8 | 8 |
|  **Caesars Resort Collection LLC** | **Caesars Resort Collection LLC** | **Caesars Resort Collection LLC** |
|  7.134% (LIBOR01M + 2.750%) due 12/23/2024 ~ | 2631 | 2629 |
|  **Carnival Corp.** | **Carnival Corp.** | **Carnival Corp.** |
|  7.384% (LIBOR01M + 3.000%) due 06/30/2025 ~ | 975 | 937 |
|  **Cengage Learning, Inc.** | **Cengage Learning, Inc.** | **Cengage Learning, Inc.** |
|  7.814% (LIBOR06M + 4.750%) due 07/14/2026 ~ | 1015 | 915 |
|  **Emerald TopCo, Inc.** | **Emerald TopCo, Inc.** | **Emerald TopCo, Inc.** |
|  7.884% (LIBOR01M + 3.500%) due 07/24/2026 ~ | 15 | 14 |
|  **Envision Healthcare Corp.** | **Envision Healthcare Corp.** | **Envision Healthcare Corp.** |
|  12.119% due 04/29/2027 | 338 | 331 |
|  15.744% due 04/28/2028 | 782 | 640 |
|  **Hilton Worldwide Finance LLC** | **Hilton Worldwide Finance LLC** | **Hilton Worldwide Finance LLC** |
|  6.173% (LIBOR01M + 1.750%) due 06/22/2026 ~ | 1104 | &nbsp;&nbsp;&nbsp;&nbsp;1102 |
|  **Intelsat Jackson Holdings SA** | **Intelsat Jackson Holdings SA** | **Intelsat Jackson Holdings SA** |
|  7.445% due 02/01/2029 | 549 | 531 |
|  **Lealand Finance Co. BV** | **Lealand Finance Co. BV** | **Lealand Finance Co. BV** |
|  7.384% (LIBOR01M + 3.000%) due 06/28/2024 ~ | 6 | 4 |
|  **Lealand Finance Co. BV (5.384% Cash and 3.000% PIK)** | **Lealand Finance Co. BV (5.384% Cash and 3.000% PIK)** | **Lealand Finance Co. BV (5.384% Cash and 3.000% PIK)** |
|  8.384% (LIBOR01M + 1.000%) due 06/30/2025 ~(a) | 14 | 8 |
|  **Market Bidco Ltd.** | **Market Bidco Ltd.** | **Market Bidco Ltd.** |
|  6.552% (EUR003M + 4.750%) due 07/31/2028 ~ | 1545 | 1460 |
|  **Petco Health and Wellness Company, Inc.** | **Petco Health and Wellness Company, Inc.** | **Petco Health and Wellness Company, Inc.** |
|  7.976% (LIBOR03M + 3.250%) due 03/03/2028 ~ | 1515 | 1473 |
|  **Poseidon Bidco SASU** | **Poseidon Bidco SASU** | **Poseidon Bidco SASU** |
|  7.452% (EUR003M + 5.250%) due 07/14/2028 «~ | 2400 | 2213 |
|  **PUG LLC** | **PUG LLC** | **PUG LLC** |
|  7.884% (LIBOR01M + 3.500%) due 02/12/2027 ~ | 19 | 16 |
|  **SkyMiles IP Ltd.** | **SkyMiles IP Ltd.** | **SkyMiles IP Ltd.** |
|  7.993% (LIBOR03M + 3.750%) due 10/20/2027 ~ | 2064 | 2108 |
|  **Softbank Vision Fund** | **Softbank Vision Fund** | **Softbank Vision Fund** |
|  5.000% due 12/21/2025 « | 2342 | 2253 |
|  **Sotera Health Holdings LLC** | **Sotera Health Holdings LLC** | **Sotera Health Holdings LLC** |
|  7.165% (LIBOR03M + 2.750%) due 12/11/2026 ~ | 76 | 71 |
|  **SS&C European Holdings SARL** | **SS&C European Holdings SARL** | **SS&C European Holdings SARL** |
|  6.134% (LIBOR01M + 1.750%) due 04/16/2025 ~ | 57 | 56 |
|  **SS&C Technologies, Inc.** | **SS&C Technologies, Inc.** | **SS&C Technologies, Inc.** |
|  6.134% (LIBOR01M + 1.750%) due 04/16/2025 ~ | 75 | 73 |
|  **Sunshine Luxembourg SARL** | **Sunshine Luxembourg SARL** | **Sunshine Luxembourg SARL** |
|  8.480% (LIBOR03M + 3.750%) due 10/01/2026 ~ | 122 | 117 |
|  **Syniverse Holdings, Inc.** | **Syniverse Holdings, Inc.** | **Syniverse Holdings, Inc.** |
|  11.580% due 05/13/2027 | 938 | 823 |
|  **TransDigm, Inc.** | **TransDigm, Inc.** | **TransDigm, Inc.** |
|  6.980% (LIBOR03M + 2.250%) due 05/30/2025 ~ | 2817 | 2791 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  6.980% (LIBOR03M + 2.250%) due 12/09/2025 ~ | $— | 747 | 739 |
|  7.830% due 02/22/2027 |  | 748 | 747 |
|  **Uber Technologies, Inc.** | **Uber Technologies, Inc.** | **Uber Technologies, Inc.** | **Uber Technologies, Inc.** |
|  8.235% (LIBOR03M + 3.500%) due 02/25/2027 ~ |  | 3959 | 3957 |
|  **Westmoreland Mining Holdings LLC (15.000% PIK)** | **Westmoreland Mining Holdings LLC (15.000% PIK)** | **Westmoreland Mining Holdings LLC (15.000% PIK)** | **Westmoreland Mining Holdings LLC (15.000% PIK)** |
|  15.000% due 03/15/2029 (a) |  | 23 | 17 |
|  **Windstream Services LLC** | **Windstream Services LLC** | **Windstream Services LLC** | **Windstream Services LLC** |
|  10.673% (LIBOR01M + 6.250%) due 09/21/2027 ~ |  | 14 | 12 |
|  **Total Loan Participations and Assignments (Cost $27,725)** | **Total Loan Participations and Assignments (Cost $27,725)** | **Total Loan Participations and Assignments (Cost $27,725)** | **27155** |
| **CORPORATE BONDS & NOTES 16.7%** | **CORPORATE BONDS & NOTES 16.7%** | **CORPORATE BONDS & NOTES 16.7%** | **CORPORATE BONDS & NOTES 16.7%** |
| **BANKING & FINANCE 5.6%** | **BANKING & FINANCE 5.6%** | **BANKING & FINANCE 5.6%** | **BANKING & FINANCE 5.6%** |
|  **Avolon Holdings Funding Ltd.** | **Avolon Holdings Funding Ltd.** | **Avolon Holdings Funding Ltd.** | **Avolon Holdings Funding Ltd.** |
|  2.528% due 11/18/2027 |  | 2028 | 1624 |
|  **Banca Monte dei Paschi di Siena SpA** | **Banca Monte dei Paschi di Siena SpA** | **Banca Monte dei Paschi di Siena SpA** | **Banca Monte dei Paschi di Siena SpA** |
|  1.875% due 01/09/2026 |  | 1515 | 1395 |
|  **Banco de Credito del Peru SA** | **Banco de Credito del Peru SA** | **Banco de Credito del Peru SA** | **Banco de Credito del Peru SA** |
|  4.650% due 09/17/2024 |  | 400 | 98 |
|  **Barclays PLC** | **Barclays PLC** | **Barclays PLC** | **Barclays PLC** |
|  7.250% due 03/15/2023 •(g)(h) |  | 400 | 479 |
|  7.750% due 09/15/2023 •(g)(h) | $— | 1600 | 1566 |
|  **Country Garden Holdings Co. Ltd.** | **Country Garden Holdings Co. Ltd.** | **Country Garden Holdings Co. Ltd.** | **Country Garden Holdings Co. Ltd.** |
|  2.700% due 07/12/2026 |  | 560 | 321 |
|  5.125% due 01/17/2025 |  | 600 | 406 |
|  **Credit Suisse Group AG** | **Credit Suisse Group AG** | **Credit Suisse Group AG** | **Credit Suisse Group AG** |
|  6.373% due 07/15/2026 •  |  | 250 | 235 |
|  6.442% due 08/11/2028 •  |  | 300 | 274 |
|  6.537% due 08/12/2033 •  |  | 500 | 440 |
|  7.500% due 07/17/2023 •(g)(h) |  | 1500 | 1202 |
|  7.500% due 12/11/2023 •(g)(h) |  | 1345 | 1178 |
|  **EPR Properties** | **EPR Properties** | **EPR Properties** | **EPR Properties** |
|  4.750% due 12/15/2026 |  | 5 | 4 |
|  4.950% due 04/15/2028 |  | 10 | 9 |
|  **Erste Group Bank AG** | **Erste Group Bank AG** | **Erste Group Bank AG** | **Erste Group Bank AG** |
|  6.500% due 04/15/2024 •(g)(h) |  | 2000 | 2094 |
|  **Ford Motor Credit Co. LLC** | **Ford Motor Credit Co. LLC** | **Ford Motor Credit Co. LLC** | **Ford Motor Credit Co. LLC** |
|  2.700% due 08/10/2026 | $— | 3500 | 3044 |
|  **GLP Capital LP** | **GLP Capital LP** | **GLP Capital LP** | **GLP Capital LP** |
|  4.000% due 01/15/2031 |  | 1685 | 1448 |
|  5.250% due 06/01/2025 |  | 15 | 15 |
|  5.300% due 01/15/2029 |  | 66 | 63 |
|  **HSBC Holdings PLC** | **HSBC Holdings PLC** | **HSBC Holdings PLC** | **HSBC Holdings PLC** |
|  2.848% due 06/04/2031 •  |  | 1640 | 1312 |
|  3.973% due 05/22/2030 •  |  | 200 | 175 |
|  **Huarong Finance Co. Ltd.** | **Huarong Finance Co. Ltd.** | **Huarong Finance Co. Ltd.** | **Huarong Finance Co. Ltd.** |
|  3.375% due 02/24/2030 |  | 600 | 458 |
|  4.500% due 05/29/2029 |  | 578 | 480 |
|  **Lloyds Banking Group PLC** | **Lloyds Banking Group PLC** | **Lloyds Banking Group PLC** | **Lloyds Banking Group PLC** |
|  4.947% due 06/27/2025 •(g)(h) |  | 849 | 873 |
|  **Morgan Stanley** | **Morgan Stanley** | **Morgan Stanley** | **Morgan Stanley** |
|  0.000% due 04/02/2032 þ(i) | $— | 300 | 171 |
|  **MPT Operating Partnership LP** | **MPT Operating Partnership LP** | **MPT Operating Partnership LP** | **MPT Operating Partnership LP** |
|  0.993% due 10/15/2026 |  | 2400 | 1967 |
|  **NatWest Group PLC** | **NatWest Group PLC** | **NatWest Group PLC** | **NatWest Group PLC** |
|  4.445% due 05/08/2030 •  | $— | 400 | 363 |
|  4.892% due 05/18/2029 •  |  | 200 | 190 |
|  5.076% due 01/27/2030 •  |  | 200 | 189 |
|  **Navient Corp.** | **Navient Corp.** | **Navient Corp.** | **Navient Corp.** |
|  5.500% due 01/25/2023 |  | 800 | 800 |
|  **Nissan Motor Acceptance Co. LLC** | **Nissan Motor Acceptance Co. LLC** | **Nissan Motor Acceptance Co. LLC** | **Nissan Motor Acceptance Co. LLC** |
|  2.000% due 03/09/2026 |  | 1500 | 1292 |
|  **Omega Healthcare Investors, Inc.** | **Omega Healthcare Investors, Inc.** | **Omega Healthcare Investors, Inc.** | **Omega Healthcare Investors, Inc.** |
|  3.625% due 10/01/2029 |  | 42 | 35 |
|  **OneMain Finance Corp.** | **OneMain Finance Corp.** | **OneMain Finance Corp.** | **OneMain Finance Corp.** |
|  5.625% due 03/15/2023 |  | 1994 | 1990 |
|  **Park Aerospace Holdings Ltd.** | **Park Aerospace Holdings Ltd.** | **Park Aerospace Holdings Ltd.** | **Park Aerospace Holdings Ltd.** |
|  4.500% due 03/15/2023 |  | 83 | 83 |
|  5.500% due 02/15/2024 |  | 6 | 6 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **UniCredit SpA** | **UniCredit SpA** | **UniCredit SpA** |
|  7.830% due 12/04/2023 | 1490 | 1506 |
|  **Uniti Group LP** | **Uniti Group LP** | **Uniti Group LP** |
|  7.875% due 02/15/2025 | 1415 | 1373 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;29158 |
| **INDUSTRIALS 6.7%** | **INDUSTRIALS 6.7%** | **INDUSTRIALS 6.7%** |
|  **American Airlines Pass-Through Trust** | **American Airlines Pass-Through Trust** | **American Airlines Pass-Through Trust** |
|  3.350% due 04/15/2031 | 15 | 13 |
|  4.000% due 01/15/2027 | 436 | 379 |
|  **American Airlines, Inc.** | **American Airlines, Inc.** | **American Airlines, Inc.** |
|  5.500% due 04/20/2026 | 1689 | 1627 |
|  **Boeing Co.** | **Boeing Co.** | **Boeing Co.** |
|  6.125% due 02/15/2033 | 800 | 816 |
|  **Bombardier, Inc.** | **Bombardier, Inc.** | **Bombardier, Inc.** |
|  7.500% due 03/15/2025 | 704 | 699 |
|  **British Airways Pass-Through Trust** | **British Airways Pass-Through Trust** | **British Airways Pass-Through Trust** |
|  4.625% due 12/20/2025 | 111 | 108 |
|  **Broadcom, Inc.** | **Broadcom, Inc.** | **Broadcom, Inc.** |
|  3.469% due 04/15/2034 | 1947 | 1559 |
|  3.500% due 02/15/2041 | 959 | 684 |
|  **Carvana Co.** | **Carvana Co.** | **Carvana Co.** |
|  5.500% due 04/15/2027 | 663 | 264 |
|  10.250% due 05/01/2030 | 2320 | 1094 |
|  **Cellnex Finance Co. SA** | **Cellnex Finance Co. SA** | **Cellnex Finance Co. SA** |
|  3.875% due 07/07/2041 | 2230 | 1529 |
|  **Charter Communications Operating LLC** | **Charter Communications Operating LLC** | **Charter Communications Operating LLC** |
|  3.900% due 06/01/2052 | 1100 | 695 |
|  **Community Health Systems, Inc.** | **Community Health Systems, Inc.** | **Community Health Systems, Inc.** |
|  5.625% due 03/15/2027 | 1401 | 1204 |
|  8.000% due 03/15/2026 | 246 | 225 |
|  **Coty, Inc.** | **Coty, Inc.** | **Coty, Inc.** |
|  3.875% due 04/15/2026 | 1094 | 1094 |
|  **CVS Pass-Through Trust** | **CVS Pass-Through Trust** | **CVS Pass-Through Trust** |
|  5.789% due 01/10/2026 | 127 | 127 |
|  **DISH DBS Corp.** | **DISH DBS Corp.** | **DISH DBS Corp.** |
|  5.750% due 12/01/2028 | 2630 | 2104 |
|  **Energy Transfer LP** | **Energy Transfer LP** | **Energy Transfer LP** |
|  4.950% due 05/15/2028 | 9 | 9 |
|  **Exela Intermediate LLC** | **Exela Intermediate LLC** | **Exela Intermediate LLC** |
|  11.500% due 07/15/2026 | 32 | 6 |
|  **Gazprom PJSC Via Gaz Capital SA** | **Gazprom PJSC Via Gaz Capital SA** | **Gazprom PJSC Via Gaz Capital SA** |
|  2.949% due 01/24/2024 | 640 | 517 |
|  **Intelsat Jackson Holdings SA** | **Intelsat Jackson Holdings SA** | **Intelsat Jackson Holdings SA** |
|  6.500% due 03/15/2030 | 2104 | 1886 |
|  **Market Bidco Finco PLC** | **Market Bidco Finco PLC** | **Market Bidco Finco PLC** |
|  4.750% due 11/04/2027 | 900 | 777 |
|  **Marriott International, Inc.** | **Marriott International, Inc.** | **Marriott International, Inc.** |
|  4.625% due 06/15/2030 | 12 | 11 |
|  **Mitchells & Butlers Finance PLC** | **Mitchells & Butlers Finance PLC** | **Mitchells & Butlers Finance PLC** |
|  6.013% due 12/15/2030 | 10 | 11 |
|  **Netflix, Inc.** | **Netflix, Inc.** | **Netflix, Inc.** |
|  3.625% due 06/15/2030 | 100 | 99 |
|  3.875% due 11/15/2029 | 192 | 193 |
|  4.625% due 05/15/2029 | 100 | 105 |
|  **Noble Corp. PLC (11.000% Cash or 15.000% PIK)** | **Noble Corp. PLC (11.000% Cash or 15.000% PIK)** | **Noble Corp. PLC (11.000% Cash or 15.000% PIK)** |
|  11.000% due 02/15/2028 (a) | 29 | 33 |
|  **Oracle Corp.** | **Oracle Corp.** | **Oracle Corp.** |
|  3.850% due 04/01/2060 | 26 | 17 |
|  3.950% due 03/25/2051 (i) | 4028 | 2887 |
|  **Petroleos de Venezuela SA** | **Petroleos de Venezuela SA** | **Petroleos de Venezuela SA** |
|  5.375% due 04/12/2027 ^(b) | 385 | 19 |
|  5.500% due 04/12/2037 ^(b) | 382 | 19 |
|  6.000% due 05/16/2024 ^(b) | 141 | 7 |
|  6.000% due 11/15/2026 ^(b) | 63 | 3 |
|  9.750% due 05/17/2035 ^(b) | 100 | 5 |
|  **Petroleos Mexicanos** | **Petroleos Mexicanos** | **Petroleos Mexicanos** |
|  6.700% due 02/16/2032 | 3167 | 2493 |
|  **Prosus NV** | **Prosus NV** | **Prosus NV** |
|  2.778% due 01/19/2034 | 2456 | 1899 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **15** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Income Portfolio** | **(Cont.)** |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Sands China Ltd.** | **Sands China Ltd.** | **Sands China Ltd.** |
|  2.800% due 03/08/2027 | 300 | 257 |
|  5.625% due 08/08/2025 | 1412 | 1352 |
|  5.900% due 08/08/2028 | 200 | 188 |
|  **Topaz Solar Farms LLC** | **Topaz Solar Farms LLC** | **Topaz Solar Farms LLC** |
|  4.875% due 09/30/2039 | 28 | 25 |
|  5.750% due 09/30/2039 | 202 | 192 |
|  **U.S. Renal Care, Inc.** | **U.S. Renal Care, Inc.** | **U.S. Renal Care, Inc.** |
|  10.625% due 07/15/2027 | 38 | 8 |
|  **United Airlines Pass-Through Trust** | **United Airlines Pass-Through Trust** | **United Airlines Pass-Through Trust** |
|  4.150% due 10/11/2025 | 3 | 3 |
|  5.875% due 04/15/2029 | 2741 | 2706 |
|  **Valaris Ltd. (8.250% Cash or 12.000% PIK)** | **Valaris Ltd. (8.250% Cash or 12.000% PIK)** | **Valaris Ltd. (8.250% Cash or 12.000% PIK)** |
|  8.250% due 04/30/2028 (a) | 8 | 8 |
|  **Viking Cruises Ltd.** | **Viking Cruises Ltd.** | **Viking Cruises Ltd.** |
|  13.000% due 05/15/2025 | 2536 | 2680 |
|  **Western Midstream Operating LP** | **Western Midstream Operating LP** | **Western Midstream Operating LP** |
|  5.041% (US0003M + 1.850%) due 01/13/2023 ~ | 24 | 24 |
|  **Wynn Macau Ltd.** | **Wynn Macau Ltd.** | **Wynn Macau Ltd.** |
|  5.125% due 12/15/2029 | 760 | 616 |
|  5.500% due 01/15/2026 | 2000 | 1838 |
|  |  | 35114 |
| **UTILITIES 4.4%** | **UTILITIES 4.4%** | **UTILITIES 4.4%** |
|  **Gazprom PJSC via Gaz Finance PLC** | **Gazprom PJSC via Gaz Finance PLC** | **Gazprom PJSC via Gaz Finance PLC** |
|  2.950% due 01/27/2029 | 1500 | 1042 |
|  **Jersey Central Power & Light Co.** | **Jersey Central Power & Light Co.** | **Jersey Central Power & Light Co.** |
|  4.700% due 04/01/2024 | 3640 | 3591 |
|  **Pacific Gas & Electric Co.** | **Pacific Gas & Electric Co.** | **Pacific Gas & Electric Co.** |
|  2.950% due 03/01/2026 | 221 | 203 |
|  3.000% due 06/15/2028 | 1000 | 866 |
|  3.150% due 01/01/2026 | 2072 | 1928 |
|  3.250% due 06/15/2023 | 829 | 820 |
|  3.250% due 06/01/2031 | 3895 | 3175 |
|  3.300% due 03/15/2027 | 90 | 80 |
|  3.400% due 08/15/2024 | 159 | 153 |
|  3.750% due 07/01/2028 | 415 | 369 |
|  3.750% due 08/15/2042 | 8 | 5 |
|  4.000% due 12/01/2046 | 3 | 2 |
|  4.200% due 03/01/2029 | 1100 | 984 |
|  4.250% due 03/15/2046 | 8 | 6 |
|  4.300% due 03/15/2045 | 2026 | 1444 |
|  4.450% due 04/15/2042 | 5 | 4 |
|  4.500% due 12/15/2041 | 11 | 8 |
|  4.550% due 07/01/2030 | 1259 | 1144 |
|  4.950% due 07/01/2050 | 656 | 511 |
|  **PG&E Wildfire Recovery Funding LLC** | **PG&E Wildfire Recovery Funding LLC** | **PG&E Wildfire Recovery Funding LLC** |
|  4.451% due 12/01/2049 | 1250 | 1090 |
|  **Sprint LLC** | **Sprint LLC** | **Sprint LLC** |
|  7.625% due 02/15/2025 | 1000 | 1034 |
|  7.625% due 03/01/2026 | 18 | 19 |
|  7.875% due 09/15/2023 | 4319 | 4389 |
|  |  | 22867 |
|  **Total Corporate Bonds & Notes<br>(Cost $103,435)** | **Total Corporate Bonds & Notes<br>(Cost $103,435)** | **87139** |
| **MUNICIPAL BONDS & NOTES 0.0%** | **MUNICIPAL BONDS & NOTES 0.0%** | **MUNICIPAL BONDS & NOTES 0.0%** |
| **ILLINOIS 0.0%** | **ILLINOIS 0.0%** | **ILLINOIS 0.0%** |
|  **Illinois State General Obligation Bonds, (BABs), Series 2010** | **Illinois State General Obligation Bonds, (BABs), Series 2010** | **Illinois State General Obligation Bonds, (BABs), Series 2010** |
|  6.630% due 02/01/2035 | 40 | 41 |
|  6.725% due 04/01/2035 | 10 | 10 |
|  7.350% due 07/01/2035 | 9 | 10 |
|  |  | 61 |
| **PUERTO RICO 0.0%** | **PUERTO RICO 0.0%** | **PUERTO RICO 0.0%** |
|  **Commonwealth of Puerto Rico Bonds, Series 2022** | **Commonwealth of Puerto Rico Bonds, Series 2022** | **Commonwealth of Puerto Rico Bonds, Series 2022** |
|  0.000% due 11/01/2043 (d) | 41 | 18 |
|  **Total Municipal Bonds & Notes<br>(Cost $86)** | **Total Municipal Bonds & Notes<br>(Cost $86)** | **79** |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **U.S. GOVERNMENT AGENCIES 27.3%** | **U.S. GOVERNMENT AGENCIES 27.3%** | **U.S. GOVERNMENT AGENCIES 27.3%** |
|  **Freddie Mac** | **Freddie Mac** | **Freddie Mac** |
|  3.000% due 06/01/2046 - 01/01/2049 | 2277 | 2035 |
|  **Ginnie Mae** | **Ginnie Mae** | **Ginnie Mae** |
|  2.500% due 04/20/2052 | 480 | 416 |
|  4.398% due 09/20/2066 ~ | 210 | 214 |
|  **Ginnie Mae, TBA** | **Ginnie Mae, TBA** | **Ginnie Mae, TBA** |
|  3.500% due 02/01/2053 | 3200 | 2943 |
|  4.000% due 01/01/2053 | 800 | 757 |
|  4.500% due 01/01/2053 | 2300 | 2232 |
|  **Uniform Mortgage-Backed Security** | **Uniform Mortgage-Backed Security** | **Uniform Mortgage-Backed Security** |
|  3.000% due 08/01/2027 - 05/01/2036 | 609 | 575 |
|  3.500% due 07/01/2052 | 49 | 45 |
|  4.000% due 07/01/2048 - 07/01/2050 | 2008 | 1912 |
|  4.500% due 10/01/2050 | 1680 | 1645 |
|  6.000% due 11/01/2052 - 12/01/2052 | 3200 | 3263 |
|  **Uniform Mortgage-Backed Security, TBA** | **Uniform Mortgage-Backed Security, TBA** | **Uniform Mortgage-Backed Security, TBA** |
|  2.500% due 12/01/2051 | 8200 | 6945 |
|  3.000% due 02/01/2053 | 15500 | 13619 |
|  3.500% due 02/01/2053 | 37100 | 33731 |
|  4.000% due 01/01/2053 - 02/01/2053 | 45400 | 42595 |
|  4.500% due 02/01/2053 | 7600 | 7316 |
|  5.000% due 01/01/2053 | 5500 | 5421 |
|  5.500% due 02/01/2053 | 5900 | 5913 |
|  6.000% due 01/01/2053 - 02/01/2053 | 10300 | 10446 |
|  6.500% due 01/01/2053 | 100 | 102 |
|  **Total U.S. Government Agencies<br>(Cost $144,398)** | **Total U.S. Government Agencies<br>(Cost $144,398)** | **142125** |
| **U.S. TREASURY OBLIGATIONS 21.7%** | **U.S. TREASURY OBLIGATIONS 21.7%** | **U.S. TREASURY OBLIGATIONS 21.7%** |
|  **U.S. Treasury Bonds** | **U.S. Treasury Bonds** | **U.S. Treasury Bonds** |
|  2.875% due 11/15/2046 | 1400 | 1123 |
|  3.000% due 08/15/2048 | 10 | 8 |
|  3.000% due 02/15/2049 | 500 | 412 |
|  **U.S. Treasury Inflation Protected Securities (f)** | **U.S. Treasury Inflation Protected Securities (f)** | **U.S. Treasury Inflation Protected Securities (f)** |
|  0.125% due 07/15/2024 | 4882 | 4725 |
|  0.125% due 10/15/2024 | 3159 | 3043 |
|  0.125% due 07/15/2030 | 1743 | 1562 |
|  0.125% due 01/15/2031 | 114 | 102 |
|  0.125% due 07/15/2031 | 2946 | 2606 |
|  0.125% due 02/15/2051 | 1831 | 1181 |
|  0.250% due 07/15/2029 | 3637 | 3332 |
|  0.250% due 02/15/2050 | 695 | 470 |
|  0.375% due 07/15/2023 | 4443 | 4391 |
|  0.375% due 01/15/2027 | 208 | 197 |
|  0.375% due 07/15/2027 | 61 | 57 |
|  0.500% due 04/15/2024 | 4360 | 4240 |
|  0.625% due 01/15/2024 | 6067 | 5938 |
|  0.625% due 07/15/2032 | 4205 | 3855 |
|  0.750% due 07/15/2028 | 844 | 804 |
|  0.750% due 02/15/2042 | 132 | 110 |
|  0.750% due 02/15/2045 | 759 | 615 |
|  0.875% due 01/15/2029 | 2227 | 2123 |
|  0.875% due 02/15/2047 | 864 | 709 |
|  1.000% due 02/15/2046 | 252 | 214 |
|  1.000% due 02/15/2048 | 846 | 713 |
|  1.000% due 02/15/2049 | 2013 | 1685 |
|  1.375% due 02/15/2044 | 128 | 119 |
|  **U.S. Treasury Notes** | **U.S. Treasury Notes** | **U.S. Treasury Notes** |
|  1.750% due 05/15/2023 (m) | 1400 | 1385 |
|  1.875% due 08/31/2024 (m) | 1100 | 1052 |
|  2.000% due 06/30/2024 | 2300 | 2213 |
|  2.125% due 02/29/2024 (k) | 1500 | 1457 |
|  2.125% due 03/31/2024 (m) | 84 | 82 |
|  2.125% due 07/31/2024 (m) | 1100 | 1058 |
|  2.125% due 09/30/2024 (k) | 3200 | 3071 |
|  2.125% due 11/30/2024 | 300 | 287 |
|  2.250% due 12/31/2023 | 7630 | 7442 |
|  2.250% due 01/31/2024 (m) | 370 | 360 |
|  2.250% due 10/31/2024 | 6600 | 6340 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  2.250% due 11/15/2024 | $— | 3347 | 3215 |
|  2.375% due 02/29/2024 |  | 100 | 98 |
|  2.375% due 08/15/2024 |  | 100 | 97 |
|  2.375% due 03/31/2029 |  | 14300 | 13005 |
|  2.500% due 05/15/2024 |  | 4000 | 3884 |
|  2.500% due 01/31/2025 (m) |  | 13800 | 13279 |
|  2.625% due 01/31/2026 |  | 3500 | 3345 |
|  2.625% due 02/15/2029 |  | 450 | 416 |
|  2.750% due 08/15/2032 |  | 7200 | 6558 |
|  **Total U.S. Treasury Obligations<br>(Cost $120,993)** | **Total U.S. Treasury Obligations<br>(Cost $120,993)** | **Total U.S. Treasury Obligations<br>(Cost $120,993)** | **112978** |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES 11.3%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 11.3%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 11.3%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 11.3%** |
|  **American Home Mortgage Investment Trust** | **American Home Mortgage Investment Trust** | **American Home Mortgage Investment Trust** | **American Home Mortgage Investment Trust** |
|  7.100% due 06/25/2036 þ |  | 6155 | 1059 |
|  **Bear Stearns ALT-A Trust** | **Bear Stearns ALT-A Trust** | **Bear Stearns ALT-A Trust** | **Bear Stearns ALT-A Trust** |
|  4.709% due 06/25/2046 ^•  |  | 3576 | 2979 |
|  **BX Trust** | **BX Trust** | **BX Trust** | **BX Trust** |
|  6.088% due 05/15/2030 •  |  | 3365 | 3195 |
|  **Chase Mortgage Finance Trust** | **Chase Mortgage Finance Trust** | **Chase Mortgage Finance Trust** | **Chase Mortgage Finance Trust** |
|  3.824% due 12/25/2035 ^~ |  | 307 | 278 |
|  **CitiMortgage Alternative Loan Trust** | **CitiMortgage Alternative Loan Trust** | **CitiMortgage Alternative Loan Trust** | **CitiMortgage Alternative Loan Trust** |
|  6.000% due 03/25/2037 ~ |  | 1489 | 1310 |
|  **Countrywide Alternative Loan Trust** | **Countrywide Alternative Loan Trust** | **Countrywide Alternative Loan Trust** | **Countrywide Alternative Loan Trust** |
|  4.709% due 11/25/2036 ~ |  | 4841 | 3938 |
|  **Credit Suisse Mortgage Capital Certificates** | **Credit Suisse Mortgage Capital Certificates** | **Credit Suisse Mortgage Capital Certificates** | **Credit Suisse Mortgage Capital Certificates** |
|  3.276% due 11/30/2037 ~ |  | 7740 | 7080 |
|  **Ellington Financial Mortgage Trust** | **Ellington Financial Mortgage Trust** | **Ellington Financial Mortgage Trust** | **Ellington Financial Mortgage Trust** |
|  5.900% due 09/25/2067 þ |  | 5200 | 5127 |
|  **Eurosail PLC** | **Eurosail PLC** | **Eurosail PLC** | **Eurosail PLC** |
|  4.461% due 06/13/2045 ~ |  | 762 | 910 |
|  4.461% due 06/13/2045 •  |  | 175 | 209 |
|  **Extended Stay America Trust** | **Extended Stay America Trust** | **Extended Stay America Trust** | **Extended Stay America Trust** |
|  5.398% due 07/15/2038 ~ | $— | 4881 | 4748 |
|  **Finsbury Square PLC** | **Finsbury Square PLC** | **Finsbury Square PLC** | **Finsbury Square PLC** |
|  4.419% due 12/16/2069 •  |  | 1290 | 1559 |
|  **Grifonas Finance PLC** | **Grifonas Finance PLC** | **Grifonas Finance PLC** | **Grifonas Finance PLC** |
|  1.264% due 08/28/2039 ~ |  | 759 | 738 |
|  **HarborView Mortgage Loan Trust** | **HarborView Mortgage Loan Trust** | **HarborView Mortgage Loan Trust** | **HarborView Mortgage Loan Trust** |
|  4.819% due 03/19/2036 ^•  | $— | 43 | 37 |
|  **Hilton Orlando Trust** | **Hilton Orlando Trust** | **Hilton Orlando Trust** | **Hilton Orlando Trust** |
|  5.868% due 12/15/2034 •  |  | 1400 | 1349 |
|  **Legacy Mortgage Asset Trust** | **Legacy Mortgage Asset Trust** | **Legacy Mortgage Asset Trust** | **Legacy Mortgage Asset Trust** |
|  6.139% due 01/28/2070 •  |  | 651 | 651 |
|  **LUXE Commercial Mortgage Trust** | **LUXE Commercial Mortgage Trust** | **LUXE Commercial Mortgage Trust** | **LUXE Commercial Mortgage Trust** |
|  6.068% due 10/15/2038 •  |  | 5081 | 4745 |
|  **MASTR Adjustable Rate Mortgages Trust** | **MASTR Adjustable Rate Mortgages Trust** | **MASTR Adjustable Rate Mortgages Trust** | **MASTR Adjustable Rate Mortgages Trust** |
|  5.489% due 09/25/2037 ~ |  | 11500 | 5101 |
|  **Morgan Stanley Capital Trust** | **Morgan Stanley Capital Trust** | **Morgan Stanley Capital Trust** | **Morgan Stanley Capital Trust** |
|  6.695% due 12/15/2023 •  |  | 2645 | 2455 |
|  7.395% due 12/15/2023 ~ |  | 1682 | 1519 |
|  **OBX Trust** | **OBX Trust** | **OBX Trust** | **OBX Trust** |
|  5.239% due 04/25/2048 •  |  | 108 | 106 |
|  **Precise Mortgage Funding PLC** | **Precise Mortgage Funding PLC** | **Precise Mortgage Funding PLC** | **Precise Mortgage Funding PLC** |
|  4.186% due 03/12/2055 •  |  | 1127 | 1359 |
|  **RBSSP Resecuritization Trust** | **RBSSP Resecuritization Trust** | **RBSSP Resecuritization Trust** | **RBSSP Resecuritization Trust** |
|  3.372% due 12/26/2036 ~ | $— | 406 | 379 |
|  **SFO Commercial Mortgage Trust** | **SFO Commercial Mortgage Trust** | **SFO Commercial Mortgage Trust** | **SFO Commercial Mortgage Trust** |
|  7.218% due 05/15/2038 ~ |  | 2400 | 2005 |
|  **Stratton Mortgage Funding PLC** | **Stratton Mortgage Funding PLC** | **Stratton Mortgage Funding PLC** | **Stratton Mortgage Funding PLC** |
|  5.887% due 03/12/2052 •  |  | 1200 | 1407 |
|  **Towd Point Mortgage Trust** | **Towd Point Mortgage Trust** | **Towd Point Mortgage Trust** | **Towd Point Mortgage Trust** |
|  2.900% due 10/25/2059 ~ | $— | 3153 | 2943 |
|  **WaMu Mortgage Pass-Through Certificates Trust** | **WaMu Mortgage Pass-Through Certificates Trust** | **WaMu Mortgage Pass-Through Certificates Trust** | **WaMu Mortgage Pass-Through Certificates Trust** |
|  2.335% due 03/25/2033 ~ |  | 36 | 34 |
|  **Washington Mutual Mortgage Pass-Through Certificates Trust** | **Washington Mutual Mortgage Pass-Through Certificates Trust** | **Washington Mutual Mortgage Pass-Through Certificates Trust** | **Washington Mutual Mortgage Pass-Through Certificates Trust** |
|  2.898% due 10/25/2046 •  |  | 2096 | 1684 |
|  **Total Non-Agency Mortgage-Backed Securities (Cost $64,938)** | **Total Non-Agency Mortgage-Backed Securities (Cost $64,938)** | **Total Non-Agency Mortgage-Backed Securities (Cost $64,938)** | **58904** |

---

---

| | | |
|:---|:---|:---|
| **16** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **ASSET-BACKED SECURITIES 23.5%** | **ASSET-BACKED SECURITIES 23.5%** | **ASSET-BACKED SECURITIES 23.5%** |
|  **Aegis Asset-Backed Securities Trust** | **Aegis Asset-Backed Securities Trust** | **Aegis Asset-Backed Securities Trust** |
|  4.559% due 01/25/2037 ~ | 3534 | &nbsp;&nbsp;&nbsp;&nbsp;2692 |
|  **ALESCO Preferred Funding Ltd.** | **ALESCO Preferred Funding Ltd.** | **ALESCO Preferred Funding Ltd.** |
|  5.209% due 12/23/2034 •  | 192 | 191 |
|  **Ameriquest Mortgage Securities Trust** | **Ameriquest Mortgage Securities Trust** | **Ameriquest Mortgage Securities Trust** |
|  4.899% due 04/25/2036 ~ | 481 | 476 |
|  **Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates** | **Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates** | **Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates** |
|  5.484% due 09/25/2034 •  | 1815 | 1635 |
|  **Argent Securities Trust** | **Argent Securities Trust** | **Argent Securities Trust** |
|  4.869% due 07/25/2036 •  | 14350 | 3941 |
|  **Asset-Backed Funding Certificates Trust** | **Asset-Backed Funding Certificates Trust** | **Asset-Backed Funding Certificates Trust** |
|  4.669% due 11/25/2036 •  | 3953 | 2356 |
|  **Asset-Backed Securities Corp. Home Equity Loan Trust** | **Asset-Backed Securities Corp. Home Equity Loan Trust** | **Asset-Backed Securities Corp. Home Equity Loan Trust** |
|  5.364% due 06/25/2035 ~ | 11000 | 9314 |
|  **Bear Stearns Asset-Backed Securities Trust** | **Bear Stearns Asset-Backed Securities Trust** | **Bear Stearns Asset-Backed Securities Trust** |
|  5.119% due 12/25/2034 •  | 7439 | 7153 |
|  5.124% due 09/25/2035 ~ | 603 | 601 |
|  **Citigroup Mortgage Loan Trust** | **Citigroup Mortgage Loan Trust** | **Citigroup Mortgage Loan Trust** |
|  4.549% due 12/25/2036 ~ | 1377 | 776 |
|  4.649% due 03/25/2037 •  | 19 | 16 |
|  4.909% due 03/25/2036 ~ | 2070 | 1841 |
|  5.079% due 10/25/2035 ^•  | 500 | 452 |
|  5.124% due 09/25/2035 ^•  | 1210 | 1194 |
|  **Countrywide Asset-Backed Certificates Trust** | **Countrywide Asset-Backed Certificates Trust** | **Countrywide Asset-Backed Certificates Trust** |
|  4.083% due 05/25/2036 ~ | 9800 | 9305 |
|  4.529% due 05/25/2037 ^•  | 1115 | 1022 |
|  4.529% due 04/25/2047 ~ | 1227 | 1172 |
|  4.529% due 06/25/2047 •  | 962 | 882 |
|  4.609% due 05/25/2037 •  | 1534 | 1451 |
|  4.609% due 06/25/2037 ~ | 1021 | 980 |
|  4.609% due 06/25/2047 •  | 596 | 568 |
|  4.824% due 01/25/2045 ^~ | 1023 | 907 |
|  **EFS Volunteer LLC** | **EFS Volunteer LLC** | **EFS Volunteer LLC** |
|  5.208% due 10/25/2035 •  | 320 | 318 |
|  **First Franklin Mortgage Loan Trust** | **First Franklin Mortgage Loan Trust** | **First Franklin Mortgage Loan Trust** |
|  4.509% due 12/25/2036 •  | 472 | 438 |
|  **GSAMP Trust** | **GSAMP Trust** | **GSAMP Trust** |
|  5.034% due 11/25/2035 ^~ | 2481 | 2153 |
|  5.289% due 11/25/2035 ~ | 1827 | 1699 |
|  **Home Equity Mortgage Loan Asset-Backed Trust** | **Home Equity Mortgage Loan Asset-Backed Trust** | **Home Equity Mortgage Loan Asset-Backed Trust** |
|  4.609% due 04/25/2037 •  | 1719 | 1334 |
|  4.989% due 03/25/2036 •  | 4404 | 3958 |
|  **HSI Asset Securitization Corp. Trust** | **HSI Asset Securitization Corp. Trust** | **HSI Asset Securitization Corp. Trust** |
|  4.529% due 01/25/2037 ~ | 2637 | 2075 |
|  4.609% due 12/25/2036 ~ | 997 | 273 |
|  **IXIS Real Estate Capital Trust** | **IXIS Real Estate Capital Trust** | **IXIS Real Estate Capital Trust** |
|  4.689% due 01/25/2037 •  | 3555 | 1406 |
|  **LCCM Trust** | **LCCM Trust** | **LCCM Trust** |
|  5.768% due 11/15/2038 ~ | 4000 | 3843 |
|  **LendingClub Receivables Trust** | **LendingClub Receivables Trust** | **LendingClub Receivables Trust** |
|  3.750% due 12/15/2045 | 775 | 774 |
|  **Long Beach Mortgage Loan Trust** | **Long Beach Mortgage Loan Trust** | **Long Beach Mortgage Loan Trust** |
|  4.539% due 11/25/2036 •  | 465 | 328 |
|  **MASTR Asset-Backed Securities Trust** | **MASTR Asset-Backed Securities Trust** | **MASTR Asset-Backed Securities Trust** |
|  4.559% due 10/25/2036 •  | 41 | 41 |
|  **Merrill Lynch Mortgage Investors Trust** | **Merrill Lynch Mortgage Investors Trust** | **Merrill Lynch Mortgage Investors Trust** |
|  4.529% due 04/25/2047 •  | 4913 | 2190 |
|  **Morgan Stanley ABS Capital, Inc. Trust** | **Morgan Stanley ABS Capital, Inc. Trust** | **Morgan Stanley ABS Capital, Inc. Trust** |
|  4.459% due 10/25/2036 •  | 2101 | 1036 |
|  4.469% due 11/25/2036 ~ | 4279 | 2581 |
|  4.929% due 12/25/2034 ~ | 514 | 455 |
|  4.929% due 03/25/2036 •  | 941 | 901 |
|  4.989% due 12/25/2034 •  | 754 | 658 |
|  **Nomura Home Equity Loan, Inc. Home Equity Loan Trust** | **Nomura Home Equity Loan, Inc. Home Equity Loan Trust** | **Nomura Home Equity Loan, Inc. Home Equity Loan Trust** |
|  4.539% due 07/25/2036 •  | 549 | 494 |
|  **NovaStar Mortgage Funding Trust** | **NovaStar Mortgage Funding Trust** | **NovaStar Mortgage Funding Trust** |
|  4.929% due 05/25/2036 ~ | 4200 | 3913 |
|  **Option One Mortgage Loan Trust** | **Option One Mortgage Loan Trust** | **Option One Mortgage Loan Trust** |
|  4.609% due 04/25/2037 ~ | 1249 | 913 |
|  4.929% due 01/25/2036 •  | 5000 | 4430 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Park Place Securities, Inc. Asset-Backed Pass-Through Certificates** | **Park Place Securities, Inc. Asset-Backed Pass-Through Certificates** | **Park Place Securities, Inc. Asset-Backed Pass-Through Certificates** |
|  5.439% due 09/25/2034 •  | 1256 | 1225 |
|  **PRET LLC** | **PRET LLC** | **PRET LLC** |
|  1.868% due 07/25/2051 þ | 4325 | 3839 |
|  **RAAC Trust** | **RAAC Trust** | **RAAC Trust** |
|  5.079% due 11/25/2036 ~ | 88 | 87 |
|  **Renaissance Home Equity Loan Trust** | **Renaissance Home Equity Loan Trust** | **Renaissance Home Equity Loan Trust** |
|  5.285% due 01/25/2037 þ | 4629 | 1508 |
|  **Residential Asset Mortgage Products Trust** | **Residential Asset Mortgage Products Trust** | **Residential Asset Mortgage Products Trust** |
|  5.514% due 06/25/2035 •  | 2600 | 2468 |
|  **Residential Asset Securities Corp. Trust** | **Residential Asset Securities Corp. Trust** | **Residential Asset Securities Corp. Trust** |
|  4.989% due 02/25/2036 ~ | 435 | 425 |
|  5.069% due 05/25/2037 •  | 273 | 269 |
|  5.094% due 10/25/2035 •  | 2000 | 1614 |
|  **Saxon Asset Securities Trust** | **Saxon Asset Securities Trust** | **Saxon Asset Securities Trust** |
|  5.364% due 12/26/2034 •  | 629 | 540 |
|  6.139% due 12/25/2037 •  | 935 | 863 |
|  **SLM Private Credit Student Loan Trust** | **SLM Private Credit Student Loan Trust** | **SLM Private Credit Student Loan Trust** |
|  5.099% due 06/15/2039 ~ | 2537 | 2408 |
|  **SMB Private Education Loan Trust** | **SMB Private Education Loan Trust** | **SMB Private Education Loan Trust** |
|  4.668% due 02/16/2055 •  | 4535 | 4401 |
|  **Soundview Home Loan Trust** | **Soundview Home Loan Trust** | **Soundview Home Loan Trust** |
|  4.499% due 02/25/2037 •  | 1080 | 310 |
|  4.794% due 12/25/2036 ~ | 1900 | 1836 |
|  5.139% due 01/25/2035 •  | 5216 | 4700 |
|  5.364% due 11/25/2035 •  | 1988 | 1895 |
|  **Structured Asset Securities Corp.** | **Structured Asset Securities Corp.** | **Structured Asset Securities Corp.** |
|  5.094% due 02/25/2035 •  | 983 | 929 |
|  **Structured Asset Securities Corp. Mortgage Loan Trust** | **Structured Asset Securities Corp. Mortgage Loan Trust** | **Structured Asset Securities Corp. Mortgage Loan Trust** |
|  4.524% due 07/25/2036 •  | 272 | 268 |
|  4.914% due 07/25/2036 •  | 1121 | 1048 |
|  4.989% due 01/25/2037 ~ | 3400 | 2674 |
|  5.389% due 04/25/2031 ~ | 4114 | 3971 |
|  **Symphony CLO Ltd.** | **Symphony CLO Ltd.** | **Symphony CLO Ltd.** |
|  4.961% due 07/14/2026 ~ | 60 | 60 |
|  **Total Asset-Backed Securities<br>(Cost $127,271)** | **Total Asset-Backed Securities<br>(Cost $127,271)** | **122474** |
| **SOVEREIGN ISSUES 3.1%** | **SOVEREIGN ISSUES 3.1%** | **SOVEREIGN ISSUES 3.1%** |
|  **Argentina Government International Bond** | **Argentina Government International Bond** | **Argentina Government International Bond** |
|  0.500% due 07/09/2030 þ | 1437 | 347 |
|  1.000% due 07/09/2029 | 125 | 33 |
|  1.400% due 03/25/2023 | 128693 | 391 |
|  1.500% due 07/09/2035 þ | 1606 | 388 |
|  3.500% due 07/09/2041 þ | 5071 | 1454 |
|  3.875% due 01/09/2038 þ | 82 | 26 |
|  15.500% due 10/17/2026 | 9026 | 7 |
|  **Autonomous City of Buenos Aires** | **Autonomous City of Buenos Aires** | **Autonomous City of Buenos Aires** |
|  72.479% (BADLARPP + 3.250%) due 03/29/2024 ~ | 12737 | 40 |
|  72.986% (BADLARPP + 3.750%) due 02/22/2028 ~ | 6357 | 18 |
|  **Peru Government International Bond** | **Peru Government International Bond** | **Peru Government International Bond** |
|  5.350% due 08/12/2040 | 17 | 3 |
|  5.400% due 08/12/2034 | 71 | 15 |
|  5.940% due 02/12/2029 | 532 | 129 |
|  6.150% due 08/12/2032 | 27 | 6 |
|  6.350% due 08/12/2028 | 1366 | 342 |
|  6.950% due 08/12/2031 | 20 | 5 |
|  8.200% due 08/12/2026 | 1289 | 356 |
|  **Provincia de Buenos Aires** | **Provincia de Buenos Aires** | **Provincia de Buenos Aires** |
|  72.913% due 04/12/2025 | 1788 | 5 |
|  **Romania Government International Bond** | **Romania Government International Bond** | **Romania Government International Bond** |
|  3.750% due 02/07/2034 | 2460 | 1972 |
|  **Russia Government International Bond** | **Russia Government International Bond** | **Russia Government International Bond** |
|  4.250% due 06/23/2027 ^(b) | 600 | 210 |
|  4.750% due 05/27/2026 ^(b) | 1000 | 350 |
|  5.100% due 03/28/2035 ^(b) | 400 | 132 |
|  5.250% due 06/23/2047 ^(b) | 1600 | 592 |
|  5.625% due 04/04/2042 ^(b) | 2000 | 1270 |
|  5.930% due 04/24/2024 ^(b) | 80100 | 337 |
|  7.150% due 11/12/2025 ^(b) | 88624 | 373 |
|  7.500% due 03/31/2030 ^(b) | 53 | 35 |
|  7.950% due 10/07/2026 ^(b) | 34532 | 145 |
|  12.750% due 06/24/2028 ^(b) | 192 | 150 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **South Africa Government International Bond** | **South Africa Government International Bond** | **South Africa Government International Bond** | **South Africa Government International Bond** |
|  10.500% due 12/21/2026 | ZAR | 75100 | 4673 |
|  **Turkey Government International Bond** | **Turkey Government International Bond** | **Turkey Government International Bond** | **Turkey Government International Bond** |
|  4.250% due 03/13/2025 | $| 800 | 750 |
|  5.250% due 03/13/2030 |  | 600 | 484 |
|  7.625% due 04/26/2029 |  | 700 | 662 |
|  **United Kingdom Gilt** | **United Kingdom Gilt** | **United Kingdom Gilt** | **United Kingdom Gilt** |
|  1.250% due 07/31/2051 | GBP | 90 | 59 |
|  1.500% due 07/22/2047 |  | 40 | 30 |
|  1.750% due 01/22/2049 |  | 80 | 62 |
|  3.250% due 01/22/2044 |  | 70 | 75 |
|  3.500% due 01/22/2045 |  | 70 | 78 |
|  **Venezuela Government International Bond** | **Venezuela Government International Bond** | **Venezuela Government International Bond** | **Venezuela Government International Bond** |
|  7.000% due 03/31/2038 ^(b) | $| 43 | 4 |
|  7.650% due 04/21/2025 ^(b) |  | 105 | 9 |
|  8.250% due 10/13/2024 ^(b) |  | 157 | 14 |
|  9.000% due 05/07/2023 ^(b) |  | 46 | 4 |
|  9.250% due 09/15/2027 ^(b) |  | 143 | 14 |
|  9.250% due 05/07/2028 ^(b) |  | 83 | 7 |
|  11.750% due 10/21/2026 ^(b) |  | 10 | 1 |
|  11.950% due 08/05/2031 ^(b) |  | 300 | 28 |
|  **Total Sovereign Issues (Cost $23,013)** | **Total Sovereign Issues (Cost $23,013)** | **Total Sovereign Issues (Cost $23,013)** | **16085** |
|  |  | **SHARES** |  |
| **COMMON STOCKS 0.5%** | **COMMON STOCKS 0.5%** | **COMMON STOCKS 0.5%** | **COMMON STOCKS 0.5%** |
| **COMMUNICATION SERVICES 0.1%** | **COMMUNICATION SERVICES 0.1%** | **COMMUNICATION SERVICES 0.1%** | **COMMUNICATION SERVICES 0.1%** |
|  **Clear Channel Outdoor Holdings, Inc. (c)** |  | 133771 | 140 |
|  **iHeartMedia, Inc. 'A' (c)** |  | 31404 | 193 |
|  **iHeartMedia, Inc. 'B' «(c)** |  | 24427 | 135 |
|  |  |  | 468 |
| **ENERGY 0.1%** | **ENERGY 0.1%** | **ENERGY 0.1%** | **ENERGY 0.1%** |
|  **Noble Corp. PLC (c)** |  | 7371 | 278 |
| **FINANCIALS 0.1%** | **FINANCIALS 0.1%** | **FINANCIALS 0.1%** | **FINANCIALS 0.1%** |
|  **Intelsat SA «(c)(i)** |  | 28493 | 684 |
| **INDUSTRIALS 0.2%** | **INDUSTRIALS 0.2%** | **INDUSTRIALS 0.2%** | **INDUSTRIALS 0.2%** |
|  **Neiman Marcus Group Ltd. LLC «(c)(i)** |  | 5701 | 1003 |
|  **Westmoreland Mining Holdings «(c)(i)** |  | 239 | 2 |
|  |  |  | 1005 |
|  **Total Common Stocks (Cost $3,995)** | **Total Common Stocks (Cost $3,995)** | **Total Common Stocks (Cost $3,995)** | **2435** |
| **RIGHTS 0.0%** | **RIGHTS 0.0%** | **RIGHTS 0.0%** | **RIGHTS 0.0%** |
| **FINANCIALS 0.0%** | **FINANCIALS 0.0%** | **FINANCIALS 0.0%** | **FINANCIALS 0.0%** |
|  **Intelsat Jackson Holdings SA «(c)** |  | 3126 | 21 |
|  **Total Rights (Cost $0)** | **Total Rights (Cost $0)** | **Total Rights (Cost $0)** | **21** |
| **WARRANTS 0.0%** | **WARRANTS 0.0%** | **WARRANTS 0.0%** | **WARRANTS 0.0%** |
| **FINANCIALS 0.0%** | **FINANCIALS 0.0%** | **FINANCIALS 0.0%** | **FINANCIALS 0.0%** |
|  **Intelsat Emergence SA - Exp. 02/17/2027 «** |  | 398 | 1 |
|  **Intelsat Jackson Holdings SA-Exp. 12/05/2025 «** |  | 2969 | 23 |
|  |  |  | 24 |
| **INFORMATION TECHNOLOGY 0.0%** | **INFORMATION TECHNOLOGY 0.0%** | **INFORMATION TECHNOLOGY 0.0%** | **INFORMATION TECHNOLOGY 0.0%** |
|  **Windstream Holdings LLC - Exp. 9/21/2055 «** |  | 1684 | 34 |
|  **Total Warrants (Cost $138)** | **Total Warrants (Cost $138)** | **Total Warrants (Cost $138)** | **58** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **17** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Income Portfolio** | **(Cont.)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **PREFERRED SECURITIES 0.6%** | **PREFERRED SECURITIES 0.6%** | **PREFERRED SECURITIES 0.6%** | **PREFERRED SECURITIES 0.6%** |
| **BANKING & FINANCE 0.6%** | **BANKING & FINANCE 0.6%** | **BANKING & FINANCE 0.6%** | **BANKING & FINANCE 0.6%** |
|  **Stichting AK Rabobank Certificaten** | **Stichting AK Rabobank Certificaten** | **Stichting AK Rabobank Certificaten** | **Stichting AK Rabobank Certificaten** |
|  6.500% due 12/29/2049 þ(g) | 1669650 | $— | 1719 |
|  **Wells Fargo & Co.** | **Wells Fargo & Co.** | **Wells Fargo & Co.** | **Wells Fargo & Co.** |
|  3.900% due 03/15/2026 •(g) | 1896000 |  | 1665 |
|  **Total Preferred Securities<br>(Cost $4,370)** | **Total Preferred Securities<br>(Cost $4,370)** |  | **3384** |
| **REAL ESTATE INVESTMENT TRUSTS 0.0%** | **REAL ESTATE INVESTMENT TRUSTS 0.0%** | **REAL ESTATE INVESTMENT TRUSTS 0.0%** | **REAL ESTATE INVESTMENT TRUSTS 0.0%** |
| **REAL ESTATE 0.0%** | **REAL ESTATE 0.0%** | **REAL ESTATE 0.0%** | **REAL ESTATE 0.0%** |
|  **CBL & Associates Properties, Inc.** | 176 |  | 4 |
|  **Uniti Group, Inc.** | 1326 |  | 7 |
|  **Total Real Estate Investment Trusts (Cost $11)** | **Total Real Estate Investment Trusts (Cost $11)** |  | **11** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **SHORT-TERM INSTRUMENTS 0.2%** | **SHORT-TERM INSTRUMENTS 0.2%** | **SHORT-TERM INSTRUMENTS 0.2%** | **SHORT-TERM INSTRUMENTS 0.2%** | **SHORT-TERM INSTRUMENTS 0.2%** |
| **ARGENTINA TREASURY BILLS 0.1%** | **ARGENTINA TREASURY BILLS 0.1%** | **ARGENTINA TREASURY BILLS 0.1%** | **ARGENTINA TREASURY BILLS 0.1%** | **ARGENTINA TREASURY BILLS 0.1%** |
|  19.444% due 05/19/2023 (d)(e)(f) |  | 117772 | $— | 358 |
| **U.S. TREASURY BILLS 0.1%** | **U.S. TREASURY BILLS 0.1%** | **U.S. TREASURY BILLS 0.1%** | **U.S. TREASURY BILLS 0.1%** | **U.S. TREASURY BILLS 0.1%** |
|  4.237% due 03/02/2023 (d)(e)(m) | $— | 303 |  | 301 |
| **Total Short-Term Instruments<br>(Cost $711)** | **Total Short-Term Instruments<br>(Cost $711)** | **Total Short-Term Instruments<br>(Cost $711)** |  | **659** |
| **Total Investments in Securities (Cost $621,084)** | **Total Investments in Securities (Cost $621,084)** | **Total Investments in Securities (Cost $621,084)** |  | **573507** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **INVESTMENTS IN AFFILIATES 12.9%** | **INVESTMENTS IN AFFILIATES 12.9%** | **INVESTMENTS IN AFFILIATES 12.9%** | **INVESTMENTS IN AFFILIATES 12.9%** |
| **SHORT-TERM INSTRUMENTS 12.9%** | **SHORT-TERM INSTRUMENTS 12.9%** | **SHORT-TERM INSTRUMENTS 12.9%** | **SHORT-TERM INSTRUMENTS 12.9%** |
| **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 12.9%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 12.9%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 12.9%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 12.9%** |
|  **PIMCO Short-Term<br>Floating NAV Portfolio III** | 6916392 | $— | 67200 |
| **Total Short-Term Instruments<br>(Cost $67,171)** | **Total Short-Term Instruments<br>(Cost $67,171)** |  | **67200** |
| **Total Investments in Affiliates<br>(Cost $67,171)** | **Total Investments in Affiliates<br>(Cost $67,171)** |  | **67200** |
| **Total Investments 123.0%<br>(Cost $688,255)** | **Total Investments 123.0%<br>(Cost $688,255)** | $— | **640707** |
|  **Financial Derivative Instruments (j)(l) (0.2)%**<br> **(Cost or Premiums, net $(5975))** | **Financial Derivative Instruments (j)(l) (0.2)%**<br> **(Cost or Premiums, net $(5975))** |  | **(1138)** |
| **Other Assets and Liabilities, net (22.8)%** | **Other Assets and Liabilities, net (22.8)%** |  | **(118751)** |
| **Net Assets 100.0%** | **Net Assets 100.0%** | $— | **520818** |

---

**NOTES TO SCHEDULE OF INVESTMENTS:** 

**\*** **A zero balance may reflect actual amounts rounding to less than one thousand.** 

---

| | |
|:---|:---|
| **^** | **Security is in default.**  |

---

---

| | |
|:---|:---|
| **«** | **Security valued using significant unobservable inputs (Level 3).**  |

---

---

| | |
|:---|:---|
| **µ** | **All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding. See Note 4, Securities and Other Investments, in the Notes to Financial Statements for more information regarding unfunded loan commitments.**  |

---

---

| | |
|:---|:---|
| **~** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.**  |

---

**•** **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** 

---

| | |
|:---|:---|
| **þ** | **Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.**  |

---

**(a)** **Payment in-kind security.** 

**(b)** **Security is not accruing income as of the date of this report.** 

**(c)** **Security did not produce income within the last twelve months.** 

**(d)** **Zero coupon security.** 

**(e)** **Coupon represents a yield to maturity.** 

**(f)** **Principal amount of security is adjusted for inflation.** 

**(g)** **Perpetual maturity; date shown, if applicable, represents next contractual call date.** 

**(h)** **Contingent convertible security.** 

&nbsp;&nbsp;&nbsp;&nbsp;**(i) RESTRICTED SECURITIES:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer Description** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Market Value<br>as Percentage<br>of Net Assets** |
|  Intelsat SA | 06/19/2017 - 02/23/2022 | $2094 | $684 | 0.13% |
|  Morgan Stanley 0.000% due 04/02/2032 | 02/11/2020 | 261 | 171 | 0.03 |
|  Neiman Marcus Group Ltd. LLC | 09/25/2020 | 184 | 1003 | 0.19 |
|  Oracle Corp. 3.950% due 03/25/2051 | 03/22/2021 | 4021 | 2887 | 0.55 |
|  Westmoreland Mining Holdings | 03/26/2019 | 1 | 2 | 0.00 |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6561 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4747 | 0.90% |

---

---

| | | |
|:---|:---|:---|
| **18** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

**BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

**SHORT SALES:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **Proceeds** | **Payable for<br>Short Sales** |
|  U.S. Government Agencies (0.8)% | U.S. Government Agencies (0.8)% | U.S. Government Agencies (0.8)% | U.S. Government Agencies (0.8)% | U.S. Government Agencies (0.8)% | U.S. Government Agencies (0.8)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ginnie Mae, TBA | 2.500% | 01/01/2053 | $300 | $(267) | $(260) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000 | 01/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3200 | (2636) | (2605) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 4.000 | 01/01/2053 | 1200 | (1152) | (1125) |
|  **Total Short Sales (0.8)%** |  |  |  | $**(4055)** | $**(3990)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**(j) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** 

**WRITTEN OPTIONS:** 

**OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Strike<br>Price** | **Expiration<br>Date** | **# of<br>Contracts** | **Notional**<br> **Amount** | **Premiums<br>(Received)** | **Market<br>Value** |
|  Put - CME 3-Month SOFR Active Contract December 2023 Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96.500 | 12/15/2023 | 10 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | $(9) | $(30) |
|  Call - CME 3-Month SOFR Active Contract December 2023 Futures | 98.000 | 12/15/2023 | 10 | 25 | (8) | (1) |
|  **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | $**(17)** | $**(31)** |

---

**FUTURES CONTRACTS:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** | **LONG FUTURES CONTRACTS** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  U.S. Treasury 5-Year Note March Futures  | 03/2023 | 102 | 11009 | $(5) | $0 | $(9) |
|  U.S. Treasury 10-Year Note March Futures  | 03/2023 | 661 | 74228 | (573) | 0 | (93) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(578) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(102) |
| **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  3-Month SOFR Active Contract December Futures  | 03/2024 | 19 | $(4535) | $88 | $2 | $0 |
|  3-Month SOFR Active Contract December Futures  | 03/2025 | 11 | (2658) | 30 | 0 | (1) |
|  3-Month SOFR Active Contract December Futures  | 03/2026 | 11 | (2663) | 28 | 0 | (1) |
|  3-Month SOFR Active Contract June Futures  | 09/2024 | 13 | (3127) | 44 | 0 | 0 |
|  3-Month SOFR Active Contract June Futures  | 09/2025 | 10 | (2420) | 26 | 0 | (1) |
|  3-Month SOFR Active Contract March Futures  | 06/2024 | 17 | (4074) | 68 | 1 | 0 |
|  3-Month SOFR Active Contract March Futures  | 06/2025 | 9 | (2177) | 24 | 0 | (1) |
|  3-Month SOFR Active Contract March Futures  | 06/2026 | 10 | (2420) | 25 | 0 | (1) |
|  3-Month SOFR Active Contract September Futures  | 12/2024 | 12 | (2895) | 36 | 0 | 0 |
|  3-Month SOFR Active Contract September Futures  | 12/2025 | 9 | (2178) | 23 | 0 | (1) |
|  Australia Government 10-Year Bond March Futures  | 03/2023 | 34 | (2678) | 151 | 5 | (2) |
|  Japan Government 10-Year Bond March Futures  | 03/2023 | 1 | (1108) | 21 | 2 | 0 |
|  U.S. Treasury 2-Year Note March Futures  | 03/2023 | 9 | (1846) | 0 | 1 | 0 |
|  U.S. Treasury Long-Term Bond March Futures  | 03/2023 | 55 | (6894) | (2) | 9 | 0 |
|  U.S. Treasury Ultra Long-Term Bond March Futures  | 03/2023 | 51 | (6850) | (15) | 26 | 0 |
|  U.S. Ultra Treasury Note March Futures  | 03/2023 | 29 | (3430) | 5 | 2 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552 | $48 | $(8) |
|  **Total Futures Contracts** |  |  |  | $**(26)** | $**48** | $**(110)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **19** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Income Portfolio** | **(Cont.)** |

---

**SWAP AGREEMENTS:** 

**CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(1)</sup>** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2022<sup>(2)</sup>** | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(4)</sup>** | **Variation Margin** | **Variation Margin** |
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2022<sup>(2)</sup>** | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(4)</sup>** | **Asset** | **Liability** |
|  Airbus Finance BV | 1.000% | Quarterly | 06/20/2026 | 0.873% | 1800 | $50 | $(41) | $9 | $0 | $(2) |
|  AT&T, Inc. | 1.000 | Quarterly | 12/20/2025 | 0.967 | $900 | 11 | (10) | 1 | 0 | 0 |
|  AT&T, Inc. | 1.000 | Quarterly | 06/20/2026 | 0.998 | 1800 | 27 | (26) | 1 | 0 | 0 |
|  Boeing Co. | 1.000 | Quarterly | 12/20/2026 | 1.297 | 1000 | (6) | (4) | (10) | 1 | 0 |
|  Ford Motor Credit Co. LLC | 5.000 | Quarterly | 06/20/2025 | 2.648 | 200 | 7 | 4 | 11 | 0 | 0 |
|  Ford Motor Credit Co. LLC | 5.000 | Quarterly | 06/20/2026 | 2.923 | 200 | 9 | 4 | 13 | 0 | 0 |
|  Ford Motor Credit Co. LLC | 5.000 | Quarterly | 06/20/2027 | 3.169 | 400 | 21 | 7 | 28 | 0 | 0 |
|  General Electric Co. | 1.000 | Quarterly | 06/20/2026 | 0.801 | &nbsp;&nbsp;&nbsp;&nbsp;2600 | 10 | 7 | 17 | 0 | (1) |
|  Rolls-Royce PLC | 1.000 | Quarterly | 12/20/2025 | 2.767 | 300 | (32) | 17 | (15) | 0 | 0 |
|  Rolls-Royce PLC | 1.000 | Quarterly | 06/20/2026 | 2.993 | 100 | (8) | 1 | (7) | 0 | 0 |
|  Rolls-Royce PLC | 1.000 | Quarterly | 12/20/2026 | 3.161 | 300 | (16) | (8) | (24) | 0 | 0 |
|  Rolls-Royce PLC | 1.000 | Quarterly | 06/20/2027 | 3.357 | 200 | (15) | (4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) | 0 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53) | $5 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) |

---

**CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION<sup>(1)</sup>** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(4)</sup>** | **Variation Margin** | **Variation Margin** |
| **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(4)</sup>** | **Asset** | **Liability** |
|  CDX.EM-30 5-Year Index | 1.000% | Quarterly | 12/20/2023 | $1445 | $(34) | $33 | $(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 |
|  CDX.EM-31 5-Year Index | 1.000 | Quarterly | 06/20/2024 | 430 | (11) | 10 | (1) | 0 | 0 |
|  CDX.EM-32 5-Year Index | 1.000 | Quarterly | 12/20/2024 | 340 | (10) | 9 | (1) | 0 | 0 |
|  CDX.EM-34 5-Year Index | 1.000 | Quarterly | 12/20/2025 | 828 | (27) | (12) | (39) | 1 | 0 |
|  CDX.EM-36 5-Year Index | 1.000 | Quarterly | 12/20/2026 | 6532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(253) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(253) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
|  CDX.EM-38 5-Year Index | 1.000 | Quarterly | 12/20/2027 | 1700 | (142) | 43 | (99) | 0 | 0 |
|  CDX.HY-36 5-Year Index | 5.000 | Quarterly | 06/20/2026 | 2574 | 219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(139) | 80 | 0 | 0 |
|  CDX.HY-37 5-Year Index | 5.000 | Quarterly | 12/20/2026 | 1089 | 59 | (25) | 34 | 0 | 0 |
|  CDX.HY-38 5-Year Index | 5.000 | Quarterly | 06/20/2027 | 7029 | 25 | 134 | 159 | 0 | 0 |
|  CDX.HY-39 5-Year Index | 5.000 | Quarterly | 12/20/2027 | 37500 | (1024) | 1316 | 292 | 0 | (6) |
|  CDX.IG-38 5-Year Index | 1.000 | Quarterly | 06/20/2027 | 5000 | (6) | 60 | 54 | 0 | 0 |
|  CDX.IG-39 5-Year Index | 1.000 | Quarterly | 12/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp;12500 | 17 | 88 | 105 | 0 | 0 |
|  iTraxx Asia Ex-Japan 38 5-Year Index | 1.000 | Quarterly | 12/20/2027 | 400 | (12) | 6 | (6) | 0 | 0 |
|  iTraxx Crossover 38 5-Year Index | 5.000 | Quarterly | 12/20/2027 | 1000 | (35) | 48 | 13 | 2 | 0 |
|  iTraxx Europe Main 37 5-Year Index | 1.000 | Quarterly | 06/20/2027 | 12000 | 83 | 5 | 88 | 13 | 0 |
|  iTraxx Europe Main 38 5-Year Index | 1.000 | Quarterly | 12/20/2027 | 5700 | (60) | 89 | 29 | 7 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1211) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1665 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) |

---

**INTEREST RATE SWAPS** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed**<br> **Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed**<br> **Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Receive<sup>(5)</sup> | 1-Day GBP-SONIO Compounded-OIS | 2.000% | Annual | 03/15/2033 | 4100 | $785 | $(87) | $698 | $2 | $0 |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 1.060 | Annual | 02/21/2052 | 100 | (1) | (52) | (53) | 0 | 0 |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 1.101 | Annual | 02/21/2052 | 100 | (1) | (51) | (52) | 0 | 0 |
|  Receive<sup>(5)</sup> | 1-Day GBP-SONIO Compounded-OIS | 2.000 | Annual | 03/15/2053 | 200 | 59 | 4 | 63 | 0 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.176 | Annual | 04/27/2027 | 180000 | 0 | (19) | (19) | 0 | (1) |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.020 | Semi-Annual | 09/20/2028 | 430000 | 9 | 127 | 136 | 7 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 5.890 | Semi-Annual | 03/15/2029 | 4351000 | 210 | &nbsp;&nbsp;&nbsp;&nbsp;1308 | &nbsp;&nbsp;&nbsp;&nbsp;1518 | &nbsp;&nbsp;&nbsp;&nbsp;85 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.400 | Annual | 06/15/2032 | 790000 | 9 | 239 | 248 | 23 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.500 | Annual | 03/15/2042 | 420000 | 123 | 274 | 397 | 28 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.711 | Annual | 04/27/2042 | 50000 | 0 | 33 | 33 | 3 | 0 |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 2.450 | Annual | 12/20/2024 | $20400 | (1) | 305 | 304 | 10 | 0 |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 2.350 | Annual | 01/17/2025 | 10200 | 1 | 150 | 151 | 4 | 0 |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 1.600 | Annual | 01/16/2026 | 8000 | 102 | 191 | 293 | 8 | 0 |
|  Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 2.300 | Annual | 01/17/2026 | 5700 | 1 | 135 | 136 | 6 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.573 | Annual | 02/28/2027 | 700 | (1) | (62) | (63) | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.928 | Annual | 03/25/2027 | 1200 | (2) | (88) | (90) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.000 | Annual | 06/15/2027 | 2630 | 88 | 238 | 326 | 6 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.450 | Annual | 10/04/2027 | 1790 | 0 | 108 | 108 | 4 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.900 | Annual | 10/04/2027 | 5100 | (37) | (165) | (202) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;(11) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.955 | Annual | 10/04/2027 | 1100 | (8) | (33) | (41) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Annual | 12/21/2027 | 660 | 47 | 5 | 52 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.000 | Annual | 06/15/2029 | 1400 | 88 | 137 | 225 | 3 | 0 |

---

---

| | | |
|:---|:---|:---|
| **20** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed**<br> **Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed**<br> **Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.000% | Annual | 06/15/2029 | 3290 | $137 | $392 | $529 | $9 | $0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2029 | 1866 | 115 | 98 | 213 | 4 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Annual | 12/21/2029 | 4920 | 467 | 26 | 493 | 10 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.730 | Annual | 02/24/2032 | 700 | (3) | (98) | (101) | 0 | (3) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.817 | Annual | 04/05/2032 | 2400 | (12) | (323) | (335) | 0 | (8) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.872 | Annual | 04/06/2032 | 1200 | (6) | (156) | (162) | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.385 | Annual | 06/08/2032 | 300 | 3 | 26 | 29 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.250 | Annual | 06/15/2032 | 1980 | 75 | 306 | 381 | 7 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.250 | Annual | 06/15/2032 | 2170 | &nbsp;&nbsp;&nbsp;&nbsp;(188) | (230) | (418) | 0 | (6) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2032 | 2108 | 175 | 142 | 317 | 5 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2032 | 4010 | (173) | (428) | (601) | 0 | (14) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Annual | 12/21/2032 | 8020 | 1001 | 48 | 1049 | 23 | 0 |
|  Pay | 1-Year BRL-CDI | 5.830 | Maturity | 01/02/2023 | 3800 | 37 | (50) | (13) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 5.836 | Maturity | 01/02/2023 | 3400 | 33 | (44) | (11) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 5.855 | Maturity | 01/02/2023 | 1100 | 11 | (15) | (4) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 6.170 | Maturity | 01/02/2023 | 43200 | (8) | (404) | (412) | 0 | 0 |
|  Receive | 1-Year BRL-CDI | 12.670 | Maturity | 01/02/2023 | 2000 | 0 | 1 | 1 | 0 | 0 |
|  Receive | 1-Year BRL-CDI | 12.690 | Maturity | 01/02/2023 | 1300 | 0 | 1 | 1 | 0 | 0 |
|  Receive | 1-Year BRL-CDI | 12.740 | Maturity | 01/02/2023 | 3500 | 0 | 2 | 2 | 0 | 0 |
|  Receive | 1-Year BRL-CDI | 12.750 | Maturity | 01/02/2023 | 1700 | 0 | 1 | 1 | 0 | 0 |
|  Receive | 1-Year BRL-CDI | 12.760 | Maturity | 01/02/2023 | 3400 | 0 | 2 | 2 | 0 | 0 |
|  Receive | 1-Year BRL-CDI | 12.900 | Maturity | 01/02/2023 | 7100 | 0 | 2 | 2 | 0 | 0 |
|  Receive | 1-Year BRL-CDI | 12.930 | Maturity | 01/02/2023 | 900 | 0 | 0 | 0 | 0 | 0 |
|  Receive | 1-Year BRL-CDI | 12.939 | Maturity | 01/02/2023 | 3500 | 0 | 1 | 1 | 0 | 0 |
|  Receive | 1-Year BRL-CDI | 12.946 | Maturity | 01/02/2023 | 8900 | 0 | 2 | 2 | 0 | 0 |
|  Receive | 1-Year BRL-CDI | 12.960 | Maturity | 01/02/2023 | 7100 | 0 | 1 | 1 | 0 | 0 |
|  Receive | 1-Year BRL-CDI | 12.970 | Maturity | 01/02/2023 | 11700 | 0 | 2 | 2 | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 11.140 | Maturity | 01/02/2025 | 700 | 0 | (4) | (4) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 11.160 | Maturity | 01/02/2025 | 400 | 0 | (2) | (2) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 11.350 | Maturity | 01/02/2025 | 600 | 0 | (3) | (3) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 12.000 | Maturity | 01/02/2025 | 1500 | 0 | (4) | (4) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 12.080 | Maturity | 01/02/2025 | 2500 | 0 | (6) | (6) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 12.140 | Maturity | 01/02/2025 | 1200 | 0 | (3) | (3) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 12.145 | Maturity | 01/02/2025 | 1200 | 0 | (3) | (3) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 12.160 | Maturity | 01/02/2025 | 2500 | 0 | (6) | (6) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 11.220 | Maturity | 01/04/2027 | 800 | 0 | (6) | (6) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 11.245 | Maturity | 01/04/2027 | 400 | 0 | (3) | (3) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 11.260 | Maturity | 01/04/2027 | 400 | 0 | (3) | (3) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 11.700 | Maturity | 01/04/2027 | 200 | 0 | (1) | (1) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 11.715 | Maturity | 01/04/2027 | 900 | 0 | (4) | (4) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 11.870 | Maturity | 01/04/2027 | 2200 | 0 | (8) | (8) | 0 | 0 |
|  Pay | 3-Month USD-LIBOR | 1.270 | Semi-Annual | 11/04/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;56600 | (412) | (1683) | (2095) | 0 | (33) |
|  Pay | 3-Month USD-LIBOR | 1.088 | Semi-Annual | 02/03/2024 | 1700 | (3) | (74) | (77) | 0 | (1) |
|  Pay<sup>(5)</sup> | 3-Month USD-LIBOR | 1.700 | Semi-Annual | 03/06/2024 | 2500 | (3) | (80) | (83) | 0 | (1) |
|  Receive | 3-Month USD-LIBOR | 3.000 | Semi-Annual | 06/19/2024 | 17500 | (1817) | 2320 | 503 | 17 | 0 |
|  Receive | 3-Month USD-LIBOR | 2.500 | Semi-Annual | 12/18/2024 | 2400 | (227) | 330 | 103 | 3 | 0 |
|  Receive | 3-Month USD-LIBOR | 1.300 | Semi-Annual | 03/16/2025 | 1700 | (75) | 190 | 115 | 3 | 0 |
|  Receive | 3-Month USD-LIBOR | 1.300 | Semi-Annual | 03/18/2025 | 1700 | (75) | 190 | 115 | 3 | 0 |
|  Receive | 3-Month USD-LIBOR | 0.940 | Semi-Annual | 06/08/2026 | 1100 | 0 | 118 | 118 | 2 | 0 |
|  Receive | 3-Month USD-LIBOR | 0.500 | Semi-Annual | 06/16/2026 | 8200 | 126 | 868 | 994 | 10 | 0 |
|  Receive | 3-Month USD-LIBOR | 3.000 | Semi-Annual | 06/19/2026 | 11200 | (1680) | 2131 | 451 | 18 | 0 |
|  Pay | 3-Month USD-LIBOR | 1.250 | Semi-Annual | 12/15/2026 | 12400 | 151 | (1475) | (1324) | 0 | (21) |
|  Receive | 3-Month USD-LIBOR | 1.740 | Semi-Annual | 12/16/2026 | 400 | (32) | 67 | 35 | 1 | 0 |
|  Pay | 3-Month USD-LIBOR | 1.570 | Semi-Annual | 01/11/2027 | 900 | (2) | (84) | (86) | 0 | (1) |
|  Pay | 3-Month USD-LIBOR | 1.425 | Semi-Annual | 01/18/2027 | 1000 | (3) | (99) | (102) | 0 | (1) |
|  Receive | 3-Month USD-LIBOR | 1.350 | Semi-Annual | 01/20/2027 | 3500 | 0 | 368 | 368 | 5 | 0 |
|  Pay | 3-Month USD-LIBOR | 1.418 | Semi-Annual | 01/20/2027 | 500 | (1) | (50) | (51) | 0 | (1) |
|  Pay | 3-Month USD-LIBOR | 1.550 | Semi-Annual | 01/20/2027 | 15500 | (54) | (1449) | (1503) | 0 | (21) |
|  Pay | 3-Month USD-LIBOR | 1.580 | Semi-Annual | 02/16/2027 | 1100 | (3) | (102) | (105) | 0 | (2) |
|  Receive | 3-Month USD-LIBOR | 1.450 | Semi-Annual | 02/17/2027 | 2600 | 0 | 263 | 263 | 4 | 0 |
|  Pay | 3-Month USD-LIBOR | 1.700 | Semi-Annual | 02/17/2027 | 10200 | (38) | (888) | (926) | 0 | (15) |
|  Receive | 3-Month USD-LIBOR | 1.235 | Semi-Annual | 05/12/2028 | 400 | (1) | 56 | 55 | 1 | 0 |
|  Pay | 3-Month USD-LIBOR | 0.500 | Semi-Annual | 06/16/2028 | 3213 | (177) | (375) | (552) | 0 | (6) |
|  Receive | 3-Month USD-LIBOR | 2.250 | Semi-Annual | 06/20/2028 | 1300 | (170) | 282 | 112 | 2 | 0 |
|  Pay | 3-Month USD-LIBOR | 1.265 | Semi-Annual | 09/28/2028 | 800 | (2) | (106) | (108) | 0 | (2) |
|  Pay | 3-Month USD-LIBOR | 1.500 | Semi-Annual | 12/15/2028 | 3066 | 73 | (476) | (403) | 0 | (7) |
|  Receive | 3-Month USD-LIBOR | 1.500 | Semi-Annual | 01/12/2029 | 578 | 0 | 76 | 76 | 1 | 0 |
|  Pay | 3-Month USD-LIBOR | 1.700 | Semi-Annual | 01/12/2029 | 2100 | (8) | (246) | (254) | 0 | (4) |
|  Pay | 3-Month USD-LIBOR | 1.518 | Semi-Annual | 01/20/2029 | 300 | (1) | (39) | (40) | 0 | (1) |
|  Pay | 3-Month USD-LIBOR | 1.630 | Semi-Annual | 01/26/2029 | 500 | (1) | (62) | (63) | 0 | (1) |
|  Receive | 3-Month USD-LIBOR | 2.000 | Semi-Annual | 12/10/2029 | 800 | (98) | 192 | 94 | 2 | 0 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **21** |

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##### [**Table of Contents**](#toc)

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| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Income Portfolio** | **(Cont.)** |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed**<br> **Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed**<br> **Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Receive | 3-Month USD-LIBOR | 1.500% | Semi-Annual | 12/18/2029 | $800 | $(62) | $180 | $118 | $2 | $0 |
|  Receive | 3-Month USD-LIBOR | 1.750 | Semi-Annual | 01/15/2030 | 2800 | (282) | 652 | 370 | 6 | 0 |
|  Receive | 3-Month USD-LIBOR | 2.000 | Semi-Annual | 02/12/2030 | 1600 | (199) | 385 | 186 | 3 | 0 |
|  Receive | 3-Month USD-LIBOR | 2.000 | Semi-Annual | 03/10/2030 | 800 | (100) | 192 | 92 | 2 | 0 |
|  Receive | 3-Month USD-LIBOR | 1.430 | Semi-Annual | 03/17/2030 | 800 | (57) | 179 | 122 | 2 | 0 |
|  Receive | 3-Month USD-LIBOR | 1.250 | Semi-Annual | 06/17/2030 | 24800 | (1343) | 5598 | 4255 | 57 | 0 |
|  Receive | 3-Month USD-LIBOR | 1.000 | Semi-Annual | 12/16/2030 | 719 | 5 | 137 | 142 | 2 | 0 |
|  Pay | 3-Month USD-LIBOR | 0.750 | Semi-Annual | 06/16/2031 | 6495 | (603) | (863) | (1466) | 0 | (15) |
|  Receive | 3-Month USD-LIBOR | 0.750 | Semi-Annual | 06/16/2031 | 4400 | 334 | 658 | 992 | 8 | 0 |
|  Receive | 3-Month USD-LIBOR | 1.450 | Semi-Annual | 07/16/2031 | 800 | (3) | 144 | 141 | 2 | 0 |
|  Receive | 3-Month USD-LIBOR | 1.405 | Semi-Annual | 09/07/2031 | 900 | (4) | 166 | 162 | 2 | 0 |
|  Pay | 3-Month USD-LIBOR | 1.500 | Semi-Annual | 10/05/2031 | 600 | (2) | (106) | (108) | 0 | (1) |
|  Pay | 3-Month USD-LIBOR | 1.535 | Semi-Annual | 10/15/2031 | 600 | (1) | (106) | (107) | 0 | (1) |
|  Pay | 3-Month USD-LIBOR | 1.545 | Semi-Annual | 10/26/2031 | 400 | (1) | (70) | (71) | 0 | (1) |
|  Receive | 3-Month USD-LIBOR | 1.750 | Semi-Annual | 12/15/2031 | 7000 | (163) | 1285 | 1122 | 13 | 0 |
|  Pay | 3-Month USD-LIBOR | 1.735 | Semi-Annual | 01/12/2032 | 400 | (1) | (64) | (65) | 0 | (1) |
|  Pay | 3-Month USD-LIBOR | 1.655 | Semi-Annual | 01/24/2032 | 500 | (2) | (82) | (84) | 0 | (1) |
|  Pay | 3-Month USD-LIBOR | 1.768 | Semi-Annual | 02/02/2032 | 400 | (1) | (63) | (64) | 0 | (1) |
|  Pay | 3-Month USD-LIBOR | 2.000 | Semi-Annual | 02/18/2032 | 900 | (6) | (121) | (127) | 0 | (2) |
|  Receive | 3-Month USD-LIBOR | 1.910 | Semi-Annual | 10/17/2049 | 300 | (70) | 158 | 88 | 1 | 0 |
|  Receive | 3-Month USD-LIBOR | 1.895 | Semi-Annual | 10/18/2049 | 300 | (69) | 158 | 89 | 1 | 0 |
|  Receive | 3-Month USD-LIBOR | 2.250 | Semi-Annual | 12/11/2049 | 2200 | (715) | 1225 | 510 | 11 | 0 |
|  Receive | 3-Month USD-LIBOR | 1.625 | Semi-Annual | 02/03/2050 | 3000 | (480) | 1500 | 1020 | 14 | 0 |
|  Receive | 3-Month USD-LIBOR | 1.875 | Semi-Annual | 02/07/2050 | 1200 | (272) | 626 | 354 | 6 | 0 |
|  Receive | 3-Month USD-LIBOR | 2.250 | Semi-Annual | 03/12/2050 | 900 | (295) | 499 | 204 | 5 | 0 |
|  Pay | 3-Month USD-LIBOR | 1.491 | Semi-Annual | 01/21/2051 | 400 | (5) | (142) | (147) | 0 | (2) |
|  Receive | 3-Month USD-LIBOR | 1.250 | Semi-Annual | 06/16/2051 | 2000 | 392 | 435 | 827 | 11 | 0 |
|  Receive | 3-Month USD-LIBOR | 1.785 | Semi-Annual | 08/12/2051 | 500 | (7) | 165 | 158 | 2 | 0 |
|  Pay | 3-Month USD-LIBOR | 2.000 | Semi-Annual | 12/15/2051 | 4000 | 78 | (1194) | (1116) | 0 | (24) |
|  Pay | 3-Month USD-LIBOR | 1.815 | Semi-Annual | 01/24/2052 | 100 | (1) | (30) | (31) | 0 | (1) |
|  Pay | 3-Month USD-LIBOR | 1.867 | Semi-Annual | 01/26/2052 | 100 | (1) | (29) | (30) | 0 | (1) |
|  Receive | 3-Month ZAR-JIBAR | 7.710 | Quarterly | 11/23/2025 | 7300 | 0 | 1 | 1 | 0 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 7.750 | Quarterly | 09/19/2028 | 10400 | 53 | (71) | (18) | 0 | (1) |
|  Pay | 6-Month AUD-BBR-BBSW | 2.750 | Semi-Annual | 06/17/2026 | 13870 | 1320 | (1758) | (438) | 4 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 3.000 | Semi-Annual | 03/21/2027 | 1090 | 126 | (161) | (35) | 1 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 0.453 | Annual | 12/29/2023 | 100 | 0 | 4 | 4 | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 0.425 | Annual | 06/28/2024 | 100 | 0 | 6 | 6 | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 0.395 | Annual | 12/30/2024 | 100 | 0 | 8 | 8 | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 0.363 | Annual | 06/30/2025 | 100 | 0 | 10 | 10 | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 0.329 | Annual | 12/30/2025 | 100 | 0 | 11 | 11 | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 0.150 | Annual | 03/18/2030 | 1800 | (4) | 425 | 421 | 7 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 0.150 | Annual | 06/17/2030 | 700 | (25) | 175 | 150 | 2 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 2.000 | Annual | 09/21/2032 | 5120 | 70 | (607) | (537) | 0 | (26) |
|  Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 1.750 | Annual | 03/15/2033 | 3800 | 396 | 111 | 507 | 20 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 0.250 | Annual | 03/18/2050 | 200 | (13) | 109 | 96 | 2 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 0.500 | Annual | 06/17/2050 | 400 | (63) | 234 | 171 | 3 | 0 |
|  Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 0.830 | Annual | 12/09/2052 | 7700 | 18 | 229 | 247 | 11 | 0 |
|  Pay | 28-Day MXN-TIIE | 7.640 | Lunar | 01/03/2023 | 1000 | 4 | (4) | 0 | 0 | 0 |
|  Pay | 28-Day MXN-TIIE | 7.745 | Lunar | 01/05/2023 | 1700 | 7 | (7) | 0 | 0 | 0 |
|  Pay | 28-Day MXN-TIIE | 7.610 | Lunar | 01/23/2023 | 9500 | 35 | (36) | (1) | 0 | 0 |
|  Pay | 28-Day MXN-TIIE | 7.805 | Lunar | 02/06/2023 | 3800 | 15 | (16) | (1) | 0 | 0 |
|  Pay | 28-Day MXN-TIIE | 7.820 | Lunar | 02/06/2023 | 3900 | 15 | (16) | (1) | 0 | 0 |
|  Pay | 28-Day MXN-TIIE | 4.470 | Lunar | 02/27/2023 | 9100 | 0 | (7) | (7) | 0 | 0 |
|  Pay | 28-Day MXN-TIIE | 4.520 | Lunar | 02/27/2023 | 18300 | 0 | (14) | (14) | 0 | (1) |
|  Pay | 28-Day MXN-TIIE | 4.550 | Lunar | 02/27/2023 | 57300 | 2 | (45) | (43) | 0 | (2) |
|  Pay | 28-Day MXN-TIIE | 4.560 | Lunar | 02/27/2023 | 9000 | 0 | (7) | (7) | 0 | 0 |
|  Pay | 28-Day MXN-TIIE | 4.565 | Lunar | 02/27/2023 | 9100 | 0 | (7) | (7) | 0 | 0 |
|  Pay | 28-Day MXN-TIIE | 4.500 | Lunar | 03/03/2023 | 26200 | 0 | (20) | (20) | 0 | (1) |
|  Receive | 28-Day MXN-TIIE | 8.320 | Lunar | 03/30/2023 | 214050 | 0 | 85 | 85 | 2 | 0 |
|  Pay | 28-Day MXN-TIIE | 7.700 | Lunar | 05/02/2023 | 2500 | 9 | (11) | (2) | 0 | 0 |
|  Pay | 28-Day MXN-TIIE | 5.795 | Lunar | 06/02/2023 | 2900 | 4 | (8) | (4) | 0 | 0 |
|  Pay | 28-Day MXN-TIIE | 6.350 | Lunar | 09/01/2023 | 900 | 2 | (3) | (1) | 0 | 0 |
|  Receive | 28-Day MXN-TIIE | 8.675 | Lunar | 04/03/2024 | 21700 | 0 | 27 | 27 | 1 | 0 |
|  Receive | 28-Day MXN-TIIE | 8.660 | Lunar | 04/04/2024 | 9100 | 0 | 11 | 11 | 0 | 0 |
|  Receive | 28-Day MXN-TIIE | 8.750 | Lunar | 04/05/2024 | 7700 | 0 | 9 | 9 | 0 | 0 |
|  Pay | 28-Day MXN-TIIE | 5.160 | Lunar | 06/06/2025 | 6100 | 3 | (33) | (30) | 0 | (1) |
|  Pay | 28-Day MXN-TIIE | 5.950 | Lunar | 01/30/2026 | 3000 | 6 | (20) | (14) | 0 | 0 |
|  Pay | 28-Day MXN-TIIE | 6.080 | Lunar | 03/10/2026 | 12400 | 28 | (82) | (54) | 0 | (2) |
|  Pay | 28-Day MXN-TIIE | 6.490 | Lunar | 09/08/2026 | 3800 | 12 | (28) | (16) | 0 | (1) |
|  Pay | 28-Day MXN-TIIE | 7.380 | Lunar | 11/04/2026 | 200 | 1 | (2) | (1) | 0 | 0 |
|  Pay | 28-Day MXN-TIIE | 7.865 | Lunar | 02/02/2027 | 9000 | 61 | (78) | (17) | 0 | (1) |

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| | | |
|:---|:---|:---|
| **22** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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##### [**Table of Contents**](#toc)
December 31, 2022

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed**<br> **Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed**<br> **Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Pay | 28-Day MXN-TIIE | 8.010% | Lunar | 02/04/2027 | MXN | 2900 | $21 | $(26) | $(5) | $0 | $0 |
|  Pay | 28-Day MXN-TIIE | 7.818 | Lunar | 02/17/2027 |  | 5200 | 35 | (45) | (10) | 0 | (1) |
|  Receive | 28-Day MXN-TIIE | 8.410 | Lunar | 03/31/2027 |  | 2600 | 0 | 2 | 2 | 0 | 0 |
|  Receive | 28-Day MXN-TIIE | 8.730 | Lunar | 04/06/2027 |  | 3200 | 0 | 1 | 1 | 0 | 0 |
|  Pay | 28-Day MXN-TIIE | 5.535 | Lunar | 05/04/2027 |  | 12100 | 9 | (84) | (75) | 0 | (2) |
|  Pay | 28-Day MXN-TIIE | 7.150 | Lunar | 06/11/2027 |  | 26500 | 134 | (219) | (85) | 0 | (4) |
|  Pay | 28-Day MXN-TIIE | 7.200 | Lunar | 06/11/2027 |  | 2900 | 15 | (24) | (9) | 0 | 0 |
|  Pay | 28-Day MXN-TIIE | 7.370 | Lunar | 10/11/2027 |  | 7300 | 41 | (63) | (22) | 0 | (1) |
|  Receive | 28-Day MXN-TIIE | 7.984 | Lunar | 12/10/2027 |  | 3300 | (25) | 31 | 6 | 1 | 0 |
|  Receive | 28-Day MXN-TIIE | 7.990 | Lunar | 12/21/2027 |  | 100 | (1) | 1 | 0 | 0 | 0 |
|  Receive | 28-Day MXN-TIIE | 8.005 | Lunar | 12/21/2027 |  | 18900 | (142) | 174 | 32 | 3 | 0 |
|  Receive | 28-Day MXN-TIIE | 8.030 | Lunar | 01/31/2028 |  | 300 | (2) | 3 | 1 | 0 | 0 |
|  Receive | 28-Day MXN-TIIE | 8.050 | Lunar | 01/31/2028 |  | 2100 | (16) | 19 | 3 | 0 | 0 |
|  Receive | 28-Day MXN-TIIE | 7.495 | Lunar | 01/14/2032 |  | 1600 | 7 | (1) | 6 | 0 | 0 |
|  Receive | 28-Day MXN-TIIE | 7.498 | Lunar | 01/15/2032 |  | 6700 | 27 | (1) | 26 | 1 | 0 |
|  Receive | 28-Day MXN-TIIE | 8.732 | Lunar | 03/30/2032 |  | 1600 | 0 | 0 | 0 | 0 | 0 |
|  Receive | 28-Day MXN-TIIE | 8.701 | Lunar | 03/31/2032 |  | 3900 | 0 | 0 | 0 | 1 | 0 |
|  Pay | 28-Day MXN-TIIE | 7.480 | Lunar | 06/18/2037 |  | 1500 | 10 | (18) | (8) | 0 | 0 |
|  Receive | 28-Day MXN-TIIE | 7.380 | Lunar | 08/14/2037 |  | 400 | (2) | 4 | 2 | 0 | 0 |
|  Pay | 28-Day MXN-TIIE | 7.360 | Lunar | 08/21/2037 |  | 1500 | 9 | (18) | (9) | 0 | 0 |
|  Receive | 28-Day MXN-TIIE | 8.103 | Lunar | 01/04/2038 |  | 3100 | (31) | 41 | 10 | 1 | 0 |
|  Receive | UKRPI | 4.000 | Maturity | 09/15/2031 | GBP | 300 | 0 | (43) | (43) | 0 | (2) |
|  Receive | UKRPI | 4.055 | Maturity | 09/15/2031 |  | 400 | 2 | (57) | (55) | 0 | (3) |
|  Receive | UKRPI | 4.066 | Maturity | 09/15/2031 |  | 700 | (9) | (86) | (95) | 0 | (4) |
|  Receive | UKRPI | 4.020 | Maturity | 10/15/2031 |  | 400 | (2) | (54) | (56) | 0 | (3) |
|  Receive | UKRPI | 4.140 | Maturity | 10/15/2031 |  | 1000 | (3) | (123) | (126) | 0 | (6) |
|  Receive | UKRPI | 4.400 | Maturity | 10/15/2031 |  | 500 | 4 | (50) | (46) | 0 | (3) |
|  Receive | UKRPI | 4.250 | Maturity | 11/15/2031 |  | 900 | (8) | (89) | (97) | 0 | (5) |
|  |  |  |  |  |  |  | $(3179) | $11270 | $8091 | $531 | $(291) |
|  **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | $**(4332)** | $**12882** | $**8550** | $**555** | $**(301)** |

---

**FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY** 

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of December 31, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** |
|  | **Market Value** | **Variation Margin<br>Asset** | **Variation Margin<br>Asset** | |  | **Variation Margin<br>Liability** | **Variation Margin<br>Liability** | |
| | **Purchased<br>Options** | **Futures** | **Swap<br>Agreements** |<br>**Total** | | **Futures** | **Swap<br>Agreements** |<br>**Total** |
|  **Total Exchange-Traded or Centrally Cleared** | $**0** | $**48** | $**555** | $**603** | $**(31)** | $**(110)** | $**(301)** | $**(442)** |

---

**(k)** **Securities with an aggregate market value of $3,918 and cash of $7,573 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2022. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.** 

<sup>(1)</sup> If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(3)</sup> The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(4)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **23** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Income Portfolio** | **(Cont.)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**(l) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** 

**FORWARD FOREIGN CURRENCY CONTRACTS:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> **(Depreciation)** | **Unrealized Appreciation/**<br> **(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  BOA | 01/2023 | $6581 | 9717 | $36 | $0 |
|  | 01/2023 | 531 | 70000 | 3 | 0 |
|  | 01/2023 | 168 | 219307 | 6 | 0 |
|  | 01/2023 | 4457 | $251 | 0 | (11) |
|  | 02/2023 | $667 | 6622 | 10 | 0 |
|  | 02/2023 | 1523 | $85 | 0 | (4) |
|  | 03/2023 | 10128 | 344 | 12 | 0 |
|  | 03/2023 | $2049 | 31964400 | 14 | 0 |
|  | 03/2023 | 2322 | $132 | 0 | (4) |
|  BPS | 01/2023 | $4962 | 6469584 | 177 | 0 |
|  | 02/2023 | 288 | 4526632 | 4 | 0 |
|  | 03/2023 | 417 | $14 | 0 | 0 |
|  | 03/2023 | $259 | 225745 | 5 | 0 |
|  | 03/2023 | 14 | 1196 | 0 | 0 |
|  | 03/2023 | 4796 | 96650 | 96 | 0 |
|  BRC | 01/2023 | 489 | $70 | 0 | (1) |
|  | 03/2023 | $938 | 14677889 | 9 | 0 |
|  | 03/2023 | 14751 | $838 | 0 | (25) |
|  CBK | 01/2023 | 770868 | 867 | 0 | (42) |
|  | 01/2023 | 95 | 25 | 0 | 0 |
|  | 01/2023 | $748 | 1104 | 4 | 0 |
|  | 01/2023 | 6909 | 36261 | 0 | (41) |
|  | 01/2023 | 809 | 770608 | 99 | 0 |
|  | 01/2023 | 287 | 1149 | 15 | 0 |
|  | 02/2023 | 4659 | $3411 | 0 | (31) |
|  | 02/2023 | $867 | 775114 | 42 | 0 |
|  | 02/2023 | 2122 | 3316 | 0 | (16) |
|  | 02/2023 | 6930 | $419 | 12 | 0 |
|  | 03/2023 | 512 | 26 | 0 | 0 |
|  | 03/2023 | $1471 | 1274779 | 18 | 0 |
|  | 03/2023 | 27 | 109 | 1 | 0 |
|  | 04/2023 | 61 | $15 | 0 | 0 |
|  | 04/2023 | $833 | 3333 | 37 | 0 |
|  | 05/2023 | 129 | $6 | 0 | 0 |
|  | 05/2023 | 1042 | 263 | 0 | (9) |
|  GLM | 01/2023 | 36261 | 6804 | 0 | (64) |
|  | 01/2023 | 507 | 73 | 0 | (1) |
|  | 01/2023 | $231 | 4024 | 5 | 0 |
|  | 01/2023 | 1556 | $87 | 0 | (4) |
|  | 03/2023 | 4873 | 237 | 0 | (10) |
|  | 04/2023 | $6685 | 36261 | 66 | 0 |
|  | 05/2023 | 3431 | $853 | 0 | (41) |
|  | 05/2023 | 4131 | 247 | 7 | 0 |
|  MBC | 01/2023 | 19116 | 20035 | 0 | (437) |
|  | 01/2023 | $600 | 876 | 1 | (5) |
|  | 01/2023 | 2862 | 387700 | 95 | 0 |
|  | 01/2023 | 5995 | $347 | 0 | (6) |
|  | 02/2023 | $3390 | 4492 | 0 | (71) |
|  | 02/2023 | 815 | 12862976 | 16 | 0 |
|  | 03/2023 | 17509 | $595 | 21 | 0 |
|  | 03/2023 | $569 | 8903024 | 6 | 0 |
|  | 05/2023 | 313 | $47 | 1 | 0 |
|  MYI | 01/2023 | $2035 | 3030 | 29 | 0 |
|  | 01/2023 | 2347 | 321571 | 105 | 0 |
|  | 01/2023 | 55 | 962 | 1 | 0 |
|  | 02/2023 | 35965 | $1180 | 4 | 0 |
|  | 02/2023 | 16041 | 900 | 0 | (41) |
|  | 03/2023 | 15962 | 542 | 19 | 0 |
|  | 03/2023 | $800 | 12544189 | 10 | 0 |
|  RBC | 01/2023 | 23 | 35 | 0 | 0 |
|  | 01/2023 | 962 | $55 | 0 | (2) |
|  | 02/2023 | 39313 | 1983 | 0 | (22) |
|  | 02/2023 | $1012 | 10096 | 21 | 0 |
|  | 02/2023 | 10096 | $561 | 0 | (31) |
|  | 03/2023 | 9166 | 458 | 0 | (7) |

---

---

| | | |
|:---|:---|:---|
| **24** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> **(Depreciation)** | **Unrealized Appreciation/**<br> **(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 03/2023 | $3179 | 63571 | $42 | $0 |
|  | 04/2023 | 2493 | $120 | 0 | (5) |
|  SCX | 01/2023 | $137 | 203 | 2 | 0 |
|  | 01/2023 | 614 | 496 | 0 | (14) |
|  | 01/2023 | 244 | 938 | 3 | 0 |
|  | 01/2023 | 10068 | $561 | 0 | (30) |
|  | 02/2023 | $192 | 3017505 | 3 | 0 |
|  | 03/2023 | 20 | 77 | 0 | 0 |
|  | 09/2023 | 7407 | $422 | 0 | (5) |
|  TOR | 01/2023 | 6169 | 7417 | 0 | (42) |
|  **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | $**1057** | $**(1022)** |

---

**WRITTEN OPTIONS:** 

**CREDIT DEFAULT SWAPTIONS ON CREDIT INDICES** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Description** | **Buy/Sell <br>Protection** | **Exercise<br>Rate** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Premiums<br>(Received)** | **Market<br>Value** |
|  GST | Put - OTC iTraxx Europe 37 5-Year Index | Sell | 3.000% | 03/15/2023 | 600 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

**INTEREST RATE SWAPTIONS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Floating Rate Index** | **Pay/Receive <br>Floating Rate** | **Exercise<br>Rate** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Premiums<br>(Received)** | **Market<br>Value** |
| BOA Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.150% | 12/01/2023 | 1300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) | $(1) |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.650 | 12/01/2023 | 1300 | (4) | (10) |
| BPS Call - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 0.550 | 04/11/2023 | 600 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.100 | 04/11/2023 | 600 | (2) | (9) |
| Call - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 0.700 | 04/28/2023 | 1500 | (3) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.250 | 04/28/2023 | 1500 | (3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) |
| Call - OTC 5-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 3.270 | 01/23/2023 | 400 | (1) | 0 |
| Put - OTC 5-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.770 | 01/23/2023 | 400 | (1) | (2) |
| CBK Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.690 | 04/02/2024 | 300 | (2) | (1) |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.690 | 04/02/2024 | 300 | (2) | (4) |
| FAR Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.688 | 04/02/2024 | 700 | (5) | (2) |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.688 | 04/02/2024 | 700 | (5) | (9) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.781 | 04/05/2024 | 1100 | (8) | (3) |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.781 | 04/05/2024 | 1100 | (8) | (13) |
| GLM Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.920 | 10/13/2023 | 800 | (5) | (1) |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.920 | 10/13/2023 | 800 | (5) | (11) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 3.018 | 10/20/2023 | 600 | (4) | (1) |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.018 | 10/20/2023 | 600 | (4) | (8) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 3.140 | 10/23/2023 | 600 | (4) | (1) |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.140 | 10/23/2023 | 600 | (4) | (7) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 3.190 | 10/23/2023 | 600 | (4) | (1) |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.190 | 10/23/2023 | 600 | (4) | (7) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 3.225 | 10/23/2023 | 600 | (4) | (1) |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.225 | 10/23/2023 | 600 | (4) | (7) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.973 | 10/25/2023 | 600 | (4) | (1) |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.973 | 10/25/2023 | 600 | (4) | (8) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.841 | 10/27/2023 | 600 | (4) | (1) |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.841 | 10/27/2023 | 600 | (4) | (8) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 3.088 | 11/03/2023 | 600 | (4) | (1) |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.088 | 11/03/2023 | 600 | (4) | (7) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.910 | 11/10/2023 | 600 | (4) | (1) |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.910 | 11/10/2023 | 600 | (4) | (8) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.250 | 11/17/2023 | 1300 | (5) | (1) |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.750 | 11/17/2023 | 1300 | (5) | (9) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.150 | 11/20/2023 | 1300 | (5) | (1) |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.650 | 11/20/2023 | 1300 | (5) | (10) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.250 | 12/07/2023 | 1300 | (4) | (1) |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.750 | 12/07/2023 | 1300 | (4) | (9) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.697 | 04/02/2024 | 1300 | (10) | (4) |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.697 | 04/02/2024 | 1300 | (10) | (16) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.721 | 04/08/2024 | 600 | (5) | (2) |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.721 | 04/08/2024 | 600 | (5) | (7) |
| Call - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 0.550 | 04/05/2023 | 1600 | (3) | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **25** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Income Portfolio** | **(Cont.)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Floating Rate Index** | **Pay/Receive <br>Floating Rate** | **Exercise<br>Rate** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Premiums<br>(Received)** | **Market<br>Value** |
| Put - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.100% | 04/05/2023 | 1600 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | $(25) |
| Call - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 0.550 | 04/11/2023 | 2700 | (5) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.100 | 04/11/2023 | 2700 | (5) | (42) |
| Call - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 0.700 | 04/24/2023 | 1600 | (2) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.250 | 04/24/2023 | 1600 | (5) | (23) |
| Call - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 0.700 | 04/26/2023 | 1500 | (3) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.250 | 04/26/2023 | 1500 | (3) | (21) |
| Call - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 0.550 | 05/15/2023 | 1500 | (3) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.100 | 05/15/2023 | 1500 | (3) | (24) |
| Call - OTC 5-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 3.230 | 01/23/2023 | 10400 | (26) | (5) |
| Put - OTC 5-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.730 | 01/23/2023 | 10400 | (26) | (62) |
| MYC Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.993 | 10/11/2023 | 700 | (5) | (1) |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.993 | 10/11/2023 | 700 | (5) | (9) |
| NGF Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 3.020 | 11/06/2023 | 1000 | (6) | (1) |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.020 | 11/06/2023 | 1000 | (6) | (12) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.845 | 11/13/2023 | 1000 | (6) | (1) |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.845 | 11/13/2023 | 1000 | (6) | (14) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.785 | 04/08/2024 | 800 | (6) | (3) |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.785 | 04/08/2024 | 800 | (6) | (9) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.835 | 04/08/2024 | 800 | (6) | (3) |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.835 | 04/08/2024 | 800 | (6) | (9) |
| Call - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 0.550 | 04/03/2023 | 4800 | (9) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.100 | 04/03/2023 | 4800 | (10) | (74) |
| Call - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 0.550 | 04/04/2023 | 2400 | (5) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.100 | 04/04/2023 | 2400 | (5) | (37) |
| Call - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 0.550 | 05/12/2023 | 2200 | (3) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.100 | 05/12/2023 | 2200 | (5) | (35) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(363) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(625) |

---

**OPTIONS ON SECURITIES** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Description** | **Strike<br>Price** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Premiums<br>(Received)** | **Market<br>Value** |
| BOA | Call - OTC Uniform Mortgage-Backed Security, TBA 5.500% due 01/01/2053 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101.891 | 01/05/2023 | 800 | $(2) | $0 |
| SAL | Put - OTC Fannie Mae 5.000% due 03/01/2053 | 97.578 | 03/06/2023 | 100 | (1) | (1) |
|  | Call - OTC Fannie Mae 5.000% due 03/01/2053 | 99.578 | 03/06/2023 | 100 | (1) | (1) |
|  | Call - OTC Uniform Mortgage-Backed Security, TBA 5.500% due 01/01/2053 | 102.250 | 01/05/2023 | 500 | (1) | 0 |
|  |  |  |  |  | $(5) | $(2) |
|  **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | $**(369)** | $**(627)** |

---

**SWAP AGREEMENTS:** 

**CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - SELL PROTECTION<sup>(2)</sup>** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2022<sup>(3)</sup>** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements,<br>at Value<sup>(5)</sup>** | **Swap Agreements,<br>at Value<sup>(5)</sup>** |
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2022<sup>(3)</sup>** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
| BPS | Colombia Government International Bond | 1.000% | Quarterly | 12/20/2027 | 2.715% | $300 | $(27) | $5 | $0 | $(22) |
| BRC | Colombia Government International Bond | 1.000 | Quarterly | 12/20/2026 | 2.315 | 200 | (9) | 0 | 0 | (9) |
|  | Turkey Government International Bond | 1.000 | Quarterly | 12/20/2023 | 3.559 | 400 | (28) | 19 | 0 | (9) |
|  | Turkey Government International Bond | 1.000 | Quarterly | 06/20/2024 | 4.072 | 400 | (36) | 19 | 0 | (17) |
|  | Turkey Government International Bond | 1.000 | Quarterly | 12/20/2024 | 4.322 | 540 | (70) | 38 | 0 | (32) |
| CBK | Brazil Government International Bond | 1.000 | Quarterly | 12/20/2024 | 1.173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | (10) | 8 | 0 | (2) |
|  | Colombia Government International Bond | 1.000 | Quarterly | 12/20/2024 | 1.517 | 100 | 0 | (1) | 0 | (1) |
|  | Colombia Government International Bond | 1.000 | Quarterly | 06/20/2027 | 2.538 | 400 | (15) | (9) | 0 | (24) |
| GST | Brazil Government International Bond | 1.000 | Quarterly | 12/20/2024 | 1.173 | 400 | (6) | 5 | 0 | (1) |
|  | Colombia Government International Bond | 1.000 | Quarterly | 06/20/2027 | 2.538 | 400 | (15) | (9) | 0 | (24) |
|  | Colombia Government International Bond | 1.000 | Quarterly | 12/20/2027 | 2.715 | 200 | (18) | 4 | 0 | (14) |
|  | Mexico Government International Bond | 1.000 | Quarterly | 12/20/2023 | 0.480 | 300 | (5) | 6 | 1 | 0 |
|  | South Africa Government International Bond | 1.000 | Quarterly | 12/20/2026 | 2.103 | 100 | (4) | 0 | 0 | (4) |
|  | Turkey Government International Bond | 1.000 | Quarterly | 06/20/2024 | 4.072 | 200 | (18) | 10 | 0 | (8) |
|  | Turkey Government International Bond | 1.000 | Quarterly | 12/20/2024 | 4.322 | 300 | (34) | 16 | 0 | (18) |
| MYC | Colombia Government International Bond | 1.000 | Quarterly | 06/20/2027 | 2.538 | 300 | (11) | (7) | 0 | (18) |
|  | Colombia Government International Bond | 1.000 | Quarterly | 12/20/2027 | 2.715 | 400 | (36) | 7 | 0 | (29) |
|  | Mexico Government International Bond | 1.000 | Quarterly | 12/20/2027 | 1.305 | 200 | (7) | 4 | 0 | (3) |
|  | South Africa Government International Bond | 1.000 | Quarterly | 12/20/2026 | 2.103 | 700 | (31) | 4 | 0 | (27) |
| NGF | South Africa Government International Bond | 1.000 | Quarterly | 12/20/2023 | 0.850 | 300 | (15) | 16 | 1 | 0 |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(395) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(262) |

---

---

| | | |
|:---|:---|:---|
| **26** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

**CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION<sup>(2)</sup>** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements,<br>at Value<sup>(5)</sup>** | **Swap Agreements,<br>at Value<sup>(5)</sup>** |
| **Counterparty** | **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
| FBF | CMBX.NA.AAA.12 Index | 0.500% | Monthly | 08/17/2061 | $155 | $(1) | $0 | $0 | $(1) |
| GST | CMBX.NA.AAA.10 Index | 0.500 | Monthly | 11/17/2059 | 11700 | (255) | 229 | 0 | (26) |
|  | CMBX.NA.AAA.13 Index | 0.500 | Monthly | 12/16/2072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15100 | 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(213) | 0 | (190) |
|  | CMBX.NA.AAA.9 Index | 0.500 | Monthly | 09/17/2058 | 11426 | (590) | 586 | 0 | (4) |
| SAL | CMBX.NA.AAA.10 Index | 0.500 | Monthly | 11/17/2059 | 1625 | 1 | (4) | 0 | (3) |
|  | CMBX.NA.AAA.11 Index | 0.500 | Monthly | 11/18/2054 | 200 | 1 | (2) | 0 | (1) |
|  | CMBX.NA.AAA.12 Index | 0.500 | Monthly | 08/17/2061 | 9620 | (40) | (36) | 0 | (76) |
|  | CMBX.NA.AAA.13 Index | 0.500 | Monthly | 12/16/2072 | 11200 | 0 | (141) | 0 | (141) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(861) | $419 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(442) |

---

**TOTAL RETURN SWAPS ON INTEREST RATE INDICES** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<sup>(6)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements,<br>at Value** | **Swap Agreements,<br>at Value** |
| **Counterparty** | **Pay/Receive<sup>(6)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  GST | Receive | iBoxx USD Liquid High Yield Index  | N/A | 1.058% | Maturity | 06/20/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |

---

**TOTAL RETURN SWAPS ON SECURITIES** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<sup>(6)</sup>** | **Underlying Reference** | **# of Shares** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements,<br>at Value** | **Swap Agreements,<br>at Value** |
| **Counterparty** | **Pay/Receive<sup>(6)</sup>** | **Underlying Reference** | **# of Shares** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  BOA | Receive | iBoxx USD<br>Investment Grade<br>Corporate Bond ETF | 9680 | 4.130% (1-Month USD-LIBOR less a specified spread) | Monthly | 10/18/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713 | $0 | $(2) | $0 | $(2) |
|  BPS | Receive | iBoxx USD<br>Investment Grade<br>Corporate Bond ETF | 3666 | 3.680% (1-Month USD-LIBOR less a specified spread) | Monthly | 11/29/2023 | 270 | 0 | (1) | 0 | (1) |
|  GST | Receive | iBoxx USD<br>Investment Grade<br>Corporate Bond ETF | 3667 | 3.930% (1-Month USD-LIBOR less a specified spread) | Monthly | 12/13/2023 | 270 | 0 | 0 | 0 | 0 |
|  |  |  |  |  |  |  |  | $0 | $(3) | $0 | $(3) |
|  **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | $**(1257)** | $**550** | $**2** | $**(709)** |

---

**FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY** 

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2022:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | | | |
| <br>**Counterparty** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Purchased<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Written<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** |<br>**Net Market<br>Value of OTC<br>Derivatives** |<br>**Collateral<br>Pledged/<br>Pledged** |<br>**Net<br>Exposure<sup>(7)</sup>** |
|  BOA | $81 | $0 | $0 | $81 | $(19) | $(11) | $(2) | $(32) | $49 | $0 | $49 |
|  BPS | 282 | 0 | 0 | 282 | 0 | (32) | (23) | (55) | 227 | 0 | 227 |
|  BRC | 9 | 0 | 0 | 9 | (26) | 0 | (67) | (93) | (84) | 268 | 184 |
|  CBK | 228 | 0 | 0 | 228 | (139) | (5) | (27) | (171) | 57 | 0 | 57 |
|  FAR | 0 | 0 | 0 | 0 | 0 | (27) | 0 | (27) | (27) | 0 | (27) |
|  FBF | 0 | 0 | 0 | 0 | 0 | 0 | (1) | (1) | (1) | 0 | (1) |
|  GLM | 78 | 0 | 0 | 78 | (120) | (342) | 0 | (462) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(384) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(232) |
|  GST | 0 | 0 | 1 | 1 | 0 | 0 | (291) | (291) | (290) | 294 | 4 |
|  MBC | 140 | 0 | 0 | 140 | (519) | 0 | 0 | (519) | (379) | 301 | (78) |
|  MYC | 0 | 0 | 0 | 0 | 0 | (10) | (77) | (87) | (87) | 263 | 176 |
|  MYI | 168 | 0 | 0 | 168 | (41) | 0 | 0 | (41) | 127 | 0 | 127 |
|  NGF | 0 | 0 | 1 | 1 | 0 | (198) | 0 | (198) | (197) | 0 | (197) |
|  RBC | 63 | 0 | 0 | 63 | (67) | 0 | 0 | (67) | (4) | 0 | (4) |
|  SAL | 0 | 0 | 0 | 0 | 0 | (2) | (221) | (223) | (223) | 299 | 76 |
|  SCX | 8 | 0 | 0 | 8 | (49) | 0 | 0 | (49) | (41) | 0 | (41) |
|  TOR | 0 | 0 | 0 | 0 | (42) | 0 | 0 | (42) | (42) | 0 | (42) |
|  **Total Over the Counter** | $**1057** | $**0** | $**2** | $**1059** | $**(1022)** | $**(627)** | $**(709)** | $**(2358)** |  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **27** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Income Portfolio** | **(Cont.)** |

---

**(m)** **Securities with an aggregate market value of $1,577 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2022.** 

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(4)</sup> The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(5)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(6)</sup> Receive represents that the Portfolio receives payments for any positive net return on the underlying reference. The Portfolio makes payments for any negative net return on such underlying reference. Pay represents that the Portfolio receives payments for any negative net return on the underlying reference. The Portfolio makes payments for any positive net return on such underlying reference. 

<sup>(7)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

**FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS** 

The following is a summary of the fair valuation of the Portfolio's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Portfolio.

Fair Values of Financial Derivative Instruments on the Statement of Assets and Liabilities as of December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
| | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $48 | $48 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 24 | 0 | 0 | 531 | 555 |
|  | $0 | $24 | $0 | $0 | $579 | $603 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $1057 | $0 | $1057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 2 | 0 | 0 | 0 | 2 |
|  | $0 | $2 | $0 | $1057 | $0 | $1059 |
|  | $0 | $26 | $0 | $1057 | $579 | $1662 |
|  **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $31 | $31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 110 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 10 | 0 | 0 | 291 | 301 |
|  | $0 | $10 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $432 | $442 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $1022 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 627 | 627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 704 | 3 | 0 | 2 | 709 |
|  | $0 | $704 | $3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1022 | $629 | $2358 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714 | $3 | $1022 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061 | $2800 |

---

---

| | | |
|:---|:---|:---|
| **28** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

The effect of Financial Derivative Instruments on the Statement of Operations for the period ended December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
| | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $9 | $9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 3233 | 3233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (1533) | 0 | 0 | 4735 | 3202 |
|  | $0 | $(1533) | $0 | $0 | $7977 | $6444 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $7562 | $0 | $7562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 147 | 0 | 0 | 46 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (1685) | (146) | 0 | 1 | (1830) |
|  | $0 | $(1538) | $(146) | $7562 | $52 | $5930 |
|  | $0 | $(3071) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(146) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7562 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12374 |
|  **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $(14) | $(14) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 85 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1298 | 0 | 0 | 6595 | 7893 |
|  | $0 | $1298 | $0 | $0 | $6666 | $7964 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $709 | $0 | $709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | (30) | 0 | (2) | (354) | (386) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (1033) | (13) | 0 | (103) | (1149) |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1063) | $(13) | $707 | $(455) | $(824) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $235 | $(13) | $707 | $6211 | $7140 |

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**FAIR VALUE MEASUREMENTS** 

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Portfolio's assets and liabilities:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** |
|  Loan Participations and Assignments | $0 | $22689 | $&nbsp;&nbsp;&nbsp;&nbsp;4466 | $27155 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 29158 | 0 | 29158 |
| &nbsp;&nbsp; Industrials | 0 | 35114 | 0 | 35114 |
| &nbsp;&nbsp; Utilities | 0 | 22867 | 0 | 22867 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Illinois | 0 | 61 | 0 | 61 |
| &nbsp;&nbsp; Puerto Rico | 0 | 18 | 0 | 18 |
|  U.S. Government Agencies | 0 | 142125 | 0 | 142125 |
|  U.S. Treasury Obligations | 0 | &nbsp;&nbsp;&nbsp;&nbsp;112978 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;112978 |
|  Non-Agency Mortgage-Backed Securities | 0 | 58904 | 0 | 58904 |
|  Asset-Backed Securities | 0 | 122474 | 0 | 122474 |
|  Sovereign Issues | 0 | 16085 | 0 | 16085 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;333 | 0 | 135 | 468 |
| &nbsp;&nbsp; Energy | 278 | 0 | 0 | 278 |
| &nbsp;&nbsp; Financials | 0 | 0 | 684 | 684 |
| &nbsp;&nbsp; Industrials | 0 | 0 | 1005 | 1005 |
|  Rights | Rights | Rights | Rights | Rights |
| &nbsp;&nbsp; Financials | 0 | 0 | 21 | 21 |
|  Warrants | Warrants | Warrants | Warrants | Warrants |
| &nbsp;&nbsp; Financials | 0 | 0 | 24 | 24 |
| &nbsp;&nbsp; Information Technology | 0 | 0 | 34 | 34 |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | 0 | 3384 | 0 | 3384 |
|  Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts |
| &nbsp;&nbsp; Real Estate | 11 | 0 | 0 | 11 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
| &nbsp;&nbsp; Argentina Treasury Bills | $0 | $358 | $0 | $358 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 301 | 0 | 301 |
|  | $622 | $566516 | $6369 | $573507 |
|  **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $67200 | $0 | $0 | $67200 |
|  Total Investments | $67822 | $566516 | $6369 | $640707 |
|  **Short Sales, at Value - Liabilities** | **Short Sales, at Value - Liabilities** | **Short Sales, at Value - Liabilities** | **Short Sales, at Value - Liabilities** | **Short Sales, at Value - Liabilities** |
|  U.S. Government Agencies | $0 | $(3990) | $0 | $(3990) |
|  **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** |
|  Exchange-traded or centrally cleared | 7 | 596 | 0 | 603 |
|  Over the counter | 0 | 1059 | 0 | 1059 |
|  | $7 | $1655 | $0 | $1662 |
|  **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** |
|  Exchange-traded or centrally cleared | (2) | (440) | 0 | (442) |
|  Over the counter | 0 | (2358) | 0 | (2358) |
|  | $(2) | $(2798) | $0 | $(2800) |
|  Total Financial Derivative Instruments | $5 | $(1143) | $0 | $(1138) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;67827 | $&nbsp;&nbsp;&nbsp;&nbsp;561383 | $&nbsp;&nbsp;&nbsp;&nbsp;6369 | $&nbsp;&nbsp;&nbsp;&nbsp;635579 |

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **29** |

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| | | | |
|:---|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Income Portfolio** | **(Cont.)** | December 31, 2022 |

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The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Portfolio during the period ended December 31, 2022:

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Beginning<br>Balance<br>at 12/31/2021** | **Net<br>Purchases** | **Net<br>Sales/<br>Settlements** | **Accrued<br>Discounts/<br>(Premiums)** | **Realized<br>Gain/(Loss)** | **Net Change in**<br> **Unrealized**<br> **Appreciation/**<br> **(Depreciation)<sup>(1)</sup>** | **Transfers into<br>Level 3** | **Transfers out<br>of Level 3** | **Ending<br>Balance<br>at 12/31/2022** | **Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>12/31/2022 <sup>(1)</sup>** |
|  **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** |
|  Loan Participations and Assignments | $2692 | $2472 | $(233) | $8 | $1 | $61 | $0 | $(535) | $4466 | $74 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Industrials | 2102 | 0 | (2104) | 0 | 0 | 2 | 0 | 0 | 0 | 0 |
|  Asset-Backed Securities | 86 | 0 | (88) | 0 | (1) | 3 | 0 | 0 | 0 | 0 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Communication Services | 462 | 0 | 0 | 0 | 0 | (327) | 0 | 0 | 135 | (327) |
| &nbsp;&nbsp; Financials | 0 | &nbsp;&nbsp;&nbsp;&nbsp;2094 | 0 | 0 | 0 | (1410) | 0 | 0 | 684 | (1410) |
| &nbsp;&nbsp; Industrials | 834 | 0 | 0 | 0 | 0 | 171 | 0 | 0 | 1005 | 171 |
|  Rights | Rights | Rights | Rights | Rights | Rights | Rights | Rights | Rights | Rights | Rights |
| &nbsp;&nbsp; Financials | 0 | 0 | 0 | 0 | 0 | 21 | 0 |  | 21 | 21 |
|  Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants |
| &nbsp;&nbsp; Financials | 0 | 182 | 0 | 0 | (56) | (102) | 0 | 0 | 24 | (102) |
| &nbsp;&nbsp; Information Technology | 42 | 0 | 0 | 0 | 0 | (8) | 0 | 0 | 34 | (8) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;6218 | $4748 | $&nbsp;&nbsp;&nbsp;&nbsp;(2425) | $&nbsp;&nbsp;&nbsp;&nbsp;8 | $&nbsp;&nbsp;&nbsp;&nbsp;(56) | $&nbsp;&nbsp;&nbsp;&nbsp;(1589) | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;(535) | $&nbsp;&nbsp;&nbsp;&nbsp;6369 | $&nbsp;&nbsp;&nbsp;&nbsp;(1581) |

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The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Ending<br>Balance<br>at 12/31/2022** | | |  | **(% Unless Noted Otherwise)** | **(% Unless Noted Otherwise)** |
| <br>**Category and Subcategory** | **Ending<br>Balance<br>at 12/31/2022** | <br>**Valuation<br>Technique** | <br>**Unobservable<br>Inputs** | | **Input Value(s)** | **Weighted<br>Average** |
|  **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** |
|  Loan Participations and Assignments | $2253 | Discounted Cash Flow | Discount Rate |  | 9.500 |  |
|  | 2213 | Discounted Cash Flow | Discount Spread |  | 9.080 |  |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 135 | Reference Instrument | Stock Price<br>W/Liquidity Discount |  | 10.000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 684 | Indicative Market Quotation | Price | $— | 24.000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 1004 | Market Comparable Valuation/<br>Discounted Cash Flow | Revenue \| EBITDA<br>Multiple/Discount Rate | % | 0.620\|6.160/10.000 |  |
|  | 1 | Indicative Market Quotation | Price | $— | 7.500 |  |
|  Rights | Rights | Rights | Rights | Rights | Rights | Rights |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 21 | Other Valuation Techniques<sup>(2)</sup> |  |  |  |  |
|  Warrants | Warrants | Warrants | Warrants | Warrants | Warrants | Warrants |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 1 | Indicative Market Quotation | Price | $— | 2.000-3.500 | 3.322 |
|  | 23 | Other Valuation Techniques<sup>(2)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 34 | Market Comparable Valuation | EBITDA Multiple |  | 4.500 |  |
|  Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6369 |  |  |  |  |  |

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<sup>(1)</sup> Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at December 31, 2022 may be due to an investment no longer held or categorized as Level 3 at period end.

<sup>(2)</sup> Includes valuation techniques not defined in the Notes to Financial Statements as securities valued using such techniques are not considered significant to the Portfolio.

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|:---|:---|:---|
| **30** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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|:---|:---|
| **Notes to Financial Statements** | December 31, 2022 |

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1. ORGANIZATION

PIMCO Variable Insurance Trust (the "Trust") is a Delaware statutory trust established under a trust instrument dated October 3, 1997. The Trust is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Trust is designed to be used as an investment vehicle by separate accounts of insurance companies that fund variable annuity contracts and variable life insurance policies and by qualified pension and retirement plans. Information presented in these financial statements pertains to the Institutional Class, Administrative Class and Advisor Class shares of the PIMCO Income Portfolio (the "Portfolio") offered by the Trust. Pacific Investment Management Company LLC ("PIMCO") serves as the investment adviser (the "Adviser") for the Portfolio.

Hereinafter, the Board of Trustees of the Portfolio shall be collectively referred to as the "Board."

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The Portfolio is treated as an investment company under the reporting requirements of U.S. GAAP. The functional and reporting currency for the Portfolio is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(a) Securities Transactions and Investment Income Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Portfolio is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on

certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statement of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statement of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statement of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable.

(b) Foreign Currency Translation The market values of foreign securities, currency holdings and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies, if any, are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Portfolio does not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) from investments on the Statement of Operations. The Portfolio may invest in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains (losses) arising from sales of spot foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in net realized gain (loss) on foreign currency transactions on the Statement of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period are included in net change in unrealized appreciation (depreciation) on foreign currency assets and liabilities on the Statement of Operations.

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|:---|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **31** |

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|:---|:---|
| **Notes to Financial Statements** | **(Cont.)** |

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(c) Multi-Class Operations Each class offered by the Trust has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets. Realized and unrealized capital gains (losses) are allocated daily based on the relative net assets of each class of the Portfolio. Class specific expenses, where applicable, currently include supervisory and administrative and distribution and servicing fees. Under certain circumstances, the per share net asset value ("NAV") of a class of the Portfolio's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(d) Distributions to Shareholders Distributions from net investment income, if any, are declared daily and distributed to shareholders monthly. In addition, the Portfolio distributes any net capital gains it earns from the sale of portfolio securities to shareholders no less frequently than annually. The Portfolio may revise its distribution policy or postpone the payment of distributions at any time.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on the Portfolio's annual financial statements presented under U.S. GAAP.

Separately, if the Portfolio determines or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources other than net investment income in accordance with its policies, accounting records (if applicable), and accounting practices, the Portfolio will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, the Portfolio determines or estimates, as applicable, the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is determined or estimated, as applicable, that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between the Portfolio's daily internal accounting records and practices, the Portfolio's financial statements presented in accordance with U.S.

GAAP, and recordkeeping practices under income tax regulations. For instance, the Portfolio's internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include but are not limited to, for certain Portfolios, the treatment of periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that the Portfolio may not issue a Section 19 Notice in situations where the Portfolio's financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution's tax character will be provided to shareholders when such information is available.

Distributions classified as a tax basis return of capital at the Portfolio's fiscal year end, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital on the Statement of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Statement of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(e) New Accounting Pronouncements and Regulatory Updates In March 2020, the Financial Accounting Standards Board ("FASB") issued an Accounting Standards Update ("ASU"), ASU 2020-04, which provides optional guidance to ease the potential accounting burden associated with transitioning away from the London Interbank Offered Rate and other reference rates that are expected to be discontinued. ASU 2020-04 is effective for certain reference rate-related contract modifications that occurred during the period March 12, 2020 through December 31, 2022. In March 2021, the administrator for LIBOR announced the extension of the publication of a majority of the USD LIBOR settings to June 30, 2023. In December 2022, FASB issued ASU 2022-06, which includes amendments to extend the duration of the LIBOR transition relief to December 31, 2024, after which entities will no longer be permitted to apply the reference rate reform relief. Management is continuously evaluating the potential effect a discontinuation of LIBOR could have on the Portfolio's investments and has determined that it is unlikely the ASU's adoption will have a material impact on the Portfolio's financial statements.

In October 2020, the U.S. Securities and Exchange Commission ("SEC") adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by

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| **32** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2022

registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover transactions. Subject to certain exceptions, the rule requires funds that trade derivatives and other transactions that create future payment or delivery obligations to comply with a value-at-risk leverage limit and certain derivatives risk management program and reporting requirements. The effective date for the rule was February 19, 2021. The compliance date for the new rule and the related reporting requirements was August 19, 2022. Management has implemented changes in connection with the rule and has determined that there was no material impact to the Portfolio's financial statements.

In October 2020, the SEC adopted a rule regarding the ability of a fund to invest in other funds. The rule allows a fund to acquire shares of another fund in excess of certain limitations currently imposed by the Act without obtaining individual exemptive relief from the SEC, subject to certain conditions. The rule also includes the rescission of certain exemptive relief from the SEC and guidance from the SEC staff for funds to invest in other funds. The effective date for the rule was January 19, 2021, and the compliance date for the rule was January 19, 2022. Management has implemented changes in connection with the rule and has determined that there was no material impact to the Portfolio's financial statements.

In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value as well as for the performance of fair value determinations, including related oversight and reporting obligations. The new rule also defines "readily available market quotations" for purposes of the definition of "value" under the Act, and the SEC noted that this definition would apply in all contexts under the Act. The effective date for the rule was March 8, 2021. The compliance date for the new rule and the related reporting requirements was September 8, 2022. Management has implemented changes in connection with the rule and has determined that there was no material impact to the Portfolio's financial statements.

In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820), which affects all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring the fair value. The amendments also require additional disclosures for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The effective date for the amendments in ASU 2022-03 is for fiscal years beginning after December 15, 2023 and interim periods within those

fiscal years. At this time, management is evaluating the implications of these changes on the financial statements.

In October 2022, the SEC adopted changes to the mutual fund and ETF shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which will change the disclosures provided to shareholders. The rule is effective as of January 24, 2023, but the SEC is providing an 18-month compliance period after the effective date other than for rule amendments addressing fee and expense information in advertisements that might be materially misleading. At this time, management is evaluating the implications of these changes on the financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies The NAV of the Portfolio's shares, or each of its share classes as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Portfolio or class, less any liabilities, as applicable, by the total number of shares outstanding.

On each day that the New York Stock Exchange ("NYSE") is open, the Portfolio's shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) ("NYSE Close"). Information that becomes known to the Portfolio or its agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, the Portfolio may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. The Portfolio generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, the Portfolio may calculate its NAV as of the NYSE Close for such day or such other time that the Portfolio may determine.

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Portfolio will normally use pricing data for domestic equity securities received shortly after the NYSE Close and does not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. If market value pricing is used, a

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foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange, or the NYSE Close, if the NYSE Close occurs before the end of trading on the foreign exchange.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated PIMCO as the valuation designee ("Valuation Designee") for the Portfolio to perform the fair value determination relating to all Portfolio investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee's policies and procedures govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Portfolio investments. The Valuation Designee may value Portfolio securities for which market quotations are not readily available and other Portfolio assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, "Pricing Sources").

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives, and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Exchange-traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Swap agreements are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of the Portfolio's assets that are invested in one or more open-end management investment companies (other than ETFs), the Portfolio's NAV will be calculated based on the NAVs of such investments. Open-end management investment companies may include affiliated funds.

If a foreign (non-U.S.) equity security's value has materially changed after the close of the security's primary exchange or principal market but before the NYSE Close, the security may be valued at fair value. Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, the Portfolio may determine the fair value of investments based on information provided by Pricing Sources, which

may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indexes) that occur after the close of the relevant market and before the NYSE Close. The Portfolio may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, unless otherwise determined by the Valuation Designee, any movement in the applicable reference index or instrument ("zero trigger") between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Trust is not open for business, which may result in the Portfolio's portfolio investments being affected when shareholders are unable to buy or sell shares.

Whole loans may be fair valued using inputs that take into account borrower-or loan-level (e.g., credit risk of the borrower) that is updated periodically throughout the life of each individual loan; any new borrower- or loan-level data received in written reports periodically by the Portfolio normally will be taken into account in calculating the NAV. The Portfolio's whole loan investments, including those originated by the Portfolio, generally are fair valued in accordance with procedures approved by the Board.

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Sources. As a result, the value of such investments and, in turn, the NAV of the Portfolio's shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Trust is not open for business. As a result, to the extent that the Portfolio holds foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in the Portfolio's next calculated NAV.

Fair valuation may require subjective determinations about the value of a security. While the Trust's and Valuation Designee's policies and procedures are intended to result in a calculation of the Portfolio's NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values accurately reflect the price that the Portfolio could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Portfolio may differ from the value that would

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be realized if the securities were sold. The Portfolio's use of fair valuation may also help to deter "stale price arbitrage" as discussed under the "Frequent or Excessive Purchases, Exchanges and Redemptions" section in the Portfolio's prospectus.

Under certain circumstances, the per share NAV of a class of the Portfolio's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2, or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2, and 3 of the fair value hierarchy are defined as follows:

<sup>∎</sup> Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

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| <sup>∎</sup> | Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs. |

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<sup>∎</sup> Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

Assets or liabilities categorized as Level 2 or 3 as of period end have been transferred between Levels 2 and 3 since the prior period due to changes in the method utilized in valuing the investments. Transfers from Level 3 to Level 2 are a result of the availability of current and reliable market-based data provided by Pricing Services or other valuation techniques which utilize significant observable inputs. In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for the Portfolio.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for

reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between Levels of the Portfolio's assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy, and if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for the Portfolio.

(c) Valuation Techniques and the Fair Value Hierarchy

Level 1, Level 2 and Level 3 trading assets and trading liabilities, at fair value The valuation methods (or "techniques") and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1, Level 2 and Level 3 of the fair value hierarchy are as follows:

Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

Investments in registered open-end investment companies (other than ETFs) will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in unregistered open-end investment companies will be calculated based upon the NAVs of such investments and are considered Level 1 provided that the NAVs are observable, calculated daily and are the value at which both purchases and sales will be conducted.

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities and non-U.S. bonds are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Sources' internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

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Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy. Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or Pricing Sources. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers or Pricing Sources (normally determined as of the NYSE Close). Depending on the product and the terms of the transaction, financial derivative instruments can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as quoted prices, issuer details, indices, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. They are valued using a broker-dealer bid

quotation or on market-based prices provided by Pricing Sources (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models may use inputs that are observed from actively quoted markets such as the overnight index swap rate, LIBOR forward rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

If third-party evaluated vendor pricing is not available or not deemed to be indicative of fair value, the Adviser may elect to obtain Broker Quotes directly from the broker-dealer or passed through from a third-party vendor. In the event that fair value is based upon a single sourced Broker Quote, these securities are categorized as Level 3 of the fair value hierarchy. Broker Quotes are typically received from established market participants. Although independently received, the Adviser does not have the transparency to view the underlying inputs which support the market quotation. Significant changes in the Broker Quote would have direct and proportional changes in the fair value of the security.

Reference instrument valuation estimates fair value by utilizing the correlation of the security to one or more broad-based securities, market indices, and/or other financial instruments, whose pricing information is readily available. Unobservable inputs may include those used in algorithms based on percentage change in the reference instruments and/or weights of each reference instrument. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source or input of the reference instrument.

The Discounted Cash Flow model is based on future cash flows generated by the investment and may be normalized based on expected investment performance. Future cash flows are discounted to present value using an appropriate rate of return, typically calibrated to the initial transaction date and adjusted based on Capital Asset Pricing Model and/or other market-based inputs. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

The Comparable Companies model is based on application of valuation multiples from publicly traded comparable companies to the financials of the subject company. Adjustments may be made to the market-derived valuation multiples based on differences between the comparable companies and the subject company. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

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Short-term debt instruments (such as commercial paper) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost value of such short-term debt instruments is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price.

When a fair valuation method is applied by PIMCO that uses significant unobservable inputs, investments will be priced by a method that the Valuation Designee believes reflects fair value and are categorized as Level 3 of the fair value hierarchy.

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

The Portfolio may invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III ("Central Funds") to the extent permitted by the Act and rules thereunder. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Portfolio. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC's website at www.sec.gov. A copy of each affiliate fund's shareholder report is also available at the SEC's website at www.sec.gov, on the Portfolio's website at www.pimco.com, or upon request, as applicable. The table below shows the Portfolio's transactions in and earnings from investments in the affiliated Funds for the period ended December 31, 2022 (amounts in thousands<sup>†</sup>):

**Investment in PIMCO Short-Term Floating NAV Portfolio III** 

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| **Market Value<br>12/31/2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Market Value<br>12/31/2022** | **Dividend<br>Income<sup>(1)</sup>** | **Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup>** |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43981 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251009 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(227800) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(577) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

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| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(1)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

(b) Investments in Securities

The Portfolio may utilize the investments and strategies described below to the extent permitted by the Portfolio's investment policies.

Delayed-Delivery Transactions involve a commitment by the Portfolio to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, the Portfolio will designate or receive as collateral liquid assets in an amount sufficient to meet the purchase price or respective obligations. When purchasing a security on a delayed-delivery basis, the Portfolio assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. The Portfolio may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain (loss). When the Portfolio has sold a security on a delayed-delivery basis, the Portfolio does not participate in future gains (losses) with respect to the security.

Inflation-Indexed Bonds are fixed income securities whose principal value is periodically adjusted by the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Statement of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury Inflation-Protected Securities. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

Loans and Other Indebtedness, Loan Participations and Assignments are direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental, or other borrowers. The Portfolio's investments in loans

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may be in the form of participations in loans or assignments of all or a portion of loans from third parties or investments in or originations of loans by the Portfolio. A loan is often administered by a bank or other financial institution (the "agent") that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. The Portfolio may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When the Portfolio purchases assignments from agents it acquires direct rights against the borrowers of the loans. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing through, for example, the issuance of bonds, frequently high yield bonds issued for the purpose of acquisitions.

The types of loans and related investments in which the Portfolio may invest include, among others, senior loans, subordinated loans (including second lien loans, B-Notes and mezzanine loans), whole loans, commercial real estate and other commercial loans and structured loans. The Portfolio may originate loans or acquire direct interests in loans through primary loan distributions and/or in private transactions. In the case of subordinated loans, there may be significant indebtedness ranking ahead of the borrower's obligation to the holder of such a loan, including in the event of the borrower's insolvency. Mezzanine loans are typically secured by a pledge of an equity interest in the mortgage borrower that owns the real estate rather than an interest in a mortgage.

Investments in loans may include unfunded loan commitments, which are contractual obligations for funding. Unfunded loan commitments may include revolving credit facilities, which may obligate the Portfolio to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full, even though a percentage of the committed amount may not be utilized by the borrower. When investing in a loan participation, the Portfolio has the right to receive payments of principal, interest and any fees to which it is entitled only from the agent selling the loan agreement and only upon receipt of payments by the agent from the borrower. The Portfolio may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. In certain circumstances, the Portfolio may receive a penalty fee upon the prepayment of a loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense, respectively, on the Statement of Operations. Unfunded loan commitments are reflected as a liability on the Statement of Assets and Liabilities.

Mortgage-Related and Other Asset-Backed Securities directly or indirectly represent a participation in, or are secured by and payable from, loans on real property. Mortgage-related securities are created

from pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. These securities provide a monthly payment which consists of both interest and principal. Interest may be determined by fixed or adjustable rates. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with the full faith and credit of the U.S. Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Many of the risks of investing in mortgage-related securities secured by commercial mortgage loans reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make lease payments, and the ability of a property to attract and retain tenants. These securities may be less liquid and may exhibit greater price volatility than other types of mortgage-related or other asset-backed securities. Other asset-backed securities are created from many types of assets, including, but not limited to, auto loans, accounts receivable, such as credit card receivables and hospital account receivables, home equity loans, student loans, boat loans, mobile home loans, recreational vehicle loans, manufactured housing loans, aircraft leases, computer leases and syndicated bank loans.

Collateralized Debt Obligations ("CDOs") include Collateralized Bond Obligations ("CBOs"), Collateralized Loan Obligations ("CLOs") and other similarly structured securities. CBOs and CLOs are types of asset-backed securities. A CBO is a trust which is backed by a diversified pool of high risk, below investment grade fixed income securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which the Portfolio invests. In addition to the normal risks associated with fixed income securities discussed elsewhere in this report and the Portfolio's prospectus and statement of additional information (e.g., prepayment risk, credit risk, liquidity risk, market risk, structural risk, legal risk and interest rate risk (which may be exacerbated if the interest rate payable on a structured financing changes based on multiples of changes in interest rates or inversely to changes in interest rates)), CBOs, CLOs and other CDOs carry additional risks including, but not limited to,

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(i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments, (ii) the quality of the collateral may decline in value or default, (iii) the risk that the Portfolio may invest in CBOs, CLOs, or other CDOs that are subordinate to other classes, and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

Collateralized Mortgage Obligations ("CMOs") are debt obligations of a legal entity that are collateralized by whole mortgage loans or private mortgage bonds and divided into classes. CMOs are structured into multiple classes, often referred to as "tranches", with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including prepayments. CMOs may be less liquid and may exhibit greater price volatility than other types of mortgage-related or asset-backed securities.

Payment In-Kind Securities may give the issuer the option at each interest payment date of making interest payments in either cash and/or additional debt securities. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a dirty price) and require a pro rata adjustment from the unrealized appreciation (depreciation) on investments to interest receivable on the Statement of Assets and Liabilities.

Perpetual Bonds are fixed income securities with no maturity date but pay a coupon in perpetuity (with no specified ending or maturity date). Unlike typical fixed income securities, there is no obligation for perpetual bonds to repay principal. The coupon payments, however, are mandatory. While perpetual bonds have no maturity date, they may have a callable date in which the perpetuity is eliminated and the issuer may return the principal received on the specified call date. Additionally, a perpetual bond may have additional features, such as interest rate increases at periodic dates or an increase as of a predetermined point in the future.

Real Estate Investment Trusts ("REITs") are pooled investment vehicles that own, and typically operate, income-producing real estate. If a REIT meets certain requirements, including distributing to shareholders substantially all of its taxable income (other than net capital gains), then it is not taxed on the income distributed to shareholders. Distributions received from REITs may be characterized as income, capital gain or a return of capital. A return of capital is recorded by the Portfolio as a reduction to the cost basis of its investment in the REIT. REITs are subject to management fees and other expenses, and so the Portfolio that invests in REITs will bear its proportionate share of the costs of the REITs' operations.

Restricted Investments are subject to legal or contractual restrictions on resale and may generally be sold privately, but may be required to be registered or exempted from such registration before being sold to the public. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933. Disposal of restricted investments may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Restricted investments held by the Portfolio as of December 31, 2022, as applicable, are disclosed in the Notes to Schedule of Investments.

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the "U.S. Treasury"); and others, such as those of the Federal National Mortgage Association ("FNMA" or "Fannie Mae"), are supported by the discretionary authority of the U.S. Government to purchase the agency's obligations. U.S. Government securities may include zero coupon securities which do not distribute interest on a current basis and tend to be subject to a greater risk than interest-paying securities of similar maturities.

Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac"). FNMA is a government-sponsored corporation. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. Government. FHLMC issues Participation Certificates ("PCs"), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

In June 2019, FNMA and FHLMC started issuing Uniform Mortgage Backed Securities in place of their current offerings of TBA-eligible securities (the "Single Security Initiative"). The Single Security Initiative seeks to support the overall liquidity of the TBA market and aligns the

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characteristics of FNMA and FHLMC certificates. The effects that the Single Security Initiative may have on the market for TBA and other mortgage-backed securities are uncertain.

Roll-timing strategies can be used where the Portfolio seeks to extend the expiration or maturity of a position, such as a TBA security on an underlying asset, by closing out the position before expiration and opening a new position with respect to substantially the same underlying asset with a later expiration date. TBA securities purchased or sold are reflected on the Statement of Assets and Liabilities as an asset or liability, respectively. Recently finalized FINRA rules include mandatory margin requirements for the TBA market that requires the Portfolio to post collateral in connection with its TBA transactions. There is no similar requirement applicable to the Portfolio's TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the Portfolio and impose added operational complexity.

Warrants are securities that are usually issued together with a debt security or preferred security and that give the holder the right to buy a proportionate amount of common stock at a specified price. Warrants normally have a life that is measured in years and entitle the holder to buy common stock of a company at a price that is usually higher than the market price at the time the warrant is issued. Warrants may entail greater risks than certain other types of investments. Generally, warrants do not carry the right to receive dividends or exercise voting rights with respect to the underlying securities, and they do not represent any rights in the assets of the issuer. In addition, their value does not necessarily change with the value of the underlying securities, and they cease to have value if they are not exercised on or before their expiration date. If the market price of the underlying stock does not exceed the exercise price during the life of the warrant, the warrant will expire worthless. Warrants may increase the potential profit or loss to be realized from the investment as compared with investing the same amount in the underlying securities. Similarly, the percentage increase or decrease in the value of an equity security warrant may be greater than the percentage increase or decrease in the value of the underlying common stock. Warrants may relate to the purchase of equity or debt securities. Debt obligations with warrants attached to purchase equity securities have many characteristics of convertible securities and their prices may, to some degree, reflect the performance of the underlying stock. Debt obligations also may be issued with warrants attached to purchase additional debt securities at the same coupon rate. A decline in interest rates would permit the Portfolio to sell such warrants at a profit. If interest rates rise, these warrants would generally expire with no value.

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5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Portfolio may enter into the borrowings and other financing transactions described below to the extent permitted by the Portfolio's investment policies.

The following disclosures contain information on the Portfolio's ability to lend or borrow cash or securities to the extent permitted under the Act, which may be viewed as borrowing or financing transactions by the Portfolio. The location of these instruments in the Portfolio's financial statements is described below.

(a) Short Sales Short sales are transactions in which the Portfolio sells a security that it may not own. The Portfolio may make short sales of securities to (i) offset potential declines in long positions in similar securities, (ii) to increase the flexibility of the Portfolio, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When the Portfolio engages in a short sale, it may borrow the security sold short and deliver it to the counterparty. The Portfolio will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Statement of Assets and Liabilities. Short sales expose the Portfolio to the risk that it will be required to cover its short position at a time when the security or other asset has appreciated in value, thus resulting in losses to the Portfolio. A short sale is "against the box" if the Portfolio holds in its portfolio or has the right to acquire the security sold short, or securities identical to the security sold short, at no additional cost. The Portfolio will be subject to additional risks to the extent that it engages in short sales that are not "against the box." The Portfolio's loss on a short sale could theoretically be unlimited in cases where the Portfolio is unable, for whatever reason, to close out its short position.

(b) Interfund Lending In accordance with an exemptive order (the "Order") from the SEC, each Portfolio of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Portfolio's investment policies and restrictions. Each Portfolio is currently permitted to borrow under the Interfund Lending Program. A lending portfolio may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing portfolio through the Interfund Lending Program. A borrowing portfolio may not borrow

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through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the portfolio's investment restrictions). If a borrowing portfolio's total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending portfolio and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended December 31, 2022, the Portfolio did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

The Portfolio may enter into the financial derivative instruments described below to the extent permitted by the Portfolio's investment policies.

The following disclosures contain information on how and why the Portfolio uses financial derivative instruments, and how financial derivative instruments affect the Portfolio's financial position, results of operations and cash flows. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Statement of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table in the Notes to Schedule of Investments. The financial derivative instruments outstanding as of period end and the amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Schedule of Investments, serve as indicators of the volume of financial derivative activity for the Portfolio.

(a) Forward Foreign Currency Contracts may be engaged, in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of the Portfolio's securities or as part of an investment strategy. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked to market daily, and the change in value is recorded by the Portfolio as an unrealized gain (loss). Realized gains (losses) are equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed and are recorded upon delivery or receipt of the currency. These contracts may involve market risk in excess of the unrealized gain (loss) reflected on the Statement of

Assets and Liabilities. In addition, the Portfolio could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar. To mitigate such risk, cash or securities may be exchanged as collateral pursuant to the terms of the underlying contracts.

(b) Futures Contracts are agreements to buy or sell a security or other asset for a set price on a future date and are traded on an exchange. The Portfolio may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by the Portfolio and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Portfolio is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by the Portfolio ("Futures Variation Margin"). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Statement of Assets and Liabilities. Gains (losses) are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the Futures Variation Margin included within exchange traded or centrally cleared financial derivative instruments on the Statement of Assets and Liabilities.

(c) Options Contracts may be written or purchased to enhance returns or to hedge an existing position or future investment. The Portfolio may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase the Portfolio's exposure to the underlying instrument. Writing call options tends to decrease the Portfolio's exposure to the underlying instrument. When the Portfolio writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. These amounts are included on the Statement of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The Portfolio as a writer of an option

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has no control over whether the underlying instrument may be sold ("call") or purchased ("put") and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Portfolio may not be able to enter into a closing transaction because of an illiquid market.

Purchasing call options tends to increase the Portfolio's exposure to the underlying instrument. Purchasing put options tends to decrease the Portfolio's exposure to the underlying instrument. The Portfolio pays a premium which is included as an asset on the Statement of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed.

Credit Default Swaptions may be written or purchased to hedge exposure to the credit risk of an investment without making a commitment to the underlying instrument. A credit default swaption is an option to sell or buy credit protection on a specific reference by entering into a pre-defined swap agreement by some specified date in the future.

Interest Rate Swaptions may be written or purchased to enter into a pre-defined swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, by some specified date in the future. The writer of the swaption becomes the counterparty to the swap if the buyer exercises. The interest rate swaption agreement will specify whether the buyer of the swaption will be a fixed-rate receiver or a fixed-rate payer upon exercise.

Options on Exchange-Traded Futures Contracts ("Futures Option") may be written or purchased to hedge an existing position or future investment, for speculative purposes or to manage exposure to market movements. A Futures Option is an option contract in which the underlying instrument is a single futures contract.

Options on Securities may be written or purchased to enhance returns or to hedge an existing position or future investment. An option on a security uses a specified security as the underlying instrument for the option contract.

(d) Swap Agreements are bilaterally negotiated agreements between the Portfolio and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified,

future intervals. Swap agreements may be privately negotiated in the over the counter market ("OTC swaps") or may be cleared through a third party, known as a central counterparty or derivatives clearing organization ("Centrally Cleared Swaps"). The Portfolio may enter into asset, credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Statement of Operations. Daily changes in valuation of centrally cleared swaps ("Swap Variation Margin"), if any, are disclosed within centrally cleared financial derivative instruments on the Statement of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Statement of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain (loss) on the Statement of Operations.

For purposes of applying certain of the Portfolio's investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by the Portfolio at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of the Portfolio's investment policies and restrictions, the Portfolio will value the credit default swap at its notional value or its full exposure value (*i.e.*, the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of the Portfolio's other investment policies and restrictions. For example, the Portfolio may value credit default swaps at full exposure value for purposes of the Portfolio's credit quality guidelines (if any) because such value in general better

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reflects the Portfolio's actual economic exposure during the term of the credit default swap agreement. As a result, the Portfolio may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in the Portfolio's prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether the Portfolio is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by the Portfolio for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates or the values of the asset upon which the swap is based.

The Portfolio's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive. The risk may be mitigated by having a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral to the Portfolio to cover the Portfolio's exposure to the counterparty.

To the extent the Portfolio has a policy to limit the net amount owed to or to be received from a single counterparty under existing swap agreements, such limitation only applies to counterparties to OTC swaps and does not apply to centrally cleared swaps where the counterparty is a central counterparty or derivatives clearing organization.

Credit Default Swap Agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues are entered into to provide a measure of protection against defaults of the issuers (*i.e.*, to reduce risk where the Portfolio owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer's default. Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event that the referenced entity, obligation or index, as specified in the swap agreement, undergoes a certain credit event. As a seller of protection on credit default swap agreements, the Portfolio will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, the Portfolio

would effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the notional amount of the swap.

If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection's right to choose the deliverable obligation with the lowest value following a credit event).

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name's weight in the index. The composition of the indices changes

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periodically, usually every six months, and for most indices, each name has an equal weight in the index. Credit default swaps on credit indices may be used to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indices are instruments for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues as of period end, if any, are disclosed in the Notes to Schedule of Investments. They serve as an indicator of the current status of payment/performance risk and represent the likelihood or risk of default for the reference entity. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. For credit default swap agreements on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that the Portfolio as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of period end for which the Portfolio is the seller of protection are disclosed in the Notes to Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Portfolio for the same referenced entity or entities.

Interest Rate Swap Agreements may be entered into to help hedge against interest rate risk exposure and to maintain the Portfolio's ability to generate income at prevailing market rates. The value of the fixed rate bonds that the Portfolio holds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swap agreements involve the

exchange by the Portfolio with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap," (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor," (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.

Total Return Swap Agreements are entered into to gain or mitigate exposure to the underlying reference asset. Total return swap agreements involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset and on a fixed or variable interest rate. Total return swap agreements may involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific underlying reference asset, which may include a single security, a basket of securities, or an index, and in return receives a fixed or variable rate. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference asset less a financing rate, if any. As a receiver, the Portfolio would receive payments based on any net positive total return and would owe payments in the event of a net negative total return. As the payer, the Portfolio would owe payments on any net positive total return, and would receive payments in the event of a net negative total return.

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in the Portfolio, which could adversely affect its net asset value, yield and total return, are listed below. Please see "Description of Principal Risks" in the Portfolio's prospectus for a more detailed description of the risks of investing in the Portfolio.

Interest Rate Risk is the risk that fixed income securities will decline in value because of an increase in interest rates; a portfolio with a longer average portfolio duration will be more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

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Call Risk is the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their maturity for a number of reasons (*e.g.*, declining interest rates, changes in credit spreads and improvements in the issuer's credit quality). If an issuer calls a security that the Portfolio has invested in, the Portfolio may not recoup the full amount of its initial investment and may be forced to reinvest in lower- yielding securities, securities with greater credit risks or securities with other, less favorable features.

Credit Risk is the risk that the Portfolio could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations.

High Yield Risk is the risk that high yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") are subject to greater levels of credit, call and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments, and may be more volatile than higher-rated securities of similar maturity.

Market Risk is the risk that the value of securities owned by the Portfolio may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries.

Issuer Risk is the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services.

Liquidity Risk is the risk that a particular investment may be difficult to purchase or sell and that the Portfolio may be unable to sell illiquid investments at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity.

Derivatives Risk is the risk of investing in derivative instruments (such as forwards, futures, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks and valuation complexity. Changes in the value of a derivative or other similar investment may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and the Portfolio could lose more than the initial amount

invested. Changes in the value of a derivative or other similar instrument may also create margin delivery or settlement payment obligations for the Portfolio. The Portfolio's use of derivatives or other similar investments may result in losses to the Portfolio, a reduction in the Portfolio's returns and/or increased volatility. Over- the-counter ("OTC") derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for OTC derivatives or other similar investments. The primary credit risk on derivatives that are exchange-traded or traded through a central clearing counterparty, resides with the Portfolio's clearing broker or the clearinghouse. Changes in regulation relating to a registered fund's use of derivatives and related instruments could potentially limit or impact the Portfolio's ability to invest in derivatives, limit the Portfolio's ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and the Portfolio's performance.

Equity Risk is the risk that the value of equity securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity securities generally have greater price volatility than fixed income securities.

Mortgage-Related and Other Asset-Backed Securities Risk is the risk of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk.

Foreign (Non-U.S.) Investment Risk is the risk that investing in foreign (non-U.S.) securities may result in the Portfolio experiencing more rapid and extreme changes in value than a portfolio that invests exclusively in securities of U.S. companies, due to smaller markets, differing reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, or political changes, diplomatic developments or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.

Emerging Markets Risk is the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk.

Sovereign Debt Risk is the risk that investments in fixed income instruments issued by sovereign entities may decline in value as a result of default or other adverse credit event resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion.

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Currency Risk is the risk that foreign (non-U.S.) currencies will change in value relative to the U.S. dollar and affect the Portfolio's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies.

Leveraging Risk is the risk that certain transactions of the Portfolio, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing the Portfolio to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss.

Management Risk is the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio managers in connection with managing the Portfolio and may cause PIMCO to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of the Portfolio will be achieved.

Short Exposure Risk is the risk of entering into short sales or other short positions, including the potential loss of more money than the actual cost of the investment, and the risk that the third party to the short sale or other short position will not fulfill its contractual obligations, causing a loss to the Portfolio.

Distribution Rate Risk is the risk that the Portfolio's distribution rate may change unexpectedly as a result of numerous factors, including changes in realized and projected market returns, fluctuations in market interest rates, Portfolio performance and other factors.

Contingent Convertible Securities Risk is the risk of investing in contingent convertible securities, including the risk that interest payments will be cancelled by the issuer or a regulatory authority, the risk of ranking junior to other creditors in the event of a liquidation or other bankruptcy-related event as a result of holding subordinated debt, the risk of the Portfolio's investment becoming further subordinated as a result of conversion from debt to equity, the risk that principal amount due can be written down to a lesser amount, and the general risks applicable to fixed income investments, including interest rate risk, credit risk, market risk and liquidity risk, any of which could result in losses to the Portfolio.

(b) Other Risks

In general, the Portfolio may be subject to additional risks, including, but not limited to, risks related to government regulation and intervention in financial markets, operational risks, risks associated

with financial, economic and global market disruptions, and cyber security risks. Please see the Portfolio's prospectus and Statement of Additional Information for a more detailed description of the risks of investing in the Portfolio. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments that may impact the Portfolio's performance.

Market Disruption Risk The Portfolio is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets and cause the Portfolio to lose value. These events can also impair the technology and other operational systems upon which the Portfolio's service providers, including PIMCO as the Portfolio's investment adviser, rely, and could otherwise disrupt the Portfolio's service providers' ability to fulfill their obligations to the Portfolio. For example, the recent spread of an infectious respiratory illness caused by a novel strain of coronavirus (known as COVID-19) has caused volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities the Portfolio holds, and may adversely affect the Portfolio's investments and operations. Please see the Important Information section for additional discussion of the COVID-19 pandemic.

Government Intervention in Financial Markets Federal, state, and other governments, their regulatory agencies, or self-regulatory organizations may take actions that affect the regulation of the instruments in which the Portfolio invests, or the issuers of such instruments, in ways that are unforeseeable. Legislation or regulation may also change the way in which the Portfolio itself is regulated. Such legislation or regulation could limit or preclude the Portfolio's ability to achieve its investment objective. Furthermore, volatile financial markets can expose the Portfolio to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Portfolio. The value of the Portfolio's holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which the Portfolio invests. In addition, it is not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.

Regulatory Risk Financial entities, such as investment companies and investment advisers, are generally subject to extensive government

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regulation and intervention. Government regulation and/or intervention may change the way the Portfolio is regulated, affect the expenses incurred directly by the Portfolio and the value of its investments, and limit and/or preclude the Portfolio's ability to achieve its investment objective. Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects.

Operational Risk An investment in the Portfolio, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Portfolio. While the Portfolio seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Portfolio.

Cyber Security Risk As the use of technology has become more prevalent in the course of business, the Portfolio has become potentially more susceptible to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional cyber events that may, among other things, cause the Portfolio to lose proprietary information, suffer data corruption and/or destruction or lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Cyber security failures or breaches may result in financial losses to the Portfolio and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with the Portfolio's ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. There is also a risk that cyber security breaches may not be detected. The Portfolio and its shareholders may suffer losses as a result of a cyber security breach related to the Portfolio, its service providers, trading counterparties or the issuers in which the Portfolio invests.

8. MASTER NETTING ARRANGEMENTS

The Portfolio may be subject to various netting arrangements ("Master Agreements") with select counterparties. Master Agreements govern

the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow the Portfolio to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes the Statement of Assets and Liabilities generally presents derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Statement of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statement of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. The Portfolio's overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively "Master Repo Agreements") govern repurchase, reverse repurchase, and certain sale-buyback transactions between the Portfolio and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default, and maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Schedule of Investments.

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| **Notes to Financial Statements** | **(Cont.)** |

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Master Securities Forward Transaction Agreements ("Master Forward Agreements") govern certain forward settling transactions, such as TBA securities, delayed-delivery or certain sale-buyback transactions by and between the Portfolio and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Schedule of Investments.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant ("FCM") registered with the Commodity Futures Trading Commission. In the United States, counterparty risk may be reduced as creditors of an FCM cannot have a claim to Portfolio assets in the segregated account. Portability of exposure reduces risk to the Portfolio. Variation margin, which reflects changes in market value, is generally exchanged daily, but may not be netted between futures and cleared OTC derivatives unless the parties have agreed to a separate arrangement in respect of portfolio margining. The market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin as of period end are disclosed in the Notes to Schedule of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes ("ISDA Master Agreements") govern bilateral OTC derivative transactions entered into by the Portfolio with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. The ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level or as required by regulation. Similarly, if required by regulation, the Portfolio may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent the Portfolio is required by regulation to post additional collateral beyond coverage of daily exposure, it could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated

with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedule of Investments.

9. FEES AND EXPENSES

(a) Investment Advisory Fee PIMCO is a majority-owned subsidiary of Allianz Asset Management of America LLC ("Allianz Asset Management") and serves as the Adviser to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from the Portfolio at an annual rate based on average daily net assets (the "Investment Advisory Fee"). The Investment Advisory Fee for all classes is charged at an annual rate as noted in the table in note (b) below.

(b) Supervisory and Administrative Fee PIMCO serves as administrator (the "Administrator") and provides supervisory and administrative services to the Trust for which it receives a monthly supervisory and administrative fee based on each share class's average daily net assets (the "Supervisory and Administrative Fee"). As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs.

The Investment Advisory Fee and Supervisory and Administrative Fees for all classes, as applicable, are charged at the annual rate as noted in the following table (calculated as a percentage of the Portfolio's average daily net assets attributable to each class):

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Advisory Fee** | **Supervisory and Administrative Fee** | **Supervisory and Administrative Fee** | **Supervisory and Administrative Fee** | **Supervisory and Administrative Fee** |
| **All Classes** | **Institutional<br>Class** | **Class M** | **Administrative<br>Class** | **Advisor<br>Class** |
| 0.25% | 0.40% | 0.40% \* | 0.40% | 0.40% |

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\* This particular share class has been registered with the SEC, but has not yet launched.

(c) Distribution and Servicing Fees PIMCO Investments LLC, a wholly-owned subsidiary of PIMCO, serves as the distributor ("Distributor") of the Trust's shares.

The Trust has adopted an Administrative Services Plan with respect to the Administrative Class shares of the Portfolio pursuant to Rule 12b-1 under the Act (the "Administrative Plan"). Under the terms of the Administrative Plan, the Trust is permitted to compensate the Distributor, out of the Administrative Class assets of the Portfolio, in an amount up to 0.15% on an annual basis of the average daily net assets of that class, for providing or procuring through financial intermediaries administrative, recordkeeping and investor services for Administrative Class shareholders of the Portfolio.

The Trust has adopted a separate Distribution and Servicing Plan for the Advisor Class shares of the Portfolio (the "Distribution and

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Servicing Plan"). The Distribution and Servicing Plan has been adopted pursuant to Rule 12b-1 under the Act. The Distribution and Servicing Plan permits the Portfolio to compensate the Distributor for providing or procuring through financial intermediaries, distribution, administrative, recordkeeping, shareholder and/or related services with respect to Advisor Class shares. The Distribution and Servicing Plan permits the Portfolio to make total payments at an annual rate of up to 0.25% of its average daily net assets attributable to its Advisor Class and Class M shares. The Distribution and Servicing Plan for Class M shares also permits the Portfolio to compensate the Distributor for providing or procuring administrative, recordkeeping, and other investor services at an annual rate of up to 0.20% of its average daily net assets attributable to its Class M shares.

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|:---|:---|:---|
|  | **Distribution Fee** | **Servicing Fee** |
|  **Class M\*** | 0.25% | 0.20% |
|  **Administrative Class** |  | 0.15% |
|  **Advisor Class** | 0.25% |  |

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\* This particular share class has been registered with the SEC, but has not yet launched.

(d) Portfolio Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Portfolio, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust's executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Portfolio, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust's Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual portfolio operating expenses per share class.

The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(e) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has agreed, through May 1, 2023, to waive a portion of the Portfolio's Supervisory and Administrative Fee, or reimburse the Portfolio, to the extent that the Portfolio's organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata share of Trustee Fees exceed 0.0049%, the "Expense Limit" (calculated as a percentage of the Portfolio's average daily net assets attributable to each class). The Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. The waiver, if any, is reflected on the Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO.

In any month in which the supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by the Portfolio of any portion of the supervisory and administrative fee waived or reimbursed as set forth above (the "Reimbursement Amount") within thirty-six months of the time of the waiver, provided that such amount paid to PIMCO will not: i) together with any organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee fees, exceed, for such month, the Expense Limit (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit); ii) exceed the total Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. At December 31, 2022, there were no recoverable amounts.

10. RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties. Fees paid to these parties are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Statement of Assets and Liabilities.

The Portfolio is permitted to purchase or sell securities from or to certain related affiliated portfolios under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Portfolio from or to another fund or portfolio that are, or could be, considered an affiliate, or an affiliate of an affiliate, by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with applicable SEC rule and interpretations under the Act. Further, as defined under the procedures, each transaction is effected at the current market price. Purchases and sales of securities pursuant to applicable SEC rule and interpretations under the Act for the period ended December 31, 2022, were as follows (amounts in thousands<sup>†</sup>):

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| **Purchases** | **Sales** | **Realized**<br> **Gain/(Loss)** |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2555 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142 |

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| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **49** |

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| **Notes to Financial Statements** | **(Cont.)** |

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11. GUARANTEES AND INDEMNIFICATIONS

Under the Trust's organizational documents, each Trustee, officer, employee or other agent of the Trust (including the Trust's investment manager) is indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Portfolio. Additionally, in the normal course of business, the Portfolio enters into contracts that contain a variety of indemnification clauses. The Portfolio's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred. However, the Portfolio has not had prior claims or losses pursuant to these contracts.

12. PURCHASES AND SALES OF SECURITIES

The length of time the Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by the Portfolio is known as "portfolio turnover." The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective(s), particularly during

periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by the Portfolio. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates when distributed to shareholders). The transaction costs associated with portfolio turnover may adversely affect the Portfolio's performance. The portfolio turnover rates are reported in the Financial Highlights.

Purchases and sales of securities (excluding short-term investments) for the period ended December 31, 2022, were as follows (amounts in thousands<sup>†</sup>):

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| | | | |
|:---|:---|:---|:---|
| **U.S. Government/Agency** | **U.S. Government/Agency** | **All Other** | **All Other** |
| **Purchases** | **Sales** | **Purchases** | **Sales** |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900240 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1808462 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85399 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86908 |

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|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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13. SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with a $0.001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands<sup>†</sup>):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br>12/31/2022** | **Year Ended<br>12/31/2022** | **Year Ended<br>12/31/2021** | **Year Ended<br>12/31/2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Receipts for shares sold** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 1646 | $16249 | 4192 | $45835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 6618 | 65489 | 4499 | 49364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 3877 | 38856 | 10386 | 113992 |
|  **Issued as reinvestment of distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 133 | 1319 | 39 | 428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 683 | 6756 | 460 | 5042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 1047 | 10360 | 688 | 7536 |
|  **Cost of shares redeemed** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (1764) | (18616) | (353) | (3869) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (4000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40353) | (1611) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17665) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (6117) | (61361) | (1368) | (14995) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | 2123 | $18699 | 16932 | $185668 |

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| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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As of December 31, 2022, three shareholders each owned 10% or more of the Portfolio's total outstanding shares comprising 57% of the Portfolio.

14. REGULATORY AND LITIGATION MATTERS

The Portfolio is not named as a defendant in any material litigation or arbitration proceedings and is not aware of any material litigation or claim pending or threatened against it.

On May 17, 2022, Allianz Global Investors U.S. LLC ("AGI U.S.") pleaded guilty in connection with the proceeding United States of

America v. Allianz Global Investors U.S. LLC. AGI U.S. is an indirect subsidiary of Allianz SE. The conduct resulting in the matter described above occurred entirely within AGI U.S. and did not involve PIMCO or the Distributor, or any personnel of PIMCO or the Distributor. Nevertheless, because of the disqualifying conduct of AGI U.S., their affiliate, PIMCO would have been disqualified from serving as the investment adviser, and the Distributor would have been disqualified from serving as the principal underwriter, to the Portfolio in the absence of SEC exemptive relief. PIMCO and the Distributor have

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received exemptive relief from the SEC to permit them to continue serving as investment adviser and principal underwriter for U.S.- registered investment companies, including the Portfolio.

The foregoing speaks only as of the date of this report.

15. FEDERAL INCOME TAX MATTERS

The Portfolio intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (the "Code") and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

The Portfolio may be subject to local withholding taxes, including those imposed on realized capital gains. Any applicable foreign capital gains tax is accrued daily based upon net unrealized gains, and may be payable following the sale of any applicable investments.

In accordance with U.S. GAAP, the Adviser has reviewed the Portfolio's tax positions for all open tax years. As of December 31, 2022, the

Portfolio has recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions it has taken or expects to take in future tax returns.

The Portfolio files U.S. federal, state, and local tax returns as required. The Portfolio's tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

Shares of the Portfolio currently are sold to segregated asset accounts ("Separate Accounts") of insurance companies that fund variable annuity contracts and variable life insurance policies ("Variable Contracts"). Please refer to the prospectus for the Separate Account and Variable Contract for information regarding Federal income tax treatment of distributions to the Separate Account.

As of December 31, 2022, the components of distributable taxable earnings are as follows (amounts in thousands<sup>†</sup>):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed<br>Ordinary<br>Income<sup>(1)</sup>** | **Undistributed<br>Long-Term<br>Capital Gains** | **Net Tax Basis<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup>** | **Other<br>Book-to-Tax<br>Accounting <br>Differences<sup>(3)</sup>** | **Accumulated<br>Capital<br>Losses<sup>(4)</sup>** | **Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Capital<sup>(5)</sup>** | **Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Ordinary<sup>(6)</sup>** | **Total<br>Components<br>of Distributable<br>Earnings** |
|  PIMCO Income Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;13757 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;(36427) | $&nbsp;&nbsp;&nbsp;&nbsp;(2) | $&nbsp;&nbsp;&nbsp;&nbsp;(20372) | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;(43044) |

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|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(1)</sup> Includes undistributed short-term capital gains, if any.

<sup>(2)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options and forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on swap contracts, interest accrued from defaulted securities, short sale loss deferrals, straddle loss deferrals, and hyperinflationary investments. 

<sup>(3)</sup> Represents differences in income tax regulations and financial accounting principles generally accepted in the United States of America mainly for organizational expenditures and distributions payable at fiscal year end.

<sup>(4)</sup> Capital losses available to offset future net capital gains as shown below.

<sup>(5)</sup> Capital losses realized during the period November 1, 2022 through December 31, 2022 which the Portfolio elected to defer to the following taxable year pursuant to income tax regulations.

<sup>(6)</sup> Specified losses realized during the period November 1, 2022 through December 31, 2022 which the Portfolio elected to defer to the following taxable year pursuant to income tax regulations.

Under the Regulated Investment Company Modernization Act of 2010, the Portfolio is permitted to carry forward any new capital losses for an unlimited period. Additionally, such capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term under previous law.

As of December 31, 2022, the Portfolio had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

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|:---|:---|:---|
|  | **Short-Term** | **Long-Term** |
|  PIMCO Income Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;15886 | $&nbsp;&nbsp;&nbsp;&nbsp;4486 |

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| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **51** |

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| **Notes to Financial Statements** | **(Cont.)** | December 31, 2022 |

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As of December 31, 2022, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands<sup>†</sup>):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal<br>Tax Cost** | **Unrealized<br>Appreciation** | **Unrealized<br>(Depreciation)** | **Net Unrealized<br>Appreciation/<br>(Depreciation)<sup>(7)</sup>** |
|  PIMCO Income Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;680170 | $&nbsp;&nbsp;&nbsp;&nbsp;39075 | $&nbsp;&nbsp;&nbsp;&nbsp;(75336) | $&nbsp;&nbsp;&nbsp;&nbsp;(36261) |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(7)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options and forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on swap contracts, interest accrued from defaulted securities, short sale loss deferrals, straddle loss deferrals, and hyperinflationary investments. 

For the fiscal years ended December 31, 2022 and December 31, 2021, respectively, the Portfolio made the following tax basis distributions (amounts in thousands<sup>†</sup>):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** |
|  | **Ordinary<br>Income<br>Distributions<sup>(8)</sup>** | **Long-Term<br>Capital Gain<br>Distributions** | **Return of<br>Capital<sup>(9)</sup>** | **Ordinary<br>Income<br>Distributions<sup>(8)</sup>** | **Long-Term<br>Capital Gain<br>Distributions** | **Return of<br>Capital<sup>(9)</sup>** |
|  PIMCO Income Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;18413 | $&nbsp;&nbsp;&nbsp;&nbsp;23 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;13006 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;0 |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(8)</sup> Includes short-term capital gains distributed, if any.

<sup>(9)</sup> A portion of the distributions made represents a tax return of capital. Return of capital distributions have been reclassified from undistributed net investment income to paid-in capital to more appropriately conform financial accounting to tax accounting.

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| | |
|:---|:---|
| **52** | **PIMCO VARIABLE INSURANCE TRUST** |

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##### [**Table of Contents**](#toc)
**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of PIMCO Variable Insurance Trust and Shareholders of PIMCO Income Portfolio

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of PIMCO Income Portfolio (one of the portfolios constituting PIMCO Variable Insurance Trust, hereafter referred to as the "Portfolio") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements are the responsibility of the Portfolio's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolio in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agent, brokers and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

February 17, 2023

We have served as the auditor of one or more investment companies in PIMCO Variable Insurance Trust since 1998.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **53** |

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##### [**Table of Contents**](#toc)

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| | | |
|:---|:---|:---|
| **Glossary:** | **(abbreviations that may be used in the preceding statements)** | (Unaudited) |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Counterparty Abbreviations:** | **Counterparty Abbreviations:** | | | | |
| **BOA** | Bank of America N.A. | **FBF** | Credit Suisse International | **NGF** | Nomura Global Financial Products, Inc. |
| **BPS** | BNP Paribas S.A. | **GLM** | Goldman Sachs Bank USA | **RBC** | Royal Bank of Canada |
| **BRC** | Barclays Bank PLC | **GST** | Goldman Sachs International | **SAL** | Citigroup Global Markets, Inc. |
| **CBK** | Citibank N.A. | **MBC** | HSBC Bank Plc | **SCX** | Standard Chartered Bank, London |
| **CDI** | Natixis Singapore | **MYC** | Morgan Stanley Capital Services LLC | **TOR** | The Toronto-Dominion Bank |
| **FAR** | Wells Fargo Bank National Association | **MYI** | Morgan Stanley & Co. International PLC |  |  |
|  **Currency Abbreviations:** | **Currency Abbreviations:** |  |  |  |  |
| **ARS** | Argentine Peso | **GBP** | British Pound | **NZD** | New Zealand Dollar |
| **AUD** | Australian Dollar | **IDR** | Indonesian Rupiah | **PEN** | Peruvian New Sol |
| **BRL** | Brazilian Real | **INR** | Indian Rupee | **RUB** | Russian Ruble |
| **CAD** | Canadian Dollar | **JPY** | Japanese Yen | **TWD** | Taiwanese Dollar |
| **CLP** | Chilean Peso | **KRW** | South Korean Won | **USD (or $)** | United States Dollar |
| **CNH** | Chinese Renminbi (Offshore) | **MXN** | Mexican Peso | **ZAR** | South African Rand |
| **EUR** | Euro | **NOK** | Norwegian Krone |  |  |
|  **Exchange Abbreviations:** | **Exchange Abbreviations:** |  |  |  |  |
| **CME** | Chicago Mercantile Exchange | **OTC** | Over the Counter |  |  |
|  **Index/Spread Abbreviations:** | **Index/Spread Abbreviations:** |  |  |  |  |
| **BADLARPP** | Argentina Badlar Floating Rate Notes | **EUR003M** | 3 Month EUR Swap Rate | **MUTKCALM** | Tokyo Overnight Average Rate |
| **CDX.EM** | Credit Derivatives Index - Emerging Markets | **LIBOR01M** | 1 Month USD-LIBOR | **SONIO** | Sterling Overnight Interbank Average Rate |
| **CDX.HY** | Credit Derivatives Index - High Yield | **LIBOR03M** | 3 Month USD-LIBOR | **UKRPI** | United Kingdom Retail Prices Index |
| **CDX.IG** | Credit Derivatives Index - Investment Grade | **LIBOR06M** | 6 Month USD-LIBOR | **US0003M** | ICE 3-Month USD LIBOR |
| **CMBX** | Commercial Mortgage-Backed Index |  |  |  |  |
|  **Other Abbreviations:** | **Other Abbreviations:** |  |  |  |  |
| **ABS** | Asset-Backed Security | **CLO** | Collateralized Loan Obligation | **OIS** | Overnight Index Swap |
| **ALT** | Alternate Loan Trust | **EURIBOR** | Euro Interbank Offered Rate | **PIK** | Payment-in-Kind  |
| **BABs** | Build America Bonds | **JIBAR** | Johannesburg Interbank Agreed Rate | **TBA** | To-Be-Announced  |
| **BBR** | Bank Bill Rate | **LIBOR** | London Interbank Offered Rate | **TBD%** | Interest rate to be determined when loan settles or at the time of funding |
| **BBSW** | Bank Bill Swap Reference Rate | **Lunar** | Monthly payment based on 28-day periods. One year consists of 13 periods. | **TIIE** | Tasa de Interés Interbancaria de Equilibrio "Equilibrium Interbank Interest Rate" |
| **BRL-CDI** | Brazil Interbank Deposit Rate |  |  |  |  |

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|:---|:---|
| **54** | **PIMCO VARIABLE INSURANCE TRUST** |

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##### [**Table of Contents**](#toc)

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| | |
|:---|:---|
| **Federal Income Tax Information** | (Unaudited) |

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As required by the Internal Revenue Code ("Code") and Treasury Regulations, if applicable, shareholders must be notified within 60 days of the Portfolio's fiscal year end regarding the status of qualified dividend income and the dividend received deduction.

Dividend Received Deduction. Corporate shareholders are generally entitled to take the dividend received deduction on the portion of the Portfolio's dividend distribution that qualifies under tax law. The percentage of the following Portfolio's fiscal 2022 ordinary income dividend that qualifies for the corporate dividend received deduction is set forth below.

Qualified Dividend Income. Under the Jobs and Growth Tax Relief Reconciliation Act of 2003, the following percentage of ordinary dividends paid during the fiscal year ended December 31, 2022 was designated as ''qualified dividend income'' as defined in the Jobs and Growth Tax Relief Reconciliation Act of 2003 subject to reduced tax rates in 2022.

Qualified Interest Income and Qualified Short-Term Capital Gain (for non-U.S. resident shareholders only). Under the American Jobs Creation Act of 2004, the following amounts of ordinary dividends paid during the fiscal year ended December 31, 2022 are considered to be derived from "qualified interest income," as defined in Section 871(k)(1)(E) of the Code, and therefore are designated as interest-related dividends, as defined in Section 871(k)(1)(C) of the Code. Further, the following amounts of ordinary dividends paid during the fiscal year ended December 31, 2022 are considered to be derived from "qualified short-term capital gain," as defined in Section 871(k)(2)(D) of the Code, and therefore are designated as qualified short-term gain dividends, as defined by Section 871(k)(2)(C) of the Code.

Section 163(j) Interest Dividends. The Portfolio intends to pass through the maximum amount allowable as Section 163(j) Interest defined in Proposed Treasury Section 1.163(j)-1(b). The 163(j) percentage of ordinary income distributions are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Dividend<br>Received<br>Deduction%** | **Qualified<br>Dividend<br>Income%** | **Qualified<br>Interest<br>Income<br>(000s<sup>†</sup>)** | **Qualified<br>Short-Term<br>Capital Gains<br>(000s<sup>†</sup>)** | **163(j)<br>Interest<br>Dividends**<br> **(000s<sup>†</sup>)** |
|  PIMCO Income Portfolio | 0% | 0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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Shareholders are advised to consult their own tax advisor with respect to the tax consequences of their investment in the Trust. In January 2023, you will be advised on IRS Form 1099-DIV as to the federal tax status of the dividends and distributions received by you in calendar year 2022.

Section 199A Dividends. Non-corporate portfolio shareholders of the Portfolio below meeting certain holding period requirements may be able to deduct up to 20 percent of qualified REIT dividends passed through and reported to the shareholders by the Portfolio as IRC section 199A dividends. The IRC section 199A percentage of ordinary dividends are as follows:

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| | |
|:---|:---|
|  | **199A<br>Dividends** |
|  PIMCO Income Portfolio | 0% |

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **55** |

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##### [**Table of Contents**](#toc)
**Management of the Trust**

The charts below identify the Trustees and executive officers of the Trust. Unless otherwise indicated, the address of all persons below is 650 Newport Center Drive, Newport Beach, CA 92660.

The Portfolio's Statement of Additional Information includes more information about the Trustees and Officers. To request a free copy, call PIMCO at (888) 87-PIMCO or visit the Portfolio's website at www.pimco.com/pvit.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Year of Birth and<br>Position Held with Trust\*** | **Term of<br>Office and<br>Length of<br>Time Served<sup>†</sup>** | **Principal Occupation(s) During Past 5 Years** | **Number of Funds<br>in Fund Complex<br>Overseen by Trustee** | **Other Public Company and Investment<br>Company Directorships Held by Trustee<br>During the Past 5 Years** |
| **Interested Trustees<sup>1</sup>** |  |  |  |  |
| **Peter G. Strelow (1970)**<br> *Chairman of the Board <br>and Trustee* | 05/2017 to present<br>Chairman of the Board - 02/2019 to present | Managing Director and Co-Chief Operating Officer, PIMCO. Senior Vice President of the Trust, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. Formerly, Chief Administrative Officer, PIMCO. | 158 | Chairman and Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT. |
| **Kimberley G. Stafford (1978)**<br> *Trustee* | 02/2021 to present | Managing Director, Global Head of Product Strategy, PIMCO; and Member of Executive Committee, PIMCO. Formerly, Head of Asia-Pacific, Global Head of Consultant Relations and Head of US Institutional and Alternatives Sales, PIMCO. | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT. |
| **Independent Trustees** |  |  |  |  |
| **George E. Borst (1948)**<br> *Trustee* | 04/2015 to present | Executive Advisor, McKinsey & Company (since 10/14); Formerly, Executive Advisor, Toyota Financial Services (10/13-12/14); and CEO, Toyota Financial Services (1/01-9/13). | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT; Director, MarineMax Inc. |
| **Jennifer Holden Dunbar (1963)**<br> *Trustee* | 04/2015 to present | Formerly, Managing Director, Dunbar Partners, LLC (business consulting and investments) (05/05-05/21); and Partner, Leonard Green & Partners, L.P. | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT; Director, PS Business Parks; Director, Big 5 Sporting Goods Corporation. |
| **Kym M. Hubbard (1957)**<br> *Trustee* | 02/2017 to present | Formerly, Global Head of Investments, Chief Investment Officer and Treasurer, Ernst & Young. | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT; Director, State Auto Financial Corporation. |
| **Gary F. Kennedy (1955)**<br> *Trustee* | 04/2015 to present | Formerly, Senior Vice President, General Counsel and Chief Compliance Officer, American Airlines and AMR Corporation (now American Airlines Group) (1/03-1/14). | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |
| **Peter B. McCarthy (1950)**<br> *Trustee* | 04/2015 to present | Formerly, Assistant Secretary and Chief Financial Officer, United States Department of Treasury; Deputy Managing Director, Institute of International Finance. | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |
| **Ronald C. Parker (1951)**<br> *Lead Independent Trustee* | 07/2009 to present<br> Lead Independent Trustee - 02/2017 to present | Director of Roseburg Forest Products Company. Formerly, Chairman of the Board, The Ford Family Foundation; and President, Chief Executive Officer, Hampton Affiliates (forestry products). | 158 | Lead Independent Trustee, PIMCO Funds and PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |

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\* Unless otherwise noted, the information for the individuals listed is as of December 31, 2022.

<sup>1</sup> Ms. Stafford and Mr. Strelow are "interested persons" of the Trust (as that term is defined in the 1940 Act) because of their affiliations with PIMCO.

<sup>†</sup> Trustees serve until their successors are duly elected and qualified.

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|:---|:---|
| **56** | **PIMCO VARIABLE INSURANCE TRUST** |

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##### [**Table of Contents**](#toc)
(Unaudited)

**Executive Officers** 

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| | | |
|:---|:---|:---|
| **Name, Year of Birth and<br>Position Held with Trust\*** | **Term of Office and<br>Length of Time Served** | **Principal Occupation(s) During Past 5 Years<sup>†</sup>** |
| **Eric D. Johnson (1970)**<br> *President* | 06/2019 to present | Executive Vice President and Head of Funds Business Group Americas, PIMCO. President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| **Ryan G. Leshaw (1980)**<br> *Chief Legal Officer and Secretary* | 08/2021 to present | Executive Vice President and Senior Counsel, PIMCO. Chief Legal Officer and Secretary, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Chief Legal Officer, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. Formerly, Associate, Willkie Farr & Gallagher LLP. |
| **Keisha Audain-Pressley (1975)\*\***<br> *Chief Compliance Officer* | 01/2020 to present | Executive Vice President and Deputy Chief Compliance Officer, PIMCO. Chief Compliance Officer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Joshua D. Ratner (1976)\*\***<br> *Senior Vice President* | 05/2019 to present | Executive Vice President and Head of Americas Operations, PIMCO. Senior Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| **Peter G. Strelow (1970)**<br> *Senior Vice President* | 06/2019 to present | Managing Director and Co-Chief Operating Officer, PIMCO. Senior Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. Formerly, Chief Administrative Officer, PIMCO. |
| **Wu-Kwan Kit (1981)**<br> *Assistant Secretary* | 08/2017 to present | Senior Vice President and Senior Counsel, PIMCO. Assistant Secretary, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Vice President, Senior Counsel and Secretary, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. Formerly, Assistant General Counsel, VanEck Associates Corp. |
| **Douglas B. Burrill (1980)\*\***<br> *Vice President* | 08/2022 to present | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Elizabeth A. Duggan (1964)**<br> *Vice President* | 02/2021 to present | Executive Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Jason R. Duran (1977)**<br> *Vice President* | 02/2023 to present | Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |
| **Mark A. Jelic (1981)**<br> *Vice President* | 08/2021 to present | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Kenneth W. Lee (1972)**<br> *Vice President* | 08/2022 to present | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Brian J. Pittluck (1977)**<br> *Vice President* | 01/2020 to present | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Keith A. Werber (1973)**<br> *Vice President* | 05/2022 to present | Executive Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Bijal Y. Parikh (1978)**<br> *Treasurer* | 01/2021 to present | Executive Vice President, PIMCO. Treasurer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| **Erik C. Brown (1967)\*\*\***<br> *Assistant Treasurer* | 02/2001 to present | Executive Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Brandon T. Evans (1982)**<br> *Assistant Treasurer* | 05/2019 to present | Senior Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Deputy Treasurer, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| **Maria M. Golota (1983)\*\***<br> *Assistant Treasurer* | 02/2023 to present | Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |

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\* Unless otherwise noted, the information for the individuals listed is as of February 8, 2023.

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| | |
|:---|:---|
| <sup>†</sup> | The term "PIMCO-Sponsored Closed-End Funds" as used herein includes: PIMCO Access Income Fund, PIMCO California Municipal Income Fund, PIMCO California Municipal Income Fund II, PIMCO California Municipal Income Fund III, PIMCO Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO Municipal Income Fund III, PIMCO New York Municipal Income Fund, PIMCO New York Municipal Income Fund II, PIMCO New York Municipal Income Fund III, PCM Fund Inc., PIMCO Corporate & Income Opportunity Fund, PIMCO Corporate & Income Strategy Fund, PIMCO Dynamic Income Fund, PIMCO Dynamic Income Opportunities Fund, PIMCO Energy and Tactical Credit Opportunities Fund, PIMCO Global StocksPLUS<sup>®</sup> & Income Fund, PIMCO High Income Fund, PIMCO Income Strategy Fund, PIMCO Income Strategy Fund II and PIMCO Strategic Income Fund, Inc.; the term "PIMCO-Sponsored Interval Funds" as used herein includes: PIMCO Flexible Credit Income Fund, PIMCO Flexible Municipal Income Fund, PIMCO California Flexible Municipal Income Fund and PIMCO Flexible Emerging Markets Income Fund.  |

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\*\* The address of these officers is Pacific Investment Management Company LLC, 1633 Broadway, New York, New York 10019.

\*\*\* The address of these officers is Pacific Investment Management Company LLC, 401 Congress Ave., Austin, Texas 78701.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **57** |

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##### [**Table of Contents**](#toc)

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| | |
|:---|:---|
| **Privacy Policy<sup>1</sup>** | (Unaudited) |

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The Trust<sup>2,3</sup> consider customer privacy to be a fundamental aspect of their relationships with shareholders and are committed to maintaining the confidentiality, integrity and security of their current, prospective and former shareholders' non-public personal information. The Trust has developed policies that are designed to protect this confidentiality, while allowing shareholder needs to be served.

OBTAINING NON-PUBLIC PERSONAL INFORMATION

In the course of providing shareholders with products and services, the Trust and certain service providers to the Trust, such as the Trust's investment advisers or sub-advisers ("Advisers"), may obtain non-public personal information about shareholders, which may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder's brokerage or financial advisory firm, financial professional or consultant, and/or from information captured on applicable websites.

RESPECTING YOUR PRIVACY

As a matter of policy, the Trust does not disclose any non-public personal information provided by shareholders or gathered by the Trust to non-affiliated third parties, except as required or permitted by law or as necessary for such third parties to perform their agreements with respect to the Trust. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, conducting research on shareholder satisfaction and gathering shareholder proxies. The Trust or its affiliates may also retain non-affiliated companies to market Trust's shares or products which use Trust's shares and enter into joint marketing arrangements with them and other companies. These companies may have access to a shareholder's personal and account information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. In most cases, the shareholders will be clients of a third party, but the Trust may also provide a shareholder's personal and account information to the shareholder's respective brokerage or financial advisory firm and/or financial professional or consultant.

SHARING INFORMATION WITH THIRD PARTIES

The Trust reserves the right to disclose or report personal or account information to non-affiliated third parties in limited circumstances where the Trust believes in good faith that disclosure is required under law, to cooperate with regulators or law enforcement authorities, to protect their rights or property, or upon reasonable request by any fund in which a shareholder has invested. In addition, the Trust may

disclose information about a shareholder or a shareholder's accounts to a non-affiliated third party at the shareholder's request or with the consent of the shareholder.

SHARING INFORMATION WITH AFFILIATES

The Trust may share shareholder information with their affiliates in connection with servicing shareholders' accounts, and subject to applicable law may provide shareholders with information about products and services that the Trust or its Advisers, distributors or their affiliates ("Service Affiliates") believe may be of interest to such shareholders. The information that the Trust may share may include, for example, a shareholder's participation in the Trust or in other investment programs sponsored by a Service Affiliate, a shareholder's ownership of certain types of accounts (such as IRAs), information about the Trust's experiences or transactions with a shareholder, information captured on applicable websites, or other data about a shareholder's accounts, subject to applicable law. The Trust's Service Affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

PROCEDURES TO SAFEGUARD PRIVATE INFORMATION

The Trust takes seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, the Trust has implemented procedures that are designed to restrict access to a shareholder's non-public personal information to internal personnel who need to know that information to perform their jobs, such as servicing shareholder accounts or notifying shareholders of new products or services. Physical, electronic and procedural safeguards are in place to guard a shareholder's non-public personal information.

INFORMATION COLLECTED FROM WEBSITES

The Trust or its service providers and partners may collect information from shareholders via websites they maintain. The information collected via websites maintained by the Trust or their service providers includes client non-public personal information.

CHANGES TO THE PRIVACY POLICY

From time to time, the Trust may update or revise this privacy policy. If there are changes to the terms of this privacy policy, documents containing the revised policy on the relevant website will be updated.

<sup>1</sup> Amended as of June 25, 2020.

<sup>2</sup> PIMCO Investments LLC ("PI") serves as the Trust's distributor and does not provide brokerage services or any financial advice to investors in the Trust solely because it distributes the Trust. This Privacy Policy applies to the activities of PI to the extent that PI regularly effects or engages in transactions with or for a shareholder of a series of a Trust who is the record owner of such shares. For purposes of this Privacy Policy, references to "the Trust" shall include PI when acting in this capacity.

<sup>3</sup> When distributing this Policy, the Trust may combine the distribution with any similar distribution of its investment adviser's privacy policy. The distributed, combined, policy may be written in the first person (*i.e.* by using "we" instead of "the Trust").

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| **58** | **PIMCO VARIABLE INSURANCE TRUST** |

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| **Approval of Investment Advisory Contract and Other Agreements** | (Unaudited) |

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At a meeting held on August 23-24, 2022, the Board of Trustees (the "Board") of PIMCO Variable Insurance Trust (the "Trust"), including the Trustees who are not "interested persons" of the Trust under the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered and unanimously approved the renewal of the Amended and Restated Investment Advisory Contract (the "Investment Advisory Contract") between the Trust, on behalf of the Trust's series (each, a "Portfolio" and collectively, the "Portfolios"), and Pacific Investment Management Company LLC ("PIMCO"), for an additional one-year term through August 31, 2023. The Board also considered and unanimously approved the renewal of the Amended and Restated Supervision and Administration Agreement (the "Supervision and Administration Agreement") between the Trust, on behalf of the Portfolios, and PIMCO for an additional one-year term through August 31, 2023. In addition, the Board considered and unanimously approved the renewal of the Amended and Restated Asset Allocation Sub-Advisory Agreement (the "Asset Allocation Agreement" and, together with the Investment Advisory Contract and the Supervision and Administration Agreement, the "Agreements") between PIMCO, on behalf of PIMCO All Asset Portfolio, a series of the Trust, and Research Affiliates, LLC ("Research Affiliates") for an additional one-year term through August 31, 2023. In addition, the Board considered and unanimously approved the renewal of the investment management agreements between PIMCO and each of the wholly-owned subsidiaries (each, a "Subsidiary" and, collectively, the "Subsidiaries") of certain of the Portfolios (collectively, the "Subsidiary Agreements"), each for the same additional one-year term through August 31, 2023.

The information, material factors and conclusions that formed the basis for the Board's approvals are summarized below.

1. INFORMATION RECEIVED

(a) Materials Reviewed: During the course of the past year, the Trustees received a wide variety of materials relating to the services provided by PIMCO and Research Affiliates to the Trust. At each of its quarterly meetings, the Board reviewed the Portfolios' investment performance and a significant amount of information relating to Portfolio operations, including shareholder services, valuation and custody, the Portfolios' compliance program and other information relating to the nature, extent and quality of services provided by PIMCO and Research Affiliates to the Trust and each of the Portfolios, as applicable. In considering whether to approve the renewal of the Agreements and the Subsidiary Agreements, the Board reviewed additional information, including, but not limited to: comparative industry data with regard to investment performance; advisory and supervisory and administrative fees and expenses; financial information for PIMCO and, where relevant, financial information for Research

Affiliates; information regarding the profitability to PIMCO of its relationship with the Portfolios; information about the personnel providing investment management services, other advisory services and supervisory and administrative services to the Portfolios; and information about the fees charged and services provided to other clients with similar investment mandates as the Portfolios, where applicable. In addition, the Board reviewed materials provided by counsel to the Trust and the Independent Trustees ("Counsel"), which included, among other things, a memorandum outlining legal duties of the Board in considering the renewal of the Agreements and Subsidiary Agreements.

With respect to the Subsidiary Agreements, the Trustees considered that each Portfolio that has a Subsidiary may utilize its Subsidiary to execute its investment strategy and that PIMCO provides investment advisory and administrative services to the Subsidiaries pursuant to the Subsidiary Agreements in the same manner as it does for such Portfolios that have Subsidiaries under the Investment Advisory Contract and Supervision and Administration Agreement. The Trustees also considered that, with respect to each Subsidiary, PIMCO does not retain a separate advisory or other fee from the Subsidiary, and that PIMCO's profitability with respect to each Portfolio that has a Subsidiary is not positively impacted as a result of the Subsidiary Agreements. The Trustees determined, therefore, that it was appropriate to consider the approval of the Subsidiary Agreements collectively with their consideration of the continuation of the Agreements.

(b) Review Process: In connection with considering the renewal of the Agreements, the Board reviewed written materials prepared by PIMCO and, where applicable, Research Affiliates in response to requests from Counsel encompassing a wide variety of topics. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from Counsel, and reviewed comparative fee and performance data prepared at the Board's request by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company performance information and fee and expense data. The Board received presentations on matters related to the Agreements and met both as a full Board and in a separate session of the Independent Trustees, without management present, at the August 23-24, 2022 meeting. The Independent Trustees also met via video conference with Counsel on July 14, 2022, and conducted a video conference meeting on August 10, 2022 with management and Counsel to discuss the materials presented and other matters deemed relevant to their consideration of the renewal of the Agreements. In connection with its review of the Agreements, the Board received comparative information on the performance, the risk-adjusted performance and the fees and expenses of other peer group funds and share classes. The Independent Trustees also requested and received supplemental information, including information regarding Broadridge peer classifications, the investment strategies and outflows for certain Portfolios, Portfolio performance and profitability.

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **59** |

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| **Approval of Investment Advisory Contract and Other Agreements** | **(Cont.)** |

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The approval determinations were made on the basis of each Trustee's business judgment after consideration and evaluation of all the information presented. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. In deciding to approve the renewal of the Agreements, the Board did not identify any single factor or particular information that, in isolation, was controlling. The discussion below is intended to summarize the broad factors and information that figured prominently in the Board's consideration of the renewal of the Agreements, but is not intended to summarize all of the factors considered by the Board.

2. NATURE, EXTENT AND QUALITY OF SERVICES

(a) PIMCO, Research Affiliates, their Personnel and Resources: The Board considered the depth and quality of PIMCO's investment management process, including, but not limited to: the experience, capability and integrity of its senior management and other personnel; the overall financial strength and stability of its organization; and the ability of its organizational structure to address changes in the Portfolios' asset levels. The Board also considered the various services in addition to portfolio management that PIMCO provides under the Investment Advisory Contract. The Board noted that PIMCO makes available to its investment professionals a variety of resources and systems relating to investment management, compliance, trading, performance and portfolio accounting. The Board also noted PIMCO's commitment to enhancing and investing in its global infrastructure, technology capabilities, risk management processes and the specialized talent needed to stay at the forefront of the competitive investment management industry and to strengthen its ability to deliver services under the Agreements. The Board considered PIMCO's policies, procedures and systems reasonably designed to assure compliance with applicable laws and regulations, including new regulations impacting the Portfolios, and its commitment to further developing and strengthening these programs; its oversight of matters that may involve conflicts of interest between the Portfolios' investments and those of other accounts managed by PIMCO; and its efforts to keep the Trustees informed about matters relevant to the Portfolios and their shareholders. The Board also considered PIMCO's investment in new disciplines and talented personnel, which has enhanced PIMCO's services to the Portfolios and has allowed PIMCO to introduce innovative new portfolios over time. In addition, the Board considered the nature, extent and quality of services provided by PIMCO to the Subsidiaries of certain applicable Portfolios.

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented, including the ongoing development of its own proprietary software and applications to support the Portfolios. Similarly, the Board considered the asset

allocation services provided by Research Affiliates to the PIMCO All Asset Portfolio. The Board further considered PIMCO's oversight of Research Affiliates in connection with Research Affiliates providing asset allocation services to the All Asset Portfolio. The Board also considered the depth and quality of Research Affiliates' investment management and research capabilities, the experience and capabilities of its portfolio management personnel and the overall financial strength of the organization. Ultimately, the Board concluded that the nature, extent and quality of services provided or procured by PIMCO under the Agreements and the Subsidiary Agreements and provided by Research Affiliates under the Asset Allocation Agreement are likely to continue to benefit the Portfolios and their shareholders, as applicable.

(b) Other Services: The Board also considered the nature, extent and quality of supervisory and administrative services provided by PIMCO to the Portfolios under the Supervision and Administration Agreement.

The Board considered the terms of the Supervision and Administration Agreement, under which the Trust pays for the supervisory and administrative services provided pursuant to that agreement under what is essentially an all-in fee structure (the "unified fee"). In return, PIMCO provides or procures certain supervisory and administrative services and bears the costs of various third party services required by the Portfolios, including, but not limited to, audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board also noted that the scope and complexity, as well as the costs, of the supervisory and administrative services provided by PIMCO under the Supervision and Administration Agreement continue to increase. The Board considered PIMCO's provision of supervisory and administrative services and its supervision of the Trust's third party service providers to assure that these service providers continue to provide a high level of service relative to alternatives available in the market.

Ultimately, the Board concluded that the nature, extent and quality of the services provided or procured by PIMCO has benefited, and will likely continue to benefit, the Portfolios and their shareholders.

3. INVESTMENT PERFORMANCE

The Board reviewed information from PIMCO concerning the Portfolios' performance, as available, over short- and long-term periods ended March 31, 2022 and other performance data, as available, over short- and long-term periods ended June 30, 2022 (the "PIMCO Report") and from Broadridge concerning the Portfolios' performance, as available, over short- and long-term periods ended March 31, 2022 (the "Broadridge Report"). The Board also noted that while historically the Broadridge Report included peer classifications from only Lipper, as part of this approval process the Broadridge Report incorporated peer classifications from Morningstar for the Portfolios for which it was believed that Morningstar provided a materially improved comparison.

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(Unaudited)

The Board considered information regarding both the short- and long-term relative and absolute investment performance of each Portfolio relative to its Portfolio peer group, where appropriate, and relevant benchmark index as provided to the Board in advance of each of its quarterly meetings throughout the year, including the PIMCO Report and Broadridge Report. The Trustees reviewed information indicating that classes of each Portfolio would have substantially similar performance to that of the Administrative Class of the relevant Portfolio on a relative basis because all of the classes are invested in the same portfolio of investments and that differences in performance among classes could principally be attributed to differences in the supervisory and administrative fees and distribution and/or servicing expenses of each class. The Board noted that, due to differences (such as specific investment strategies or fee structures) between certain of the Portfolios and their so-called peers in the Broadridge categories, performance comparisons may not be particularly relevant to the consideration of Portfolio performance, but found the comparative information supported its overall evaluation.

The Trustees noted that a majority of the Portfolios (based on the Administrative Class performance) have outperformed their respective benchmark indexes over the three-, five-, and ten-year periods ended March 31, 2022, and that a majority of the Portfolios (based on the Administrative Class performance) have outperformed their benchmarks since inception for the period ended March 31, 2022. The Board also discussed actions that have been taken by PIMCO to attempt to improve performance and took note of PIMCO's plans to monitor performance going forward.

The Board ultimately concluded, within the context of all of its considerations in connection with the Agreements and the Subsidiary Agreements, that PIMCO's performance record and process in managing the Portfolios indicates that its continued management is likely to benefit the Portfolios and their shareholders and merits the approval of the renewal of the Agreements and the Subsidiary Agreements.

4. ADVISORY FEES, SUPERVISORY AND ADMINISTRATIVE FEES AND TOTAL EXPENSES

The Board considered that PIMCO seeks to price new funds to scale at the outset. The Board noted that PIMCO generally seeks to price new funds competitively against the median total expense ratio of the respective Broadridge peer group, if available, while acknowledging that a fee premium may be appropriate for innovative investment offerings. PIMCO reported to the Board that, in proposing fees for any Portfolio or class of shares, it considers a number of factors, including, but not limited to, the type and complexity of the services provided, the cost of providing services, the risk assumed by PIMCO in the development of products and the provision of services and the competitive marketplace for financial products. Fees charged to or

proposed for different Portfolios for advisory services and supervisory and administrative services may vary in light of these various factors.

The Board reviewed the advisory fees, supervisory and administrative fees and total expenses of the Portfolios (each as a percentage of average net assets) and compared such amounts with the average and median fee and expense levels of other similar funds. The Board also reviewed information relating to the sub-advisory fees paid to Research Affiliates with respect to applicable Portfolios, taking into account that PIMCO compensates Research Affiliates from the advisory fees paid by such Portfolios to PIMCO. With respect to advisory fees, the Board reviewed data from the Broadridge Report that compared the average and median advisory fees of other funds in a "Peer Group" of comparable funds, where appropriate, as well as the universe of other similar funds. The Board reviewed materials indicating that, a number of Portfolios have total expense ratios that fall below the average and median expense ratios in their Peer Group and Broadridge universe. In addition, the Board considered the expense limitation agreement in place for all of the Portfolios and fee waivers in place for certain of the Portfolios and also noted the fee waivers in place with respect to the advisory fee and supervisory and administrative fee that might result from investments by applicable Portfolios in their respective Subsidiaries. The Board also considered that PIMCO reviews the Portfolios' fee levels and carefully considers changes where appropriate.

The Board also reviewed data comparing the Portfolios' advisory fees to the fee rates PIMCO charged to registered funds (open-end and closed-end), private funds, and non-U.S. registered funds, separate accounts, sub-advised clients and collective investment trusts with similar investment strategies. In cases where the fees for other clients were lower than those charged to the Portfolios, the Trustees noted that the differences in fees were attributable to various factors, including, but not limited to, differences in the advisory and other services provided by PIMCO to the Portfolios, differences in the number or extent of the services provided by PIMCO to the Portfolios, the manner in which similar portfolios may be managed, different requirements with respect to liquidity management and the implementation of other regulatory requirements, and the fact that separate accounts may have other contractual arrangements or arrangements across PIMCO strategies that justify different levels of fees. The Board considered that, with respect to collective investment trusts, PIMCO performs fewer or less extensive services because collective investment trusts are generally exempt from SEC regulation; investors in a collective investment trust may receive shareholder services from a trustee bank, rather than PIMCO; collective investment trusts have less regulatory disclosure; and the management structure of collective investment trusts differs from that of funds. The Trustees also considered that PIMCO faces increased entrepreneurial, legal and regulatory risk in sponsoring and managing mutual funds and ETFs as

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **61** |

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| **Approval of Investment Advisory Contract and Other Agreements** | **(Cont.)** |

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compared to separate accounts, external sub-advised funds or other investment products. In addition, the Trustees considered that PIMCO may charge certain private funds with similar investment mandates lower fees than the Portfolios because such private funds are not required to accept daily redemptions or price their assets on a daily basis, generally do not accept small investors with small account balances and operate under a less complex regulatory regime.

Regarding advisory fees charged by PIMCO in its capacity as sub-adviser to third party/unaffiliated funds, the Trustees took into account that such fees may be lower than the fees charged by PIMCO to serve as adviser to the Portfolios. The Trustees also took into account that there are various reasons for any such differences in fees, including, but not limited to, the fact that PIMCO may be subject to varying levels of entrepreneurial, legal and regulatory risk and different servicing requirements when PIMCO does not serve as the sponsor of a fund and is not principally responsible for all aspects of a fund's investment program and operations as compared to when PIMCO serves as investment adviser and sponsor.

The Board considered the Portfolios' supervisory and administrative fees, comparing them to similar funds managed by other investment advisers in the Broadridge Report. The Board also considered that, as the Portfolios' business has become increasingly complex and the number of Portfolios has grown over time, PIMCO has provided an increasingly broad array of fund supervisory and administrative functions. In addition, the Board considered the Trust's unified fee structure, under which the Trust pays for the supervisory and administrative services it requires for one set fee. In return for this unified fee, PIMCO provides or procures supervisory and administrative services and bears the costs of various third party services required by the Portfolios, including audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board further considered that many other funds pay for comparable services separately, and thus it is difficult to directly compare the Trust's unified supervisory and administrative fees with the fees paid by other funds for administrative services alone. The Board also considered that the unified supervisory and administrative fee leads to Portfolio fees that are fixed over the contract period, rather than variable. The Board noted that, although the unified fee structure does not have breakpoints, it inherently reflects certain economies of scale by fixing the absolute level of Portfolio fees at competitive levels over the contract period even if the Portfolios' operating costs rise when assets remain flat or decrease. Other factors the Board considered in assessing the unified fee include PIMCO's approach of pricing Portfolios at scale at inception and reinvesting in other important areas of the business that support the Portfolios. The Board considered historical advisory and supervisory and administrative fee reductions implemented for different Portfolios and classes, noting that the unified fee can be

increased or decreased in subsequent contractual periods with Board approval and is subject to the periodic reviews discussed above. The Board noted that, with few exceptions, PIMCO has generally maintained Portfolio fees at the same level as implemented when the unified fee was adopted, and has reduced fees for a number of Portfolios in prior years. The Board concluded that the Portfolios' supervisory and administrative fees were reasonable in relation to the value of the services provided, including the services provided to different classes of shareholders, and that the expenses assumed contractually by PIMCO under the Supervision and Administration Agreement represent, in effect, a cap on overall Portfolio fees during the contractual period, which is beneficial to the Portfolios and their shareholders.

The Board considered the Portfolios' total expenses and discussed with PIMCO certain Portfolios and/or classes of Portfolios that had above median total expenses. Upon comparing the Portfolios' total expenses to other funds in the "Peer Groups" provided by the Broadridge Report, where appropriate, the Board found total expenses of each Portfolio to be reasonable.

The Trustees also considered the advisory fees charged to the Portfolios that operate as funds of funds (the "Funds of Funds") and the advisory services provided in exchange for such fees. The Trustees determined that such services were in addition to the advisory services provided to the underlying funds in which the Funds of Funds may invest and, therefore, such services were not duplicative of the advisory services provided to the underlying funds. The Board also considered the various fee waiver agreements in place for the Funds of Funds. The Board noted that PIMCO is continuing waivers for these Funds of Funds, as well as for certain other Portfolios of the Trust.

Based on the information presented by PIMCO and Research Affiliates, members of the Board determined, in the exercise of their business judgment, that the level of the advisory fees and supervisory and administrative fees charged by PIMCO under the Agreements and the Subsidiary Agreements, that the fees charged by Research Affiliates under the Asset Allocation Agreement, and that the total expenses of each Portfolio, are reasonable.

5. ADVISER COSTS, LEVEL OF PROFITS AND ECONOMIES OF SCALE

The Board reviewed information regarding PIMCO's costs of providing services to, as well as the resulting level of profits from, the Portfolios. To the extent applicable, the Board also reviewed information regarding the portion of a Portfolio's advisory fee retained by PIMCO, following the payment of sub-advisory fees to Research Affiliates, with respect to the Portfolios. Additionally, the Board discussed PIMCO's pre- and post-distribution profit margin ranges with respect to the Portfolios, as compared to the prior year. The Board also noted that it had received

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(Unaudited)

information regarding the structure and manner in which PIMCO's investment professionals were compensated, and PIMCO's view of the relationship of such compensation to the recruitment and retention of quality personnel. The Board considered PIMCO's investment in global infrastructure, technology capabilities, risk management processes and qualified personnel to reinforce existing services, offer new services, and accommodate changing regulatory requirements.

The Board considered the existence of any economies of scale and noted that, to the extent that PIMCO achieves economies of scale in managing the Portfolios, PIMCO shares the benefits of such economies of scale, if any, with the Portfolios and their shareholders in a number of ways, including investing in portfolio and trade operations management, firm technology, middle and back office support, legal and compliance, and fund administration logistics; senior management supervision, governance and oversight of those services; and through fee reductions or waivers, the pricing of Portfolios to scale from inception and the enhancement of services provided to the Portfolios in return for fees paid. The Board reviewed the history of the Portfolios' fee structure. The Board considered that the Portfolios' unified fee rates had been set competitively and/or priced to scale from inception, had been held steady during the contractual period at that scaled competitive rate for most Portfolios as assets grew, or as assets declined in the case of some Portfolios, and continued to be competitive compared with peers. The Board also considered that the unified fee is a transparent means of informing a Portfolio's shareholders of the fees associated with the Portfolio, and that the Portfolio bears certain expenses that are not covered by the advisory fee or the unified fee. The Board further considered the challenges that arise when managing large funds, which can result in certain "diseconomies" of scale and noted that PIMCO has continued to reinvest in many areas of the business to support the Portfolios.

The Trustees considered that the unified fee has provided inherent economies of scale because a Portfolio maintains competitive fixed fees over the annual contract period even if the particular Portfolio's assets decline and/or operating costs rise. The Trustees further considered that, in contrast, breakpoints may be a proxy for charging higher fees on lower asset levels and that when a fund's assets decline, breakpoints may reverse, which causes expense ratios to increase. The Trustees also considered that, unlike the Portfolios' unified fee structure, funds with "pass through" administrative fee structures may experience increased expense ratios when fixed dollar fees are charged against declining fund assets. In addition, the Trustees considered that the unified fee protects shareholders from a rise in operating costs that may result from, among other things, PIMCO's investments in various business enhancements and infrastructure, including those referenced above. The Trustees noted that PIMCO's investments in these areas are extensive.

The Board concluded that the Portfolios' cost structures were reasonable and that PIMCO is appropriately sharing economies of scale, if any, through the Portfolios' unified fee structure, generally pricing Portfolios to scale at inception and reinvesting in its business to provide enhanced and expanded services to the Portfolios and their shareholders.

6. ANCILLARY BENEFITS

The Board considered other benefits realized by PIMCO and its affiliates as a result of PIMCO's relationship with the Trust. Such benefits may include possible ancillary benefits to PIMCO's institutional investment management business due to the reputation and market penetration of the Trust or third party service providers' relationship-level fee concessions, which decrease fees paid by PIMCO. The Board also considered that affiliates of PIMCO provide distribution and/or shareholder services to the Portfolios and their shareholders, for which they may be compensated through distribution and servicing fees paid pursuant to the Portfolios' Rule 12b-1 plans or otherwise. The Board noted that, while PIMCO has the authority to receive the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the Portfolios, it has adopted a policy not to enter into contractual soft dollar arrangements.

7. CONCLUSIONS

Based on their review, including their comprehensive consideration and evaluation of each of the broad factors and information summarized above, the Independent Trustees and the Board as a whole concluded that the nature, extent and quality of the services rendered to the Portfolios by PIMCO and Research Affiliates supported the renewal of the Agreements and the Subsidiary Agreements. The Independent Trustees and the Board as a whole concluded that the Agreements and the Subsidiary Agreements continued to be fair and reasonable to the Portfolios and their shareholders, that the Portfolios' shareholders received reasonable value in return for the fees paid to PIMCO by the Portfolios under the Investment Advisory Contract, Supervision and Administration Agreement and the Subsidiary Agreements and the fees paid to Research Affiliates by PIMCO under the Asset Allocation Agreement, and that the renewal of the Agreements and the Subsidiary Agreements was in the best interests of the Portfolios and their shareholders.

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **63** |

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**General Information** 

**Investment Adviser and Administrator** 

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

**Distributor** 

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

**Custodian** 

State Street Bank and Trust Company

801 Pennsylvania Avenue

Kansas City, MO 64105

**Transfer Agent** 

SS&C Global Investor & Distribution Solutions, Inc.

430 W 7th Street STE 219024

Kansas City, MO 64105-1407

**Legal Counsel** 

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

**Independent Registered Public Accounting Firm** 

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the PIMCO Variable Insurance Trust.

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**pimco.com/pvit**![LOGO](g431218g06y60.jpg)

PVIT20AR_123122

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![LOGO](g423111g13e39.jpg)

PIMCO VARIABLE INSURANCE TRUST

## Annual Report
December 31, 2022

PIMCO International Bond Portfolio (U.S. Dollar-Hedged)

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**Table of Contents** 

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|  | Page |
| &nbsp;&nbsp; [Chairman's Letter](#tx423111_1) | 2 |
| &nbsp;&nbsp; [Important Information About the PIMCO International Bond Portfolio (U.S. Dollar-Hedged)](#tx423111_2) | 4 |
| &nbsp;&nbsp; [Portfolio Summary](#tx423111_3) | 7 |
| &nbsp;&nbsp; [Expense Example](#tx423111_4) | 8 |
| &nbsp;&nbsp; [Financial Highlights](#tx423111_5) | 10 |
| &nbsp;&nbsp; [Statement of Assets and Liabilities](#tx423111_6) | 12 |
| &nbsp;&nbsp; [Statement of Operations](#tx423111_7) | 13 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets](#tx423111_8) | 14 |
| &nbsp;&nbsp; [Schedule of Investments](#tx423111_9) | 15 |
| &nbsp;&nbsp; [Notes to Financial Statements](#tx423111_10) | 34 |
| &nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm](#tx423111_11) | 56 |
| &nbsp;&nbsp; [Glossary](#tx423111_12) | 57 |
| &nbsp;&nbsp; [Federal Income Tax Information](#tx423111_13) | 58 |
| &nbsp;&nbsp; [Management of the Trust](#tx423111_14) | 59 |
| &nbsp;&nbsp; [Privacy Policy](#tx423111_15) | 61 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements](#tx423111_16) | 62 |

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This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust (the "Trust") prospectus for the Portfolio. (The variable product prospectus may be obtained by contacting your Investment Consultant.)

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**Chairman's Letter**

Dear Shareholder,

2022 was a challenging year in the financial markets. We continue to work tirelessly to navigate global markets and manage the assets that you have entrusted with us. Following this letter is the PIMCO Variable Insurance Trust Annual Report, which covers the 12-month reporting period ended December 31, 2022 (the "reporting period"). On the subsequent pages, you will find details regarding investment results and a discussion of the factors that most affected performance during the reporting period.

For the 12-month reporting period ended December 31, 2022

The global economy faced significant headwinds in 2022, including those related to higher inflation, the COVID-19 pandemic, and the Russia-Ukraine conflict. First and second quarter 2022 U.S. annualized gross domestic product ("GDP") returned -1.6% and -0.6%, respectively. The economy strengthened in the third quarter, with annualized GDP rising 3.2%. The Commerce Department's initial estimate for fourth quarter 2022 annualized GDP — released after the reporting period ended — was 2.9%.

The Federal Reserve Board (the "Fed" or "U.S. central bank") took actions to combat elevated inflation. In March 2022, the Fed raised the federal funds rate 0.25% to a range between 0.25% and 0.50%, its first rate hike since 2018. The U.S. central bank then raised rates at its next six meetings, for a total increase of 4.25% in 2022. At the end of the year, the federal funds rate was in a range between 4.25% and 4.50%.

Economies outside the U.S. also faced several headwinds. In its October 2022 World Economic Outlook Update, the International Monetary Fund (the "IMF") downgraded its expectation for 2022 GDP citing "turbulent challenges" including high inflation, tightening financial conditions, as well as the ongoing Russia-Ukraine conflict and COVID-19 pandemic. For 2022, the IMF included in its projections that GDP would grow 1.6% in the U.S. (from 5.7% in 2021), 3.1% in the eurozone (from 5.2% in 2021), 3.6% in the U.K. (from 7.4% in 2021), and 1.7% in Japan (the same as in 2021).

Several central banks tightened their respective monetary policies in recent years. For example, in December 2021, prior to the beginning of the reporting period, the Bank of England (the "BoE") raised rates for the first time since COVID-19 began. The BoE again raised rates at its next eight meetings, for a total of 3.50% in rate hikes since its first increase. The European Central Bank raised rates four times in 2022, for a total increase of 2.50%. In contrast, the Bank of Japan (the "BoJ") maintained its loose monetary policy for most of 2022. However, in December 2022 the BoJ announced that it would allow its 10-year government bond yield to rise to 0.5% (previously limited to 0.25%). The news sent the 10-year bond yield and Japanese yen higher, as market participants interpreted the announcement to mean that the BoJ may pivot from its previous monetary stance.

During the reporting period, short- and long-term U.S. Treasury yields moved higher. The yield on the benchmark 10-year U.S. Treasury note was 3.88% on December 31, 2022, versus 1.52% on December 31, 2021. The Bloomberg Global Treasury Index (USD Hedged), which tracks fixed-rate, local currency government debt of investment grade countries, including developed and emerging markets, returned -10.79%. Meanwhile, the Bloomberg Global Aggregate Credit Index (USD Hedged), a widely used index of global investment grade credit bonds, returned -14.22%. Riskier fixed income asset classes, including high yield corporate bonds and emerging market debt, were also weak. The ICE BofAML Developed Markets High Yield Constrained Index (USD Hedged), a widely used index of below-investment-grade bonds, returned -10.56%, whereas emerging market external debt, as represented by the JPMorgan Emerging Markets Bond Index (EMBI) Global (USD Hedged), returned -16.45%. Emerging market local bonds, as represented by the JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged), returned -11.69%. Finally, the municipal market, as represented by the Bloomberg Municipal Bond Index, returned -8.53%.

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| **2** | **PIMCO VARIABLE INSURANCE TRUST** |

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Amid periods of volatility, global equities generally posted weak results during the reporting period as economic and geopolitical concerns weighed on investor sentiment. U.S. equities, as represented by the S&P 500 Index, returned -18.11%. Global equities, as represented by the MSCI World Index, returned -18.14%, while emerging market equities, as measured by the MSCI Emerging Markets Index, returned -20.09%. Meanwhile, Japanese equities, as represented by the Nikkei 225 Index (in Japanese yen), returned -7.37% and European equities, as represented by the MSCI Europe Index (in euro), returned -9.49%.

Commodity prices were volatile and generated mixed returns during the reporting period. Brent crude oil, which was approximately $77.24 a barrel at the start of the reporting period, rose to roughly $82.82 a barrel at the end of December 2022. Prices of other commodities, such as copper and gold, declined during the period.

Finally, there were also periods of volatility in the foreign exchange markets. We believe this was driven by several factors, including economic growth expectations and changing central bank monetary policies, as well as rising inflation, COVID-19 variants, and geopolitical events. The U.S. dollar strengthened against several major currencies. For example, during the reporting period, the U.S. dollar returned 5.85%, 10.71%, and 12.23% versus the euro, the British pound and the Japanese yen, respectively.

Thank you for the assets you have placed with us. We deeply value your trust, and we will continue to work diligently to meet your broad investment needs.

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| ![LOGO](g423111g19a01.jpg) | Sincerely,<br>![LOGO](g423111g65f33.jpg) <br>Peter G. Strelow<br> Chairman of the Board<br>PIMCO Variable Insurance Trust<br>|

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Past performance is no guarantee of future results. Unless otherwise noted, index returns reflect the reinvestment of income distributions and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. It is not possible to invest directly in an unmanaged index.

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>3</sub> |

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**Important Information About the PIMCO International Bond Portfolio (U.S. Dollar-Hedged)**

PIMCO Variable Insurance Trust (the "Trust") is an open-end management investment company that includes the PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (the "Portfolio"). The Portfolio is only available as a funding vehicle under variable life insurance policies or variable annuity contracts issued by insurance companies ("Variable Contracts"). Individuals may not purchase shares of the Portfolio directly. Shares of the Portfolio also may be sold to qualified pension and retirement plans outside of the separate account context.

We believe that bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed income securities and other instruments held by the Portfolio are likely to decrease in value. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that management will anticipate such movement accurately. The Portfolio may lose money as a result of movements in interest rates.

As of the date of this report, interest rates in the United States and many parts of the world, including certain European countries, continue to increase. In efforts to combat inflation, the U.S. Federal Reserve raised interest rates multiple times in 2022 and has indicated an expectation that it will continue to raise interest rates in 2023. Thus, the Portfolio currently faces a heightened level of risk associated with rising interest rates and/or bond yields. This could be driven by a variety of factors, including but not limited to central bank monetary policies, changing inflation or real growth rates, general economic conditions, increasing bond issuances or reduced market demand for low yielding investments. Further, while bond markets have steadily grown over the past three decades, dealer inventories of corporate bonds are near historic lows in relation to market size. As a result, there has been a significant reduction in the ability of dealers to "make markets."

Bond funds and individual bonds with a longer duration (a measure used to determine the sensitivity of a security's price to changes in interest rates) tend to be more sensitive to changes in interest rates, usually making them more volatile than securities or funds with shorter durations. All of the factors mentioned above, individually or collectively, could lead to increased volatility and/or lower liquidity in the fixed income markets or negatively impact the Portfolio's performance or cause the Portfolio to incur losses. As a result, the Portfolio may experience increased shareholder redemptions which, among other things, could further reduce the net assets of the Portfolio.

The Portfolio may be subject to various risks as described in the Portfolio's prospectus and in the Principal and Other Risks in the Notes to Financial Statements.

Classifications of the Portfolio's portfolio holdings in this report are made according to financial reporting standards. The classification of a particular portfolio holding as shown in the Allocation Breakdown and Schedule of Investments sections of this report may differ from the classification used for the Portfolio's compliance calculations, including those used in the Portfolio's prospectus, investment objectives, regulatory, and other investment limitations and policies, which may be based on different asset class, sector or geographical classifications. The Portfolio is separately monitored for compliance with respect to prospectus and regulatory requirements.

The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. In 2022, many countries lifted some or all restrictions related to COVID-19. However, the effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations and individual issuers, all of which may negatively impact the Portfolio's performance. In addition, COVID-19 and governmental responses to COVID-19 may negatively impact the capabilities of the Portfolio's service providers and disrupt the Portfolio's operations.

The United States' enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from certain other countries has contributed to and may continue to contribute to international trade tensions and may impact portfolio securities. The United States' enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government's response, may also negatively impact securities and instruments that are economically tied to Russia.

The Portfolio may have significant exposure to issuers in the United Kingdom. The United Kingdom's withdrawal from the European Union may impact Portfolio returns. The withdrawal may cause substantial volatility in foreign exchange markets, lead to weakness in the exchange rate of the British pound, result in a sustained period of market uncertainty, and destabilize some or all of the other European Union member countries and/or the Eurozone.

The Portfolio may invest in certain instruments that rely in some fashion upon the London Interbank Offered Rate ("LIBOR"). LIBOR is an average interest rate, determined by the ICE Benchmark Administration, that banks charge one another for the use of short-term money. The

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| **4** | **PIMCO VARIABLE INSURANCE TRUST** |

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United Kingdom's Financial Conduct Authority, which regulates LIBOR, has announced plans to ultimately phase out the use of LIBOR. There remains uncertainty regarding future utilization of LIBOR and the nature of any replacement rate (e.g., the Secured Overnight Financing Rate, which is intended to replace U.S. dollar LIBOR and measures the cost of overnight borrowings through repurchase agreement transactions collateralized with U.S. Treasury securities). Any potential effects of the transition away from LIBOR on the Portfolio or on certain instruments in which the Portfolio invests can be difficult to ascertain, and they may vary depending on a variety of factors. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to the Portfolio.

On the Portfolio Summary page in this Shareholder Report, the Average Annual Total Return table and Cumulative Returns chart measure performance assuming that any dividend and capital gain distributions were reinvested. The Cumulative Returns chart reflects only Administrative Class performance. Performance may vary by share class based on each class's expense ratios. The Portfolio measures its

performance against at least one broad-based securities market index ("benchmark index"). The benchmark index does not take into account fees, expenses, or taxes. The Portfolio's past performance, before and after taxes, is not necessarily an indication of how the Portfolio will perform in the future. There is no assurance that the Portfolio, even if the Portfolio has experienced high or unusual performance for one or more periods, will experience similar levels of performance in the future. High performance is defined as a significant increase in either 1) the Portfolio's total return in excess of that of the Portfolio's benchmark between reporting periods or 2) the Portfolio's total return in excess of the Portfolio's historical returns between reporting periods. Unusual performance is defined as a significant change in the Portfolio's performance as compared to one or more previous reporting periods. Historical performance for the Portfolio or a share class thereof may have been positively impacted by fee waivers or expense limitations in place during some or all of the periods shown, if applicable. Future performance (including total return or yield) and distributions may be negatively impacted by the expiration or reduction of any such fee waivers or expense limitations.

The following table discloses the inception dates of the Portfolio and its share classes along with the Portfolio's diversification status as of period end:

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| **Portfolio Name** | **Portfolio<br>Inception** | **Institutional<br>Class** | **Administrative<br>Class** | **Advisor<br>Class** | **Diversification<br>Status** |
|  PIMCO International Bond Portfolio (U.S. Dollar-Hedged) | 02/16/99 | 04/10/00 | 02/16/99 | 04/30/14 | Non-diversified |

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An investment in the Portfolio is not a bank deposit and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in the Portfolio.

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Portfolio. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither this Portfolio's prospectus nor summary prospectus, the Trust's Statement of Additional Information ("SAI"), any contracts filed as exhibits to the Trust's registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or the Portfolio creates a contract between or among any shareholder of the Portfolio, on the one hand, and the Trust, the Portfolio, a service provider to the Trust or the Portfolio, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service providers or other delegates acting under authority of the Trustees) may amend the most recent prospectus or use a new prospectus,

summary prospectus or SAI with respect to the Portfolio or the Trust, and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which the Trust or the Portfolio is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to the Portfolio, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust's then-current prospectus or SAI.

PIMCO has adopted written proxy voting policies and procedures ("Proxy Policy") as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at (888) 87-PIMCO, on the Portfolio's website at www.pimco.com/pvit, and on the Securities and Exchange Commission's ("SEC") website at www.sec.gov.

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>5</sub> |

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| **Important Information About the PIMCO International Bond Portfolio (U.S. Dollar-Hedged)** | **(Cont.)** |

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The Portfolio files portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The Portfolio's complete schedule of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC's website at www.sec.gov and on PIMCO's website at www.pimco.com/pvit, and will be made available, upon request by calling PIMCO at (888) 87-PIMCO.

SEC rules allow shareholder reports to be delivered to investors by providing access to such reports online free of charge and by mailing a notice that the report is electronically available. Investors may elect to receive all future reports in paper free of charge by contacting their insurance company. Any election to receive reports in paper will apply to all portfolio companies available under the investor's contract at the insurance company.

In October 2020, the SEC adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that recinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover transactions. Subject to certain exceptions, and the rule requires portfolios that trade derivatives and other transactions that create future payment or delivery obligations to comply with a value-at-risk leverage limit and certain derivatives risk management program and reporting requirements. These requirements may limit the ability of the Portfolio to use derivatives and reverse repurchase agreements and similar financing transactions as part of its investment strategies and may increase the cost of the Portfolio's investments and cost of doing business, which could adversely affect investors. The rule went into effect on February 19, 2021. The compliance date for the new rule and related reporting requirements was August 19, 2022.

In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value as well as for the performance of fair value determinations, including related oversight and reporting obligations. The new rule also defines "readily available market quotations" for purposes of the definition of "value" under the Act, and the SEC noted that this definition will apply in all contexts under the Act. The effective date for the rule was March 8, 2021. The compliance date for the new rule and the related reporting requirements was September 8, 2022.

In May 2022, the SEC proposed amendments to a current rule governing portfolio naming conventions. In general, the current rule requires portfolios with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The proposed amendments would expand the scope of the current rule in a number of ways that would result in an expansion

of the types of portfolio names that would require the portfolio to adopt an 80% investment policy under the rule. Additionally, the proposed amendments would modify the circumstances under which a portfolio may deviate from its 80% investment policy and address the use and valuation of derivatives instruments for purposes of the rule. The proposal's impact on the Portfolio will not be known unless and until any final rulemaking is adopted.

In May 2022, the SEC proposed a framework that would require certain registered portfolios (such as the Portfolio) to disclose their environmental, social, and governance ("ESG") investing practices. Among other things, the proposed requirements would mandate that portfolios meeting three pre-defined classifications (*i.e.*, integrated, ESG focused and/or impact funds) provide prospectus and shareholder report disclosure related to the ESG factors, criteria and processes used in managing the portfolio. The proposal's impact on the Portfolio will not be known unless and until any final rulemaking is adopted.

In October 2022, the SEC adopted changes to the mutual fund and exchange-traded fund ("ETF") shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which will impact the disclosures provided to shareholders. The rule amendments are effective as of January 24, 2023, but the SEC is providing an 18-month compliance period following the effective date for such amendments other than those addressing fee and expense information in advertisements that might be materially misleading.

In November 2022, the SEC proposed rule amendments which, among other things, would require funds to adopt swing pricing in order to mitigate dilution of shareholders' interests in a fund by requiring the adjustment of fund net asset value per share to pass on costs stemming from shareholder purchase or redemption activity. In addition the proposed rule would amend the liquidity rule framework. The proposal's impact on the Portfolio will not be known unless and until any final rulemaking is adopted.

In November 2022, the SEC adopted amendments to Form N-PX under the Act to improve the utility to investors of proxy voting information reported by mutual funds, ETFs and certain other funds. The rule amendments will expand the scope of funds' Form N-PX reporting obligations, subject managers to Form N-PX reporting obligations for "Say on Pay" votes, enhance Form N-PX disclosures, permit joint reporting by funds, managers and affiliated managers on Form N-PX; and require website availability of fund proxy voting records. The amendments will become effective on July 1, 2024. Funds and managers will be required to file their first reports covering the period from July 1, 2023 to June 30, 2024 on amended Form N-PX by August 31, 2024.

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| **6** | **PIMCO VARIABLE INSURANCE TRUST** |

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**PIMCO International Bond Portfolio (U.S. Dollar-Hedged)** 

Cumulative Returns Through December 31, 2022

![LOGO](g423111g48c52.jpg)

$10,000 invested at the end of the month when the Portfolio's Administrative Class commenced operations.

Geographic Breakdown

as of December 31, 2022<sup>†</sup><sup>§</sup>

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|  United States | 33.0% |
|  Short-Term Instruments<sup>‡</sup> | 29.0% |
|  Cayman Islands | 7.8% |
|  United Kingdom | 6.1% |
|  Japan | 5.3% |
|  Denmark | 2.4% |
|  France | 2.2% |
|  China | 1.9% |
|  Ireland | 1.6% |
|  Germany | 1.5% |
|  South Korea | 1.4% |
|  Switzerland | 1.0% |
|  Other | 6.8% |

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| <sup>†</sup> | % of Investments, at value.  |

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| <sup>§</sup> | Geographic Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.  |

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<sup>‡</sup> Includes Central Funds Used for Cash Management Purposes.

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|:---|:---|:---|:---|:---|:---|
| Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 |
|  |  | 1 Year | 5 Years | 10 Years | Inception<sup>≈</sup> |
|  | PIMCO International Bond Portfolio<br>(U.S. Dollar-Hedged) Institutional Class | (10.02)% | 0.47% | 2.37% | 4.58% |
| ![LOGO](g423111g94o20.jpg) | PIMCO International Bond Portfolio<br>(U.S. Dollar-Hedged) Administrative Class | (10.15)% | 0.32% | 2.22% | 4.27% |
|  | PIMCO International Bond Portfolio<br>(U.S. Dollar-Hedged) Advisor Class | (10.24)% | 0.22% |  | 2.00% |
| ![LOGO](g423111g08y58.jpg) | Bloomberg Global Aggregate ex-USD<br>(USD Hedged) Index<sup>±</sup> | (9.76)% | 0.52% | 2.10% | 3.71%<sup>¨</sup> |

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All Portfolio returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

<sup>≈</sup> For class inception dates please refer to the Important Information.

<sup>¨</sup> Average annual total return since 02/28/1999.

<sup>±</sup> Bloomberg Global Aggregate ex-USD (USD Hedged) Index provides a broad-based measure of the global investment-grade fixed income markets. The major components of this index are the Pan-European Aggregate and the Asian-Pacific Aggregate Indices. The index also includes Eurodollar and Euro-Yen corporate bonds and Canadian Government securities.

It is not possible to invest directly in an unmanaged index.

*Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. The Portfolio's performance does not reflect the deduction of additional charges and expenses imposed in connection with investing in Variable Contracts, which will reduce returns. Differences in the Portfolio's performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the prices of individual positions (which may be sourced from different pricing vendors or other sources) used by the Portfolio and the index. For performance current to the most recent month-end, visit www.pimco.com/pvit or via (888) 87-PIMCO.* 

*The Portfolio's total annual operating expense ratio in effect as of period end was 0.76% for Institutional Class shares, 0.91% for Administrative Class shares, and 1.01% for Advisor Class shares. Details regarding any changes to the Portfolio's operating expenses, subsequent to period end, can be found in the Portfolio's current prospectus, as supplemented.* 

Investment Objective and Strategy Overview

PIMCO International Bond Portfolio (U.S. Dollar-Hedged) seeks maximum total return, consistent with preservation of capital and prudent investment management, by investing under normal circumstances at least 80% of its assets in Fixed Income Instruments that are economically tied to at least three non-U.S. countries. The Portfolio's investments in Fixed Income Instruments may be represented by forwards or derivatives such as options, futures contracts or swap agreements. "Fixed Income Instruments" include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. The Portfolio will normally limit its foreign currency exposure (from non-U.S. dollar-denominated securities or currencies) to 20% of its total assets. Portfolio strategies may change from time to time. Please refer to the Portfolio's current prospectus for more information regarding the Portfolio's strategy.

Portfolio Insights

The following affected performance (on a gross basis) during the reporting period:

» Underweight exposure to U.S. duration at the front-end of the yield curve contributed to relative performance, as yields rose.

» Underweight exposure to duration in the U.K., particularly during the third quarter of 2022, contributed to relative performance, as yields rose.

» Underweight to duration in Russia, particularly during the first quarter of 2022, contributed to relative performance, as yields rose.

» Overweight exposure to duration in the euro bloc, particularly during the first and second quarters of 2022, detracted from relative performance, as yields rose.

» Positions in non-agency mortgage-backed securities, particularly during the second quarter of 2022, detracted from relative performance, as spreads widened.

» Overweight exposure to the senior and subordinated financials sector, particularly during the first and second quarters of 2022, detracted from relative performance, as spreads widened.

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>7</sub> |

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| **Expense Example** | **PIMCO International Bond Portfolio (U.S. Dollar-Hedged)** |

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Example

As a shareholder of the Portfolio, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including investment advisory fees, supervisory and administrative fees, distribution and/or service (12b-1) fees (if applicable), and other Portfolio expenses. The Example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The Expense Example does not reflect any fees or other expenses imposed by the Variable Contracts. If it did, the expenses reflected in the Expense Example would be higher. The Example is based on an investment of $1,000 invested at the beginning of the period and held from July 1, 2022 to December 31, 2022 unless noted otherwise in the table and footnotes below.

Actual Expenses

The information in the table under the heading "Actual" provides information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60), then multiply the result by the number in the appropriate row for your share class, in the column titled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information in the table under the heading "Hypothetical (5% return before expenses)" provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other portfolios. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other portfolios.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the information under the heading "Hypothetical (5% return before expenses)" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. In addition, if these transactional costs were included, your costs would have been higher.

Expense ratios may vary period to period because of various factors, such as an increase in expenses that are not covered by the investment advisory fees and supervisory and administrative fees, such as fees and expenses of the independent trustees and their counsel, extraordinary expenses and interest expense.

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|  | | **Actual** | | **Hypothetical<br>(5% return before expenses)** | **Hypothetical<br>(5% return before expenses)** | **Hypothetical<br>(5% return before expenses)** | |
|  | **Beginning<br>Account Value<br>(07/01/22)** | **Ending<br>Account Value<br>(12/31/22)** | **Expenses Paid<br>During Period<sup>\*</sup>** | **Beginning<br>Account Value<br>(07/01/22)** | **Ending<br>Account Value<br>(12/31/22)** | **Expenses Paid<br>During Period<sup>\*</sup>** | **Net Annualized<br>Expense Ratio\*\*** |
| Institutional Class | $1000.00 | $983.00 | $4.70 | $1000.00 | $1020.74 | $4.79 | 0.93% |
| Administrative Class | 1000.00 | 982.20 | 5.45 | 1000.00 | 1019.98 | 5.56 | 1.08 |
| Advisor Class | 1000.00 | 981.70 | 5.96 | 1000.00 | 1019.47 | 6.07 | 1.18 |

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\* Expenses Paid During Period are equal to the net annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 186/365 (to reflect the one-half year period). Overall fees and expenses of investing in the Portfolio will be higher because the example does not reflect variable contract fees and expenses.

\*\* Net Annualized Expense Ratio is reflective of any applicable contractual fee waivers and/or expense reimbursements or voluntary fee waivers. Details regarding fee waivers, if any, can be found in Note 9, Fees and Expenses, in the Notes to Financial Statements.

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| **8** | **PIMCO VARIABLE INSURANCE TRUST** |

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>9</sub> |

---

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Financial Highlights** | **PIMCO International Bond Portfolio (U.S. Dollar-Hedged)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year Ended^: | <br> **Net Asset<br>Value**<br> **Beginning of**<br> **Year<sup>(a)</sup>** | **Net**<br> **Investment**<br> **Income (Loss)<sup>(b)</sup>** | **Net Realized/**<br> **Unrealized**<br> **Gain (Loss)** | **Total** | **From Net**<br> **Investment**<br> **Income** | **From Net**<br> **Realized**<br> **Capital**<br> **Gain** | **Total** |
| Institutional Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | $&nbsp;&nbsp;&nbsp;&nbsp;10.75 | $&nbsp;&nbsp;&nbsp;&nbsp;0.16 | $&nbsp;&nbsp;&nbsp;&nbsp;(1.24) | $&nbsp;&nbsp;&nbsp;&nbsp;(1.08) | $&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | $&nbsp;&nbsp;&nbsp;&nbsp;(0.00) | $&nbsp;&nbsp;&nbsp;&nbsp;(0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 11.24 | 0.17 | (0.37) | (0.20) | (0.19) | (0.10) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 11.32 | 0.17 | 0.45 | 0.62 | (0.70) | 0.00 | (0.70) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2019 | 10.84 | 0.22 | 0.55 | 0.77 | (0.21) | (0.08) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2018 | 10.79 | 0.20 | 0.05 | 0.25 | (0.16) | (0.04) | (0.20) |
| Administrative Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 10.75 | 0.15 | (1.24) | (1.09) | (0.15) | (0.00) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 11.24 | 0.15 | (0.37) | (0.22) | (0.17) | (0.10) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 11.32 | 0.16 | 0.44 | 0.60 | (0.68) | 0.00 | (0.68) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2019 | 10.84 | 0.21 | 0.55 | 0.76 | (0.20) | (0.08) | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2018 | 10.79 | 0.18 | 0.05 | 0.23 | (0.14) | (0.04) | (0.18) |
| Advisor Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 10.75 | 0.14 | (1.24) | (1.10) | (0.14) | (0.00) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 11.24 | 0.14 | (0.37) | (0.23) | (0.16) | (0.10) | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 11.32 | 0.15 | 0.44 | 0.59 | (0.67) | 0.00 | (0.67) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2019 | 10.84 | 0.19 | 0.56 | 0.75 | (0.19) | (0.08) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2018 | 10.79 | 0.17 | 0.05 | 0.22 | (0.13) | (0.04) | (0.17) |

---

---

| | |
|:---|:---|
| ^ | A zero balance may reflect actual amounts rounding to less than $0.01 or 0.01%.  |

---

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Portfolio.

<sup>(b)</sup> Per share amounts based on average number of shares outstanding during the year. 

<sup>(c)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

<sup>(d)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Portfolio. Additionally, excludes initial sales charges and contingent deferred sales charges.

---

| | | |
|:---|:---|:---|
| **10** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | |
|<br>**Net Asset**<br> **Value End of<br>Year<sup>(a)</sup>** |<br>**Total Return<sup>(d)</sup>** |<br>**Net Assets**<br> **End of Year**<br> **(000s)** | **Expenses** | **Expenses**<br> **Excluding**<br> **Waivers** | **Expenses**<br> **Excluding**<br> **Interest**<br> **Expense** | **Expenses**<br> **Excluding**<br> **Interest**<br> **Expense and<br>Waivers** | **Net**<br> **Investment**<br> **Income (Loss)** |<br>**Portfolio**<br> **Turnover<br>Rate** |
| $9.51 | (10.02)% | $&nbsp;&nbsp;&nbsp;&nbsp;120068 | 0.86% | 0.86% | 0.75% | 0.75% | 1.65% | 413% |
| &nbsp;&nbsp;&nbsp;&nbsp;10.75 | (1.81) | 120577 | 0.76 | 0.76 | 0.75 | 0.75 | 1.52 | 345 |
| 11.24 | 5.72 | 84623 | 0.79 | 0.79 | 0.75 | 0.75 | 1.52 | 512 |
| 11.32 | 7.17 | 9105 | 0.86 | 0.86 | 0.75 | 0.75 | 1.98 | 272 |
| 10.84 | 2.27 | 7483 | 0.81 | 0.81 | 0.75 | 0.75 | 1.85 | 185 |
| 9.51 | (10.15) | 68241 | 1.01 | 1.01 | 0.90 | 0.90 | 1.50 | 413 |
| 10.75 | (1.96) | 82338 | 0.91 | 0.91 | 0.90 | 0.90 | 1.36 | 345 |
| 11.24 | 5.56 | 78210 | 0.94 | 0.94 | 0.90 | 0.90 | 1.44 | 512 |
| 11.32 | 7.01 | 79540 | 1.01 | 1.01 | 0.90 | 0.90 | 1.83 | 272 |
| 10.84 | 2.12 | 78640 | 0.96 | 0.96 | 0.90 | 0.90 | 1.70 | 185 |
| 9.51 | (10.24) | 374446 | 1.11 | 1.11 | 1.00 | 1.00 | 1.40 | 413 |
| 10.75 | (2.05) | 499139 | 1.01 | 1.01 | 1.00 | 1.00 | 1.26 | 345 |
| 11.24 | 5.45 | 488470 | 1.04 | 1.04 | 1.00 | 1.00 | 1.34 | 512 |
| 11.32 | 6.90 | 477388 | 1.11 | 1.11 | 1.00 | 1.00 | 1.73 | 272 |
| 10.84 | 2.02 | 444881 | 1.06 | 1.06 | 1.00 | 1.00 | 1.59 | 185 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>11</sub> |

---

------

##### [**Table of Contents**](#toc)

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| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **PIMCO International Bond Portfolio (U.S. Dollar-Hedged)** | December 31, 2022 |

---

---

| | |
|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) | (Amounts in thousands<sup>†</sup>, except per share amounts) |
|  **Assets:** |  |
|  *Investments, at value* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities\* | $&nbsp;&nbsp;&nbsp;&nbsp;596711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 41527 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 1183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 4129 |
|  Deposits with counterparty | 15920 |
|  Foreign currency, at value | 3390 |
|  Receivable for investments sold | 12255 |
|  Receivable for investments sold on a delayed-delivery basis | 134 |
|  Receivable for investments in Affiliates sold | 100 |
|  Receivable for TBA investments sold | 146490 |
|  Receivable for Portfolio shares sold | 105 |
|  Interest and/or dividends receivable | 2624 |
|  Dividends receivable from Affiliates | 91 |
|  **Total Assets** | 824659 |
|  **Liabilities:** |  |
|  *Borrowings & Other Financing Transactions* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for short sales | $58710 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 1768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 17849 |
|  Payable for investments purchased | 11760 |
|  Payable for investments in Affiliates purchased | 91 |
|  Payable for TBA investments purchased | 169269 |
|  Deposits from counterparty | 1661 |
|  Payable for Portfolio shares redeemed | 291 |
|  Overdraft due to custodian | 22 |
|  Accrued investment advisory fees | 129 |
|  Accrued supervisory and administrative fees | 259 |
|  Accrued distribution fees | 86 |
|  Accrued servicing fees | 9 |
|  **Total Liabilities** | 261904 |
|  **Net Assets** | $562755 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | $646435 |
|  Distributable earnings (accumulated loss) | (83680) |
|  **Net Assets** | $562755 |
|  **Net Assets:** |  |
|  Institutional Class | $120068 |
|  Administrative Class | 68241 |
|  Advisor Class | 374446 |
|  **Shares Issued and Outstanding:** |  |
|  Institutional Class | 12629 |
|  Administrative Class | 7178 |
|  Advisor Class | 39384 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |
|  Institutional Class | $9.51 |
|  Administrative Class | 9.51 |
|  Advisor Class | 9.51 |
|  Cost of investments in securities | $652801 |
|  Cost of investments in Affiliates | $41532 |
|  Cost of foreign currency held | $3474 |
|  Proceeds received on short sales | $58571 |
|  Cost or premiums of financial derivative instruments, net | $(9920) |
|  \* Includes repurchase agreements of: | $7973 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Portfolio.

---

| | | |
|:---|:---|:---|
| **12** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Statement of Operations** | **PIMCO International Bond Portfolio (U.S. Dollar-Hedged)** |

---

---

| | |
|:---|:---|
| Year Ended December 31, 2022 |  |
| (Amounts in thousands<sup>†</sup>) |  |
|  **Investment Income:** |  |
|  Interest, net of foreign taxes\* | $15197 |
|  Dividends | 6 |
|  Dividends from Investments in Affiliates | 295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 15498 |
|  **Expenses:** |  |
|  Investment advisory fees | 1542 |
|  Supervisory and administrative fees | 3084 |
|  Distribution and/or servicing fees - Administrative Class | 109 |
|  Distribution and/or servicing fees - Advisor Class | 1066 |
|  Trustee fees | 20 |
|  Interest expense | 654 |
|  Miscellaneous expense | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 6476 |
|  **Net Investment Income (Loss)** | 9022 |
|  **Net Realized Gain (Loss):** |  |
|  Investments in securities | (17652) |
|  Investments in Affiliates | (289) |
|  Exchange-traded or centrally cleared financial derivative instruments | (22667) |
|  Over the counter financial derivative instruments | 48455 |
|  Short sales | (30) |
|  Foreign currency | (3026) |
|  **Net Realized Gain (Loss)** | 4791 |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in securities | (67787) |
|  Investments in Affiliates | 268 |
|  Exchange-traded or centrally cleared financial derivative instruments | (5025) |
|  Over the counter financial derivative instruments | (11055) |
|  Foreign currency assets and liabilities | 455 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | (83144) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $&nbsp;&nbsp;&nbsp;&nbsp;(69331) |
|  \* Foreign tax withholdings | $19 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>13</sub> |

---

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Statement of Changes in Net Assets** | **PIMCO International Bond Portfolio (U.S. Dollar-Hedged)** |

---

---

| | | |
|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2021** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
|  Net investment income (loss) | $9022 | $8837 |
|  Net realized gain (loss) | 4791 | 14908 |
|  Net change in unrealized appreciation (depreciation) | (83144) | (37240) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | (69331) | (13495) |
|  **Distributions to Shareholders:** |  |  |
|  From net investment income and/or net realized capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (1986) | (2400) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (1111) | (1916) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (6020) | (11780) |
|  **Total Distributions<sup>(a)</sup>** | (9117) | (16096) |
|  **Portfolio Share Transactions:** |  |  |
|  Net increase (decrease) resulting from Portfolio share transactions\* | (60851) | 80342 |
|  **Total Increase (Decrease) in Net Assets** | (139299) | 50751 |
|  **Net Assets:** |  |  |
|  Beginning of year | 702054 | 651303 |
|  End of year | $&nbsp;&nbsp;&nbsp;&nbsp;562755 | $&nbsp;&nbsp;&nbsp;&nbsp;702054 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

\* See Note 13, Shares of Beneficial Interest, in the Notes to Financial Statements.

<sup>(a)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

---

| | | |
|:---|:---|:---|
| **14** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO International Bond Portfolio (U.S. Dollar-Hedged)** | December 31, 2022 |

---

**(Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)** 

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **INVESTMENTS IN SECURITIES 106.0%** | **INVESTMENTS IN SECURITIES 106.0%** | **INVESTMENTS IN SECURITIES 106.0%** |
| **ARGENTINA 0.0%** | **ARGENTINA 0.0%** | **ARGENTINA 0.0%** |
| **SOVEREIGN ISSUES 0.0%** | **SOVEREIGN ISSUES 0.0%** | **SOVEREIGN ISSUES 0.0%** |
|  **Argentina Government International Bond** | **Argentina Government International Bond** | **Argentina Government International Bond** |
|  0.500% due 07/09/2030 þ | 230 | 63 |
|  1.000% due 07/09/2029 | 5 | 1 |
|  **Total Argentina (Cost $143)** | **Total Argentina (Cost $143)** | **64** |
| **AUSTRALIA 0.4%** | **AUSTRALIA 0.4%** | **AUSTRALIA 0.4%** |
| **CORPORATE BONDS & NOTES 0.1%** | **CORPORATE BONDS & NOTES 0.1%** | **CORPORATE BONDS & NOTES 0.1%** |
|  **Sydney Airport Finance Co. Pty. Ltd.** | **Sydney Airport Finance Co. Pty. Ltd.** | **Sydney Airport Finance Co. Pty. Ltd.** |
|  3.900% due 03/22/2023 | 300 | 299 |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES 0.1%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 0.1%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 0.1%** |
|  **Pepper Residential Securities Trust** | **Pepper Residential Securities Trust** | **Pepper Residential Securities Trust** |
|  5.204% due 03/12/2061 •  | 119 | 119 |
|  **RESIMAC Bastille Trust** | **RESIMAC Bastille Trust** | **RESIMAC Bastille Trust** |
|  5.102% due 09/05/2057 •  | 183 | 183 |
|  |  | 302 |
| **SOVEREIGN ISSUES 0.2%** | **SOVEREIGN ISSUES 0.2%** | **SOVEREIGN ISSUES 0.2%** |
|  **Australia Government International Bond** | **Australia Government International Bond** | **Australia Government International Bond** |
|  1.000% due 11/21/2031 | 1000 | 528 |
|  1.250% due 05/21/2032 | 200 | 107 |
|  1.750% due 06/21/2051 | 50 | 20 |
|  4.500% due 04/21/2033 | 900 | 636 |
|  |  | 1291 |
|  **Total Australia (Cost $2,134)** | **Total Australia (Cost $2,134)** | **1892** |
| **CANADA 1.1%** | **CANADA 1.1%** | **CANADA 1.1%** |
| **CORPORATE BONDS & NOTES 0.1%** | **CORPORATE BONDS & NOTES 0.1%** | **CORPORATE BONDS & NOTES 0.1%** |
|  **Air Canada Pass-Through Trust** | **Air Canada Pass-Through Trust** | **Air Canada Pass-Through Trust** |
|  3.300% due 07/15/2031 | 80 | 68 |
|  **Fairfax Financial Holdings Ltd.** | **Fairfax Financial Holdings Ltd.** | **Fairfax Financial Holdings Ltd.** |
|  2.750% due 03/29/2028 | 500 | 468 |
|  |  | 536 |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES 0.2%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 0.2%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 0.2%** |
|  **Real Estate Asset Liquidity Trust** | **Real Estate Asset Liquidity Trust** | **Real Estate Asset Liquidity Trust** |
|  2.381% due 02/12/2055 ~ | 369 | 250 |
|  2.867% due 02/12/2055 ~ | 1000 | 638 |
|  3.072% due 08/12/2053 | 301 | 220 |
|  |  | 1108 |
| **SOVEREIGN ISSUES 0.8%** | **SOVEREIGN ISSUES 0.8%** | **SOVEREIGN ISSUES 0.8%** |
|  **Canada Government International Bond** | **Canada Government International Bond** | **Canada Government International Bond** |
|  2.000% due 12/01/2051 | 4800 | 2696 |
|  **Canada Government Real Return Bond** | **Canada Government Real Return Bond** | **Canada Government Real Return Bond** |
|  1.500% due 12/01/2044 (e) | 532 | 409 |
|  **Province of Ontario** | **Province of Ontario** | **Province of Ontario** |
|  3.500% due 01/27/2027 | 1000 | 648 |
|  **Province of Quebec** | **Province of Quebec** | **Province of Quebec** |
|  3.000% due 09/01/2023 | 1100 | 804 |
|  |  | 4557 |
|  **Total Canada (Cost $7,798)** | **Total Canada (Cost $7,798)** | **6201** |
| **CAYMAN ISLANDS 8.9%** | **CAYMAN ISLANDS 8.9%** | **CAYMAN ISLANDS 8.9%** |
| **ASSET-BACKED SECURITIES 8.5%** | **ASSET-BACKED SECURITIES 8.5%** | **ASSET-BACKED SECURITIES 8.5%** |
|  **American Money Management Corp. CLO Ltd.** | **American Money Management Corp. CLO Ltd.** | **American Money Management Corp. CLO Ltd.** |
|  4.991% due 04/14/2029 •  | 685 | 681 |
|  5.542% due 11/10/2030 •  | 1500 | 1478 |
|  **AREIT Trust** | **AREIT Trust** | **AREIT Trust** |
|  5.419% due 11/17/2038 ~ | 1213 | 1161 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Ares CLO Ltd.** | **Ares CLO Ltd.** | **Ares CLO Ltd.** |
|  4.949% due 01/15/2029 ~ | 2585 | 2552 |
|  **Barings CLO Ltd.** | **Barings CLO Ltd.** | **Barings CLO Ltd.** |
|  5.313% due 01/20/2032 ~ | 1500 | 1480 |
|  **BDS Ltd.** | **BDS Ltd.** | **BDS Ltd.** |
|  5.689% due 12/16/2036 ~ | 1700 | 1649 |
|  **Benefit Street Partners CLO Ltd.** | **Benefit Street Partners CLO Ltd.** | **Benefit Street Partners CLO Ltd.** |
|  5.029% due 10/15/2030 •  | 1700 | 1678 |
|  **Carlyle Global Market Strategies CLO Ltd.** | **Carlyle Global Market Strategies CLO Ltd.** | **Carlyle Global Market Strategies CLO Ltd.** |
|  5.600% due 08/14/2030 ~ | 1681 | 1663 |
|  **CIFC Funding Ltd.** | **CIFC Funding Ltd.** | **CIFC Funding Ltd.** |
|  5.275% due 10/24/2030 ~ | 1800 | 1782 |
|  **Crestline Denali CLO Ltd.** | **Crestline Denali CLO Ltd.** | **Crestline Denali CLO Ltd.** |
|  5.273% due 04/20/2030 •  | 1535 | 1516 |
|  **Dryden CLO Ltd.** | **Dryden CLO Ltd.** | **Dryden CLO Ltd.** |
|  5.069% due 01/17/2032 •  | 1700 | 1670 |
|  **Elevation CLO Ltd.** | **Elevation CLO Ltd.** | **Elevation CLO Ltd.** |
|  5.308% due 10/25/2030 •  | 1700 | 1670 |
|  **Gallatin CLO Ltd.** | **Gallatin CLO Ltd.** | **Gallatin CLO Ltd.** |
|  5.169% due 07/15/2031 ~ | 2100 | 2064 |
|  **GPMT Ltd.** | **GPMT Ltd.** | **GPMT Ltd.** |
|  5.711% due 12/15/2036 •  | 1800 | 1741 |
|  **Halseypoint CLO Ltd.** | **Halseypoint CLO Ltd.** | **Halseypoint CLO Ltd.** |
|  5.865% due 11/30/2032 ~ | 1600 | 1580 |
|  **Jamestown CLO Ltd.** | **Jamestown CLO Ltd.** | **Jamestown CLO Ltd.** |
|  5.419% due 04/15/2033 •  | 1300 | 1279 |
|  **KREF Ltd.** | **KREF Ltd.** | **KREF Ltd.** |
|  5.771% due 02/17/2039 •  | 1700 | 1641 |
|  **LCM LP** | **LCM LP** | **LCM LP** |
|  5.097% due 07/19/2027 ~ | 1477 | 1461 |
|  5.283% due 10/20/2027 •  | 397 | 396 |
|  **LoanCore Issuer Ltd.** | **LoanCore Issuer Ltd.** | **LoanCore Issuer Ltd.** |
|  5.358% due 01/17/2037 ~ | 1700 | 1649 |
|  **Marathon CLO Ltd.** | **Marathon CLO Ltd.** | **Marathon CLO Ltd.** |
|  5.545% due 11/21/2027 •  | 22 | 22 |
|  **Marble Point CLO Ltd.** | **Marble Point CLO Ltd.** | **Marble Point CLO Ltd.** |
|  5.119% due 10/15/2030 •  | 900 | 883 |
|  **MF1 Ltd.** | **MF1 Ltd.** | **MF1 Ltd.** |
|  5.176% due 02/19/2037 ~ | 1800 | 1734 |
|  **MF1 Multifamily Housing Mortgage Loan Trust** | **MF1 Multifamily Housing Mortgage Loan Trust** | **MF1 Multifamily Housing Mortgage Loan Trust** |
|  5.300% due 07/15/2036 ~ | 377 | 368 |
|  **MidOcean Credit CLO** | **MidOcean Credit CLO** | **MidOcean Credit CLO** |
|  5.445% due 01/29/2030 •  | 1363 | 1347 |
|  **Mountain View CLO LLC** | **Mountain View CLO LLC** | **Mountain View CLO LLC** |
|  5.169% due 10/16/2029 •  | 1401 | 1386 |
|  **Starwood Commercial Mortgage Trust** | **Starwood Commercial Mortgage Trust** | **Starwood Commercial Mortgage Trust** |
|  5.526% due 04/18/2038 ~ | 1700 | 1648 |
|  **Stratus CLO Ltd.** | **Stratus CLO Ltd.** | **Stratus CLO Ltd.** |
|  5.143% due 12/28/2029 •  | 1513 | 1495 |
|  5.193% due 12/29/2029 •  | 1539 | 1514 |
|  **Symphony CLO Ltd.** | **Symphony CLO Ltd.** | **Symphony CLO Ltd.** |
|  4.961% due 07/14/2026 ~ | 53 | 53 |
|  **THL Credit Wind River CLO Ltd.** | **THL Credit Wind River CLO Ltd.** | **THL Credit Wind River CLO Ltd.** |
|  5.159% due 04/15/2031 ~ | 1700 | 1654 |
|  **Venture CLO Ltd.** | **Venture CLO Ltd.** | **Venture CLO Ltd.** |
|  4.959% due 04/15/2027 ~ | 205 | 205 |
|  5.596% due 09/07/2030 •  | 1300 | 1276 |
|  **Vibrant CLO Ltd.** | **Vibrant CLO Ltd.** | **Vibrant CLO Ltd.** |
|  5.283% due 09/15/2030 •  | 1693 | 1666 |
|  5.363% due 07/20/2032 •  | 1600 | 1574 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;47616 |
| **CORPORATE BONDS & NOTES 0.4%** | **CORPORATE BONDS & NOTES 0.4%** | **CORPORATE BONDS & NOTES 0.4%** |
|  **KSA Sukuk Ltd.** | **KSA Sukuk Ltd.** | **KSA Sukuk Ltd.** |
|  5.268% due 10/25/2028 | 600 | 624 |
|  **MGM China Holdings Ltd.** | **MGM China Holdings Ltd.** | **MGM China Holdings Ltd.** |
|  4.750% due 02/01/2027 | 500 | 443 |
|  **SA Global Sukuk Ltd.** | **SA Global Sukuk Ltd.** | **SA Global Sukuk Ltd.** |
|  2.694% due 06/17/2031 | 400 | 343 |
|  **Sands China Ltd.** | **Sands China Ltd.** | **Sands China Ltd.** |
|  5.625% due 08/08/2025 | 200 | 191 |
|  5.900% due 08/08/2028 | 500 | 469 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Tencent Holdings Ltd.** | **Tencent Holdings Ltd.** | **Tencent Holdings Ltd.** |
|  3.595% due 01/19/2028 | 200 | 184 |
|  |  | 2254 |
|  **Total Cayman Islands (Cost $50,900)** | **Total Cayman Islands (Cost $50,900)** | **49870** |
| **CHINA 2.2%** | **CHINA 2.2%** | **CHINA 2.2%** |
| **SOVEREIGN ISSUES 2.2%** | **SOVEREIGN ISSUES 2.2%** | **SOVEREIGN ISSUES 2.2%** |
|  **China Government International Bond** | **China Government International Bond** | **China Government International Bond** |
|  2.680% due 05/21/2030 | 9600 | 1367 |
|  3.010% due 05/13/2028 | 3800 | 555 |
|  3.530% due 10/18/2051 | 28000 | 4234 |
|  3.720% due 04/12/2051 | 13000 | 2027 |
|  3.810% due 09/14/2050 | 25900 | 4092 |
|  **Total China (Cost $13,139)** | **Total China (Cost $13,139)** | **12275** |
| **DENMARK 2.7%** | **DENMARK 2.7%** | **DENMARK 2.7%** |
| **CORPORATE BONDS & NOTES 2.7%** | **CORPORATE BONDS & NOTES 2.7%** | **CORPORATE BONDS & NOTES 2.7%** |
|  **Jyske Realkredit AS** | **Jyske Realkredit AS** | **Jyske Realkredit AS** |
|  1.000% due 10/01/2050 | 38325 | 3976 |
|  1.500% due 10/01/2053 | 3842 | 414 |
|  **Nordea Kredit Realkreditaktieselskab** | **Nordea Kredit Realkreditaktieselskab** | **Nordea Kredit Realkreditaktieselskab** |
|  1.000% due 10/01/2050 | 40676 | 4207 |
|  1.500% due 10/01/2053 | 5490 | 599 |
|  **Nykredit Realkredit AS** | **Nykredit Realkredit AS** | **Nykredit Realkredit AS** |
|  1.000% due 10/01/2050 | 25903 | 2723 |
|  1.500% due 10/01/2053 | 19220 | 2123 |
|  **Realkredit Danmark AS** | **Realkredit Danmark AS** | **Realkredit Danmark AS** |
|  1.000% due 10/01/2050 | 5318 | 565 |
|  1.500% due 10/01/2053 | 4725 | 511 |
|  **Total Denmark (Cost $21,424)** | **Total Denmark (Cost $21,424)** | **15118** |
| **FRANCE 2.4%** | **FRANCE 2.4%** | **FRANCE 2.4%** |
| **CORPORATE BONDS & NOTES 1.0%** | **CORPORATE BONDS & NOTES 1.0%** | **CORPORATE BONDS & NOTES 1.0%** |
|  **BNP Paribas SA** | **BNP Paribas SA** | **BNP Paribas SA** |
|  1.675% due 06/30/2027 •  | 1000 | 871 |
|  1.904% due 09/30/2028 •  | 500 | 417 |
|  2.159% due 09/15/2029 •  | 800 | 654 |
|  2.591% due 01/20/2028 •  | 800 | 705 |
|  **Societe Generale SA** | **Societe Generale SA** | **Societe Generale SA** |
|  1.488% due 12/14/2026 •  | 2400 | 2088 |
|  2.226% due 01/21/2026 •  | 400 | 368 |
|  2.797% due 01/19/2028 •  | 400 | 351 |
|  3.337% due 01/21/2033 •  | 500 | 395 |
|  |  | 5849 |
| **SOVEREIGN ISSUES 1.4%** | **SOVEREIGN ISSUES 1.4%** | **SOVEREIGN ISSUES 1.4%** |
|  **France Government International Bond** | **France Government International Bond** | **France Government International Bond** |
|  0.500% due 05/25/2072 | 1000 | 399 |
|  0.750% due 05/25/2052 | 4650 | 2629 |
|  2.000% due 05/25/2048 | 6200 | 5130 |
|  |  | 8158 |
|  **Total France (Cost $20,547)** | **Total France (Cost $20,547)** | **14007** |
| **GERMANY 1.7%** | **GERMANY 1.7%** | **GERMANY 1.7%** |
| **CORPORATE BONDS & NOTES 1.7%** | **CORPORATE BONDS & NOTES 1.7%** | **CORPORATE BONDS & NOTES 1.7%** |
|  **Deutsche Bank AG** | **Deutsche Bank AG** | **Deutsche Bank AG** |
|  1.625% due 01/20/2027 | 2200 | 2080 |
|  1.750% due 11/19/2030 •  | 600 | 506 |
|  2.222% due 09/18/2024 •  | 1800 | 1739 |
|  2.625% due 12/16/2024 | 300 | 337 |
|  2.625% due 02/12/2026 | 1200 | 1214 |
|  3.547% due 09/18/2031 •  | 1000 | 804 |
|  3.729% due 01/14/2032 •(h) | 1100 | 809 |
|  3.961% due 11/26/2025 •  | 1250 | 1195 |
|  **IHO Verwaltungs GmbH (3.875% Cash or 4.625% PIK)** | **IHO Verwaltungs GmbH (3.875% Cash or 4.625% PIK)** | **IHO Verwaltungs GmbH (3.875% Cash or 4.625% PIK)** |
|  3.875% due 05/15/2027 (b) | 200 | 182 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **15** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO International Bond Portfolio (U.S. Dollar-Hedged)** | **(Cont.)** |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **IHO Verwaltungs GmbH (6.000% Cash or 6.750% PIK)** | **IHO Verwaltungs GmbH (6.000% Cash or 6.750% PIK)** | **IHO Verwaltungs GmbH (6.000% Cash or 6.750% PIK)** |
|  6.000% due 05/15/2027 (b) | 900 | 791 |
|  **Total Germany (Cost $11,590)** | **Total Germany (Cost $11,590)** | **9657** |
| **IRELAND 1.8%** | **IRELAND 1.8%** | **IRELAND 1.8%** |
| **ASSET-BACKED SECURITIES 1.4%** | **ASSET-BACKED SECURITIES 1.4%** | **ASSET-BACKED SECURITIES 1.4%** |
|  **Armada Euro CLO DAC** | **Armada Euro CLO DAC** | **Armada Euro CLO DAC** |
|  2.098% due 07/15/2031 •  | 700 | 728 |
|  **Aurium CLO DAC** | **Aurium CLO DAC** | **Aurium CLO DAC** |
|  2.048% due 04/16/2030 ~ | 498 | 523 |
|  **Black Diamond CLO DAC** | **Black Diamond CLO DAC** | **Black Diamond CLO DAC** |
|  2.834% due 10/03/2029 •  | 19 | 20 |
|  **BlueMountain Fuji EUR CLO II DAC** | **BlueMountain Fuji EUR CLO II DAC** | **BlueMountain Fuji EUR CLO II DAC** |
|  2.028% due 07/15/2030 ~ | 1174 | 1227 |
|  **Cairn CLO DAC** | **Cairn CLO DAC** | **Cairn CLO DAC** |
|  2.178% due 04/30/2031 ~ | 1085 | 1133 |
|  **CVC Cordatus Loan Fund DAC** | **CVC Cordatus Loan Fund DAC** | **CVC Cordatus Loan Fund DAC** |
|  2.028% due 10/15/2031 ~ | 800 | 832 |
|  **Dryden Euro CLO DAC** | **Dryden Euro CLO DAC** | **Dryden Euro CLO DAC** |
|  2.038% due 04/15/2033 •  | 900 | 935 |
|  **Jubilee CLO DAC** | **Jubilee CLO DAC** | **Jubilee CLO DAC** |
|  1.988% due 04/15/2030 •  | 800 | 837 |
|  2.028% due 04/15/2031 •  | 500 | 510 |
|  **Man GLG Euro CLO DAC** | **Man GLG Euro CLO DAC** | **Man GLG Euro CLO DAC** |
|  2.736% due 12/15/2031 ~ | 1000 | 1038 |
|  |  | 7783 |
| **CORPORATE BONDS & NOTES 0.2%** | **CORPORATE BONDS & NOTES 0.2%** | **CORPORATE BONDS & NOTES 0.2%** |
|  **AerCap Ireland Capital DAC** | **AerCap Ireland Capital DAC** | **AerCap Ireland Capital DAC** |
|  2.450% due 10/29/2026 | 600 | 525 |
|  3.000% due 10/29/2028 | 600 | 504 |
|  |  | 1029 |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES 0.2%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 0.2%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 0.2%** |
|  **Shamrock Residential DAC** | **Shamrock Residential DAC** | **Shamrock Residential DAC** |
|  2.744% due 01/24/2061 ~ | 1349 | 1411 |
|  **Total Ireland (Cost $11,603)** | **Total Ireland (Cost $11,603)** | **10223** |
| **ISRAEL 0.2%** | **ISRAEL 0.2%** | **ISRAEL 0.2%** |
| **SOVEREIGN ISSUES 0.2%** | **SOVEREIGN ISSUES 0.2%** | **SOVEREIGN ISSUES 0.2%** |
|  **Israel Government International Bond** | **Israel Government International Bond** | **Israel Government International Bond** |
|  2.000% due 03/31/2027 | 4400 | 1170 |
|  **Total Israel (Cost $1,362)** | **Total Israel (Cost $1,362)** | **1170** |
| **ITALY 0.6%** | **ITALY 0.6%** | **ITALY 0.6%** |
| **CORPORATE BONDS & NOTES 0.5%** | **CORPORATE BONDS & NOTES 0.5%** | **CORPORATE BONDS & NOTES 0.5%** |
|  **Banca Monte dei Paschi di Siena SpA** | **Banca Monte dei Paschi di Siena SpA** | **Banca Monte dei Paschi di Siena SpA** |
|  0.875% due 10/08/2027 | 900 | 856 |
|  2.625% due 04/28/2025 | 500 | 486 |
|  **UniCredit SpA** | **UniCredit SpA** | **UniCredit SpA** |
|  7.500% due 06/03/2026 •(f)(g) | 200 | 209 |
|  7.830% due 12/04/2023 | 1200 | 1213 |
|  |  | 2764 |
| **SOVEREIGN ISSUES 0.1%** | **SOVEREIGN ISSUES 0.1%** | **SOVEREIGN ISSUES 0.1%** |
|  **Italy Government International Bond** | **Italy Government International Bond** | **Italy Government International Bond** |
|  6.000% due 08/04/2028 | 400 | 488 |
|  **Total Italy (Cost $3,756)** | **Total Italy (Cost $3,756)** | **3252** |
| **JAPAN 6.0%** | **JAPAN 6.0%** | **JAPAN 6.0%** |
| **CORPORATE BONDS & NOTES 0.5%** | **CORPORATE BONDS & NOTES 0.5%** | **CORPORATE BONDS & NOTES 0.5%** |
|  **Mizuho Financial Group, Inc.** | **Mizuho Financial Group, Inc.** | **Mizuho Financial Group, Inc.** |
|  3.922% due 09/11/2024 •  | 500 | 492 |
|  5.735% (US0003M + 1.000%) due 09/11/2024 ~ | 900 | 898 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Nissan Motor Co. Ltd.** | **Nissan Motor Co. Ltd.** | **Nissan Motor Co. Ltd.** |
|  3.522% due 09/17/2025 | 400 | 372 |
|  4.345% due 09/17/2027 | 400 | 363 |
|  4.810% due 09/17/2030 | 400 | 340 |
|  **Nomura Holdings, Inc.** | **Nomura Holdings, Inc.** | **Nomura Holdings, Inc.** |
|  2.329% due 01/22/2027 | 500 | 439 |
|  |  | 2904 |
| **SOVEREIGN ISSUES 5.5%** | **SOVEREIGN ISSUES 5.5%** | **SOVEREIGN ISSUES 5.5%** |
|  **Development Bank of Japan, Inc.** | **Development Bank of Japan, Inc.** | **Development Bank of Japan, Inc.** |
|  1.750% due 08/28/2024 | 1400 | 1325 |
|  **Japan Government International Bond** | **Japan Government International Bond** | **Japan Government International Bond** |
|  0.100% due 03/10/2028 (e) | 471695 | 3718 |
|  0.300% due 06/20/2046 | 620000 | 3677 |
|  0.500% due 09/20/2046 | 202000 | 1254 |
|  0.500% due 03/20/2049 | 740000 | 4416 |
|  0.700% due 12/20/2048 | 612000 | 3865 |
|  1.200% due 09/20/2035 | 1340000 | 10657 |
|  **Tokyo Metropolitan Government** | **Tokyo Metropolitan Government** | **Tokyo Metropolitan Government** |
|  0.750% due 07/16/2025 | 2100 | 1892 |
|  |  | 30804 |
|  **Total Japan (Cost $44,798)** | **Total Japan (Cost $44,798)** | **33708** |
| **JERSEY, CHANNEL ISLANDS 0.3%** | **JERSEY, CHANNEL ISLANDS 0.3%** | **JERSEY, CHANNEL ISLANDS 0.3%** |
| **ASSET-BACKED SECURITIES 0.3%** | **ASSET-BACKED SECURITIES 0.3%** | **ASSET-BACKED SECURITIES 0.3%** |
|  **Saranac CLO Ltd.** | **Saranac CLO Ltd.** | **Saranac CLO Ltd.** |
|  5.873% due 08/13/2031 ~ | 1700 | 1647 |
|  **Total Jersey, Channel Islands (Cost $1,700)** | **Total Jersey, Channel Islands (Cost $1,700)** | **1647** |
| **LUXEMBOURG 0.2%** | **LUXEMBOURG 0.2%** | **LUXEMBOURG 0.2%** |
| **CORPORATE BONDS & NOTES 0.2%** | **CORPORATE BONDS & NOTES 0.2%** | **CORPORATE BONDS & NOTES 0.2%** |
|  **Aroundtown SA** | **Aroundtown SA** | **Aroundtown SA** |
|  1.625% due 01/31/2028 | 700 | 496 |
|  5.375% due 03/21/2029 | 200 | 152 |
|  **CPI Property Group SA** | **CPI Property Group SA** | **CPI Property Group SA** |
|  2.750% due 05/12/2026 | 300 | 253 |
|  **Total Luxembourg (Cost $1,372)** | **Total Luxembourg (Cost $1,372)** | **901** |
| **MALAYSIA 0.8%** | **MALAYSIA 0.8%** | **MALAYSIA 0.8%** |
| **CORPORATE BONDS & NOTES 0.1%** | **CORPORATE BONDS & NOTES 0.1%** | **CORPORATE BONDS & NOTES 0.1%** |
|  **Petronas Capital Ltd.** | **Petronas Capital Ltd.** | **Petronas Capital Ltd.** |
|  3.404% due 04/28/2061 | 400 | 278 |
|  4.550% due 04/21/2050 | 200 | 179 |
|  4.800% due 04/21/2060 | 200 | 184 |
|  |  | 641 |
| **SOVEREIGN ISSUES 0.7%** | **SOVEREIGN ISSUES 0.7%** | **SOVEREIGN ISSUES 0.7%** |
|  **Malaysia Government International Bond** | **Malaysia Government International Bond** | **Malaysia Government International Bond** |
|  3.480% due 03/15/2023 | 17100 | 3886 |
|  **Malaysia Government Investment Issue** | **Malaysia Government Investment Issue** | **Malaysia Government Investment Issue** |
|  3.151% due 05/15/2023 | 400 | 91 |
|  |  | 3977 |
|  **Total Malaysia (Cost $4,510)** | **Total Malaysia (Cost $4,510)** | **4618** |
| **MULTINATIONAL 0.2%** | **MULTINATIONAL 0.2%** | **MULTINATIONAL 0.2%** |
| **CORPORATE BONDS & NOTES 0.2%** | **CORPORATE BONDS & NOTES 0.2%** | **CORPORATE BONDS & NOTES 0.2%** |
|  **Delta Air Lines, Inc.** | **Delta Air Lines, Inc.** | **Delta Air Lines, Inc.** |
|  4.750% due 10/20/2028 | 800 | 753 |
|  **Preferred Term Securities Ltd.** | **Preferred Term Securities Ltd.** | **Preferred Term Securities Ltd.** |
|  5.138% (US0003M + 0.400%) due 06/23/2035 ~ | 531 | 505 |
|  **Total Multinational (Cost $1,267)** | **Total Multinational (Cost $1,267)** | **1258** |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **NETHERLANDS 0.2%** | **NETHERLANDS 0.2%** | **NETHERLANDS 0.2%** |
| **CORPORATE BONDS & NOTES 0.2%** | **CORPORATE BONDS & NOTES 0.2%** | **CORPORATE BONDS & NOTES 0.2%** |
|  **Enel Finance International NV** | **Enel Finance International NV** | **Enel Finance International NV** |
|  2.650% due 09/10/2024 | 1300 | 1245 |
|  **Total Netherlands (Cost $1,299)** | **Total Netherlands (Cost $1,299)** | **1245** |
| **NEW ZEALAND 0.1%** | **NEW ZEALAND 0.1%** | **NEW ZEALAND 0.1%** |
| **SOVEREIGN ISSUES 0.1%** | **SOVEREIGN ISSUES 0.1%** | **SOVEREIGN ISSUES 0.1%** |
|  **New Zealand Government International Bond** | **New Zealand Government International Bond** | **New Zealand Government International Bond** |
|  1.500% due 05/15/2031 | 700 | 354 |
|  **Total New Zealand (Cost $490)** | **Total New Zealand (Cost $490)** | **354** |
| **NORWAY 0.1%** | **NORWAY 0.1%** | **NORWAY 0.1%** |
| **CORPORATE BONDS & NOTES 0.1%** | **CORPORATE BONDS & NOTES 0.1%** | **CORPORATE BONDS & NOTES 0.1%** |
|  **DNB Boligkreditt AS** | **DNB Boligkreditt AS** | **DNB Boligkreditt AS** |
|  3.250% due 06/28/2023 | 500 | 496 |
|  **Total Norway (Cost $500)** | **Total Norway (Cost $500)** | **496** |
| **PERU 1.1%** | **PERU 1.1%** | **PERU 1.1%** |
| **CORPORATE BONDS & NOTES 0.1%** | **CORPORATE BONDS & NOTES 0.1%** | **CORPORATE BONDS & NOTES 0.1%** |
|  **Banco de Credito del Peru SA** | **Banco de Credito del Peru SA** | **Banco de Credito del Peru SA** |
|  4.650% due 09/17/2024 | 2200 | 541 |
| **SOVEREIGN ISSUES 1.0%** | **SOVEREIGN ISSUES 1.0%** | **SOVEREIGN ISSUES 1.0%** |
|  **Peru Government International Bond** | **Peru Government International Bond** | **Peru Government International Bond** |
|  2.780% due 12/01/2060 | 700 | 411 |
|  5.350% due 08/12/2040 | 1100 | 217 |
|  5.940% due 02/12/2029 | 4400 | 1064 |
|  6.350% due 08/12/2028 | 15200 | 3809 |
|  |  | 5501 |
|  **Total Peru (Cost $7,902)** | **Total Peru (Cost $7,902)** | **6042** |
| **QATAR 0.0%** | **QATAR 0.0%** | **QATAR 0.0%** |
| **CORPORATE BONDS & NOTES 0.0%** | **CORPORATE BONDS & NOTES 0.0%** | **CORPORATE BONDS & NOTES 0.0%** |
|  **QatarEnergy Trading LLC** | **QatarEnergy Trading LLC** | **QatarEnergy Trading LLC** |
|  2.250% due 07/12/2031 | 300 | 249 |
|  **Total Qatar (Cost $297)** | **Total Qatar (Cost $297)** | **249** |
| **ROMANIA 0.5%** | **ROMANIA 0.5%** | **ROMANIA 0.5%** |
| **SOVEREIGN ISSUES 0.5%** | **SOVEREIGN ISSUES 0.5%** | **SOVEREIGN ISSUES 0.5%** |
|  **Romania Government International Bond** | **Romania Government International Bond** | **Romania Government International Bond** |
|  1.375% due 12/02/2029 | 540 | 422 |
|  1.750% due 07/13/2030 | 700 | 524 |
|  2.000% due 01/28/2032 | 100 | 72 |
|  2.000% due 04/14/2033 | 500 | 344 |
|  2.124% due 07/16/2031 | 100 | 74 |
|  2.125% due 03/07/2028 | 400 | 358 |
|  2.625% due 12/02/2040 | 400 | 240 |
|  2.875% due 04/13/2042 | 800 | 482 |
|  3.750% due 02/07/2034 | 600 | 481 |
|  **Total Romania (Cost $4,787)** | **Total Romania (Cost $4,787)** | **2997** |
| **SERBIA 0.1%** | **SERBIA 0.1%** | **SERBIA 0.1%** |
| **SOVEREIGN ISSUES 0.1%** | **SOVEREIGN ISSUES 0.1%** | **SOVEREIGN ISSUES 0.1%** |
|  **Serbia Government International Bond** | **Serbia Government International Bond** | **Serbia Government International Bond** |
|  1.000% due 09/23/2028 | 500 | 386 |
|  2.050% due 09/23/2036 | 500 | 303 |
|  **Total Serbia (Cost $1,151)** | **Total Serbia (Cost $1,151)** | **689** |
| **SOUTH KOREA 1.6%** | **SOUTH KOREA 1.6%** | **SOUTH KOREA 1.6%** |
| **SOVEREIGN ISSUES 1.6%** | **SOVEREIGN ISSUES 1.6%** | **SOVEREIGN ISSUES 1.6%** |
|  **Korea Government International Bond** | **Korea Government International Bond** | **Korea Government International Bond** |
|  2.125% due 06/10/2027 | 1225000 | 904 |

---

---

| | | |
|:---|:---|:---|
| **16** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  2.375% due 12/10/2027 |  | 1350000 | 1000 |
|  2.375% due 12/10/2028 |  | 5820000 | 4268 |
|  2.625% due 06/10/2028 |  | 2450000 | 1829 |
|  5.500% due 03/10/2028 |  | 1350000 | 1153 |
|  **Total South Korea (Cost $11,175)** | **Total South Korea (Cost $11,175)** | **Total South Korea (Cost $11,175)** | **9154** |
| **SPAIN 0.9%** | **SPAIN 0.9%** | **SPAIN 0.9%** | **SPAIN 0.9%** |
| **CORPORATE BONDS & NOTES 0.1%** | **CORPORATE BONDS & NOTES 0.1%** | **CORPORATE BONDS & NOTES 0.1%** | **CORPORATE BONDS & NOTES 0.1%** |
|  **Banco Santander SA** | **Banco Santander SA** | **Banco Santander SA** | **Banco Santander SA** |
|  1.849% due 03/25/2026 | $— | 200 | 177 |
|  3.848% due 04/12/2023 |  | 200 | 199 |
|  **Merlin Properties Socimi SA** | **Merlin Properties Socimi SA** | **Merlin Properties Socimi SA** | **Merlin Properties Socimi SA** |
|  2.225% due 04/25/2023 |  | 200 | 213 |
|  |  |  | 589 |
|  | **SHARES** | **SHARES** |  |
| **PREFERRED SECURITIES 0.0%** | **PREFERRED SECURITIES 0.0%** | **PREFERRED SECURITIES 0.0%** | **PREFERRED SECURITIES 0.0%** |
|  **CaixaBank SA** | **CaixaBank SA** | **CaixaBank SA** | **CaixaBank SA** |
|  5.875% due 10/09/2027 •(f)(g) |  | 200000 | 197 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| **SOVEREIGN ISSUES 0.8%** | **SOVEREIGN ISSUES 0.8%** | **SOVEREIGN ISSUES 0.8%** | **SOVEREIGN ISSUES 0.8%** |
|  **Autonomous Community of Catalonia** | **Autonomous Community of Catalonia** | **Autonomous Community of Catalonia** | **Autonomous Community of Catalonia** |
|  4.220% due 04/26/2035 | $— | 200 | 208 |
|  **Spain Government International Bond** | **Spain Government International Bond** | **Spain Government International Bond** | **Spain Government International Bond** |
|  0.850% due 07/30/2037 |  | 1700 | 1206 |
|  1.450% due 10/31/2071 |  | 1600 | 786 |
|  3.450% due 07/30/2066 |  | 2700 | 2556 |
|  |  |  | 4756 |
|  **Total Spain (Cost $9,817)** | **Total Spain (Cost $9,817)** | **Total Spain (Cost $9,817)** | **5542** |
| **SUPRANATIONAL 0.1%** | **SUPRANATIONAL 0.1%** | **SUPRANATIONAL 0.1%** | **SUPRANATIONAL 0.1%** |
| **CORPORATE BONDS & NOTES 0.1%** | **CORPORATE BONDS & NOTES 0.1%** | **CORPORATE BONDS & NOTES 0.1%** | **CORPORATE BONDS & NOTES 0.1%** |
|  **European Investment Bank** | **European Investment Bank** | **European Investment Bank** | **European Investment Bank** |
|  0.500% due 06/21/2023 |  | 500 | 335 |
|  0.500% due 08/10/2023 |  | 400 | 267 |
|  **Total Supranational (Cost $757)** | **Total Supranational (Cost $757)** | **Total Supranational (Cost $757)** | **602** |
| **SWITZERLAND 1.2%** | **SWITZERLAND 1.2%** | **SWITZERLAND 1.2%** | **SWITZERLAND 1.2%** |
| **CORPORATE BONDS & NOTES 1.2%** | **CORPORATE BONDS & NOTES 1.2%** | **CORPORATE BONDS & NOTES 1.2%** | **CORPORATE BONDS & NOTES 1.2%** |
|  **Credit Suisse AG** | **Credit Suisse AG** | **Credit Suisse AG** | **Credit Suisse AG** |
|  6.500% due 08/08/2023 (g) | $— | 700 | 679 |
|  **Credit Suisse Group AG** | **Credit Suisse Group AG** | **Credit Suisse Group AG** | **Credit Suisse Group AG** |
|  2.193% due 06/05/2026 •  |  | 1200 | 1026 |
|  3.800% due 06/09/2023 |  | 800 | 779 |
|  3.869% due 01/12/2029 •  |  | 800 | 642 |
|  4.194% due 04/01/2031 •  |  | 1200 | 934 |
|  4.282% due 01/09/2028 |  | 250 | 208 |
|  6.537% due 08/12/2033 •  |  | 1800 | 1584 |
|  7.500% due 12/11/2023 •(f)(g) |  | 300 | 263 |
|  **UBS Group AG** | **UBS Group AG** | **UBS Group AG** | **UBS Group AG** |
|  4.703% due 08/05/2027 •  |  | 300 | 290 |
|  4.751% due 05/12/2028 •  |  | 300 | 288 |
|  **Total Switzerland (Cost $7,762)** | **Total Switzerland (Cost $7,762)** | **Total Switzerland (Cost $7,762)** | **6693** |
| **THAILAND 0.5%** | **THAILAND 0.5%** | **THAILAND 0.5%** | **THAILAND 0.5%** |
| **SOVEREIGN ISSUES 0.5%** | **SOVEREIGN ISSUES 0.5%** | **SOVEREIGN ISSUES 0.5%** | **SOVEREIGN ISSUES 0.5%** |
|  **Thailand Government International Bond** | **Thailand Government International Bond** | **Thailand Government International Bond** | **Thailand Government International Bond** |
|  3.390% due 06/17/2037 |  | 20013 | 602 |
|  3.450% due 06/17/2043 |  | 78000 | 2286 |
|  **Total Thailand (Cost $2,731)** | **Total Thailand (Cost $2,731)** | **Total Thailand (Cost $2,731)** | **2888** |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **UNITED ARAB EMIRATES 0.1%** | **UNITED ARAB EMIRATES 0.1%** | **UNITED ARAB EMIRATES 0.1%** |
| **CORPORATE BONDS & NOTES 0.1%** | **CORPORATE BONDS & NOTES 0.1%** | **CORPORATE BONDS & NOTES 0.1%** |
|  **MDGH GMTN RSC Ltd.** | **MDGH GMTN RSC Ltd.** | **MDGH GMTN RSC Ltd.** |
|  5.500% due 04/28/2033 | 400 | 423 |
|  **Total United Arab Emirates (Cost $394)** | **Total United Arab Emirates (Cost $394)** | **423** |
| **UNITED KINGDOM 6.9%** | **UNITED KINGDOM 6.9%** | **UNITED KINGDOM 6.9%** |
| **CORPORATE BONDS & NOTES 2.7%** | **CORPORATE BONDS & NOTES 2.7%** | **CORPORATE BONDS & NOTES 2.7%** |
|  **Annington Funding PLC** | **Annington Funding PLC** | **Annington Funding PLC** |
|  1.650% due 07/12/2024 | 800 | 817 |
|  **GSK Consumer Healthcare Capital UK PLC** | **GSK Consumer Healthcare Capital UK PLC** | **GSK Consumer Healthcare Capital UK PLC** |
|  3.125% due 03/24/2025 | 900 | 857 |
|  **HSBC Holdings PLC** | **HSBC Holdings PLC** | **HSBC Holdings PLC** |
|  4.041% due 03/13/2028 •  | 1000 | 923 |
|  4.150% (BBSW3M + 1.100%) due 02/16/2024 ~ | 2300 | 1565 |
|  4.583% due 06/19/2029 •  | 800 | 738 |
|  5.674% (US0003M + 1.000%) due 05/18/2024 ~ | 300 | 299 |
|  **Lloyds Banking Group PLC** | **Lloyds Banking Group PLC** | **Lloyds Banking Group PLC** |
|  3.900% due 11/23/2023 | 800 | 537 |
|  **Marks & Spencer PLC** | **Marks & Spencer PLC** | **Marks & Spencer PLC** |
|  3.750% due 05/19/2026 | 500 | 528 |
|  **Nationwide Building Society** | **Nationwide Building Society** | **Nationwide Building Society** |
|  2.972% due 02/16/2028 •  | 1200 | 1056 |
|  3.766% due 03/08/2024 •  | 1200 | 1194 |
|  **NatWest Group PLC** | **NatWest Group PLC** | **NatWest Group PLC** |
|  4.445% due 05/08/2030 •  | 500 | 454 |
|  **NatWest Markets PLC** | **NatWest Markets PLC** | **NatWest Markets PLC** |
|  1.000% due 05/28/2024 | 800 | 826 |
|  **Santander U.K. Group Holdings PLC** | **Santander U.K. Group Holdings PLC** | **Santander U.K. Group Holdings PLC** |
|  4.796% due 11/15/2024 •  | 2400 | 2360 |
|  **Santander U.K. PLC** | **Santander U.K. PLC** | **Santander U.K. PLC** |
|  3.782% (SONIO/N + 0.550%) due 02/12/2027 ~ | 500 | 604 |
|  **Standard Chartered PLC** | **Standard Chartered PLC** | **Standard Chartered PLC** |
|  0.991% due 01/12/2025 •  | 1200 | 1134 |
|  2.608% due 01/12/2028 •  | 1400 | 1216 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;15108 |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES 3.1%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 3.1%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 3.1%** |
|  **Avon Finance PLC** | **Avon Finance PLC** | **Avon Finance PLC** |
|  4.331% due 09/20/2048 •  | 721 | 856 |
|  **Business Mortgage Finance PLC** | **Business Mortgage Finance PLC** | **Business Mortgage Finance PLC** |
|  4.359% due 02/15/2041 •  | 30 | 37 |
|  **Eurohome UK Mortgages PLC** | **Eurohome UK Mortgages PLC** | **Eurohome UK Mortgages PLC** |
|  3.946% due 06/15/2044 •  | 178 | 205 |
|  **Eurosail PLC** | **Eurosail PLC** | **Eurosail PLC** |
|  4.461% due 06/13/2045 ~ | 243 | 291 |
|  **Finsbury Square PLC** | **Finsbury Square PLC** | **Finsbury Square PLC** |
|  4.209% (SONIO/N + 0.800%) due 03/16/2070 ~ | 428 | 516 |
|  **Mansard Mortgages PLC** | **Mansard Mortgages PLC** | **Mansard Mortgages PLC** |
|  4.172% due 12/15/2049 •  | 74 | 87 |
|  **Newgate Funding PLC** | **Newgate Funding PLC** | **Newgate Funding PLC** |
|  3.839% due 12/01/2050 •  | 196 | 221 |
|  4.796% due 12/15/2050 •  | 164 | 184 |
|  **Precise Mortgage Funding PLC** | **Precise Mortgage Funding PLC** | **Precise Mortgage Funding PLC** |
|  4.587% due 12/12/2055 •  | 930 | 1116 |
|  **Residential Mortgage Securities PLC** | **Residential Mortgage Securities PLC** | **Residential Mortgage Securities PLC** |
|  4.681% due 06/20/2070 ~ | 658 | 792 |
|  **Ripon Mortgages PLC** | **Ripon Mortgages PLC** | **Ripon Mortgages PLC** |
|  4.011% due 08/28/2056 •  | 4564 | 5415 |
|  **RMAC PLC** | **RMAC PLC** | **RMAC PLC** |
|  4.206% due 06/12/2046 ~ | 1515 | 1822 |
|  **RMAC Securities PLC** | **RMAC Securities PLC** | **RMAC Securities PLC** |
|  3.656% due 06/12/2044 •  | 301 | 332 |
|  **Stratton Mortgage Funding PLC** | **Stratton Mortgage Funding PLC** | **Stratton Mortgage Funding PLC** |
|  3.826% due 07/20/2060 •  | 1641 | 1967 |
|  **Towd Point Mortgage Funding** | **Towd Point Mortgage Funding** | **Towd Point Mortgage Funding** |
|  3.826% due 07/20/2045 ~ | 1545 | 1848 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.071% (SONIO/N + 1.144%) due 10/20/2051 ~ |  | 713 | 857 |
|  **Trinity Square PLC** | **Trinity Square PLC** | **Trinity Square PLC** | **Trinity Square PLC** |
|  3.729% due 07/15/2059 ~ |  | 864 | 1032 |
|  |  |  | 17578 |
| **SOVEREIGN ISSUES 1.1%** | **SOVEREIGN ISSUES 1.1%** | **SOVEREIGN ISSUES 1.1%** | **SOVEREIGN ISSUES 1.1%** |
|  **United Kingdom Gilt** | **United Kingdom Gilt** | **United Kingdom Gilt** | **United Kingdom Gilt** |
|  0.625% due 10/22/2050 |  | 1300 | 703 |
|  1.250% due 07/31/2051 |  | 2100 | 1373 |
|  1.500% due 07/31/2053 |  | 1100 | 763 |
|  1.750% due 01/22/2049 |  | 1300 | 1007 |
|  3.250% due 01/22/2044 |  | 900 | 967 |
|  4.250% due 12/07/2040 |  | 1200 | 1487 |
|  |  |  | 6300 |
|  **Total United Kingdom (Cost $47,095)** | **Total United Kingdom (Cost $47,095)** | **Total United Kingdom (Cost $47,095)** | **38986** |
| **UNITED STATES 37.5%** | **UNITED STATES 37.5%** | **UNITED STATES 37.5%** | **UNITED STATES 37.5%** |
| **ASSET-BACKED SECURITIES 4.2%** | **ASSET-BACKED SECURITIES 4.2%** | **ASSET-BACKED SECURITIES 4.2%** | **ASSET-BACKED SECURITIES 4.2%** |
|  **ACE Securities Corp. Home Equity Loan Trust** | **ACE Securities Corp. Home Equity Loan Trust** | **ACE Securities Corp. Home Equity Loan Trust** | **ACE Securities Corp. Home Equity Loan Trust** |
|  4.669% due 07/25/2036 •  | $— | 1004 | 755 |
|  **AMRESCO Residential Securities Corp. Mortgage Loan Trust** | **AMRESCO Residential Securities Corp. Mortgage Loan Trust** | **AMRESCO Residential Securities Corp. Mortgage Loan Trust** | **AMRESCO Residential Securities Corp. Mortgage Loan Trust** |
|  5.329% due 06/25/2029 ~ |  | 1 | 1 |
|  **Argent Securities Trust** | **Argent Securities Trust** | **Argent Securities Trust** | **Argent Securities Trust** |
|  4.869% due 05/25/2035 •  |  | 1096 | 981 |
|  **Argent Securities, Inc. Asset-Backed Pass-Through Certificates** | **Argent Securities, Inc. Asset-Backed Pass-Through Certificates** | **Argent Securities, Inc. Asset-Backed Pass-Through Certificates** | **Argent Securities, Inc. Asset-Backed Pass-Through Certificates** |
|  5.149% due 02/25/2036 •  |  | 1309 | 999 |
|  **Citigroup Mortgage Loan Trust** | **Citigroup Mortgage Loan Trust** | **Citigroup Mortgage Loan Trust** | **Citigroup Mortgage Loan Trust** |
|  4.549% due 12/25/2036 ~ |  | 393 | 222 |
|  4.779% due 06/25/2037 •  |  | 1745 | 1717 |
|  4.909% due 03/25/2036 ~ |  | 348 | 310 |
|  5.379% due 07/25/2035 •  |  | 1200 | 1122 |
|  **Countrywide Asset-Backed Certificates** | **Countrywide Asset-Backed Certificates** | **Countrywide Asset-Backed Certificates** | **Countrywide Asset-Backed Certificates** |
|  4.669% due 03/25/2037 •  |  | 1123 | 1086 |
|  **Countrywide Asset-Backed Certificates Trust** | **Countrywide Asset-Backed Certificates Trust** | **Countrywide Asset-Backed Certificates Trust** | **Countrywide Asset-Backed Certificates Trust** |
|  3.363% due 04/25/2035 •  |  | 417 | 407 |
|  4.483% due 08/25/2035 ^~ |  | 131 | 118 |
|  4.529% due 06/25/2035 •  |  | 233 | 211 |
|  4.529% due 06/25/2037 •  |  | 308 | 282 |
|  4.529% due 07/25/2037 ~ |  | 215 | 194 |
|  4.529% due 06/25/2047 ^~ |  | 246 | 218 |
|  4.529% due 06/25/2047 •  |  | 731 | 670 |
|  4.539% due 04/25/2047 ^~ |  | 24 | 24 |
|  4.649% due 12/25/2036 ^•  |  | 274 | 251 |
|  **First Franklin Mortgage Loan Trust** | **First Franklin Mortgage Loan Trust** | **First Franklin Mortgage Loan Trust** | **First Franklin Mortgage Loan Trust** |
|  4.504% due 07/25/2036 •  |  | 610 | 563 |
|  **GSAMP Trust** | **GSAMP Trust** | **GSAMP Trust** | **GSAMP Trust** |
|  5.034% due 11/25/2035 ^~ |  | 1059 | 919 |
|  5.109% due 11/25/2035 •  |  | 1000 | 794 |
|  **Home Equity Mortgage Loan Asset-Backed Trust** | **Home Equity Mortgage Loan Asset-Backed Trust** | **Home Equity Mortgage Loan Asset-Backed Trust** | **Home Equity Mortgage Loan Asset-Backed Trust** |
|  4.629% due 04/25/2037 ~ |  | 438 | 290 |
|  **HSI Asset Securitization Corp. Trust** | **HSI Asset Securitization Corp. Trust** | **HSI Asset Securitization Corp. Trust** | **HSI Asset Securitization Corp. Trust** |
|  4.649% due 04/25/2037 ~ |  | 632 | 336 |
|  **LL ABS Trust** | **LL ABS Trust** | **LL ABS Trust** | **LL ABS Trust** |
|  1.070% due 05/15/2029 |  | 462 | 446 |
|  **Long Beach Mortgage Loan Trust** | **Long Beach Mortgage Loan Trust** | **Long Beach Mortgage Loan Trust** | **Long Beach Mortgage Loan Trust** |
|  4.949% due 10/25/2034 •  |  | 12 | 11 |
|  **Merrill Lynch Mortgage Investors Trust** | **Merrill Lynch Mortgage Investors Trust** | **Merrill Lynch Mortgage Investors Trust** | **Merrill Lynch Mortgage Investors Trust** |
|  4.689% due 08/25/2037 •  |  | 1047 | 557 |
|  **Morgan Stanley ABS Capital, Inc. Trust** | **Morgan Stanley ABS Capital, Inc. Trust** | **Morgan Stanley ABS Capital, Inc. Trust** | **Morgan Stanley ABS Capital, Inc. Trust** |
|  4.519% due 10/25/2036 ~ |  | 98 | 86 |
|  **Morgan Stanley Home Equity Loan Trust** | **Morgan Stanley Home Equity Loan Trust** | **Morgan Stanley Home Equity Loan Trust** | **Morgan Stanley Home Equity Loan Trust** |
|  4.489% due 12/25/2036 •  |  | 798 | 405 |
|  4.619% due 04/25/2037 ~ |  | 641 | 356 |
|  **Morgan Stanley Mortgage Loan Trust** | **Morgan Stanley Mortgage Loan Trust** | **Morgan Stanley Mortgage Loan Trust** | **Morgan Stanley Mortgage Loan Trust** |
|  6.419% due 09/25/2046 ^þ |  | 137 | 33 |
|  **Nomura Home Equity Loan, Inc. Home Equity Loan Trust** | **Nomura Home Equity Loan, Inc. Home Equity Loan Trust** | **Nomura Home Equity Loan, Inc. Home Equity Loan Trust** | **Nomura Home Equity Loan, Inc. Home Equity Loan Trust** |
|  4.824% due 03/25/2036 ~ |  | 368 | 359 |
|  **NovaStar Mortgage Funding Trust** | **NovaStar Mortgage Funding Trust** | **NovaStar Mortgage Funding Trust** | **NovaStar Mortgage Funding Trust** |
|  4.519% due 03/25/2037 •  |  | 539 | 359 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **17** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO International Bond Portfolio (U.S. Dollar-Hedged)** | **(Cont.)** |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Option One Mortgage Loan Trust** | **Option One Mortgage Loan Trust** | **Option One Mortgage Loan Trust** |
|  4.529% due 01/25/2037 •  | 318 | 213 |
|  **Renaissance Home Equity Loan Trust** | **Renaissance Home Equity Loan Trust** | **Renaissance Home Equity Loan Trust** |
|  5.294% due 01/25/2037 þ | 635 | 207 |
|  5.675% due 06/25/2037 ^þ | 1053 | 325 |
|  5.731% due 11/25/2036 þ | 967 | 371 |
|  6.939% due 12/25/2032 •  | 134 | 121 |
|  **Residential Asset Mortgage Products Trust** | **Residential Asset Mortgage Products Trust** | **Residential Asset Mortgage Products Trust** |
|  4.829% due 12/25/2035 •  | 216 | 195 |
|  4.849% due 12/25/2035 •  | 692 | 588 |
|  **Residential Asset Securities Corp. Trust** | **Residential Asset Securities Corp. Trust** | **Residential Asset Securities Corp. Trust** |
|  4.187% due 11/25/2036 ^•  | 1706 | 1485 |
|  **Saxon Asset Securities Trust** | **Saxon Asset Securities Trust** | **Saxon Asset Securities Trust** |
|  6.139% due 12/25/2037 ~ | 301 | 250 |
|  **SMB Private Education Loan Trust** | **SMB Private Education Loan Trust** | **SMB Private Education Loan Trust** |
|  4.668% due 02/16/2055 •  | 1270 | 1232 |
|  **Soundview Home Loan Trust** | **Soundview Home Loan Trust** | **Soundview Home Loan Trust** |
|  4.539% due 06/25/2037 ~ | 61 | 43 |
|  4.889% due 11/25/2036 •  | 1152 | 1068 |
|  **Structured Asset Investment Loan Trust** | **Structured Asset Investment Loan Trust** | **Structured Asset Investment Loan Trust** |
|  4.519% due 07/25/2036 •  | 340 | 244 |
|  5.009% due 01/25/2036 •  | 741 | 665 |
|  **Terwin Mortgage Trust** | **Terwin Mortgage Trust** | **Terwin Mortgage Trust** |
|  5.329% due 11/25/2033 •  | 17 | 15 |
|  **Toyota Auto Loan Extended Note Trust** | **Toyota Auto Loan Extended Note Trust** | **Toyota Auto Loan Extended Note Trust** |
|  2.560% due 11/25/2031 | 1400 | 1350 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;23454 |
| **CORPORATE BONDS & NOTES 5.7%** | **CORPORATE BONDS & NOTES 5.7%** | **CORPORATE BONDS & NOTES 5.7%** |
|  **7-Eleven, Inc.** | **7-Eleven, Inc.** | **7-Eleven, Inc.** |
|  0.625% due 02/10/2023 | 1600 | 1592 |
|  0.800% due 02/10/2024 | 200 | 190 |
|  **American Airlines Pass-Through Trust** | **American Airlines Pass-Through Trust** | **American Airlines Pass-Through Trust** |
|  3.000% due 04/15/2030 | 217 | 188 |
|  3.600% due 03/22/2029 | 277 | 249 |
|  **American Tower Corp.** | **American Tower Corp.** | **American Tower Corp.** |
|  2.950% due 01/15/2025 | 800 | 764 |
|  **Bank of America Corp.** | **Bank of America Corp.** | **Bank of America Corp.** |
|  2.551% due 02/04/2028 •  | 500 | 445 |
|  2.972% due 02/04/2033 •  | 500 | 404 |
|  4.376% due 04/27/2028 •  | 1200 | 1150 |
|  **Bayer U.S. Finance LLC** | **Bayer U.S. Finance LLC** | **Bayer U.S. Finance LLC** |
|  4.250% due 12/15/2025 | 300 | 291 |
|  4.375% due 12/15/2028 | 300 | 282 |
|  5.779% (US0003M + 1.010%) due 12/15/2023 ~ | 500 | 499 |
|  **Blackstone Holdings Finance Co. LLC** | **Blackstone Holdings Finance Co. LLC** | **Blackstone Holdings Finance Co. LLC** |
|  3.500% due 06/01/2034 | 600 | 546 |
|  **Boeing Co.** | **Boeing Co.** | **Boeing Co.** |
|  1.950% due 02/01/2024 | 100 | 96 |
|  2.750% due 02/01/2026 | 1800 | 1670 |
|  3.250% due 02/01/2028 | 400 | 364 |
|  **Broadcom, Inc.** | **Broadcom, Inc.** | **Broadcom, Inc.** |
|  2.450% due 02/15/2031 | 400 | 316 |
|  2.600% due 02/15/2033 | 300 | 226 |
|  3.469% due 04/15/2034 | 300 | 240 |
|  **Campbell Soup Co.** | **Campbell Soup Co.** | **Campbell Soup Co.** |
|  3.650% due 03/15/2023 | 229 | 228 |
|  **Charter Communications Operating LLC** | **Charter Communications Operating LLC** | **Charter Communications Operating LLC** |
|  3.750% due 02/15/2028 | 100 | 90 |
|  3.950% due 06/30/2062 | 900 | 534 |
|  **Citigroup, Inc.** | **Citigroup, Inc.** | **Citigroup, Inc.** |
|  3.070% due 02/24/2028 •  | 1000 | 903 |
|  3.785% due 03/17/2033 •(h) | 900 | 772 |
|  **Corebridge Financial, Inc.** | **Corebridge Financial, Inc.** | **Corebridge Financial, Inc.** |
|  3.650% due 04/05/2027 | 500 | 467 |
|  **Dell International LLC** | **Dell International LLC** | **Dell International LLC** |
|  6.200% due 07/15/2030 | 200 | 204 |
|  **Doctors Co. An Interinsurance Exchange** | **Doctors Co. An Interinsurance Exchange** | **Doctors Co. An Interinsurance Exchange** |
|  4.500% due 01/18/2032 | 200 | 161 |
|  **Fidelity National Information Services, Inc.** | **Fidelity National Information Services, Inc.** | **Fidelity National Information Services, Inc.** |
|  0.750% due 05/21/2023 | 300 | 319 |
|  **Ford Motor Credit Co. LLC** | **Ford Motor Credit Co. LLC** | **Ford Motor Credit Co. LLC** |
|  1.744% due 07/19/2024 | 400 | 410 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  2.492% due 11/15/2023 •  | EUR | 100 | 105 |
|  2.748% due 06/14/2024 | GBP | 400 | 458 |
|  3.370% due 11/17/2023 | $| 600 | 586 |
|  3.375% due 11/13/2025 |  | 400 | 362 |
|  4.535% due 03/06/2025 | GBP | 500 | 576 |
|  **GA Global Funding Trust** | **GA Global Funding Trust** | **GA Global Funding Trust** | **GA Global Funding Trust** |
|  2.250% due 01/06/2027 | $| 400 | 353 |
|  **Goldman Sachs Group, Inc.** | **Goldman Sachs Group, Inc.** | **Goldman Sachs Group, Inc.** | **Goldman Sachs Group, Inc.** |
|  1.625% due 07/27/2026 | EUR | 800 | 800 |
|  2.640% due 02/24/2028 •  | $| 1800 | 1605 |
|  3.615% due 03/15/2028 •  |  | 1700 | 1586 |
|  **Goodman U.S. Finance Three LLC** | **Goodman U.S. Finance Three LLC** | **Goodman U.S. Finance Three LLC** | **Goodman U.S. Finance Three LLC** |
|  3.700% due 03/15/2028 |  | 600 | 543 |
|  **Hyatt Hotels Corp.** | **Hyatt Hotels Corp.** | **Hyatt Hotels Corp.** | **Hyatt Hotels Corp.** |
|  1.300% due 10/01/2023 |  | 300 | 292 |
|  **JPMorgan Chase & Co.** | **JPMorgan Chase & Co.** | **JPMorgan Chase & Co.** | **JPMorgan Chase & Co.** |
|  2.947% due 02/24/2028 •  |  | 1300 | 1178 |
|  4.323% due 04/26/2028 •  |  | 1100 | 1052 |
|  **Kilroy Realty LP** | **Kilroy Realty LP** | **Kilroy Realty LP** | **Kilroy Realty LP** |
|  3.450% due 12/15/2024 |  | 100 | 96 |
|  **Mileage Plus Holdings LLC** | **Mileage Plus Holdings LLC** | **Mileage Plus Holdings LLC** | **Mileage Plus Holdings LLC** |
|  6.500% due 06/20/2027 |  | 630 | 628 |
|  **Morgan Stanley** | **Morgan Stanley** | **Morgan Stanley** | **Morgan Stanley** |
|  2.630% due 02/18/2026 •  |  | 1000 | 940 |
|  **Nissan Motor Acceptance Co. LLC** | **Nissan Motor Acceptance Co. LLC** | **Nissan Motor Acceptance Co. LLC** | **Nissan Motor Acceptance Co. LLC** |
|  2.450% due 09/15/2028 |  | 500 | 389 |
|  **Oracle Corp.** | **Oracle Corp.** | **Oracle Corp.** | **Oracle Corp.** |
|  2.875% due 03/25/2031 (h) |  | 2300 | 1913 |
|  3.950% due 03/25/2051 (h) |  | 300 | 215 |
|  4.100% due 03/25/2061 (h) |  | 100 | 70 |
|  **Organon & Co.** | **Organon & Co.** | **Organon & Co.** | **Organon & Co.** |
|  5.125% due 04/30/2031 |  | 400 | 347 |
|  **Pacific Gas & Electric Co.** | **Pacific Gas & Electric Co.** | **Pacific Gas & Electric Co.** | **Pacific Gas & Electric Co.** |
|  2.100% due 08/01/2027 |  | 100 | 86 |
|  2.950% due 03/01/2026 |  | 100 | 92 |
|  3.450% due 07/01/2025 |  | 100 | 95 |
|  4.000% due 12/01/2046 |  | 100 | 67 |
|  4.200% due 03/01/2029 |  | 600 | 537 |
|  4.550% due 07/01/2030 |  | 200 | 182 |
|  **Penske Truck Leasing Co. LP** | **Penske Truck Leasing Co. LP** | **Penske Truck Leasing Co. LP** | **Penske Truck Leasing Co. LP** |
|  3.950% due 03/10/2025 |  | 1400 | 1350 |
|  **Principal Life Global Funding** | **Principal Life Global Funding** | **Principal Life Global Funding** | **Principal Life Global Funding** |
|  1.375% due 01/10/2025 |  | 400 | 370 |
|  **Southern California Edison Co.** | **Southern California Edison Co.** | **Southern California Edison Co.** | **Southern California Edison Co.** |
|  1.100% due 04/01/2024 |  | 300 | 285 |
|  4.963% (SOFRRATE + 0.640%) due 04/03/2023 ~ |  | 500 | 499 |
|  5.153% (SOFRRATE + 0.830%) due 04/01/2024 ~ |  | 100 | 99 |
|  **Wells Fargo & Co.** | **Wells Fargo & Co.** | **Wells Fargo & Co.** | **Wells Fargo & Co.** |
|  3.908% due 04/25/2026 •  |  | 300 | 292 |
|  **West Virginia United Health System Obligated Group** | **West Virginia United Health System Obligated Group** | **West Virginia United Health System Obligated Group** | **West Virginia United Health System Obligated Group** |
|  3.129% due 06/01/2050 |  | 800 | 516 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;32164 |
| **LOAN PARTICIPATIONS AND ASSIGNMENTS 0.4%** | **LOAN PARTICIPATIONS AND ASSIGNMENTS 0.4%** | **LOAN PARTICIPATIONS AND ASSIGNMENTS 0.4%** | **LOAN PARTICIPATIONS AND ASSIGNMENTS 0.4%** |
|  **Avolon TLB Borrower 1 (U.S.) LLC** | **Avolon TLB Borrower 1 (U.S.) LLC** | **Avolon TLB Borrower 1 (U.S.) LLC** | **Avolon TLB Borrower 1 (U.S.) LLC** |
|  6.603% (LIBOR01M + 2.250%) due 12/01/2027 ~ |  | 1176 | 1176 |
|  **CenturyLink, Inc.** | **CenturyLink, Inc.** | **CenturyLink, Inc.** | **CenturyLink, Inc.** |
|  6.634% (LIBOR01M + 2.250%) due 03/15/2027 ~ |  | 374 | 356 |
|  **Charter Communications Operating LLC** | **Charter Communications Operating LLC** | **Charter Communications Operating LLC** | **Charter Communications Operating LLC** |
|  6.140% (LIBOR01M + 1.750%) due 02/01/2027 ~ |  | 562 | 549 |
|  |  |  | 2081 |
| **MUNICIPAL BONDS & NOTES 0.1%** | **MUNICIPAL BONDS & NOTES 0.1%** | **MUNICIPAL BONDS & NOTES 0.1%** | **MUNICIPAL BONDS & NOTES 0.1%** |
|  **Golden State, California Tobacco Securitization Corp. Revenue Notes, Series 2021** | **Golden State, California Tobacco Securitization Corp. Revenue Notes, Series 2021** | **Golden State, California Tobacco Securitization Corp. Revenue Notes, Series 2021** | **Golden State, California Tobacco Securitization Corp. Revenue Notes, Series 2021** |
|  2.158% due 06/01/2026 |  | 600 | 539 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES 7.2%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 7.2%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 7.2%** |
|  **Banc of America Mortgage Trust** | **Banc of America Mortgage Trust** | **Banc of America Mortgage Trust** |
|  2.843% due 02/25/2036 ^~ | 17 | 16 |
|  **Bear Stearns Adjustable Rate Mortgage Trust** | **Bear Stearns Adjustable Rate Mortgage Trust** | **Bear Stearns Adjustable Rate Mortgage Trust** |
|  3.236% due 08/25/2033 ~ | 1 | 1 |
|  **Bear Stearns ALT-A Trust** | **Bear Stearns ALT-A Trust** | **Bear Stearns ALT-A Trust** |
|  3.697% due 08/25/2036 ^~ | 26 | 14 |
|  3.729% due 09/25/2035 ^~ | 13 | 8 |
|  3.734% due 03/25/2036 ^~ | 74 | 57 |
|  3.763% due 11/25/2035 ^~ | 14 | 11 |
|  4.709% due 02/25/2034 •  | 20 | 17 |
|  **Bear Stearns Structured Products, Inc. Trust** | **Bear Stearns Structured Products, Inc. Trust** | **Bear Stearns Structured Products, Inc. Trust** |
|  5.219% due 12/26/2046 ^~ | 14 | 10 |
|  **Chase Mortgage Finance Trust** | **Chase Mortgage Finance Trust** | **Chase Mortgage Finance Trust** |
|  3.718% due 07/25/2037 ~ | 24 | 20 |
|  **Citigroup Mortgage Loan Trust** | **Citigroup Mortgage Loan Trust** | **Citigroup Mortgage Loan Trust** |
|  2.500% due 05/25/2051 ~ | 780 | 630 |
|  3.000% due 11/27/2051 ~ | 1822 | 1529 |
|  4.739% due 10/25/2035 •  | 1036 | 564 |
|  6.080% due 09/25/2035 •  | 1 | 1 |
|  **Citigroup Mortgage Loan Trust, Inc. Mortgage Pass-Through Certificates** | **Citigroup Mortgage Loan Trust, Inc. Mortgage Pass-Through Certificates** | **Citigroup Mortgage Loan Trust, Inc. Mortgage Pass-Through Certificates** |
|  2.994% due 09/25/2035 ^~ | 94 | 80 |
|  **Countrywide Alternative Loan Trust** | **Countrywide Alternative Loan Trust** | **Countrywide Alternative Loan Trust** |
|  3.048% due 12/25/2035 •  | 24 | 20 |
|  3.548% due 11/25/2035 •  | 6 | 5 |
|  4.773% due 03/20/2046 •  | 32 | 25 |
|  4.949% due 02/25/2037 ~ | 25 | 21 |
|  5.250% due 06/25/2035 ^ | 4 | 3 |
|  **Countrywide Home Loan Mortgage Pass-Through Trust** | **Countrywide Home Loan Mortgage Pass-Through Trust** | **Countrywide Home Loan Mortgage Pass-Through Trust** |
|  3.680% due 08/25/2034 ^~ | 1 | 1 |
|  3.792% due 11/25/2034 ~ | 3 | 2 |
|  4.849% due 05/25/2035 ~ | 13 | 10 |
|  5.029% due 03/25/2035 •  | 18 | 14 |
|  5.029% due 03/25/2035 ~ | 3 | 2 |
|  5.049% due 02/25/2035 ~ | 3 | 3 |
|  5.500% due 01/25/2035 | 197 | 190 |
|  **Credit Suisse Mortgage Capital Mortgage-Backed Trust** | **Credit Suisse Mortgage Capital Mortgage-Backed Trust** | **Credit Suisse Mortgage Capital Mortgage-Backed Trust** |
|  5.500% due 08/25/2036 ^ | 704 | 506 |
|  5.863% due 02/25/2037 ^~ | 150 | 37 |
|  **Deutsche ALT-A Securities, Inc. Mortgage Loan Trust** | **Deutsche ALT-A Securities, Inc. Mortgage Loan Trust** | **Deutsche ALT-A Securities, Inc. Mortgage Loan Trust** |
|  5.139% due 10/25/2047 •  | 546 | 435 |
|  **Extended Stay America Trust** | **Extended Stay America Trust** | **Extended Stay America Trust** |
|  5.398% due 07/15/2038 ~ | 1562 | 1519 |
|  **GS Mortgage-Backed Securities Corp. Trust** | **GS Mortgage-Backed Securities Corp. Trust** | **GS Mortgage-Backed Securities Corp. Trust** |
|  2.500% due 09/25/2052 ~ | 3045 | 2459 |
|  **GS Mortgage-Backed Securities Trust** | **GS Mortgage-Backed Securities Trust** | **GS Mortgage-Backed Securities Trust** |
|  2.500% due 12/25/2051 ~ | 353 | 285 |
|  2.500% due 01/25/2052 ~ | 1521 | 1229 |
|  2.500% due 02/25/2052 ~ | 700 | 566 |
|  2.500% due 04/25/2052 ~ | 450 | 363 |
|  2.500% due 07/25/2052 ~ | 1195 | 965 |
|  3.000% due 08/26/2052 ~ | 1886 | 1573 |
|  **GSR Mortgage Loan Trust** | **GSR Mortgage Loan Trust** | **GSR Mortgage Loan Trust** |
|  2.517% due 04/25/2035 ~ | 32 | 31 |
|  3.796% due 01/25/2036 ^~ | 16 | 15 |
|  4.719% due 12/25/2034 •  | 10 | 9 |
|  **Homeward Opportunities Fund Trust** | **Homeward Opportunities Fund Trust** | **Homeward Opportunities Fund Trust** |
|  1.657% due 05/25/2065 ~ | 23 | 23 |
|  **IndyMac INDX Mortgage Loan Trust** | **IndyMac INDX Mortgage Loan Trust** | **IndyMac INDX Mortgage Loan Trust** |
|  4.809% due 05/25/2046 ~ | 246 | 215 |
|  4.869% due 07/25/2035 •  | 9 | 9 |
|  **JP Morgan Mortgage Trust** | **JP Morgan Mortgage Trust** | **JP Morgan Mortgage Trust** |
|  3.000% due 12/25/2051 ~ | 1488 | 1248 |
|  3.000% due 01/25/2052 ~ | 4481 | 3756 |
|  3.000% due 03/25/2052 ~ | 2859 | 2397 |
|  3.000% due 05/25/2052 ~ | 4562 | 3823 |
|  3.196% due 07/27/2037 ~ | 35 | 32 |
|  3.478% due 02/25/2036 ^~ | 12 | 9 |
|  **Manhattan West Mortgage Trust** | **Manhattan West Mortgage Trust** | **Manhattan West Mortgage Trust** |
|  2.130% due 09/10/2039 | 1400 | 1198 |
|  **Mellon Residential Funding Corp. Mortgage Pass-Through Trust** | **Mellon Residential Funding Corp. Mortgage Pass-Through Trust** | **Mellon Residential Funding Corp. Mortgage Pass-Through Trust** |
|  4.758% due 12/15/2030 •  | 2 | 1 |
|  **MFA Trust** | **MFA Trust** | **MFA Trust** |
|  1.381% due 04/25/2065 ~ | 587 | 529 |

---

---

| | | |
|:---|:---|:---|
| **18** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  1.947% due 04/25/2065 ~ | 214 | 193 |
|  **Morgan Stanley Capital Trust** | **Morgan Stanley Capital Trust** | **Morgan Stanley Capital Trust** |
|  5.487% due 12/15/2023 •  | 1700 | 1630 |
|  **Morgan Stanley Mortgage Loan Trust** | **Morgan Stanley Mortgage Loan Trust** | **Morgan Stanley Mortgage Loan Trust** |
|  4.386% due 06/25/2036 ~ | 12 | 12 |
|  **New Residential Mortgage Loan Trust** | **New Residential Mortgage Loan Trust** | **New Residential Mortgage Loan Trust** |
|  2.750% due 07/25/2059 ~ | 862 | 805 |
|  2.750% due 11/25/2059 ~ | 726 | 666 |
|  **OBX Trust** | **OBX Trust** | **OBX Trust** |
|  3.000% due 01/25/2052 ~ | 1863 | 1562 |
|  **One New York Plaza Trust** | **One New York Plaza Trust** | **One New York Plaza Trust** |
|  5.268% due 01/15/2036 •  | 1600 | 1513 |
|  **Residential Accredit Loans, Inc. Trust** | **Residential Accredit Loans, Inc. Trust** | **Residential Accredit Loans, Inc. Trust** |
|  2.644% due 10/25/2037 ~ | 157 | 137 |
|  4.539% due 02/25/2047 ~ | 21 | 8 |
|  4.749% due 06/25/2046 •  | 231 | 54 |
|  4.809% due 04/25/2046 ~ | 369 | 110 |
|  6.000% due 06/25/2036 | 385 | 311 |
|  **Structured Adjustable Rate Mortgage Loan Trust** | **Structured Adjustable Rate Mortgage Loan Trust** | **Structured Adjustable Rate Mortgage Loan Trust** |
|  3.957% due 04/25/2034 ~ | 1 | 1 |
|  **Structured Asset Mortgage Investments Trust** | **Structured Asset Mortgage Investments Trust** | **Structured Asset Mortgage Investments Trust** |
|  3.548% due 08/25/2047 ^•  | 20 | 18 |
|  4.609% due 09/25/2047 •  | 53 | 43 |
|  4.809% due 05/25/2036 •  | 4 | 3 |
|  4.829% due 05/25/2036 •  | 40 | 31 |
|  4.849% due 05/25/2045 ~ | 8 | 7 |
|  4.919% due 07/19/2034 ~ | 1 | 1 |
|  5.039% due 03/19/2034 •  | 1 | 1 |
|  **Structured Asset Securities Corp.** | **Structured Asset Securities Corp.** | **Structured Asset Securities Corp.** |
|  4.669% due 01/25/2036 ~ | 177 | 169 |
|  **Structured Asset Securities Corp. Mortgage Loan Trust** | **Structured Asset Securities Corp. Mortgage Loan Trust** | **Structured Asset Securities Corp. Mortgage Loan Trust** |
|  4.679% due 10/25/2036 •  | 356 | 312 |
|  **TBW Mortgage-Backed Trust** | **TBW Mortgage-Backed Trust** | **TBW Mortgage-Backed Trust** |
|  6.470% due 09/25/2036 ^þ | 189 | 6 |
|  **Thornburg Mortgage Securities Trust** | **Thornburg Mortgage Securities Trust** | **Thornburg Mortgage Securities Trust** |
|  6.666% due 06/25/2047 ^•  | 13 | 11 |
|  **Towd Point Mortgage Trust** | **Towd Point Mortgage Trust** | **Towd Point Mortgage Trust** |
|  1.636% due 04/25/2060 ~ | 817 | 719 |
|  2.710% due 01/25/2060 ~ | 719 | 663 |
|  2.900% due 10/25/2059 ~ | 2513 | 2346 |
|  5.389% due 05/25/2058 ~ | 361 | 358 |
|  **UWM Mortgage Trust** | **UWM Mortgage Trust** | **UWM Mortgage Trust** |
|  2.500% due 11/25/2051 ~ | 2010 | 1623 |
|  2.500% due 12/25/2051 ~ | 92 | 74 |
|  3.000% due 01/25/2052 ~ | 560 | 469 |
|  **Wachovia Mortgage Loan Trust LLC** | **Wachovia Mortgage Loan Trust LLC** | **Wachovia Mortgage Loan Trust LLC** |
|  4.160% due 10/20/2035 ^~ | 23 | 21 |
|  **WaMu Mortgage Pass-Through Certificates Trust** | **WaMu Mortgage Pass-Through Certificates Trust** | **WaMu Mortgage Pass-Through Certificates Trust** |
|  2.335% due 03/25/2033 ~ | 3 | 3 |
|  2.835% due 02/27/2034 •  | 1 | 1 |
|  2.868% due 03/25/2035 ~ | 14 | 13 |
|  2.987% due 04/25/2035 ~ | 12 | 11 |
|  3.028% due 06/25/2046 •  | 15 | 14 |
|  3.048% due 02/25/2046 ~ | 36 | 32 |
|  3.406% due 12/25/2036 ^~ | 83 | 71 |
|  5.009% due 01/25/2045 ~ | 26 | 25 |
|  **Washington Mutual Mortgage Pass-Through Certificates Trust** | **Washington Mutual Mortgage Pass-Through Certificates Trust** | **Washington Mutual Mortgage Pass-Through Certificates Trust** |
|  2.988% due 07/25/2046 ^•  | 16 | 10 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;40543 |
| **U.S. GOVERNMENT AGENCIES 15.9%** | **U.S. GOVERNMENT AGENCIES 15.9%** | **U.S. GOVERNMENT AGENCIES 15.9%** |
|  **Fannie Mae** |  |  |
|  2.889% due 10/01/2044 •  | 5 | 5 |
|  3.000% due 03/01/2060 | 583 | 514 |
|  3.257% due 05/25/2035 ~ | 3 | 3 |
|  3.500% due 01/01/2059 | 1007 | 925 |
|  3.632% due 12/01/2034 •  | 1 | 1 |
|  4.027% due 11/01/2034 •  | 8 | 8 |
|  4.366% due 09/25/2042 •  | 7 | 7 |
|  4.509% due 03/25/2034 ~ | 1 | 1 |
|  4.539% due 08/25/2034 •  | 1 | 1 |
|  4.789% due 06/25/2036 •  | 9 | 9 |
|  6.000% due 07/25/2044 | 5 | 5 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Freddie Mac** | **Freddie Mac** | **Freddie Mac** |
|  0.096% due 01/15/2038 ~(a) | 140 | 5 |
|  2.575% due 04/01/2035 •  | 10 | 9 |
|  3.248% due 10/25/2044 •  | 17 | 16 |
|  3.358% due 01/15/2038 •  | 140 | 140 |
|  4.818% due 12/15/2032 •  | 2 | 2 |
|  4.918% due 12/15/2037 ~ | 3 | 3 |
|  **Ginnie Mae** | **Ginnie Mae** | **Ginnie Mae** |
|  2.875% due 04/20/2028 - 06/20/2030 •  | 1 | 0 |
|  3.000% due 07/20/2046 - 05/20/2047 | 15 | 14 |
|  4.585% due 06/20/2066 •  | 864 | 856 |
|  4.642% due 05/20/2066 •  | 1336 | 1320 |
|  4.692% due 11/20/2066 ~ | 380 | 376 |
|  **Uniform Mortgage-Backed Security** | **Uniform Mortgage-Backed Security** | **Uniform Mortgage-Backed Security** |
|  2.500% due 02/01/2051 - 01/01/2052 | 2559 | 2174 |
|  3.000% due 10/01/2049 - 05/01/2051 | 1086 | 962 |
|  3.500% due 10/01/2034 - 07/01/2050 | 1240 | 1150 |
|  4.000% due 06/01/2050 | 456 | 432 |
|  **Uniform Mortgage-Backed Security, TBA** | **Uniform Mortgage-Backed Security, TBA** | **Uniform Mortgage-Backed Security, TBA** |
|  3.000% due 02/01/2053 | 17350 | 15244 |
|  3.500% due 02/01/2053 | 7500 | 6819 |
|  4.000% due 01/01/2053 | 18550 | 17399 |
|  4.500% due 02/01/2053 | 38300 | 36871 |
|  6.000% due 02/01/2053 | 4400 | 4462 |
|  |  | 89733 |
| **U.S. TREASURY OBLIGATIONS 4.0%** | **U.S. TREASURY OBLIGATIONS 4.0%** | **U.S. TREASURY OBLIGATIONS 4.0%** |
|  **U.S. Treasury Bonds** | **U.S. Treasury Bonds** | **U.S. Treasury Bonds** |
|  1.875% due 02/15/2041 (m) | 700 | 495 |
|  **U.S. Treasury Inflation Protected Securities (e)** | **U.S. Treasury Inflation Protected Securities (e)** | **U.S. Treasury Inflation Protected Securities (e)** |
|  0.125% due 07/15/2031 (m) | 2335 | 2065 |
|  0.125% due 01/15/2032 (m) | 968 | 848 |
|  0.500% due 01/15/2028 (m) | 10752 | 10116 |
|  0.625% due 07/15/2032 | 308 | 282 |
|  3.875% due 04/15/2029 (m) | 906 | 1019 |
|  **U.S. Treasury Notes** | **U.S. Treasury Notes** | **U.S. Treasury Notes** |
|  2.875% due 04/30/2025 (k)(m) | 7700 | 7453 |
|  |  | 22278 |
|  **Total United States (Cost $225,087)** | **Total United States (Cost $225,087)** | **210792** |
| **SHORT-TERM INSTRUMENTS 25.6%** | **SHORT-TERM INSTRUMENTS 25.6%** | **SHORT-TERM INSTRUMENTS 25.6%** |
| **REPURCHASE AGREEMENTS (i) 1.4%** | **REPURCHASE AGREEMENTS (i) 1.4%** | **REPURCHASE AGREEMENTS (i) 1.4%** |
|  |  | 7973 |
| **ISRAEL TREASURY BILLS 2.5%** | **ISRAEL TREASURY BILLS 2.5%** | **ISRAEL TREASURY BILLS 2.5%** |
|  0.732% due 02/08/2023 - 05/03/2023 (c)(d) | 49776 | 14060 |
| **JAPAN TREASURY BILLS 21.3%** | **JAPAN TREASURY BILLS 21.3%** | **JAPAN TREASURY BILLS 21.3%** |
|  (0.174)% due 01/11/2023 - 02/27/2023 (c)(d) | 15700000 | 119643 |
| **U.S. TREASURY BILLS 0.4%** | **U.S. TREASURY BILLS 0.4%** | **U.S. TREASURY BILLS 0.4%** |
|  4.213% due 01/05/2023 - 03/23/2023 (c)(d)(m) | 2037 | 2022 |
| **Total Short-Term Instruments<br>(Cost $133,514)** | **Total Short-Term Instruments<br>(Cost $133,514)** | **143698** |
| **Total Investments in Securities<br>(Cost $652,801)** | **Total Investments in Securities<br>(Cost $652,801)** | **596711** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **INVESTMENTS IN AFFILIATES 7.4%** | **INVESTMENTS IN AFFILIATES 7.4%** | **INVESTMENTS IN AFFILIATES 7.4%** | **INVESTMENTS IN AFFILIATES 7.4%** |
| **SHORT-TERM INSTRUMENTS 7.4%** | **SHORT-TERM INSTRUMENTS 7.4%** | **SHORT-TERM INSTRUMENTS 7.4%** | **SHORT-TERM INSTRUMENTS 7.4%** |
| **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 7.4%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 7.4%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 7.4%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 7.4%** |
|  **PIMCO Short Asset Portfolio** | 31560 | $— | 302 |
|  **PIMCO Short-Term Floating NAV Portfolio III** | 4242973 |  | 41225 |
| **Total Short-Term Instruments<br>(Cost $41,532)** | **Total Short-Term Instruments<br>(Cost $41,532)** |  | **41527** |
| **Total Investments in Affiliates<br>(Cost $41,532)** | **Total Investments in Affiliates<br>(Cost $41,532)** |  | **41527** |
| **Total Investments 113.4%<br>(Cost $694,333)** | **Total Investments 113.4%<br>(Cost $694,333)** | $— | **638238** |
|  **Financial Derivative<br>Instruments (j)(l) (2.5)%**<br> **(Cost or Premiums, net $(9920))** | **Financial Derivative<br>Instruments (j)(l) (2.5)%**<br> **(Cost or Premiums, net $(9920))** |  | **(14305)** |
| **Other Assets and Liabilities, net (10.9)%** | **Other Assets and Liabilities, net (10.9)%** |  | **(61178)** |
| **Net Assets 100.0%** | **Net Assets 100.0%** | $— | **562755** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **19** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO International Bond Portfolio (U.S. Dollar-Hedged)** | **(Cont.)** |

---

**NOTES TO SCHEDULE OF INVESTMENTS:** 

**\*** **A zero balance may reflect actual amounts rounding to less than one thousand.** 

---

| | |
|:---|:---|
| **^** | **Security is in default.**  |

---

---

| | |
|:---|:---|
| **~** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.**  |

---

**•** **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** 

---

| | |
|:---|:---|
| **þ** | **Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.**  |

---

**(a)** **Security is an Interest Only ("IO") or IO Strip.** 

**(b)** **Payment in-kind security.** 

**(c)** **Coupon represents a weighted average yield to maturity.** 

**(d)** **Zero coupon security.** 

**(e)** **Principal amount of security is adjusted for inflation.** 

**(f)** **Perpetual maturity; date shown, if applicable, represents next contractual call date.** 

**(g)** **Contingent convertible security.** 

&nbsp;&nbsp;&nbsp;&nbsp;**(h) RESTRICTED SECURITIES:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Description** | **Coupon** | **Maturity<br>Date** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Market Value<br>as Percentage<br>of Net Assets** |
|  Citigroup, Inc. | 3.785% | 03/17/2033 | 03/10/2022 | $900 | $772 | 0.14% |
|  Deutsche Bank AG | 3.729 | 01/14/2032 | 01/11/2021 | 1100 | 809 | 0.14 |
|  Oracle Corp. | 2.875 | 03/25/2031 | 03/22/2021 | 2297 | 1913 | 0.34 |
|  Oracle Corp. | 3.950 | 03/25/2051 | 03/22/2021 | 299 | 215 | 0.04 |
|  Oracle Corp. | 4.100 | 03/25/2061 | 03/22/2021 | 100 | 70 | 0.01 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4696 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3779 | 0.67% |

---

**BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;**(i) REPURCHASE AGREEMENTS:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Lending<br>Rate** | **Settlement<br>Date** | **Maturity<br>Date** | **Principal<br>Amount** | **Collateralized By** | **Collateral<br>(Received)** | **Repurchase<br>Agreements,<br>at Value** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** |
| BPS | 4.310% | 12/30/2022 | 01/03/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6600 | U.S. Treasury Inflation Protected Securities 0.250% due 02/15/2050 | $(6700) | $6600 | $6603 |
| FICC | 1.900 | 12/30/2022 | 01/03/2023 | 1373 | U.S. Treasury Notes 0.125% due 05/15/2023 | (1401) | 1373 | 1373 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** |  | $**(8101)** | $**7973** | $**7976** |

---

**SHORT SALES:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **Proceeds** | **Payable for<br>Short Sales** |
|  United States (10.4)% | United States (10.4)% | United States (10.4)% | United States (10.4)% | United States (10.4)% | United States (10.4)% |
| &nbsp;&nbsp; U.S. Government Agencies (10.4)% | &nbsp;&nbsp; U.S. Government Agencies (10.4)% | &nbsp;&nbsp; U.S. Government Agencies (10.4)% | &nbsp;&nbsp; U.S. Government Agencies (10.4)% | &nbsp;&nbsp; U.S. Government Agencies (10.4)% | &nbsp;&nbsp; U.S. Government Agencies (10.4)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000% | 01/01/2038 | $9300 | $(8413) | $(8273) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000 | 01/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58950 | (47732) | (47981) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.500 | 01/01/2053 | 2900 | (2426) | (2456) |
|  **Total Short Sales (10.4)%** |  |  |  | $**(58571)** | $**(58710)** |

---

**BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY** 

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2022:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** | **Payable for<br>Reverse<br>Repurchase<br>Agreements** | **Payable for<br>Sale-Buyback<br>Transactions** | **Payable for<br>Short Sales** | **Total<br>Borrowings and<br>Other Financing<br>Transactions** | **Collateral<br>Pledged/(Received)** | **Net Exposure<sup>(2)</sup>** |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BPS | $6603 | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6603 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6700) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(97) |
|  FICC | 1373 | 0 | 0 | 0 | 1373 | (1401) | (28) |
|  **Total Borrowings and Other Financing Transactions** | $**7976** | $**0** | $**0** | $**0** |  |  |  |

---

---

| | | |
|:---|:---|:---|
| **20** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

**The average amount of borrowings outstanding during the period ended December 31, 2022 was $(7,162) at a weighted average interest rate of 0.142%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** 

&nbsp;&nbsp;&nbsp;&nbsp;**(j) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** 

**WRITTEN OPTIONS:** 

**OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Strike<br>Price** | **Expiration<br>Date** | **# of<br>Contracts** | **Notional<br>Amount** | **Premiums<br>(Received)** | **Market<br>Value** |
|  Put - CME 3-Month SOFR Active Contract December 2023 Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96.500 | 12/15/2023 | 10 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | $(10) | $(30) |
|  Call - CME 3-Month SOFR Active Contract December 2023 Futures | 98.000 | 12/15/2023 | 10 | 25 | (8) | (1) |
|  **Total Written Options** |  |  |  |  | $**(18)** | $**(31)** |

---

**FUTURES CONTRACTS:** 

**LONG FUTURES CONTRACTS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  3-Month SOFR Active Contract June Futures  | 09/2023 | 321 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76270 | $(355) | $0 | $(28) |
|  3-Month SOFR Active Contract June Futures  | 09/2024 | 268 | 64474 | (82) | 0 | (7) |
|  Australia Government 10-Year Bond March Futures  | 03/2023 | 359 | 26812 | (752) | 7 | (23) |
|  Euro-BTP March Futures  | 03/2023 | 74 | 8628 | (640) | 70 | (89) |
|  Euro-Buxl 30-Year Bond March Futures  | 03/2023 | 18 | 2606 | (493) | 12 | (67) |
|  Euro-Schatz March Futures  | 03/2023 | 563 | 63533 | (843) | 33 | (78) |
|  Japan Government 10-Year Bond March Futures  | 03/2023 | 7 | 7758 | (147) | 0 | (11) |
|  U.S. Treasury 5-Year Note March Futures  | 03/2023 | 314 | 33890 | (42) | 0 | (27) |
|  U.S. Treasury 10-Year Note March Futures  | 03/2023 | 74 | 8310 | (20) | 0 | (10) |
|  U.S. Treasury Ultra Long-Term Bond March Futures  | 03/2023 | 9 | 1209 | 7 | 0 | (4) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3367) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(344) |

---

**SHORT FUTURES CONTRACTS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  3-Month SOFR Active Contract December Futures  | 03/2024 | 536 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(127930) | $213 | $60 | $0 |
|  Call Options Strike @ EUR 146.000 on Euro-Bund 10-Year Bond February 2023 Futures <sup>(1)</sup> | 01/2023 | 6 | 0 | 5 | 0 | 0 |
|  Canada Government 10-Year Bond March Futures  | 03/2023 | 116 | (10499) | 185 | 22 | 0 |
|  Euro-Bobl March Futures  | 03/2023 | 331 | (41012) | 1049 | 133 | (81) |
|  Euro-BTP Italy Government Bond March Futures  | 03/2023 | 149 | (16765) | 236 | 21 | (19) |
|  Euro-Bund March Futures  | 03/2023 | 62 | (8822) | 371 | 49 | (22) |
|  Euro-Oat March Futures  | 03/2023 | 120 | (16352) | 1147 | 149 | (84) |
|  Put Options Strike @ EUR 138.500 on Euro-Bund 10-Year Bond February 2023 Futures <sup>(1)</sup> | 01/2023 | 6 | (37) | (31) | 3 | (6) |
|  U.S. Treasury 2-Year Note March Futures  | 03/2023 | 159 | (32607) | (44) | 25 | 0 |
|  U.S. Treasury Long-Term Bond March Futures  | 03/2023 | 23 | (2883) | (2) | 4 | 0 |
|  U.S. Ultra Treasury Note March Futures  | 03/2023 | 359 | (42463) | 97 | 23 | 0 |
|  United Kingdom Long Gilt March Futures  | 03/2023 | 48 | (5797) | 379 | 16 | (6) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3605 | $505 | $(218) |
|  **Total Futures Contracts** |  |  |  | $**238** | $**627** | $**(562)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **21** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO International Bond Portfolio (U.S. Dollar-Hedged)** | **(Cont.)** |

---

**SWAP AGREEMENTS:** 

**CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(2)</sup>** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2022<sup>(4)</sup>** | **Notional<br>Amount<sup>(5)</sup>** | **Premiums**<br>**Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(6)</sup>** | **Variation Margin** | **Variation Margin** |
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2022<sup>(4)</sup>** | **Notional<br>Amount<sup>(5)</sup>** | **Premiums**<br>**Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(6)</sup>** | **Asset** | **Liability** |
|  Auchan Holding SA | 1.000% | Quarterly | 12/20/2027 | 2.280% | 300 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) | $0 | $(18) | $0 | $0 |
|  British Telecommunications PLC | 1.000 | Quarterly | 06/20/2028 | 1.674 | 1000 | (6) | (28) | (34) | 0 | 0 |
|  Ford Motor Credit Co. LLC | 5.000 | Quarterly | 12/20/2024 | 2.457 | $200 | 7 | 3 | 10 | 0 | 0 |
|  Jaguar Land Rover Automotive | 5.000 | Quarterly | 06/20/2026 | 9.564 | 800 | 53 | (155) | (102) | 1 | 0 |
|  Tesco PLC | 1.000 | Quarterly | 06/20/2025 | 0.884 | 400 | (13) | 14 | 1 | 0 | (1) |
|  |  |  |  |  |  | $23 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(166) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(143) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

**CREDIT DEFAULT SWAPS ON CREDIT INDICES - BUY PROTECTION<sup>(3)</sup>** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Index/Tranches** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(6)</sup>** | **Variation Margin** | **Variation Margin** |
| **Index/Tranches** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(6)</sup>** | **Asset** | **Liability** |
|  CDX.IG-35 10-Year Index | (1.000)% | Quarterly | 12/20/2030 | $1400 | $(9) | $9 | $0 | $0 | $0 |
|  CDX.IG-37 10-Year Index | (1.000) | Quarterly | 12/20/2031 | 8100 | (61) | 112 | 51 | 2 | 0 |
|  CDX.IG-38 10-Year Index | (1.000) | Quarterly | 06/20/2032 | 1100 | 17 | (7) | 10 | 0 | 0 |
|  CDX.IG-39 10-Year Index | (1.000) | Quarterly | 12/20/2032 | 42200 | 1125 | (564) | 561 | 1 | 0 |
|  iTraxx Europe Main 31 10-Year Index | (1.000) | Quarterly | 06/20/2029 | 100 | (1) | 1 | 0 | 0 | 0 |
|  iTraxx Europe Main 38 10-Year Index | (1.000) | Quarterly | 12/20/2032 | 9800 | 323 | (136) | 187 | 0 | (18) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1394 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(585) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) |

---

**INTEREST RATE SWAPS - BASIS SWAPS** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay Floating Rate Index** | **Receive Floating Rate Index** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay Floating Rate Index** | **Receive Floating Rate Index** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
| 3-Month USD-LIBOR | 01-Month USD-LIBOR + 0.073% | Quarterly | 04/27/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17000 | $0 | $12 | $12 | $0 | $(6) |
| 3-Month USD-LIBOR | 01-Month USD-LIBOR + 0.070% | Quarterly | 03/07/2024 | 4300 | 0 | 4 | 4 | 0 | 0 |
| 3-Month USD-LIBOR | 01-Month USD-LIBOR + 0.088% | Quarterly | 09/06/2024 | 12700 | 1 | 12 | 13 | 0 | 0 |
| 3-Month USD-LIBOR | 01-Month USD-LIBOR + 0.105% | Quarterly | 09/27/2024 | 12700 | 0 | 4 | 4 | 0 | 0 |
| 3-Month USD-LIBOR | 01-Month USD-LIBOR + 0.102% | Quarterly | 10/04/2024 | 10100 | 0 | 1 | 1 | 0 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) |

---

**INTEREST RATE SWAPS** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/ Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/ Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 0.010% | Annual | 02/07/2023 | GBP | 23100 | $(30) | $(469) | $(499) | $0 | $(15) |
| Pay<sup>(7)</sup> | 1-Day GBP-SONIO Compounded-OIS | 2.500 | Annual | 03/15/2025 |  | 12100 | (572) | 23 | (549) | 0 | (9) |
| Pay<sup>(7)</sup> | 1-Day GBP-SONIO Compounded-OIS | 2.250 | Annual | 03/15/2028 |  | 9200 | (737) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(160) | (897) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) |
| Pay<sup>(7)</sup> | 1-Day GBP-SONIO Compounded-OIS | 2.000 | Annual | 03/15/2033 |  | 16100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3067) | 324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2743) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | (9) |
| Pay<sup>(7)</sup> | 1-Day GBP-SONIO Compounded-OIS | 2.000 | Annual | 03/15/2053 |  | 4500 | (1405) | (20) | (1425) | 0 | (7) |
| Pay | 1-Day INR-MIBOR Compounded-OIS | 6.250 | Annual | 09/21/2023 | INR | 1883400 | (6) | (77) | (83) | 0 | (3) |
| Pay | 1-Day INR-MIBOR Compounded-OIS | 6.25 0 | Semi-Annual | 09/21/2024 |  | 74159 0 | (5) | (28) | (33) | 0 | (1) |
| Pay | 1-Day INR-MIBOR Compounded-OIS | 6.500 | Semi-Annual | 09/21/2024 |  | 504547 | (18) | 24 | 6 | 0 | 0 |
| Pay | 1-Day INR-MIBOR Compounded-OIS | 6.75 0 | Semi-Annual | 09/21/2024 |  | 665800 | 1 | 45 | 46 | 0 | 0 |
| Receive | 1-Day INR-MIBOR Compounded-OIS | 5.750 | Semi-Annual | 03/16/2027 |  | 887790 | 446 | (180) | 266 | 1 | 0 |
| Receive | 1-Day INR-MIBOR Compounded-OIS | 6.500 | Semi-Annual | 09/21/2027 |  | 237000 | 17 | (28) | (11) | 1 | 0 |
| Receive | 1-Day INR-MIBOR Compounded-OIS | 7.000 | Semi-Annual | 09/21/2027 |  | 211100 | (14) | (51) | (65) | 0 | 0 |
| Receive | 1-Day INR-MIBOR Compounded-OIS | 6.250 | Semi-Annual | 03/16/2032 |  | 90500 | 64 | (43) | 21 | 0 | 0 |

---

---

| | | |
|:---|:---|:---|
| **22** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.000 | Annual | 12/15/2023 | 2310000 | $15 | $(29) | $(14) | $5 | $0 |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.200 | Semi-Annual | 06/19/2029 | 900000 | 153 | (400) | (247) | 0 | (19) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 5.890 | Semi-Annual | 03/17/2031 | 1790000 | (215) | (737) | (952) | 0 | (50) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.050 | Annual | 12/15/2031 | 430000 | (109) | (119) | (228) | 0 | (13) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.250 | Annual | 09/14/2032 | 260000 | (49) | (68) | (117) | 0 | (8) |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.450 | Annual | 12/15/2051 | 10000 | 14 | 2 | 16 | 1 | 0 |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.800 | Annual | 06/15/2052 | 360000 | (179) | (172) | (351) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32) |
| Pay | 1-Day SGD-SIBCSORA Compounded-OIS | 2.750 | Semi-Annual | 06/15/2027 | 4800 | (4) | (57) | (61) | 0 | 0 |
| Pay | 1-Day SGD-SIBCSORA Compounded-OIS | 3.000 | Semi-Annual | 06/15/2027 | 3800 | (2) | (16) | (18) | 0 | 0 |
| Pay | 1-Day SGD-SIBCSORA Compounded-OIS | 2.500 | Semi-Annual | 09/21/2027 | 1600 | (8) | (28) | (36) | 0 | 0 |
| Pay | 1-Day SGD-SIBCSORA Compounded-OIS | 2.750 | Semi-Annual | 09/21/2027 | 14004 | (119) | (71) | (190) | 0 | (2) |
| Pay | 1-Day SGD-SIBCSORA Compounded-OIS | 3.250 | Semi-Annual | 12/21/2027 | 1090 | 9 | (5) | 4 | 0 | 0 |
| Receive | 1-Day SGD-SIBCSORA Compounded-OIS | 1.250 | Semi-Annual | 09/15/2031 | 700 | (5) | 79 | 74 | 0 | 0 |
| Pay | 1-Day SGD-SIBCSORA Compounded-OIS | 1.250 | Semi-Annual | 09/15/2031 | 700 | (48) | (26) | (74) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.117 | Annual | 03/31/2024 | $13100 | 0 | 481 | 481 | 9 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.209 | Annual | 03/31/2024 | 11100 | 0 | 391 | 391 | 7 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2024 | 45700 | 1809 | 382 | 2191 | 40 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.965 | Annual | 06/30/2024 | 25500 | 0 | (688) | (688) | 0 | (19) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.968 | Annual | 06/30/2024 | 10100 | 0 | (272) | (272) | 0 | (7) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.965 | Annual | 11/30/2026 | 41300 | 16 | 1388 | 1404 | 71 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.000 | Annual | 06/15/2027 | 6700 | 257 | 572 | 829 | 14 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2027 | 59500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3639 | 1671 | 5310 | 121 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.250 | Annual | 12/15/2028 | 3700 | 13 | (494) | (481) | 0 | (9) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.618 | Annual | 02/09/2029 | 2100 | (5) | (233) | (238) | 0 | (5) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.888 | Annual | 03/22/2029 | 3400 | (9) | (330) | (339) | 0 | (8) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.936 | Annual | 03/25/2029 | 4000 | (11) | (376) | (387) | 0 | (10) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.175 | Annual | 04/21/2029 | 3100 | (8) | (252) | (260) | 0 | (8) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.750 | Annual | 04/30/2029 | 2400 | 0 | 127 | 127 | 6 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.817 | Annual | 04/30/2029 | 4900 | 0 | 241 | 241 | 12 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.818 | Annual | 04/30/2029 | 4100 | 0 | 201 | 201 | 10 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.819 | Annual | 04/30/2029 | 3300 | 0 | 162 | 162 | 8 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.000 | Annual | 06/15/2029 | 12800 | (823) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1236) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2059) | 0 | (33) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2029 | 6100 | 418 | 278 | 696 | 16 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.454 | Annual | 06/30/2029 | 4200 | 0 | (46) | (46) | 0 | (11) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.898 | Annual | 06/30/2029 | 4000 | 0 | 58 | 58 | 0 | (10) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.050 | Annual | 09/08/2029 | 300 | (2) | (9) | (11) | 0 | (1) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.100 | Annual | 09/09/2029 | 1700 | (11) | (45) | (56) | 0 | (4) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.695 | Annual | 11/15/2031 | 3200 | (5) | (457) | (462) | 0 | (11) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **23** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO International Bond Portfolio (U.S. Dollar-Hedged)** | **(Cont.)** |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.828 | Annual | 05/15/2032 |  | $2900 | $0 | $(61) | $(61) | $10 | $0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2032 |  | 9760 | 1369 | 95 | 1464 | 34 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2052 |  | 2480 | 629 | 64 | 693 | 10 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.906 | Annual | 09/16/2052 |  | 1400 | 0 | (85) | (85) | 0 | (6) |
| Pay | 3-Month CAD-Bank Bill | 1.220 | Semi-Annual | 03/03/2025 |  | 6000 | 0 | (338) | (338) | 0 | (10) |
| Pay | 3-Month CAD-Bank Bill | 1.500 | Semi-Annual | 06/17/2025 |  | 3200 | (26) | (133) | (159) | 0 | (6) |
| Pay | 3-Month CAD-Bank Bill | 1.000 | Semi-Annual | 06/16/2026 |  | 3200 | (39) | (193) | (232) | 0 | (5) |
| Pay | 3-Month CAD-Bank Bill | 2.500 | Semi-Annual | 06/19/2029 |  | 5899 | 173 | (475) | (302) | 0 | (13) |
| Pay | 3-Month CAD-Bank Bill | 1.900 | Semi-Annual | 12/18/2029 |  | 8200 | 109 | (782) | (673) | 0 | (20) |
| Pay | 3-Month CAD-Bank Bill | 1.500 | Semi-Annual | 06/17/2030 |  | 11700 | (88) | (1160) | (1248) | 0 | (26) |
| Pay | 3-Month CAD-Bank Bill | 1.250 | Semi-Annual | 06/16/2031 |  | 11600 | (933) | (616) | (1549) | 0 | (23) |
| Pay | 3-Month CAD-Bank Bill | 1.585 | Semi-Annual | 07/19/2031 |  | 1100 | (32) | (104) | (136) | 0 | (2) |
| Pay | 3-Month CAD-Bank Bill | 1.750 | Semi-Annual | 12/16/2046 |  | 600 | (86) | (61) | (147) | 0 | (2) |
| Pay | 3-Month CAD-Bank Bill | 2.750 | Semi-Annual | 12/18/2048 |  | 600 | 20 | (95) | (75) | 0 | (3) |
| Pay | 3-Month CHF-SRFXON3 Compounded-OIS | 0.294 | Annual | 02/10/2027 |  | 6600 | (13) | (379) | (392) | 0 | (7) |
| Pay | 3-Month CHF-SRFXON3 Compounded-OIS | 0.283 | Annual | 02/14/2027 |  | 2000 | 0 | (121) | (121) | 0 | (2) |
| Pay | 3-Month CNY-CNREPOFIX | 2.500 | Quarterly | 03/16/2027 |  | 55900 | 22 | (91) | (69) | 0 | (11) |
| Pay | 3-Month CNY-CNREPOFIX | 2.500 | Quarterly | 12/21/2027 |  | 38700 | (24) | (51) | (75) | 0 | (12) |
| Pay | 3-Month KRW-KORIBOR | 3.000 | Quarterly | 09/21/2027 |  | 14832960 | (35) | (282) | (317) | 0 | (5) |
| Pay | 3-Month KRW-KORIBOR | 3.000 | Quarterly | 06/15/2032 |  | 5823200 | 26 | (217) | (191) | 0 | (2) |
| Pay | 3-Month KRW-KORIBOR | 3.250 | Quarterly | 06/15/2032 |  | 376000 | 1 | (7) | (6) | 0 | 0 |
| Pay | 3-Month NZD-BBR | 3.000 | Semi-Annual | 11/01/2023 |  | 16200 | 6 | (223) | (217) | 6 | 0 |
| Pay | 3-Month NZD-BBR | 3.000 | Semi-Annual | 12/15/2023 |  | 18500 | (2) | (274) | (276) | 2 | 0 |
| Pay | 3-Month NZD-BBR | 0.528 | Semi-Annual | 03/17/2024 |  | 400 | 0 | (15) | (15) | 0 | 0 |
| Pay<sup>(7)</sup> | 3-Month NZD-BBR | 4.000 | Semi-Annual | 06/14/2024 |  | 39400 | (122) | (261) | (383) | 3 | 0 |
| Pay | 3-Month NZD-BBR | 3.750 | Semi-Annual | 06/15/2027 |  | 6200 | (11) | (171) | (182) | 8 | 0 |
| Pay | 3-Month SEK-STIBOR | 1.000 | Annual | 06/19/2029 |  | 13200 | 51 | (208) | (157) | 0 | (2) |
| Receive | 3-Month USD-LIBOR | 1.298 | Semi-Annual | 08/25/2024 |  | $5950 | 0 | 342 | 342 | 7 | 0 |
| Receive | 3-Month USD-LIBOR | 1.249 | Semi-Annual | 08/31/2024 |  | 7050 | 0 | 409 | 409 | 8 | 0 |
| Receive | 3-Month USD-LIBOR | 0.400 | Semi-Annual | 03/30/2026 |  | 2550 | 38 | 258 | 296 | 3 | 0 |
| Receive | 3-Month USD-LIBOR | 1.250 | Semi-Annual | 12/15/2026 |  | 27300 | (326) | 3240 | 2914 | 46 | 0 |
| Pay | 3-Month USD-LIBOR | 1.630 | Semi-Annual | 01/26/2029 |  | 700 | (2) | (86) | (88) | 0 | (1) |
| Receive | 3-Month USD-LIBOR | 0.750 | Semi-Annual | 06/16/2031 |  | 1320 | 107 | 191 | 298 | 3 | 0 |
| Pay | 3-Month ZAR-JIBAR | 7.250 | Quarterly | 06/20/2023 |  | 7600 | 4 | (5) | (1) | 0 | 0 |
| Receive<sup>(7)</sup> | 6-Month AUD-BBR-BBSW | 3.750 | Quarterly | 03/15/2024 |  | 72000 | 83 | 69 | 152 | 4 | 0 |
| Receive | 6-Month AUD-BBR-BBSW | 1.250 | Semi-Annual | 06/17/2030 |  | 3900 | (84) | 629 | 545 | 2 | 0 |
| Pay<sup>(7)</sup> | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 09/15/2032 |  | 1600 | (2) | (24) | (26) | 0 | 0 |
| Pay<sup>(7)</sup> | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/15/2032 |  | 45600 | 13 | (459) | (446) | 9 | 0 |
| Pay<sup>(7)</sup> | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 03/15/2033 |  | 2400 | (15) | (29) | (44) | 0 | (1) |
| Pay | 6-Month CZK-PRIBOR | 1.913 | Annual | 01/30/2029 |  | 13900 | 0 | (109) | (109) | 0 | (4) |
| Pay<sup>(7)</sup> | 6-Month EUR-EURIBOR | 1.000 | Annual | 03/30/2024 |  | 22739 | (80) | (537) | (617) | 0 | (42) |
| Pay | 6-Month EUR-EURIBOR | 0.550 | Annual | 08/10/2024 |  | 600 | (2) | (26) | (28) | 0 | 0 |
| Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 11/23/2024 |  | 13600 | (443) | (148) | (591) | 0 | (10) |
| Pay<sup>(7)</sup> | 6-Month EUR-EURIBOR | 1.500 | Annual | 03/15/2025 |  | 9600 | (154) | (239) | (393) | 0 | (18) |
| Pay<sup>(7)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/19/2027 |  | 9210 | (5) | (11) | (16) | 0 | (11) |
| Pay | 6-Month EUR-EURIBOR | 0.700 | Annual | 04/11/2027 |  | 1000 | (5) | (101) | (106) | 0 | (3) |
| Pay | 6-Month EUR-EURIBOR | 0.650 | Annual | 04/12/2027 |  | 1800 | (10) | (185) | (195) | 0 | (4) |
| Pay | 6-Month EUR-EURIBOR | 0.650 | Annual | 05/11/2027 |  | 1200 | (9) | (123) | (132) | 0 | (3) |
| Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 05/13/2027 |  | 2100 | (8) | (186) | (194) | 0 | (5) |
| Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 05/18/2027 |  | 1000 | (4) | (88) | (92) | 0 | (2) |
| Pay<sup>(7)</sup> | 6-Month EUR-EURIBOR | 1.500 | Annual | 03/15/2028 |  | 98800 | (4918) | (3485) | (8403) | 0 | (172) |
| Pay<sup>(7)</sup> | 6-Month EUR-EURIBOR | 1.750 | Annual | 03/15/2033 |  | 59900 | (6633) | (1363) | (7996) | 0 | (316) |
| Receive<sup>(7)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/15/2033 |  | 4160 | 14 | 13 | 27 | 13 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/21/2037 |  | 7600 | 117 | (951) | (834) | 0 | (56) |
| Pay | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/21/2042 |  | 2650 | 205 | (486) | (281) | 0 | (24) |
| Receive<sup>(7)</sup> | 6-Month EUR-EURIBOR | 0.054 | Annual | 05/27/2050 |  | 300 | 0 | 132 | 132 | 2 | 0 |
| Receive | 6-Month EUR-EURIBOR | 0.064 | Annual | 11/17/2052 |  | 600 | 0 | 321 | 321 | 5 | 0 |
| Receive<sup>(7)</sup> | 6-Month EUR-EURIBOR | 1.500 | Annual | 03/15/2053 |  | 5300 | 991 | 175 | 1166 | 55 | 0 |
| Pay | 28-Day MXN-TIIE | 4.870 | Lunar | 07/07/2025 |  | 29200 | 5 | (161) | (156) | 0 | (3) |
|  |  |  |  |  |  |  | $(10723) | $(10040) | $(20763) | $552 | $(1150) |
|  **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** |  | $**(9305)** | $**(10758)** | $**(20063)** | $**556** | $**(1175)** |

---

---

| | | |
|:---|:---|:---|
| **24** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

**FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY** 

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of December 31, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** |
|  | **Market Value** | **Variation Margin<br>Asset** | **Variation Margin<br>Asset** | | **Market Value** | **Variation Margin<br>Liability** | **Variation Margin<br>Liability** | |
| | **Purchased<br>Options** | **Futures** | **Swap<br>Agreements** |<br>**Total** | **Written<br>Options** | **Futures** | **Swap<br>Agreements** |<br>**Total** |
|  **Total Exchange-Traded or Centrally Cleared** | $**0** | $**627** | $**556** | $**1183** | $**(31)** | $**(562)** | $**(1175)** | $**(1768)** |

---

**(k)** **Securities with an aggregate market value of $2,981 and cash of $15,920 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2022. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.** 

<sup>(1)</sup> Future styled option.

<sup>(2)</sup> If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(4)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(6)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(7)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

&nbsp;&nbsp;&nbsp;&nbsp;**(l) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** 

**FORWARD FOREIGN CURRENCY CONTRACTS:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  BOA | 01/2023 | 323 | $392 | $1 | $0 |
|  | 01/2023 | 4120000 | 28813 | 0 | (2605) |
|  | 01/2023 | 567 | 148 | 0 | (2) |
|  | 01/2023 | $288 | 272 | 7 | 0 |
|  | 01/2023 | 586 | 487 | 3 | 0 |
|  | 01/2023 | 7368 | 971400 | 39 | 0 |
|  | 01/2023 | 17 | 577 | 0 | 0 |
|  | 02/2023 | 520000 | $3558 | 0 | (424) |
|  | 02/2023 | $148 | 569 | 2 | 0 |
|  | 03/2023 | 32312 | $7159 | 0 | (252) |
|  | 03/2023 | $518 | 9139 | 17 | 0 |
|  | 04/2023 | 5853 | $1784 | 110 | 0 |
|  | 05/2023 | 10195 | 1576 | 88 | 0 |
|  | 05/2023 | 1105 | 279 | 0 | (9) |
|  BPS | 01/2023 | 1591 | 1696 | 0 | (8) |
|  | 01/2023 | 4288 | 1251 | 30 | 0 |
|  | 01/2023 | 42 | 1 | 0 | 0 |
|  | 01/2023 | 31191 | 1019 | 1 | 0 |
|  | 03/2023 | 4642 | 719 | 45 | 0 |
|  | 03/2023 | 1587 | 469 | 16 | 0 |
|  | 03/2023 | 16314 | 809 | 0 | (16) |
|  | 03/2023 | 83 | 18 | 0 | (1) |
|  | 03/2023 | 5981 | 199 | 3 | 0 |
|  | 03/2023 | $180 | 173973 | 23 | 0 |
|  | 03/2023 | 2714 | 11990 | 36 | 0 |
|  | 03/2023 | 7839 | $431 | 0 | (28) |
|  | 05/2023 | 406 | 87 | 0 | (6) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **25** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO International Bond Portfolio (U.S. Dollar-Hedged)** | **(Cont.)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  BRC | 01/2023 | 2167 | $311 | $0 | $(3) |
|  | 01/2023 | $4726 | 22250 | 361 | 0 |
|  | 01/2023 | 5349 | 53227 | 85 | 0 |
|  | 01/2023 | 29 | 39 | 0 | 0 |
|  | 01/2023 | 2 | 70 | 0 | 0 |
|  | 02/2023 | 65593 | $2134 | 0 | (11) |
|  | 03/2023 | $288 | 2044 | 9 | 0 |
|  CBK | 01/2023 | 1054 | $707 | 0 | (11) |
|  | 01/2023 | 389010 | 408 | 0 | (50) |
|  | 01/2023 | 1169 | 1243 | 0 | (9) |
|  | 01/2023 | 98000 | 711 | 0 | (36) |
|  | 01/2023 | 10726 | 2678 | 0 | (141) |
|  | 01/2023 | 75642 | 2187 | 0 | 0 |
|  | 01/2023 | $1525 | 2261 | 15 | 0 |
|  | 01/2023 | 2213 | 11615 | 0 | (13) |
|  | 01/2023 | 2606 | 2462 | 58 | 0 |
|  | 01/2023 | 1220 | 1062843 | 32 | 0 |
|  | 01/2023 | 2466 | 2340 | 40 | 0 |
|  | 01/2023 | 7588 | 1009400 | 108 | 0 |
|  | 01/2023 | 569 | 5642 | 7 | 0 |
|  | 01/2023 | 2362 | 3696 | 0 | (16) |
|  | 01/2023 | 176 | 694 | 6 | 0 |
|  | 01/2023 | 419 | 14541 | 2 | 0 |
|  | 02/2023 | 391285 | $437 | 0 | (21) |
|  | 02/2023 | 6999 | 2105 | 111 | 0 |
|  | 02/2023 | 661 | 168 | 0 | (6) |
|  | 02/2023 | $682 | 3682 | 11 | 0 |
|  | 03/2023 | 275 | $14 | 0 | 0 |
|  | 03/2023 | 5537 | 1377 | 0 | (73) |
|  | 04/2023 | 683273 | 782 | 0 | (11) |
|  | 04/2023 | 8048 | 2445 | 144 | 0 |
|  | 05/202 3 | 821 | 127 | 7 | 0 |
|  | 05/2023 | 10212 | 3071 | 145 | 0 |
|  | 05/2023 | $4124 | 29088 | 122 | 0 |
|  | 07/2023 | 9737 | $2399 | 0 | (128) |
|  CLY | 05/2023 | 16208 | 2506 | 140 | 0 |
|  DUB | 01/2023 | 57532 | 8109 | 0 | (177) |
|  | 01/2023 | 12582 | 411 | 0 | 0 |
|  | 03/2023 | 2083 | 614 | 20 | 0 |
|  | 05/2023 | 297 | 46 | 3 | 0 |
|  GLM | 01/2023 | 11615 | 2179 | 0 | (21) |
|  | 01/2023 | 140409 | 142 | 0 | (23) |
|  | 01/2023 | 2250 | 323 | 0 | (2) |
|  | 01/2023 | 636 | 82 | 0 | 0 |
|  | 01/2023 | 3247 | 742 | 2 | (1) |
|  | 01/2023 | 465 | 120 | 0 | (2) |
|  | 01/2023 | 19300 | 554 | 0 | (4) |
|  | 01/2023 | $1349 | 5964 | 15 | 0 |
|  | 03/2023 | 8766 | $1357 | 84 | 0 |
|  | 03/2023 | $1091 | 993648 | 70 | 0 |
|  | 03/2023 | 839 | 17247 | 34 | 0 |
|  | 04/2023 | 2141 | 11615 | 21 | 0 |
|  | 05/2023 | 1179 | 4693 | 43 | 0 |
|  JPM | 01/2023 | 27767 | $33530 | 0 | (45) |
|  | 01/2023 | 677 | 169 | 0 | (9) |
|  | 01/2023 | 7792 | 226 | 1 | 0 |
|  | 01/2023 | $310 | 10745 | 1 | 0 |
|  | 02/2023 | 6545 | $216 | 2 | 0 |
|  | 03/2023 | $33 | 510277 | 0 | 0 |
|  | 05/2023 | 2 | 12 | 0 | 0 |
|  MBC | 01/2023 | 546 | $365 | 0 | (7) |
|  | 01/2023 | 5507 | 4105 | 38 | 0 |
|  | 01/2023 | 263 | 285 | 0 | 0 |
|  | 01/2023 | 52026 | 7349 | 0 | (144) |
|  | 01/2023 | 51925 | 54480 | 0 | (1127) |
|  | 01/2023 | 2321 | 2829 | 23 | 0 |
|  | 01/2023 | 2640 | 339 | 1 | 0 |

---

---

| | | |
|:---|:---|:---|
| **26** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 01/2023 | 1131932 | $8221 | $0 | $(410) |
|  | 01/2023 | 3295 | 333 | 0 | (4) |
|  | 01/2023 | $1694 | 1597 | 17 | 0 |
|  | 01/2023 | 603 | 493 | 0 | (7) |
|  | 01/2023 | 11065 | 1469300 | 138 | 0 |
|  | 01/2023 | 173 | 223798 | 5 | 0 |
|  | 01/2023 | 603 | 20903 | 1 | 0 |
|  | 02/2023 | 3050 | $884 | 15 | 0 |
|  | 02/2023 | 1180000 | 8398 | 0 | (648) |
|  | 03/2023 | $20 | 309700 | 0 | 0 |
|  | 05/2023 | 71486 | $10652 | 223 | 0 |
|  MYI | 01/2023 | 386 | 259 | 0 | (4) |
|  | 01/2023 | 5402359 | 39406 | 0 | (1786) |
|  | 01/2023 | 3257 | 738 | 0 | (7) |
|  | 01/2023 | 904 | 26 | 0 | 0 |
|  | 01/2023 | $748 | 3541 | 61 | 0 |
|  | 02/2023 | 12101 | $397 | 1 | 0 |
|  | 03/2023 | $28 | 436379 | 0 | 0 |
|  SCX | 01/2023 | 727 | $490 | 0 | (5) |
|  | 01/2023 | 1909 | 1421 | 11 | 0 |
|  | 01/2023 | 527476 | 530 | 0 | (91) |
|  | 01/2023 | 11739364 | 8884 | 0 | (441) |
|  | 01/2023 | 10146 | 6320 | 0 | (123) |
|  | 01/2023 | 84068 | 2673 | 0 | (68) |
|  | 01/2023 | $399 | 2790 | 2 | 0 |
|  | 01/2023 | 738 | 3257 | 7 | 0 |
|  | 01/2023 | 245 | 943 | 3 | 0 |
|  | 01/2023 | 125 | 4354 | 0 | 0 |
|  | 03/2023 | 25677 | $5555 | 0 | (334) |
|  SOG | 01/2023 | 313 | 231 | 0 | (3) |
|  TOR | 01/2023 | 6600000 | 45466 | 0 | (4938) |
|  UAG | 01/2023 | 415 | 16 | 0 | (2) |
|  | 02/2023 | 11614 | 3388 | 79 | 0 |
|  | 02/2023 | 3280000 | 23338 | 0 | (1811) |
|  | 02/2023 | 659 | 21 | 0 | 0 |
|  **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | $**2745** | $**(16124)** |

---

**PURCHASED OPTIONS:** 

**INTEREST RATE SWAPTIONS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Floating Rate Index** | **Pay/Receive<br>Floating Rate** | **Exercise<br>Rate** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Cost** | **Market<br>Value** |
| BOA Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.180% | 01/11/2024 | 2600 | $76 | $275 |
|  |  |  |  |  |  | $76 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 |

---

**OPTIONS ON SECURITIES** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Description** | **Strike<br>Price** | **Strike<br>Price** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Cost** | **Market<br>Value** |
|  BPS | Put - OTC Euro-OAT France Government Bond 0.750% due 05/01/2052 | EUR | 97.000 | 05/23/2025 | 1100 | $83 | $451 |
|  **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | $**159** | $**726** |

---

**WRITTEN OPTIONS:** 

**CREDIT DEFAULT SWAPTIONS ON CREDIT INDICES** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Description** | **Buy/Sell<br>Protection** | **Exercise<br>Rate** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Premiums<br>(Received)** | **Market<br>Value** |
|  GST | Put - OTC iTraxx Europe 37 5-Year Index | Sell | 3.000% | 03/15/2023 | 1400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **27** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO International Bond Portfolio (U.S. Dollar-Hedged)** | **(Cont.)** |

---

**INTEREST RATE SWAPTIONS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Floating Rate Index** | **Pay/Receive<br>Floating Rate** | **Exercise<br>Rate** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Premiums<br>(Received)** | **Market<br>Value** |
| BOA Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.150% | 12/01/2023 | 1600 | $(5) | $(1) |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.650 | 12/01/2023 | 1600 | (5) | (12) |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.310 | 01/11/2024 | 22600 | (73) | (374) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 3.000 | 01/19/2023 | 400 | (2) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.500 | 01/19/2023 | 400 | (2) | (5) |
| BPS Call - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 0.550 | 04/11/2023 | 2700 | (3) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.100 | 04/11/2023 | 2700 | (8) | (42) |
| Call - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 0.700 | 04/28/2023 | 1800 | (3) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.250 | 04/28/2023 | 1800 | (3) | (26) |
| Call - OTC 5-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 3.270 | 01/23/2023 | 400 | (1) | 0 |
| Put - OTC 5-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.770 | 01/23/2023 | 400 | (1) | (2) |
| Put - OTC 25-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 0.451 | 05/23/2025 | 1100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(422) |
| BRC Call - OTC 5-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 3.200 | 01/12/2023 | 600 | (2) | 0 |
| Put - OTC 5-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.800 | 01/12/2023 | 600 | (2) | (2) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 3.000 | 01/19/2023 | 200 | (1) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.500 | 01/19/2023 | 200 | (1) | (2) |
| CBK Call - OTC 5-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 3.150 | 01/09/2023 | 1900 | (7) | 0 |
| Put - OTC 5-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.650 | 01/09/2023 | 1900 | (7) | (11) |
| DUB Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.920 | 10/13/2023 | 1000 | (6) | (1) |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.920 | 10/13/2023 | 1000 | (6) | (14) |
| FAR Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.688 | 04/02/2024 | 700 | (5) | (2) |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.688 | 04/02/2024 | 700 | (5) | (9) |
| GLM Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.920 | 10/13/2023 | 600 | (4) | (1) |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.920 | 10/13/2023 | 600 | (4) | (8) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 3.018 | 10/20/2023 | 800 | (5) | (1) |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.018 | 10/20/2023 | 800 | (5) | (10) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 3.140 | 10/23/2023 | 700 | (5) | (1) |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.140 | 10/23/2023 | 700 | (5) | (8) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 3.190 | 10/23/2023 | 700 | (5) | (1) |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.190 | 10/23/2023 | 700 | (5) | (8) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 3.225 | 10/23/2023 | 700 | (5) | (1) |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.225 | 10/23/2023 | 700 | (5) | (8) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.973 | 10/25/2023 | 800 | (6) | (1) |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.973 | 10/25/2023 | 800 | (6) | (10) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.841 | 10/27/2023 | 800 | (6) | (1) |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.841 | 10/27/2023 | 800 | (5) | (11) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 3.088 | 11/03/2023 | 700 | (5) | (1) |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.088 | 11/03/2023 | 700 | (5) | (8) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.910 | 11/10/2023 | 300 | (2) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.910 | 11/10/2023 | 300 | (2) | (4) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.250 | 11/17/2023 | 1100 | (4) | (1) |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.750 | 11/17/2023 | 1100 | (4) | (8) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.150 | 11/20/2023 | 1300 | (5) | (1) |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.650 | 11/20/2023 | 1300 | (5) | (10) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.250 | 12/07/2023 | 1100 | (3) | (1) |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.750 | 12/07/2023 | 1100 | (3) | (8) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.697 | 04/02/2024 | 2000 | (16) | (6) |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.697 | 04/02/2024 | 2000 | (16) | (25) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.721 | 04/08/2024 | 700 | (5) | (2) |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.721 | 04/08/2024 | 700 | (5) | (9) |
| Call - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 0.550 | 04/11/2023 | 5700 | (11) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.100 | 04/11/2023 | 5700 | (11) | (89) |
| Call - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 0.700 | 04/24/2023 | 1800 | (2) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.250 | 04/24/2023 | 1800 | (5) | (25) |
| Call - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 0.700 | 04/26/2023 | 1900 | (3) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.250 | 04/26/2023 | 1900 | (3) | (27) |
| Call - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 0.550 | 05/15/2023 | 800 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.100 | 05/15/2023 | 800 | (1) | (13) |
| Call - OTC 5-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 3.230 | 01/23/2023 | 1500 | (4) | (1) |
| Put - OTC 5-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.730 | 01/23/2023 | 1500 | (4) | (9) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.067 | 06/09/2023 | 1500 | (18) | (4) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 3.140 | 06/09/2023 | 1500 | (21) | (49) |
| JPM Call - OTC 1-Year Interest Rate Swap  | 6-Month GBP-LIBOR | Receive | 0.820 | 12/16/2024 | 6200 | (44) | (9) |
| Call - OTC 5-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 3.200 | 01/12/2023 | 800 | (3) | 0 |
| Put - OTC 5-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.800 | 01/12/2023 | 800 | (3) | (3) |
| MYC Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.993 | 10/11/2023 | 600 | (4) | (1) |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.993 | 10/11/2023 | 600 | (4) | (8) |

---

---

| | | |
|:---|:---|:---|
| **28** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Floating Rate Index** | **Pay/Receive<br>Floating Rate** | **Exercise<br>Rate** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Premiums<br>(Received)** | **Market<br>Value** |
| NGF Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 3.020% | 11/06/2023 | 700 | $(5) | $(1) |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.020 | 11/06/2023 | 700 | (5) | (9) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.845 | 11/13/2023 | 1100 | (7) | (1) |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.845 | 11/13/2023 | 1100 | (7) | (15) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.785 | 04/08/2024 | 1100 | (8) | (4) |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.785 | 04/08/2024 | 1100 | (8) | (13) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.835 | 04/08/2024 | 1100 | (8) | (4) |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.835 | 04/08/2024 | 1100 | (8) | (13) |
| Call - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 0.550 | 04/03/2023 | 5700 | (11) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.100 | 04/03/2023 | 5700 | (11) | (88) |
| Call - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 0.550 | 04/04/2023 | 2800 | (5) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.100 | 04/04/2023 | 2800 | (5) | (43) |
| Call - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 0.550 | 05/12/2023 | 1900 | (2) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.100 | 05/12/2023 | 1900 | (4) | (30) |
|  |  |  |  |  |  | $(618) | $(1538) |
|  **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | $**(621)** | $**(1538)** |

---

**SWAP AGREEMENTS:** 

**CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION<sup>(2)</sup>** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2022<sup>(4)</sup>** | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements,<br>at Value<sup>(6)</sup>** | **Swap Agreements,<br>at Value<sup>(6)</sup>** |
| **Counterparty** | **Reference Entity** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2022<sup>(4)</sup>** | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
| BPS | South Korea Government International Bond | (1.000)% | Quarterly | 06/20/2023 | 0.319% | $3000 | $(73) | $62 | $0 | $(11) |
| BRC | China Government International Bond | (1.000) | Quarterly | 06/20/2023 | 0.272 | 800 | (15) | 12 | 0 | (3) |
|  | South Korea Government International Bond | (1.000) | Quarterly | 06/20/2023 | 0.319 | 2000 | (51) | 44 | 0 | (7) |
| GST | China Government International Bond | (1.000) | Quarterly | 06/20/2023 | 0.272 | 1600 | (31) | 25 | 0 | (6) |
| HUS | South Korea Government International Bond | (1.000) | Quarterly | 06/20/2023 | 0.319 | 800 | (20) | 17 | 0 | (3) |
| JPM | South Korea Government International Bond | (1.000) | Quarterly | 06/20/2023 | 0.319 | 200 | (5) | 4 | 0 | (1) |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(195) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31) |

---

**CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - SELL PROTECTION<sup>(3)</sup>** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2022<sup>(4)</sup>** | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements,<br>at Value<sup>(6)</sup>** | **Swap Agreements,<br>at Value<sup>(6)</sup>** |
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2022<sup>(4)</sup>** | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
| BRC | Italy Government International Bond | 1.000% | Quarterly | 06/20/2025 | 0.806% | $900 | $(22) | $26 | $4 | $0 |
| CBK | Italy Government International Bond | 1.000 | Quarterly | 06/20/2025 | 0.806 | 600 | (14) | 17 | 3 | 0 |
| GST | Emirate of Abu Dhabi Government International Bond | 1.000 | Quarterly | 12/20/2026 | 0.366 | 400 | 12 | (2) | 10 | 0 |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

**CROSS-CURRENCY SWAPS** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Receive** | **Pay** | **Payment**<br>**Frequency** | **Maturity<br>Date<sup>(7)</sup>** | **Notional<br>Amount of<br>Currency<br>Received** | **Notional<br>Amount of<br>Currency<br>Received** | **Notional<br>Amount of<br>Currency<br>Delivered** | **Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap<br>Agreements,<br>at Value** | **Swap<br>Agreements,<br>at Value** |
| **Counterparty** | **Receive** | **Pay** | **Payment**<br>**Frequency** | **Maturity<br>Date<sup>(7)</sup>** | **Notional<br>Amount of<br>Currency<br>Received** | **Notional<br>Amount of<br>Currency<br>Received** | **Notional<br>Amount of<br>Currency<br>Delivered** | **Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  AZD | Floating rate equal to 3-Month AUD-LIBOR plus 0.290% based on the notional amount of currency received | Floating rate equal to 3-Month USD-LIBOR based on the notional amount of currency delivered | Maturity | 01/04/2031 | AUD | 5200 | $3918 | $25 | $(15) | $10 | $0 |
|  CBK | Floating rate equal to 3-Month AUD-LIBOR plus 0.420% based on the notional amount of currency receive d | Floating rate equal to 3-Month USD-LIBOR based on the notional amount of currency delivere d | Maturity | 07/31/2029 |  | 4200 | 2898 | 1 | 5 | 6 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **29** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO International Bond Portfolio (U.S. Dollar-Hedged)** | **(Cont.)** |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Receive** | **Pay** | **Payment**<br>**Frequency** | **Maturity<br>Date<sup>(7)</sup>** | **Notional<br>Amount of<br>Currency<br>Received** | **Notional<br>Amount of<br>Currency<br>Received** | **Notional<br>Amount of<br>Currency<br>Delivered** | **Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements,<br>at Value** | **Swap Agreements,<br>at Value** |
| **Counterparty** | **Receive** | **Pay** | **Payment**<br>**Frequency** | **Maturity<br>Date<sup>(7)</sup>** | **Notional<br>Amount of<br>Currency<br>Received** | **Notional<br>Amount of<br>Currency<br>Received** | **Notional<br>Amount of<br>Currency<br>Delivered** | **Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  GLM | Floating rate equal to 3-Month AUD-LIBOR plus 0.423% based on the notional amount of currency received | Floating rate equal to 3-Month USD-LIBOR based on the notional amount of currency delivered | Maturity | 08/01/2029 | AUD | 4100 | $2829 | $(15) | $6 | $0 | $(9) |
|  MYC | Floating rate equal to 3-Month AUD-LIBOR plus 0.298% based on the notional amount of currency received | Floating rate equal to 3-Month USD-LIBOR based on the notional amount of currency delivered | Maturity | 10/14/2030 |  | 1800 | 1293 | 9 | (4) | 5 | 0 |
|  |  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) |

---

**INTEREST RATE SWAPS** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/ Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed**<br> **Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements,<br>at Value** | **Swap Agreements,<br>at Value** |
| **Counterparty** | **Pay/ Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed**<br> **Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
| BOA | Receive | 3-Month MYR-KLIBOR | 3.500% | Quarterly | 09/21/2027 | MYR | 2700 | $1 | $6 | $7 | $0 |
|  | Receive | 3-Month MYR-KLIBOR | 4.000 | Quarterly | 09/21/2027 |  | 14458 | 17 | (55) | 0 | (38) |
|  | Receive | 3-Month MYR-KLIBOR | 3.250 | Quarterly | 03/16/2032 |  | 1269 | 2 | 15 | 17 | 0 |
|  | Receive | 3-Month MYR-KLIBOR | 3.500 | Quarterly | 03/16/2032 |  | 100 | 0 | 1 | 1 | 0 |
|  | Receive | 3-Month THB-THBFIX Compounded-OIS | 2.000 | Quarterly | 09/21/2024 | THB | 82000 | (4) | 0 | 0 | (4) |
|  | Receive | 3-Month THB-THBFIX Compounded-OIS | 2.250 | Quarterly | 12/21/2027 |  | 172600 | (25) | 16 | 0 | (9) |
|  | Pay | 6-Month THB-THBFIX | 2.000 | Semi-Annual | 03/16/2032 |  | 38500 | 6 | (51) | 0 | (45) |
|  | Pay | 6-Month THB-THBFIX | 3.250 | Semi-Annual | 06/15/2032 |  | 14600 | 2 | 24 | 26 | 0 |
|  | Pay | 6-Month THB-THBFIX | 2.750 | Semi-Annual | 09/21/2032 |  | 33500 | (1) | 27 | 26 | 0 |
| BPS | Pay | 6-Month THB-THBFIX | 3.250 | Semi-Annual | 06/15/2032 |  | 33900 | 5 | 56 | 61 | 0 |
| CBK | Receive | 3-Month MYR-KLIBOR | 3.500 | Quarterly | 03/16/2032 | MYR | 1200 | 0 | 11 | 11 | 0 |
| GLM | Receive | 3-Month MYR-KLIBOR | 3.750 | Quarterly | 09/21/2032 |  | 1500 | (1) | 8 | 7 | 0 |
|  | Pay | 6-Month THB-THBFIX | 3.250 | Semi-Annual | 06/15/2032 | THB | 15800 | 3 | 25 | 28 | 0 |
| GST | Receive | 3-Month THB-THBFIX Compounded-OIS | 2.000 | Quarterly | 09/21/2024 |  | 369900 | (39) | 19 | 0 | (20) |
|  | Pay | 6-Month THB-THBFIX | 2.500 | Semi-Annual | 09/21/2032 |  | 15380 | (3) | 4 | 1 | 0 |
| NGF | Receive | 3-Month MYR-KLIBOR | 3.500 | Quarterly | 03/16/2032 | MYR | 2200 | (4) | 24 | 20 | 0 |
|  | Receive | 3-Month THB-THBFIX Compounded-OIS | 2.000 | Quarterly | 09/21/2024 | THB | 41200 | (2) | (3) | 0 | (5) |
| SCX | Receive | 3-Month MYR-KLIBOR | 3.500 | Quarterly | 09/21/2027 | MYR | 3400 | 3 | 6 | 9 | 0 |
|  | Receive | 3-Month MYR-KLIBOR | 3.500 | Quarterly | 03/16/2032 |  | 1600 | (5) | 19 | 14 | 0 |
|  | Receive | 3-Month THB-THBFIX Compounded-OIS | 1.750 | Quarterly | 09/21/2024 | THB | 97000 | 5 | 2 | 7 | 0 |
|  | Receive | 3-Month THB-THBFIX Compounded-OIS | 2.000 | Quarterly | 09/21/2024 |  | 361778 | 15 | (34) | 0 | (19) |
|  | Receive | 3-Month THB-THBFIX Compounded-OIS | 2.000 | Quarterly | 09/21/2027 |  | 2629 | 0 | 1 | 1 | 0 |
|  | Receive | 3-Month THB-THBFIX Compounded-OIS | 2.250 | Quarterly | 09/21/2027 |  | 113600 | (21) | 14 | 0 | (7) |
|  |  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(147) |

---

**TOTAL RETURN SWAPS ON INTEREST RATE INDICES** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<sup>(8)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements,<br>at Value** | **Swap Agreements,<br>at Value** |
| **Counterparty** | **Pay/Receive<sup>(8)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  BOA | Receive | iBoxx USD Liquid Investment Grade Index | N/A | 1.058% | Maturity | 09/20/2023 | $3700 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  BPS | Receive | iBoxx USD Liquid Investment Grade Index | N/A | 1.059% | Maturity | 06/20/2023 | 10500 | 44 | 86 | 130 | 0 |
|  | Receive | iBoxx USD Liquid Investment Grade Index | N/A | 1.058% | Maturity | 09/20/2023 | 3130 | 24 | 68 | 92 | 0 |

---

---

| | | |
|:---|:---|:---|
| **30** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<sup>(8)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements,<br>at Value** | **Swap Agreements,<br>at Value** |
| **Counterparty** | **Pay/Receive<sup>(8)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  MYC | Receive | iBoxx USD Liquid Investment Grade Index | N/A | 1.059% | Maturity | 06/20/2023 | $3000 | $13 | $24 | $37 | $0 |
|  |  |  |  |  |  |  |  | $110 | $274 | $384 | $0 |
|  **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | $**(135)** | $**606** | $**658** | $**(187)** |

---

**FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY** 

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2022:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | | | |
| <br>**Counterparty** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Purchased<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Written<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** |<br>**Net Market<br>Value of OTC<br>Derivatives** |<br>**Collateral<br>Pledged/<br>(Received)** |<br>**Net<br>Exposure<sup>(9)</sup>** |
|  AZD | $0 | $0 | $10 | $10 | $0 | $0 | $0 | $0 | $10 | $0 | $10 |
|  BOA | 267 | 275 | 202 | 744 | (3292) | (392) | (96) | (3780) | &nbsp;&nbsp;&nbsp;&nbsp;(3036) | &nbsp;&nbsp;&nbsp;&nbsp;2635 | &nbsp;&nbsp;&nbsp;&nbsp;(401) |
|  BPS | 154 | 451 | 283 | 888 | (59) | (492) | (11) | (562) | 326 | (260) | 66 |
|  BRC | 455 | 0 | 4 | 459 | (14) | (4) | (10) | (28) | 431 | (310) | 121 |
|  CBK | 808 | 0 | 20 | 828 | (515) | (11) | 0 | (526) | 302 | 0 | 302 |
|  CLY | 140 | 0 | 0 | 140 | 0 | 0 | 0 | 0 | 140 | 0 | 140 |
|  DUB | 23 | 0 | 0 | 23 | (177) | (15) | 0 | (192) | (169) | 0 | (169) |
|  FAR | 0 | 0 | 0 | 0 | 0 | (11) | 0 | (11) | (11) | 0 | (11) |
|  GLM | 269 | 0 | 35 | 304 | (53) | (371) | (9) | (433) | (129) | 0 | (129) |
|  GST | 0 | 0 | 11 | 11 | 0 | 0 | (26) | (26) | (15) | 0 | (15) |
|  HUS | 0 | 0 | 0 | 0 | 0 | 0 | (3) | (3) | (3) | 0 | (3) |
|  IND | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (260) | (260) |
|  JPM | 4 | 0 | 0 | 4 | (54) | (12) | (1) | (67) | (63) | 0 | (63) |
|  MBC | 461 | 0 | 0 | 461 | (2347) | 0 | 0 | (2347) | (1886) | 1371 | (515) |
|  MYC | 0 | 0 | 42 | 42 | 0 | (9) | 0 | (9) | 33 | (20) | 13 |
|  MYI | 62 | 0 | 0 | 62 | (1797) | 0 | 0 | (1797) | (1735) | 884 | (851) |
|  NGF | 0 | 0 | 20 | 20 | 0 | (221) | (5) | (226) | (206) | 0 | (206) |
|  SCX | 23 | 0 | 31 | 54 | (1062) | 0 | (26) | (1088) | (1034) | 749 | (285) |
|  SOG | 0 | 0 | 0 | 0 | (3) | 0 | 0 | (3) | (3) | 0 | (3) |
|  TOR | 0 | 0 | 0 | 0 | (4938) | 0 | 0 | (4938) | (4938) | 4058 | (880) |
|  UAG | 79 | 0 | 0 | 79 | (1813) | 0 | 0 | (1813) | (1734) | 1395 | (339) |
|  **Total Over the Counter** | $**2745** | $**726** | $**658** | $**4129** | $**(16124)** | $**(1538)** | $**(187)** | $**(17849)** |  |  |  |

---

**(m)** **Securities with an aggregate market value of $11,092 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2022.** 

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(4)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(6)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(7)</sup> At the maturity date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered. 

<sup>(8)</sup> Receive represents that the Portfolio receives payments for any positive net return on the underlying reference. The Portfolio makes payments for any negative net return on such underlying reference. Pay represents that the Portfolio receives payments for any negative net return on the underlying reference. The Portfolio makes payments for any positive net return on such underlying reference. 

<sup>(9)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **31** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO International Bond Portfolio (U.S. Dollar-Hedged)** | **(Cont.)** |

---

**FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS** 

The following is a summary of the fair valuation of the Portfolio's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Portfolio.

Fair Values of Financial Derivative Instruments on the Statement of Assets and Liabilities as of December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
| | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $627 | $627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 4 | 0 | 0 | 552 | 556 |
|  | $0 | $4 | $0 | $0 | $1179 | $1183 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $2745 | $0 | $2745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 726 | 726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 17 | 0 | 21 | 620 | 658 |
|  | $0 | $17 | $0 | $2766 | $1346 | $4129 |
|  | $0 | $21 | $0 | $2766 | $2525 | $5312 |
|  **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $31 | $31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 562 | 562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 19 | 0 | 0 | 1156 | 1175 |
|  | $0 | $19 | $0 | $0 | $1749 | $1768 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $16124 | $0 | $16124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 1538 | 1538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 31 | 0 | 9 | 147 | 187 |
|  | $0 | $31 | $0 | $16133 | $1685 | $17849 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16133 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3434 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19617 |

---

The effect of Financial Derivative Instruments on the Statement of Operations for the period ended December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
| | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $39 | $39 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 5808 | 5808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 44 | 0 | 0 | (28558) | (28514) |
|  | $0 | $44 | $0 | $0 | $(22711) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22667) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $43551 | $0 | $43551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | (15) | (150) | (165) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 261 | 0 | 36 | 971 | 1268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 109 | 0 | 0 | 3692 | 3801 |
|  | $0 | $370 | $0 | $43572 | $4513 | $48455 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43572 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18198) | $25788 |
|  **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $(14) | $(14) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | (774) | (774) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (397) | 0 | 0 | (3840) | (4237) |
|  | $0 | $(397) | $0 | $0 | $(4628) | $(5025) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(11153) | $0 | $(11153) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 627 | 627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | (54) | 0 | (3) | (724) | (781) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (102) | 0 | 26 | 328 | 252 |
|  | $0 | $(156) | $0 | $(11130) | $231 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11055) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(553) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11130) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4397) | $(16080) |

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| **32** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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##### [**Table of Contents**](#toc)
December 31, 2022

**FAIR VALUE MEASUREMENTS** 

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Portfolio's assets and liabilities:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair**<br> **Value at<br>12/31/2022** |
|  **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** |
|  Argentina | Argentina | Argentina | Argentina | Argentina |
| &nbsp;&nbsp; Sovereign Issues | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $64 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $64 |
|  Australia | Australia | Australia | Australia | Australia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 299 | 0 | 299 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 302 | 0 | 302 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1291 | 0 | 1291 |
|  Canada | Canada | Canada | Canada | Canada |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 536 | 0 | 536 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 1108 | 0 | 1108 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 4557 | 0 | 4557 |
|  Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47616 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47616 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 2254 | 0 | 2254 |
|  China | China | China | China | China |
| &nbsp;&nbsp; Sovereign Issues | 0 | 12275 | 0 | 12275 |
|  Denmark | Denmark | Denmark | Denmark | Denmark |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 15118 | 0 | 15118 |
|  France | France | France | France | France |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 5849 | 0 | 5849 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 8158 | 0 | 8158 |
|  Germany | Germany | Germany | Germany | Germany |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 9657 | 0 | 9657 |
|  Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 7783 | 0 | 7783 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1029 | 0 | 1029 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 1411 | 0 | 1411 |
|  Israel | Israel | Israel | Israel | Israel |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1170 | 0 | 1170 |
|  Italy | Italy | Italy | Italy | Italy |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 2764 | 0 | 2764 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 488 | 0 | 488 |
|  Japan | Japan | Japan | Japan | Japan |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 2904 | 0 | 2904 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 30804 | 0 | 30804 |
|  Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands | Jersey, Channel Islands |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 1647 | 0 | 1647 |
|  Luxembourg | Luxembourg | Luxembourg | Luxembourg | Luxembourg |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 901 | 0 | 901 |
|  Malaysia | Malaysia | Malaysia | Malaysia | Malaysia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 641 | 0 | 641 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 3977 | 0 | 3977 |
|  Multinational | Multinational | Multinational | Multinational | Multinational |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1258 | 0 | 1258 |
|  Netherlands | Netherlands | Netherlands | Netherlands | Netherlands |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 1245 | 0 | 1245 |
|  New Zealand | New Zealand | New Zealand | New Zealand | New Zealand |
| &nbsp;&nbsp; Sovereign Issues | 0 | 354 | 0 | 354 |
|  Norway | Norway | Norway | Norway | Norway |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 496 | 0 | 496 |
|  Peru | Peru | Peru | Peru | Peru |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 541 | 0 | 541 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 5501 | 0 | 5501 |
|  Qatar | Qatar | Qatar | Qatar | Qatar |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 249 | 0 | 249 |
|  Romania | Romania | Romania | Romania | Romania |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2997 | 0 | 2997 |
|  Serbia | Serbia | Serbia | Serbia | Serbia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 689 | 0 | 689 |
|  South Korea | South Korea | South Korea | South Korea | South Korea |
| &nbsp;&nbsp; Sovereign Issues | 0 | 9154 | 0 | 9154 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair**<br> **Value at<br>12/31/2022** |
|  Spain | Spain | Spain | Spain | Spain |
| &nbsp;&nbsp; Corporate Bonds & Notes | $0 | $589 | $0 | $589 |
| &nbsp;&nbsp; Preferred Securities | 0 | 197 | 0 | 197 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 4756 | 0 | 4756 |
|  Supranational | Supranational | Supranational | Supranational | Supranational |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 602 | 0 | 602 |
|  Switzerland | Switzerland | Switzerland | Switzerland | Switzerland |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 6693 | 0 | 6693 |
|  Thailand | Thailand | Thailand | Thailand | Thailand |
| &nbsp;&nbsp; Sovereign Issues | 0 | 2888 | 0 | 2888 |
|  United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates | United Arab Emirates |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 423 | 0 | 423 |
|  United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 15108 | 0 | 15108 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 17578 | 0 | 17578 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 6300 | 0 | 6300 |
|  United States | United States | United States | United States | United States |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 23454 | 0 | 23454 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 32164 | 0 | 32164 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 2081 | 0 | 2081 |
| &nbsp;&nbsp; Municipal Bonds & Notes | 0 | 539 | 0 | 539 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 40543 | 0 | 40543 |
| &nbsp;&nbsp; U.S. Government Agencies | 0 | 89733 | 0 | 89733 |
| &nbsp;&nbsp; U.S. Treasury Obligations | 0 | 22278 | 0 | 22278 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 7973 | 0 | 7973 |
| &nbsp;&nbsp; Israel Treasury Bills | 0 | 14060 | 0 | 14060 |
| &nbsp;&nbsp; Japan Treasury Bills | 0 | 119643 | 0 | 119643 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 2022 | 0 | 2022 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596711 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596711 |
|  **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $41527 | $0 | $0 | $41527 |
|  Total Investments | $41527 | $596711 | $0 | $638238 |
|  **Short Sales, at Value - Liabilities** | **Short Sales, at Value - Liabilities** | **Short Sales, at Value - Liabilities** | **Short Sales, at Value - Liabilities** | **Short Sales, at Value - Liabilities** |
|  United States |  |  |  |  |
| &nbsp;&nbsp; U.S. Government Agencies | $0 | $(58710) | $0 | $(58710) |
|  **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** |
|  Exchange-traded or centrally cleared | 515 | 668 | 0 | 1183 |
|  Over the counter | 0 | 4129 | 0 | 4129 |
|  | $515 | $4797 | $0 | $5312 |
|  **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** |
|  Exchange-traded or centrally cleared | (486) | (1282) | 0 | (1768) |
|  Over the counter | 0 | (17849) | 0 | (17849) |
|  | $(486) | $(19131) | $0 | $(19617) |
|  Total Financial Derivative Instruments | $29 | $(14334) | $0 | $(14305) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41556 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523667 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565223 |

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There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.

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| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **33** |

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##### [**Table of Contents**](#toc)
**Notes to Financial Statements**

1. ORGANIZATION

PIMCO Variable Insurance Trust (the "Trust") is a Delaware statutory trust established under a trust instrument dated October 3, 1997. The Trust is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Trust is designed to be used as an investment vehicle by separate accounts of insurance companies that fund variable annuity contracts and variable life insurance policies and by qualified pension and retirement plans. Information presented in these financial statements pertains to the Institutional Class, Administrative Class and Advisor Class shares of the PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (the "Portfolio") offered by the Trust. Pacific Investment Management Company LLC ("PIMCO") serves as the investment adviser (the "Adviser") for the Portfolio.

Hereinafter, the Board of Trustees of the Portfolio shall be collectively referred to as the "Board."

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The Portfolio is treated as an investment company under the reporting requirements of U.S. GAAP. The functional and reporting currency for the Portfolio is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(a) Securities Transactions and Investment Income Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Portfolio is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on

certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statement of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statement of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statement of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable.

(b) Foreign Currency Translation The market values of foreign securities, currency holdings and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies, if any, are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Portfolio does not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) from investments on the Statement of Operations. The Portfolio may invest in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains (losses) arising from sales of spot foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in net realized gain (loss) on foreign currency transactions on the Statement of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period are included in net change in unrealized appreciation (depreciation) on foreign currency assets and liabilities on the Statement of Operations.

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| **34** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2022

(c) Multi-Class Operations Each class offered by the Trust has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets. Realized and unrealized capital gains (losses) are allocated daily based on the relative net assets of each class of the Portfolio. Class specific expenses, where applicable, currently include supervisory and administrative and distribution and servicing fees. Under certain circumstances, the per share net asset value ("NAV") of a class of the Portfolio's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(d) Distributions to Shareholders Distributions from net investment income, if any, are declared daily and distributed to shareholders monthly. In addition, the Portfolio distributes any net capital gains it earns from the sale of portfolio securities to shareholders no less frequently than annually. A Portfolio may revise its distribution policy or postpone the payment of distributions at any time.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on the Portfolio's annual financial statements presented under U.S. GAAP.

Separately, if the Portfolio determines or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources other than net investment income in accordance with its policies, accounting records (if applicable), and accounting practices, the Portfolio will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, the Portfolio determines or estimates, as applicable, the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is determined or estimated, as applicable, that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between the Portfolio's daily internal accounting records and practices, the Portfolio's financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, the

Portfolio's internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include but are not limited to, for certain Portfolios, the treatment of periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that the Portfolio may not issue a Section 19 Notice in situations where the Portfolio's financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution's tax character will be provided to shareholders when such information is available.

Distributions classified as a tax basis return of capital at the Portfolio's fiscal year end, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital on the Statement of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Statement of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(e) New Accounting Pronouncements and Regulatory Updates In March 2020, the Financial Accounting Standards Board ("FASB") issued an Accounting Standards Update ("ASU"), ASU 2020-04, which provides optional guidance to ease the potential accounting burden associated with transitioning away from the London Interbank Offered Rate and other reference rates that are expected to be discontinued. ASU 2020-04 is effective for certain reference rate-related contract modifications that occurred during the period March 12, 2020 through December 31, 2022. In March 2021, the administrator for LIBOR announced the extension of the publication of a majority of the USD LIBOR settings to June 30, 2023. In December 2022, FASB issued ASU 2022-06, which includes amendments to extend the duration of the LIBOR transition relief to December 31, 2024, after which entities will no longer be permitted to apply the reference rate reform relief. Management is continuously evaluating the potential effect a discontinuation of LIBOR could have on the Portfolio's investments and has determined that it is unlikely the ASU's adoption will have a material impact on the Portfolio's financial statements.

In October 2020, the U.S. Securities and Exchange Commission ("SEC") adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover transactions. Subject to certain exceptions, the rule requires funds that

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **35** |

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| **Notes to Financial Statements** | **(Cont.)** |

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trade derivatives and other transactions that create future payment or delivery obligations to comply with a value-at-risk leverage limit and certain derivatives risk management program and reporting requirements. The effective date for the rule was February 19, 2021. The compliance date for the new rule and the related reporting requirements was August 19, 2022. Management has implemented changes in connection with the rule and has determined that there was no material impact to the Portfolio's financial statements.

In October 2020, the SEC adopted a rule regarding the ability of a fund to invest in other funds. The rule allows a fund to acquire shares of another fund in excess of certain limitations currently imposed by the Act without obtaining individual exemptive relief from the SEC, subject to certain conditions. The rule also includes the rescission of certain exemptive relief from the SEC and guidance from the SEC staff for funds to invest in other funds. The effective date for the rule was January 19, 2021, and the compliance date for the rule was January 19, 2022. Management has implemented changes in connection with the rule and has determined that there was no material impact to the Portfolio's financial statements.

In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value as well as for the performance of fair value determinations, including related oversight and reporting obligations. The new rule also defines "readily available market quotations" for purposes of the definition of "value" under the Act, and the SEC noted that this definition would apply in all contexts under the Act. The effective date for the rule was March 8, 2021. The compliance date for the new rule and the related reporting requirements was September 8, 2022. Management has implemented changes in connection with the rule and has determined that there was no material impact to the Portfolio's financial statements.

In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820), which affects all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring the fair value. The amendments also require additional disclosures for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The effective date for the amendments in ASU 2022-03 is for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years. At this time, management is evaluating the implications of these changes on the financial statements.

In October 2022, the SEC adopted changes to the mutual fund and ETF shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which will change the disclosures provided to shareholders. The rule is effective as of January 24, 2023, but the SEC is providing an 18-month compliance period after the effective date other than for rule amendments addressing fee and expense information in advertisements that might be materially misleading. At this time, management is evaluating the implications of these changes on the financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies The NAV of the Portfolio's shares, or each of its share classes as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Portfolio or class, less any liabilities, as applicable, by the total number of shares outstanding.

On each day that the New York Stock Exchange ("NYSE") is open, the Portfolio's shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) ("NYSE Close"). Information that becomes known to the Portfolio or its agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, the Portfolio may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. The Portfolio generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, the Portfolio may calculate its NAV as of the NYSE Close for such day or such other time that the Portfolio may determine.

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Portfolio will normally use pricing data for domestic equity securities received shortly after the NYSE Close and does not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange, or the NYSE Close, if the NYSE Close occurs before the end of trading on the foreign exchange.

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| **36** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2022

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated PIMCO as the valuation designee ("Valuation Designee") for the Portfolio to perform the fair value determination relating to all Portfolio investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee's policies and procedures govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Portfolio investments. The Valuation Designee may value Portfolio securities for which market quotations are not readily available and other Portfolio assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, "Pricing Sources").

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives, and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Exchange-traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Swap agreements are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of the Portfolio's assets that are invested in one or more open-end management investment companies (other than ETFs), the Portfolio's NAV will be calculated based on the NAVs of such investments. Open-end management investment companies may include affiliated funds.

If a foreign (non-U.S.) equity security's value has materially changed after the close of the security's primary exchange or principal market but before the NYSE Close, the security may be valued at fair value. Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, the Portfolio may determine the fair value of investments based on information provided by Pricing Sources, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other

things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indexes) that occur after the close of the relevant market and before the NYSE Close. The Portfolio may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, unless otherwise determined by the Valuation Designee, any movement in the applicable reference index or instrument ("zero trigger") between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Trust is not open for business, which may result in the Portfolio's portfolio investments being affected when shareholders are unable to buy or sell shares.

Whole loans may be fair valued using inputs that take into account borrower- or loan-level data (e.g., credit risk of the borrower) that is updated periodically throughout the life of each individual loan; any new borrower- or loan-level data received in written reports periodically by the Portfolio normally will be taken into account in calculating the NAV. The Portfolio's whole loan investments, including those originated by the Portfolio or through an alternative lending platform, generally are fair valued in accordance with procedures approved by the Board.

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Sources. As a result, the value of such investments and, in turn, the NAV of the Portfolio's shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Trust is not open for business. As a result, to the extent that the Portfolio holds foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in the Portfolio's next calculated NAV.

Fair valuation may require subjective determinations about the value of a security. While the Trust's and Valuation Designee's policies and procedures are intended to result in a calculation of the Portfolio's NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values accurately reflect the price that the Portfolio could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Portfolio may differ from the value that would be realized if the securities were sold. The Portfolio's use of fair valuation may also help to deter "stale price arbitrage" as discussed under the "Frequent or Excessive Purchases, Exchanges and Redemptions" section in the Portfolio's prospectus.

Under certain circumstances, the per share NAV of a class of the Portfolio's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

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(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2, or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2, and 3 of the fair value hierarchy are defined as follows:

<sup>∎</sup> Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

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| <sup>∎</sup> | Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs. |

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<sup>∎</sup> Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for the Portfolio.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between Levels of the Portfolio's assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy, and if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for the Portfolio.

(c) Valuation Techniques and the Fair Value Hierarchy

Level 1, Level 2 and Level 3 trading assets and trading liabilities, at fair value The valuation methods (or "techniques") and significant

inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1, Level 2 and Level 3 of the fair value hierarchy are as follows:

Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

Investments in registered open-end investment companies (other than ETFs) will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in unregistered open-end investment companies will be calculated based upon the NAVs of such investments and are considered Level 1 provided that the NAVs are observable, calculated daily and are the value at which both purchases and sales will be conducted.

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities and non-U.S. bonds are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Sources' internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Fixed income securities purchased on a delayed-delivery basis or as a repurchase commitment in a sale-buyback transaction are marked to market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

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Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or pricing services. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers or Pricing Sources (normally determined as of the NYSE Close). Depending on the product and the terms of the transaction, financial derivative instruments can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as quoted prices, issuer details, indices, bid/ask

spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Sources (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models may use inputs that are observed from actively quoted markets such as the overnight index swap rate, LIBOR forward rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

Short-term debt instruments (such as commercial paper) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost value of such short-term debt instruments is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price.

When a fair valuation method is applied by the Adviser that uses significant unobservable inputs, investments will be priced by a method that the Valuation Designee believes reflects fair value and are categorized as Level 3 of the fair value hierarchy.

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

The Portfolio may invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III ("Central Funds") to the extent permitted by the Act and rules thereunder. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Portfolio. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC's website at www.sec.gov. A copy of each affiliate fund's shareholder report is also available at the SEC's website at www.sec.gov, on the Portfolio's website at www.pimco.com, or upon request, as applicable. The tables below show the Portfolio's transactions in and earnings from investments in the affiliated Funds for the period ended December 31, 2022 (amounts in thousands<sup>†</sup>):

**Investment in PIMCO Short Asset Portfolio** 

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| **Market Value<br>12/31/2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Market Value<br>12/31/2022** | **Dividend<br>Income<sup>(1)</sup>** | **Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup>** |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

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**Investment in PIMCO Short-Term Floating NAV Portfolio III** 

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|:---|:---|:---|:---|:---|:---|:---|:---|
| **Market Value<br>12/31/2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Market Value<br>12/31/2022** | **Dividend<br>Income<sup>(1)</sup>** | **Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup>** |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19651 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365782 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(344199) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(289) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41225 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

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| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(1)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

(b) Investments in Securities

The Portfolio may utilize the investments and strategies described below to the extent permitted by the Portfolio's investment policies.

Delayed-Delivery Transactions involve a commitment by the Portfolio to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, the Portfolio will designate or receive as collateral liquid assets in an amount sufficient to meet the purchase price or respective obligations. When purchasing a security on a delayed-delivery basis, the Portfolio assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. The Portfolio may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain (loss). When the Portfolio has sold a security on a delayed-delivery basis, the Portfolio does not participate in future gains (losses) with respect to the security.

Inflation-Indexed Bonds are fixed income securities whose principal value is periodically adjusted by the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Statement of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury Inflation-Protected Securities. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

Loans and Other Indebtedness, Loan Participations and Assignments are direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental, or other borrowers. The Portfolio's investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties or investments in or originations of loans by the Portfolio. A loan is often administered by a bank or other financial institution (the "agent") that acts as agent for all holders. The

agent administers the terms of the loan, as specified in the loan agreement. The Portfolio may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When the Portfolio purchases assignments from agents it acquires direct rights against the borrowers of the loans. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing through, for example, the issuance of bonds, frequently high yield bonds issued for the purpose of acquisitions.

The types of loans and related investments in which the Portfolio may invest include, among others, senior loans, subordinated loans (including second lien loans, B-Notes and mezzanine loans), whole loans, commercial real estate and other commercial loans and structured loans. The Portfolio may originate loans or acquire direct interests in loans through primary loan distributions and/or in private transactions. In the case of subordinated loans, there may be significant indebtedness ranking ahead of the borrower's obligation to the holder of such a loan, including in the event of the borrower's insolvency. Mezzanine loans are typically secured by a pledge of an equity interest in the mortgage borrower that owns the real estate rather than an interest in a mortgage.

Investments in loans may include unfunded loan commitments, which are contractual obligations for funding. Unfunded loan commitments may include revolving credit facilities, which may obligate the Portfolio to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full, even though a percentage of the committed amount may not be utilized by the borrower. When investing in a loan participation, the Portfolio has the right to receive payments of principal, interest and any fees to which it is entitled only from the agent selling the loan agreement and only upon receipt of payments by the agent from the borrower. The Portfolio may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. In certain circumstances, the Portfolio may receive a penalty fee upon the prepayment of a loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense, respectively, on the Statement of Operations. Unfunded loan commitments are reflected as a liability on the Statement of Assets and Liabilities.

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Mortgage-Related and Other Asset-Backed Securities directly or indirectly represent a participation in, or are secured by and payable from, loans on real property. Mortgage-related securities are created from pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. These securities provide a monthly payment which consists of both interest and principal. Interest may be determined by fixed or adjustable rates. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with the full faith and credit of the U.S. Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Many of the risks of investing in mortgage-related securities secured by commercial mortgage loans reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make lease payments, and the ability of a property to attract and retain tenants. These securities may be less liquid and may exhibit greater price volatility than other types of mortgage-related or other asset-backed securities. Other asset-backed securities are created from many types of assets, including, but not limited to, auto loans, accounts receivable, such as credit card receivables and hospital account receivables, home equity loans, student loans, boat loans, mobile home loans, recreational vehicle loans, manufactured housing loans, aircraft leases, computer leases and syndicated bank loans.

Collateralized Debt Obligations ("CDOs") include Collateralized Bond Obligations ("CBOs"), Collateralized Loan Obligations ("CLOs") and other similarly structured securities. CBOs and CLOs are types of asset-backed securities. A CBO is a trust which is backed by a diversified pool of high risk, below investment grade fixed income securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which the Portfolio invests. In addition to the normal risks associated with fixed income securities discussed elsewhere in this report and the Portfolio's prospectus and statement of additional information (e.g., prepayment risk, credit risk, liquidity risk, market risk, structural risk, legal risk and interest rate risk (which may be exacerbated if the interest rate payable

on a structured financing changes based on multiples of changes in interest rates or inversely to changes in interest rates)), CBOs, CLOs and other CDOs carry additional risks including, but not limited to, (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments, (ii) the quality of the collateral may decline in value or default, (iii) the risk that the Portfolio may invest in CBOs, CLOs, or other CDOs that are subordinate to other classes, and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

Collateralized Mortgage Obligations ("CMOs") are debt obligations of a legal entity that are collateralized by whole mortgage loans or private mortgage bonds and divided into classes. CMOs are structured into multiple classes, often referred to as "tranches", with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including prepayments. CMOs may be less liquid and may exhibit greater price volatility than other types of mortgage-related or asset-backed securities.

Stripped Mortgage-Backed Securities ("SMBS") are derivative multi-class mortgage securities. SMBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. An SMBS will have one class that will receive all of the interest (the interest-only or "IO" class), while the other class will receive the entire principal (the principal-only or "PO" class). Payments received for IOs are included in interest income on the Statement of Operations. Because no principal will be received at the maturity of an IO, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statement of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

Payment In-Kind Securities may give the issuer the option at each interest payment date of making interest payments in either cash and/or additional debt securities. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a dirty price) and require a pro rata adjustment from the unrealized appreciation (depreciation) on investments to interest receivable on the Statement of Assets and Liabilities.

Perpetual Bonds are fixed income securities with no maturity date but pay a coupon in perpetuity (with no specified ending or maturity date). Unlike typical fixed income securities, there is no obligation for perpetual bonds to repay principal. The coupon payments, however, are mandatory. While perpetual bonds have no maturity date, they may have a callable date in which the perpetuity is eliminated and the issuer

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may return the principal received on the specified call date. Additionally, a perpetual bond may have additional features, such as interest rate increases at periodic dates or an increase as of a predetermined point in the future.

Restricted Investments are subject to legal or contractual restrictions on resale and may generally be sold privately, but may be required to be registered or exempted from such registration before being sold to the public. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933. Disposal of restricted investments may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Restricted investments held by the Portfolio as of December 31, 2022, as applicable, are disclosed in the Notes to Schedule of Investments.

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the "U.S. Treasury"); and others, such as those of the Federal National Mortgage Association ("FNMA" or "Fannie Mae"), are supported by the discretionary authority of the U.S. Government to purchase the agency's obligations. U.S. Government securities may include zero coupon securities which do not distribute interest on a current basis and tend to be subject to a greater risk than interest-paying securities of similar maturities.

Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac"). FNMA is a government-sponsored corporation. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. Government. FHLMC issues Participation Certificates ("PCs"), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

In June 2019, FNMA and FHLMC started issuing Uniform Mortgage Backed Securities in place of their current offerings of TBA-eligible securities (the "Single Security Initiative"). The Single Security Initiative seeks to support the overall liquidity of the TBA market and aligns the characteristics of FNMA and FHLMC certificates. The effects that the Single Security Initiative may have on the market for TBA and other mortgage-backed securities are uncertain.

Roll-timing strategies can be used where the Portfolio seeks to extend the expiration or maturity of a position, such as a TBA security on an underlying asset, by closing out the position before expiration and opening a new position with respect to substantially the same underlying asset with a later expiration date. TBA securities purchased or sold are reflected on the Statement of Assets and Liabilities as an asset or liability, respectively. Recently finalized FINRA rules include mandatory margin requirements for the TBA market that requires the Portfolio to post collateral in connection with its TBA transactions. There is no similar requirement applicable to the Portfolio's TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the Portfolio and impose added operational complexity.

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Portfolio may enter into the borrowings and other financing transactions described below to the extent permitted by the Portfolio's investment policies.

The following disclosures contain information on the Portfolio's ability to lend or borrow cash or securities to the extent permitted under the Act, which may be viewed as borrowing or financing transactions by the Portfolio. The location of these instruments in the Portfolio's financial statements is described below.

(a) Repurchase Agreements Under the terms of a typical repurchase agreement, the Portfolio purchases an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and the Portfolio to resell, the obligation at an agreed-upon price and time. In an open maturity repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Portfolio or counterparty at any time. The underlying securities for all repurchase agreements are held by the Portfolio's custodian or designated subcustodians under tri-party repurchase agreements and in certain instances will remain in custody with the counterparty. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, if any, including accrued interest, are included on the Statement of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Statement of Operations. In periods of increased demand for collateral, the Portfolio may pay a fee for the receipt of collateral, which may result in interest expense to the Portfolio.

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(b) Reverse Repurchase Agreements In a reverse repurchase agreement, the Portfolio delivers a security in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed upon price and date. In an open maturity reverse repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Portfolio or counterparty at any time. The Portfolio is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. Cash received in exchange for securities delivered plus accrued interest payments to be made by the Portfolio to counterparties are reflected as a liability on the Statement of Assets and Liabilities. Interest payments made by the Portfolio to counterparties are recorded as a component of interest expense on the Statement of Operations. In periods of increased demand for the security, the Portfolio may receive a fee for use of the security by the counterparty, which may result in interest income to the Portfolio. The Portfolio will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under reverse repurchase agreements.

(c) Sale-Buybacks A sale-buyback financing transaction consists of a sale of a security by the Portfolio to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. The Portfolio is not entitled to receive principal and interest payments, if any, made on the security sold to the counterparty during the term of the agreement. The agreed-upon proceeds for securities to be repurchased by the Portfolio are reflected as a liability on the Statement of Assets and Liabilities. The Portfolio will recognize net income represented by the price differential between the price received for the transferred security and the agreed-upon repurchase price. This is commonly referred to as the 'price drop.' A price drop consists of (i) the foregone interest and inflationary income adjustments, if any, the Portfolio would have otherwise received had the security not been sold and (ii) the negotiated financing terms between the Portfolio and counterparty. Foregone interest and inflationary income adjustments, if any, are recorded as components of interest income on the Statement of Operations. Interest payments based upon negotiated financing terms made by the Portfolio to counterparties are recorded as a component of interest expense on the Statement of Operations. In periods of increased demand for the security, the Portfolio may receive a fee for use of the security by the counterparty, which may result in interest income to the Portfolio. The Portfolio will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under sale-buyback transactions.

(d) Short Sales Short sales are transactions in which the Portfolio sells a security that it may not own. The Portfolio may make short sales of

securities to (i) offset potential declines in long positions in similar securities, (ii) to increase the flexibility of the Portfolio, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When the Portfolio engages in a short sale, it may borrow the security sold short and deliver it to the counterparty. The Portfolio will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Statement of Assets and Liabilities. Short sales expose the Portfolio to the risk that it will be required to cover its short position at a time when the security or other asset has appreciated in value, thus resulting in losses to the Portfolio. A short sale is "against the box" if the Portfolio holds in its portfolio or has the right to acquire the security sold short, or securities identical to the security sold short, at no additional cost. The Portfolio will be subject to additional risks to the extent that it engages in short sales that are not "against the box." The Portfolio's loss on a short sale could theoretically be unlimited in cases where the Portfolio is unable, for whatever reason, to close out its short position.

(e) Interfund Lending In accordance with an exemptive order (the "Order") from the SEC, each Portfolio of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Portfolio's investment policies and restrictions. Each Portfolio is currently permitted to borrow under the Interfund Lending Program. A lending portfolio may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing portfolio through the Interfund Lending Program. A borrowing portfolio may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the portfolio's investment restrictions). If a borrowing portfolio's total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending portfolio and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended December 31, 2022, the Portfolio did not participate in the Interfund Lending Program.

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6. FINANCIAL DERIVATIVE INSTRUMENTS

The Portfolio may enter into the financial derivative instruments described below to the extent permitted by the Portfolio's investment policies.

The following disclosures contain information on how and why the Portfolio uses financial derivative instruments, and how financial derivative instruments affect the Portfolio's financial position, results of operations and cash flows. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Statement of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table in the Notes to Schedule of Investments. The financial derivative instruments outstanding as of period end and the amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Schedule of Investments, serve as indicators of the volume of financial derivative activity for the Portfolio.

(a) Forward Foreign Currency Contracts may be engaged, in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of the Portfolio's securities or as part of an investment strategy. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked to market daily, and the change in value is recorded by the Portfolio as an unrealized gain (loss). Realized gains (losses) are equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed and are recorded upon delivery or receipt of the currency. These contracts may involve market risk in excess of the unrealized gain (loss) reflected on the Statement of Assets and Liabilities. In addition, the Portfolio could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar. To mitigate such risk, cash or securities may be exchanged as collateral pursuant to the terms of the underlying contracts.

(b) Futures Contracts are agreements to buy or sell a security or other asset for a set price on a future date and are traded on an exchange. The Portfolio may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by the Portfolio and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a

futures contract, the Portfolio is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by the Portfolio ("Futures Variation Margin"). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Statement of Assets and Liabilities. Gains (losses) are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the Futures Variation Margin included within exchange traded or centrally cleared financial derivative instruments on the Statement of Assets and Liabilities.

(c) Options Contracts may be written or purchased to enhance returns or to hedge an existing position or future investment. The Portfolio may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase the Portfolio's exposure to the underlying instrument. Writing call options tends to decrease the Portfolio's exposure to the underlying instrument. When the Portfolio writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. These amounts are included on the Statement of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The Portfolio as a writer of an option has no control over whether the underlying instrument may be sold ("call") or purchased ("put") and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Portfolio may not be able to enter into a closing transaction because of an illiquid market.

Purchasing call options tends to increase the Portfolio's exposure to the underlying instrument. Purchasing put options tends to decrease the Portfolio's exposure to the underlying instrument. The Portfolio pays a premium which is included as an asset on the Statement of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms.

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The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed.

Credit Default Swaptions may be written or purchased to hedge exposure to the credit risk of an investment without making a commitment to the underlying instrument. A credit default swaption is an option to sell or buy credit protection on a specific reference by entering into a pre-defined swap agreement by some specified date in the future.

Foreign Currency Options may be written or purchased to be used as a short or long hedge against possible variations in foreign exchange rates or to gain exposure to foreign currencies.

Interest Rate-Capped Options may be written or purchased to enhance returns or for hedging opportunities. The purpose of purchasing interest rate-capped options is to protect the Portfolio from floating rate risk above a certain rate on a given notional exposure. A floor can be used to give downside protection to investments in interest rate linked products.

Interest Rate Swaptions may be written or purchased to enter into a pre-defined swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, by some specified date in the future. The writer of the swaption becomes the counterparty to the swap if the buyer exercises. The interest rate swaption agreement will specify whether the buyer of the swaption will be a fixed-rate receiver or a fixed-rate payer upon exercise.

Options on Exchange-Traded Futures Contracts ("Futures Option") may be written or purchased to hedge an existing position or future investment, for speculative purposes or to manage exposure to market movements. A Futures Option is an option contract in which the underlying instrument is a single futures contract.

Options on Securities may be written or purchased to enhance returns or to hedge an existing position or future investment. An option on a security uses a specified security as the underlying instrument for the option contract.

(d) Swap Agreements are bilaterally negotiated agreements between the Portfolio and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the over the counter market ("OTC swaps") or may be cleared through a third party, known as a central counterparty or derivatives clearing organization ("Centrally Cleared Swaps"). The Portfolio may enter into

asset, credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Statement of Operations. Daily changes in valuation of centrally cleared swaps ("Swap Variation Margin"), if any, are disclosed within centrally cleared financial derivative instruments on the Statement of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Statement of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain (loss) on the Statement of Operations.

For purposes of applying certain of the Portfolio's investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by the Portfolio at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of the Portfolio's investment policies and restrictions, the Portfolio will value the credit default swap at its notional value or its full exposure value (i.e., the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of the Portfolio's other investment policies and restrictions. For example, the Portfolio may value credit default swaps at full exposure value for purposes of the Portfolio's credit quality guidelines (if any) because such value in general better reflects the Portfolio's actual economic exposure during the term of the credit default swap agreement. As a result, the Portfolio may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in the Portfolio's

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prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether the Portfolio is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by the Portfolio for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates or the values of the asset upon which the swap is based.

The Portfolio's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive. The risk may be mitigated by having a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral to the Portfolio to cover the Portfolio's exposure to the counterparty.

To the extent the Portfolio has a policy to limit the net amount owed to or to be received from a single counterparty under existing swap agreements, such limitation only applies to counterparties to OTC swaps and does not apply to centrally cleared swaps where the counterparty is a central counterparty or derivatives clearing organization.

Credit Default Swap Agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues are entered into to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where the Portfolio owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer's default. Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event that the referenced entity, obligation or index, as specified in the swap agreement, undergoes a certain credit event. As a seller of protection on credit default swap agreements, the Portfolio will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, the Portfolio would effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the notional amount of the swap.

If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation, or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection's right to choose the deliverable obligation with the lowest value following a credit event).

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name's weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index. Credit default swaps on credit indices may be used to hedge a portfolio of credit default swaps or bonds,

which is less expensive than it would be to buy many credit default

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swaps to achieve a similar effect. Credit default swaps on indices are instruments for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues as of period end, if any, are disclosed in the Notes to Schedule of Investments. They serve as an indicator of the current status of payment/performance risk and represent the likelihood or risk of default for the reference entity. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. For credit default swap agreements on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that the Portfolio as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of period end for which the Portfolio is the seller of protection are disclosed in the Notes to Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Portfolio for the same referenced entity or entities.

Cross-Currency Swap Agreements are entered into to gain or mitigate exposure to currency risk. Cross-currency swap agreements involve two parties exchanging two different currencies with an agreement to reverse the exchange at a later date at specified exchange rates. The exchange of currencies at the inception date of the contract takes place at the current spot rate. The re-exchange at maturity may take place at the same exchange rate, a specified rate, or the then current spot rate. Interest payments, if applicable, are made between the parties based on interest rates available in the two currencies at the inception of the contract. The terms of cross-currency swap contracts may extend for many years. Cross-currency swaps are usually negotiated with commercial and investment banks. Some cross-currency swaps may not provide for exchanging principal cash flows, but only for exchanging interest cash flows.

Interest Rate Swap Agreements may be entered into to help hedge against interest rate risk exposure and to maintain the Portfolio's ability to generate income at prevailing market rates. The value of the fixed rate bonds that the Portfolio holds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by the Portfolio with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap," (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor," (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.

Total Return Swap Agreements are entered into to gain or mitigate exposure to the underlying reference asset. Total return swap agreements involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset and on a fixed or variable interest rate. Total return swap agreements may involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific underlying reference asset, which may include a single security, a basket of securities, or an index, and in return receives a fixed or variable rate. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference asset less a financing rate, if any. As a receiver, the Portfolio would receive payments based on any net positive total return and would owe payments in the event of a net negative total return. As the payer, the Portfolio would owe payments on any net positive total return, and would receive payments in the event of a net negative total return.

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in the Portfolio, which could adversely affect its net asset value, yield and total return, are listed below. Please

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see "Description of Principal Risks" in the Portfolio's prospectus for a more detailed description of the risks of investing in the Portfolio.

Interest Rate Risk is the risk that fixed income securities will decline in value because of an increase in interest rates; a portfolio with a longer average portfolio duration will be more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

Call Risk is the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their maturity for a number of reasons (e.g., declining interest rates, changes in credit spreads and improvements in the issuer's credit quality). If an issuer calls a security that the Portfolio has invested in, the Portfolio may not recoup the full amount of its initial investment and may be forced to reinvest in lower- yielding securities, securities with greater credit risks or securities with other, less favorable features.

Credit Risk is the risk that the Portfolio could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations.

High Yield Risk is the risk that high yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") are subject to greater levels of credit, call and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments, and may be more volatile than higher-rated securities of similar maturity.

Market Risk is the risk that the value of securities owned by the Portfolio may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries.

Issuer Risk is the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods

or services.

Liquidity Risk is the risk that a particular investment may be difficult to purchase or sell and that the Portfolio may be unable to sell illiquid investments at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity.

Derivatives Risk is the risk of investing in derivative instruments (such as forwards, futures, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks and valuation complexity. Changes in the value of a derivative or other similar investment may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and the Portfolio could lose more than the initial amount invested. Changes in the value of a derivative or other similar instrument may also create margin delivery or settlement payment obligations for the Portfolio. The Portfolio's use of derivatives or other similar investments may result in losses to the Portfolio, a reduction in the Portfolio's returns and/or increased volatility. Over- the-counter ("OTC") derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for OTC derivatives or other similar investments. The primary credit risk on derivatives that are exchange-traded or traded through a central clearing counterparty, resides with the Portfolio's clearing broker or the clearinghouse. Changes in regulation relating to a registered fund's use of derivatives and related instruments could potentially limit or impact the Portfolio's ability to invest in derivatives, limit the Portfolio's ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and the Portfolio's performance.

Equity Risk is the risk that the value of equity securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity securities generally have greater price volatility than fixed income securities.

Mortgage-Related and Other Asset-Backed Securities Risk is the risk of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk.

Foreign (Non-U.S.) Investment Risk is the risk that investing in foreign (non-U.S.) securities may result in the Portfolio experiencing more rapid and extreme changes in value than a portfolio that invests exclusively in securities of U.S. companies, due to smaller markets, differing reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, or political changes, diplomatic developments or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.

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Emerging Markets Risk is the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk.

Sovereign Debt Risk is the risk that investments in fixed income instruments issued by sovereign entities may decline in value as a result of default or other adverse credit event resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion.

Currency Risk is the risk that foreign (non-U.S.) currencies will change in value relative to the U.S. dollar and affect the Portfolio's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies.

Issuer Non-Diversification Risk is the risk of focusing investments in a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. Portfolios that are "non-diversified" may invest a greater percentage of their assets in the securities of a single issuer (such as bonds issued by a particular state) than portfolios that are "diversified".

Leveraging Risk is the risk that certain transactions of the Portfolio, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing the Portfolio to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss.

Management Risk is the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio managers in connection with managing the Portfolio and may cause PIMCO to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of the Portfolio will be achieved.

Short Exposure Risk is the risk of entering into short sales or other short positions, including the potential loss of more money than the actual cost of the investment, and the risk that the third party to the short sale or other short position will not fulfill its contractual obligations, causing a loss to the Portfolio.

LIBOR Transition Risk is the risk related to the anticipated discontinuation of the London Interbank Offered Rate ("LIBOR"). Certain instruments held by a Portfolio rely in some fashion upon LIBOR.

Although the transition process away from LIBOR has become increasingly well-defined in advance of the anticipated discontinuation date, there remains uncertainty regarding the nature of any replacement rate, and any potential effects of the transition away from LIBOR on a Portfolio or on certain instruments in which the Portfolio invests can be difficult to ascertain. The transition process may involve, among other things, increased volatility or illiquidity in markets for instruments that currently rely on LIBOR and may result in a reduction in the value of certain instruments held by a Portfolio.

(b) Other Risks

In general, the Portfolio may be subject to additional risks, including, but not limited to, risks related to government regulation and intervention in financial markets, operational risks, risks associated with financial, economic and global market disruptions, and cyber security risks. Please see the Portfolio's prospectus and Statement of Additional Information for a more detailed description of the risks of investing in the Portfolio. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments that may impact the Portfolio's performance.

Market Disruption Risk The Portfolio is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets and cause the Portfolio to lose value. These events can also impair the technology and other operational systems upon which the Portfolio's service providers, including PIMCO as the Portfolio's investment adviser, rely, and could otherwise disrupt the Portfolio's service providers' ability to fulfill their obligations to the Portfolio. For example, the recent spread of an infectious respiratory illness caused by a novel strain of coronavirus (known as COVID-19) has caused volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities the Portfolio holds, and may adversely affect the Portfolio's investments and operations. Please see the Important Information section for additional discussion of the COVID-19 pandemic.

Government Intervention in Financial Markets Federal, state, and other governments, their regulatory agencies, or self-regulatory organizations may take actions that affect the regulation of the instruments in which the Portfolio invests, or the issuers of such instruments, in ways that are unforeseeable. Legislation or regulation may also change the way in which the Portfolio itself is regulated. Such legislation or regulation could limit or preclude the Portfolio's ability to achieve its investment objective. Furthermore, volatile financial markets

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| **Notes to Financial Statements** | **(Cont.)** |

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can expose the Portfolio to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Portfolio. The value of the Portfolio's holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which the Portfolio invests. In addition, it is not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.

Regulatory Risk Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/or intervention may change the way the Portfolio is regulated, affect the expenses incurred directly by the Portfolio and the value of its investments, and limit and/or preclude the Portfolio's ability to achieve its investment objective. Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects.

Operational Risk An investment in the Portfolio, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Portfolio. While the Portfolio seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Portfolio.

Cyber Security Risk As the use of technology has become more prevalent in the course of business, the Portfolio has become potentially more susceptible to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional cyber events that may, among other things, cause the Portfolio to lose proprietary information, suffer data corruption and/or destruction or lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Cyber security failures or breaches may result in financial losses to the Portfolio and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with the Portfolio's ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines;

penalties; third party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. There is also a risk that cyber security breaches may not be detected. The Portfolio and its shareholders may suffer losses as a result of a cyber security breach related to the Portfolio, its service providers, trading counterparties or the issuers in which the Portfolio invests.

8. MASTER NETTING ARRANGEMENTS

The Portfolio may be subject to various netting arrangements ("Master Agreements") with select counterparties. Master Agreements govern the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow the Portfolio to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes the Statement of Assets and Liabilities generally presents derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Statement of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statement of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. The Portfolio's overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

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Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively "Master Repo Agreements") govern repurchase, reverse repurchase, and certain sale-buyback transactions between the Portfolio and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default, and maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Schedule of Investments.

Master Securities Forward Transaction Agreements ("Master Forward Agreements") govern certain forward settling transactions, such as TBA securities, delayed-delivery or certain sale-buyback transactions by and between the Portfolio and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Schedule of Investments.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant ("FCM") registered with the Commodity Futures Trading Commission. In the United States, counterparty risk may be reduced as creditors of an FCM cannot have a claim to Portfolio assets in the segregated account. Portability of exposure reduces risk to the Portfolio. Variation margin, which reflects changes in market value, is generally exchanged daily, but may not be netted between futures and cleared OTC derivatives unless the parties have agreed to a separate arrangement in respect of portfolio margining. The market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin as of period end are disclosed in the Notes to Schedule of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes ("ISDA Master Agreements") govern bilateral OTC derivative transactions entered into by the Portfolio with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. The ISDA

Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level or as required by regulation. Similarly, if required by regulation, the Portfolio may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent the Portfolio is required by regulation to post additional collateral beyond coverage of daily exposure, it could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedule of Investments.

9. FEES AND EXPENSES

(a) Investment Advisory Fee PIMCO is a majority-owned subsidiary of Allianz Asset Management of America LLC ("Allianz Asset Management") and serves as the Adviser to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from the Portfolio at an annual rate based on average daily net assets (the "Investment Advisory Fee"). The Investment Advisory Fee for all classes is charged at an annual rate as noted in the table in note (b) below.

(b) Supervisory and Administrative Fee PIMCO serves as administrator (the "Administrator") and provides supervisory and administrative services to the Trust for which it receives a monthly supervisory and administrative fee based on each share class's average daily net assets (the "Supervisory and Administrative Fee"). As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs.

The Investment Advisory Fee and Supervisory and Administrative Fees for all classes, as applicable, are charged at the annual rate as noted in the following table (calculated as a percentage of the Portfolio's average daily net assets attributable to each class):

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| | | | |
|:---|:---|:---|:---|
| **Investment Advisory Fee** | **Supervisory and Administrative Fee** | **Supervisory and Administrative Fee** | **Supervisory and Administrative Fee** |
| **All Classes** | **Institutional<br>Class** | **Administrative<br>Class** | **Advisor<br>Class** |
| 0.25% | 0.50% | 0.50% | 0.50% |

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(c) Distribution and Servicing Fees PIMCO Investments LLC, a wholly-owned subsidiary of PIMCO, serves as the distributor ("Distributor") of the Trust's shares.

The Trust has adopted an Administrative Services Plan with respect to the Administrative Class shares of the Portfolio pursuant to Rule 12b-1 under the Act (the "Administrative Plan"). Under the terms of the Administrative Plan, the Trust is permitted to compensate the

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Distributor, out of the Administrative Class assets of the Portfolio, in an amount up to 0.15% on an annual basis of the average daily net assets of that class, for providing or procuring through financial intermediaries administrative, recordkeeping and investor services for Administrative Class shareholders of the Portfolio.

The Trust has adopted a separate Distribution and Servicing Plan for the Advisor Class shares of the Portfolio (the "Distribution and Servicing Plan"). The Distribution and Servicing Plan has been adopted pursuant to Rule 12b-1 under the Act. The Distribution and Servicing Plan permits the Portfolio to compensate the Distributor for providing or procuring through financial intermediaries, distribution, administrative, recordkeeping, shareholder and/or related services with respect to Advisor Class shares. The Distribution and Servicing Plan permits the Portfolio to make total payments at an annual rate of up to 0.25% of its average daily net assets attributable to its Advisor Class shares.

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| | | |
|:---|:---|:---|
|  | **Distribution Fee** | **Servicing Fee** |
|  **Administrative Class** |  | 0.15% |
|  **Advisor Class** | 0.25% |  |

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(d) Portfolio Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Portfolio, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust's executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Portfolio, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust's Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual portfolio operating expenses per share class.

The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(e) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has agreed, through May 1, 2023, to waive a portion of the Portfolio's Supervisory and Administrative Fee, or reimburse the Portfolio, to the extent that the Portfolio's organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata share of Trustee Fees exceed 0.0049% (the "Expense Limit") (calculated as a percentage of the Portfolio's average daily net assets attributable to each class). The Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. The waiver, if any, is reflected on the Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO.

In any month in which the supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by the Portfolio of any portion of the supervisory and administrative fee waived or reimbursed as set forth above (the "Reimbursement Amount") within thirty-six months of the time of the waiver, provided that such amount paid to PIMCO will not: i) together with any organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee fees, exceed, for such month, the Expense Limit (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit); ii) exceed the total Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. At December 31, 2022, there were no recoverable amounts.

10. RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties. Fees paid to these parties are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Statement of Assets and Liabilities.

The Portfolio is permitted to purchase or sell securities from or to certain related affiliated portfolios under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Portfolio from or to another fund or portfolio that are, or could be, considered an affiliate, or an affiliate of an affiliate, by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with applicable SEC rule and interpretations under the Act. Further, as defined under the procedures, each transaction is effected at the current market price. Purchases and sales of securities pursuant to applicable SEC rule and interpretations under the Act for the period ended December 31, 2022, were as follows (amounts in thousands<sup>†</sup>):

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|:---|:---|:---|
| **Purchases** | **Sales** | **Realized Gain/<br>(Loss)** |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2839 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1127 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |

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| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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11. GUARANTEES AND INDEMNIFICATIONS

Under the Trust's organizational documents, each Trustee, officer, employee or other agent of the Trust (including the Trust's investment manager) is indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Portfolio. Additionally, in the normal course of business, the Portfolio enters into contracts that contain a variety of indemnification clauses. The Portfolio's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred. However, the Portfolio has not had prior claims or losses pursuant to these contracts.

12. PURCHASES AND SALES OF SECURITIES

The length of time the Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by the Portfolio is known as "portfolio turnover." The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective(s), particularly during

periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by the Portfolio. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates when distributed to shareholders). The transaction costs associated with portfolio turnover may adversely affect the Portfolio's performance. The portfolio turnover rates are reported in the Financial Highlights.

Purchases and sales of securities (excluding short-term investments) for the period ended December 31, 2022, were as follows (amounts in thousands<sup>†</sup>):

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| | | | |
|:---|:---|:---|:---|
| **U.S. Government/Agency** | **U.S. Government/Agency** | **All Other** | **All Other** |
| **Purchases** | **Sales** | **Purchases** | **Sales** |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2276981 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2248219 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196613 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373706 |

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|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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13. SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with a $0.001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands<sup>†</sup>):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br>12/31/2022** | **Year Ended<br>12/31/2022** | **Year Ended<br>12/31/2021** | **Year Ended<br>12/31/2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Receipts for shares sold** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 3390 | $34232 | 8828 | $97288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 2361 | 23449 | 2456 | 26988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 303 | 3068 | 3183 | 35064 |
|  **Issued as reinvestment of distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 202 | 1986 | 220 | 2400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 113 | 1111 | 176 | 1915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 610 | 6020 | 1080 | 11780 |
|  **Cost of shares redeemed** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (2176) | (21878) | (5365) | (59277) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (2953) | (29492) | (1935) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21404) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (7945) | (79347) | (1315) | (14412) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | (6095) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60851) | 7328 | $80342 |

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| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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As of December 31, 2022, one shareholder owned 10% or more of the Portfolio's total outstanding shares comprising 67% of the Portfolio.

14. REGULATORY AND LITIGATION MATTERS

The Portfolio is not named as a defendant in any material litigation or arbitration proceedings and is not aware of any material litigation or claim pending or threatened against it.

On May 17, 2022, Allianz Global Investors U.S. LLC ("AGI U.S.") pleaded guilty in connection with the proceeding United States of

America v. Allianz Global Investors U.S. LLC. AGI U.S. is an indirect subsidiary of Allianz SE. The conduct resulting in the matter described above occurred entirely within AGI U.S. and did not involve PIMCO or the Distributor, or any personnel of PIMCO or the Distributor. Nevertheless, because of the disqualifying conduct of AGI U.S., their affiliate, PIMCO would have been disqualified from serving as the investment adviser, and the Distributor would have been disqualified from serving as the principal underwriter, to the Portfolio in the absence of SEC exemptive relief. PIMCO and the Distributor have received exemptive relief from the SEC to permit them to continue

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serving as investment adviser and principal underwriter for U.S.- registered investment companies, including the Portfolio.

The foregoing speaks only as of the date of this report.

15. FEDERAL INCOME TAX MATTERS

The Portfolio intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (the "Code") and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

The Portfolio may be subject to local withholding taxes, including those imposed on realized capital gains. Any applicable foreign capital gains tax is accrued daily based upon net unrealized gains, and may be payable following the sale of any applicable investments.

In accordance with U.S. GAAP, the Adviser has reviewed the Portfolio's tax positions for all open tax years. As of December 31, 2022, the

Portfolio has recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions it has taken or expects to take in future tax returns.

The Portfolio files U.S. federal, state, and local tax returns as required. The Portfolio's tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

Shares of the Portfolio currently are sold to segregated asset accounts ("Separate Accounts") of insurance companies that fund variable annuity contracts and variable life insurance policies ("Variable Contracts"). Please refer to the prospectus for the Separate Account and Variable Contract for information regarding Federal income tax treatment of distributions to the Separate Account.

As of December 31, 2022, the components of distributable taxable earnings are as follows (amounts in thousands<sup>†</sup>):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed<br>Ordinary<br>Income<sup>(1)</sup>** | **Undistributed<br>Long-Term<br>Capital Gains** | **Net Tax Basis<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup>** | **Other<br>Book-to-Tax<br>Accounting<br>Differences <sup>(3)</sup>** | **Accumulated<br>Capital<br>Losses<sup>(4)</sup>** | **Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Capital<sup>(5)</sup>** | **Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Ordinary<sup>(6)</sup>** | **Total<br>Components of<br>Distributable<br>Earnings** |
|  PIMCO International Bond Portfolio (U.S. Dollar-Hedged) | $&nbsp;&nbsp;&nbsp;&nbsp;8305 | $&nbsp;&nbsp;&nbsp;&nbsp;6918 | $&nbsp;&nbsp;&nbsp;&nbsp;(79645) | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;(19258) | $&nbsp;&nbsp;&nbsp;&nbsp;(83680) |

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|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(1)</sup> Includes undistributed short-term capital gains, if any.

<sup>(2)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options and forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on swap contracts, interest accrued from defaulted securities, and straddle loss deferrals. 

<sup>(3)</sup> Represents differences in income tax regulations and financial accounting principles generally accepted in the United States of America.

<sup>(4)</sup> Capital losses available to offset future net capital gains as shown below.

<sup>(5)</sup> Capital losses realized during the period November 1, 2022 through December 31, 2022 which the Portfolio elected to defer to the following taxable year pursuant to income tax regulations.

<sup>(6)</sup> Specified losses realized during the period November 1, 2022 through December 31, 2022 which the Portfolio elected to defer to the following taxable year pursuant to income tax regulations.

Under the Regulated Investment Company Modernization Act of 2010, the Portfolio is permitted to carry forward any new capital losses for an unlimited period. Additionally, such capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term under previous law.

As of December 31, 2022, the Portfolio had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

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| | | |
|:---|:---|:---|
|  | **Short-Term** | **Long-Term** |
|  PIMCO International Bond Portfolio (U.S. Dollar-Hedged) | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;0 |

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|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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As of December 31, 2022, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands<sup>†</sup>):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal**<br> **Tax Cost** | **Unrealized**<br> **Appreciation** | **Unrealized**<br> **(Depreciation)** | **Net Unrealized<br>Appreciation/<br>(Depreciation)<sup>(7)</sup>** |
|  PIMCO International Bond Portfolio (U.S. Dollar-Hedged) | $&nbsp;&nbsp;&nbsp;&nbsp;626391 | $&nbsp;&nbsp;&nbsp;&nbsp;33361 | $&nbsp;&nbsp;&nbsp;&nbsp;(113801) | $&nbsp;&nbsp;&nbsp;&nbsp;(80440) |

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|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(7)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options and forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on swap contracts, interest accrued from defaulted securities, and straddle loss deferrals. 

For the fiscal years ended December 31, 2022 and December 31, 2021, respectively, the Portfolio made the following tax basis distributions (amounts in thousands<sup>†</sup>):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** |
|  | **Ordinary<br>Income<br>Distributions<sup>(8)</sup>** | **Long-Term<br>Capital Gain<br>Distributions** | **Return of<br>Capital<sup>(9)</sup>** | **Ordinary<br>Income<br>Distributions<sup>(8)</sup>** | **Long-Term<br>Capital Gain<br>Distributions** | **Return of<br>Capital<sup>(9)</sup>** |
|  PIMCO International Bond Portfolio (U.S. Dollar-Hedged) | $&nbsp;&nbsp;&nbsp;&nbsp;8875 | $&nbsp;&nbsp;&nbsp;&nbsp;242 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;14532 | $&nbsp;&nbsp;&nbsp;&nbsp;1564 | $&nbsp;&nbsp;&nbsp;&nbsp;0 |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(8)</sup> Includes short-term capital gains distributed, if any.

<sup>(9)</sup> A portion of the distributions made represents a tax return of capital. Return of capital distributions have been reclassified from undistributed net investment income to paid-in capital to more appropriately conform financial accounting to tax accounting.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **55** |

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##### [**Table of Contents**](#toc)
**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of PIMCO Variable Insurance Trust and Shareholders of PIMCO International Bond Portfolio (U.S. Dollar-Hedged)

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of PIMCO International Bond Portfolio (U.S. Dollar-Hedged) (one of the portfolios constituting PIMCO Variable Insurance Trust, hereafter referred to as the "Portfolio") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements are the responsibility of the Portfolio's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolio in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agent, brokers and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

February 17, 2023

We have served as the auditor of one or more investment companies in PIMCO Variable Insurance Trust since 1998.

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| **56** | **PIMCO VARIABLE INSURANCE TRUST** |

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##### [**Table of Contents**](#toc)

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| | | |
|:---|:---|:---|
| **Glossary:** | **(abbreviations that may be used in the preceding statements)** | (Unaudited) |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Counterparty Abbreviations:** | **Counterparty Abbreviations:** | | | | |
| **AZD** | Australia and New Zealand Banking Group | **FICC** | Fixed Income Clearing Corporation | **MYC** | Morgan Stanley Capital Services LLC |
| **BOA** | Bank of America N.A. | **GLM** | Goldman Sachs Bank USA | **MYI** | Morgan Stanley & Co. International PLC |
| **BPS** | BNP Paribas S.A. | **GST** | Goldman Sachs International | **NGF** | Nomura Global Financial Products, Inc. |
| **BRC** | Barclays Bank PLC | **HUS** | HSBC Bank USA N.A. | **SCX** | Standard Chartered Bank, London |
| **CBK** | Citibank N.A. | **IND** | Crédit Agricole Corporate and Investment Bank S.A. | **SOG** | Societe Generale Paris |
| **CLY** | Crédit Agricole Corporate and Investment Bank | **JPM** | JP Morgan Chase Bank N.A. | **TOR** | The Toronto-Dominion Bank |
| **DUB** | Deutsche Bank AG | **MBC** | HSBC Bank Plc | **UAG** | UBS AG Stamford |
| **FAR** | Wells Fargo Bank National Association |  |  |  |  |
|  **Currency Abbreviations:** | **Currency Abbreviations:** |  |  |  |  |
| **AUD** | Australian Dollar | **GBP** | British Pound | **NOK** | Norwegian Krone |
| **BRL** | Brazilian Real | **HKD** | Hong Kong Dollar | **NZD** | New Zealand Dollar |
| **CAD** | Canadian Dollar | **IDR** | Indonesian Rupiah | **PEN** | Peruvian New Sol |
| **CHF** | Swiss Franc | **ILS** | Israeli Shekel | **SEK** | Swedish Krona |
| **CLP** | Chilean Peso | **INR** | Indian Rupee | **SGD** | Singapore Dollar |
| **CNH** | Chinese Renminbi (Offshore) | **JPY** | Japanese Yen | **THB** | Thai Baht |
| **CNY** | Chinese Renminbi (Mainland) | **KRW** | South Korean Won | **TWD** | Taiwanese Dollar |
| **CZK** | Czech Koruna | **MXN** | Mexican Peso | **USD (or $)** | United States Dollar |
| **DKK** | Danish Krone | **MYR** | Malaysian Ringgit | **ZAR** | South African Rand |
| **EUR** | Euro |  |  |  |  |
|  **Exchange Abbreviations:** | **Exchange Abbreviations:** |  |  |  |  |
| **CME** | Chicago Mercantile Exchange | **OTC** | Over the Counter |  |  |
|  **Index/Spread Abbreviations:** | **Index/Spread Abbreviations:** |  |  |  |  |
| **BBSW3M** | 3 Month Bank Bill Swap Rate | **MUTKCALM** | Tokyo Overnight Average Rate | **SONIO** | Sterling Overnight Interbank Average Rate |
| **CDX.IG** | Credit Derivatives Index - Investment Grade | **SIBCSORA** | Singapore Overnight Rate Average | **SRFXON3** | Swiss Overnight Rate Average (6PM) |
| **CNREPOFIX** | China Fixing Repo Rates 7-Day | **SOFR** | Secured Overnight Financing Rate | **US0003M** | ICE 3-Month USD LIBOR |
| **LIBOR01M** | 1 Month USD-LIBOR |  |  |  |  |
|  **Other Abbreviations:** | **Other Abbreviations:** |  |  |  |  |
| **ABS** | Asset-Backed Security | **JIBAR** | Johannesburg Interbank Agreed Rate | **OIS** | Overnight Index Swap |
| **ALT** | Alternate Loan Trust | **KLIBOR** | Kuala Lumpur Interbank Offered Rate | **PIK** | Payment-in-Kind  |
| **BBR** | Bank Bill Rate | **KORIBOR** | Korea Interbank Offered Rate | **PRIBOR** | Prague Interbank Offered Rate |
| **BBSW** | Bank Bill Swap Reference Rate | **LIBOR** | London Interbank Offered Rate | **STIBOR** | Stockholm Interbank Offered Rate |
| **BTP** | Buoni del Tesoro Poliennali "Long-term Treasury Bond" | **Lunar** | Monthly payment based on 28-day periods. One year consists of 13 periods. | **TBA** | To-Be-Announced  |
| **CLO** | Collateralized Loan Obligation | **MIBOR** | Mumbai Interbank Offered Rate | **THBFIX** | Thai Baht Floating-Rate Fix |
| **DAC** | Designated Activity Company | **OAT** | Obligations Assimilables du Trésor | **TIIE** | Tasa de Interés Interbancaria de Equilibrio "Equilibrium Interbank Interest Rate" |
| **EURIBOR** | Euro Interbank Offered Rate |  |  |  |  |

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL REPORT** | \| | JUNE 30, 2022 | **57** |

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| | |
|:---|:---|
| **Federal Income Tax Information** | (Unaudited) |

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As required by the Internal Revenue Code ("Code") and Treasury Regulations, if applicable, shareholders must be notified within 60 days of the Portfolio's fiscal year end regarding the status of qualified dividend income and the dividend received deduction.

Dividend Received Deduction. Corporate shareholders are generally entitled to take the dividend received deduction on the portion of the Portfolio's dividend distribution that qualifies under tax law. The percentage of the following Portfolio's fiscal 2022 ordinary income dividend that qualifies for the corporate dividend received deduction is set forth below.

Qualified Dividend Income. Under the Jobs and Growth Tax Relief Reconciliation Act of 2003, the following percentage of ordinary dividends paid during the fiscal year ended December 31, 2022 was designated as ''qualified dividend income'' as defined in the Jobs and Growth Tax Relief Reconciliation Act of 2003 subject to reduced tax rates in 2022.

Qualified Interest Income and Qualified Short-Term Capital Gain (for non-U.S. resident shareholders only). Under the American Jobs Creation Act of 2004, the following amounts of ordinary dividends paid during the fiscal year ended December 31, 2022 are considered to be derived from "qualified interest income," as defined in Section 871(k)(1)(E) of the Code, and therefore are designated as interest-related dividends, as defined in Section 871(k)(1)(C) of the Code. Further, the following amounts of ordinary dividends paid during the fiscal year ended December 31, 2022 are considered to be derived from "qualified short-term capital gain," as defined in Section 871(k)(2)(D) of the Code, and therefore are designated as qualified short-term gain dividends, as defined by Section 871(k)(2)(C) of the Code.

Section 163(j) Interest Dividends. The Portfolio intends to pass through the maximum amount allowable as Section 163(j) Interest defined in Proposed Treasury Section 1.163(j)-1(b). The 163(j) percentage of ordinary income distributions are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Dividend<br>Received<br>Deduction%** | **Qualified<br>Dividend<br>Income%** | **Qualified<br>Interest<br>Income<br>(000s)<sup>†</sup>** | **Qualified<br>Short-Term<br>Capital Gains<br>(000s)<sup>†</sup>** | **163(j)<br>Interest<br>Dividends<br>(000s)<sup>†</sup>** |
|  PIMCO International Bond Portfolio (U.S. Dollar-Hedged) | 0% | 0% | $&nbsp;&nbsp;&nbsp;&nbsp;7156 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;0 |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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Shareholders are advised to consult their own tax advisor with respect to the tax consequences of their investment in the Trust. In January 2023, you will be advised on IRS Form 1099-DIV as to the federal tax status of the dividends and distributions received by you in calendar year 2022.

Section 199A Dividends. Non-corporate portfolio shareholders of the Portfolio below meeting certain holding period requirements may be able to deduct up to 20 percent of qualified REIT dividends passed through and reported to the shareholders by the Portfolio as IRC section 199A dividends. The IRC section 199A percentage of ordinary dividends are as follows:

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| | |
|:---|:---|
|  | **199A Dividends** |
|  PIMCO International Bond Portfolio (U.S. Dollar-Hedged) | 0% |

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|:---|:---|
| **58** | **PIMCO VARIABLE INSURANCE TRUST** |

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| **Management of the Trust** | (Unaudited) |

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The charts below identify the Trustees and executive officers of the Trust. Unless otherwise indicated, the address of all persons below is 650 Newport Center Drive, Newport Beach, CA 92660.

The Portfolio's Statement of Additional Information includes more information about the Trustees and Officers. To request a free copy, call PIMCO at (888) 87-PIMCO or visit the Portfolio's website at www.pimco.com/pvit.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Year of Birth and <br>Position Held with Trust\*** | **Term of<br>Office and<br>Length of<br>Time Served<sup>†</sup>** | **Principal Occupation(s) During Past 5 Years** | **Number of Funds<br>in Fund Complex <br>Overseen by Trustee** | **Other Public Company and Investment<br>Company Directorships Held by Trustee<br>During the Past 5 Years** |
| **Interested Trustees<sup>1</sup>** |  |  |  |  |
| **Peter G. Strelow (1970)**<br> *Chairman of the Board and Trustee* | 05/2017 to present<br>Chairman of the Board - 02/2019 to present | Managing Director and Co-Chief Operating Officer, PIMCO. Senior Vice President of the Trust, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. Formerly, Chief Administrative Officer, PIMCO. | 158 | Chairman and Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT. |
| **Kimberley G. Stafford (1978)**<br> *Trustee* | 02/2021 to present | Managing Director, Global Head of Product Strategy, PIMCO; and Member of Executive Committee, PIMCO. Formerly, Head of Asia-Pacific, Global Head of Consultant Relations and Head of US Institutional and Alternatives Sales, PIMCO. | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT. |
| **Independent Trustees** |  |  |  |  |
| **George E. Borst (1948)**<br> *Trustee* | 04/2015 to present | Executive Advisor, McKinsey & Company (since 10/14); Formerly, Executive Advisor, Toyota Financial Services (10/13-12/14); and CEO, Toyota Financial Services (1/01-9/13). | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT; Director, MarineMax Inc. |
| **Jennifer Holden Dunbar (1963)**<br> *Trustee* | 04/2015 to present | Formerly, Managing Director, Dunbar Partners, LLC (business consulting and investments) (05/05-05/21); and Partner, Leonard Green & Partners, L.P. | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT; Director, PS Business Parks; Director, Big 5 Sporting Goods Corporation. |
| **Kym M. Hubbard (1957)**<br> *Trustee* | 02/2017 to present | Formerly, Global Head of Investments, Chief Investment Officer and Treasurer, Ernst & Young. | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT; Director, State Auto Financial Corporation. |
| **Gary F. Kennedy (1955)**<br> *Trustee* | 04/2015 to present | Formerly, Senior Vice President, General Counsel and Chief Compliance Officer, American Airlines and AMR Corporation (now American Airlines Group) (1/03-1/14). | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |
| **Peter B. McCarthy (1950)**<br> *Trustee* | 04/2015 to present | Formerly, Assistant Secretary and Chief Financial Officer, United States Department of Treasury; Deputy Managing Director, Institute of International Finance. | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |
| **Ronald C. Parker (1951)**<br> *Lead Independent Trustee* | 07/2009 to present<br>Lead Independent Trustee - 02/2017 to present | Director of Roseburg Forest Products Company. Formerly, Chairman of the Board, The Ford Family Foundation; and President, Chief Executive Officer, Hampton Affiliates (forestry products). | 158 | Lead Independent Trustee, PIMCO Funds and PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |

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\* Unless otherwise noted, the information for the individuals listed is as of December 31, 2022.

<sup>1</sup> Ms. Stafford and Mr. Strelow are "interested persons" of the Trust (as that term is defined in the 1940 Act) because of their affiliations with PIMCO.

<sup>†</sup> Trustees serve until their successors are duly elected and qualified.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL REPORT** | \| | December 31, 2022 | **59** |

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##### [**Table of Contents**](#toc)

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| | | |
|:---|:---|:---|
| **Management of the Trust** | **(Cont.)** | (Unaudited) |

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**Executive Officers** 

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| | | |
|:---|:---|:---|
| **Name, Year of Birth and**<br> **Position Held with Trust\*** | **Term of Office and<br>Length of Time Served** | **Principal Occupation(s) During Past 5 Years<sup>†</sup>** |
| **Eric D. Johnson (1970)**<br> *President* | 06/2019 to present | Executive Vice President and Head of Funds Business Group Americas, PIMCO. President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| **Ryan G. Leshaw (1980)**<br> *Chief Legal Officer and Secretary* | 08/2021 to present | Executive Vice President and Senior Counsel, PIMCO. Chief Legal Officer and Secretary, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Chief Legal Officer, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. Formerly, Associate, Willkie Farr & Gallagher LLP. |
| **Keisha Audain-Pressley (1975)\*\***<br> *Chief Compliance Officer* | 01/2020 to present | Executive Vice President and Deputy Chief Compliance Officer, PIMCO. Chief Compliance Officer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Joshua D. Ratner (1976)\*\***<br> *Senior Vice President* | 05/2019 to present | Executive Vice President and Head of Americas Operations, PIMCO. Senior Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| **Peter G. Strelow (1970)**<br> *Senior Vice President* | 06/2019 to present | Managing Director and Co-Chief Operating Officer, PIMCO. Senior Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. Formerly, Chief Administrative Officer, PIMCO. |
| **Wu-Kwan Kit (1981)**<br> *Assistant Secretary* | 08/2017 to present | Senior Vice President and Senior Counsel, PIMCO. Assistant Secretary, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Vice President, Senior Counsel and Secretary, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. Formerly, Assistant General Counsel, VanEck Associates Corp. |
| **Douglas B. Burrill (1980)\*\***<br> *Vice President* | 08/2022 to present | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Elizabeth A. Duggan (1964)**<br> *Vice President* | 02/2021 to present | Executive Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Jason R. Duran (1977)**<br> *Vice President* | 02/2023 to present | Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |
| **Mark A. Jelic (1981)**<br> *Vice President* | 08/2021 to present | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Kenneth W. Lee (1972)**<br> *Vice President* | 08/2022 to present | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Brian J. Pittluck (1977)**<br> *Vice President* | 01/2020 to present | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Keith A. Werber (1973)**<br> *Vice President* | 05/2022 to present | Executive Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Bijal Y. Parikh (1978)**<br> *Treasurer* | 01/2021 to present | Executive Vice President, PIMCO. Treasurer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| **Erik C. Brown (1967)\*\*\***<br> *Assistant Treasurer* | 02/2001 to present | Executive Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Brandon T. Evans (1982)**<br> *Assistant Treasurer* | 05/2019 to present | Senior Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Deputy Treasurer, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| **Maria M. Golota (1983)\*\***<br> *Assistant Treasurer* | 02/2023 to present | Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |

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\* Unless otherwise noted, the information for the individuals listed is as of February 8, 2023.

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| | |
|:---|:---|
| <sup>†</sup> | The term "PIMCO-Sponsored Closed-End Funds" as used herein includes: PIMCO Access Income Fund, PIMCO California Municipal Income Fund, PIMCO California Municipal Income Fund II, PIMCO California Municipal Income Fund III, PIMCO Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO Municipal Income Fund III, PIMCO New York Municipal Income Fund, PIMCO New York Municipal Income Fund II, PIMCO New York Municipal Income Fund III, PCM Fund Inc., PIMCO Corporate & Income Opportunity Fund, PIMCO Corporate & Income Strategy Fund, PIMCO Dynamic Income Fund, PIMCO Dynamic Income Opportunities Fund, PIMCO Energy and Tactical Credit Opportunities Fund, PIMCO Global StocksPLUS<sup>®</sup> & Income Fund, PIMCO High Income Fund, PIMCO Income Strategy Fund, PIMCO Income Strategy Fund II and PIMCO Strategic Income Fund, Inc.; the term "PIMCO-Sponsored Interval Funds" as used herein includes: PIMCO Flexible Credit Income Fund, PIMCO Flexible Municipal Income Fund, PIMCO California Flexible Municipal Income Fund and PIMCO Flexible Emerging Markets Income Fund.  |

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\*\* The address of these officers is Pacific Investment Management Company LLC, 1633 Broadway, New York, New York 10019.

\*\*\* The address of these officers is Pacific Investment Management Company LLC, 401 Congress Ave., Austin, Texas 78701.

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| **60** | **PIMCO VARIABLE INSURANCE TRUST** |

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| **Privacy Policy<sup>1</sup>** | (Unaudited) |

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The Trust<sup>2,3</sup> consider customer privacy to be a fundamental aspect of their relationships with shareholders and are committed to maintaining the confidentiality, integrity and security of their current, prospective and former shareholders' non-public personal information. The Trust has developed policies that are designed to protect this confidentiality, while allowing shareholder needs to be served.

OBTAINING NON-PUBLIC PERSONAL INFORMATION

In the course of providing shareholders with products and services, the Trust and certain service providers to the Trust, such as the Trust's investment advisers or sub-advisers ("Advisers"), may obtain non-public personal information about shareholders, which may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder's brokerage or financial advisory firm, financial professional or consultant, and/or from information captured on applicable websites.

RESPECTING YOUR PRIVACY

As a matter of policy, the Trust does not disclose any non-public personal information provided by shareholders or gathered by the Trust to non-affiliated third parties, except as required or permitted by law or as necessary for such third parties to perform their agreements with respect to the Trust. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, conducting research on shareholder satisfaction and gathering shareholder proxies. The Trust or its affiliates may also retain non-affiliated companies to market Trust's shares or products which use Trust's shares and enter into joint marketing arrangements with them and other companies. These companies may have access to a shareholder's personal and account information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. In most cases, the shareholders will be clients of a third party, but the Trust may also provide a shareholder's personal and account information to the shareholder's respective brokerage or financial advisory firm and/or financial professional or consultant.

SHARING INFORMATION WITH THIRD PARTIES

The Trust reserves the right to disclose or report personal or account information to non-affiliated third parties in limited circumstances where the Trust believes in good faith that disclosure is required under law, to cooperate with regulators or law enforcement authorities, to protect their rights or property, or upon reasonable request by any fund in which a shareholder has invested. In addition, the Trust may disclose information about a shareholder or a shareholder's accounts to a non-affiliated third party at the shareholder's request or with the consent of the shareholder.

SHARING INFORMATION WITH AFFILIATES

The Trust may share shareholder information with their affiliates in connection with servicing shareholders' accounts, and subject to applicable law may provide shareholders with information about products and services that the Trust or its Advisers, distributors or their affiliates ("Service Affiliates") believe may be of interest to such shareholders. The information that the Trust may share may include, for example, a shareholder's participation in the Trust or in other investment programs sponsored by a Service Affiliate, a shareholder's ownership of certain types of accounts (such as IRAs), information about the Trust's experiences or transactions with a shareholder, information captured on applicable websites, or other data about a shareholder's accounts, subject to applicable law. The Trust's Service Affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

PROCEDURES TO SAFEGUARD PRIVATE INFORMATION

The Trust takes seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, the Trust has implemented procedures that are designed to restrict access to a shareholder's non-public personal information to internal personnel who need to know that information to perform their jobs, such as servicing shareholder accounts or notifying shareholders of new products or services. Physical, electronic and procedural safeguards are in place to guard a shareholder's non-public personal information.

INFORMATION COLLECTED FROM WEBSITES

The Trust or its service providers and partners may collect information from shareholders via websites they maintain. The information collected via websites maintained by the Trust or their service providers includes client non-public personal information.

CHANGES TO THE PRIVACY POLICY

From time to time, the Trust may update or revise this privacy policy. If there are changes to the terms of this privacy policy, documents containing the revised policy on the relevant website will be updated.

<sup>1</sup> Amended as of June 25, 2020.

<sup>2</sup> PIMCO Investments LLC ("PI") serves as the Trust's distributor and does not provide brokerage services or any financial advice to investors in the Trust solely because it distributes the Trust. This Privacy Policy applies to the activities of PI to the extent that PI regularly effects or engages in transactions with or for a shareholder of a series of a Trust who is the record owner of such shares. For purposes of this Privacy Policy, references to "the Trust" shall include PI when acting in this capacity.

<sup>3</sup> When distributing this Policy, the Trust may combine the distribution with any similar distribution of its investment adviser's privacy policy. The distributed, combined, policy may be written in the first person (*i.e.* by using "we" instead of "the Trust").

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| **ANNUAL REPORT** | \| | December 31, 2022 | **61** |

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**Approval of Investment Advisory Contract and Other Agreements**

At a meeting held on August 23-24, 2022, the Board of Trustees (the "Board") of PIMCO Variable Insurance Trust (the "Trust"), including the Trustees who are not "interested persons" of the Trust under the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered and unanimously approved the renewal of the Amended and Restated Investment Advisory Contract (the "Investment Advisory Contract") between the Trust, on behalf of the Trust's series (each, a "Portfolio" and collectively, the "Portfolios"), and Pacific Investment Management Company LLC ("PIMCO"), for an additional one-year term through August 31, 2023. The Board also considered and unanimously approved the renewal of the Amended and Restated Supervision and Administration Agreement (the "Supervision and Administration Agreement") between the Trust, on behalf of the Portfolios, and PIMCO for an additional one-year term through August 31, 2023. In addition, the Board considered and unanimously approved the renewal of the Amended and Restated Asset Allocation Sub-Advisory Agreement (the "Asset Allocation Agreement" and, together with the Investment Advisory Contract and the Supervision and Administration Agreement, the "Agreements") between PIMCO, on behalf of PIMCO All Asset Portfolio, a series of the Trust, and Research Affiliates, LLC ("Research Affiliates") for an additional one-year term through August 31, 2023. In addition, the Board considered and unanimously approved the renewal of the investment management agreements between PIMCO and each of the wholly-owned subsidiaries (each, a "Subsidiary" and, collectively, the "Subsidiaries") of certain of the Portfolios (collectively, the "Subsidiary Agreements"), each for the same additional one-year term through August 31, 2023.

The information, material factors and conclusions that formed the basis for the Board's approvals are summarized below.

1. INFORMATION RECEIVED

(a) Materials Reviewed: During the course of the past year, the Trustees received a wide variety of materials relating to the services provided by PIMCO and Research Affiliates to the Trust. At each of its quarterly meetings, the Board reviewed the Portfolios' investment performance and a significant amount of information relating to Portfolio operations, including shareholder services, valuation and custody, the Portfolios' compliance program and other information relating to the nature, extent and quality of services provided by PIMCO and Research Affiliates to the Trust and each of the Portfolios, as applicable. In considering whether to approve the renewal of the Agreements and the Subsidiary Agreements, the Board reviewed additional information, including, but not limited to: comparative industry data with regard to investment performance; advisory and supervisory and administrative fees and expenses; financial information for PIMCO and, where relevant, financial information for Research

Affiliates; information regarding the profitability to PIMCO of its relationship with the Portfolios; information about the personnel providing investment management services, other advisory services and supervisory and administrative services to the Portfolios; and information about the fees charged and services provided to other clients with similar investment mandates as the Portfolios, where applicable. In addition, the Board reviewed materials provided by counsel to the Trust and the Independent Trustees ("Counsel"), which included, among other things, a memorandum outlining legal duties of the Board in considering the renewal of the Agreements and Subsidiary Agreements.

With respect to the Subsidiary Agreements, the Trustees considered that each Portfolio that has a Subsidiary may utilize its Subsidiary to execute its investment strategy and that PIMCO provides investment advisory and administrative services to the Subsidiaries pursuant to the Subsidiary Agreements in the same manner as it does for such Portfolios that have Subsidiaries under the Investment Advisory Contract and Supervision and Administration Agreement. The Trustees also considered that, with respect to each Subsidiary, PIMCO does not retain a separate advisory or other fee from the Subsidiary, and that PIMCO's profitability with respect to each Portfolio that has a Subsidiary is not positively impacted as a result of the Subsidiary Agreements. The Trustees determined, therefore, that it was appropriate to consider the approval of the Subsidiary Agreements collectively with their consideration of the continuation of the Agreements.

(b) Review Process: In connection with considering the renewal of the Agreements, the Board reviewed written materials prepared by PIMCO and, where applicable, Research Affiliates in response to requests from Counsel encompassing a wide variety of topics. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from Counsel, and reviewed comparative fee and performance data prepared at the Board's request by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company performance information and fee and expense data. The Board received presentations on matters related to the Agreements and met both as a full Board and in a separate session of the Independent Trustees, without management present, at the August 23-24, 2022 meeting. The Independent Trustees also met via video conference with Counsel on July 14, 2022, and conducted a video conference meeting on August 10, 2022 with management and Counsel to discuss the materials presented and other matters deemed relevant to their consideration of the renewal of the Agreements. In connection with its review of the Agreements, the Board received comparative information on the performance, the risk-adjusted performance and the fees and expenses of other peer group funds and share classes. The Independent Trustees also requested and received supplemental information, including information regarding Broadridge peer classifications, the investment strategies and outflows for certain Portfolios, Portfolio performance and profitability.

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(Unaudited)

The approval determinations were made on the basis of each Trustee's business judgment after consideration and evaluation of all the information presented. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. In deciding to approve the renewal of the Agreements, the Board did not identify any single factor or particular information that, in isolation, was controlling. The discussion below is intended to summarize the broad factors and information that figured prominently in the Board's consideration of the renewal of the Agreements, but is not intended to summarize all of the factors considered by the Board.

2. NATURE, EXTENT AND QUALITY OF SERVICES

(a) PIMCO, Research Affiliates, their Personnel and Resources: The Board considered the depth and quality of PIMCO's investment management process, including, but not limited to: the experience, capability and integrity of its senior management and other personnel; the overall financial strength and stability of its organization; and the ability of its organizational structure to address changes in the Portfolios' asset levels. The Board also considered the various services in addition to portfolio management that PIMCO provides under the Investment Advisory Contract. The Board noted that PIMCO makes available to its investment professionals a variety of resources and systems relating to investment management, compliance, trading, performance and portfolio accounting. The Board also noted PIMCO's commitment to enhancing and investing in its global infrastructure, technology capabilities, risk management processes and the specialized talent needed to stay at the forefront of the competitive investment management industry and to strengthen its ability to deliver services under the Agreements. The Board considered PIMCO's policies, procedures and systems reasonably designed to assure compliance with applicable laws and regulations, including new regulations impacting the Portfolios, and its commitment to further developing and strengthening these programs; its oversight of matters that may involve conflicts of interest between the Portfolios' investments and those of other accounts managed by PIMCO; and its efforts to keep the Trustees informed about matters relevant to the Portfolios and their shareholders. The Board also considered PIMCO's investment in new disciplines and talented personnel, which has enhanced PIMCO's services to the Portfolios and has allowed PIMCO to introduce innovative new portfolios over time. In addition, the Board considered the nature, extent and quality of services provided by PIMCO to the Subsidiaries of certain applicable Portfolios.

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented, including the ongoing development of its own proprietary software and applications to support the Portfolios. Similarly, the Board considered the asset

allocation services provided by Research Affiliates to the PIMCO All Asset Portfolio. The Board further considered PIMCO's oversight of Research Affiliates in connection with Research Affiliates providing asset allocation services to the All Asset Portfolio. The Board also considered the depth and quality of Research Affiliates' investment management and research capabilities, the experience and capabilities of its portfolio management personnel and the overall financial strength of the organization. Ultimately, the Board concluded that the nature, extent and quality of services provided or procured by PIMCO under the Agreements and the Subsidiary Agreements and provided by Research Affiliates under the Asset Allocation Agreement are likely to continue to benefit the Portfolios and their shareholders, as applicable.

(b) Other Services: The Board also considered the nature, extent and quality of supervisory and administrative services provided by PIMCO to the Portfolios under the Supervision and Administration Agreement.

The Board considered the terms of the Supervision and Administration Agreement, under which the Trust pays for the supervisory and administrative services provided pursuant to that agreement under what is essentially an all-in fee structure (the "unified fee"). In return, PIMCO provides or procures certain supervisory and administrative services and bears the costs of various third party services required by the Portfolios, including, but not limited to, audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board also noted that the scope and complexity, as well as the costs, of the supervisory and administrative services provided by PIMCO under the Supervision and Administration Agreement continue to increase. The Board considered PIMCO's provision of supervisory and administrative services and its supervision of the Trust's third party service providers to assure that these service providers continue to provide a high level of service relative to alternatives available in the market.

Ultimately, the Board concluded that the nature, extent and quality of the services provided or procured by PIMCO has benefited, and will likely continue to benefit, the Portfolios and their shareholders.

3. INVESTMENT PERFORMANCE

The Board reviewed information from PIMCO concerning the Portfolios' performance, as available, over short- and long-term periods ended March 31, 2022 and other performance data, as available, over short- and long-term periods ended June 30, 2022 (the "PIMCO Report") and from Broadridge concerning the Portfolios' performance, as available, over short- and long-term periods ended March 31, 2022 (the "Broadridge Report"). The Board also noted that while historically the Broadridge Report included peer classifications from only Lipper, as part of this approval process the Broadridge Report incorporated peer classifications from Morningstar for the Portfolios for which it was believed that Morningstar provided a materially improved comparison.

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **63** |

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| **Approval of Investment Advisory Contract and Other Agreements** | **(Cont.)** |

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The Board considered information regarding both the short- and long-term relative and absolute investment performance of each Portfolio relative to its Portfolio peer group, where appropriate, and relevant benchmark index as provided to the Board in advance of each of its quarterly meetings throughout the year, including the PIMCO Report and Broadridge Report. The Trustees reviewed information indicating that classes of each Portfolio would have substantially similar performance to that of the Administrative Class of the relevant Portfolio on a relative basis because all of the classes are invested in the same portfolio of investments and that differences in performance among classes could principally be attributed to differences in the supervisory and administrative fees and distribution and/or servicing expenses of each class. The Board noted that, due to differences (such as specific investment strategies or fee structures) between certain of the Portfolios and their so-called peers in the Broadridge categories, performance comparisons may not be particularly relevant to the consideration of Portfolio performance, but found the comparative information supported its overall evaluation.

The Trustees noted that a majority of the Portfolios (based on the Administrative Class performance) have outperformed their respective benchmark indexes over the three-, five-, and ten-year periods ended March 31, 2022, and that a majority of the Portfolios (based on the Administrative Class performance) have outperformed their benchmarks since inception for the period ended March 31, 2022. The Board also discussed actions that have been taken by PIMCO to attempt to improve performance and took note of PIMCO's plans to monitor performance going forward.

The Board ultimately concluded, within the context of all of its considerations in connection with the Agreements and the Subsidiary Agreements, that PIMCO's performance record and process in managing the Portfolios indicates that its continued management is likely to benefit the Portfolios and their shareholders and merits the approval of the renewal of the Agreements and the Subsidiary Agreements.

4. ADVISORY FEES, SUPERVISORY AND ADMINISTRATIVE FEES AND TOTAL EXPENSES

The Board considered that PIMCO seeks to price new funds to scale at the outset. The Board noted that PIMCO generally seeks to price new funds competitively against the median total expense ratio of the respective Broadridge peer group, if available, while acknowledging that a fee premium may be appropriate for innovative investment offerings. PIMCO reported to the Board that, in proposing fees for any Portfolio or class of shares, it considers a number of factors, including, but not limited to, the type and complexity of the services provided, the cost of providing services, the risk assumed by PIMCO in the development of products and the provision of services and the competitive marketplace for financial products. Fees charged to or

proposed for different Portfolios for advisory services and supervisory and administrative services may vary in light of these various factors.

The Board reviewed the advisory fees, supervisory and administrative fees and total expenses of the Portfolios (each as a percentage of average net assets) and compared such amounts with the average and median fee and expense levels of other similar funds. The Board also reviewed information relating to the sub-advisory fees paid to Research Affiliates with respect to applicable Portfolios, taking into account that PIMCO compensates Research Affiliates from the advisory fees paid by such Portfolios to PIMCO. With respect to advisory fees, the Board reviewed data from the Broadridge Report that compared the average and median advisory fees of other funds in a "Peer Group" of comparable funds, where appropriate, as well as the universe of other similar funds. The Board reviewed materials indicating that, a number of Portfolios have total expense ratios that fall below the average and median expense ratios in their Peer Group and Broadridge universe. In addition, the Board considered the expense limitation agreement in place for all of the Portfolios and fee waivers in place for certain of the Portfolios and also noted the fee waivers in place with respect to the advisory fee and supervisory and administrative fee that might result from investments by applicable Portfolios in their respective Subsidiaries. The Board also considered that PIMCO reviews the Portfolios' fee levels and carefully considers changes where appropriate.

The Board also reviewed data comparing the Portfolios' advisory fees to the fee rates PIMCO charged to registered funds (open-end and closed-end), private funds, and non-U.S. registered funds, separate accounts, sub-advised clients and collective investment trusts with similar investment strategies. In cases where the fees for other clients were lower than those charged to the Portfolios, the Trustees noted that the differences in fees were attributable to various factors, including, but not limited to, differences in the advisory and other services provided by PIMCO to the Portfolios, differences in the number or extent of the services provided by PIMCO to the Portfolios, the manner in which similar portfolios may be managed, different requirements with respect to liquidity management and the implementation of other regulatory requirements, and the fact that separate accounts may have other contractual arrangements or arrangements across PIMCO strategies that justify different levels of fees. The Board considered that, with respect to collective investment trusts, PIMCO performs fewer or less extensive services because collective investment trusts are generally exempt from SEC regulation; investors in a collective investment trust may receive shareholder services from a trustee bank, rather than PIMCO; collective investment trusts have less regulatory disclosure; and the management structure of collective investment trusts differs from that of funds. The Trustees also considered that PIMCO faces increased entrepreneurial, legal and regulatory risk in sponsoring and managing mutual funds and ETFs as

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compared to separate accounts, external sub-advised funds or other investment products. In addition, the Trustees considered that PIMCO may charge certain private funds with similar investment mandates lower fees than the Portfolios because such private funds are not required to accept daily redemptions or price their assets on a daily basis, generally do not accept small investors with small account balances and operate under a less complex regulatory regime.

Regarding advisory fees charged by PIMCO in its capacity as sub-adviser to third party/unaffiliated funds, the Trustees took into account that such fees may be lower than the fees charged by PIMCO to serve as adviser to the Portfolios. The Trustees also took into account that there are various reasons for any such differences in fees, including, but not limited to, the fact that PIMCO may be subject to varying levels of entrepreneurial, legal and regulatory risk and different servicing requirements when PIMCO does not serve as the sponsor of a fund and is not principally responsible for all aspects of a fund's investment program and operations as compared to when PIMCO serves as investment adviser and sponsor.

The Board considered the Portfolios' supervisory and administrative fees, comparing them to similar funds managed by other investment advisers in the Broadridge Report. The Board also considered that, as the Portfolios' business has become increasingly complex and the number of Portfolios has grown over time, PIMCO has provided an increasingly broad array of fund supervisory and administrative functions. In addition, the Board considered the Trust's unified fee structure, under which the Trust pays for the supervisory and administrative services it requires for one set fee. In return for this unified fee, PIMCO provides or procures supervisory and administrative services and bears the costs of various third party services required by the Portfolios, including audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board further considered that many other funds pay for comparable services separately, and thus it is difficult to directly compare the Trust's unified supervisory and administrative fees with the fees paid by other funds for administrative services alone. The Board also considered that the unified supervisory and administrative fee leads to Portfolio fees that are fixed over the contract period, rather than variable. The Board noted that, although the unified fee structure does not have breakpoints, it inherently reflects certain economies of scale by fixing the absolute level of Portfolio fees at competitive levels over the contract period even if the Portfolios' operating costs rise when assets remain flat or decrease. Other factors the Board considered in assessing the unified fee include PIMCO's approach of pricing Portfolios at scale at inception and reinvesting in other important areas of the business that support the Portfolios. The Board considered historical advisory and supervisory and administrative fee reductions implemented for different Portfolios and classes, noting that the unified fee can be

increased or decreased in subsequent contractual periods with Board approval and is subject to the periodic reviews discussed above. The Board noted that, with few exceptions, PIMCO has generally maintained Portfolio fees at the same level as implemented when the unified fee was adopted, and has reduced fees for a number of Portfolios in prior years. The Board concluded that the Portfolios' supervisory and administrative fees were reasonable in relation to the value of the services provided, including the services provided to different classes of shareholders, and that the expenses assumed contractually by PIMCO under the Supervision and Administration Agreement represent, in effect, a cap on overall Portfolio fees during the contractual period, which is beneficial to the Portfolios and their shareholders.

The Board considered the Portfolios' total expenses and discussed with PIMCO certain Portfolios and/or classes of Portfolios that had above median total expenses. Upon comparing the Portfolios' total expenses to other funds in the "Peer Groups" provided by the Broadridge Report, where appropriate, the Board found total expenses of each Portfolio to be reasonable.

The Trustees also considered the advisory fees charged to the Portfolios that operate as funds of funds (the "Funds of Funds") and the advisory services provided in exchange for such fees. The Trustees determined that such services were in addition to the advisory services provided to the underlying funds in which the Funds of Funds may invest and, therefore, such services were not duplicative of the advisory services provided to the underlying funds. The Board also considered the various fee waiver agreements in place for the Funds of Funds. The Board noted that PIMCO is continuing waivers for these Funds of Funds, as well as for certain other Portfolios of the Trust.

Based on the information presented by PIMCO and Research Affiliates, members of the Board determined, in the exercise of their business judgment, that the level of the advisory fees and supervisory and administrative fees charged by PIMCO under the Agreements and the Subsidiary Agreements, that the fees charged by Research Affiliates under the Asset Allocation Agreement, and that the total expenses of each Portfolio, are reasonable.

5. ADVISER COSTS, LEVEL OF PROFITS AND ECONOMIES OF SCALE

The Board reviewed information regarding PIMCO's costs of providing services to, as well as the resulting level of profits from, the Portfolios. To the extent applicable, the Board also reviewed information regarding the portion of a Portfolio's advisory fee retained by PIMCO, following the payment of sub-advisory fees to Research Affiliates, with respect to the Portfolios. Additionally, the Board discussed PIMCO's pre- and post-distribution profit margin ranges with respect to the Portfolios, as compared to the prior year. The Board also noted that it had received information regarding the structure and manner in which

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| **Approval of Investment Advisory Contract and Other Agreements** | **(Cont.)** | (Unaudited) |

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PIMCO's investment professionals were compensated, and PIMCO's view of the relationship of such compensation to the recruitment and retention of quality personnel. The Board considered PIMCO's investment in global infrastructure, technology capabilities, risk management processes and qualified personnel to reinforce existing services, offer new services, and accommodate changing regulatory requirements.

The Board considered the existence of any economies of scale and noted that, to the extent that PIMCO achieves economies of scale in managing the Portfolios, PIMCO shares the benefits of such economies of scale, if any, with the Portfolios and their shareholders in a number of ways, including investing in portfolio and trade operations management, firm technology, middle and back office support, legal and compliance, and fund administration logistics; senior management supervision, governance and oversight of those services; and through fee reductions or waivers, the pricing of Portfolios to scale from inception and the enhancement of services provided to the Portfolios in return for fees paid. The Board reviewed the history of the Portfolios' fee structure. The Board considered that the Portfolios' unified fee rates had been set competitively and/or priced to scale from inception, had been held steady during the contractual period at that scaled competitive rate for most Portfolios as assets grew, or as assets declined in the case of some Portfolios, and continued to be competitive compared with peers. The Board also considered that the unified fee is a transparent means of informing a Portfolio's shareholders of the fees associated with the Portfolio, and that the Portfolio bears certain expenses that are not covered by the advisory fee or the unified fee. The Board further considered the challenges that arise when managing large funds, which can result in certain "diseconomies" of scale and noted that PIMCO has continued to reinvest in many areas of the business to support the Portfolios.

The Trustees considered that the unified fee has provided inherent economies of scale because a Portfolio maintains competitive fixed fees over the annual contract period even if the particular Portfolio's assets decline and/or operating costs rise. The Trustees further considered that, in contrast, breakpoints may be a proxy for charging higher fees on lower asset levels and that when a fund's assets decline, breakpoints may reverse, which causes expense ratios to increase. The Trustees also considered that, unlike the Portfolios' unified fee structure, funds with "pass through" administrative fee structures may experience increased expense ratios when fixed dollar fees are charged against declining fund assets. In addition, the Trustees considered that the unified fee protects shareholders from a rise in operating costs that may result from, among other things, PIMCO's investments in various business enhancements and infrastructure, including those referenced above. The Trustees noted that PIMCO's investments in these areas are extensive.

The Board concluded that the Portfolios' cost structures were reasonable and that PIMCO is appropriately sharing economies of scale, if any, through the Portfolios' unified fee structure, generally pricing Portfolios to scale at inception and reinvesting in its business to provide enhanced and expanded services to the Portfolios and their shareholders.

6. ANCILLARY BENEFITS

The Board considered other benefits realized by PIMCO and its affiliates as a result of PIMCO's relationship with the Trust. Such benefits may include possible ancillary benefits to PIMCO's institutional investment management business due to the reputation and market penetration of the Trust or third party service providers' relationship-level fee concessions, which decrease fees paid by PIMCO. The Board also considered that affiliates of PIMCO provide distribution and/or shareholder services to the Portfolios and their shareholders, for which they may be compensated through distribution and servicing fees paid pursuant to the Portfolios' Rule 12b-1 plans or otherwise. The Board noted that, while PIMCO has the authority to receive the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the Portfolios, it has adopted a policy not to enter into contractual soft dollar arrangements.

7. CONCLUSIONS

Based on their review, including their comprehensive consideration and evaluation of each of the broad factors and information summarized above, the Independent Trustees and the Board as a whole concluded that the nature, extent and quality of the services rendered to the Portfolios by PIMCO and Research Affiliates supported the renewal of the Agreements and the Subsidiary Agreements. The Independent Trustees and the Board as a whole concluded that the Agreements and the Subsidiary Agreements continued to be fair and reasonable to the Portfolios and their shareholders, that the Portfolios' shareholders received reasonable value in return for the fees paid to PIMCO by the Portfolios under the Investment Advisory Contract, Supervision and Administration Agreement and the Subsidiary Agreements and the fees paid to Research Affiliates by PIMCO under the Asset Allocation Agreement, and that the renewal of the Agreements and the Subsidiary Agreements was in the best interests of the Portfolios and their shareholders.

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**General Information** 

**Investment Adviser and Administrator** 

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

**Distributor** 

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

**Custodian** 

State Street Bank and Trust Company

801 Pennsylvania Avenue

Kansas City, MO 64105

**Transfer Agent** 

SS&C Global Investor & Distribution Solutions, Inc.

430 W 7th Street STE 219024

Kansas City, MO 64105-1407

**Legal Counsel** 

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

**Independent Registered Public Accounting Firm** 

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the PIMCO Variable Insurance Trust.

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**pimco.com/pvit**![LOGO](g423111g06y60.jpg)

PVIT06AR_123122

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![LOGO](g420781g13e39.jpg)

PIMCO VARIABLE INSURANCE TRUST

## Annual Report
December 31, 2022

PIMCO International Bond Portfolio (Unhedged)

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**Table of Contents** 

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|  | Page |
| &nbsp;&nbsp; [Chairman's Letter](#tx420781_1) | 2 |
| &nbsp;&nbsp; [Important Information About the PIMCO International Bond Portfolio (Unhedged)](#tx420781_2) | 4 |
| &nbsp;&nbsp; [Portfolio Summary](#tx420781_3) | 7 |
| &nbsp;&nbsp; [Expense Example](#tx420781_4) | 8 |
| &nbsp;&nbsp; [Financial Highlights](#tx420781_5) | 10 |
| &nbsp;&nbsp; [Statement of Assets and Liabilities](#tx420781_6) | 12 |
| &nbsp;&nbsp; [Statement of Operations](#tx420781_7) | 13 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets](#tx420781_8) | 14 |
| &nbsp;&nbsp; [Schedule of Investments](#tx420781_9) | 15 |
| &nbsp;&nbsp; [Notes to Financial Statements](#tx420781_10) | 30 |
| &nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm](#tx420781_11) | 52 |
| &nbsp;&nbsp; [Glossary](#tx420781_12) | 53 |
| &nbsp;&nbsp; [Federal Income Tax Information](#tx420781_13) | 54 |
| &nbsp;&nbsp; [Management of the Trust](#tx420781_14) | 55 |
| &nbsp;&nbsp; [Privacy Policy](#tx420781_15) | 57 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements](#tx420781_16) | 58 |

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This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust (the "Trust") prospectus for the Portfolio. (The variable product prospectus may be obtained by contacting your Investment Consultant.)

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**Chairman's Letter**

Dear Shareholder,

2022 was a challenging year in the financial markets. We continue to work tirelessly to navigate global markets and manage the assets that you have entrusted with us. Following this letter is the PIMCO Variable Insurance Trust Annual Report, which covers the 12-month reporting period ended December 31, 2022 (the "reporting period"). On the subsequent pages, you will find details regarding investment results and a discussion of the factors that most affected performance during the reporting period.

For the 12-month reporting period ended December 31, 2022

The global economy faced significant headwinds in 2022, including those related to higher inflation, the COVID-19 pandemic, and the Russia-Ukraine conflict. First and second quarter 2022 U.S. annualized gross domestic product ("GDP") returned -1.6% and -0.6%, respectively. The economy strengthened in the third quarter, with annualized GDP rising 3.2%. The Commerce Department's initial estimate for fourth quarter 2022 annualized GDP — released after the reporting period ended — was 2.9%.

The Federal Reserve Board (the "Fed" or "U.S. central bank") took actions to combat elevated inflation. In March 2022, the Fed raised the federal funds rate 0.25% to a range between 0.25% and 0.50%, its first rate hike since 2018. The U.S. central bank then raised rates at its next six meetings, for a total increase of 4.25% in 2022. At the end of the year, the federal funds rate was in a range between 4.25% and 4.50%.

Economies outside the U.S. also faced several headwinds. In its October 2022 World Economic Outlook Update, the International Monetary Fund (the "IMF") downgraded its expectation for 2022 GDP citing "turbulent challenges" including high inflation, tightening financial conditions, as well as the ongoing Russia-Ukraine conflict and COVID-19 pandemic. For 2022, the IMF included in its projections that GDP would grow 1.6% in the U.S. (from 5.7% in 2021), 3.1% in the eurozone (from 5.2% in 2021), 3.6% in the U.K. (from 7.4% in 2021), and 1.7% in Japan (the same as in 2021).

Several central banks tightened their respective monetary policies in recent years. For example, in December 2021, prior to the beginning of the reporting period, the Bank of England (the "BoE") raised rates for the first time since COVID-19 began. The BoE again raised rates at its next eight meetings, for a total of 3.50% in rate hikes since its first increase. The European Central Bank raised rates four times in 2022, for a total increase of 2.50%. In contrast, the Bank of Japan (the "BoJ") maintained its loose monetary policy for most of 2022. However, in December 2022 the BoJ announced that it would allow its 10-year government bond yield to rise to 0.5% (previously limited to 0.25%). The news sent the 10-year bond yield and Japanese yen higher, as market participants interpreted the announcement to mean that the BoJ may pivot from its previous monetary stance.

During the reporting period, short- and long-term U.S. Treasury yields moved higher. The yield on the benchmark 10-year U.S. Treasury note was 3.88% on December 31, 2022, versus 1.52% on December 31, 2021. The Bloomberg Global Treasury Index (USD Hedged), which tracks fixed-rate, local currency government debt of investment grade countries, including developed and emerging markets, returned -10.79%. Meanwhile, the Bloomberg Global Aggregate Credit Index (USD Hedged), a widely used index of global investment grade credit bonds, returned -14.22%. Riskier fixed income asset classes, including high yield corporate bonds and emerging market debt, were also weak. The ICE BofAML Developed Markets High Yield Constrained Index (USD Hedged), a widely used index of below-investment-grade bonds, returned -10.56%, whereas emerging market external debt, as represented by the JPMorgan Emerging Markets Bond Index (EMBI) Global (USD Hedged), returned -16.45%. Emerging market local bonds, as represented by the JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged), returned -11.69%. Finally, the municipal market, as represented by the Bloomberg Municipal Bond Index, returned -8.53%.

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| **2** | **PIMCO VARIABLE INSURANCE TRUST** |

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Amid periods of volatility, global equities generally posted weak results during the reporting period as economic and geopolitical concerns weighed on investor sentiment. U.S. equities, as represented by the S&P 500 Index, returned -18.11%. Global equities, as represented by the MSCI World Index, returned -18.14%, while emerging market equities, as measured by the MSCI Emerging Markets Index, returned -20.09%. Meanwhile, Japanese equities, as represented by the Nikkei 225 Index (in Japanese yen), returned -7.37% and European equities, as represented by the MSCI Europe Index (in euro), returned -9.49%.

Commodity prices were volatile and generated mixed returns during the reporting period. Brent crude oil, which was approximately $77.24 a barrel at the start of the reporting period, rose to roughly $82.82 a barrel at the end of December 2022. Prices of other commodities, such as copper and gold, declined during the period.

Finally, there were also periods of volatility in the foreign exchange markets. We believe this was driven by several factors, including economic growth expectations and changing central bank monetary policies, as well as rising inflation, COVID-19 variants, and geopolitical events. The U.S. dollar strengthened against several major currencies. For example, during the reporting period, the U.S. dollar returned 5.85%, 10.71%, and 12.23% versus the euro, the British pound and the Japanese yen, respectively.

Thank you for the assets you have placed with us. We deeply value your trust, and we will continue to work diligently to meet your broad investment needs.

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| ![LOGO](g420781g19a01.jpg) | Sincerely,<br>![LOGO](g420781g65f33.jpg) <br>Peter G. Strelow<br> Chairman of the Board<br>PIMCO Variable Insurance Trust<br>|

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Past performance is no guarantee of future results. Unless otherwise noted, index returns reflect the reinvestment of income distributions and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. It is not possible to invest directly in an unmanaged index.

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>3</sub> |

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**Important Information About the PIMCO International Bond Portfolio (Unhedged)**

PIMCO Variable Insurance Trust (the "Trust") is an open-end management investment company that includes the PIMCO International Bond Portfolio (Unhedged) (the "Portfolio"). The Portfolio is only available as a funding vehicle under variable life insurance policies or variable annuity contracts issued by insurance companies ("Variable Contracts"). Individuals may not purchase shares of the Portfolio directly. Shares of the Portfolio also may be sold to qualified pension and retirement plans outside of the separate account context.

We believe that bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed income securities and other instruments held by the Portfolio are likely to decrease in value. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that management will anticipate such movement accurately. The Portfolio may lose money as a result of movements in interest rates.

As of the date of this report, interest rates in the United States and many parts of the world, including certain European countries, continue to increase. In efforts to combat inflation, the U.S. Federal Reserve raised interest rates multiple times in 2022 and has indicated an expectation that it will continue to raise interest rates in 2023. Thus, the Portfolio currently faces a heightened level of risk associated with rising interest rates and/or bond yields. This could be driven by a variety of factors, including but not limited to central bank monetary policies, changing inflation or real growth rates, general economic conditions, increasing bond issuances or reduced market demand for low yielding investments. Further, while bond markets have steadily grown over the past three decades, dealer inventories of corporate bonds are near historic lows in relation to market size. As a result, there has been a significant reduction in the ability of dealers to "make markets."

Bond funds and individual bonds with a longer duration (a measure used to determine the sensitivity of a security's price to changes in interest rates) tend to be more sensitive to changes in interest rates, usually making them more volatile than securities or funds with shorter durations. All of the factors mentioned above, individually or collectively, could lead to increased volatility and/or lower liquidity in the fixed income markets or negatively impact the Portfolio's performance or cause the Portfolio to incur losses. As a result, the Portfolio may experience increased shareholder redemptions which, among other things, could further reduce the net assets of the Portfolio.

The Portfolio may be subject to various risks as described in the Portfolio's prospectus and in the Principal and Other Risks in the Notes to Financial Statements.

Classifications of the Portfolio's portfolio holdings in this report are made according to financial reporting standards. The classification of a particular portfolio holding as shown in the Allocation Breakdown and Schedule of Investments sections of this report may differ from the classification used for the Portfolio's compliance calculations, including those used in the Portfolio's prospectus, investment objectives, regulatory, and other investment limitations and policies, which may be based on different asset class, sector or geographical classifications. The Portfolio is separately monitored for compliance with respect to prospectus and regulatory requirements.

The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. In 2022, many countries lifted some or all restrictions related to COVID-19. However, the effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations and individual issuers, all of which may negatively impact the Portfolio's performance. In addition, COVID-19 and governmental responses to COVID-19 may negatively impact the capabilities of the Portfolio's service providers and disrupt the Portfolio's operations.

The United States' enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from certain other countries has contributed to and may continue to contribute to international trade tensions and may impact portfolio securities. The United States' enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government's response, may also negatively impact securities and instruments that are economically tied to Russia.

The Portfolio may have significant exposure to issuers in the United Kingdom. The United Kingdom's withdrawal from the European Union may impact Portfolio returns. The withdrawal may cause substantial volatility in foreign exchange markets, lead to weakness in the exchange rate of the British pound, result in a sustained period of market uncertainty, and destabilize some or all of the other European Union member countries and/or the Eurozone.

The Portfolio may invest in certain instruments that rely in some fashion upon the London Interbank Offered Rate ("LIBOR"). LIBOR is an average interest rate, determined by the ICE Benchmark Administration, that banks charge one another for the use of short-term money. The United Kingdom's Financial Conduct Authority, which

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regulates LIBOR, has announced plans to ultimately phase out the use of LIBOR. There remains uncertainty regarding future utilization of LIBOR and the nature of any replacement rate (e.g., the Secured Overnight Financing Rate, which is intended to replace U.S. dollar LIBOR and measures the cost of overnight borrowings through repurchase agreement transactions collateralized with U.S. Treasury securities). Any potential effects of the transition away from LIBOR on the Portfolio or on certain instruments in which the Portfolio invests can be difficult to ascertain, and they may vary depending on a variety of factors. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to the Portfolio.

On the Portfolio Summary page in this Shareholder Report, the Average Annual Total Return table and Cumulative Returns chart measure performance assuming that any dividend and capital gain distributions were reinvested. The Cumulative Returns chart reflects only Administrative Class performance. Performance may vary by share class based on each class's expense ratios. The Portfolio measures its performance against at least one broad-based securities market index ("benchmark index"). The benchmark index does not take into account fees, expenses, or taxes. The Portfolio's past performance, before and after taxes, is not necessarily an indication of how the Portfolio will perform in the future. There is no assurance that the Portfolio, even if the Portfolio has experienced high or unusual performance for one or more periods, will experience similar levels of performance in the

future. High performance is defined as a significant increase in either 1) the Portfolio's total return in excess of that of the Portfolio's benchmark between reporting periods or 2) the Portfolio's total return in excess of the Portfolio's historical returns between reporting periods. Unusual performance is defined as a significant change in the Portfolio's performance as compared to one or more previous reporting periods. Historical performance for the Portfolio or a share class thereof may have been positively impacted by fee waivers or expense limitations in place during some or all of the periods shown, if applicable. Future performance (including total return or yield) and distributions may be negatively impacted by the expiration or reduction of any such fee waivers or expense limitations.

The following table discloses the inception dates of the Portfolio and its share classes along with the Portfolio's diversification status as of period end:

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| **Portfolio Name** | **Portfolio<br>Inception** | **Institutional<br>Class** | **Administrative<br>Class** | **Advisor<br>Class** | **Diversification<br>Status** |
|  PIMCO International Bond Portfolio (Unhedged) | 04/30/08 | 04/30/12 | 04/30/08 | 03/31/09 | Non-diversified |

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An investment in the Portfolio is not a bank deposit and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in the Portfolio.

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Portfolio. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither this Portfolio's prospectus nor summary prospectus, the Trust's Statement of Additional Information ("SAI"), any contracts filed as exhibits to the Trust's registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or the Portfolio creates a contract between or among any shareholder of the Portfolio, on the one hand, and the Trust, the Portfolio, a service provider to the

Trust or the Portfolio, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service providers or other delegates acting under authority of the Trustees) may amend the most recent prospectus or use a new prospectus, summary prospectus or SAI with respect to the Portfolio or the Trust, and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which the Trust or the Portfolio is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to the Portfolio, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust's then-current prospectus or SAI.

PIMCO has adopted written proxy voting policies and procedures ("Proxy Policy") as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>5</sub> |

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| **Important Information About the PIMCO International Bond Portfolio (Unhedged)** | **(Cont.)** |

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voting proxies on behalf of the Portfolio. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at (888) 87-PIMCO, on the Portfolio's website at www.pimco.com/pvit, and on the Securities and Exchange Commission's ("SEC") website at www.sec.gov.

The Portfolio files portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The Portfolio's complete schedule of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC's website at www.sec.gov and on PIMCO's website at www.pimco.com/pvit, and will be made available, upon request by calling PIMCO at (888) 87-PIMCO.

SEC rules allow shareholder reports to be delivered to investors by providing access to such reports online free of charge and by mailing a notice that the report is electronically available. Investors may elect to receive all future reports in paper free of charge by contacting their insurance company. Any election to receive reports in paper will apply to all portfolio companies available under the investor's contract at the insurance company.

In October 2020, the SEC adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover transactions. Subject to certain exceptions, the rule requires portfolios that trade derivatives and other transactions that create future payment or delivery obligations to comply with a value-at-risk leverage limit and certain derivatives risk management program and reporting requirements. These requirements may limit the ability of the Portfolio to use derivatives and reverse repurchase agreements and similar financing transactions as part of its investment strategies and may increase the cost of the Portfolio's investments and cost of doing business, which could adversely affect investors. The rule went into effect on February 19, 2021. The compliance date for the new rule and related reporting requirements was August 19, 2022.

In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value as well as for the performance of fair value determinations, including related oversight and reporting obligations. The new rule also defines "readily available market quotations" for purposes of the definition of "value" under the Investment Company Act of 1940 (the "Act"), and the SEC noted that this definition will apply in all contexts under the Act. The effective date for the rule was March 8, 2021. The compliance date for the new rule and the related reporting requirements was September 8, 2022.

In May 2022, the SEC proposed amendments to a current rule governing portfolio naming conventions. In general, the current rule

requires portfolios with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The proposed amendments would expand the scope of the current rule in a number of ways that would result in an expansion of the types of portfolio names that would require the portfolio to adopt an 80% investment policy under the rule. Additionally, the proposed amendments would modify the circumstances under which a portfolio may deviate from its 80% investment policy and address the use and valuation of derivatives instruments for purposes of the rule. The proposal's impact on the Portfolio will not be known unless and until any final rulemaking is adopted.

In May 2022, the SEC proposed a framework that would require certain registered portfolios (such as the Portfolio) to disclose their environmental, social, and governance ("ESG") investing practices. Among other things, the proposed requirements would mandate that portfolios meeting three pre-defined classifications (*i.e.,* integrated, ESG focused and/or impact funds) provide prospectus and shareholder report disclosure related to the ESG factors, criteria and processes used in managing the portfolio. The proposal's impact on the Portfolio will not be known unless and until any final rulemaking is adopted.

In October 2022, the SEC adopted changes to the mutual fund and exchange-traded fund ("ETF") shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which will impact the disclosures provided to shareholders. The rule amendments are effective as of January 24, 2023, but the SEC is providing an 18-month compliance period following the effective date for such amendments other than those addressing fee and expense information in advertisements that might be materially misleading.

In November 2022, the SEC proposed rule amendments which, among other things, would require funds to adopt swing pricing in order to mitigate dilution of shareholders' interests in a fund by requiring the adjustment of fund net asset value per share to pass on costs stemming from shareholder purchase or redemption activity. In addition the proposed rule would amend the liquidity rule framework. The proposal's impact on the Portfolio will not be known unless and until any final rulemaking is adopted.

In November 2022, the SEC adopted amendments to Form N-PX under the Act to improve the utility to investors of proxy voting information reported by mutual funds, ETFs and certain other funds. The rule amendments will expand the scope of funds' Form N-PX reporting obligations, subject managers to Form N-PX reporting obligations for "Say on Pay" votes, enhance Form N-PX disclosures, permit joint reporting by funds, managers and affiliated managers on Form N-PX; and require website availability of fund proxy voting records. The amendments will become effective on July 1, 2024. Funds and managers will be required to file their first reports covering the period from July 1, 2023 to June 30, 2024 on amended Form N-PX by August 31, 2024.

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| **6** | **PIMCO VARIABLE INSURANCE TRUST** |

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**PIMCO International Bond Portfolio (Unhedged)** 

Cumulative Returns Through December 31, 2022

![LOGO](g420781g26o25.jpg)

$10,000 invested at the end of the month when the Portfolio's Administrative Class commenced operations.

Geographic Breakdown as of December 31, 2022<sup>†§</sup>

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|  United States | 34.5% |
|  Short-Term Instruments<sup>‡</sup> | 25.8% |
|  Cayman Islands | 7.7% |
|  United Kingdom | 7.5% |
|  Japan | 6.0% |
|  Denmark | 2.4% |
|  China | 2.2% |
|  South Korea | 2.0% |
|  Ireland | 1.9% |
|  France | 1.9% |
|  Germany | 1.8% |
|  Australia | 1.5% |
|  Other | 4.8% |

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| <sup>†</sup> | % of Investments, at value.  |

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| <sup>§</sup> | Geographic Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.  |

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<sup>‡</sup> Includes Central Funds Used for Cash Management Purposes.

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|:---|:---|:---|:---|:---|:---|
| Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 |
|  |  | 1 Year | 5 Years | 10 Years | Inception<sup>≈</sup> |
|  | PIMCO International Bond Portfolio (Unhedged) Institutional Class | (18.85)% | (2.99)% | (1.47)% | (1.09)% |
| ![LOGO](g420781g94o20.jpg) | PIMCO International Bond Portfolio (Unhedged) Administrative Class | (18.98)% | (3.13)% | (1.62)% | 1.10% |
|  | PIMCO International Bond Portfolio (Unhedged) Advisor Class | (19.06)% | (3.23)% | (1.71)% | 1.01% |
| ![LOGO](g420781g08y58.jpg) | Bloomberg Global Aggregate ex-USD (USD Unhedged) Index<sup>±</sup> | (18.70)% | (3.07)% | (1.64)% | 0.14%<sup>¨</sup> |

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All Portfolio returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

<sup>≈</sup> For class inception dates please refer to the Important Information.

<sup>¨</sup> Average annual total return since 04/30/2008.

<sup>±</sup> Bloomberg Global Aggregate ex-USD (USD Unhedged) Index provides a broad-based measure of the global investment-grade fixed income markets. The major components of this index are the Pan-European Aggregate and the Asian-Pacific Aggregate Indices. The index also includes Eurodollar and Euro-Yen corporate bonds and Canadian Government securities.

It is not possible to invest directly in an unmanaged index.

*Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. The Portfolio's performance does not reflect the deduction of additional charges and expenses imposed in connection with investing in Variable Contracts, which will reduce returns. Differences in the Portfolio's performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the prices of individual positions (which may be sourced from different pricing vendors or other sources) used by the Portfolio and the index. For performance current to the most recent month-end, visit www.pimco.com/pvit or via (888) 87-PIMCO.* 

*The Portfolio's total annual operating expense ratio in effect as of period end was 0.76% for Institutional Class shares, 0.91% for Administrative Class shares, and 1.01% for Advisor Class shares. Details regarding any changes to the Portfolio's operating expenses, subsequent to period end, can be found in the Portfolio's current prospectus, as supplemented.* 

Investment Objective and Strategy Overview

PIMCO International Bond Portfolio (Unhedged) seeks maximum total return, consistent with preservation of capital and prudent investment management, by investing under normal circumstances at least 80% of its assets in Fixed Income Instruments. The Portfolio will invest under normal circumstances in Fixed Income Instruments that are economically tied to at least three non-U.S. countries. The Portfolio's investments in Fixed Income Instruments may be represented by forwards or derivatives such as options, futures contracts or swap agreements. "Fixed Income Instruments" include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. Portfolio strategies may change from time to time. Please refer to the Portfolio's current prospectus for more information regarding the Portfolio's strategy.

Portfolio Insights

The following affected performance (on a gross basis) during the reporting period:

» Underweight exposure to U.S. duration at the front-end of the yield curve contributed to relative performance, as yields rose.

» Underweight exposure to duration in the U.K., particularly during the third quarter of 2022, contributed to relative performance, as yields rose.

» Underweight exposure to duration in Russia, particularly during the first quarter of 2022, contributed to relative performance, as yields rose.

» Overweight exposure to duration in the euro bloc, particularly during the first and second quarters of 2022, detracted from relative performance, as yields rose.

» Positions in non-agency mortgage-backed securities, particularly during the second quarter of 2022, detracted from relative performance, as spreads widened.

» Underweight exposure to the non-financial investment grade corporate credit sector, particularly during the fourth quarter of 2022, detracted from relative performance, as spreads tightened.

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>7</sub> |

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**Expense Example PIMCO International Bond Portfolio (Unhedged)**

Example

As a shareholder of the Portfolio, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including investment advisory fees, supervisory and administrative fees, distribution and/or service (12b-1) fees (if applicable), and other Portfolio expenses. The Example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The Expense Example does not reflect any fees or other expenses imposed by the Variable Contracts. If it did, the expenses reflected in the Expense Example would be higher. The Example is based on an investment of $1,000 invested at the beginning of the period and held from July 1, 2022 to December 31, 2022 unless noted otherwise in the table and footnotes below.

Actual Expenses

The information in the table under the heading "Actual" provides information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60), then multiply the result by the number in the appropriate row for your share class, in the column titled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information in the table under the heading "Hypothetical (5% return before expenses)" provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other portfolios. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other portfolios.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the information under the heading "Hypothetical (5% return before expenses)" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. In addition, if these transactional costs were included, your costs would have been higher.

Expense ratios may vary period to period because of various factors, such as an increase in expenses that are not covered by the investment advisory fees and supervisory and administrative fees, such as fees and expenses of the independent trustees and their counsel, extraordinary expenses and interest expense.

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|  | **Actual** | **Actual** | **Actual** | **Hypothetical<br>(5% return before expenses)** | **Hypothetical<br>(5% return before expenses)** | **Hypothetical<br>(5% return before expenses)** | |
|  | **Beginning<br>Account Value<br>(07/01/22)** | **Ending<br>Account Value<br>(12/31/22)** | **Expenses Paid**<br> **During Period\*** | **Beginning<br>Account Value<br>(07/01/22)** | **Ending<br>Account Value<br>(12/31/22)** | **Expenses Paid**<br> **During Period\*** | **Net Annualized**<br> **Expense Ratio\*\*** |
| Institutional Class | $1000.00 | $979.60 | $4.64 | $1000.00 | $1020.79 | $4.74 | 0.92% |
| Administrative Class | 1000.00 | 978.90 | 5.40 | 1000.00 | 1020.03 | 5.51 | 1.07 |
| Advisor Class | 1000.00 | 978.40 | 5.90 | 1000.00 | 1019.52 | 6.02 | 1.17 |

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\* Expenses Paid During Period are equal to the net annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 186/365 (to reflect the one-half year period). Overall fees and expenses of investing in the Portfolio will be higher because the example does not reflect variable contract fees and expenses.

\*\* Net Annualized Expense Ratio is reflective of any applicable contractual fee waivers and/or expense reimbursements or voluntary fee waivers. Details regarding fee waivers, if any, can be found in Note 9, Fees and Expenses, in the Notes to Financial Statements.

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| **8** | **PIMCO VARIABLE INSURANCE TRUST** |

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>9</sub> |

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| **Financial Highlights** | **PIMCO International Bond Portfolio (Unhedged)** |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year Ended^: | **Net Asset<br>Value<br>Beginning<br>of Year<sup>(a)</sup>** | **Net<br>Investment<br>Income<br>(Loss)<sup>(b)</sup>** | **Net<br>Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital<br>Gain** | **Tax Basis<br>Return of<br>Capital** | **Total** |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | $9.17 | $&nbsp;&nbsp;&nbsp;&nbsp;0.15 | $&nbsp;&nbsp;&nbsp;&nbsp;(1.87) | $&nbsp;&nbsp;&nbsp;&nbsp;(1.72) | $&nbsp;&nbsp;&nbsp;&nbsp;(0.07) | $&nbsp;&nbsp;&nbsp;&nbsp;0.00 | $(0.07) | $&nbsp;&nbsp;&nbsp;&nbsp;(0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | &nbsp;&nbsp;&nbsp;&nbsp;10.53 | 0.15 | (0.89) | (0.74) | (0.57) | &nbsp;&nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;(0.03) | (0.62) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 10.05 | 0.16 | 0.87 | 1.03 | (0.55) | 0.00 | 0.00 | (0.55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2019 | 9.58 | 0.21 | 0.47 | 0.68 | (0.21) | 0.00 | 0.00 | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2018 | 10.67 | 0.19 | (0.60) | (0.41) | (0.51) | (0.14) | (0.03) | (0.68) |
| Administrative Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 9.17 | 0.13 | (1.87) | (1.74) | (0.05) | 0.00 | (0.07) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 10.53 | 0.13 | (0.89) | (0.76) | (0.55) | (0.02) | (0.03) | (0.60) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 10.05 | 0.15 | 0.86 | 1.01 | (0.53) | 0.00 | 0.00 | (0.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2019 | 9.58 | 0.19 | 0.48 | 0.67 | (0.20) | 0.00 | 0.00 | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2018 | 10.67 | 0.18 | (0.60) | (0.42) | (0.50) | (0.14) | (0.03) | (0.67) |
| Advisor Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 9.17 | 0.13 | (1.87) | (1.74) | (0.05) | 0.00 | (0.07) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 10.53 | 0.13 | (0.90) | (0.77) | (0.54) | (0.02) | (0.03) | (0.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 10.05 | 0.14 | 0.86 | 1.00 | (0.52) | 0.00 | 0.00 | (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2019 | 9.58 | 0.18 | 0.48 | 0.66 | (0.19) | 0.00 | 0.00 | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2018 | 10.67 | 0.17 | (0.60) | (0.43) | (0.49) | (0.14) | (0.03) | (0.66) |

---

---

| | |
|:---|:---|
| ^ | A zero balance may reflect actual amounts rounding to less than $0.01 or 0.01%.  |

---

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Portfolio.

<sup>(b)</sup> Per share amounts based on average number of shares outstanding during the year. 

<sup>(c)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

<sup>(d)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Portfolio. Additionally, excludes initial sales charges and contingent deferred sales charges.

---

| | | |
|:---|:---|:---|
| **10** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | |
|<br>**Net Asset<br>Value End of<br>Year<sup>(a)</sup>** |<br>**Total Return<sup>(d)</sup>** |<br>**Net Assets<br>End of Year<br>(000s)** | **Expenses** | **Expenses<br>Excluding<br>Waivers** | **Expenses<br>Excluding<br>Interest<br>Expense** | **Expenses<br>Excluding<br>Interest<br>Expense<br>and<br>Waivers** | **Net<br>Investment<br>Income (Loss)** |<br>**Portfolio<br>Turnover<br>Rate** |
| $7.31 | (18.85)% | $47 | 0.84% | 0.84% | 0.75% | 0.75% | 1.86% | 469% |
| 9.17 | (7.38) | 78 | 0.76 | 0.76 | 0.75 | 0.75 | 1.60 | 382 |
| &nbsp;&nbsp;&nbsp;&nbsp;10.53 | 10.93 | 12 | 0.83 | 0.83 | 0.75 | 0.75 | 1.68 | 514 |
| 10.05 | 7.17 | 11 | 0.93 | 0.93 | 0.75 | 0.75 | 2.10 | 299 |
| 9.58 | (3.85) | 10 | 0.87 | 0.87 | 0.75 | 0.75 | 1.85 | 197 |
| 7.31 | (18.98) | 8903 | 0.99 | 0.99 | 0.90 | 0.90 | 1.71 | 469 |
| 9.17 | (7.52) | 9533 | 0.91 | 0.91 | 0.90 | 0.90 | 1.38 | 382 |
| 10.53 | 10.77 | &nbsp;&nbsp;&nbsp;&nbsp;10504 | 0.98 | 0.98 | 0.90 | 0.90 | 1.54 | 514 |
| 10.05 | 7.02 | 9826 | 1.08 | 1.08 | 0.90 | 0.90 | 1.95 | 299 |
| 9.58 | (3.97) | 9420 | 1.02 | 1.02 | 0.90 | 0.90 | 1.72 | 197 |
| 7.31 | (19.06) | 15562 | 1.09 | 1.09 | 1.00 | 1.00 | 1.61 | 469 |
| 9.17 | (7.61) | 21031 | 1.01 | 1.01 | 1.00 | 1.00 | 1.29 | 382 |
| 10.53 | 10.66 | 20408 | 1.08 | 1.08 | 1.00 | 1.00 | 1.43 | 514 |
| 10.05 | 6.92 | 19624 | 1.18 | 1.18 | 1.00 | 1.00 | 1.85 | 299 |
| 9.58 | (4.07) | 20278 | 1.12 | 1.12 | 1.00 | 1.00 | 1.61 | 197 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>11</sub> |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **PIMCO International Bond Portfolio (Unhedged)** | December 31, 2022 |

---

---

| | |
|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) |  |
|  **Assets:** |  |
|  *Investments, at value* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 536 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 551 |
|  Cash | 10 |
|  Deposits with counterparty | 845 |
|  Foreign currency, at value | 172 |
|  Receivable for investments sold | 502 |
|  Receivable for investments sold on a delayed-delivery basis | 7 |
|  Receivable for TBA investments sold | 6972 |
|  Receivable for Portfolio shares sold | 1140 |
|  Interest and/or dividends receivable | 107 |
|  Dividends receivable from Affiliates | 2 |
|  **Total Assets** | 36461 |
|  **Liabilities:** |  |
|  *Borrowings & Other Financing Transactions* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for reverse repurchase agreements | $290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for short sales | 2518 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 583 |
|  Payable for investments purchased | 620 |
|  Payable for investments in Affiliates purchased | 2 |
|  Payable for TBA investments purchased | 7828 |
|  Payable for Portfolio shares redeemed | 15 |
|  Accrued investment advisory fees | 5 |
|  Accrued supervisory and administrative fees | 11 |
|  Accrued distribution fees | 4 |
|  Accrued servicing fees | 1 |
|  **Total Liabilities** | 11949 |
|  **Net Assets** | $24512 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | $28038 |
|  Distributable earnings (accumulated loss) | (3526) |
|  **Net Assets** | $24512 |
|  **Net Assets:** |  |
|  Institutional Class | $47 |
|  Administrative Class | 8903 |
|  Advisor Class | 15562 |
|  **Shares Issued and Outstanding:** |  |
|  Institutional Class | 6 |
|  Administrative Class | 1218 |
|  Advisor Class | 2128 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |
|  Institutional Class | $7.31 |
|  Administrative Class | 7.31 |
|  Advisor Class | 7.31 |
|  Cost of investments in securities | $27814 |
|  Cost of investments in Affiliates | $537 |
|  Cost of foreign currency held | $171 |
|  Proceeds received on short sales | $2510 |
|  Cost or premiums of financial derivative instruments, net | $(422) |
|  \* Includes repurchase agreements of: | $204 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Portfolio.

---

| | | |
|:---|:---|:---|
| **12** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Statement of Operations** | **PIMCO International Bond Portfolio (Unhedged)** |

---

---

| | |
|:---|:---|
| Year Ended December 31, 2022 | Year Ended December 31, 2022 |
| (Amounts in thousands<sup>†</sup>) | (Amounts in thousands<sup>†</sup>) |
|  **Investment Income:** |  |
|  Interest, net of foreign taxes\* | $671 |
|  Dividends from Investments in Affiliates | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 681 |
|  **Expenses:** |  |
|  Investment advisory fees | 63 |
|  Supervisory and administrative fees | 125 |
|  Distribution and/or servicing fees - Administrative Class | 12 |
|  Distribution and/or servicing fees - Advisor Class | 43 |
|  Trustee fees | 1 |
|  Interest expense | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 267 |
|  **Net Investment Income (Loss)** | 414 |
|  **Net Realized Gain (Loss):** |  |
|  Investments in securities | (1011) |
|  Investments in Affiliates | (15) |
|  Exchange-traded or centrally cleared financial derivative instruments | (790) |
|  Over the counter financial derivative instruments | (1225) |
|  Short sales | (1) |
|  Foreign currency | 184 |
|  **Net Realized Gain (Loss)** | (2858) |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in securities | (2818) |
|  Investments in Affiliates | 14 |
|  Exchange-traded or centrally cleared financial derivative instruments | (302) |
|  Over the counter financial derivative instruments | (91) |
|  Foreign currency assets and liabilities | 37 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | (3160) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5604) |
|  \* Foreign tax withholdings | $1 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>13</sub> |

---

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Statements of Changes in Net Assets** | **PIMCO International Bond Portfolio (Unhedged)** |

---

---

| | | |
|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2021** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
|  Net investment income (loss) | $414 | $409 |
|  Net realized gain (loss) | (2858) | (285) |
|  Net change in unrealized appreciation (depreciation) | (3160) | (2591) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | (5604) | (2467) |
|  **Distributions to Shareholders:** |  |  |
|  From net investment income and/or net realized capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (0) | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (58) | (565) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (108) | (1210) |
|  Tax basis return of capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (1) | (0) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (66) | (25) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (146) | (55) |
|  **Total Distributions<sup>(a)</sup>** | (379) | (1860) |
|  **Portfolio Share Transactions:** |  |  |
|  Net increase (decrease) resulting from Portfolio share transactions\* | (147) | 4045 |
|  **Total Increase (Decrease) in Net Assets** | (6130) | (282) |
|  **Net Assets:** |  |  |
|  Beginning of year | 30642 | 30924 |
|  End of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24512 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30642 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

\* See Note 13, Shares of Beneficial Interest, in the Notes to Financial Statements.

<sup>(a)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

---

| | | |
|:---|:---|:---|
| **14** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO International Bond Portfolio (Unhedged)** | December 31, 2022 |

---

**(Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)** 

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL**<br> **AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **INVESTMENTS IN SECURITIES 104.3%** | **INVESTMENTS IN SECURITIES 104.3%** | **INVESTMENTS IN SECURITIES 104.3%** |
| **ARGENTINA 0.0%** | **ARGENTINA 0.0%** | **ARGENTINA 0.0%** |
| **SOVEREIGN ISSUES 0.0%** | **SOVEREIGN ISSUES 0.0%** | **SOVEREIGN ISSUES 0.0%** |
|  **Argentina Government International Bond** | **Argentina Government International Bond** | **Argentina Government International Bond** |
|  0.500% due 07/09/2030 þ | 7 | 2 |
|  1.500% due 07/09/2035 þ | 5 | 1 |
|  **Provincia de Buenos Aires** | **Provincia de Buenos Aires** | **Provincia de Buenos Aires** |
|  72.913% due 04/12/2025 | 100 | 0 |
|  **Total Argentina (Cost $6)** | **Total Argentina (Cost $6)** | **3** |
| **AUSTRALIA 1.6%** | **AUSTRALIA 1.6%** | **AUSTRALIA 1.6%** |
| **CORPORATE BONDS & NOTES 0.4%** | **CORPORATE BONDS & NOTES 0.4%** | **CORPORATE BONDS & NOTES 0.4%** |
|  **Sydney Airport Finance Co. Pty. Ltd.** | **Sydney Airport Finance Co. Pty. Ltd.** | **Sydney Airport Finance Co. Pty. Ltd.** |
|  3.900% due 03/22/2023 | 100 | 100 |
| **SOVEREIGN ISSUES 1.2%** | **SOVEREIGN ISSUES 1.2%** | **SOVEREIGN ISSUES 1.2%** |
|  **Australia Government International Bond** | **Australia Government International Bond** | **Australia Government International Bond** |
|  0.500% due 09/21/2026 | 400 | 243 |
|  1.000% due 12/21/2030 | 100 | 55 |
|  |  | 298 |
|  **Total Australia (Cost $456)** | **Total Australia (Cost $456)** | **398** |
| **CANADA 0.2%** | **CANADA 0.2%** | **CANADA 0.2%** |
| **SOVEREIGN ISSUES 0.2%** | **SOVEREIGN ISSUES 0.2%** | **SOVEREIGN ISSUES 0.2%** |
|  **Canada Government International Bond** | **Canada Government International Bond** | **Canada Government International Bond** |
|  2.000% due 12/01/2051 | 100 | 56 |
|  **Total Canada (Cost $80)** | **Total Canada (Cost $80)** | **56** |
| **CAYMAN ISLANDS 8.3%** | **CAYMAN ISLANDS 8.3%** | **CAYMAN ISLANDS 8.3%** |
| **ASSET-BACKED SECURITIES 7.5%** | **ASSET-BACKED SECURITIES 7.5%** | **ASSET-BACKED SECURITIES 7.5%** |
|  **Apex Credit CLO Ltd.** | **Apex Credit CLO Ltd.** | **Apex Credit CLO Ltd.** |
|  5.736% due 09/20/2029 ~ | 165 | 162 |
|  **Arbor Realty Commercial Real Estate Notes Ltd.** | **Arbor Realty Commercial Real Estate Notes Ltd.** | **Arbor Realty Commercial Real Estate Notes Ltd.** |
|  5.257% due 01/15/2037 •  | 100 | 97 |
|  **AREIT Trust** | **AREIT Trust** | **AREIT Trust** |
|  5.419% due 11/17/2038 ~ | 71 | 68 |
|  **BDS Ltd.** | **BDS Ltd.** | **BDS Ltd.** |
|  5.689% due 12/16/2036 ~ | 100 | 97 |
|  **Brightspire Capital Ltd.** | **Brightspire Capital Ltd.** | **Brightspire Capital Ltd.** |
|  5.489% due 08/19/2038 ~ | 100 | 97 |
|  **Dryden Senior Loan Fund** | **Dryden Senior Loan Fund** | **Dryden Senior Loan Fund** |
|  5.099% due 04/15/2029 ~ | 91 | 90 |
|  **GPMT Ltd.** | **GPMT Ltd.** | **GPMT Ltd.** |
|  5.711% due 12/15/2036 •  | 100 | 97 |
|  **Halseypoint CLO Ltd.** | **Halseypoint CLO Ltd.** | **Halseypoint CLO Ltd.** |
|  5.343% due 07/20/2031 ~ | 100 | 98 |
|  **LoanCore Issuer Ltd.** | **LoanCore Issuer Ltd.** | **LoanCore Issuer Ltd.** |
|  5.358% due 01/17/2037 ~ | 100 | 97 |
|  5.618% due 11/15/2038 ~ | 100 | 96 |
|  **MF1 Ltd.** | **MF1 Ltd.** | **MF1 Ltd.** |
|  5.419% due 10/16/2036 •  | 100 | 96 |
|  5.426% due 07/16/2036 •  | 100 | 96 |
|  **Palmer Square Loan Funding Ltd.** | **Palmer Square Loan Funding Ltd.** | **Palmer Square Loan Funding Ltd.** |
|  5.043% due 07/20/2029 ~ | 114 | 112 |
|  **Starwood Commercial Mortgage Trust** | **Starwood Commercial Mortgage Trust** | **Starwood Commercial Mortgage Trust** |
|  5.526% due 04/18/2038 ~ | 100 | 97 |
|  **Starwood Mortgage Trust** | **Starwood Mortgage Trust** | **Starwood Mortgage Trust** |
|  5.157% due 11/15/2038 •  | 100 | 97 |
|  **TCI-Symphony CLO Ltd.** | **TCI-Symphony CLO Ltd.** | **TCI-Symphony CLO Ltd.** |
|  4.961% due 10/13/2032 •  | 100 | 98 |
|  **TPG Real Estate Finance Issuer Ltd.** | **TPG Real Estate Finance Issuer Ltd.** | **TPG Real Estate Finance Issuer Ltd.** |
|  5.458% due 02/15/2039 ~ | 100 | 98 |
|  **Venture CLO Ltd.** | **Venture CLO Ltd.** | **Venture CLO Ltd.** |
|  5.263% due 04/20/2029 ~ | 46 | 46 |
|  5.343% due 01/20/2029 •  | 97 | 95 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1834 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL**<br> **AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **CORPORATE BONDS & NOTES 0.8%** | **CORPORATE BONDS & NOTES 0.8%** | **CORPORATE BONDS & NOTES 0.8%** |
|  **Sands China Ltd.** | **Sands China Ltd.** | **Sands China Ltd.** |
|  5.900% due 08/08/2028 | 200 | 187 |
|  **Total Cayman Islands (Cost $2,083)** | **Total Cayman Islands (Cost $2,083)** | **2021** |
| **CHINA 2.3%** | **CHINA 2.3%** | **CHINA 2.3%** |
| **SOVEREIGN ISSUES 2.3%** | **SOVEREIGN ISSUES 2.3%** | **SOVEREIGN ISSUES 2.3%** |
|  **China Government International Bond** | **China Government International Bond** | **China Government International Bond** |
|  2.680% due 05/21/2030 | 1100 | 157 |
|  3.530% due 10/18/2051 | 800 | 121 |
|  3.720% due 04/12/2051 | 600 | 93 |
|  3.810% due 09/14/2050 | 1200 | 190 |
|  **Total China (Cost $603)** | **Total China (Cost $603)** | **561** |
| **DENMARK 2.6%** | **DENMARK 2.6%** | **DENMARK 2.6%** |
| **CORPORATE BONDS & NOTES 2.6%** | **CORPORATE BONDS & NOTES 2.6%** | **CORPORATE BONDS & NOTES 2.6%** |
|  **Jyske Realkredit AS** | **Jyske Realkredit AS** | **Jyske Realkredit AS** |
|  1.000% due 10/01/2050 | 1175 | 121 |
|  1.500% due 10/01/2053 | 99 | 10 |
|  **Nordea Kredit Realkreditaktieselskab** | **Nordea Kredit Realkreditaktieselskab** | **Nordea Kredit Realkreditaktieselskab** |
|  1.000% due 10/01/2050 | 2597 | 260 |
|  1.500% due 10/01/2053 | 98 | 11 |
|  **Nykredit Realkredit AS** | **Nykredit Realkredit AS** | **Nykredit Realkredit AS** |
|  1.000% due 10/01/2050 | 1170 | 122 |
|  1.500% due 10/01/2053 | 489 | 54 |
|  **Realkredit Danmark AS** | **Realkredit Danmark AS** | **Realkredit Danmark AS** |
|  1.000% due 10/01/2050 | 290 | 31 |
|  1.500% due 10/01/2053 | 195 | 22 |
|  **Total Denmark (Cost $905)** | **Total Denmark (Cost $905)** | **631** |
| **FRANCE 2.0%** | **FRANCE 2.0%** | **FRANCE 2.0%** |
| **SOVEREIGN ISSUES 2.0%** | **SOVEREIGN ISSUES 2.0%** | **SOVEREIGN ISSUES 2.0%** |
|  **France Government International Bond** | **France Government International Bond** | **France Government International Bond** |
|  0.500% due 05/25/2072 | 50 | 20 |
|  0.750% due 05/25/2052 | 250 | 141 |
|  2.000% due 05/25/2048 | 220 | 182 |
|  3.250% due 05/25/2045 | 140 | 148 |
|  **Total France (Cost $740)** | **Total France (Cost $740)** | **491** |
| **GERMANY 1.9%** | **GERMANY 1.9%** | **GERMANY 1.9%** |
| **CORPORATE BONDS & NOTES 1.9%** | **CORPORATE BONDS & NOTES 1.9%** | **CORPORATE BONDS & NOTES 1.9%** |
|  **Deutsche Bank AG** | **Deutsche Bank AG** | **Deutsche Bank AG** |
|  1.625% due 01/20/2027 | 100 | 95 |
|  1.750% due 11/19/2030 •  | 100 | 84 |
|  2.625% due 02/12/2026 | 200 | 202 |
|  **IHO Verwaltungs GmbH (3.625% Cash or 4.375% PIK)** | **IHO Verwaltungs GmbH (3.625% Cash or 4.375% PIK)** | **IHO Verwaltungs GmbH (3.625% Cash or 4.375% PIK)** |
|  3.625% due 05/15/2025 (c) | 100 | 98 |
|  **Total Germany (Cost $599)** | **Total Germany (Cost $599)** | **479** |
| **IRELAND 2.1%** | **IRELAND 2.1%** | **IRELAND 2.1%** |
| **ASSET-BACKED SECURITIES 1.7%** | **ASSET-BACKED SECURITIES 1.7%** | **ASSET-BACKED SECURITIES 1.7%** |
|  **Man GLG Euro CLO DAC** | **Man GLG Euro CLO DAC** | **Man GLG Euro CLO DAC** |
|  2.248% due 01/15/2030 •  | 143 | 149 |
|  2.736% due 12/15/2031 ~ | 250 | 260 |
|  |  | 409 |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES 0.4%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 0.4%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 0.4%** |
|  **Shamrock Residential DAC** | **Shamrock Residential DAC** | **Shamrock Residential DAC** |
|  2.744% due 01/24/2061 ~ | 90 | 94 |
|  **Total Ireland (Cost $552)** | **Total Ireland (Cost $552)** | **503** |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL**<br> **AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **ISRAEL 0.2%** | **ISRAEL 0.2%** | **ISRAEL 0.2%** |
| **SOVEREIGN ISSUES 0.2%** | **SOVEREIGN ISSUES 0.2%** | **SOVEREIGN ISSUES 0.2%** |
|  **Israel Government International Bond** | **Israel Government International Bond** | **Israel Government International Bond** |
|  2.000% due 03/31/2027 | 200 | 53 |
|  **Total Israel (Cost $62)** | **Total Israel (Cost $62)** | **53** |
| **ITALY 0.8%** | **ITALY 0.8%** | **ITALY 0.8%** |
| **SOVEREIGN ISSUES 0.8%** | **SOVEREIGN ISSUES 0.8%** | **SOVEREIGN ISSUES 0.8%** |
|  **Italy Buoni Poliennali Del Tesoro** | **Italy Buoni Poliennali Del Tesoro** | **Italy Buoni Poliennali Del Tesoro** |
|  0.950% due 12/01/2031 | 100 | 80 |
|  **Italy Government International Bond** | **Italy Government International Bond** | **Italy Government International Bond** |
|  6.000% due 08/04/2028 | 100 | 122 |
|  **Total Italy (Cost $235)** | **Total Italy (Cost $235)** | **202** |
| **JAPAN 6.4%** | **JAPAN 6.4%** | **JAPAN 6.4%** |
| **SOVEREIGN ISSUES 6.4%** | **SOVEREIGN ISSUES 6.4%** | **SOVEREIGN ISSUES 6.4%** |
|  **Japan Finance Organization for Municipalities** | **Japan Finance Organization for Municipalities** | **Japan Finance Organization for Municipalities** |
|  0.625% due 09/02/2025 | 200 | 179 |
|  **Japan Government International Bond** | **Japan Government International Bond** | **Japan Government International Bond** |
|  0.100% due 03/10/2028 (f) | 31446 | 248 |
|  0.300% due 06/20/2046 | 25000 | 148 |
|  0.500% due 09/20/2046 | 47750 | 297 |
|  0.700% due 12/20/2048 | 35750 | 226 |
|  0.700% due 06/20/2051 | 9650 | 59 |
|  0.700% due 09/20/2051 | 4000 | 25 |
|  1.200% due 09/20/2035 | 47450 | 377 |
|  **Total Japan (Cost $2,096)** | **Total Japan (Cost $2,096)** | **1559** |
| **MALAYSIA 0.6%** | **MALAYSIA 0.6%** | **MALAYSIA 0.6%** |
| **SOVEREIGN ISSUES 0.6%** | **SOVEREIGN ISSUES 0.6%** | **SOVEREIGN ISSUES 0.6%** |
|  **Malaysia Government International Bond** | **Malaysia Government International Bond** | **Malaysia Government International Bond** |
|  3.480% due 03/15/2023 | 600 | 136 |
|  **Total Malaysia (Cost $127)** | **Total Malaysia (Cost $127)** | **136** |
| **PERU 1.0%** | **PERU 1.0%** | **PERU 1.0%** |
| **SOVEREIGN ISSUES 1.0%** | **SOVEREIGN ISSUES 1.0%** | **SOVEREIGN ISSUES 1.0%** |
|  **Peru Government International Bond** | **Peru Government International Bond** | **Peru Government International Bond** |
|  5.350% due 08/12/2040 | 100 | 20 |
|  5.940% due 02/12/2029 | 173 | 42 |
|  6.350% due 08/12/2028 | 700 | 175 |
|  6.950% due 08/12/2031 | 79 | 20 |
|  **Total Peru (Cost $333)** | **Total Peru (Cost $333)** | **257** |
| **ROMANIA 0.5%** | **ROMANIA 0.5%** | **ROMANIA 0.5%** |
| **SOVEREIGN ISSUES 0.5%** | **SOVEREIGN ISSUES 0.5%** | **SOVEREIGN ISSUES 0.5%** |
|  **Romania Government International Bond** | **Romania Government International Bond** | **Romania Government International Bond** |
|  2.000% due 04/14/2033 | 50 | 35 |
|  2.124% due 07/16/2031 | 100 | 74 |
|  2.750% due 04/14/2041 | 15 | 9 |
|  **Total Romania (Cost $198)** | **Total Romania (Cost $198)** | **118** |
| **SERBIA 0.3%** | **SERBIA 0.3%** | **SERBIA 0.3%** |
| **SOVEREIGN ISSUES 0.3%** | **SOVEREIGN ISSUES 0.3%** | **SOVEREIGN ISSUES 0.3%** |
|  **Serbia Government International Bond** | **Serbia Government International Bond** | **Serbia Government International Bond** |
|  1.000% due 09/23/2028 | 100 | 77 |
|  **Total Serbia (Cost $116)** | **Total Serbia (Cost $116)** | **77** |
| **SOUTH KOREA 2.1%** | **SOUTH KOREA 2.1%** | **SOUTH KOREA 2.1%** |
| **SOVEREIGN ISSUES 2.1%** | **SOVEREIGN ISSUES 2.1%** | **SOVEREIGN ISSUES 2.1%** |
|  **Korea Government International Bond** | **Korea Government International Bond** | **Korea Government International Bond** |
|  2.125% due 06/10/2027 | 65000 | 48 |
|  2.375% due 12/10/2027 | 80000 | 59 |
|  2.375% due 12/10/2028 | 330000 | 242 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **15** |

---

------

##### [**Table of Contents**](#toc)

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| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO International Bond Portfolio (Unhedged)** | **(Cont.)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL**<br> **AMOUNT<br>(000S)** | **PRINCIPAL**<br> **AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  2.625% due 06/10/2028 |  | 130000 | 97 |
|  5.500% due 03/10/2028 |  | 80000 | 69 |
|  **Total South Korea (Cost $628)** | **Total South Korea (Cost $628)** | **Total South Korea (Cost $628)** | **515** |
| **SPAIN 0.9%** | **SPAIN 0.9%** | **SPAIN 0.9%** | **SPAIN 0.9%** |
| **SOVEREIGN ISSUES 0.9%** | **SOVEREIGN ISSUES 0.9%** | **SOVEREIGN ISSUES 0.9%** | **SOVEREIGN ISSUES 0.9%** |
|  **Spain Government International Bond** | **Spain Government International Bond** | **Spain Government International Bond** | **Spain Government International Bond** |
|  0.850% due 07/30/2037 |  | 100 | 71 |
|  1.450% due 10/31/2071 |  | 75 | 37 |
|  3.450% due 07/30/2066 |  | 120 | 113 |
|  **Total Spain (Cost $326)** | **Total Spain (Cost $326)** | **Total Spain (Cost $326)** | **221** |
| **THAILAND 0.5%** | **THAILAND 0.5%** | **THAILAND 0.5%** | **THAILAND 0.5%** |
| **SOVEREIGN ISSUES 0.5%** | **SOVEREIGN ISSUES 0.5%** | **SOVEREIGN ISSUES 0.5%** | **SOVEREIGN ISSUES 0.5%** |
|  **Thailand Government International Bond** | **Thailand Government International Bond** | **Thailand Government International Bond** | **Thailand Government International Bond** |
|  3.390% due 06/17/2037 |  | 799 | 24 |
|  3.450% due 06/17/2043 |  | 3200 | 94 |
|  **Total Thailand (Cost $111)** | **Total Thailand (Cost $111)** | **Total Thailand (Cost $111)** | **118** |
| **UNITED KINGDOM 8.0%** | **UNITED KINGDOM 8.0%** | **UNITED KINGDOM 8.0%** | **UNITED KINGDOM 8.0%** |
| **CORPORATE BONDS & NOTES 2.8%** | **CORPORATE BONDS & NOTES 2.8%** | **CORPORATE BONDS & NOTES 2.8%** | **CORPORATE BONDS & NOTES 2.8%** |
|  **HSBC Holdings PLC** | **HSBC Holdings PLC** | **HSBC Holdings PLC** | **HSBC Holdings PLC** |
|  4.041% due 03/13/2028 •  | $— | 200 | 185 |
|  **Marks & Spencer PLC** | **Marks & Spencer PLC** | **Marks & Spencer PLC** | **Marks & Spencer PLC** |
|  4.250% due 12/08/2023 |  | 100 | 119 |
|  **Nationwide Building Society** | **Nationwide Building Society** | **Nationwide Building Society** | **Nationwide Building Society** |
|  4.363% due 08/01/2024 •  | $— | 200 | 197 |
|  **NatWest Group PLC** | **NatWest Group PLC** | **NatWest Group PLC** | **NatWest Group PLC** |
|  5.076% due 01/27/2030 •  |  | 200 | 189 |
|  |  |  | 690 |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES 3.7%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 3.7%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 3.7%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 3.7%** |
|  **Avon Finance PLC** | **Avon Finance PLC** | **Avon Finance PLC** | **Avon Finance PLC** |
|  4.331% due 09/20/2048 •  |  | 66 | 78 |
|  **Eurosail PLC** | **Eurosail PLC** | **Eurosail PLC** | **Eurosail PLC** |
|  2.165% due 03/13/2045 •  |  | 5 | 5 |
|  3.671% due 03/13/2045 •  |  | 9 | 11 |
|  **Mansard Mortgages PLC** | **Mansard Mortgages PLC** | **Mansard Mortgages PLC** | **Mansard Mortgages PLC** |
|  4.172% due 12/15/2049 •  |  | 45 | 52 |
|  **Newgate Funding PLC** | **Newgate Funding PLC** | **Newgate Funding PLC** | **Newgate Funding PLC** |
|  4.796% due 12/15/2050 •  |  | 82 | 92 |
|  **Residential Mortgage Securities PLC** | **Residential Mortgage Securities PLC** | **Residential Mortgage Securities PLC** | **Residential Mortgage Securities PLC** |
|  4.681% due 06/20/2070 ~ |  | 66 | 79 |
|  **Ripon Mortgages PLC** | **Ripon Mortgages PLC** | **Ripon Mortgages PLC** | **Ripon Mortgages PLC** |
|  4.011% due 08/28/2056 •  |  | 172 | 204 |
|  **RMAC Securities PLC** | **RMAC Securities PLC** | **RMAC Securities PLC** | **RMAC Securities PLC** |
|  2.140% due 06/12/2044 •  |  | 63 | 63 |
|  3.676% due 06/12/2044 •  |  | 73 | 81 |
|  **Silverstone Master Issuer PLC** | **Silverstone Master Issuer PLC** | **Silverstone Master Issuer PLC** | **Silverstone Master Issuer PLC** |
|  3.701% due 01/21/2070 •  |  | 48 | 58 |
|  **Stratton Mortgage Funding PLC** | **Stratton Mortgage Funding PLC** | **Stratton Mortgage Funding PLC** | **Stratton Mortgage Funding PLC** |
|  3.826% due 07/20/2060 •  |  | 73 | 87 |
|  **Trinity Square PLC** | **Trinity Square PLC** | **Trinity Square PLC** | **Trinity Square PLC** |
|  3.729% due 07/15/2059 ~ |  | 72 | 86 |
|  |  |  | 896 |
| **SOVEREIGN ISSUES 1.5%** | **SOVEREIGN ISSUES 1.5%** | **SOVEREIGN ISSUES 1.5%** | **SOVEREIGN ISSUES 1.5%** |
|  **United Kingdom Gilt** | **United Kingdom Gilt** | **United Kingdom Gilt** | **United Kingdom Gilt** |
|  1.250% due 07/31/2051 |  | 100 | 65 |
|  1.500% due 07/31/2053 |  | 100 | 69 |
|  1.750% due 01/22/2049 |  | 100 | 78 |
|  3.250% due 01/22/2044 |  | 150 | 161 |
|  |  |  | 373 |
|  **Total United Kingdom (Cost $2,303)** | **Total United Kingdom (Cost $2,303)** | **Total United Kingdom (Cost $2,303)** | **1959** |

---

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL**<br> **AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **UNITED STATES 36.7%** | **UNITED STATES 36.7%** | **UNITED STATES 36.7%** |
| **ASSET-BACKED SECURITIES 5.1%** | **ASSET-BACKED SECURITIES 5.1%** | **ASSET-BACKED SECURITIES 5.1%** |
|  **Citigroup Mortgage Loan Trust** | **Citigroup Mortgage Loan Trust** | **Citigroup Mortgage Loan Trust** |
|  4.779% due 06/25/2037 •  | 129 | 127 |
|  **Countrywide Asset-Backed Certificates** | **Countrywide Asset-Backed Certificates** | **Countrywide Asset-Backed Certificates** |
|  4.869% due 04/25/2037 •  | 32 | 26 |
|  **Countrywide Asset-Backed Certificates Trust** | **Countrywide Asset-Backed Certificates Trust** | **Countrywide Asset-Backed Certificates Trust** |
|  4.529% due 07/25/2037 ~ | 14 | 13 |
|  4.609% due 06/25/2047 •  | 199 | 190 |
|  5.049% due 08/25/2035 •  | 77 | 75 |
|  **LCCM Trust** | **LCCM Trust** | **LCCM Trust** |
|  5.518% due 12/13/2038 ~ | 100 | 97 |
|  **LMREC LLC** | **LMREC LLC** | **LMREC LLC** |
|  5.436% due 04/22/2037 ~ | 45 | 45 |
|  **Nomura Home Equity Loan, Inc. Home Equity Loan Trust** | **Nomura Home Equity Loan, Inc. Home Equity Loan Trust** | **Nomura Home Equity Loan, Inc. Home Equity Loan Trust** |
|  5.019% due 02/25/2036 ~ | 100 | 90 |
|  **PRET LLC** | **PRET LLC** | **PRET LLC** |
|  1.843% due 09/25/2051 þ | 81 | 73 |
|  **Renaissance Home Equity Loan Trust** | **Renaissance Home Equity Loan Trust** | **Renaissance Home Equity Loan Trust** |
|  6.939% due 12/25/2032 •  | 23 | 21 |
|  **Saxon Asset Securities Trust** | **Saxon Asset Securities Trust** | **Saxon Asset Securities Trust** |
|  6.139% due 12/25/2037 ~ | 50 | 42 |
|  **SG Mortgage Securities Trust** | **SG Mortgage Securities Trust** | **SG Mortgage Securities Trust** |
|  4.539% due 10/25/2036 •  | 125 | 112 |
|  **SMB Private Education Loan Trust** | **SMB Private Education Loan Trust** | **SMB Private Education Loan Trust** |
|  1.290% due 07/15/2053 | 49 | 43 |
|  4.668% due 02/16/2055 •  | 91 | 88 |
|  **Structured Asset Investment Loan Trust** | **Structured Asset Investment Loan Trust** | **Structured Asset Investment Loan Trust** |
|  6.114% due 10/25/2034 ~ | 116 | 112 |
|  **Structured Asset Securities Corp. Mortgage Loan Trust** | **Structured Asset Securities Corp. Mortgage Loan Trust** | **Structured Asset Securities Corp. Mortgage Loan Trust** |
|  4.524% due 07/25/2036 •  | 3 | 3 |
|  **Terwin Mortgage Trust** | **Terwin Mortgage Trust** | **Terwin Mortgage Trust** |
|  5.329% due 11/25/2033 •  | 1 | 1 |
|  **Toyota Auto Loan Extended Note Trust** | **Toyota Auto Loan Extended Note Trust** | **Toyota Auto Loan Extended Note Trust** |
|  2.560% due 11/25/2031 | 100 | 96 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1254 |
| **CORPORATE BONDS & NOTES 3.7%** | **CORPORATE BONDS & NOTES 3.7%** | **CORPORATE BONDS & NOTES 3.7%** |
|  **7-Eleven, Inc.** | **7-Eleven, Inc.** | **7-Eleven, Inc.** |
|  0.625% due 02/10/2023 | 100 | 99 |
|  **Boeing Co.** | **Boeing Co.** | **Boeing Co.** |
|  1.433% due 02/04/2024 | 100 | 96 |
|  **Citigroup, Inc.** | **Citigroup, Inc.** | **Citigroup, Inc.** |
|  3.785% due 03/17/2033 •(g) | 100 | 86 |
|  **Ford Motor Credit Co. LLC** | **Ford Motor Credit Co. LLC** | **Ford Motor Credit Co. LLC** |
|  1.514% due 02/17/2023 | 100 | 107 |
|  **Goldman Sachs Group, Inc.** | **Goldman Sachs Group, Inc.** | **Goldman Sachs Group, Inc.** |
|  3.102% due 02/24/2033 •  | 100 | 81 |
|  3.615% due 03/15/2028 •  | 100 | 93 |
|  **JPMorgan Chase & Co.** | **JPMorgan Chase & Co.** | **JPMorgan Chase & Co.** |
|  2.947% due 02/24/2028 •  | 100 | 91 |
|  **Nissan Motor Acceptance Co. LLC** | **Nissan Motor Acceptance Co. LLC** | **Nissan Motor Acceptance Co. LLC** |
|  1.850% due 09/16/2026 | 100 | 84 |
|  **Oracle Corp.** | **Oracle Corp.** | **Oracle Corp.** |
|  2.875% due 03/25/2031 (g) | 100 | 83 |
|  **Penske Truck Leasing Co. LP** | **Penske Truck Leasing Co. LP** | **Penske Truck Leasing Co. LP** |
|  3.950% due 03/10/2025 | 100 | 96 |
|  |  | 916 |
| **LOAN PARTICIPATIONS AND ASSIGNMENTS 0.4%** | **LOAN PARTICIPATIONS AND ASSIGNMENTS 0.4%** | **LOAN PARTICIPATIONS AND ASSIGNMENTS 0.4%** |
|  **Charter Communications Operating LLC** | **Charter Communications Operating LLC** | **Charter Communications Operating LLC** |
|  6.140% (LIBOR01M + 1.750%) due 02/01/2027 ~ | 94 | 92 |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES 7.9%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 7.9%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 7.9%** |
|  **Bear Stearns ALT-A Trust** | **Bear Stearns ALT-A Trust** | **Bear Stearns ALT-A Trust** |
|  3.586% due 11/25/2036 ^~ | 53 | 29 |
|  **BIG Commercial Mortgage Trust** | **BIG Commercial Mortgage Trust** | **BIG Commercial Mortgage Trust** |
|  5.678% due 02/15/2039 •  | 100 | 96 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL**<br> **AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Chase Mortgage Finance Trust** | **Chase Mortgage Finance Trust** | **Chase Mortgage Finance Trust** |
|  3.718% due 07/25/2037 ~ | 2 | 2 |
|  **Citigroup Mortgage Loan Trust** | **Citigroup Mortgage Loan Trust** | **Citigroup Mortgage Loan Trust** |
|  3.000% due 11/27/2051 ~ | 91 | 77 |
|  3.790% due 09/25/2035 ~ | 1 | 1 |
|  **Countrywide Alternative Loan Resecuritization Trust** | **Countrywide Alternative Loan Resecuritization Trust** | **Countrywide Alternative Loan Resecuritization Trust** |
|  6.000% due 08/25/2037 ^~ | 108 | 56 |
|  **Countrywide Alternative Loan Trust** | **Countrywide Alternative Loan Trust** | **Countrywide Alternative Loan Trust** |
|  5.089% due 05/25/2036 ~ | 188 | 89 |
|  **Countrywide Home Loan Mortgage Pass-Through Trust** | **Countrywide Home Loan Mortgage Pass-Through Trust** | **Countrywide Home Loan Mortgage Pass-Through Trust** |
|  6.500% due 11/25/2047 | 46 | 25 |
|  **Deutsche ALT-A Securities, Inc. Mortgage Loan Trust** | **Deutsche ALT-A Securities, Inc. Mortgage Loan Trust** | **Deutsche ALT-A Securities, Inc. Mortgage Loan Trust** |
|  4.769% due 08/25/2047 •  | 77 | 60 |
|  **DROP Mortgage Trust** | **DROP Mortgage Trust** | **DROP Mortgage Trust** |
|  5.470% due 10/15/2043 •  | 100 | 95 |
|  **Extended Stay America Trust** | **Extended Stay America Trust** | **Extended Stay America Trust** |
|  5.398% due 07/15/2038 ~ | 98 | 95 |
|  **First Horizon Mortgage Pass-Through Trust** | **First Horizon Mortgage Pass-Through Trust** | **First Horizon Mortgage Pass-Through Trust** |
|  2.848% due 05/25/2037 ^~ | 9 | 4 |
|  **GS Mortgage-Backed Securities Trust** | **GS Mortgage-Backed Securities Trust** | **GS Mortgage-Backed Securities Trust** |
|  2.500% due 01/25/2052 ~ | 89 | 72 |
|  2.500% due 07/25/2052 ~ | 92 | 74 |
|  3.000% due 09/25/2052 ~ | 96 | 80 |
|  **GSR Mortgage Loan Trust** | **GSR Mortgage Loan Trust** | **GSR Mortgage Loan Trust** |
|  3.061% due 11/25/2035 ~ | 11 | 11 |
|  **HarborView Mortgage Loan Trust** | **HarborView Mortgage Loan Trust** | **HarborView Mortgage Loan Trust** |
|  4.899% due 02/19/2036 •  | 128 | 68 |
|  **Impac CMB Trust** | **Impac CMB Trust** | **Impac CMB Trust** |
|  5.109% due 10/25/2034 ~ | 17 | 16 |
|  **IndyMac INDX Mortgage Loan Trust** | **IndyMac INDX Mortgage Loan Trust** | **IndyMac INDX Mortgage Loan Trust** |
|  4.869% due 07/25/2035 •  | 9 | 8 |
|  **JP Morgan Alternative Loan Trust** | **JP Morgan Alternative Loan Trust** | **JP Morgan Alternative Loan Trust** |
|  4.141% due 12/25/2035 ^~ | 30 | 22 |
|  **JP Morgan Mortgage Trust** | **JP Morgan Mortgage Trust** | **JP Morgan Mortgage Trust** |
|  3.000% due 12/25/2051 ~ | 88 | 73 |
|  3.000% due 01/25/2052 ~ | 176 | 147 |
|  3.000% due 03/25/2052 ~ | 92 | 77 |
|  3.000% due 05/25/2052 ~ | 179 | 150 |
|  3.478% due 02/25/2036 ^~ | 6 | 4 |
|  **Mellon Residential Funding Corp. Mortgage Pass-Through Trust** | **Mellon Residential Funding Corp. Mortgage Pass-Through Trust** | **Mellon Residential Funding Corp. Mortgage Pass-Through Trust** |
|  5.178% due 08/15/2032 •  | 10 | 9 |
|  **Merrill Lynch Mortgage Investors Trust** | **Merrill Lynch Mortgage Investors Trust** | **Merrill Lynch Mortgage Investors Trust** |
|  3.046% due 02/25/2035 ~ | 3 | 2 |
|  **New Residential Mortgage Loan Trust** | **New Residential Mortgage Loan Trust** | **New Residential Mortgage Loan Trust** |
|  2.750% due 07/25/2059 ~ | 51 | 47 |
|  2.750% due 11/25/2059 ~ | 52 | 48 |
|  **Structured Asset Securities Corp.** | **Structured Asset Securities Corp.** | **Structured Asset Securities Corp.** |
|  4.669% due 01/25/2036 ~ | 12 | 11 |
|  **Thornburg Mortgage Securities Trust** | **Thornburg Mortgage Securities Trust** | **Thornburg Mortgage Securities Trust** |
|  6.666% due 06/25/2047 ^•  | 4 | 4 |
|  **Towd Point Mortgage Trust** | **Towd Point Mortgage Trust** | **Towd Point Mortgage Trust** |
|  2.710% due 01/25/2060 ~ | 42 | 39 |
|  2.900% due 10/25/2059 ~ | 137 | 128 |
|  5.389% due 05/25/2058 ~ | 26 | 26 |
|  **UWM Mortgage Trust** | **UWM Mortgage Trust** | **UWM Mortgage Trust** |
|  2.500% due 11/25/2051 ~ | 91 | 74 |
|  2.500% due 12/25/2051 ~ | 92 | 74 |
|  **WaMu Mortgage Pass-Through Certificates Trust** | **WaMu Mortgage Pass-Through Certificates Trust** | **WaMu Mortgage Pass-Through Certificates Trust** |
|  2.585% due 03/25/2034 ~ | 21 | 20 |
|  2.868% due 03/25/2035 ~ | 16 | 16 |
|  3.565% due 09/25/2036 ~ | 5 | 5 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1934 |
| **U.S. GOVERNMENT AGENCIES 14.8%** | **U.S. GOVERNMENT AGENCIES 14.8%** | **U.S. GOVERNMENT AGENCIES 14.8%** |
|  **Fannie Mae** | **Fannie Mae** | **Fannie Mae** |
|  3.500% due 01/01/2059 | 48 | 44 |
|  **Freddie Mac** | **Freddie Mac** | **Freddie Mac** |
|  0.096% due 01/15/2038 ~(a) | 17 | 1 |
|  3.358% due 01/15/2038 •  | 17 | 18 |
|  4.918% due 12/15/2037 ~ | 1 | 1 |
|  **Uniform Mortgage-Backed Security** | **Uniform Mortgage-Backed Security** | **Uniform Mortgage-Backed Security** |
|  2.500% due 01/01/2052 | 96 | 82 |

---

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| | | |
|:---|:---|:---|
| **16** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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------

##### [**Table of Contents**](#toc)
December 31, 2022

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL**<br> **AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.000% due 10/01/2049 | 72 | 64 |
|  3.500% due 10/01/2039 - 07/01/2050 | 44 | 40 |
|  4.000% due 06/01/2050 | 32 | 30 |
|  **Uniform Mortgage-Backed Security, TBA** | **Uniform Mortgage-Backed Security, TBA** | **Uniform Mortgage-Backed Security, TBA** |
|  3.000% due 02/01/2053 | 1100 | 966 |
|  3.500% due 02/01/2053 | 400 | 364 |
|  4.000% due 01/01/2053 | 600 | 563 |
|  4.500% due 02/01/2053 | 1300 | 1251 |
|  6.000% due 02/01/2053 | 200 | 203 |
|  |  | 3627 |
| **U.S. TREASURY OBLIGATIONS 4.8%** | **U.S. TREASURY OBLIGATIONS 4.8%** | **U.S. TREASURY OBLIGATIONS 4.8%** |
|  **U.S. Treasury Inflation Protected Securities (f)** | **U.S. Treasury Inflation Protected Securities (f)** | **U.S. Treasury Inflation Protected Securities (f)** |
|  0.125% due 07/15/2031 | 56 | 49 |
|  0.500% due 01/15/2028 | 604 | 568 |
|  2.500% due 01/15/2029 (l) | 139 | 145 |
|  **U.S. Treasury Notes** | **U.S. Treasury Notes** | **U.S. Treasury Notes** |
|  2.875% due 04/30/2025 (i) | 300 | 290 |
|  4.250% due 12/31/2024 (b) | 120 | 120 |
|  |  | 1172 |
|  **Total United States (Cost $9,455)** | **Total United States (Cost $9,455)** | **8995** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **PRINCIPAL**<br> **AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **SHORT-TERM INSTRUMENTS 25.3%** | **SHORT-TERM INSTRUMENTS 25.3%** | **SHORT-TERM INSTRUMENTS 25.3%** | **SHORT-TERM INSTRUMENTS 25.3%** | **SHORT-TERM INSTRUMENTS 25.3%** |
| **REPURCHASE AGREEMENTS (h) 0.8%** | **REPURCHASE AGREEMENTS (h) 0.8%** | **REPURCHASE AGREEMENTS (h) 0.8%** | **REPURCHASE AGREEMENTS (h) 0.8%** | **REPURCHASE AGREEMENTS (h) 0.8%** |
|  |  |  | $— | 204 |
| **HUNGARY TREASURY BILLS 0.8%** | **HUNGARY TREASURY BILLS 0.8%** | **HUNGARY TREASURY BILLS 0.8%** | **HUNGARY TREASURY BILLS 0.8%** | **HUNGARY TREASURY BILLS 0.8%** |
|  18.250% due 01/03/2023 (d)(e) | HUF | 70000 |  | 188 |
| **ISRAEL TREASURY BILLS 2.6%** | **ISRAEL TREASURY BILLS 2.6%** | **ISRAEL TREASURY BILLS 2.6%** | **ISRAEL TREASURY BILLS 2.6%** | **ISRAEL TREASURY BILLS 2.6%** |
|  0.661% due 01/04/2023 - 04/05/2023 (d)(e) | ILS | 2246 |  | 636 |
| **JAPAN TREASURY BILLS 21.1%** |  |  |  |  |
|  (0.163)% due 01/06/2023 - 03/13/2023 (d)(e) | JPY | 680000 |  | 5182 |
| **Total Short-Term Instruments<br>(Cost $5,800)** | **Total Short-Term Instruments<br>(Cost $5,800)** | **Total Short-Term Instruments<br>(Cost $5,800)** |  | **6210** |
| **Total Investments in Securities<br>(Cost $27,814)** | **Total Investments in Securities<br>(Cost $27,814)** | **Total Investments in Securities<br>(Cost $27,814)** |  | **25563** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **INVESTMENTS IN AFFILIATES 2.2%** | **INVESTMENTS IN AFFILIATES 2.2%** | **INVESTMENTS IN AFFILIATES 2.2%** | **INVESTMENTS IN AFFILIATES 2.2%** |
| **SHORT-TERM INSTRUMENTS 2.2%** | **SHORT-TERM INSTRUMENTS 2.2%** | **SHORT-TERM INSTRUMENTS 2.2%** | **SHORT-TERM INSTRUMENTS 2.2%** |
| **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 2.2%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 2.2%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 2.2%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 2.2%** |
|  **PIMCO Short Asset Portfolio** | 1524 | $— | 14 |
|  **PIMCO Short-Term<br>Floating NAV Portfolio III** | 53690 |  | 522 |
| **Total Short-Term Instruments<br>(Cost $537)** | **Total Short-Term Instruments<br>(Cost $537)** |  | **536** |
| **Total Investments in Affiliates<br>(Cost $537)** | **Total Investments in Affiliates<br>(Cost $537)** |  | **536** |
| **Total Investments 106.5%<br>(Cost $28,351)** | **Total Investments 106.5%<br>(Cost $28,351)** | $— | **26099** |
|  **Financial Derivative<br>Instruments (j)(k) (0.2)%**<br> **(Cost or Premiums, net $(422))** | **Financial Derivative<br>Instruments (j)(k) (0.2)%**<br> **(Cost or Premiums, net $(422))** |  | **(50)** |
| **Other Assets and Liabilities, net (6.3)%** | **Other Assets and Liabilities, net (6.3)%** |  | **(1537)** |
| **Net Assets 100.0%** | **Net Assets 100.0%** | $— | **24512** |

---

**NOTES TO SCHEDULE OF INVESTMENTS:** 

**\*** **A zero balance may reflect actual amounts rounding to less than one thousand.** 

---

| | |
|:---|:---|
| **^** | **Security is in default.**  |

---

---

| | |
|:---|:---|
| **~** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.**  |

---

**•** **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** 

---

| | |
|:---|:---|
| **Þ** | **Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.**  |

---

**(a)** **Security is an Interest Only ("IO") or IO Strip.** 

**(b)** **When-issued security.** 

**(c)** **Payment in-kind security.** 

**(d)** **Coupon represents a weighted average yield to maturity.** 

**(e)** **Zero coupon security.** 

**(f)** **Principal amount of security is adjusted for inflation.** 

&nbsp;&nbsp;&nbsp;&nbsp;**(g) RESTRICTED SECURITIES:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Description** | **Coupon** | **Maturity<br>Date** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Market Value<br>as Percentage<br>of Net Assets** |
|  Citigroup, Inc. | 3.785% | 03/17/2033 | 03/10/2022 | $100 | $86 | 0.35% |
|  Oracle Corp. | 2.875 | 03/25/2031 | 03/22/2021 | 100 | 83 | 0.34 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169 | 0.69% |

---

**BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;**(h) REPURCHASE AGREEMENTS:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Lending<br>Rate** | **Settlement<br>Date** | **Maturity<br>Date** | **Principal<br>Amount** | **Collateralized By** | **Collateral<br>(Received)** | **Repurchase<br>Agreements,<br>at Value** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** |
| FICC | 1.900% | 12/30/2022 | 01/03/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204 | U.S. Treasury Bills 0.000% due 06/29/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(208) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** |  | $**(208)** | $**204** | $**204** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **17** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO International Bond Portfolio (Unhedged)** | **(Cont.)** |

---

**REVERSE REPURCHASE AGREEMENTS:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Borrowing<br>Rate<sup>(2)</sup>** | **Settlement<br>Date** | **Maturity<br>Date** | **Amount<br>Borrowed<sup>(2)</sup>** | **Payable for<br>Reverse<br>Repurchase<br>Agreements** |
|  BSN | 4.150% | 11/03/2022 | 01/04/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(288) | $(290) |
|  **Total Reverse Repurchase Agreements** | **Total Reverse Repurchase Agreements** | **Total Reverse Repurchase Agreements** |  |  | $**(290)** |

---

**SHORT SALES:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **Proceeds** | **Payable for<br>Short Sales** |
|  United States (10.3)% | United States (10.3)% | United States (10.3)% | United States (10.3)% | United States (10.3)% | United States (10.3)% |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (10.3)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (10.3)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (10.3)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (10.3)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (10.3)% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agencies (10.3)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000% | 01/01/2038 | $400 | $(362) | $(356) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000 | 01/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | (2023) | (2035) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.500 | 01/01/2053 | 150 | (125) | (127) |
|  **Total Short Sales (10.3)%** |  |  |  | $**(2510)** | $**(2518)** |

---

**BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY** 

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** | **Payable for<br>Reverse<br>Repurchase<br>Agreements** | **Payable for<br>Sale-Buyback<br>Transactions** | **Total<br>Borrowings and<br>Other Financing<br>Transactions** | **Collateral<br>Pledged/(Received)** | **Net Exposure<sup>(3)</sup>** |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BSN | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(290) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(290) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  FICC | 204 | 0 | 0 | 204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(208) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) |
|  **Total Borrowings and Other Financing Transactions** | $**204** | $**(290)** | $**0** |  |  |  |

---

**CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS** 

**Remaining Contractual Maturity of the Agreements** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Overnight and<br>Continuous** | **Up to 30 days** | **31-90 days** | **Greater Than 90 days** | **Total** |
|  **Reverse Repurchase Agreements** | **Reverse Repurchase Agreements** | **Reverse Repurchase Agreements** | **Reverse Repurchase Agreements** | **Reverse Repurchase Agreements** | **Reverse Repurchase Agreements** |
|  U.S. Treasury Obligations | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(290) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(290) |
|  **Total Borrowings** | $**0** | $**(290)** | $**0** | $**0** | $**(290)** |
|  **Payable for reverse repurchase agreements**  | **Payable for reverse repurchase agreements**  | **Payable for reverse repurchase agreements**  | **Payable for reverse repurchase agreements**  | **Payable for reverse repurchase agreements**  | $**(290)** |

---

**(i)** **Securities with an aggregate market value of $290 have been pledged as collateral under the terms of the above master agreements as of December 31, 2022.** 

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> The average amount of borrowings outstanding during the period ended December 31, 2022 was $(574) at a weighted average interest rate of 1.122%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(3)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

&nbsp;&nbsp;&nbsp;&nbsp;**(j) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** 

**FUTURES CONTRACTS:** 

**LONG FUTURES CONTRACTS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  3-Month SOFR Active Contract June Futures  | 09/2023 | 14 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3326 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
|  3-Month SOFR Active Contract June Futures  | 09/2024 | 12 | 2887 | (4) | 0 | 0 |
|  Australia Government 10-Year Bond March Futures  | 03/2023 | 7 | 551 | (31) | 0 | (1) |

---

---

| | | |
|:---|:---|:---|
| **18** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  Euro-BTP March Futures  | 03/2023 | 2 | $233 | $(17) | $2 | $(3) |
|  Euro-Bund March Futures  | 03/2023 | 1 | 142 | (9) | 1 | (1) |
|  Euro-Buxl 30-Year Bond March Futures  | 03/2023 | 1 | 145 | (28) | 1 | (4) |
|  Euro-Schatz March Futures  | 03/2023 | 24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2708 | (36) | 1 | (4) |
|  U.S. Treasury 5-Year Note March Futures  | 03/2023 | 11 | 1187 | (1) | 0 | (1) |
|  U.S. Treasury 10-Year Note March Futures  | 03/2023 | 2 | 225 | (1) | 0 | 0 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(141) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) |

---

**SHORT FUTURES CONTRACTS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  3-Month SOFR Active Contract December Futures  | 03/2024 | 24 | $(5728) | $10 | $3 | $0 |
|  Australia Government 10-Year Bond March Futures  | 03/2023 | 3 | (218) | 3 | 0 | 0 |
|  Call Options Strike @ EUR 146.000 on Euro-Bund 10-Year Bond February 2023 Futures<sup>(</sup><sup>1)</sup> | 01/2023 | 1 | 0 | 1 | 0 | 0 |
|  Canada Government 10-Year Bond March Futures  | 03/2023 | 2 | (181) | 3 | 0 | 0 |
|  Euro-Bobl March Futures  | 03/2023 | 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2478) | 79 | 9 | (6) |
|  Euro-BTP Italy Government Bond March Futures  | 03/2023 | 6 | (675) | 11 | 1 | (1) |
|  Euro-Oat March Futures  | 03/2023 | 5 | (681) | 48 | 6 | (3) |
|  Put Options Strike @ EUR 138.500 on Euro-Bund 10-Year Bond February 2023 Futures<sup>(</sup><sup>1)</sup> | 01/2023 | 1 | (6) | (5) | 1 | (1) |
|  U.S. Treasury 2-Year Note March Futures  | 03/2023 | 5 | (1025) | (1) | 1 | 0 |
|  U.S. Ultra Treasury Note March Futures  | 03/2023 | 13 | (1538) | 8 | 1 | 0 |
|  United Kingdom Long Gilt March Futures  | 03/2023 | 3 | (362) | 24 | 1 | 0 |
|  |  |  |  | $181 | $23 | $(11) |
|  **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | $**40** | $**28** | $**(26)** |

---

**SWAP AGREEMENTS:** 

**CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(</sup><sup>2)</sup>** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2022<sup>(</sup><sup>4)</sup>** | **Notional<br>Amount<sup>(</sup><sup>5)</sup>** | **Notional<br>Amount<sup>(</sup><sup>5)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(</sup><sup>6)</sup>** | **Variation Margin** | **Variation Margin** |
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2022<sup>(</sup><sup>4)</sup>** | **Notional<br>Amount<sup>(</sup><sup>5)</sup>** | **Notional<br>Amount<sup>(</sup><sup>5)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(</sup><sup>6)</sup>** | **Asset** | **Liability** |
|  Rolls-Royce PLC | 1.000% | Quarterly | 06/20/2026 | 2.993% | EUR | 50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

**CREDIT DEFAULT SWAPS ON CREDIT INDICES - BUY PROTECTION<sup>(3)</sup>** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Index/Tranches** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(6)</sup>** | **Variation Margin** | **Variation Margin** |
| **Index/Tranches** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(6)</sup>** | **Asset** | **Liability** |
|  CDX.EM-37 5-Year Index | (1.000)% | Quarterly | 06/20/2027 | $98 | $8 | $(3) | $5 | $0 | $0 |
|  CDX.IG-39 10-Year Index | (1.000) | Quarterly | 12/20/2032 | 780 | 20 | (11) | 9 | 0 | 0 |
|  iTraxx Europe Main 37 10-Year Index | (1.000) | Quarterly | 06/20/2032 | 100 | 3 | (1) | 2 | 0 | 0 |
|  iTraxx Europe Main 38 10-Year Index | (1.000) | Quarterly | 12/20/2032 | 300 | 13 | (7) | 6 | 0 | (1) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

**INTEREST RATE SWAPS - BASIS SWAPS** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay Floating Rate Index** | **Receive Floating Rate Index** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay Floating Rate Index** | **Receive Floating Rate Index** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  3-Month USD-LIBOR | 01-Month USD-LIBOR + 0.073% | Quarterly | 04/27/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | $0 | $1 | $1 | $0 | $(1) |
|  3-Month USD-LIBOR | 01-Month USD-LIBOR + 0.070% | Quarterly | 03/07/2024 | 200 | 0 | 0 | 0 | 0 | 0 |
|  3-Month USD-LIBOR | 01-Month USD-LIBOR + 0.088% | Quarterly | 09/06/2024 | 700 | 0 | 0 | 0 | 0 | 0 |
|  3-Month USD-LIBOR | 01-Month USD-LIBOR + 0.105% | Quarterly | 09/27/2024 | 600 | 0 | 0 | 0 | 0 | 0 |
|  3-Month USD-LIBOR | 01-Month USD-LIBOR + 0.102% | Quarterly | 10/04/2024 | 400 | 0 | 1 | 1 | 0 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

**INTEREST RATE SWAPS** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
| Pay | 1-Day GBP-SONIO Compounded-OIS | 0.010% | Annual | 02/07/2023 | GBP | 1100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
| Pay<sup>(7)</sup> | 1-Day GBP-SONIO Compounded-OIS | 2.250 | Annual | 03/15/2028 |  | 300 | (19) | (10) | (29) | 0 | (1) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **19** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO International Bond Portfolio (Unhedged)** | **(Cont.)** |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
| Pay<sup>(7)</sup> | 1-Day GBP-SONIO Compounded-OIS | 2.000% | Annual | 03/15/2033 | 750 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(130) | $2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(128) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
| Pay<sup>(7)</sup> | 1-Day GBP-SONIO Compounded-OIS | 2.000 | Annual | 03/15/2053 | 100 | (30) | (2) | (32) | 0 | 0 |
| Pay | 1-Day INR-MIBOR Compounded-OIS | 6.250 | Annual | 09/21/2023 | 74900 | 0 | (3) | (3) | 0 | 0 |
| Pay | 1-Day INR-MIBOR Compounded-OIS | 6.250 | Semi-Annual | 09/21/2024 | 35100 | 0 | (2) | (2) | 0 | 0 |
| Pay | 1-Day INR-MIBOR Compounded-OIS | 6.500 | Semi-Annual | 09/21/2024 | 19592 | (1) | 1 | 0 | 0 | 0 |
| Pay | 1-Day INR-MIBOR Compounded-OIS | 6.750 | Semi-Annual | 09/21/2024 | 26100 | 0 | 2 | 2 | 0 | 0 |
| Receive | 1-Day INR-MIBOR Compounded-OIS | 5.750 | Semi-Annual | 03/16/2027 | 38160 | 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) | 11 | 0 | 0 |
| Receive | 1-Day INR-MIBOR Compounded-OIS | 6.500 | Semi-Annual | 09/21/2027 | 9200 | 1 | (1) | 0 | 0 | 0 |
| Receive | 1-Day INR-MIBOR Compounded-OIS | 7.000 | Semi-Annual | 09/21/2027 | 7700 | (1) | (1) | (2) | 0 | 0 |
| Receive | 1-Day INR-MIBOR Compounded-OIS | 6.250 | Semi-Annual | 03/16/2032 | 3900 | 4 | (3) | 1 | 0 | 0 |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.000 | Annual | 12/15/2023 | 80000 | 1 | (1) | 0 | 0 | 0 |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 5.890 | Semi-Annual | 06/17/2025 | 100000 | 1 | (8) | (7) | 0 | 0 |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.000 | Annual | 12/15/2026 | 110000 | (10) | (6) | (16) | 0 | (1) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.035 | Semi-Annual | 11/29/2029 | 20000 | 0 | (8) | (8) | 0 | (1) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 5.890 | Semi-Annual | 03/17/2031 | 50000 | (6) | (21) | (27) | 0 | (1) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.050 | Annual | 12/15/2031 | 12000 | (3) | (3) | (6) | 0 | 0 |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.250 | Annual | 09/14/2032 | 30000 | (6) | (7) | (13) | 0 | (1) |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.500 | Annual | 09/15/2032 | 8000 | 0 | (2) | (2) | 0 | 0 |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.450 | Annual | 12/15/2051 | 5000 | (5) | (3) | (8) | 0 | 0 |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.800 | Annual | 06/15/2052 | 10000 | 0 | 10 | 10 | 1 | 0 |
| Pay | 1-Day SGD-SIBCSORA Compounded-OIS | 2.750 | Semi-Annual | 06/15/2027 | 500 | 0 | (6) | (6) | 0 | 0 |
| Pay | 1-Day SGD-SIBCSORA Compounded-OIS | 2.500 | Semi-Annual | 09/21/2027 | 150 | (1) | (2) | (3) | 0 | 0 |
| Pay | 1-Day SGD-SIBCSORA Compounded-OIS | 2.750 | Semi-Annual | 09/21/2027 | 386 | (1) | (4) | (5) | 0 | 0 |
| Pay | 1-Day SGD-SIBCSORA Compounded-OIS | 3.250 | Semi-Annual | 12/21/2027 | 30 | 0 | 0 | 0 | 0 | 0 |
| Pay | 1-Day SGD-SIBCSORA Compounded-OIS | 1.250 | Semi-Annual | 09/15/2031 | 100 | (1) | 11 | 10 | 0 | 0 |
| Receive | 1-Day SGD-SIBCSORA Compounded-OIS | 1.250 | Semi-Annual | 09/15/2031 | 100 | (8) | (2) | (10) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2024 | $1100 | 41 | 12 | 53 | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.965 | Annual | 06/30/2024 | 400 | 0 | (11) | (11) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.968 | Annual | 06/30/2024 | 400 | 0 | (11) | (11) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.965 | Annual | 11/30/2026 | 1500 | 0 | 51 | 51 | 3 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.000 | Annual | 12/15/2026 | 200 | 1 | 20 | 21 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.000 | Annual | 06/15/2027 | 800 | 30 | 69 | 99 | 2 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2027 | 2080 | 134 | 52 | 186 | 4 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.250 | Annual | 12/15/2028 | 100 | 0 | (13) | (13) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.618 | Annual | 02/09/2029 | 100 | 0 | (11) | (11) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.888 | Annual | 03/22/2029 | 100 | 0 | (10) | (10) | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.936 | Annual | 03/25/2029 | 200 | (1) | (18) | (19) | 0 | (1) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.175 | Annual | 04/21/2029 | 200 | (1) | (16) | (17) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.730 | Annual | 04/30/2029 | 200 | 0 | 11 | 11 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.750 | Annual | 04/30/2029 | 100 | 0 | 5 | 5 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.817 | Annual | 04/30/2029 | 400 | 0 | 20 | 20 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.818 | Annual | 04/30/2029 | 100 | 0 | 5 | 5 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.819 | Annual | 04/30/2029 | 100 | 0 | 5 | 5 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.000 | Annual | 06/15/2029 | 900 | (59) | (86) | (145) | 0 | (2) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2029 | 300 | 21 | 13 | 34 | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.454 | Annual | 06/30/2029 | 200 | 0 | (2) | (2) | 0 | (1) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 3.898 | Annual | 06/30/2029 | 100 | 0 | 1 | 1 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.335 | Annual | 05/15/2032 | 100 | 0 | 2 | 2 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 3.828 | Annual | 05/15/2032 | 100 | 0 | (2) | (2) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2032 | 405 | 67 | (6) | 61 | 2 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.500 | Annual | 06/15/2052 | 40 | (1) | (12) | (13) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2052 | 65 | 17 | 1 | 18 | 0 | 0 |
| Pay | 3-Month CAD-Bank Bill | 1.220 | Semi-Annual | 03/03/2025 | 600 | (10) | (24) | (34) | 0 | (1) |
| Pay | 3-Month CAD-Bank Bill | 1.500 | Semi-Annual | 06/17/2025 | 100 | (1) | (4) | (5) | 0 | 0 |
| Pay | 3-Month CAD-Bank Bill | 1.000 | Semi-Annual | 06/16/2026 | 150 | (2) | (9) | (11) | 0 | 0 |

---

---

| | | |
|:---|:---|:---|
| **20** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
| Pay | 3-Month CAD-Bank Bill | 2.500% | Semi-Annual | 06/19/2029 | 350 | $11 | $(29) | $(18) | $0 | $(1) |
| Pay | 3-Month CAD-Bank Bill | 1.500 | Semi-Annual | 06/17/2030 | 450 | 1 | (49) | (48) | 0 | (1) |
| Pay | 3-Month CAD-Bank Bill | 1.250 | Semi-Annual | 06/16/2031 | 250 | (13) | (20) | (33) | 0 | (1) |
| Pay | 3-Month CAD-Bank Bill | 1.750 | Semi-Annual | 12/16/2046 | 250 | (34) | (27) | (61) | 0 | (1) |
| Pay | 3-Month CHF-SRFXON3 Compounded-OIS | 0.294 | Annual | 02/10/2027 | 200 | (5) | (7) | (12) | 0 | 0 |
| Pay | 3-Month CHF-SRFXON3 Compounded-OIS | 0.283 | Annual | 02/14/2027 | 100 | 0 | (6) | (6) | 0 | 0 |
| Pay | 3-Month CNY-CNREPOFIX | 2.500 | Quarterly | 03/16/2027 | 3200 | 1 | (5) | (4) | 0 | (1) |
| Pay | 3-Month CNY-CNREPOFIX | 2.500 | Quarterly | 12/21/2027 | 600 | 0 | (1) | (1) | 0 | 0 |
| Pay | 3-Month KRW-KORIBOR | 3.000 | Quarterly | 09/21/2027 | 595760 | (1) | (12) | (13) | 0 | 0 |
| Pay | 3-Month KRW-KORIBOR | 3.000 | Quarterly | 06/15/2032 | 107800 | 0 | (4) | (4) | 0 | 0 |
| Pay | 3-Month KRW-KORIBOR | 3.250 | Quarterly | 06/15/2032 | 33600 | 0 | (1) | (1) | 0 | 0 |
| Pay | 3-Month NZD-BBR | 3.000 | Semi-Annual | 11/01/2023 | 700 | 0 | (9) | (9) | 0 | 0 |
| Pay | 3-Month NZD-BBR | 3.000 | Semi-Annual | 12/15/2023 | 800 | 0 | (12) | (12) | 0 | 0 |
| Pay<sup>(7)</sup> | 3-Month NZD-BBR | 4.000 | Semi-Annual | 06/14/2024 | 700 | (2) | (5) | (7) | 0 | 0 |
| Pay | 3-Month NZD-BBR | 3.750 | Semi-Annual | 06/15/2027 | 500 | (3) | (12) | (15) | 1 | 0 |
| Pay | 3-Month SEK-STIBOR | 0.500 | Annual | 06/19/2024 | 3300 | 8 | (21) | (13) | 0 | 0 |
| Receive | 3-Month USD-LIBOR | 1.298 | Semi-Annual | 08/25/2024 | $150 | 0 | 9 | 9 | 0 | 0 |
| Receive | 3-Month USD-LIBOR | 1.249 | Semi-Annual | 08/31/2024 | 350 | 0 | 20 | 20 | 1 | 0 |
| Receive | 3-Month USD-LIBOR | 1.250 | Semi-Annual | 12/15/2026 | 1800 | (19) | 211 | 192 | 3 | 0 |
| Pay | 3-Month USD-LIBOR | 1.500 | Semi-Annual | 12/15/2028 | 900 | 8 | (126) | (118) | 0 | (2) |
| Pay | 3-Month USD-LIBOR | 1.518 | Semi-Annual | 01/20/2029 | 200 | 0 | (26) | (26) | 0 | 0 |
| Pay | 3-Month USD-LIBOR | 1.630 | Semi-Annual | 01/20/2029 | 100 | 0 | (13) | (13) | 0 | 0 |
| Pay | 3-Month ZAR-JIBAR | 7.250 | Quarterly | 06/20/2023 | 300 | 0 | 0 | 0 | 0 | 0 |
| Receive<sup>(7)</sup> | 6-Month AUD-BBR-BBSW | 3.750 | Quarterly | 03/15/2024 | 2700 | 3 | 3 | 6 | 0 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 1.750 | Semi-Annual | 03/16/2027 | 300 | (6) | (14) | (20) | 0 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 1.750 | Semi-Annual | 06/16/2031 | 50 | 1 | (8) | (7) | 0 | 0 |
| Pay<sup>(7)</sup> | 6-Month AUD-BBR-BBSW | 4.250 | Semi-Annual | 09/15/2032 | 100 | 0 | (2) | (2) | 0 | 0 |
| Pay<sup>(7)</sup> | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/15/2032 | 1850 | 0 | (18) | (18) | 0 | 0 |
| Pay | 6-Month CZK-PRIBOR | 1.913 | Annual | 01/30/2029 | 800 | 0 | (6) | (6) | 0 | 0 |
| Pay<sup>(7)</sup> | 6-Month EUR-EURIBOR | 1.000 | Annual | 03/30/2024 | 700 | (5) | (14) | (19) | 0 | (1) |
| Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 11/23/2024 | 400 | (13) | (4) | (17) | 0 | 0 |
| Pay<sup>(7)</sup> | 6-Month EUR-EURIBOR | 1.500 | Annual | 03/15/2025 | 360 | (10) | (5) | (15) | 0 | (1) |
| Pay<sup>(7)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/19/2027 | 380 | 0 | (1) | (1) | 0 | (1) |
| Pay | 6-Month EUR-EURIBOR | 0.650 | Annual | 04/12/2027 | 100 | (1) | (10) | (11) | 0 | 0 |
| Pay | 6-Month EUR-EURIBOR | 0.650 | Annual | 05/11/2027 | 100 | (1) | (10) | (11) | 0 | 0 |
| Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 05/13/2027 | 100 | 0 | (9) | (9) | 0 | 0 |
| Pay<sup>(7)</sup> | 6-Month EUR-EURIBOR | 1.500 | Annual | 03/15/2028 | 4910 | (265) | (153) | (418) | 0 | (9) |
| Pay<sup>(7)</sup> | 6-Month EUR-EURIBOR | 1.750 | Annual | 03/15/2033 | 1820 | (193) | (50) | (243) | 0 | (10) |
| Receive<sup>(7)</sup> | 6-Month EUR-EURIBOR | 3.000 | Annual | 03/15/2033 | 160 | 1 | 0 | 1 | 1 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/21/2037 | 280 | 3 | (34) | (31) | 0 | (2) |
| Receive<sup>(7)</sup> | 6-Month EUR-EURIBOR | 1.500 | Annual | 03/15/2053 | 360 | 66 | 13 | 79 | 4 | 0 |
| Pay | 6-Month HUF-BBR | 1.500 | Annual | 03/20/2024 | 10900 | 0 | (5) | (5) | 0 | 0 |
| Pay | 28-Day MXN-TIIE | 4.870 | Lunar | 07/07/2025 | 2000 | 0 | (11) | (11) | 0 | 0 |
|  |  |  |  |  |  | $(430) | $(550) | $(980) | $26 | $(44) |
|  **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** |  | $**(391)** | $**(568)** | $**(959)** | $**26** | $**(46)** |

---

**FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY** 

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of December 31, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** |
|  | **Market Value** | **Variation Margin<br>Asset** | **Variation Margin<br>Asset** | **Total** | **Market Value** | **Variation Margin<br>Liability** | **Variation Margin<br>Liability** | **Total** |
| | **Purchased<br>Options** | **Futures** | **Swap<br>Agreements** | **Total** | **Written<br>Options** | **Futures** | **Swap<br>Agreements** | **Total** |
|  **Total Exchange-Traded or Centrally Cleared** | $**0** | $**28** | $**26** | $**54** | $**0** | $**(26)** | $**(46)** | $**(72)** |

---

**Cash of $845 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2022. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.** 

<sup>(1)</sup> Future styled option.

<sup>(2)</sup> If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **21** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO International Bond Portfolio (Unhedged)** | **(Cont.)** |

---

<sup>(3)</sup> If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(4)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(6)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(7)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

&nbsp;&nbsp;&nbsp;&nbsp;**(k) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** 

**FORWARD FOREIGN CURRENCY CONTRACTS:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  BOA | 01/2023 | 18 | $12 | $0 | $0 |
|  | 01/2023 | 4550 | 12 | 0 | (1) |
|  | 01/2023 | 50000 | 351 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31) |
|  | 01/2023 | $33 | 31 | 1 | 0 |
|  | 01/2023 | 25 | 11100 | 5 | 0 |
|  | 01/2023 | 9 | 11382 | 0 | 0 |
|  | 01/2023 | 2 | 12 | 0 | 0 |
|  | 03/2023 | 1049 | $232 | 0 | (8) |
|  | 03/2023 | $87 | 601 | 1 | 0 |
|  | 03/2023 | 22 | 390 | 1 | 0 |
|  | 05/2023 | 446 | $69 | 4 | 0 |
|  BOM | 01/2023 | $363 | 487 | 0 | (3) |
|  BPS | 01/2023 | 63 | $67 | 0 | 0 |
|  | 01/2023 | 40 | 48 | 0 | 0 |
|  | 01/2023 | 5738 | 15 | 0 | 0 |
|  | 01/2023 | 1265 | 41 | 0 | 0 |
|  | 01/2023 | $14 | 75 | 0 | 0 |
|  | 01/2023 | 0 | 8 | 0 | 0 |
|  | 02/2023 | 17 | 268199 | 0 | 0 |
|  | 02/2023 | 60 | $3 | 0 | 0 |
|  | 03/2023 | 111 | 16 | 0 | 0 |
|  | 03/2023 | 418 | 21 | 0 | 0 |
|  | 03/2023 | 3 | 1 | 0 | 0 |
|  | 03/2023 | 606 | 20 | 0 | 0 |
|  | 03/2023 | $39 | 190918 | 0 | 0 |
|  | 03/2023 | 165 | 729 | 2 | 0 |
|  | 03/2023 | 279 | $15 | 0 | (1) |
|  BRC | 01/2023 | 693 | 99 | 0 | (1) |
|  | 01/2023 | 31119 | 81 | 0 | (2) |
|  | 01/2023 | 28 | 7 | 0 | 0 |
|  | 01/2023 | $569 | 3964 | 5 | 0 |
|  | 01/2023 | 30 | 25 | 0 | 0 |
|  | 01/2023 | 242 | 1139 | 19 | 0 |
|  | 01/2023 | 243 | 2422 | 4 | 0 |
|  | 01/2023 | 151 | 1582 | 1 | 0 |
|  | 01/2023 | 67 | 90 | 0 | 0 |
|  | 01/2023 | 1 | 51 | 0 | 0 |
|  | 02/2023 | 2496 | $81 | 0 | 0 |
|  | 03/2023 | $7 | 109061 | 0 | 0 |
|  CBK | 01/2023 | 84 | $57 | 0 | (1) |
|  | 01/2023 | 63 | 47 | 0 | 0 |
|  | 01/2023 | 22065 | 25 | 0 | (1) |
|  | 01/2023 | 100 | 14 | 0 | 0 |
|  | 01/2023 | 378 | 401 | 0 | (3) |
|  | 01/2023 | 500 | 158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | 0 |
|  | 01/2023 | 17646 | 14 | 0 | 0 |
|  | 01/2023 | 446 | 111 | 0 | (6) |
|  | 01/2023 | 3103 | 90 | 0 | 0 |
|  | 01/2023 | $33 | 48 | 0 | 0 |

---

---

| | | |
|:---|:---|:---|
| **22** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 01/2023 | $68 | 356 | $0 | $0 |
|  | 01/2023 | 296 | 280 | 7 | 0 |
|  | 01/2023 | 63 | 56129 | 4 | 0 |
|  | 01/2023 | 55 | 52 | 1 | 0 |
|  | 01/2023 | 25 | 3500 | 1 | 0 |
|  | 01/2023 | 26 | 257 | 0 | 0 |
|  | 01/2023 | 102 | 160 | 0 | (1) |
|  | 02/2023 | 398 | $120 | 7 | 0 |
|  | 02/2023 | 78 | 20 | 0 | (1) |
|  | 02/2023 | $25 | 136 | 0 | 0 |
|  | 02/2023 | 25 | 22187 | 1 | 0 |
|  | 03/2023 | 694 | $205 | 7 | 0 |
|  | 03/2023 | 203 | 53 | 0 | (1) |
|  | 04/2023 | 34564 | 39 | 0 | (1) |
|  | 04/2023 | 298 | 91 | 6 | 0 |
|  | 04/2023 | 392 | 97 | 0 | (5) |
|  | 05/2023 | 52 | 8 | 1 | 0 |
|  CLY | 01/2023 | 153 | 22 | 0 | 0 |
|  | 01/2023 | 5 | 0 | 0 | 0 |
|  | 03/2023 | $9 | 273 | 0 | 0 |
|  | 05/2023 | 718 | $111 | 6 | 0 |
|  DUB | 01/2023 | 2037 | 287 | 0 | (6) |
|  | 01/2023 | 511 | 17 | 0 | 0 |
|  GLM | 01/2023 | 479 | 90 | 0 | (1) |
|  | 01/2023 | 15064 | 15 | 0 | (3) |
|  | 01/2023 | 2730 | 7 | 0 | (1) |
|  | 01/2023 | 525 | 120 | 0 | 0 |
|  | 01/2023 | 311 | 9 | 0 | 0 |
|  | 01/2023 | $604 | 4198 | 4 | 0 |
|  | 01/2023 | 85 | 379 | 1 | 0 |
|  | 01/2023 | 60 | 304 | 9 | 0 |
|  | 01/2023 | 100 | 3501 | 1 | 0 |
|  | 02/2023 | 28778 | $6 | 1 | 0 |
|  | 03/2023 | 601 | 93 | 6 | 0 |
|  | 03/2023 | 191249 | 40 | 1 | 0 |
|  | 03/2023 | 2978 | 145 | 0 | (6) |
|  | 03/2023 | $35 | 31574 | 2 | 0 |
|  | 03/2023 | 40 | 191249 | 0 | (1) |
|  | 04/2023 | 79 | 431 | 1 | 0 |
|  | 05/2023 | 48 | 191 | 2 | 0 |
|  JPM | 01/2023 | 8374 | $21 | 0 | (1) |
|  | 01/2023 | $692 | 4815 | 5 | 0 |
|  | 01/2023 | 14 | 481 | 0 | 0 |
|  | 02/2023 | 302 | $10 | 0 | 0 |
|  | 02/2023 | $29 | 463240 | 1 | 0 |
|  | 03/2023 | 1242 | 8595 | 7 | 0 |
|  | 03/2023 | 24 | 380146 | 0 | 0 |
|  MBC | 01/2023 | 26 | $17 | 0 | 0 |
|  | 01/2023 | 1842 | 260 | 0 | (5) |
|  | 01/2023 | 209 | 222 | 0 | (2) |
|  | 01/2023 | 30 | 37 | 0 | 0 |
|  | 01/2023 | 10600 | 78 | 0 | (2) |
|  | 01/2023 | $41 | 61 | 1 | 0 |
|  | 01/2023 | 24 | 32 | 0 | 0 |
|  | 01/2023 | 28 | 195 | 0 | 0 |
|  | 01/2023 | 6896 | 6576 | 146 | 0 |
|  | 01/2023 | 696 | 95898 | 35 | 0 |
|  | 01/2023 | 22 | 760 | 0 | 0 |
|  | 02/2023 | 180000 | $1277 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(102) |
|  | 03/2023 | $0 | 331 | 0 | 0 |
|  | 03/2023 | 15 | 230735 | 0 | 0 |
|  | 05/2023 | 3 | $0 | 0 | 0 |
|  | 05/2023 | $228 | 1527 | 0 | (5) |
|  MYI | 01/2023 | 141 | $32 | 0 | 0 |
|  | 01/2023 | 75 | 8 | 0 | 0 |
|  | 01/2023 | $468 | 696 | 7 | 0 |
|  | 01/2023 | 3338 | 457689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151 | 0 |
|  | 01/2023 | 44 | 208 | 4 | 0 |
|  | 01/2023 | 12 | 125 | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **23** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO International Bond Portfolio (Unhedged)** | **(Cont.)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 01/2023 | $6 | 24 | $0 | $0 |
|  | 02/2023 | 558 | $18 | 0 | 0 |
|  | 03/2023 | $21 | 325093 | 0 | 0 |
|  RBC | 01/2023 | 15 | $11 | 0 | 0 |
|  | 01/2023 | 21200 | 160 | 0 | (2) |
|  | 01/2023 | $5 | 8 | 0 | 0 |
|  | 03/2023 | 116 | $6 | 0 | 0 |
|  | 04/2023 | $277 | 5751 | 12 | 0 |
|  RYL | 01/2023 | 4 | 1354 | 0 | 0 |
|  SCX | 01/2023 | 7 | $8 | 0 | 0 |
|  | 01/2023 | 18747 | 19 | 0 | (3) |
|  | 01/2023 | 54332 | 42 | 0 | (2) |
|  | 01/2023 | 300 | 187 | 0 | (4) |
|  | 01/2023 | 28 | 7 | 0 | 0 |
|  | 01/2023 | 3319 | 105 | 0 | (3) |
|  | 01/2023 | $31 | 47 | 0 | 0 |
|  | 01/2023 | 316 | 425 | 0 | (3) |
|  | 01/2023 | 68 | 475 | 0 | 0 |
|  | 01/2023 | 17 | 120 | 0 | 0 |
|  | 01/2023 | 32 | 141 | 0 | 0 |
|  | 01/2023 | 26 | 919 | 0 | 0 |
|  | 02/2023 | 31 | 487420 | 1 | 0 |
|  | 03/2023 | 878 | $190 | 0 | (12) |
|  | 05/2023 | 1177 | 170 | 0 | (2) |
|  | 05/2023 | $176 | 1216 | 2 | 0 |
|  SOG | 01/2023 | 24 | 123 | 3 | 0 |
|  TOR | 01/2023 | 320000 | $2196 | 0 | (248) |
|  | 01/2023 | $463 | 622 | 0 | (3) |
|  UAG | 01/2023 | 18855 | $48 | 0 | (3) |
|  | 01/2023 | 31 | 9 | 0 | 0 |
|  | 01/2023 | $46 | 1163 | 6 | 0 |
|  | 01/2023 | 7 | 28 | 0 | 0 |
|  | 01/2023 | 10 | 101 | 0 | 0 |
|  | 01/2023 | 60 | $3 | 0 | 0 |
|  | 02/2023 | 344 | 100 | 2 | 0 |
|  | 02/2023 | 50000 | 356 | 0 | (28) |
|  | 02/2023 | $46 | 723427 | 1 | 0 |
|  | 03/2023 | 80000 | $600 | 0 | (15) |
|  **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | $**512** | $**(530)** |

---

**PURCHASED OPTIONS:** 

**INTEREST RATE SWAPTIONS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Floating Rate Index** | **Pay/Receive<br>Floating Rate** | **Exercise<br>Rate** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Cost** | **Market<br>Value** |
| BOA Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.180% | 01/11/2024 | 125 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
|  **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | $**4** | $**13** |

---

**WRITTEN OPTIONS:** 

**CREDIT DEFAULT SWAPTIONS ON CREDIT INDICES** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Description** | **Buy/Sell<br>Protection** | **Exercise<br>Rate** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Premiums<br>(Received)** | **Market<br>Value** |
| GST | Put - OTC iTraxx Europe 37 5-Year Index | Sell | 3.000% | 03/15/2023 | 100 | $0 | $0 |

---

**INTEREST RATE SWAPTIONS** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Description** | **Floating Rate Index** | **Pay/Receive<br>Floating Rate** | **Exercise<br>Rate** | **Expiration<br>Date** | **Notional<br>Amount<sup>(</sup><sup>1)</sup>** | **Premiums<br>(Received)** | **Market<br>Value** |
| BOA | Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.150% | 12/01/2023 | 100 | $0 | $0 |
|  | Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.650 | 12/01/2023 | 100 | 0 | (1) |
|  | Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.310 | 01/11/2024 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) |
| BPS | Call - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 0.550 | 04/11/2023 | 100 | 0 | 0 |
|  | Put - OTC 1-Year Interest Rate Swap | 6-Month EUR-EURIBOR | Pay | 2.100 | 04/11/2023 | 100 | 0 | (2) |
|  | Call - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 0.700 | 04/28/2023 | 100 | 0 | 0 |
|  | Put - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.250 | 04/28/2023 | 100 | 0 | (2) |

---

---

| | | |
|:---|:---|:---|
| **24** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Floating Rate Index** | **Pay/Receive<br>Floating Rate** | **Exercise<br>Rate** | **Expiration<br>Date** | **Notional<br>Amount<sup>(</sup><sup>1)</sup>** | **Premiums<br>(Received)** | **Market<br>Value** |
| BRC Call - OTC 5-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 3.200% | 01/12/2023 | 100 | $0 | $0 |
| Put - OTC 5-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.800 | 01/12/2023 | 100 | 0 | 0 |
| CBK Call - OTC 5-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 3.150 | 01/09/2023 | 100 | 0 | 0 |
| Put - OTC 5-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.650 | 01/09/2023 | 100 | 0 | (1) |
| GLM Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 3.225 | 10/23/2023 | 100 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.225 | 10/23/2023 | 100 | (1) | (1) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.841 | 10/27/2023 | 100 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.841 | 10/27/2023 | 100 | (1) | (1) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.910 | 11/10/2023 | 100 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.910 | 11/10/2023 | 100 | (1) | (1) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.150 | 11/20/2023 | 100 | 0 | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.650 | 11/20/2023 | 100 | 0 | (1) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.250 | 12/07/2023 | 100 | 0 | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.750 | 12/07/2023 | 100 | 0 | (1) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.697 | 04/02/2024 | 100 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.697 | 04/02/2024 | 100 | (1) | (1) |
| Call - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 0.550 | 04/11/2023 | 200 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.100 | 04/11/2023 | 200 | (1) | (3) |
| Call - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 0.700 | 04/24/2023 | 100 | 0 | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.250 | 04/24/2023 | 100 | 0 | (1) |
| Call - OTC 5-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 3.230 | 01/23/2023 | 100 | 0 | 0 |
| Put - OTC 5-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.730 | 01/23/2023 | 100 | 0 | (1) |
| JPM Call - OTC 1-Year Interest Rate Swap  | 6-Month GBP-LIBOR | Receive | 0.820 | 12/16/2024 | 300 | (2) | (1) |
| MYC Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.993 | 10/11/2023 | 100 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.993 | 10/11/2023 | 100 | (1) | (1) |
| NGF Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.785 | 04/08/2024 | 100 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.785 | 04/08/2024 | 100 | (1) | (1) |
| Call - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 0.550 | 04/03/2023 | 200 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.100 | 04/03/2023 | 200 | (1) | (3) |
| Call - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 0.550 | 04/04/2023 | 200 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.100 | 04/04/2023 | 200 | 0 | (3) |
| Call - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 0.550 | 05/12/2023 | 100 | 0 | 0 |
| Put - OTC 1-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.100 | 05/12/2023 | 100 | 0 | (2) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45) |
|  **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | $**(22)** | $**(45)** |

---

**SWAP AGREEMENTS:** 

**CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - BUY PROTECTION<sup>(2)</sup>** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2022<sup>(</sup><sup>4)</sup>** | **Notional<br>Amount<sup>(</sup><sup>5)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements,<br>at Value<sup>(</sup><sup>6)</sup>** | **Swap Agreements,<br>at Value<sup>(</sup><sup>6)</sup>** |
| **Counterparty** | **Reference Entity** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2022<sup>(</sup><sup>4)</sup>** | **Notional<br>Amount<sup>(</sup><sup>5)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
| BPS | South Korea Government International Bond | (1.000)% | Quarterly | 06/20/2023 | 0.319% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | $(5) | $4 | $0 | $(1) |
| BRC | China Government International Bond | (1.000) | Quarterly | 06/20/2023 | 0.272 | 100 | (2) | 1 | 0 | (1) |
|  | South Korea Government International Bond | (1.000) | Quarterly | 06/20/2023 | 0.319 | 50 | (1) | 1 | 0 | 0 |
| GST | China Government International Bond | (1.000) | Quarterly | 06/20/2023 | 0.272 | 100 | (2) | 2 | 0 | 0 |
| HUS | South Korea Government International Bond | (1.000) | Quarterly | 06/20/2023 | 0.319 | 100 | (3) | 3 | 0 | 0 |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |

---

**CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - SELL PROTECTION<sup>(3)</sup>** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2022<sup>(4)</sup>** | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements,<br>at Value<sup>(6)</sup>** | **Swap Agreements,<br>at Value<sup>(6)</sup>** |
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2022<sup>(4)</sup>** | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
| BOA | Italy Government International Bond | 1.000% | Quarterly | 06/20/2025 | 0.806% | $50 | $(1) | $1 | $0 | $0 |
| BRC | Italy Government International Bond | 1.000 | Quarterly | 06/20/2025 | 0.806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  |  |  |  |  |  |  | $(2) | $2 | $0 | $0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **25** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO International Bond Portfolio (Unhedged)** | **(Cont.)** |

---

**CROSS-CURRENCY SWAPS** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Receive** | **Pay** | **Payment<br>Frequency** | **Maturity<br>Date<sup>(7)</sup>** | **Notional<br>Amount of<br>Currency<br>Received** | **Notional<br>Amount of<br>Currency<br>Received** | **Notional<br>Amount of<br>Currency<br>Delivered** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements,<br>at Value** | **Swap Agreements,<br>at Value** |
| **Counterparty** | **Receive** | **Pay** | **Payment<br>Frequency** | **Maturity<br>Date<sup>(7)</sup>** | **Notional<br>Amount of<br>Currency<br>Received** | **Notional<br>Amount of<br>Currency<br>Received** | **Notional<br>Amount of<br>Currency<br>Delivered** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  AZD | Floating rate equal to 3-Month AUD-LIBOR plus 0.290% based on the notional amount of currency received | Floating rate equal to 3-Month USD-LIBOR based on the notional amount of currency delivered | Maturity | 01/04/2031 | AUD | 200 | $151 | $1 | $0 | $1 | $0 |
|  CBK | Floating rate equal to 3-Month AUD-LIBOR plus 0.420% based on the notional amount of currency received | Floating rate equal to 3-Month USD-LIBOR based on the notional amount of currency delivered | Maturity | 07/31/2029 |  | 200 | 138 | 0 | 0 | 0 | 0 |
|  GLM | Floating rate equal to 3-Month AUD-LIBOR plus 0.423% based on the notional amount of currency received | Floating rate equal to 3-Month USD-LIBOR based on the notional amount of currency delivered | Maturity | 08/01/2029 |  | 200 | 138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | 0 | 0 | (1) |
|  MYC | Floating rate equal to 3-Month AUD-LIBOR plus 0.298% based on the notional amount of currency received | Floating rate equal to 3-Month USD-LIBOR based on the notional amount of currency delivered | Maturity | 10/14/2030 |  | 100 | 72 | 1 | (1) | 0 | 0 |
|  |  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

**INTEREST RATE SWAPS** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed<br>Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements,<br>at Value** | **Swap Agreements,<br>at Value** |
| **Counterparty** | **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed<br>Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
| BOA | Receive | 3-Month MYR-KLIBOR | 3.500% | Quarterly | 09/21/2027 | MYR | 300 | $0 | $1 | $1 | $0 |
|  | Receive | 3-Month MYR-KLIBOR | 4.000 | Quarterly | 09/21/2027 |  | 597 | 1 | (3) | 0 | (2) |
|  | Receive | 3-Month MYR-KLIBOR | 3.250 | Quarterly | 03/16/2032 |  | 40 | 0 | 1 | 1 | 0 |
|  | Receive | 3-Month THB-THBFIX Compounded-OIS | 2.000 | Quarterly | 09/21/2024 | THB | 3100 | 0 | 0 | 0 | 0 |
|  | Receive | 3-Month THB-THBFIX Compounded-OIS | 2.250 | Quarterly | 12/21/2027 |  | 7000 | (1) | 1 | 0 | 0 |
|  | Pay | 6-Month THB-THBFIX | 2.000 | Semi-Annual | 03/16/2032 |  | 1300 | 0 | (1) | 0 | (1) |
|  | Pay | 6-Month THB-THBFIX | 2.750 | Semi-Annual | 06/15/2032 |  | 150 | 0 | 0 | 0 | 0 |
|  | Pay | 6-Month THB-THBFIX | 3.250 | Semi-Annual | 06/15/2032 |  | 700 | 0 | 1 | 1 | 0 |
|  | Pay | 6-Month THB-THBFIX | 2.750 | Semi-Annual | 09/21/2032 |  | 1300 | 0 | 1 | 1 | 0 |
| BPS | Pay | 6-Month THB-THBFIX | 3.250 | Semi-Annual | 06/15/2032 |  | 1300 | 0 | 2 | 2 | 0 |
| GLM | Receive | 3-Month MYR-KLIBOR | 3.750 | Quarterly | 09/21/2032 | MYR | 100 | 0 | 1 | 1 | 0 |
|  | Pay | 6-Month THB-THBFIX | 3.250 | Semi-Annual | 06/15/2032 | THB | 700 | 0 | 1 | 1 | 0 |
| GST | Receive | 3-Month THB-THBFIX Compounded-OIS | 2.000 | Quarterly | 09/21/2024 |  | 14900 | (2) | 1 | 0 | (1) |
|  | Pay | 6-Month THB-THBFIX | 2.500 | Semi-Annual | 09/21/2032 |  | 500 | 0 | 0 | 0 | 0 |
| NGF | Receive | 3-Month MYR-KLIBOR | 3.500 | Quarterly | 03/16/2032 | MYR | 100 | 0 | 1 | 1 | 0 |
|  | Receive | 3-Month THB-THBFIX Compounded-OIS | 2.000 | Quarterly | 09/21/2024 | THB | 1700 | 0 | 0 | 0 | 0 |
| SCX | Receive | 3-Month MYR-KLIBOR | 3.500 | Quarterly | 03/16/2032 | MYR | 100 | (1) | 2 | 1 | 0 |
|  | Receive | 3-Month THB-THBFIX Compounded-OIS | 2.000 | Quarterly | 09/21/2024 | THB | 13914 | 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | 0 | (1) |
|  | Receive | 3-Month THB-THBFIX Compounded-OIS | 2.000 | Quarterly | 09/21/2027 |  | 103 | 0 | 0 | 0 | 0 |
|  | Receive | 3-Month THB-THBFIX Compounded-OIS | 2.250 | Quarterly | 09/21/2027 |  | 5700 | (1) | 1 | 0 | 0 |
|  |  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) |

---

**TOTAL RETURN SWAPS ON INTEREST RATE INDICES** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<sup>(8)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements,<br>at Value** | **Swap Agreements,<br>at Value** |
| **Counterparty** | **Pay/Receive<sup>(8)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  BOA | Receive | iBoxx USD Liquid Investment Grade Index | N/A | 1.058% | Maturity | 09/20/2023 | $200 | $2 | $5 | $7 | $0 |
|  BPS | Receive | iBoxx USD Liquid Investment Grade Index | N/A | 1.059% | Maturity | 06/20/2023 | 300 | 1 | 3 | 4 | 0 |
|  | Receive | iBoxx USD Liquid Investment Grade Index | N/A | 1.058% | Maturity | 09/20/2023 | 100 | 1 | 2 | 3 | 0 |
|  MYC | Receive | iBoxx USD Liquid Investment Grade Index | N/A | 1.059% | Maturity | 06/20/2023 | 100 | 0 | 1 | 1 | 0 |
|  |  |  |  |  |  |  |  | $4 | $11 | $15 | $0 |
|  **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | $**(13)** | $**31** | $**26** | $**(8)** |

---

---

| | | |
|:---|:---|:---|
| **26** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

**FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY** 

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2022:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | | | |
| <br>**Counterparty** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Purchased<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Written<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** |<br>**Net Market<br>Value of OTC<br>Derivatives** |<br>**Collateral<br>Pledged/**<br> **(Received)** |<br>**Net<br>Exposure<sup>(9)</sup>** |
|  AZD | $0 | $0 | $1 | $1 | $0 | $0 | $0 | $0 | $1 | $0 | $1 |
|  BOA | 12 | 13 | 11 | 36 | (40) | (18) | (3) | (61) | (25) | 0 | (25) |
|  BOM | 0 | 0 | 0 | 0 | (3) | 0 | 0 | (3) | (3) | 0 | (3) |
|  BPS | 2 | 0 | 9 | 11 | (1) | (4) | (1) | (6) | 5 | 0 | 5 |
|  BRC | 29 | 0 | 0 | 29 | (3) | 0 | (1) | (4) | 25 | 0 | 25 |
|  CBK | 51 | 0 | 0 | 51 | (20) | (1) | 0 | (21) | 30 | 0 | 30 |
|  CLY | 6 | 0 | 0 | 6 | 0 | 0 | 0 | 0 | 6 | 0 | 6 |
|  DUB | 0 | 0 | 0 | 0 | (6) | 0 | 0 | (6) | (6) | 0 | (6) |
|  GLM | 28 | 0 | 2 | 30 | (12) | (11) | (1) | (24) | 6 | 0 | 6 |
|  GST | 0 | 0 | 0 | 0 | 0 | 0 | (1) | (1) | (1) | 0 | (1) |
|  JPM | 13 | 0 | 0 | 13 | (1) | (1) | 0 | (2) | 11 | 0 | 11 |
|  MBC | 182 | 0 | 0 | 182 | (116) | 0 | 0 | (116) | 66 | 0 | 66 |
|  MYC | 0 | 0 | 1 | 1 | 0 | (1) | 0 | (1) | 0 | 0 | 0 |
|  MYI | 162 | 0 | 0 | 162 | 0 | 0 | 0 | 0 | 162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | 187 |
|  NGF | 0 | 0 | 1 | 1 | 0 | (9) | 0 | (9) | (8) | 0 | (8) |
|  RBC | 12 | 0 | 0 | 12 | (2) | 0 | 0 | (2) | 10 | 0 | 10 |
|  SCX | 3 | 0 | 1 | 4 | (29) | 0 | (1) | (30) | (26) | 0 | (26) |
|  SOG | 3 | 0 | 0 | 3 | 0 | 0 | 0 | 0 | 3 | 0 | 3 |
|  TOR | 0 | 0 | 0 | 0 | (251) | 0 | 0 | (251) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(251) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(251) |
|  UAG | 9 | 0 | 0 | 9 | (46) | 0 | 0 | (46) | (37) | 0 | (37) |
|  **Total Over the Counter** | $**512** | $**13** | $**26** | $**551** | $**(530)** | $**(45)** | $**(8)** | $**(583)** |  |  |  |

---

**(l)** **Securities with an aggregate market value of $25 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2022.** 

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(4)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(6)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(7)</sup> At the maturity date, the notional amount of the currency received will be exchanged back for the notional amount of the currency delivered. 

<sup>(8)</sup> Receive represents that the Portfolio receives payments for any positive net return on the underlying reference. The Portfolio makes payments for any negative net return on such underlying reference. Pay represents that the Portfolio receives payments for any negative net return on the underlying reference. The Portfolio makes payments for any positive net return on such underlying reference. 

<sup>(9)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **27** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO International Bond Portfolio (Unhedged)** | **(Cont.)** |

---

**FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS** 

The following is a summary of the fair valuation of the Portfolio's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Portfolio.

Fair Values of Financial Derivative Instruments on the Statement of Assets and Liabilities as of December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
| | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $28 | $28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 26 | 26 |
|  | $0 | $0 | $0 | $0 | $54 | $54 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $512 | $0 | $512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 13 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 1 | 25 | 26 |
|  | $0 | $0 | $0 | $513 | $38 | $551 |
|  | $0 | $0 | $0 | $513 | $92 | $605 |
|  **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $26 | $26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1 | 0 | 0 | 45 | 46 |
|  | $0 | $1 | $0 | $0 | $71 | $72 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $530 | $0 | $530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 45 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 2 | 0 | 1 | 5 | 8 |
|  | $0 | $2 | $0 | $531 | $50 | $583 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655 |

---

The effect of Financial Derivative Instruments on the Statement of Operations for the period ended December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
| | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $1 | $1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 449 | 449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (14) | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1226) | (1240) |
|  | $0 | $(14) | $0 | $0 | $(776) | $(790) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(1430) | $0 | $(1430) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | (3) | (7) | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 13 | 0 | 1 | 39 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 8 | 0 | 0 | 154 | 162 |
|  | $0 | $21 | $0 | $(1432) | $186 | $(1225) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1432) | $(590) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2015) |
|  **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $(10) | $(10) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (21) | 0 | 0 | (271) | (292) |
|  | $0 | $(21) | $0 | $0 | $(281) | $(302) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(95) | $0 | $(95) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 1 | 16 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | (4) | 0 | 0 | (16) | (20) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (8) | 0 | 1 | 14 | 7 |
|  | $0 | $(12) | $0 | $(93) | $14 | $(91) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(93) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(267) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(393) |

---

---

| | | |
|:---|:---|:---|
| **28** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

**FAIR VALUE MEASUREMENTS** 

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** |
|  Argentina | Argentina | Argentina | Argentina | Argentina |
| &nbsp;&nbsp; Sovereign Issues | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $3 |
|  Australia | Australia | Australia | Australia | Australia |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 100 | 0 | 100 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 298 | 0 | 298 |
|  Canada | Canada | Canada | Canada | Canada |
| &nbsp;&nbsp; Sovereign Issues | 0 | 56 | 0 | 56 |
|  Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands | Cayman Islands |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1834 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1834 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 187 | 0 | 187 |
|  China | China | China | China | China |
| &nbsp;&nbsp; Sovereign Issues | 0 | 561 | 0 | 561 |
|  Denmark | Denmark | Denmark | Denmark | Denmark |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 631 | 0 | 631 |
|  France | France | France | France | France |
| &nbsp;&nbsp; Sovereign Issues | 0 | 491 | 0 | 491 |
|  Germany | Germany | Germany | Germany | Germany |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 479 | 0 | 479 |
|  Ireland | Ireland | Ireland | Ireland | Ireland |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 409 | 0 | 409 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 94 | 0 | 94 |
|  Israel | Israel | Israel | Israel | Israel |
| &nbsp;&nbsp; Sovereign Issues | 0 | 53 | 0 | 53 |
|  Italy | Italy | Italy | Italy | Italy |
| &nbsp;&nbsp; Sovereign Issues | 0 | 202 | 0 | 202 |
|  Japan | Japan | Japan | Japan | Japan |
| &nbsp;&nbsp; Sovereign Issues | 0 | 1559 | 0 | 1559 |
|  Malaysia | Malaysia | Malaysia | Malaysia | Malaysia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 136 | 0 | 136 |
|  Peru | Peru | Peru | Peru | Peru |
| &nbsp;&nbsp; Sovereign Issues | 0 | 257 | 0 | 257 |
|  Romania | Romania | Romania | Romania | Romania |
| &nbsp;&nbsp; Sovereign Issues | 0 | 118 | 0 | 118 |
|  Serbia | Serbia | Serbia | Serbia | Serbia |
| &nbsp;&nbsp; Sovereign Issues | 0 | 77 | 0 | 77 |
|  South Korea | South Korea | South Korea | South Korea | South Korea |
| &nbsp;&nbsp; Sovereign Issues | 0 | 515 | 0 | 515 |
|  Spain | Spain | Spain | Spain | Spain |
| &nbsp;&nbsp; Sovereign Issues | 0 | 221 | 0 | 221 |
|  Thailand | Thailand | Thailand | Thailand | Thailand |
| &nbsp;&nbsp; Sovereign Issues | 0 | 118 | 0 | 118 |
|  United Kingdom | United Kingdom | United Kingdom | United Kingdom | United Kingdom |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 690 | 0 | 690 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | $0 | $896 | $0 | $896 |
| &nbsp;&nbsp; Sovereign Issues | 0 | 373 | 0 | 373 |
|  United States | United States | United States | United States | United States |
| &nbsp;&nbsp; Asset-Backed Securities | 0 | 1254 | 0 | 1254 |
| &nbsp;&nbsp; Corporate Bonds & Notes | 0 | 916 | 0 | 916 |
| &nbsp;&nbsp; Loan Participations and Assignments | 0 | 92 | 0 | 92 |
| &nbsp;&nbsp; Non-Agency Mortgage-Backed Securities | 0 | 1934 | 0 | 1934 |
| &nbsp;&nbsp; U.S. Government Agencies | 0 | 3627 | 0 | 3627 |
| &nbsp;&nbsp; U.S. Treasury Obligations | 0 | 1172 | 0 | 1172 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 204 | 0 | 204 |
| &nbsp;&nbsp; Hungary Treasury Bills | 0 | 188 | 0 | 188 |
| &nbsp;&nbsp; Israel Treasury Bills | 0 | 636 | 0 | 636 |
| &nbsp;&nbsp; Japan Treasury Bills | 0 | 5182 | 0 | 5182 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25563 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25563 |
|  **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $536 | $0 | $0 | $536 |
|  Total Investments | $536 | $25563 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26099 |
|  **Short Sales, at Value - Liabilities** | **Short Sales, at Value - Liabilities** | **Short Sales, at Value - Liabilities** | **Short Sales, at Value - Liabilities** | **Short Sales, at Value - Liabilities** |
|  United States | United States | United States | United States | United States |
| &nbsp;&nbsp; U.S. Government Agencies | $0 | $(2518) | $0 | $(2518) |
|  **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** |
|  Exchange-traded or centrally cleared | 23 | 31 | 0 | 54 |
|  Over the counter | 0 | 551 | 0 | 551 |
|  | $23 | $582 | $0 | $605 |
|  **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** |
|  Exchange-traded or centrally cleared | (24) | (48) | 0 | (72) |
|  Over the counter | 0 | (583) | 0 | (583) |
|  | $(24) | $(631) | $0 | $(655) |
|  Total Financial Derivative Instruments | $(1) | $(49) | $0 | $(50) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22996 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23531 |

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There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.

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| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **29** |

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**Notes to Financial Statements**

1. ORGANIZATION

PIMCO Variable Insurance Trust (the "Trust") is a Delaware statutory trust established under a trust instrument dated October 3, 1997. The Trust is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Trust is designed to be used as an investment vehicle by separate accounts of insurance companies that fund variable annuity contracts and variable life insurance policies and by qualified pension and retirement plans. Information presented in these financial statements pertains to the Institutional Class, Administrative Class and Advisor Class shares of the PIMCO International Bond Portfolio (Unhedged) (the "Portfolio") offered by the Trust. Pacific Investment Management Company LLC ("PIMCO") serves as the investment adviser (the "Adviser") for the Portfolio.

Hereinafter, the Board of Trustees of the Portfolio shall be collectively referred to as the "Board."

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The Portfolio is treated as an investment company under the reporting requirements of U.S. GAAP. The functional and reporting currency for the Portfolio is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(a) Securities Transactions and Investment Income Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Portfolio is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on

certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statement of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statement of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statement of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable.

(b) Foreign Currency Translation The market values of foreign securities, currency holdings and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies, if any, are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Portfolio does not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) from investments on the Statement of Operations. The Portfolio may invest in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains (losses) arising from sales of spot foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in net realized gain (loss) on foreign currency transactions on the Statement of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period are included in net change in unrealized appreciation (depreciation) on foreign currency assets and liabilities on the Statement of Operations.

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(c) Multi-Class Operations Each class offered by the Trust has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets. Realized and unrealized capital gains (losses) are allocated daily based on the relative net assets of each class of the Portfolio. Class specific expenses, where applicable, currently include supervisory and administrative and distribution and servicing fees. Under certain circumstances, the per share net asset value ("NAV") of a class of the Portfolio's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(d) Distributions to Shareholders Distributions from net investment income, if any, are declared daily and distributed to shareholders monthly. In addition, the Portfolio distributes any net capital gains it earns from the sale of portfolio securities to shareholders no less frequently than annually. The Portfolio may revise its distribution policy or postpone the payment of distributions at any time.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on the Portfolio's annual financial statements presented under U.S. GAAP.

Separately, if the Portfolio determines or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources other than net investment income in accordance with its policies, accounting records (if applicable), and accounting practices, the Portfolio will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, the Portfolio determines or estimates, as applicable, the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is determined or estimated, as applicable, that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between the Portfolio's daily internal accounting records and practices, the Portfolio's financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, the

Portfolio's internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include but are not limited to, for certain Portfolios, the treatment of periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that the Portfolio may not issue a Section 19 Notice in situations where the Portfolio's financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution's tax character will be provided to shareholders when such information is available.

Distributions classified as a tax basis return of capital at the Portfolio's fiscal year end, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital on the Statement of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Statement of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(e) New Accounting Pronouncements and Regulatory UpdatesIn March 2020, the Financial Accounting Standards Board ("FASB") issued an Accounting Standards Update ("ASU"), ASU 2020-04, which provides optional guidance to ease the potential accounting burden associated with transitioning away from the London Interbank Offered Rate and other reference rates that are expected to be discontinued. ASU 2020-04 is effective for certain reference rate-related contract modifications that occurred during the period March 12, 2020 through December 31, 2022. In March 2021, the administrator for LIBOR announced the extension of the publication of a majority of the USD LIBOR settings to June 30, 2023. In December 2022, FASB issued ASU 2022-06, which includes amendments to extend the duration of the LIBOR transition relief to December 31, 2024, after which entities will no longer be permitted to apply the reference rate reform relief. Management is continuously evaluating the potential effect a discontinuation of LIBOR could have on the Portfolio's investments and has determined that it is unlikely the ASU's adoption will have a material impact on the Portfolio's financial statements.

In October 2020, the U.S. Securities and Exchange Commission ("SEC") adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover

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| **Notes to Financial Statements** | **(Cont.)** |

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transactions. Subject to certain exceptions, the rule requires funds that trade derivatives and other transactions that create future payment or delivery obligations to comply with a value-at-risk leverage limit and certain derivatives risk management program and reporting requirements. The effective date for the rule was February 19, 2021. The compliance date for the new rule and the related reporting requirements was August 19, 2022. Management has implemented changes in connection with the rule and has determined that there was no material impact to the Portfolio's financial statements.

In October 2020, the SEC adopted a rule regarding the ability of a fund to invest in other funds. The rule allows a fund to acquire shares of another fund in excess of certain limitations currently imposed by the Act without obtaining individual exemptive relief from the SEC, subject to certain conditions. The rule also includes the rescission of certain exemptive relief from the SEC and guidance from the SEC staff for funds to invest in other funds. The effective date for the rule was January 19, 2021, and the compliance date for the rule was January 19, 2022. Management has implemented changes in connection with the rule and has determined that there was no material impact to the Portfolio's financial statements.

In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value as well as for the performance of fair value determinations, including related oversight and reporting obligations. The new rule also defines "readily available market quotations" for purposes of the definition of "value" under the Act, and the SEC noted that this definition would apply in all contexts under the Act. The effective date for the rule was March 8, 2021. The compliance date for the new rule and the related reporting requirements was September 8, 2022. Management has implemented changes in connection with the rule and has determined that there was no material impact to the Portfolio's financial statements.

In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820), which affects all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring the fair value. The amendments also require additional disclosures for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The effective date for the amendments in ASU 2022-03 is for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years. At this time, management is evaluating the implications of these changes on the financial statements.

In October 2022, the SEC adopted changes to the mutual fund and ETF shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which will change the disclosures provided to shareholders. The rule is effective as of January 24, 2023, but the SEC is providing an 18-month compliance period after the effective date other than for rule amendments addressing fee and expense information in advertisements that might be materially misleading. At this time, management is evaluating the implications of these changes on the financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies The NAV of the Portfolio's shares, or each of its share classes as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Portfolio or class, less any liabilities, as applicable, by the total number of shares outstanding.

On each day that the New York Stock Exchange ("NYSE") is open, the Portfolio's shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) ("NYSE Close"). Information that becomes known to the Portfolio or its agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, the Portfolio may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. The Portfolio generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, the Portfolio may calculate its NAV as of the NYSE Close for such day or such other time that the Portfolio may determine.

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Portfolio will normally use pricing data for domestic equity securities received shortly after the NYSE Close and does not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange, or the NYSE Close, if the NYSE Close occurs before the end of trading on the foreign exchange.

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Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated PIMCO as the valuation designee ("Valuation Designee") for the Portfolio to perform the fair value determination relating to all Portfolio investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee's policies and procedures govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Portfolio investments. The Valuation Designee may value Portfolio securities for which market quotations are not readily available and other Portfolio assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, "Pricing Sources").

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives, and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Exchange-traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Swap agreements are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of the Portfolio's assets that are invested in one or more open-end management investment companies (other than ETFs), the Portfolio's NAV will be calculated based on the NAVs of such investments. Open-end management investment companies may include affiliated funds.

If a foreign (non-U.S.) equity security's value has materially changed after the close of the security's primary exchange or principal market but before the NYSE Close, the security may be valued at fair value. Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, the Portfolio may determine the fair value of investments based on information provided by Pricing Sources, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may,

among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indexes) that occur after the close of the relevant market and before the NYSE Close. The Portfolio may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, unless otherwise determined by the Valuation Designee, any movement in the applicable reference index or instrument ("zero trigger") between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Trust is not open for business, which may result in the Portfolio's portfolio investments being affected when shareholders are unable to buy or sell shares.

Whole loans may be fair valued using inputs that take into account borrower-or loan-level (e.g., credit risk of the borrower) that is updated periodically throughout the life of each individual loan; any new borrower- or loan-level data received in written reports periodically by the Portfolio normally will be taken into account in calculating the NAV. The Portfolio's whole loan investments, including those originated by the Portfolio, generally are fair valued in accordance with procedures approved by the Board.

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Sources. As a result, the value of such investments and, in turn, the NAV of the Portfolio's shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Trust is not open for business. As a result, to the extent that the Portfolio holds foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in the Portfolio's next calculated NAV.

Fair valuation may require subjective determinations about the value of a security. While the Trust's and Valuation Designee's policies and procedures are intended to result in a calculation of the Portfolio's NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values accurately reflect the price that the Portfolio could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Portfolio may differ from the value that would be realized if the securities were sold. The Portfolio's use of fair valuation may also help to deter "stale price arbitrage" as discussed under the "Frequent or Excessive Purchases, Exchanges and Redemptions" section in the Portfolio's prospectus.

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| **Notes to Financial Statements** | **(Cont.)** |

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Under certain circumstances, the per share NAV of a class of the Portfolio's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2, or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2, and 3 of the fair value hierarchy are defined as follows:

<sup>∎</sup> Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

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| <sup>∎</sup> | Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs. |

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<sup>∎</sup> Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for the Portfolio.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between Levels of the Portfolio's assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy, and if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for the Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(c) Valuation Techniques and the Fair Value Hierarchy

Level 1, Level 2 and Level 3 trading assets and trading liabilities, at fair value The valuation methods (or "techniques") and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1, Level 2 and Level 3 of the fair value hierarchy are as follows:

Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

Investments in registered open-end investment companies (other than ETFs) will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in unregistered open-end investment companies will be calculated based upon the NAVs of such investments and are considered Level 1 provided that the NAVs are observable, calculated daily and are the value at which both purchases and sales will be conducted.

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities and non-U.S. bonds are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Sources' internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Fixed income securities purchased on a delayed-delivery basis or as a repurchase commitment in a sale-buyback transaction are marked to market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and

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asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or Pricing Sources. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers or Pricing Sources (normally determined as of the NYSE Close). Depending on the product and the terms of the transaction, financial derivative instruments can be valued by Pricing Sources using a series

of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as quoted prices, issuer details, indices, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Sources (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models may use inputs that are observed from actively quoted markets such as the overnight index swap rate, LIBOR forward rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

Short-term debt instruments (such as commercial paper) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost value of such short-term debt instruments is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price.

When a fair valuation method is applied by PIMCO that uses significant unobservable inputs, investments will be priced by a method that the Valuation Designee believes reflects fair value and are categorized as Level 3 of the fair value hierarchy.

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

The Portfolio may invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III ("Central Funds") to the extent permitted by the Act and rules thereunder. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Portfolio. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC's website at www.sec.gov. A copy of each affiliate fund's shareholder

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report is also available at the SEC's website at www.sec.gov, on the Portfolio's website at www.pimco.com, or upon request, as applicable. The tables below show the Portfolio's transactions in and earnings from investments in the affiliated Funds for the period ended December 31, 2022 (amounts in thousands<sup>†</sup>):

**Investment in PIMCO Short Asset Portfolio** 

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|:---|:---|:---|:---|:---|:---|:---|:---|
| **Market Value<br>12/31/2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Market Value<br>06/30/2022** | **Dividend<br>Income<sup>(1)</sup>** | **Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup>** |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

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**Investment in PIMCO Short-Term Floating NAV Portfolio III** 

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|:---|:---|:---|:---|:---|:---|:---|:---|
| **Market Value<br>12/31/2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Market Value<br>06/30/2022** | **Dividend<br>Income<sup>(1)</sup>** | **Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup>** |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1113 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14409 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15000) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

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| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(1)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

(b) Investments in Securities

The Portfolio may utilize the investments and strategies described below to the extent permitted by the Portfolio's investment policies.

Delayed-Delivery Transactions involve a commitment by the Portfolio to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, the Portfolio will designate or receive as collateral liquid assets in an amount sufficient to meet the purchase price or respective obligations. When purchasing a security on a delayed-delivery basis, the Portfolio assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. The Portfolio may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain (loss). When the Portfolio has sold a security on a delayed-delivery basis, the Portfolio does not participate in future gains (losses) with respect to the security.

Inflation-Indexed Bonds are fixed income securities whose principal value is periodically adjusted by the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Statement of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury Inflation-Protected Securities. For bonds that do not provide a

similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

Loans and Other Indebtedness, Loan Participations and Assignments are direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental, or other borrowers. The Portfolio's investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties or investments in or originations of loans by the Portfolio. A loan is often administered by a bank or other financial institution (the "agent") that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. The Portfolio may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When the Portfolio purchases assignments from agents it acquires direct rights against the borrowers of the loans. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing through, for example, the issuance of bonds, frequently high yield bonds issued for the purpose of acquisitions.

The types of loans and related investments in which the Portfolio may invest include, among others, senior loans, subordinated loans (including second lien loans, B-Notes and mezzanine loans), whole loans, commercial real estate and other commercial loans and structured loans. The Portfolio may originate loans or acquire direct interests in loans through primary loan distributions and/or in private transactions. In the case of subordinated loans, there may be significant indebtedness ranking ahead of the borrower's obligation to the holder of such a loan, including in the event of the borrower's

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insolvency. Mezzanine loans are typically secured by a pledge of an equity interest in the mortgage borrower that owns the real estate rather than an interest in a mortgage.

Investments in loans may include unfunded loan commitments, which are contractual obligations for funding. Unfunded loan commitments may include revolving credit facilities, which may obligate the Portfolio to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full, even though a percentage of the committed amount may not be utilized by the borrower. When investing in a loan participation, the Portfolio has the right to receive payments of principal, interest and any fees to which it is entitled only from the agent selling the loan agreement and only upon receipt of payments by the agent from the borrower. The Portfolio may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. In certain circumstances, the Portfolio may receive a penalty fee upon the prepayment of a loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense, respectively, on the Statement of Operations. Unfunded loan commitments are reflected as a liability on the Statement of Assets and Liabilities.

Mortgage-Related and Other Asset-Backed Securities directly or indirectly represent a participation in, or are secured by and payable from, loans on real property. Mortgage-related securities are created from pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. These securities provide a monthly payment which consists of both interest and principal. Interest may be determined by fixed or adjustable rates. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with the full faith and credit of the U.S. Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Many of the risks of investing in mortgage-related securities secured by commercial mortgage loans reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make lease payments, and the ability of a property to attract and retain tenants. These securities may be less liquid and may exhibit greater price volatility than other types of mortgage-related or other asset-backed securities. Other asset-backed securities are created from many types of assets, including, but not

limited to, auto loans, accounts receivable, such as credit card receivables and hospital account receivables, home equity loans, student loans, boat loans, mobile home loans, recreational vehicle loans, manufactured housing loans, aircraft leases, computer leases and syndicated bank loans.

Collateralized Debt Obligations ("CDOs") include Collateralized Bond Obligations ("CBOs"), Collateralized Loan Obligations ("CLOs") and other similarly structured securities. CBOs and CLOs are types of asset-backed securities. A CBO is a trust which is backed by a diversified pool of high risk, below investment grade fixed income securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which the Portfolio invests. In addition to the normal risks associated with fixed income securities discussed elsewhere in this report and the Portfolio's prospectus and statement of additional information (e.g., prepayment risk, credit risk, liquidity risk, market risk, structural risk, legal risk and interest rate risk (which may be exacerbated if the interest rate payable on a structured financing changes based on multiples of changes in interest rates or inversely to changes in interest rates)), CBOs, CLOs and other CDOs carry additional risks including, but not limited to, (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments, (ii) the quality of the collateral may decline in value or default, (iii) the risk that the Portfolio may invest in CBOs, CLOs, or other CDOs that are subordinate to other classes, and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

Collateralized Mortgage Obligations ("CMOs") are debt obligations of a legal entity that are collateralized by whole mortgage loans or private mortgage bonds and divided into classes. CMOs are structured into multiple classes, often referred to as "tranches", with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including prepayments. CMOs may be less liquid and may exhibit greater price volatility than other types of mortgage-related or asset-backed securities.

Stripped Mortgage-Backed Securities ("SMBS") are derivative multi-class mortgage securities. SMBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. An SMBS will have one class that will receive all of the interest (the interest-only or "IO" class), while the other class will receive the entire principal (the principal-only or "PO" class). Payments received for IOs are included in interest

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income on the Statement of Operations. Because no principal will be received at the maturity of an IO, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statement of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

Payment In-Kind Securities may give the issuer the option at each interest payment date of making interest payments in either cash and/or additional debt securities. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a dirty price) and require a pro rata adjustment from the unrealized appreciation (depreciation) on investments to interest receivable on the Statement of Assets and Liabilities.

Perpetual Bonds are fixed income securities with no maturity date but pay a coupon in perpetuity (with no specified ending or maturity date). Unlike typical fixed income securities, there is no obligation for perpetual bonds to repay principal. The coupon payments, however, are mandatory. While perpetual bonds have no maturity date, they may have a callable date in which the perpetuity is eliminated and the issuer may return the principal received on the specified call date. Additionally, a perpetual bond may have additional features, such as interest rate increases at periodic dates or an increase as of a predetermined point in the future.

Restricted Investments are subject to legal or contractual restrictions on resale and may generally be sold privately, but may be required to be registered or exempted from such registration before being sold to the public. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933. Disposal of restricted investments may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Restricted investments held by the Portfolio as of December 31, 2022, as applicable, are disclosed in the Notes to Schedule of Investments.

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the "U.S. Treasury"); and others, such as

those of the Federal National Mortgage Association ("FNMA" or "Fannie Mae"), are supported by the discretionary authority of the U.S. Government to purchase the agency's obligations. U.S. Government securities may include zero coupon securities which do not distribute interest on a current basis and tend to be subject to a greater risk than interest-paying securities of similar maturities.

Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac"). FNMA is a government-sponsored corporation. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. Government. FHLMC issues Participation Certificates ("PCs"), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

In June 2019, FNMA and FHLMC started issuing Uniform Mortgage Backed Securities in place of their current offerings of TBA-eligible securities (the "Single Security Initiative"). The Single Security Initiative seeks to support the overall liquidity of the TBA market and aligns the characteristics of FNMA and FHLMC certificates. The effects that the Single Security Initiative may have on the market for TBA and other mortgage-backed securities are uncertain.

Roll-timing strategies can be used where the Portfolio seeks to extend the expiration or maturity of a position, such as a TBA security on an underlying asset, by closing out the position before expiration and opening a new position with respect to substantially the same underlying asset with a later expiration date. TBA securities purchased or sold are reflected on the Statement of Assets and Liabilities as an asset or liability, respectively. Recently finalized FINRA rules include mandatory margin requirements for the TBA market that requires the Portfolio to post collateral in connection with its TBA transactions. There is no similar requirement applicable to the Portfolio's TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the Portfolio and impose added operational complexity.

When-Issued Transactions are purchases or sales made on a when-issued basis. These transactions are made conditionally because a security, although authorized, has not yet been issued in the market.

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Transactions to purchase or sell securities on a when-issued basis involve a commitment by the Portfolio to purchase or sell these securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. The Portfolio may sell when-issued securities before they are delivered, which may result in a realized gain (loss).

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Portfolio may enter into the borrowings and other financing transactions described below to the extent permitted by the Portfolio's investment policies.

The following disclosures contain information on the Portfolio's ability to lend or borrow cash or securities to the extent permitted under the Act, which may be viewed as borrowing or financing transactions by the Portfolio. The location of these instruments in the Portfolio's financial statements is described below.

(a) Repurchase Agreements Under the terms of a typical repurchase agreement, the Portfolio purchases an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and the Portfolio to resell, the obligation at an agreed-upon price and time. In an open maturity repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Portfolio or counterparty at any time. The underlying securities for all repurchase agreements are held by the Portfolio's custodian or designated subcustodians under tri-party repurchase agreements and in certain instances will remain in custody with the counterparty. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, if any, including accrued interest, are included on the Statement of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Statement of Operations. In periods of increased demand for collateral, the Portfolio may pay a fee for the receipt of collateral, which may result in interest expense to the Portfolio.

(b) Reverse Repurchase Agreements In a reverse repurchase agreement, the Portfolio delivers a security in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed upon price and date. In an open maturity reverse repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Portfolio or counterparty at any time. The Portfolio is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. Cash received in exchange for securities delivered plus accrued interest payments to be made by the Portfolio to counterparties are reflected as a liability on the Statement

of Assets and Liabilities. Interest payments made by the Portfolio to counterparties are recorded as a component of interest expense on the Statement of Operations. In periods of increased demand for the security, the Portfolio may receive a fee for use of the security by the counterparty, which may result in interest income to the Portfolio. The Portfolio will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under reverse repurchase agreements.

(c) Sale-Buybacks A sale-buyback financing transaction consists of a sale of a security by the Portfolio to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. The Portfolio is not entitled to receive principal and interest payments, if any, made on the security sold to the counterparty during the term of the agreement. The agreed-upon proceeds for securities to be repurchased by the Portfolio are reflected as a liability on the Statement of Assets and Liabilities. The Portfolio will recognize net income represented by the price differential between the price received for the transferred security and the agreed-upon repurchase price. This is commonly referred to as the 'price drop.' A price drop consists of (i) the foregone interest and inflationary income adjustments, if any, the Portfolio would have otherwise received had the security not been sold and (ii) the negotiated financing terms between the Portfolio and counterparty. Foregone interest and inflationary income adjustments, if any, are recorded as components of interest income on the Statement of Operations. Interest payments based upon negotiated financing terms made by the Portfolio to counterparties are recorded as a component of interest expense on the Statement of Operations. In periods of increased demand for the security, the Portfolio may receive a fee for use of the security by the counterparty, which may result in interest income to the Portfolio. The Portfolio will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under sale-buyback transactions.

(d) Short Sales Short sales are transactions in which the Portfolio sells a security that it may not own. The Portfolio may make short sales of securities to (i) offset potential declines in long positions in similar securities, (ii) to increase the flexibility of the Portfolio, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When the Portfolio engages in a short sale, it may borrow the security sold short and deliver it to the counterparty. The Portfolio will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for

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short sales on the Statement of Assets and Liabilities. Short sales expose the Portfolio to the risk that it will be required to cover its short position at a time when the security or other asset has appreciated in value, thus resulting in losses to the Portfolio. A short sale is "against the box" if the Portfolio holds in its portfolio or has the right to acquire the security sold short, or securities identical to the security sold short, at no additional cost. The Portfolio will be subject to additional risks to the extent that it engages in short sales that are not "against the box." The Portfolio's loss on a short sale could theoretically be unlimited in cases where the Portfolio is unable, for whatever reason, to close out its short position.

(e) Interfund Lending In accordance with an exemptive order (the "Order") from the SEC, each Portfolio of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Portfolio's investment policies and restrictions. Each Portfolio is currently permitted to borrow under the Interfund Lending Program. A lending portfolio may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing portfolio through the Interfund Lending Program. A borrowing portfolio may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the portfolio's investment restrictions). If a borrowing portfolio's total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending portfolio and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended December 31, 2022, the Portfolio did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

The Portfolio may enter into the financial derivative instruments described below to the extent permitted by the Portfolio's investment policies.

The following disclosures contain information on how and why the Portfolio uses financial derivative instruments, and how financial derivative instruments affect the Portfolio's financial position, results of operations and cash flows. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the

net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Statement of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table in the Notes to Schedule of Investments. The financial derivative instruments outstanding as of period end and the amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Schedule of Investments, serve as indicators of the volume of financial derivative activity for the Portfolio.

(a) Forward Foreign Currency Contracts may be engaged, in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of the Portfolio's securities or as part of an investment strategy. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked to market daily, and the change in value is recorded by the Portfolio as an unrealized gain (loss). Realized gains (losses) are equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed and are recorded upon delivery or receipt of the currency. These contracts may involve market risk in excess of the unrealized gain (loss) reflected on the Statement of Assets and Liabilities. In addition, the Portfolio could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar. To mitigate such risk, cash or securities may be exchanged as collateral pursuant to the terms of the underlying contracts.

(b) Futures Contracts are agreements to buy or sell a security or other asset for a set price on a future date and are traded on an exchange. The Portfolio may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by the Portfolio and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Portfolio is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by the Portfolio ("Futures Variation Margin"). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Statement of

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Assets and Liabilities. Gains (losses) are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the Futures Variation Margin included within exchange traded or centrally cleared financial derivative instruments on the Statement of Assets and Liabilities.

(c) Options Contracts may be written or purchased to enhance returns or to hedge an existing position or future investment. The Portfolio may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase the Portfolio's exposure to the underlying instrument. Writing call options tends to decrease the Portfolio's exposure to the underlying instrument. When the Portfolio writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. These amounts are included on the Statement of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The Portfolio as a writer of an option has no control over whether the underlying instrument may be sold ("call") or purchased ("put") and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Portfolio may not be able to enter into a closing transaction because of an illiquid market.

Purchasing call options tends to increase the Portfolio's exposure to the underlying instrument. Purchasing put options tends to decrease the Portfolio's exposure to the underlying instrument. The Portfolio pays a premium which is included as an asset on the Statement of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed.

Credit Default Swaptions may be written or purchased to hedge exposure to the credit risk of an investment without making a commitment to the underlying instrument. A credit default swaption is an option to sell or buy credit protection on a specific reference by

entering into a pre-defined swap agreement by some specified date in the future.

Foreign Currency Options may be written or purchased to be used as a short or long hedge against possible variations in foreign exchange rates or to gain exposure to foreign currencies.

Interest Rate-Capped Options may be written or purchased to enhance returns or for hedging opportunities. The purpose of purchasing interest rate-capped options is to protect the Portfolio from floating rate risk above a certain rate on a given notional exposure. A floor can be used to give downside protection to investments in interest rate linked products.

Interest Rate Swaptions may be written or purchased to enter into a pre-defined swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, by some specified date in the future. The writer of the swaption becomes the counterparty to the swap if the buyer exercises. The interest rate swaption agreement will specify whether the buyer of the swaption will be a fixed-rate receiver or a fixed-rate payer upon exercise.

Options on Exchange-Traded Futures Contracts ("Futures Option") may be written or purchased to hedge an existing position or future investment, for speculative purposes or to manage exposure to market movements. A Futures Option is an option contract in which the underlying instrument is a single futures contract.

(d) Swap Agreements are bilaterally negotiated agreements between the Portfolio and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the over the counter market ("OTC swaps") or may be cleared through a third party, known as a central counterparty or derivatives clearing organization ("Centrally Cleared Swaps"). The Portfolio may enter into asset, credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Statement of Operations. Daily changes in valuation of centrally cleared swaps ("Swap Variation Margin"), if any, are disclosed within

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centrally cleared financial derivative instruments on the Statement of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Statement of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain (loss) on the Statement of Operations.

For purposes of applying certain of the Portfolio's investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by the Portfolio at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of the Portfolio's investment policies and restrictions, the Portfolio will value the credit default swap at its notional value or its full exposure value (*i.e*., the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of the Portfolio's other investment policies and restrictions. For example, the Portfolio may value credit default swaps at full exposure value for purposes of the Portfolio's credit quality guidelines (if any) because such value in general better reflects the Portfolio's actual economic exposure during the term of the credit default swap agreement. As a result, the Portfolio may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in the Portfolio's prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether the Portfolio is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by the Portfolio for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates or the values of the asset upon which the swap is based.

The Portfolio's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive. The risk may be mitigated by having a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral to the Portfolio to cover the Portfolio's exposure to the counterparty.

To the extent the Portfolio has a policy to limit the net amount owed to or to be received from a single counterparty under existing swap agreements, such limitation only applies to counterparties to OTC swaps and does not apply to centrally cleared swaps where the counterparty is a central counterparty or derivatives clearing organization.

Credit Default Swap Agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues are entered into to provide a measure of protection against defaults of the issuers (*i.e.*, to reduce risk where the Portfolio owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer's default. Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event that the referenced entity, obligation or index, as specified in the swap agreement, undergoes a certain credit event. As a seller of protection on credit default swap agreements, the Portfolio will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, the Portfolio would effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the notional amount of the swap.

If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced

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obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection's right to choose the deliverable obligation with the lowest value following a credit event).

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name's weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index. Credit default swaps on credit indices may be used to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indices are instruments for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues as of period end, if any, are disclosed in the Notes to Schedule of Investments. They serve as an indicator of the current status of payment/performance risk and represent the likelihood or risk of default for the reference entity. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of

the agreement. For credit default swap agreements on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that the Portfolio as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of period end for which the Portfolio is the seller of protection are disclosed in the Notes to Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Portfolio for the same referenced entity or entities.

Cross-Currency Swap Agreementsare entered into to gain or mitigate exposure to currency risk. Cross-currency swap agreements involve two parties exchanging two different currencies with an agreement to reverse the exchange at a later date at specified exchange rates. The exchange of currencies at the inception date of the contract takes place at the current spot rate. The re-exchange at maturity may take place at the same exchange rate, a specified rate, or the then current spot rate. Interest payments, if applicable, are made between the parties based on interest rates available in the two currencies at the inception of the contract. The terms of cross-currency swap contracts may extend for many years. Cross-currency swaps are usually negotiated with commercial and investment banks. Some cross-currency swaps may not provide for exchanging principal cash flows, but only for exchanging interest cash flows.

Interest Rate Swap Agreements may be entered into to help hedge against interest rate risk exposure and to maintain the Portfolio's ability to generate income at prevailing market rates. The value of the fixed rate bonds that the Portfolio holds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by the Portfolio with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates

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exceed a specified rate, or "cap," (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor," (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.

Total Return Swap Agreements are entered into to gain or mitigate exposure to the underlying reference asset. Total return swap agreements involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset and on a fixed or variable interest rate. Total return swap agreements may involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific underlying reference asset, which may include a single security, a basket of securities, or an index, and in return receives a fixed or variable rate. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference asset less a financing rate, if any. As a receiver, the Portfolio would receive payments based on any net positive total return and would owe payments in the event of a net negative total return. As the payer, the Portfolio would owe payments on any net positive total return, and would receive payments in the event of a net negative total return.

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in the Portfolio, which could adversely affect its net asset value, yield and total return, are listed below. Please see "Description of Principal Risks" in the Portfolio's prospectus for a more detailed description of the risks of investing in the Portfolio.

Small Portfolio Risk is the risk that a smaller Portfolio may not achieve investment or trading efficiencies. Additionally, a smaller Portfolio may be more adversely affected by large purchases or redemptions of Portfolio shares.

Interest Rate Risk is the risk that fixed income securities will decline in value because of an increase in interest rates; a portfolio with a longer average portfolio duration will be more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

Call Risk is the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their maturity for a number of reasons (e.g., declining interest rates, changes in credit spreads and improvements in the issuer's credit quality). If an issuer calls a security that the Portfolio has invested in, the Portfolio may not recoup the full amount of its initial investment and may be forced to reinvest in lower- yielding securities, securities with greater credit risks or securities with other, less favorable features.

Credit Risk is the risk that the Portfolio could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations.

High Yield Risk is the risk that high yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") are subject to greater levels of credit, call and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments, and may be more volatile than higher-rated securities of similar maturity.

Market Risk is the risk that the value of securities owned by the Portfolio may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries.

Issuer Risk is the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services.

Liquidity Risk is the risk that a particular investment may be difficult to purchase or sell and that the Portfolio may be unable to sell illiquid investments at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity.

Derivatives Risk is the risk of investing in derivative instruments (such as forwards, futures, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks and valuation complexity. Changes in the value of a derivative or other similar investment may not correlate perfectly with, and may be

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more sensitive to market events than, the underlying asset, rate or index, and the Portfolio could lose more than the initial amount invested. Changes in the value of a derivative or other similar instrument may also create margin delivery or settlement payment obligations for the Portfolio. The Portfolio's use of derivatives or other similar investments may result in losses to the Portfolio, a reduction in the Portfolio's returns and/or increased volatility. Over- the-counter ("OTC") derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for OTC derivatives or other similar investments. The primary credit risk on derivatives that are exchange-traded or traded through a central clearing counterparty, resides with the Portfolio's clearing broker or the clearinghouse. Changes in regulation relating to a registered fund's use of derivatives and related instruments could potentially limit or impact the Portfolio's ability to invest in derivatives, limit the Portfolio's ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and the Portfolio's performance.

Equity Risk is the risk that the value of equity securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity securities generally have greater price volatility than fixed income securities.

Mortgage-Related and Other Asset-Backed Securities Risk is the risk of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk.

Foreign (Non-U.S.) Investment Risk is the risk that investing in foreign (non-U.S.) securities may result in the Portfolio experiencing more rapid and extreme changes in value than a portfolio that invests exclusively in securities of U.S. companies, due to smaller markets, differing reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, or political changes, diplomatic

developments or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.

Emerging Markets Risk is the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk.

Sovereign Debt Risk is the risk that investments in fixed income instruments issued by sovereign entities may decline in value as a result

of default or other adverse credit event resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion.

Currency Risk is the risk that foreign (non-U.S.) currencies will change in value relative to the U.S. dollar and affect the Portfolio's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies.

Issuer Non-Diversification Risk is the risk of focusing investments in a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. Portfolios that are "non-diversified" may invest a greater percentage of their assets in the securities of a single issuer (such as bonds issued by a particular state) than portfolios that are "diversified".

Leveraging Risk is the risk that certain transactions of the Portfolio, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing the Portfolio to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss.

Management Risk is the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio managers in connection with managing the Portfolio and may cause PIMCO to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of the Portfolio will be achieved.

Short Exposure Risk is the risk of entering into short sales or other short positions, including the potential loss of more money than the actual cost of the investment, and the risk that the third party to the short sale or other short position will not fulfill its contractual obligations, causing a loss to the Portfolio.

LIBOR Transition Risk is the risk related to the anticipated discontinuation of the London Interbank Offered Rate ("LIBOR"). Certain instruments held by a Portfolio rely in some fashion upon LIBOR. Although the transition process away from LIBOR has become increasingly well-defined in advance of the anticipated discontinuation date, there remains uncertainty regarding the nature of any replacement rate, and any potential effects of the transition away from LIBOR on a Portfolio or on certain instruments in which the Portfolio

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invests can be difficult to ascertain. The transition process may involve, among other things, increased volatility or illiquidity in markets for instruments that currently rely on LIBOR and may result in a reduction in the value of certain instruments held by a Portfolio.

(b) Other Risks

In general, the Portfolio may be subject to additional risks, including, but not limited to, risks related to government regulation and intervention in financial markets, operational risks, risks associated with financial, economic and global market disruptions, and cyber security risks. Please see the Portfolio's prospectus and Statement of Additional Information for a more detailed description of the risks of investing in the Portfolio. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments that may impact the Portfolio's performance.

Market Disruption Risk The Portfolio is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets and cause the Portfolio to lose value. These events can also impair the technology and other operational systems upon which the Portfolio's service providers, including PIMCO as the Portfolio's investment adviser, rely, and could otherwise disrupt the Portfolio's service providers' ability to fulfill their obligations to the Portfolio. For example, the recent spread of an infectious respiratory illness caused by a novel strain of coronavirus (known as COVID-19) has caused volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities the Portfolio holds, and may adversely affect the Portfolio's investments and operations. Please see the Important Information section for additional discussion of the COVID-19 pandemic.

Government Intervention in Financial Markets Federal, state, and other governments, their regulatory agencies, or self-regulatory organizations may take actions that affect the regulation of the instruments in which the Portfolio invests, or the issuers of such instruments, in ways that are unforeseeable. Legislation or regulation may also change the way in which the Portfolio itself is regulated. Such legislation or regulation could limit or preclude the Portfolio's ability to achieve its investment objective. Furthermore, volatile financial markets can expose the Portfolio to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Portfolio. The value of the Portfolio's holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which the Portfolio invests. In

addition, it is not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.

Regulatory Risk Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/or intervention may change the way the Portfolio is regulated, affect the expenses incurred directly by the Portfolio and the value of its investments, and limit and/or preclude the Portfolio's ability to achieve its investment objective. Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects.

Operational Risk An investment in the Portfolio, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Portfolio. While the Portfolio seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Portfolio.

Cyber Security Risk As the use of technology has become more prevalent in the course of business, the Portfolio has become potentially more susceptible to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional cyber events that may, among other things, cause the Portfolio to lose proprietary information, suffer data corruption and/or destruction or lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Cyber security failures or breaches may result in financial losses to the Portfolio and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with the Portfolio's ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any

cyber incidents in the future. There is also a risk that cyber security

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breaches may not be detected. The Portfolio and its shareholders may suffer losses as a result of a cyber security breach related to the Portfolio, its service providers, trading counterparties or the issuers in which the Portfolio invests.

8. MASTER NETTING ARRANGEMENTS

The Portfolio may be subject to various netting arrangements ("Master Agreements") with select counterparties. Master Agreements govern the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow the Portfolio to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes the Statement of Assets and Liabilities generally presents derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Statement of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statement of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. The Portfolio's overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively "Master Repo Agreements") govern repurchase, reverse repurchase, and certain sale-buyback

transactions between the Portfolio and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default, and maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Schedule of Investments.

Master Securities Forward Transaction Agreements ("Master Forward Agreements") govern certain forward settling transactions, such as TBA securities, delayed-delivery or certain sale-buyback transactions by and between the Portfolio and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Schedule of Investments.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant ("FCM") registered with the Commodity Futures Trading Commission. In the United States, counterparty risk may be reduced as creditors of an FCM cannot have a claim to Portfolio assets in the segregated account. Portability of exposure reduces risk to the Portfolio. Variation margin, which reflects changes in market value, is generally exchanged daily, but may not be netted between futures and cleared OTC derivatives unless the parties have agreed to a separate arrangement in respect of portfolio margining. The market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin as of period end are disclosed in the Notes to Schedule of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes ("ISDA Master Agreements") govern bilateral OTC derivative transactions entered into by the Portfolio with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. The ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level or as required by regulation. Similarly, if

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **47** |

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| | |
|:---|:---|
| **Notes to Financial Statements** | **(Cont.)** |

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required by regulation, the Portfolio may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent the Portfolio is required by regulation to post additional collateral beyond coverage of daily exposure, it could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedule of Investments.

9. FEES AND EXPENSES

(a) Investment Advisory Fee PIMCO is a majority-owned subsidiary of Allianz Asset Management of America LLC ("Allianz Asset Management") and serves as the Adviser to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from the Portfolio at an annual rate based on average daily net assets (the "Investment Advisory Fee"). The Investment Advisory Fee for all classes is charged at an annual rate as noted in the table in note (b) below.

(b) Supervisory and Administrative Fee PIMCO serves as administrator (the "Administrator") and provides supervisory and administrative services to the Trust for which it receives a monthly supervisory and administrative fee based on each share class's average daily net assets (the "Supervisory and Administrative Fee"). As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs.

The Investment Advisory Fee and Supervisory and Administrative Fees for all classes, as applicable, are charged at the annual rate as noted in the following table (calculated as a percentage of the Portfolio's average daily net assets attributable to each class):

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| | | | |
|:---|:---|:---|:---|
| **Investment Advisory Fee** | **Supervisory and Administrative Fee** | **Supervisory and Administrative Fee** | **Supervisory and Administrative Fee** |
| **All Classes** | **Institutional<br>Class** | **Administrative<br>Class** | **Advisor<br>Class** |
| 0.25% | 0.50% | 0.50% | 0.50% |

---

(c) Distribution and Servicing Fees PIMCO Investments LLC, a wholly-owned subsidiary of PIMCO, serves as the distributor ("Distributor") of the Trust's shares.

The Trust has adopted an Administrative Services Plan with respect to the Administrative Class shares of the Portfolio pursuant to Rule 12b-1 under the Act (the "Administrative Plan"). Under the terms of the Administrative Plan, the Trust is permitted to compensate the Distributor, out of the Administrative Class assets of the Portfolio, in an amount up to 0.15% on an annual basis of the average daily net assets of that class, for providing or procuring through financial intermediaries

administrative, recordkeeping and investor services for Administrative Class shareholders of the Portfolio.

The Trust has adopted a separate Distribution and Servicing Plan for the Advisor Class shares of the Portfolio (the "Distribution and Servicing Plan"). The Distribution and Servicing Plan has been adopted pursuant to Rule 12b-1 under the Act. The Distribution and Servicing Plan permits the Portfolio to compensate the Distributor for providing or procuring through financial intermediaries, distribution, administrative, recordkeeping, shareholder and/or related services with respect to Advisor Class shares. The Distribution and Servicing Plan permits the Portfolio to make total payments at an annual rate of up to 0.25% of its average daily net assets attributable to its Advisor Class shares.

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| | | |
|:---|:---|:---|
|  | **Distribution Fee** | **Servicing Fee** |
|  **Administrative Class** |  | 0.15% |
|  **Advisor Class** | 0.25% |  |

---

(d) Portfolio Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Portfolio, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust's executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Portfolio, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust's Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual portfolio operating expenses per share class.

The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates.

(e) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has agreed, through May 1, 2023, to waive a portion of the

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| **48** | **PIMCO VARIABLE INSURANCE TRUST** |

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##### [**Table of Contents**](#toc)
December 31, 2022

Portfolio's Supervisory and Administrative Fee, or reimburse the Portfolio, to the extent that the Portfolio's organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata share of Trustee Fees exceed 0.0049%, the "Expense Limit" (calculated as a percentage of the Portfolio's average daily net assets attributable to each class). The Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. The waiver, if any, is reflected on the Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO.

In any month in which the supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by the Portfolio of any portion of the supervisory and administrative fee waived or reimbursed as set forth above (the "Reimbursement Amount") within thirty-six months of the time of the waiver, provided that such amount paid to PIMCO will not: i) together with any organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee fees, exceed, for such month, the Expense Limit (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit); ii) exceed the total Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. At December 31, 2022, there were no recoverable amounts.

10. RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties. Fees paid to these parties are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Statement of Assets and Liabilities.

The Portfolio is permitted to purchase or sell securities from or to certain related affiliated portfolios under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Portfolio from or to another fund or portfolio that are, or could be, considered an affiliate, or an affiliate of an affiliate, by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with applicable SEC rule and interpretations under the Act. Further, as defined under the procedures, each transaction is effected at the current market price. Purchases and sales of securities pursuant to applicable SEC rule and

interpretations under the Act for the period ended December 31, 2022, were as follows (amounts in thousands<sup>†</sup>):

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| | | |
|:---|:---|:---|
| **Purchases** | **Sales** | **Realized Gain/<br>(Loss)** |
| $&nbsp;&nbsp;&nbsp;&nbsp;114 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

11. GUARANTEES AND INDEMNIFICATIONS

Under the Trust's organizational documents, each Trustee, officer, employee or other agent of the Trust (including the Trust's investment manager) is indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Portfolio. Additionally, in the normal course of business, the Portfolio enters into contracts that contain a variety of indemnification clauses. The Portfolio's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred. However, the Portfolio has not had prior claims or losses pursuant to these contracts.

12. PURCHASES AND SALES OF SECURITIES

The length of time the Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by the Portfolio is known as "portfolio turnover." The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective(s), particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by the Portfolio. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates when distributed to shareholders). The transaction costs associated with portfolio turnover may adversely affect the Portfolio's performance. The portfolio turnover rates are reported in the Financial Highlights.

Purchases and sales of securities (excluding short-term investments) for the period ended December 31, 2022, were as follows (amounts in thousands<sup>†</sup>):

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| | | | |
|:---|:---|:---|:---|
| **U.S. Government/Agency** | **U.S. Government/Agency** | **All Other** | **All Other** |
| **Purchases** | **Sales** | **Purchases** | **Sales** |
| $&nbsp;&nbsp;&nbsp;&nbsp;114269 | $&nbsp;&nbsp;&nbsp;&nbsp;114910 | $&nbsp;&nbsp;&nbsp;&nbsp;7196 | $&nbsp;&nbsp;&nbsp;&nbsp;14644 |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **49** |

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| | |
|:---|:---|
| **Notes to Financial Statements** | **(Cont.)** |

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13. SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with a $0.001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands<sup>†</sup>):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br>12/31/2022** | **Year Ended<br>12/31/2022** | **Year Ended<br>12/31/2021** | **Year Ended<br>12/31/2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Receipts for shares sold** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 0 | $0 | 8 | $71 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 688 | 5203 | 400 | 4020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 242 | 1935 | 478 | 4811 |
|  **Issued as reinvestment of distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 0 | 1 | 0 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 16 | 124 | 60 | 590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 33 | 254 | 129 | 1265 |
|  **Cost of shares redeemed** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (3) | (17) | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (525) | (4164) | (418) | (4207) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (439) | &nbsp;&nbsp;&nbsp;&nbsp;(3483) | (253) | &nbsp;&nbsp;&nbsp;&nbsp;(2510) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | 12 | $(147) | 404 | $4045 |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

As of December 31, 2022, two shareholders each owned 10% or more of the Portfolio's total outstanding shares comprising 75% of the Portfolio.

14. REGULATORY AND LITIGATION MATTERS

The Portfolio is not named as a defendant in any material litigation or arbitration proceedings and is not aware of any material litigation or claim pending or threatened against it.

On May 17, 2022, Allianz Global Investors U.S. LLC ("AGI U.S.") pleaded guilty in connection with the proceeding United States of America v. Allianz Global Investors U.S. LLC. AGI U.S. is an indirect subsidiary of Allianz SE. The conduct resulting in the matter described above occurred entirely within AGI U.S. and did not involve PIMCO or the Distributor, or any personnel of PIMCO or the Distributor. Nevertheless, because of the disqualifying conduct of AGI U.S., their affiliate, PIMCO would have been disqualified from serving as the investment adviser, and the Distributor would have been disqualified from serving as the principal underwriter, to the Portfolio in the absence of SEC exemptive relief. PIMCO and the Distributor have received exemptive relief from the SEC to permit them to continue serving as investment adviser and principal underwriter for U.S. registered investment companies, including the Portfolio.

The foregoing speaks only as of the date of this report.

15. FEDERAL INCOME TAX MATTERS

The Portfolio intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (the "Code") and distribute all of its taxable income and net realized gains, if applicable,

to shareholders. Accordingly, no provision for Federal income taxes has been made.

The Portfolio may be subject to local withholding taxes, including those imposed on realized capital gains. Any applicable foreign capital gains tax is accrued daily based upon net unrealized gains, and may be payable following the sale of any applicable investments.

In accordance with U.S. GAAP, the Adviser has reviewed the Portfolio's tax positions for all open tax years. As of December 31, 2022, the Portfolio has recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions it has taken or expects to take in future tax returns.

The Portfolio files U.S. federal, state, and local tax returns as required. The Portfolio's tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

Shares of the Portfolio currently are sold to segregated asset accounts ("Separate Accounts") of insurance companies that fund variable annuity contracts and variable life insurance policies ("Variable Contracts"). Please refer to the prospectus for the Separate Account and Variable Contract for information regarding Federal income tax treatment of distributions to the Separate Account.

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| **50** | **PIMCO VARIABLE INSURANCE TRUST** |

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December 31, 2022

As of December 31, 2022, the components of distributable taxable earnings are as follows (amounts in thousands<sup>†</sup>):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed<br>Ordinary<br>Income<sup>(1)</sup>** | **Undistributed<br>Long-Term<br>Capital Gains** | **Net Tax Basis<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup>** | **Other<br>Book-to-Tax<br>Accounting<br>Differences <sup>(3)</sup>** | **Accumulated<br>Capital<br>Losses<sup>(4)</sup>** | **Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Capital<sup>(5)</sup>** | **Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Ordinary<sup>(6)</sup>** | **Total<br>Components of<br>Distributable<br>Earnings** |
|  PIMCO International Bond Portfolio (Unhedged) | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;(3526) | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;(3526) |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(1)</sup> Includes undistributed short-term capital gains, if any.

<sup>(2)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options and forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on swap contracts, interest accrued from defaulted securities, straddle loss deferrals, short sale loss deferrals, and Treasury Inflation Protected Securities (TIPs). 

<sup>(3)</sup> Represents differences in income tax regulations and financial accounting principles generally accepted in the United States of America mainly for organizational expenditures.

<sup>(4)</sup> Capital losses available to offset future net capital gains as shown below.

<sup>(5)</sup> Capital losses realized during the period November 1, 2022 through December 31, 2022 which the Portfolio elected to defer to the following taxable year pursuant to income tax regulations.

<sup>(6)</sup> Specified losses realized during the period November 1, 2022 through December 31, 2022 which the Portfolio elected to defer to the following taxable year pursuant to income tax regulations.

Under the Regulated Investment Company Modernization Act of 2010, the Portfolio is permitted to carry forward any new capital losses for an unlimited period. Additionally, such capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term under previous law.

As of December 31, 2022, the Portfolio had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

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| | | |
|:---|:---|:---|
|  | **Short-Term** | **Long-Term** |
|  PIMCO International Bond Portfolio (Unhedged) | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;0 |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

As of December 31, 2022, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands<sup>†</sup>):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal<br>Tax Cost** | **Unrealized<br>Appreciation** | **Unrealized<br>(Depreciation)** | **Net Unrealized<br>Appreciation/<br>(Depreciation)<sup>(7)</sup>** |
|  PIMCO International Bond Portfolio (Unhedged) | $&nbsp;&nbsp;&nbsp;&nbsp;26195 | $&nbsp;&nbsp;&nbsp;&nbsp;1909 | $&nbsp;&nbsp;&nbsp;&nbsp;(5474) | $&nbsp;&nbsp;&nbsp;&nbsp;(3565) |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(7)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options and forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on swap contracts, interest accrued from defaulted securities, straddle loss deferrals, short sale loss deferrals, and Treasury Inflation Protected Securities (TIPs). 

For the fiscal years ended December 31, 2022 and December 31, 2021, respectively, the Portfolio made the following tax basis distributions (amounts in thousands<sup>†</sup>):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** |
|  | **Ordinary<br>Income<br>Distributions<sup>(8)</sup>** | **Long-Term<br>Capital Gain<br>Distributions** | **Return of<br>Capital<sup>(9)</sup>** | **Ordinary<br>Income<br>Distributions<sup>(8)</sup>** | **Long-Term<br>Capital Gain<br>Distributions** | **Return of<br>Capital<sup>(9)</sup>** |
|  PIMCO International Bond Portfolio (Unhedged) | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;165 | $&nbsp;&nbsp;&nbsp;&nbsp;214 | $&nbsp;&nbsp;&nbsp;&nbsp;1666 | $&nbsp;&nbsp;&nbsp;&nbsp;114 | $&nbsp;&nbsp;&nbsp;&nbsp;80 |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(8)</sup> Includes short-term capital gains distributed, if any.

<sup>(9)</sup> A portion of the distributions made represents a tax return of capital. Return of capital distributions have been reclassified from undistributed net investment income to paid-in capital to more appropriately conform financial accounting to tax accounting.

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **51** |

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**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of PIMCO Variable Insurance Trust and Shareholders of PIMCO International Bond Portfolio (Unhedged)

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of PIMCO International Bond Portfolio (Unhedged) (one of the portfolios constituting PIMCO Variable Insurance Trust, hereafter referred to as the "Portfolio") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements are the responsibility of the Portfolio's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolio in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agent, brokers and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

February 17, 2023

We have served as the auditor of one or more investment companies in PIMCO Variable Insurance Trust since 1998.

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| **52** | **PIMCO VARIABLE INSURANCE TRUST** |

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| | | |
|:---|:---|:---|
| **Glossary:** | **(abbreviations that may be used in the preceding statements)** | (Unaudited) |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Counterparty Abbreviations:** | **Counterparty Abbreviations:** | | | | |
| **AZD** | Australia and New Zealand Banking Group | **DUB** | Deutsche Bank AG | **MYI** | Morgan Stanley & Co. International PLC |
| **BOA** | Bank of America N.A. | **FICC** | Fixed Income Clearing Corporation | **NGF** | Nomura Global Financial Products, Inc. |
| **BOM** | Bank of Montreal | **GLM** | Goldman Sachs Bank USA | **RBC** | Royal Bank of Canada |
| **BPS** | BNP Paribas S.A. | **GST** | Goldman Sachs International | **RYL** | NatWest Markets Plc |
| **BRC** | Barclays Bank PLC | **HUS** | HSBC Bank USA N.A. | **SCX** | Standard Chartered Bank, London |
| **BSN** | The Bank of Nova Scotia - Toronto | **JPM** | JP Morgan Chase Bank N.A. | **SOG** | Societe Generale Paris |
| **CBK** | Citibank N.A. | **MBC** | HSBC Bank Plc | **TOR** | The Toronto-Dominion Bank |
| **CLY** | Crédit Agricole Corporate and<br>Investment Bank | **MYC** | Morgan Stanley Capital Services LLC | **UAG** | UBS AG Stamford |
|  **Currency Abbreviations:** | **Currency Abbreviations:** |  |  |  |  |
| **ARS** | Argentine Peso | **EUR** | Euro | **NZD** | New Zealand Dollar |
| **AUD** | Australian Dollar | **GBP** | British Pound | **PEN** | Peruvian New Sol |
| **BRL** | Brazilian Real | **HUF** | Hungarian Forint | **PLN** | Polish Zloty |
| **CAD** | Canadian Dollar | **IDR** | Indonesian Rupiah | **RON** | Romanian New Leu |
| **CHF** | Swiss Franc | **ILS** | Israeli Shekel | **SEK** | Swedish Krona |
| **CLP** | Chilean Peso | **INR** | Indian Rupee | **SGD** | Singapore Dollar |
| **CNH** | Chinese Renminbi (Offshore) | **JPY** | Japanese Yen | **THB** | Thai Baht |
| **CNY** | Chinese Renminbi (Mainland) | **KRW** | South Korean Won | **TWD** | Taiwanese Dollar |
| **COP** | Colombian Peso | **MXN** | Mexican Peso | **USD (or $)** | United States Dollar |
| **CZK** | Czech Koruna | **MYR** | Malaysian Ringgit | **ZAR** | South African Rand |
| **DKK** | Danish Krone | **NOK** | Norwegian Krone |  |  |
|  **Exchange Abbreviations:** | **Exchange Abbreviations:** |  |  |  |  |
| **OTC** | Over the Counter |  |  |  |  |
|  **Index/Spread Abbreviations:** | **Index/Spread Abbreviations:** |  |  |  |  |
| **CDX.EM** | Credit Derivatives Index - Emerging Markets | **LIBOR01M** | 1 Month USD-LIBOR | **SOFR** | Secured Overnight Financing Rate Index |
| **CDX.IG** | Credit Derivatives Index - Investment Grade | **MUTKCALM** | Tokyo Overnight Average Rate | **SONIO** | Sterling Overnight Interbank Average Rate |
| **CNREPOFIX** | China Fixing Repo Rates 7-Day | **SIBCSORA** | Singapore Overnight Rate Average | **SRFXON3** | Swiss Overnight Rate Average (6PM) |
|  **Other Abbreviations:** | **Other Abbreviations:** |  |  |  |  |
| **ALT** | Alternate Loan Trust | **JIBAR** | Johannesburg Interbank Agreed Rate | **OIS** | Overnight Index Swap |
| **BBR** | Bank Bill Rate | **KLIBOR** | Kuala Lumpur Interbank Offered Rate | **PIK** | Payment-in-Kind  |
| **BBSW** | Bank Bill Swap Reference Rate | **KORIBOR** | Korea Interbank Offered Rate | **PRIBOR** | Prague Interbank Offered Rate |
| **BTP** | Buoni del Tesoro Poliennali "Long-term Treasury Bond" | **LIBOR** | London Interbank Offered Rate | **STIBOR** | Stockholm Interbank Offered Rate |
| **CLO** | Collateralized Loan Obligation | **Lunar** | Monthly payment based on 28-day periods. One year consists of 13 periods. | **TBA** | To-Be-Announced  |
| **DAC** | Designated Activity Company | **MIBOR** | Mumbai Interbank Offered Rate | **THBFIX** | Thai Baht Floating-Rate Fix |
| **EURIBOR** | Euro Interbank Offered Rate | **OAT** | Obligations Assimilables du Trésor | **TIIE** | Tasa de Interés Interbancaria de Equilibrio "Equilibrium Interbank Interest Rate" |

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **53** |

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| **Federal Income Tax Information** | (Unaudited) |

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As required by the Internal Revenue Code ("Code") and Treasury Regulations, if applicable, shareholders must be notified within 60 days of the Portfolio's fiscal year end regarding the status of qualified dividend income and the dividend received deduction.

Dividend Received Deduction. Corporate shareholders are generally entitled to take the dividend received deduction on the portion of the Portfolio's dividend distribution that qualifies under tax law. The percentage of the following Portfolio's fiscal 2022 ordinary income dividend that qualifies for the corporate dividend received deduction is set forth below.

Qualified Dividend Income. Under the Jobs and Growth Tax Relief Reconciliation Act of 2003, the following percentage of ordinary dividends paid during the fiscal year ended December 31, 2022 was designated as ''qualified dividend income'' as defined in the Jobs and Growth Tax Relief Reconciliation Act of 2003 subject to reduced tax rates in 2022.

Qualified Interest Income and Qualified Short-Term Capital Gain (for non-U.S. resident shareholders only). Under the American Jobs Creation Act of 2004, the following amounts of ordinary dividends paid during the fiscal year ended December 31, 2022 are considered to be derived from "qualified interest income," as defined in Section 871(k)(1)(E) of the Code, and therefore are designated as interest-related dividends, as defined in Section 871(k)(1)(C) of the Code. Further, the following amounts of ordinary dividends paid during the fiscal year ended December 31, 2022 are considered to be derived from "qualified short-term capital gain," as defined in Section 871(k)(2)(D) of the Code, and therefore are designated as qualified short-term gain dividends, as defined by Section 871(k)(2)(C) of the Code.

Section 163(j) Interest Dividends. The Portfolio intends to pass through the maximum amount allowable as Section 163(j) Interest defined in Proposed Treasury Section 1.163(j)-1(b). The 163(j) percentage of ordinary income distributions are as follows:

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|:---|:---|:---|:---|:---|:---|
|  | **Dividend<br>Received<br>Deduction%** | **Qualified<br>Dividend<br>Income%** | **Qualified<br>Interest<br>Income<br>(000s)<sup>†</sup>** | **Qualified<br>Short-Term<br>Capital Gains<br>(000s)<sup>†</sup>** | **163(j) Interest<br>Dividends<br>(000s)<sup>†</sup>** |
|  PIMCO International Bond Portfolio (Unhedged) | 0% | 0% | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;0 |

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|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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Shareholders are advised to consult their own tax advisor with respect to the tax consequences of their investment in the Trust. In January 2023, you will be advised on IRS Form 1099-DIV as to the federal tax status of the dividends and distributions received by you in calendar year 2022.

Section 199A Dividends. Non-corporate portfolio shareholders of the Portfolio below meeting certain holding period requirements may be able to deduct up to 20 percent of qualified REIT dividends passed through and reported to the shareholders by the Portfolio as IRC section 199A dividends. The IRC section 199A percentage of ordinary dividends are as follows:

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|  | **199A<br>Dividends** |
|  PIMCO International Bond Portfolio (Unhedged) | 0% |

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| **54** | **PIMCO VARIABLE INSURANCE TRUST** |

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| **Management of the Trust** | (Unaudited) |

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The charts below identify the Trustees and executive officers of the Trust. Unless otherwise indicated, the address of all persons below is 650 Newport Center Drive, Newport Beach, CA 92660.

The Portfolio's Statement of Additional Information includes more information about the Trustees and Officers. To request a free copy, call PIMCO at (888) 87-PIMCO or visit the Portfolio's website at www.pimco.com/pvit.

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|:---|:---|:---|:---|:---|
| **Name, Year of Birth and <br>Position Held with Trust\*** | **Term of<br>Office and<br>Length of <br>Time Served<sup>†</sup>** | **Principal Occupation(s) During Past 5 Years** | **Number of Funds<br>in Fund Complex <br>Overseen by Trustee** | **Other Public Company and Investment<br>Company Directorships Held by Trustee<br>During the Past 5 Years** |
| **Interested Trustees<sup>1</sup>** |  |  |  |  |
| **Peter G. Strelow (1970)**<br> *Chairman of the Board and Trustee* | 05/2017 to present<br>Chairman of the Board - 02/2019 to present | Managing Director and Co-Chief Operating Officer, PIMCO. Senior Vice President of the Trust, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. Formerly, Chief Administrative Officer, PIMCO. | 158 | Chairman and Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT. |
| **Kimberley G. Stafford (1978)**<br> *Trustee* | 02/2021 to present | Managing Director, Global Head of Product Strategy, PIMCO; and Member of Executive Committee, PIMCO. Formerly, Head of Asia-Pacific, Global Head of Consultant Relations and Head of US Institutional and Alternatives Sales, PIMCO. | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT. |
| **Independent Trustees** |  |  |  |  |
| **George E. Borst (1948)**<br> *Trustee* | 04/2015 to present | Executive Advisor, McKinsey & Company (since 10/14); Formerly, Executive Advisor, Toyota Financial Services (10/13-12/14); and CEO, Toyota Financial Services (1/01-9/13). | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT; Director, MarineMax Inc. |
| **Jennifer Holden Dunbar (1963)**<br> *Trustee* | 04/2015 to present | Formerly, Managing Director, Dunbar Partners, LLC (business consulting and investments) (05/05-05/21); and Partner, Leonard Green & Partners, L.P. | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT; Director, PS Business Parks; Director, Big 5 Sporting Goods Corporation. |
| **Kym M. Hubbard (1957)**<br> *Trustee* | 02/2017 to present | Formerly, Global Head of Investments, Chief Investment Officer and Treasurer, Ernst & Young. | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT; Director, State Auto Financial Corporation. |
| **Gary F. Kennedy (1955)**<br> *Trustee* | 04/2015 to present | Formerly, Senior Vice President, General Counsel and Chief Compliance Officer, American Airlines and AMR Corporation (now American Airlines Group) (1/03-1/14). | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |
| **Peter B. McCarthy (1950)**<br> *Trustee* | 04/2015 to present | Formerly, Assistant Secretary and Chief Financial Officer, United States Department of Treasury; Deputy Managing Director, Institute of International Finance. | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |
| **Ronald C. Parker (1951)**<br> *Lead Independent Trustee* | 07/2009 to present<br>Lead Independent Trustee - 02/2017 to present | Director of Roseburg Forest Products Company. Formerly, Chairman of the Board, The Ford Family Foundation; and President, Chief Executive Officer, Hampton Affiliates (forestry products). | 158 | Lead Independent Trustee, PIMCO Funds and PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |

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\* Unless otherwise noted, the information for the individuals listed is as of December 31, 2022.

<sup>1</sup> Ms. Stafford and Mr. Strelow are "interested persons" of the Trust (as that term is defined in the 1940 Act) because of their affiliations with PIMCO.

<sup>†</sup> Trustees serve until their successors are duly elected and qualified.

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **55** |

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| **Management of the Trust** | **(Cont.)** | (Unaudited) |

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**Executive Officers** 

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|:---|:---|:---|
| **Name, Year of Birth and**<br> **Position Held with Trust\*** | **Term of Office and**<br> **Length of Time Served** | **Principal Occupation(s) During Past 5 Years<sup>†</sup>** |
| **Eric D. Johnson (1970)**<br> *President* | 06/2019 to present | Executive Vice President and Head of Funds Business Group Americas, PIMCO. President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| **Ryan G. Leshaw (1980)**<br> *Chief Legal Officer and Secretary* | 08/2021 to present | Executive Vice President and Senior Counsel, PIMCO. Chief Legal Officer and Secretary, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Chief Legal Officer, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. Formerly, Associate, Willkie Farr & Gallagher LLP. |
| **Keisha Audain-Pressley (1975)\*\***<br> *Chief Compliance Officer* | 01/2020 to present | Executive Vice President and Deputy Chief Compliance Officer, PIMCO. Chief Compliance Officer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Joshua D. Ratner (1976)\*\***<br> *Senior Vice President* | 05/2019 to present | Executive Vice President and Head of Americas Operations, PIMCO. Senior Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| **Peter G. Strelow (1970)**<br> *Senior Vice President* | 06/2019 to present | Managing Director and Co-Chief Operating Officer, PIMCO. Senior Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. Formerly, Chief Administrative Officer, PIMCO. |
| **Wu-Kwan Kit (1981)**<br> *Assistant Secretary* | 08/2017 to present | Senior Vice President and Senior Counsel, PIMCO. Assistant Secretary, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Vice President, Senior Counsel and Secretary, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. Formerly, Assistant General Counsel, VanEck Associates Corp. |
| **Douglas B. Burrill (1980)\*\***<br> *Vice President* | 08/2022 to present | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Elizabeth A. Duggan (1964)**<br> *Vice President* | 02/2021 to present | Executive Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Jason R. Duran (1977)**<br> *Vice President* | 02/2023 to present | Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |
| **Mark A. Jelic (1981)**<br> *Vice President* | 08/2021 to present | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Kenneth W. Lee (1972)**<br> *Vice President* | 08/2022 to present | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Brian J. Pittluck (1977)**<br> *Vice President* | 01/2020 to present | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Keith A. Werber (1973)**<br> *Vice President* | 05/2022 to present | Executive Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Bijal Y. Parikh (1978)**<br> *Treasurer* | 01/2021 to present | Executive Vice President, PIMCO. Treasurer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| **Erik C. Brown (1967)\*\*\***<br> *Assistant Treasurer* | 02/2001 to present | Executive Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Brandon T. Evans (1982)**<br> *Assistant Treasurer* | 05/2019 to present | Senior Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Deputy Treasurer, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| **Maria M. Golota (1983)\*\***<br> *Assistant Treasurer* | 02/2023 to present | Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |

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\* Unless otherwise noted, the information for the individuals listed is as of February 8, 2023.

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|:---|:---|
| <sup>†</sup> | The term "PIMCO-Sponsored Closed-End Funds" as used herein includes: PIMCO Access Income Fund, PIMCO California Municipal Income Fund, PIMCO California Municipal Income Fund II, PIMCO California Municipal Income Fund III, PIMCO Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO Municipal Income Fund III, PIMCO New York Municipal Income Fund, PIMCO New York Municipal Income Fund II, PIMCO New York Municipal Income Fund III, PCM Fund Inc., PIMCO Corporate & Income Opportunity Fund, PIMCO Corporate & Income Strategy Fund, PIMCO Dynamic Income Fund, PIMCO Dynamic Income Opportunities Fund, PIMCO Energy and Tactical Credit Opportunities Fund, PIMCO Global StocksPLUS<sup>®</sup> & Income Fund, PIMCO High Income Fund, PIMCO Income Strategy Fund, PIMCO Income Strategy Fund II and PIMCO Strategic Income Fund, Inc.; the term "PIMCO-Sponsored Interval Funds" as used herein includes: PIMCO Flexible Credit Income Fund, PIMCO Flexible Municipal Income Fund, PIMCO California Flexible Municipal Income Fund and PIMCO Flexible Emerging Markets Income Fund.  |

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\*\* The address of these officers is Pacific Investment Management Company LLC, 1633 Broadway, New York, New York 10019.

\*\*\* The address of these officers is Pacific Investment Management Company LLC, 401 Congress Ave., Austin, Texas 78701.

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| **56** | **PIMCO VARIABLE INSURANCE TRUST** |

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| **Privacy Policy<sup>1</sup>** | (Unaudited) |

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The Trust<sup>2,3</sup> consider customer privacy to be a fundamental aspect of their relationships with shareholders and are committed to maintaining the confidentiality, integrity and security of their current, prospective and former shareholders' non-public personal information. The Trust has developed policies that are designed to protect this confidentiality, while allowing shareholder needs to be served.

OBTAINING NON-PUBLIC PERSONAL INFORMATION

In the course of providing shareholders with products and services, the Trust and certain service providers to the Trust, such as the Trust's investment advisers or sub-advisers ("Advisers"), may obtain non-public personal information about shareholders, which may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder's brokerage or financial advisory firm, financial professional or consultant, and/or from information captured on applicable websites.

RESPECTING YOUR PRIVACY

As a matter of policy, the Trust does not disclose any non-public personal information provided by shareholders or gathered by the Trust to non-affiliated third parties, except as required or permitted by law or as necessary for such third parties to perform their agreements with respect to the Trust. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, conducting research on shareholder satisfaction and gathering shareholder proxies. The Trust or its affiliates may also retain non-affiliated companies to market Trust's shares or products which use Trust's shares and enter into joint marketing arrangements with them and other companies. These companies may have access to a shareholder's personal and account information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. In most cases, the shareholders will be clients of a third party, but the Trust may also provide a shareholder's personal and account information to the shareholder's respective brokerage or financial advisory firm and/or financial professional or consultant.

SHARING INFORMATION WITH THIRD PARTIES

The Trust reserves the right to disclose or report personal or account information to non-affiliated third parties in limited circumstances where the Trust believes in good faith that disclosure is required under law, to cooperate with regulators or law enforcement authorities, to protect their rights or property, or upon reasonable request by any fund in which a shareholder has invested. In addition, the Trust may disclose information about a shareholder or a shareholder's accounts

to a non-affiliated third party at the shareholder's request or with the consent of the shareholder.

SHARING INFORMATION WITH AFFILIATES

The Trust may share shareholder information with their affiliates in connection with servicing shareholders' accounts, and subject to applicable law may provide shareholders with information about products and services that the Trust or its Advisers, distributors or their affiliates ("Service Affiliates") believe may be of interest to such shareholders. The information that the Trust may share may include, for example, a shareholder's participation in the Trust or in other investment programs sponsored by a Service Affiliate, a shareholder's ownership of certain types of accounts (such as IRAs), information about the Trust's experiences or transactions with a shareholder, information captured on applicable websites, or other data about a shareholder's accounts, subject to applicable law. The Trust's Service Affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

PROCEDURES TO SAFEGUARD PRIVATE INFORMATION

The Trust takes seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, the Trust has implemented procedures that are designed to restrict access to a shareholder's non-public personal information to internal personnel who need to know that information to perform their jobs, such as servicing shareholder accounts or notifying shareholders of new products or services. Physical, electronic and procedural safeguards are in place to guard a shareholder's non-public personal information.

INFORMATION COLLECTED FROM WEBSITES

The Trust or its service providers and partners may collect information from shareholders via websites they maintain. The information collected via websites maintained by the Trust or their service providers includes client non-public personal information.

CHANGES TO THE PRIVACY POLICY

From time to time, the Trust may update or revise this privacy policy. If there are changes to the terms of this privacy policy, documents containing the revised policy on the relevant website will be updated.

<sup>1</sup> Amended as of June 25, 2020.

<sup>2</sup> PIMCO Investments LLC ("PI") serves as the Trust's distributor and does not provide brokerage services or any financial advice to investors in the Trust solely because it distributes the Trust. This Privacy Policy applies to the activities of PI to the extent that PI regularly effects or engages in transactions with or for a shareholder of a series of a Trust who is the record owner of such shares. For purposes of this Privacy Policy, references to "the Trust" shall include PI when acting in this capacity.

<sup>3</sup> When distributing this Policy, the Trust may combine the distribution with any similar distribution of its investment adviser's privacy policy. The distributed, combined, policy may be written in the first person (i.e. by using "we" instead of "the Trust").

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **57** |

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##### [**Table of Contents**](#toc)
**Approval of Investment Advisory Contract and Other Agreements**

At a meeting held on August 23-24, 2022, the Board of Trustees (the "Board") of PIMCO Variable Insurance Trust (the "Trust"), including the Trustees who are not "interested persons" of the Trust under the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered and unanimously approved the renewal of the Amended and Restated Investment Advisory Contract (the "Investment Advisory Contract") between the Trust, on behalf of the Trust's series (each, a "Portfolio" and collectively, the "Portfolios"), and Pacific Investment Management Company LLC ("PIMCO"), for an additional one-year term through August 31, 2023. The Board also considered and unanimously approved the renewal of the Amended and Restated Supervision and Administration Agreement (the "Supervision and Administration Agreement") between the Trust, on behalf of the Portfolios, and PIMCO for an additional one-year term through August 31, 2023. In addition, the Board considered and unanimously approved the renewal of the Amended and Restated Asset Allocation Sub-Advisory Agreement (the "Asset Allocation Agreement" and, together with the Investment Advisory Contract and the Supervision and Administration Agreement, the "Agreements") between PIMCO, on behalf of PIMCO All Asset Portfolio, a series of the Trust, and Research Affiliates, LLC ("Research Affiliates") for an additional one-year term through August 31, 2023. In addition, the Board considered and unanimously approved the renewal of the investment management agreements between PIMCO and each of the wholly-owned subsidiaries (each, a "Subsidiary" and, collectively, the "Subsidiaries") of certain of the Portfolios (collectively, the "Subsidiary Agreements"), each for the same additional one-year term through August 31, 2023.

The information, material factors and conclusions that formed the basis for the Board's approvals are summarized below.

1. INFORMATION RECEIVED

(a) Materials Reviewed: During the course of the past year, the Trustees received a wide variety of materials relating to the services provided by PIMCO and Research Affiliates to the Trust. At each of its quarterly meetings, the Board reviewed the Portfolios' investment performance and a significant amount of information relating to Portfolio operations, including shareholder services, valuation and custody, the Portfolios' compliance program and other information relating to the nature, extent and quality of services provided by PIMCO and Research Affiliates to the Trust and each of the Portfolios, as applicable. In considering whether to approve the renewal of the Agreements and the Subsidiary Agreements, the Board reviewed additional information, including, but not limited to: comparative industry data with regard to investment performance; advisory and supervisory and administrative fees and expenses; financial information for PIMCO and, where relevant, financial information for Research

Affiliates; information regarding the profitability to PIMCO of its relationship with the Portfolios; information about the personnel providing investment management services, other advisory services and supervisory and administrative services to the Portfolios; and information about the fees charged and services provided to other clients with similar investment mandates as the Portfolios, where applicable. In addition, the Board reviewed materials provided by counsel to the Trust and the Independent Trustees ("Counsel"), which included, among other things, a memorandum outlining legal duties of the Board in considering the renewal of the Agreements and Subsidiary Agreements.

With respect to the Subsidiary Agreements, the Trustees considered that each Portfolio that has a Subsidiary may utilize its Subsidiary to execute its investment strategy and that PIMCO provides investment advisory and administrative services to the Subsidiaries pursuant to the Subsidiary Agreements in the same manner as it does for such Portfolios that have Subsidiaries under the Investment Advisory Contract and Supervision and Administration Agreement. The Trustees also considered that, with respect to each Subsidiary, PIMCO does not retain a separate advisory or other fee from the Subsidiary, and that PIMCO's profitability with respect to each Portfolio that has a Subsidiary is not positively impacted as a result of the Subsidiary Agreements. The Trustees determined, therefore, that it was appropriate to consider the approval of the Subsidiary Agreements collectively with their consideration of the continuation of the Agreements.

(b) Review Process: In connection with considering the renewal of the Agreements, the Board reviewed written materials prepared by PIMCO and, where applicable, Research Affiliates in response to requests from Counsel encompassing a wide variety of topics. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from Counsel, and reviewed comparative fee and performance data prepared at the Board's request by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company performance information and fee and expense data. The Board received presentations on matters related to the Agreements and met both as a full Board and in a separate session of the Independent Trustees, without management present, at the August 23-24, 2022 meeting. The Independent Trustees also met via video conference with Counsel on July 14, 2022, and conducted a video conference meeting on August 10, 2022 with management and Counsel to discuss the materials presented and other matters deemed relevant to their consideration of the renewal of the Agreements. In connection with its review of the Agreements, the Board received comparative information on the performance, the risk-adjusted performance and the fees and expenses of other peer group funds and share classes. The Independent Trustees also requested and received supplemental information, including information regarding Broadridge peer classifications, the investment strategies and outflows for certain Portfolios, Portfolio performance and profitability.

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| **58** | **PIMCO VARIABLE INSURANCE TRUST** |

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##### [**Table of Contents**](#toc)
(Unaudited)

The approval determinations were made on the basis of each Trustee's business judgment after consideration and evaluation of all the information presented. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. In deciding to approve the renewal of the Agreements, the Board did not identify any single factor or particular information that, in isolation, was controlling. The discussion below is intended to summarize the broad factors and information that figured prominently in the Board's consideration of the renewal of the Agreements, but is not intended to summarize all of the factors considered by the Board.

2. NATURE, EXTENT AND QUALITY OF SERVICES

(a) PIMCO, Research Affiliates, their Personnel and Resources: The Board considered the depth and quality of PIMCO's investment management process, including, but not limited to: the experience, capability and integrity of its senior management and other personnel; the overall financial strength and stability of its organization; and the ability of its organizational structure to address changes in the Portfolios' asset levels. The Board also considered the various services in addition to portfolio management that PIMCO provides under the Investment Advisory Contract. The Board noted that PIMCO makes available to its investment professionals a variety of resources and systems relating to investment management, compliance, trading, performance and portfolio accounting. The Board also noted PIMCO's commitment to enhancing and investing in its global infrastructure, technology capabilities, risk management processes and the specialized talent needed to stay at the forefront of the competitive investment management industry and to strengthen its ability to deliver services under the Agreements. The Board considered PIMCO's policies, procedures and systems reasonably designed to assure compliance with applicable laws and regulations, including new regulations impacting the Portfolios, and its commitment to further developing and strengthening these programs; its oversight of matters that may involve conflicts of interest between the Portfolios' investments and those of other accounts managed by PIMCO; and its efforts to keep the Trustees informed about matters relevant to the Portfolios and their shareholders. The Board also considered PIMCO's investment in new disciplines and talented personnel, which has enhanced PIMCO's services to the Portfolios and has allowed PIMCO to introduce innovative new portfolios over time. In addition, the Board considered the nature, extent and quality of services provided by PIMCO to the Subsidiaries of certain applicable Portfolios.

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented, including the ongoing development of its own proprietary software and applications to support the Portfolios. Similarly, the Board considered the asset allocation services provided by Research Affiliates to the PIMCO All

Asset Portfolio. The Board further considered PIMCO's oversight of Research Affiliates in connection with Research Affiliates providing asset allocation services to the All Asset Portfolio. The Board also considered the depth and quality of Research Affiliates' investment management and research capabilities, the experience and capabilities of its portfolio management personnel and the overall financial strength of the organization. Ultimately, the Board concluded that the nature, extent and quality of services provided or procured by PIMCO under the Agreements and the Subsidiary Agreements and provided by Research Affiliates under the Asset Allocation Agreement are likely to continue to benefit the Portfolios and their shareholders, as applicable.

(b) Other Services: The Board also considered the nature, extent and quality of supervisory and administrative services provided by PIMCO to the Portfolios under the Supervision and Administration Agreement.

The Board considered the terms of the Supervision and Administration Agreement, under which the Trust pays for the supervisory and administrative services provided pursuant to that agreement under what is essentially an all-in fee structure (the "unified fee"). In return, PIMCO provides or procures certain supervisory and administrative services and bears the costs of various third party services required by the Portfolios, including, but not limited to, audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board also noted that the scope and complexity, as well as the costs, of the supervisory and administrative services provided by PIMCO under the Supervision and Administration Agreement continue to increase. The Board considered PIMCO's provision of supervisory and administrative services and its supervision of the Trust's third party service providers to assure that these service providers continue to provide a high level of service relative to alternatives available in the market.

Ultimately, the Board concluded that the nature, extent and quality of the services provided or procured by PIMCO has benefited, and will likely continue to benefit, the Portfolios and their shareholders.

3. INVESTMENT PERFORMANCE

The Board reviewed information from PIMCO concerning the Portfolios' performance, as available, over short- and long-term periods ended March 31, 2022 and other performance data, as available, over short- and long-term periods ended June 30, 2022 (the "PIMCO Report") and from Broadridge concerning the Portfolios' performance, as available, over short- and long-term periods ended March 31, 2022 (the "Broadridge Report"). The Board also noted that while historically the Broadridge Report included peer classifications from only Lipper, as part of this approval process the Broadridge Report incorporated peer classifications from Morningstar for the Portfolios for which it was believed that Morningstar provided a materially improved comparison.

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **59** |

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| **Approval of Investment Advisory Contract and Other Agreements** | **(Cont.)** |

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The Board considered information regarding both the short- and long-term relative and absolute investment performance of each Portfolio relative to its Portfolio peer group, where appropriate, and relevant benchmark index as provided to the Board in advance of each of its quarterly meetings throughout the year, including the PIMCO Report and Broadridge Report. The Trustees reviewed information indicating that classes of each Portfolio would have substantially similar performance to that of the Administrative Class of the relevant Portfolio on a relative basis because all of the classes are invested in the same portfolio of investments and that differences in performance among classes could principally be attributed to differences in the supervisory and administrative fees and distribution and/or servicing expenses of each class. The Board noted that, due to differences (such as specific investment strategies or fee structures) between certain of the Portfolios and their so-called peers in the Broadridge categories, performance comparisons may not be particularly relevant to the consideration of Portfolio performance, but found the comparative information supported its overall evaluation.

The Trustees noted that a majority of the Portfolios (based on the Administrative Class performance) have outperformed their respective benchmark indexes over the three-, five-, and ten-year periods ended March 31, 2022, and that a majority of the Portfolios (based on the Administrative Class performance) have outperformed their benchmarks since inception for the period ended March 31, 2022. The Board also discussed actions that have been taken by PIMCO to attempt to improve performance and took note of PIMCO's plans to monitor performance going forward.

The Board ultimately concluded, within the context of all of its considerations in connection with the Agreements and the Subsidiary Agreements, that PIMCO's performance record and process in managing the Portfolios indicates that its continued management is likely to benefit the Portfolios and their shareholders and merits the approval of the renewal of the Agreements and the Subsidiary Agreements.

4. ADVISORY FEES, SUPERVISORY AND ADMINISTRATIVE FEES AND TOTAL EXPENSES

The Board considered that PIMCO seeks to price new funds to scale at the outset. The Board noted that PIMCO generally seeks to price new funds competitively against the median total expense ratio of the respective Broadridge peer group, if available, while acknowledging that a fee premium may be appropriate for innovative investment offerings. PIMCO reported to the Board that, in proposing fees for any Portfolio or class of shares, it considers a number of factors, including, but not limited to, the type and complexity of the services provided, the cost of providing services, the risk assumed by PIMCO in the development of products and the provision of services and the competitive marketplace for financial products. Fees charged to or

proposed for different Portfolios for advisory services and supervisory and administrative services may vary in light of these various factors.

The Board reviewed the advisory fees, supervisory and administrative fees and total expenses of the Portfolios (each as a percentage of average net assets) and compared such amounts with the average and median fee and expense levels of other similar funds. The Board also reviewed information relating to the sub-advisory fees paid to Research Affiliates with respect to applicable Portfolios, taking into account that PIMCO compensates Research Affiliates from the advisory fees paid by such Portfolios to PIMCO. With respect to advisory fees, the Board reviewed data from the Broadridge Report that compared the average and median advisory fees of other funds in a "Peer Group" of comparable funds, where appropriate, as well as the universe of other similar funds. The Board reviewed materials indicating that, a number of Portfolios have total expense ratios that fall below the average and median expense ratios in their Peer Group and Broadridge universe. In addition, the Board considered the expense limitation agreement in place for all of the Portfolios and fee waivers in place for certain of the Portfolios and also noted the fee waivers in place with respect to the advisory fee and supervisory and administrative fee that might result from investments by applicable Portfolios in their respective Subsidiaries. The Board also considered that PIMCO reviews the Portfolios' fee levels and carefully considers changes where appropriate.

The Board also reviewed data comparing the Portfolios' advisory fees to the fee rates PIMCO charged to registered funds (open-end and closed-end), private funds, and non-U.S. registered funds, separate accounts, sub-advised clients and collective investment trusts with similar investment strategies. In cases where the fees for other clients were lower than those charged to the Portfolios, the Trustees noted that the differences in fees were attributable to various factors, including, but not limited to, differences in the advisory and other services provided by PIMCO to the Portfolios, differences in the number or extent of the services provided by PIMCO to the Portfolios, the manner in which similar portfolios may be managed, different requirements with respect to liquidity management and the implementation of other regulatory requirements, and the fact that separate accounts may have other contractual arrangements or arrangements across PIMCO strategies that justify different levels of fees. The Board considered that, with respect to collective investment trusts, PIMCO performs fewer or less extensive services because collective investment trusts are generally exempt from SEC regulation; investors in a collective investment trust may receive shareholder services from a trustee bank, rather than PIMCO; collective investment trusts have less regulatory disclosure; and the management structure of collective investment trusts differs from that of funds. The Trustees also considered that PIMCO faces increased entrepreneurial, legal and regulatory risk in sponsoring and managing mutual funds and ETFs as

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compared to separate accounts, external sub-advised funds or other investment products. In addition, the Trustees considered that PIMCO may charge certain private funds with similar investment mandates lower fees than the Portfolios because such private funds are not required to accept daily redemptions or price their assets on a daily basis, generally do not accept small investors with small account balances and operate under a less complex regulatory regime.

Regarding advisory fees charged by PIMCO in its capacity as sub-adviser to third party/unaffiliated funds, the Trustees took into account that such fees may be lower than the fees charged by PIMCO to serve as adviser to the Portfolios. The Trustees also took into account that there are various reasons for any such differences in fees, including, but not limited to, the fact that PIMCO may be subject to varying levels of entrepreneurial, legal and regulatory risk and different servicing requirements when PIMCO does not serve as the sponsor of a fund and is not principally responsible for all aspects of a fund's investment program and operations as compared to when PIMCO serves as investment adviser and sponsor.

The Board considered the Portfolios' supervisory and administrative fees, comparing them to similar funds managed by other investment advisers in the Broadridge Report. The Board also considered that, as the Portfolios' business has become increasingly complex and the number of Portfolios has grown over time, PIMCO has provided an increasingly broad array of fund supervisory and administrative functions. In addition, the Board considered the Trust's unified fee structure, under which the Trust pays for the supervisory and administrative services it requires for one set fee. In return for this unified fee, PIMCO provides or procures supervisory and administrative services and bears the costs of various third party services required by the Portfolios, including audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board further considered that many other funds pay for comparable services separately, and thus it is difficult to directly compare the Trust's unified supervisory and administrative fees with the fees paid by other funds for administrative services alone. The Board also considered that the unified supervisory and administrative fee leads to Portfolio fees that are fixed over the contract period, rather than variable. The Board noted that, although the unified fee structure does not have breakpoints, it inherently reflects certain economies of scale by fixing the absolute level of Portfolio fees at competitive levels over the contract period even if the Portfolios' operating costs rise when assets remain flat or decrease. Other factors the Board considered in assessing the unified fee include PIMCO's approach of pricing Portfolios at scale at inception and reinvesting in other important areas of the business that support the Portfolios. The Board considered historical advisory and supervisory and administrative fee reductions implemented for different Portfolios and classes, noting that the unified fee can be

increased or decreased in subsequent contractual periods with Board approval and is subject to the periodic reviews discussed above. The Board noted that, with few exceptions, PIMCO has generally maintained Portfolio fees at the same level as implemented when the unified fee was adopted, and has reduced fees for a number of Portfolios in prior years. The Board concluded that the Portfolios' supervisory and administrative fees were reasonable in relation to the value of the services provided, including the services provided to different classes of shareholders, and that the expenses assumed contractually by PIMCO under the Supervision and Administration Agreement represent, in effect, a cap on overall Portfolio fees during the contractual period, which is beneficial to the Portfolios and their shareholders.

The Board considered the Portfolios' total expenses and discussed with PIMCO certain Portfolios and/or classes of Portfolios that had above median total expenses. Upon comparing the Portfolios' total expenses to other funds in the "Peer Groups" provided by the Broadridge Report, where appropriate, the Board found total expenses of each Portfolio to be reasonable.

The Trustees also considered the advisory fees charged to the Portfolios that operate as funds of funds (the "Funds of Funds") and the advisory services provided in exchange for such fees. The Trustees determined that such services were in addition to the advisory services provided to the underlying funds in which the Funds of Funds may invest and, therefore, such services were not duplicative of the advisory services provided to the underlying funds. The Board also considered the various fee waiver agreements in place for the Funds of Funds. The Board noted that PIMCO is continuing waivers for these Funds of Funds, as well as for certain other Portfolios of the Trust.

Based on the information presented by PIMCO and Research Affiliates, members of the Board determined, in the exercise of their business judgment, that the level of the advisory fees and supervisory and administrative fees charged by PIMCO under the Agreements and the Subsidiary Agreements, that the fees charged by Research Affiliates under the Asset Allocation Agreement, and that the total expenses of each Portfolio, are reasonable.

5. ADVISER COSTS, LEVEL OF PROFITS AND ECONOMIES OF SCALE

The Board reviewed information regarding PIMCO's costs of providing services to, as well as the resulting level of profits from, the Portfolios. To the extent applicable, the Board also reviewed information regarding the portion of a Portfolio's advisory fee retained by PIMCO, following the payment of sub-advisory fees to Research Affiliates, with respect to the Portfolios. Additionally, the Board discussed PIMCO's pre- and post-distribution profit margin ranges with respect to the Portfolios, as compared to the prior year. The Board also noted that it had received

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| **Approval of Investment Advisory Contract and Other Agreements** | **(Cont.)** | (Unaudited) |

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information regarding the structure and manner in which PIMCO's investment professionals were compensated, and PIMCO's view of the relationship of such compensation to the recruitment and retention of quality personnel. The Board considered PIMCO's investment in global infrastructure, technology capabilities, risk management processes and qualified personnel to reinforce existing services, offer new services, and accommodate changing regulatory requirements.

The Board considered the existence of any economies of scale and noted that, to the extent that PIMCO achieves economies of scale in managing the Portfolios, PIMCO shares the benefits of such economies of scale, if any, with the Portfolios and their shareholders in a number of ways, including investing in portfolio and trade operations management, firm technology, middle and back office support, legal and compliance, and fund administration logistics; senior management supervision, governance and oversight of those services; and through fee reductions or waivers, the pricing of Portfolios to scale from inception and the enhancement of services provided to the Portfolios in return for fees paid. The Board reviewed the history of the Portfolios' fee structure. The Board considered that the Portfolios' unified fee rates had been set competitively and/or priced to scale from inception, had been held steady during the contractual period at that scaled competitive rate for most Portfolios as assets grew, or as assets declined in the case of some Portfolios, and continued to be competitive compared with peers. The Board also considered that the unified fee is a transparent means of informing a Portfolio's shareholders of the fees associated with the Portfolio, and that the Portfolio bears certain expenses that are not covered by the advisory fee or the unified fee. The Board further considered the challenges that arise when managing large funds, which can result in certain "diseconomies" of scale and noted that PIMCO has continued to reinvest in many areas of the business to support the Portfolios.

The Trustees considered that the unified fee has provided inherent economies of scale because a Portfolio maintains competitive fixed fees over the annual contract period even if the particular Portfolio's assets decline and/or operating costs rise. The Trustees further considered that, in contrast, breakpoints may be a proxy for charging higher fees on lower asset levels and that when a fund's assets decline, breakpoints may reverse, which causes expense ratios to increase. The Trustees also considered that, unlike the Portfolios' unified fee structure, funds with "pass through" administrative fee structures may experience increased expense ratios when fixed dollar fees are charged against declining fund assets. In addition, the Trustees considered that the unified fee protects shareholders from a rise in operating costs that may result from, among other things, PIMCO's investments in various business enhancements and infrastructure, including those referenced above. The Trustees noted that PIMCO's investments in these areas are extensive.

The Board concluded that the Portfolios' cost structures were reasonable and that PIMCO is appropriately sharing economies of scale, if any, through the Portfolios' unified fee structure, generally pricing Portfolios to scale at inception and reinvesting in its business to provide enhanced and expanded services to the Portfolios and their shareholders.

6. ANCILLARY BENEFITS

The Board considered other benefits realized by PIMCO and its affiliates as a result of PIMCO's relationship with the Trust. Such benefits may include possible ancillary benefits to PIMCO's institutional investment management business due to the reputation and market penetration of the Trust or third party service providers' relationship-level fee concessions, which decrease fees paid by PIMCO. The Board also considered that affiliates of PIMCO provide distribution and/or shareholder services to the Portfolios and their shareholders, for which they may be compensated through distribution and servicing fees paid pursuant to the Portfolios' Rule 12b-1 plans or otherwise. The Board noted that, while PIMCO has the authority to receive the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the Portfolios, it has adopted a policy not to enter into contractual soft dollar arrangements.

7. CONCLUSIONS

Based on their review, including their comprehensive consideration and evaluation of each of the broad factors and information summarized above, the Independent Trustees and the Board as a whole concluded that the nature, extent and quality of the services rendered to the Portfolios by PIMCO and Research Affiliates supported the renewal of the Agreements and the Subsidiary Agreements. The Independent Trustees and the Board as a whole concluded that the Agreements and the Subsidiary Agreements continued to be fair and reasonable to the Portfolios and their shareholders, that the Portfolios' shareholders received reasonable value in return for the fees paid to PIMCO by the Portfolios under the Investment Advisory Contract, Supervision and Administration Agreement and the Subsidiary Agreements and the fees paid to Research Affiliates by PIMCO under the Asset Allocation Agreement, and that the renewal of the Agreements and the Subsidiary Agreements was in the best interests of the Portfolios and their shareholders.

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**General Information** 

**Investment Adviser and Administrator** 

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

**Distributor** 

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

**Custodian** 

State Street Bank and Trust Company

801 Pennsylvania Avenue

Kansas City, MO 64105

**Transfer Agent** 

SS&C Global Investor & Distribution Solutions, Inc.

430 W 7th Street STE 219024

Kansas City, MO 64105-1407

**Legal Counsel** 

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

**Independent Registered Public Accounting Firm** 

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the PIMCO Variable Insurance Trust.

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**pimco.com/pvit**![LOGO](g420781g06y60.jpg)

PVIT05AR_123122

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![LOGO](g313363g13e39.jpg)

PIMCO VARIABLE INSURANCE TRUST

## Annual Report
December 31, 2022

PIMCO Low Duration Portfolio

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**Table of Contents** 

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|  | Page |
| &nbsp;&nbsp; [Chairman's Letter](#tx313363_1) | 2 |
| &nbsp;&nbsp; [Important Information About the PIMCO Low Duration Portfolio](#tx313363_2) | 4 |
| &nbsp;&nbsp; [Portfolio Summary](#tx313363_3) | 7 |
| &nbsp;&nbsp; [Expense Example](#tx313363_4) | 8 |
| &nbsp;&nbsp; [Financial Highlights](#tx313363_5) | 10 |
| &nbsp;&nbsp; [Statement of Assets and Liabilities](#tx313363_6) | 12 |
| &nbsp;&nbsp; [Statement of Operations](#tx313363_7) | 13 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets](#tx313363_8) | 14 |
| &nbsp;&nbsp; [Schedule of Investments](#tx313363_9) | 15 |
| &nbsp;&nbsp; [Notes to Financial Statements](#tx313363_10) | 26 |
| &nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm](#tx313363_11) | 47 |
| &nbsp;&nbsp; [Glossary](#tx313363_12) | 48 |
| &nbsp;&nbsp; [Federal Income Tax Information](#tx313363_13) | 49 |
| &nbsp;&nbsp; [Management of the Trust](#tx313363_14) | 50 |
| &nbsp;&nbsp; [Privacy Policy](#tx313363_15) | 52 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements](#tx313363_16) | 53 |

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This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust (the "Trust") prospectus for the Portfolio. (The variable product prospectus may be obtained by contacting your Investment Consultant.)

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**Chairman's Letter**

Dear Shareholder,

2022 was a challenging year in the financial markets. We continue to work tirelessly to navigate global markets and manage the assets that you have entrusted with us. Following this letter is the PIMCO Variable Insurance Trust Annual Report, which covers the 12-month reporting period ended December 31, 2022 (the "reporting period"). On the subsequent pages, you will find details regarding investment results and a discussion of the factors that most affected performance during the reporting period.

For the 12-month reporting period ended December 31, 2022

The global economy faced significant headwinds in 2022, including those related to higher inflation, the COVID-19 pandemic, and the Russia-Ukraine conflict. First and second quarter 2022 U.S. annualized gross domestic product ("GDP") returned -1.6% and -0.6%, respectively. The economy strengthened in the third quarter, with annualized GDP rising 3.2%. The Commerce Department's initial estimate for fourth quarter 2022 annualized GDP — released after the reporting period ended — was 2.9%.

The Federal Reserve Board (the "Fed" or "U.S. central bank") took actions to combat elevated inflation. In March 2022, the Fed raised the federal funds rate 0.25% to a range between 0.25% and 0.50%, its first rate hike since 2018. The U.S. central bank then raised rates at its next six meetings, for a total increase of 4.25% in 2022. At the end of the year, the federal funds rate was in a range between 4.25% and 4.50%.

Economies outside the U.S. also faced several headwinds. In its October 2022 World Economic Outlook Update, the International Monetary Fund (the "IMF") downgraded its expectation for 2022 GDP citing "turbulent challenges" including high inflation, tightening financial conditions, as well as the ongoing Russia-Ukraine conflict and COVID-19 pandemic. For 2022, the IMF included in its projections that GDP would grow 1.6% in the U.S. (from 5.7% in 2021), 3.1% in the eurozone (from 5.2% in 2021), 3.6% in the U.K. (from 7.4% in 2021), and 1.7% in Japan (the same as in 2021).

Several central banks tightened their respective monetary policies in recent years. For example, in December 2021, prior to the beginning of the reporting period, the Bank of England (the "BoE") raised rates for the first time since COVID-19 began. The BoE again raised rates at its next eight meetings, for a total of 3.50% in rate hikes since its first increase. The European Central Bank raised rates four times in 2022, for a total increase of 2.50%. In contrast, the Bank of Japan (the "BoJ") maintained its loose monetary policy for most of 2022. However, in December 2022 the BoJ announced that it would allow its 10-year government bond yield to rise to 0.5% (previously limited to 0.25%). The news sent the 10-year bond yield and Japanese yen higher, as market participants interpreted the announcement to mean that the BoJ may pivot from its previous monetary stance.

During the reporting period, short- and long-term U.S. Treasury yields moved higher. The yield on the benchmark 10-year U.S. Treasury note was 3.88% on December 31, 2022, versus 1.52% on December 31, 2021. The Bloomberg Global Treasury Index (USD Hedged), which tracks fixed-rate, local currency government debt of investment grade countries, including developed and emerging markets, returned -10.79%. Meanwhile, the Bloomberg Global Aggregate Credit Index (USD Hedged), a widely used index of global investment grade credit bonds, returned -14.22%. Riskier fixed income asset classes, including high yield corporate bonds and emerging market debt, were also weak. The ICE BofAML Developed Markets High Yield Constrained Index (USD Hedged), a widely used index of below-investment-grade bonds, returned -10.56%, whereas emerging market external debt, as represented by the JPMorgan Emerging Markets Bond Index (EMBI) Global (USD Hedged), returned -16.45%. Emerging market local bonds, as represented by the JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged), returned -11.69%. Finally, the municipal market, as represented by the Bloomberg Municipal Bond Index, returned -8.53%.

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Amid periods of volatility, global equities generally posted weak results during the reporting period as economic and geopolitical concerns weighed on investor sentiment. U.S. equities, as represented by the S&P 500 Index, returned -18.11%. Global equities, as represented by the MSCI World Index, returned -18.14%, while emerging market equities, as measured by the MSCI Emerging Markets Index, returned -20.09%. Meanwhile, Japanese equities, as represented by the Nikkei 225 Index (in Japanese yen), returned -7.37% and European equities, as represented by the MSCI Europe Index (in euro), returned -9.49%.

Commodity prices were volatile and generated mixed returns during the reporting period. Brent crude oil, which was approximately $77.24 a barrel at the start of the reporting period, rose to roughly $82.82 a barrel at the end of December 2022. Prices of other commodities, such as copper and gold, declined during the period.

Finally, there were also periods of volatility in the foreign exchange markets. We believe this was driven by several factors, including economic growth expectations and changing central bank monetary policies, as well as rising inflation, COVID-19 variants, and geopolitical events. The U.S. dollar strengthened against several major currencies. For example, during the reporting period, the U.S. dollar returned 5.85%, 10.71%, and 12.23% versus the euro, the British pound and the Japanese yen, respectively.

Thank you for the assets you have placed with us. We deeply value your trust, and we will continue to work diligently to meet your broad investment needs.

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| ![LOGO](g313363g19a01.jpg) | Sincerely,<br>![LOGO](g313363g65f33.jpg) <br>Peter G. Strelow<br> Chairman of the Board<br>PIMCO Variable Insurance Trust<br>|

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Past performance is no guarantee of future results. Unless otherwise noted, index returns reflect the reinvestment of income distributions and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. It is not possible to invest directly in an unmanaged index.

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>3</sub> |

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**Important Information About the PIMCO Low Duration Portfolio**

PIMCO Variable Insurance Trust (the "Trust") is an open-end management investment company that includes the PIMCO Low Duration Portfolio (the "Portfolio"). The Portfolio is only available as a funding vehicle under variable life insurance policies or variable annuity contracts issued by insurance companies ("Variable Contracts"). Individuals may not purchase shares of the Portfolio directly. Shares of the Portfolio also may be sold to qualified pension and retirement plans outside of the separate account context.

We believe that bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed income securities and other instruments held by the Portfolio are likely to decrease in value. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that management will anticipate such movement accurately. The Portfolio may lose money as a result of movements in interest rates.

As of the date of this report, interest rates in the United States and many parts of the world, including certain European countries, continue to increase. In efforts to combat inflation, the U.S. Federal Reserve raised interest rates multiple times in 2022 and has indicated an expectation that it will continue to raise interest rates in 2023. Thus, the Portfolio currently faces a heightened level of risk associated with rising interest rates and/or bond yields. This could be driven by a variety of factors, including but not limited to central bank monetary policies, changing inflation or real growth rates, general economic conditions, increasing bond issuances or reduced market demand for low yielding investments. Further, while bond markets have steadily grown over the past three decades, dealer inventories of corporate bonds are near historic lows in relation to market size. As a result, there has been a significant reduction in the ability of dealers to "make markets".

Bond funds and individual bonds with a longer duration (a measure used to determine the sensitivity of a security's price to changes in interest rates) tend to be more sensitive to changes in interest rates, usually making them more volatile than securities or funds with shorter durations. All of the factors mentioned above, individually or collectively, could lead to increased volatility and/or lower liquidity in the fixed income markets or negatively impact the Portfolio's performance or cause the Portfolio to incur losses. As a result, the Portfolio may experience increased shareholder redemptions, which, among other things, could further reduce the net assets of the Portfolio.

The Portfolio may be subject to various risks as described in the Portfolio's prospectus and in the Principal and Other Risks in the Notes to Financial Statements.

Classifications of the Portfolio's portfolio holdings in this report are made according to financial reporting standards. The classification of a particular portfolio holding as shown in the Allocation Breakdown and Schedule of Investments sections of this report may differ from the classification used for the Portfolio's compliance calculations, including those used in the Portfolio's prospectus, investment objectives, regulatory, and other investment limitations and policies, which may be based on different asset class, sector or geographical classifications. The Portfolio is separately monitored for compliance with respect to prospectus and regulatory requirements.

The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. In 2022, many countries lifted some or all restrictions related to COVID-19. However, the effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations and individual issuers, all of which may negatively impact the Portfolio's performance. In addition, COVID-19 and governmental responses to COVID-19 may negatively impact the capabilities of the Portfolio's service providers and disrupt the Portfolio's operations.

The United States' enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from certain other countries has contributed to and may continue to contribute to international trade tensions and may impact portfolio securities. The United States' enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government's response, may also negatively impact securities and instruments that are economically tied to Russia.

The United Kingdom's withdrawal from the European Union may impact Portfolio returns. The withdrawal may cause substantial volatility in foreign exchange markets, lead to weakness in the exchange rate of the British pound, result in a sustained period of market uncertainty, and destabilize some or all of the other European Union member countries and/or the Eurozone.

The Portfolio may invest in certain instruments that rely in some fashion upon the London Interbank Offered Rate ("LIBOR"). LIBOR is an average interest rate, determined by the ICE Benchmark Administration, that banks charge one another for the use of short-term money. The United Kingdom's Financial Conduct Authority, which

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| **4** | **PIMCO VARIABLE INSURANCE TRUST** |

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##### [**Table of Contents**](#toc)
regulates LIBOR, has announced plans to ultimately phase out the use of LIBOR. There remains uncertainty regarding future utilization of LIBOR and the nature of any replacement rate (e.g., the Secured Overnight Financing Rate, which is intended to replace U.S. dollar LIBOR and measures the cost of overnight borrowings through repurchase agreement transactions collateralized with U.S. Treasury securities). Any potential effects of the transition away from LIBOR on the Portfolio or on certain instruments in which the Portfolio invests can be difficult to ascertain, and they may vary depending on a variety of factors. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to the Portfolio.

On the Portfolio Summary page in this Shareholder Report, the Average Annual Total Return table and Cumulative Returns chart measure performance assuming that any dividend and capital gain distributions were reinvested. The Cumulative Returns chart reflects only Administrative Class performance. Performance may vary by share class based on each class's expense ratios. The Portfolio measures its performance against at least one broad-based securities market index

("benchmark index"). The benchmark index does not take into account fees, expenses, or taxes. The Portfolio's past performance, before and after taxes, is not necessarily an indication of how the Portfolio will perform in the future. There is no assurance that the Portfolio, even if the Portfolio has experienced high or unusual performance for one or more periods, will experience similar levels of performance in the future. High performance is defined as a significant increase in either 1) the Portfolio's total return in excess of that of the Portfolio's benchmark between reporting periods or 2) the Portfolio's total return in excess of the Portfolio's historical returns between reporting periods. Unusual performance is defined as a significant change in the Portfolio's performance as compared to one or more previous reporting periods. Historical performance for the Portfolio or a share class thereof may have been positively impacted by fee waivers or expense limitations in place during some or all of the periods shown, if applicable. Future performance (including total return or yield) and distributions may be negatively impacted by the expiration or reduction of any such fee waivers or expense limitations.

The following table discloses the inception dates of the Portfolio and its share classes along with the Portfolio's diversification status as of period end:

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|:---|:---|:---|:---|:---|:---|
| **Portfolio Name** | **Portfolio<br>Inception** | **Institutional<br>Class** | **Administrative<br>Class** | **Advisor<br>Class** | **Diversification<br>Status** |
|  PIMCO Low Duration Portfolio | 02/16/99 | 04/10/00 | 02/16/99 | 03/31/06 | Diversified |

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An investment in the Portfolio is not a bank deposit and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in the Portfolio.

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Portfolio. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither this Portfolio's prospectus nor summary prospectus, the Trust's Statement of Additional Information ("SAI"), any contracts filed as exhibits to the Trust's registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or the Portfolio creates a contract between or among any shareholder of the Portfolio, on the one hand, and the Trust, the Portfolio, a service provider to the Trust or the Portfolio, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service providers or other delegates acting under authority of the Trustees) may amend the most recent prospectus or use a new prospectus, summary prospectus or SAI with respect to the Portfolio or the Trust,

and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which the Trust or the Portfolio is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to the Portfolio, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust's then-current prospectus or SAI.

PIMCO has adopted written proxy voting policies and procedures ("Proxy Policy") as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at (888) 87-PIMCO, on the Portfolio's website at www.pimco.com/pvit, and on the Securities and Exchange Commission's ("SEC") website at www.sec.gov.

The Portfolio files portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>5</sub> |

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| **Important Information About the PIMCO Low Duration Portfolio** | **(Cont.)** |

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Portfolio's complete schedule of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC's website at www.sec.gov and on PIMCO's website at www.pimco.com/pvit, and will be made available, upon request by calling PIMCO at (888) 87-PIMCO.

SEC rules allow allows shareholder reports to be delivered to investors by providing access to such reports online free of charge and by mailing a notice that the report is electronically available. Investors may elect to receive all future reports in paper free of charge by contacting their insurance company. Any election to receive reports in paper will apply to all portfolio companies available under the investor's contract at the insurance company.

In October 2020, the SEC adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover transactions. Subject to certain exceptions, the rule requires portfolios that trade derivatives and other transactions that create future payment or delivery obligations to comply with a value-at-risk leverage limit and certain derivatives risk management program and reporting requirements. These requirements may limit the ability of the Portfolio to use derivatives and reverse repurchase agreements and similar financing transactions as part of its investment strategies and may increase the cost of the Portfolio's investments and cost of doing business, which could adversely affect investors. The rule went into effect on February 19, 2021. The compliance date for the new rule and related reporting requirements was August 19, 2022.

In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value as well as for the performance of fair value determinations, including related oversight and reporting obligations. The new rule also defines "readily available market quotations" for purposes of the definition of "value" under the Act, and the SEC noted that this definition will apply in all contexts under the Investment Company Act of 1940 (the "Act"). The effective date for the rule was March 8, 2021. The compliance date for the new rule and the related reporting requirements was September 8, 2022.

In May 2022, the SEC proposed amendments to a current rule governing portfolio naming conventions. In general, the current rule requires portfolios with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The proposed amendments would expand the scope of the current rule in a number of ways that would result in an expansion of the types of portfolio names that would require the portfolio to adopt an 80% investment policy under the rule. Additionally, the proposed amendments would modify the circumstances under which a

portfolio may deviate from its 80% investment policy and address the use and valuation of derivatives instruments for purposes of the rule. The proposal's impact on the Portfolio will not be known unless and until any final rulemaking is adopted.

In May 2022, the SEC proposed a framework that would require certain registered portfolios (such as the Portfolio) to disclose their environmental, social, and governance ("ESG") investing practices. Among other things, the proposed requirements would mandate that portfolios meeting three pre-defined classifications (*i.e.*, integrated, ESG focused and/or impact funds) provide prospectus and shareholder report disclosure related to the ESG factors, criteria and processes used in managing the portfolio. The proposal's impact on the Portfolio will not be known unless and until any final rulemaking is adopted.

In October 2022, the SEC adopted changes to the mutual fund and exchange-traded fund ("ETF") shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which will impact the disclosures provided to shareholders. The rule amendments are effective as of January 24, 2023, but the SEC is providing an 18-month compliance period following the effective date for such amendments other than those addressing fee and expense information in advertisements that might be materially misleading.

In November 2022, the SEC proposed rule amendments which, among other things, would require funds to adopt swing pricing in order to mitigate dilution of shareholders' interests in a fund by requiring the adjustment of fund net asset value per share to pass on costs stemming from shareholder purchase or redemption activity. In addition the proposed rule would amend the liquidity rule framework. The proposal's impact on the Portfolio will not be known unless and until any final rulemaking is adopted.

In November 2022, the SEC adopted amendments to Form N-PX under the Act to improve the utility to investors of proxy voting information reported by mutual funds, ETFs and certain other funds. The rule amendments will expand the scope of funds' Form N-PX reporting obligations, subject managers to Form N-PX reporting obligations for "Say on Pay" votes, enhance Form N-PX disclosures, permit joint reporting by funds, managers and affiliated managers on Form N-PX; and require website availability of fund proxy voting records. The amendments will become effective on July 1, 2024. Funds and managers will be required to file their first reports covering the period from July 1, 2023 to June 30, 2024 on amended Form N-PX by August 31, 2024.

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| **6** | **PIMCO VARIABLE INSURANCE TRUST** |

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**PIMCO Low Duration Portfolio** 

Cumulative Returns Through December 31, 2022

![LOGO](g313363g05k74.jpg)

$10,000 invested at the end of the month when the Portfolio's Administrative Class commenced operations.

Allocation Breakdown as of December 31, 2022<sup>†§</sup>

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|:---|:---|
|  Short-Term Instruments<sup>‡</sup> | 37.6% |
|  Corporate Bonds & Notes | 18.7% |
|  U.S. Government Agencies | 18.4% |
|  Asset-Backed Securities | 17.1% |
|  Non-Agency Mortgage-Backed Securities | 7.7% |
|  Other | 0.5% |

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| <sup>†</sup> | % of Investments, at value.  |

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| <sup>§</sup> | Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.  |

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<sup>‡</sup> Includes Central Funds Used for Cash Management Purposes.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 |
|  |  | 1 Year | 5 Years | 10 Years | Inception<sup>≈</sup> |
|  | PIMCO Low Duration Portfolio Institutional Class | (5.60)% | 0.23% | 0.57% | 3.02% |
| ![LOGO](g313363g94o20.jpg) | PIMCO Low Duration Portfolio Administrative Class | (5.74)% | 0.08% | 0.42% | 2.90% |
|  | PIMCO Low Duration Portfolio Advisor Class | (5.84)% | (0.02)% | 0.32% | 2.26% |
| ![LOGO](g313363g08y58.jpg) | ICE BofAML 1-3 Year U.S. Treasury Index<sup>±</sup> | (3.65)% | 0.77% | 0.67% | 2.45%<sup>¨</sup> |

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All Portfolio returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

<sup>≈</sup> For class inception dates please refer to the Important Information.

<sup>¨</sup> Average annual total return since 02/16/1999.

<sup>±</sup> The ICE BofAML 1-3 Year U.S. Treasury Index is an unmanaged index comprised of U.S. Treasury securities, other than inflation-protection securities and STRIPS, with at least $1 billion in outstanding face value and a remaining term to final maturity of at least one year and less than three years.

It is not possible to invest directly in an unmanaged index.

*Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. The Portfolio's performance does not reflect the deduction of additional charges and expenses imposed in connection with investing in Variable Contracts, which will reduce returns. Differences in the Portfolio's performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the prices of individual positions (which may be sourced from different pricing vendors or other sources) used by the Portfolio and the index. For performance current to the most recent month-end, visit www.pimco.com/pvit or via (888) 87-PIMCO.* 

*The Portfolio's total annual operating expense ratio in effect as of period end was 0.50% for Institutional Class shares, 0.65% for Administrative Class shares, and 0.75% for Advisor Class shares. Details regarding any changes to the Portfolio's operating expenses, subsequent to period end, can be found in the Portfolio's current prospectus, as supplemented.* 

Investment Objective and Strategy Overview

PIMCO Low Duration Portfolio seeks maximum total return, consistent with preservation of capital and prudent investment management, by investing under normal circumstances at least 65% of its total assets in a diversified portfolio of Fixed Income Instruments of varying maturities, which may be represented by forwards or derivatives, such as options, futures contracts or swap agreements. "Fixed Income Instruments" include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. Portfolio strategies may change from time to time. Please refer to the Portfolio's current prospectus for more information regarding the Portfolio's strategy.

Portfolio Insights

The following affected performance (on a gross basis) during the reporting period:

» Underweight exposure to U.K. duration on the 10-year portion of the yield curve during the first half of 2022 contributed to relative performance, as U.K. interest rates rose.

» Underweight exposure to Japanese duration on the 30-year portion of the yield curve contributed to relative performance, as Japanese interest rates rose.

» Overweight exposure to U.S. duration on the 10-year portion of the yield curve detracted from relative performance, as U.S. interest rates rose.

» Select holdings within high yield corporate credit default swap indexes detracted from relative performance, as high yield corporate spreads tightened during the fourth quarter of 2022.

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| » | Holdings of agency mortgage-backed securities detracted from relative performance, as the asset class provided negative total return.  |

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>7</sub> |

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**Expense Example PIMCO Low Duration Portfolio**

Example

As a shareholder of the Portfolio, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including investment advisory fees, supervisory and administrative fees, distribution and/or service (12b-1) fees (if applicable), and other Portfolio expenses. The Example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The Expense Example does not reflect any fees or other expenses imposed by the Variable Contracts. If it did, the expenses reflected in the Expense Example would be higher. The Example is based on an investment of $1,000 invested at the beginning of the period and held from July 1, 2022 to December 31, 2022 unless noted otherwise in the table and footnotes below.

Actual Expenses

The information in the table under the heading "Actual" provides information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60), then multiply the result by the number in the appropriate row for your share class, in the column titled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information in the table under the heading "Hypothetical (5% return before expenses)" provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other portfolios. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other portfolios.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the information under the heading "Hypothetical (5% return before expenses)" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. In addition, if these transactional costs were included, your costs would have been higher.

Expense ratios may vary period to period because of various factors, such as an increase in expenses that are not covered by the investment advisory fees and supervisory and administrative fees, such as fees and expenses of the independent trustees and their counsel, extraordinary expenses and interest expense.

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|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Actual** | **Actual** | **Actual** | **Hypothetical<br>(5% return before expenses)** | **Hypothetical<br>(5% return before expenses)** | **Hypothetical<br>(5% return before expenses)** | |
|  | **Beginning<br>Account Value<br>(07/01/22)** | **Ending<br>Account Value<br>(12/31/22)** | **Expenses Paid<br>During Period\*** | **Beginning<br>Account Value<br>(07/01/22)** | **Ending<br>Account Value<br>(12/31/22)** | **Expenses Paid<br>During Period\*** | **Net Annualized<br>Expense Ratio\*\*** |
| Institutional Class | $1000.00 | $991.20 | $2.69 | $1000.00 | $1022.78 | $2.73 | 0.53% |
| Administrative Class | 1000.00 | 990.50 | 3.45 | 1000.00 | 1022.01 | 3.50 | 0.68 |
| Advisor Class | 1000.00 | 990.00 | 3.95 | 1000.00 | 1021.50 | 4.02 | 0.78 |

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\* Expenses Paid During Period are equal to the net annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 186/365 (to reflect the one-half year period). Overall fees and expenses of investing in the Portfolio will be higher because the example does not reflect variable contract fees and expenses.

\*\* Net Annualized Expense Ratio is reflective of any applicable contractual fee waivers and/or expense reimbursements or voluntary fee waivers. Details regarding fee waivers, if any, can be found in Note 9, Fees and Expenses, in the Notes to Financial Statements.

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| **8** | **PIMCO VARIABLE INSURANCE TRUST** |

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>9</sub> |

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| **Financial Highlights** | **PIMCO Low Duration Portfolio** |

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year Ended^: | **<br>Net Asset<br>Value<br>Beginning<br>of Year<sup>(a)</sup>** | **Net<br>Investment<br>Income (Loss)<sup>(b)</sup>** | **Net<br>Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital<br>Gain** | **Tax Basis<br>Return of<br>Capital** | **Total** |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | $&nbsp;&nbsp;&nbsp;&nbsp;10.24 | $&nbsp;&nbsp;&nbsp;&nbsp;0.17 | $&nbsp;&nbsp;&nbsp;&nbsp;(0.75) | $&nbsp;&nbsp;&nbsp;&nbsp;(0.58) | $&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | $&nbsp;&nbsp;&nbsp;&nbsp;0.00 | $0.00 | $(0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 10.38 | 0.07 | (0.14) | (0.07) | (0.07) | 0.00 | 0.00 | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 10.20 | 0.13 | 0.19 | 0.32 | (0.14) | 0.00 | 0.00 | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2019 | 10.08 | 0.29 | 0.13 | 0.42 | (0.24) | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;(0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2018 | 10.24 | 0.20 | (0.15) | 0.05 | (0.21) | 0.00 | 0.00 | (0.21) |
| Administrative Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 10.24 | 0.16 | (0.76) | (0.60) | (0.16) | 0.00 | 0.00 | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 10.38 | 0.05 | (0.14) | (0.09) | (0.05) | 0.00 | 0.00 | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 10.20 | 0.11 | 0.19 | 0.30 | (0.12) | 0.00 | 0.00 | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2019 | 10.08 | 0.28 | 0.12 | 0.40 | (0.22) | 0.00 | (0.06) | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2018 | 10.24 | 0.20 | (0.17) | 0.03 | (0.19) | 0.00 | 0.00 | (0.19) |
| Advisor Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 10.24 | 0.15 | (0.76) | (0.61) | (0.15) | 0.00 | 0.00 | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 10.38 | 0.04 | (0.14) | (0.10) | (0.04) | 0.00 | 0.00 | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 10.20 | 0.10 | 0.19 | 0.29 | (0.11) | 0.00 | 0.00 | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2019 | 10.08 | 0.27 | 0.12 | 0.39 | (0.21) | 0.00 | (0.06) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2018 | 10.24 | 0.19 | (0.17) | 0.02 | (0.18) | 0.00 | 0.00 | (0.18) |

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| ^ | A zero balance may reflect actual amounts rounding to less than $0.01 or 0.01%.  |

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<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Portfolio.

<sup>(b)</sup> Per share amounts based on average number of shares outstanding during the year. 

<sup>(c)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

<sup>(d)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Portfolio. Additionally, excludes initial sales charges and contingent deferred sales charges.

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| **10** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | |
|<br>**Net Asset<br>Value End of<br>Year<sup>(a)</sup>** |<br>**Total Return<sup>(d)</sup>** |<br>**Net Assets<br>End of Year<br>(000s)** | **Expenses** | **Expenses<br>Excluding<br>Waivers** | **Expenses<br>Excluding<br>Interest<br>Expense** | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** | **Net<br>Investment<br>Income (Loss)** |<br>**Portfolio<br>Turnover<br>Rate** |
| $9.48 | (5.69)% | $11991 | 0.52% | 0.52% | 0.50% | 0.50% | 1.76% | 279% |
| &nbsp;&nbsp;&nbsp;&nbsp;10.24 | (0.68) | 17953 | 0.50 | 0.50 | 0.50 | 0.50 | 0.65 | 446 |
| 10.38 | 3.15 | 11436 | 0.54 | 0.54 | 0.50 | 0.50 | 1.21 | 427 |
| 10.20 | 4.18 | 11474 | 0.89 | 0.89 | 0.50 | 0.50 | 2.86 | 308 |
| 10.08 | 0.49 | 8588 | 0.59 | 0.59 | 0.50 | 0.50 | 2.02 | 624 |
| 9.48 | (5.83) | 836602 | 0.67 | 0.67 | 0.65 | 0.65 | 1.61 | 279 |
| 10.24 | (0.83) | &nbsp;&nbsp;&nbsp;&nbsp;1031779 | 0.65 | 0.65 | 0.65 | 0.65 | 0.49 | 446 |
| 10.38 | 2.99 | 1130716 | 0.69 | 0.69 | 0.65 | 0.65 | 1.04 | 427 |
| 10.20 | 4.03 | 1007149 | 1.04 | 1.04 | 0.65 | 0.65 | 2.76 | 308 |
| 10.08 | 0.34 | 1197654 | 0.74 | 0.74 | 0.65 | 0.65 | 1.94 | 624 |
| 9.48 | (5.93) | 759411 | 0.77 | 0.77 | 0.75 | 0.75 | 1.52 | 279 |
| 10.24 | (0.93) | 867452 | 0.75 | 0.75 | 0.75 | 0.75 | 0.39 | 446 |
| 10.38 | 2.89 | 831900 | 0.79 | 0.79 | 0.75 | 0.75 | 0.95 | 427 |
| 10.20 | 3.92 | 754355 | 1.14 | 1.14 | 0.75 | 0.75 | 2.65 | 308 |
| 10.08 | 0.24 | 757166 | 0.84 | 0.84 | 0.75 | 0.75 | 1.85 | 624 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>11</sub> |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **PIMCO Low Duration Portfolio** | December 31, 2022 |

---

---

| | |
|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) |  |
|  **Assets:** |  |
|  *Investments, at value* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities\* | $1934127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 53512 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 3435 |
|  Cash | 1 |
|  Deposits with counterparty | 22594 |
|  Foreign currency, at value | 1846 |
|  Receivable for investments sold | 572 |
|  Receivable for investments sold on a delayed-delivery basis | 284 |
|  Receivable for TBA investments sold | 556718 |
|  Receivable for Portfolio shares sold | 3117 |
|  Interest and/or dividends receivable | 6804 |
|  Dividends receivable from Affiliates | 196 |
|  **Total Assets** | &nbsp;&nbsp;&nbsp;&nbsp;2583793 |
|  **Liabilities:** |  |
|  *Borrowings & Other Financing Transactions* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for short sales | $86808 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 2619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 9036 |
|  Payable for investments purchased | 247700 |
|  Payable for investments in Affiliates purchased | 196 |
|  Payable for TBA investments purchased | 624367 |
|  Deposits from counterparty | 3479 |
|  Payable for Portfolio shares redeemed | 578 |
|  Accrued investment advisory fees | 361 |
|  Accrued supervisory and administrative fees | 361 |
|  Accrued distribution fees | 172 |
|  Accrued servicing fees | 112 |
|  **Total Liabilities** | 975789 |
|  **Net Assets** | $1608004 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | $1780185 |
|  Distributable earnings (accumulated loss) | (172181) |
|  **Net Assets** | $1608004 |
|  **Net Assets:** |  |
|  Institutional Class | $11991 |
|  Administrative Class | 836602 |
|  Advisor Class | 759411 |
|  **Shares Issued and Outstanding:** |  |
|  Institutional Class | 1265 |
|  Administrative Class | 88262 |
|  Advisor Class | 80119 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |
|  Institutional Class | $9.48 |
|  Administrative Class | 9.48 |
|  Advisor Class | 9.48 |
|  Cost of investments in securities | $1985959 |
|  Cost of investments in Affiliates | $54383 |
|  Cost of foreign currency held | $1850 |
|  Proceeds received on short sales | $88035 |
|  Cost or premiums of financial derivative instruments, net | $(688) |
|  \* Includes repurchase agreements of: | $524637 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Portfolio.

---

| | | |
|:---|:---|:---|
| **12** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Statement of Operations** | **PIMCO Low Duration Portfolio** |

---

---

| | |
|:---|:---|
| Year Ended December 31, 2022<br> (Amounts in thousands<sup>†</sup>) |  |
|  **Investment Income:** |  |
|  Interest | $36434 |
|  Dividends from Investments in Affiliates | 2466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 38900 |
|  **Expenses:** |  |
|  Investment advisory fees | 4254 |
|  Supervisory and administrative fees | 4253 |
|  Distribution and/or servicing fees - Administrative Class | 1329 |
|  Distribution and/or servicing fees - Advisor Class | 2009 |
|  Trustee fees | 55 |
|  Interest expense | 314 |
|  Miscellaneous expense | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 12215 |
|  **Net Investment Income (Loss)** | 26685 |
|  **Net Realized Gain (Loss):** |  |
|  Investments in securities | (56763) |
|  Investments in Affiliates | 649 |
|  Exchange-traded or centrally cleared financial derivative instruments | (55024) |
|  Over the counter financial derivative instruments | 39403 |
|  Foreign currency | (1402) |
|  **Net Realized Gain (Loss)** | (73137) |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in securities | (51909) |
|  Investments in Affiliates | (3211) |
|  Exchange-traded or centrally cleared financial derivative instruments | (1285) |
|  Over the counter financial derivative instruments | (4434) |
|  Foreign currency assets and liabilities | 180 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | (60659) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $&nbsp;&nbsp;&nbsp;&nbsp;(107111) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>13</sub> |

---

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Statements of Changes in Net Assets** | **PIMCO Low Duration Portfolio** |

---

---

| | | |
|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2021** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
|  Net investment income (loss) | $26685 | $8776 |
|  Net realized gain (loss) | (73137) | (1611) |
|  Net change in unrealized appreciation (depreciation) | (60659) | (25099) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | (107111) | (17934) |
|  **Distributions to Shareholders:** |  |  |
|  From net investment income and/or net realized capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (214) | (111) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (14598) | (5649) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (12529) | (3677) |
|  **Total Distributions<sup>(a)</sup>** | (27341) | (9437) |
|  **Portfolio Share Transactions:** |  |  |
|  Net increase (decrease) resulting from Portfolio share transactions\* | (174728) | (29497) |
|  **Total Increase (Decrease) in Net Assets** | (309180) | (56868) |
|  **Net Assets:** |  |  |
|  Beginning of year | 1917184 | 1974052 |
|  End of year | $&nbsp;&nbsp;&nbsp;&nbsp;1608004 | $&nbsp;&nbsp;&nbsp;&nbsp;1917184 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

\* See Note 13, Shares of Beneficial Interest, in the Notes to Financial Statements.

<sup>(a)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

---

| | | |
|:---|:---|:---|
| **14** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Low Duration Portfolio** | December 31, 2022 |

---

**(Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)** 

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **INVESTMENTS IN SECURITIES 120.3%** | **INVESTMENTS IN SECURITIES 120.3%** | **INVESTMENTS IN SECURITIES 120.3%** |
| **LOAN PARTICIPATIONS AND ASSIGNMENTS 0.5%** | **LOAN PARTICIPATIONS AND ASSIGNMENTS 0.5%** | **LOAN PARTICIPATIONS AND ASSIGNMENTS 0.5%** |
|  **Qatar National Bank QPSC** | **Qatar National Bank QPSC** | **Qatar National Bank QPSC** |
|  5.557% (LIBOR03M + 0.800%)<br>due 11/06/2023 «~ | 8200 | 8169 |
|  **Total Loan Participations and Assignments<br>(Cost $8,151)** | **Total Loan Participations and Assignments<br>(Cost $8,151)** | **8169** |
| **CORPORATE BONDS & NOTES 23.1%** | **CORPORATE BONDS & NOTES 23.1%** | **CORPORATE BONDS & NOTES 23.1%** |
| **BANKING & FINANCE 15.1%** | **BANKING & FINANCE 15.1%** | **BANKING & FINANCE 15.1%** |
|  **Banco Bilbao Vizcaya Argentaria SA** | **Banco Bilbao Vizcaya Argentaria SA** | **Banco Bilbao Vizcaya Argentaria SA** |
|  0.875% due 09/18/2023 | 4700 | 4553 |
|  **Banco Santander SA** | **Banco Santander SA** | **Banco Santander SA** |
|  3.496% due 03/24/2025 | 4600 | 4433 |
|  3.892% due 05/24/2024 | 4200 | 4114 |
|  5.039% (US0003M + 1.120%)<br>due 04/12/2023 ~ | 2400 | 2400 |
|  **Bank of America Corp.** | **Bank of America Corp.** | **Bank of America Corp.** |
|  1.843% due 02/04/2025 •  | 5000 | 4796 |
|  5.285% (US0003M + 0.960%)<br>due 07/23/2024 ~ | 1200 | 1200 |
|  **Bank of Nova Scotia** | **Bank of Nova Scotia** | **Bank of Nova Scotia** |
|  0.650% due 07/31/2024 | 5000 | 4664 |
|  2.440% due 03/11/2024 | 4500 | 4347 |
|  **Barclays PLC** | **Barclays PLC** | **Barclays PLC** |
|  2.852% due 05/07/2026 •  | 5100 | 4743 |
|  5.304% due 08/09/2026 •  | 4500 | 4471 |
|  **BNP Paribas SA** | **BNP Paribas SA** | **BNP Paribas SA** |
|  4.705% due 01/10/2025 •  | 3900 | 3863 |
|  **Cape Lookout Re Ltd.** | **Cape Lookout Re Ltd.** | **Cape Lookout Re Ltd.** |
|  9.337% (T-BILL 3MO + 5.000%)<br>due 03/28/2029 ~ | 1500 | 1412 |
|  **Capital One Financial Corp.** | **Capital One Financial Corp.** | **Capital One Financial Corp.** |
|  2.636% due 03/03/2026 •  | 300 | 281 |
|  4.166% due 05/09/2025 •  | 4400 | 4300 |
|  4.985% due 07/24/2026 •  | 4100 | 4020 |
|  **Citigroup, Inc.** | **Citigroup, Inc.** | **Citigroup, Inc.** |
|  4.615% (SOFRRATE + 0.694%)<br>due 01/25/2026 ~(d) | 4800 | 4694 |
|  **Corsair International Ltd.** | **Corsair International Ltd.** | **Corsair International Ltd.** |
|  5.473% due 01/28/2027 •  | 4500 | 4781 |
|  **CPI Property Group SA** | **CPI Property Group SA** | **CPI Property Group SA** |
|  2.750% due 05/12/2026 | 1000 | 843 |
|  **Credit Suisse AG** | **Credit Suisse AG** | **Credit Suisse AG** |
|  3.700% due 02/21/2025 | 4400 | 4061 |
|  4.750% due 08/09/2024 | 4100 | 3917 |
|  **Credit Suisse Group AG** | **Credit Suisse Group AG** | **Credit Suisse Group AG** |
|  6.373% due 07/15/2026 •  | 4200 | 3947 |
|  6.537% due 08/12/2033 •  | 250 | 220 |
|  **Danske Bank AS** | **Danske Bank AS** | **Danske Bank AS** |
|  3.773% due 03/28/2025 •  | 4500 | 4362 |
|  **Deutsche Bank AG** | **Deutsche Bank AG** | **Deutsche Bank AG** |
|  2.222% due 09/18/2024 •  | 4800 | 4637 |
|  5.374% (SOFRRATE + 1.219%)<br>due 11/16/2027 ~ | 4600 | 4119 |
|  6.119% due 07/14/2026 •  | 4000 | 3977 |
|  **Federal Realty Investment Trust** | **Federal Realty Investment Trust** | **Federal Realty Investment Trust** |
|  3.950% due 01/15/2024 | 4200 | 4147 |
|  **Federation des Caisses Desjardins du Quebec** | **Federation des Caisses Desjardins du Quebec** | **Federation des Caisses Desjardins du Quebec** |
|  4.400% due 08/23/2025 | 4500 | 4395 |
|  **GA Global Funding Trust** | **GA Global Funding Trust** | **GA Global Funding Trust** |
|  0.800% due 09/13/2024 | 4800 | 4389 |
|  1.250% due 12/08/2023 | 4800 | 4607 |
|  **General Motors Financial Co., Inc.** | **General Motors Financial Co., Inc.** | **General Motors Financial Co., Inc.** |
|  4.250% due 05/15/2023 | 4400 | 4382 |
|  **Goldman Sachs Group, Inc.** | **Goldman Sachs Group, Inc.** | **Goldman Sachs Group, Inc.** |
|  1.757% due 01/24/2025 •  | 2700 | 2585 |
|  3.000% due 03/15/2024 | 1700 | 1659 |
|  **ING Groep NV** | **ING Groep NV** | **ING Groep NV** |
|  3.869% due 03/28/2026 •  | 4500 | 4334 |
|  **JPMorgan Chase & Co.** | **JPMorgan Chase & Co.** | **JPMorgan Chase & Co.** |
|  0.563% due 02/16/2025 •  | 4300 | 4057 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  0.697% due 03/16/2024 •  | $| 2500 | 2474 |
|  5.088% (SOFRRATE + 0.765%) due 09/22/2027 ~ |  | 5000 | 4844 |
|  **Key Corp.** | **Key Corp.** | **Key Corp.** | **Key Corp.** |
|  3.878% due 05/23/2025 •  |  | 4300 | 4210 |
|  **Metropolitan Life Global Funding** | **Metropolitan Life Global Funding** | **Metropolitan Life Global Funding** | **Metropolitan Life Global Funding** |
|  4.050% due 08/25/2025 |  | 4100 | 4013 |
|  **Mitsubishi UFJ Financial Group, Inc.** | **Mitsubishi UFJ Financial Group, Inc.** | **Mitsubishi UFJ Financial Group, Inc.** | **Mitsubishi UFJ Financial Group, Inc.** |
|  5.519% (US0003M + 0.740%) due 03/02/2023 ~ |  | 4200 | 4202 |
|  **Mizuho Financial Group, Inc.** | **Mizuho Financial Group, Inc.** | **Mizuho Financial Group, Inc.** | **Mizuho Financial Group, Inc.** |
|  4.362% (BBSW3M + 1.400%)<br>due 07/19/2023 ~ | AUD | 6700 | 4567 |
|  4.899% (US0003M + 0.990%) due 07/10/2024 ~ | $| 3600 | 3592 |
|  5.414% due 09/13/2028 •  |  | 4000 | 4008 |
|  **Morgan Stanley** | **Morgan Stanley** | **Morgan Stanley** | **Morgan Stanley** |
|  2.630% due 02/18/2026 •  |  | 8100 | 7612 |
|  **Nationwide Building Society** | **Nationwide Building Society** | **Nationwide Building Society** | **Nationwide Building Society** |
|  3.766% due 03/08/2024 •  |  | 2600 | 2586 |
|  4.363% due 08/01/2024 •  |  | 800 | 790 |
|  **NatWest Group PLC** | **NatWest Group PLC** | **NatWest Group PLC** | **NatWest Group PLC** |
|  7.472% due 11/10/2026 •  |  | 3100 | 3229 |
|  **NatWest Markets PLC** | **NatWest Markets PLC** | **NatWest Markets PLC** | **NatWest Markets PLC** |
|  3.479% due 03/22/2025 |  | 4500 | 4307 |
|  **Nissan Motor Acceptance Co. LLC** | **Nissan Motor Acceptance Co. LLC** | **Nissan Motor Acceptance Co. LLC** | **Nissan Motor Acceptance Co. LLC** |
|  1.050% due 03/08/2024 |  | 4000 | 3748 |
|  **NTT Finance Corp.** | **NTT Finance Corp.** | **NTT Finance Corp.** | **NTT Finance Corp.** |
|  0.373% due 03/03/2023 |  | 5000 | 4972 |
|  **Pricoa Global Funding** | **Pricoa Global Funding** | **Pricoa Global Funding** | **Pricoa Global Funding** |
|  4.200% due 08/28/2025 |  | 3000 | 2943 |
|  **Santander UK Group Holdings PLC** | **Santander UK Group Holdings PLC** | **Santander UK Group Holdings PLC** | **Santander UK Group Holdings PLC** |
|  6.833% due 11/21/2026 •  |  | 3200 | 3245 |
|  **Societe Generale SA** | **Societe Generale SA** | **Societe Generale SA** | **Societe Generale SA** |
|  2.625% due 01/22/2025 |  | 4200 | 3952 |
|  **Standard Chartered PLC** | **Standard Chartered PLC** | **Standard Chartered PLC** | **Standard Chartered PLC** |
|  1.822% due 11/23/2025 •  |  | 5000 | 4570 |
|  5.123% (SOFRRATE + 0.930%) due 11/23/2025 ~ |  | 5000 | 4860 |
|  **Sumitomo Mitsui Financial Group, Inc.** | **Sumitomo Mitsui Financial Group, Inc.** | **Sumitomo Mitsui Financial Group, Inc.** | **Sumitomo Mitsui Financial Group, Inc.** |
|  1.474% due 07/08/2025 |  | 5300 | 4834 |
|  **Swedbank AB** | **Swedbank AB** | **Swedbank AB** | **Swedbank AB** |
|  5.337% due 09/20/2027 |  | 4100 | 4073 |
|  **Synchrony Bank** | **Synchrony Bank** | **Synchrony Bank** | **Synchrony Bank** |
|  5.400% due 08/22/2025 |  | 4300 | 4225 |
|  **Toyota Motor Credit Corp.** | **Toyota Motor Credit Corp.** | **Toyota Motor Credit Corp.** | **Toyota Motor Credit Corp.** |
|  5.050% due 12/11/2023 •  |  | 1000 | 1002 |
|  **UBS Group AG** | **UBS Group AG** | **UBS Group AG** | **UBS Group AG** |
|  4.488% due 05/12/2026 •  |  | 3300 | 3228 |
|  **UniCredit SpA** | **UniCredit SpA** | **UniCredit SpA** | **UniCredit SpA** |
|  7.830% due 12/04/2023 |  | 10700 | 10813 |
|  **Wells Fargo & Co.** | **Wells Fargo & Co.** | **Wells Fargo & Co.** | **Wells Fargo & Co.** |
|  2.509% due 10/27/2023 (d) | CAD | 6200 | 4472 |
|  3.908% due 04/25/2026 •  | $| 2800 | 2724 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241805 |
| **INDUSTRIALS 6.0%** | **INDUSTRIALS 6.0%** | **INDUSTRIALS 6.0%** | **INDUSTRIALS 6.0%** |
|  **7-Eleven, Inc.** | **7-Eleven, Inc.** | **7-Eleven, Inc.** | **7-Eleven, Inc.** |
|  0.625% due 02/10/2023 |  | 5000 | 4975 |
|  **Boeing Co.** | **Boeing Co.** | **Boeing Co.** | **Boeing Co.** |
|  1.167% due 02/04/2023 |  | 5900 | 5878 |
|  1.950% due 02/01/2024 |  | 5000 | 4819 |
|  **CenterPoint Energy Resources Corp.** | **CenterPoint Energy Resources Corp.** | **CenterPoint Energy Resources Corp.** | **CenterPoint Energy Resources Corp.** |
|  5.279% (US0003M + 0.500%) due 03/02/2023 ~ |  | 2875 | 2874 |
|  **CommonSpirit Health** | **CommonSpirit Health** | **CommonSpirit Health** | **CommonSpirit Health** |
|  1.547% due 10/01/2025 |  | 4900 | 4411 |
|  **Daimler Trucks Finance North America LLC** | **Daimler Trucks Finance North America LLC** | **Daimler Trucks Finance North America LLC** | **Daimler Trucks Finance North America LLC** |
|  4.779% (SOFRRATE + 0.500%) due 06/14/2023 ~ |  | 5700 | 5693 |
|  4.918% (SOFRRATE + 0.600%) due 12/14/2023 ~ |  | 5000 | 4971 |
|  5.062% (SOFRRATE + 0.750%) due 12/13/2024 ~ |  | 5000 | 4933 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Danone SA** | **Danone SA** | **Danone SA** |
|  2.947% due 11/02/2026 | 4000 | 3723 |
|  **Equifax, Inc.** | **Equifax, Inc.** | **Equifax, Inc.** |
|  5.100% due 12/15/2027 | 4000 | 3955 |
|  **Expedia Group, Inc.** | **Expedia Group, Inc.** | **Expedia Group, Inc.** |
|  5.000% due 02/15/2026 | 3407 | 3366 |
|  **Fidelity National Information Services, Inc.** | **Fidelity National Information Services, Inc.** | **Fidelity National Information Services, Inc.** |
|  0.375% due 03/01/2023 | 5000 | 4963 |
|  **Huntington Ingalls Industries, Inc.** | **Huntington Ingalls Industries, Inc.** | **Huntington Ingalls Industries, Inc.** |
|  0.670% due 08/16/2023 | 5000 | 4856 |
|  **Hyundai Capital America** | **Hyundai Capital America** | **Hyundai Capital America** |
|  0.800% due 04/03/2023 | 5000 | 4942 |
|  5.875% due 04/07/2025 | 4500 | 4521 |
|  **Mercedes-Benz Finance North America LLC** | **Mercedes-Benz Finance North America LLC** | **Mercedes-Benz Finance North America LLC** |
|  5.500% due 11/27/2024 | 600 | 604 |
|  **Nissan Motor Co. Ltd.** | **Nissan Motor Co. Ltd.** | **Nissan Motor Co. Ltd.** |
|  3.043% due 09/15/2023 | 4800 | 4704 |
|  **Philip Morris International, Inc.** | **Philip Morris International, Inc.** | **Philip Morris International, Inc.** |
|  5.125% due 11/15/2024 | 5400 | 5411 |
|  **Qorvo, Inc.** | **Qorvo, Inc.** | **Qorvo, Inc.** |
|  1.750% due 12/15/2024 | 4600 | 4242 |
|  **Renesas Electronics Corp.** | **Renesas Electronics Corp.** | **Renesas Electronics Corp.** |
|  1.543% due 11/26/2024 | 5000 | 4587 |
|  **SK Hynix, Inc.** | **SK Hynix, Inc.** | **SK Hynix, Inc.** |
|  1.000% due 01/19/2024 | 5000 | 4752 |
|  **Southern Co.** | **Southern Co.** | **Southern Co.** |
|  3.250% due 07/01/2026 | 3600 | 3390 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96570 |
| **UTILITIES 2.0%** | **UTILITIES 2.0%** | **UTILITIES 2.0%** |
|  **AES Corp.** | **AES Corp.** | **AES Corp.** |
|  1.375% due 01/15/2026 | 5100 | 4534 |
|  **Atmos Energy Corp.** | **Atmos Energy Corp.** | **Atmos Energy Corp.** |
|  5.103% (US0003M + 0.380%) due 03/09/2023 ~ | 6000 | 5997 |
|  **Enel Finance International NV** | **Enel Finance International NV** | **Enel Finance International NV** |
|  4.250% due 06/15/2025 | 4300 | 4167 |
|  6.800% due 10/14/2025 | 5000 | 5140 |
|  **Pacific Gas & Electric Co.** | **Pacific Gas & Electric Co.** | **Pacific Gas & Electric Co.** |
|  3.400% due 08/15/2024 | 900 | 864 |
|  3.850% due 11/15/2023 | 400 | 395 |
|  4.250% due 08/01/2023 | 4800 | 4776 |
|  4.950% due 06/08/2025 | 4200 | 4139 |
|  **SSE PLC** | **SSE PLC** | **SSE PLC** |
|  1.250% due 04/16/2025 | 2400 | 2432 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32444 |
|  **Total Corporate Bonds & Notes<br>(Cost $383,106)** | **Total Corporate Bonds & Notes<br>(Cost $383,106)** | **370819** |
| **U.S. GOVERNMENT AGENCIES 22.8%** | **U.S. GOVERNMENT AGENCIES 22.8%** | **U.S. GOVERNMENT AGENCIES 22.8%** |
|  **Fannie Mae** | **Fannie Mae** | **Fannie Mae** |
|  1.000% due 01/25/2043 | 35 | 30 |
|  2.888% due 06/01/2043 •  | 48 | 46 |
|  2.889% due 07/01/2042 •  | 21 | 20 |
|  2.939% due 09/01/2041 •  | 53 | 51 |
|  3.462% due 05/01/2038 •  | 771 | 783 |
|  3.481% due 11/01/2035 •  | 11 | 11 |
|  3.775% due 09/01/2035 •  | 32 | 32 |
|  3.821% due 07/25/2037 •  | 60 | 59 |
|  3.952% due 07/01/2035 •  | 2 | 2 |
|  3.975% due 12/01/2036 •  | 1 | 1 |
|  4.076% due 12/25/2036 •  | 16 | 16 |
|  4.366% due 09/25/2042 •  | 217 | 212 |
|  4.739% due 03/25/2044 ~ | 15 | 15 |
|  4.838% due 09/01/2034 •  | 1 | 1 |
|  4.847% due 12/25/2042 ~ | 3 | 3 |
|  5.000% due 04/25/2033 | 3 | 3 |
|  5.239% due 06/17/2027 •  | 6 | 6 |
|  **Freddie Mac** | **Freddie Mac** | **Freddie Mac** |
|  0.650% due 10/22/2025 - 10/27/2025 | 48700 | 43606 |
|  0.680% due 08/06/2025 | 18800 | 16983 |
|  0.800% due 10/28/2026 (g)(i) | 11800 | 10288 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **15** |

---

------

##### [**Table of Contents**](#toc)

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| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Low Duration Portfolio** | **(Cont.)** |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  2.771% due 08/15/2044 ~ | 950 | 931 |
|  2.889% due 02/25/2045 •  | 73 | 73 |
|  3.491% due 07/01/2035 •  | 10 | 10 |
|  4.000% due 12/01/2047 - 08/01/2048 | 3016 | 2886 |
|  4.021% due 09/01/2035 •  | 39 | 39 |
|  4.649% due 08/25/2031 ~ | 39 | 39 |
|  6.500% due 07/25/2043 | 27 | 28 |
|  **Ginnie Mae** | **Ginnie Mae** | **Ginnie Mae** |
|  3.010% due 04/20/2066 ~ | 4156 | 4090 |
|  3.575% due 07/20/2067 •  | 4413 | 4392 |
|  3.603% due 06/20/2065 •  | 1342 | 1332 |
|  4.362% due 10/20/2065 •  | 5493 | 5438 |
|  4.382% due 07/20/2063 ~ | 961 | 955 |
|  4.564% due 08/20/2070 ~ | 3982 | 3999 |
|  4.642% due 05/20/2066 •  | 594 | 587 |
|  4.986% (SOFR30A + 1.160%)<br>due 11/20/2072 ~ | 11002 | 11124 |
|  4.996% (SOFR30A + 1.170%)<br>due 11/20/2072 ~ | 12424 | 12573 |
|  **Uniform Mortgage-Backed Security** | **Uniform Mortgage-Backed Security** | **Uniform Mortgage-Backed Security** |
|  3.000% due 02/01/2052 - 04/01/2052 | 61625 | 54249 |
|  3.500% due 07/01/2047 - 12/01/2047 | 34617 | 32119 |
|  4.000% due 08/01/2044 - 08/01/2048 | 3495 | 3337 |
|  4.500% due 03/01/2023 - 08/01/2046 | 469 | 462 |
|  5.000% due 05/01/2027 - 06/01/2028 | 41 | 41 |
|  6.000% due 02/01/2033 - 01/01/2039 | 412 | 428 |
|  6.500% due 04/01/2036 | 54 | 55 |
|  **Uniform Mortgage-Backed Security, TBA** | **Uniform Mortgage-Backed Security, TBA** | **Uniform Mortgage-Backed Security, TBA** |
|  4.000% due 02/01/2053 - 03/01/2053 | 72200 | 67751 |
|  4.500% due 01/01/2038 - 02/01/2053 | 81600 | 78562 |
|  5.000% due 01/01/2053 | 8100 | 7983 |
|  5.500% due 02/01/2053 | 100 | 100 |
|  **Total U.S. Government Agencies<br>(Cost $385,334)** | **Total U.S. Government Agencies<br>(Cost $385,334)** | **365751** |
| **U.S. TREASURY OBLIGATIONS 0.1%** | **U.S. TREASURY OBLIGATIONS 0.1%** | **U.S. TREASURY OBLIGATIONS 0.1%** |
|  **U.S. Treasury Notes** | **U.S. Treasury Notes** | **U.S. Treasury Notes** |
|  2.875% due 05/15/2032 | 2100 | 1936 |
|  **Total U.S. Treasury Obligations<br>(Cost $2,017)** | **Total U.S. Treasury Obligations<br>(Cost $2,017)** | **1936** |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES 9.5%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 9.5%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 9.5%** |
|  **Adjustable Rate Mortgage Trust** | **Adjustable Rate Mortgage Trust** | **Adjustable Rate Mortgage Trust** |
|  3.361% due 09/25/2035 ^~ | 116 | 98 |
|  **AOA Mortgage Trust** | **AOA Mortgage Trust** | **AOA Mortgage Trust** |
|  5.192% due 10/15/2038 •  | 3320 | 3083 |
|  **Atrium Hotel Portfolio Trust** | **Atrium Hotel Portfolio Trust** | **Atrium Hotel Portfolio Trust** |
|  5.498% due 12/15/2036 •  | 4100 | 3994 |
|  **BAMLL Commercial Mortgage Securities Trust** | **BAMLL Commercial Mortgage Securities Trust** | **BAMLL Commercial Mortgage Securities Trust** |
|  5.368% due 04/15/2036 ~ | 4500 | 4401 |
|  **Banc of America Funding Trust** | **Banc of America Funding Trust** | **Banc of America Funding Trust** |
|  4.273% due 01/20/2047 ^~ | 88 | 80 |
|  **Banc of America Mortgage Trust** | **Banc of America Mortgage Trust** | **Banc of America Mortgage Trust** |
|  3.679% due 07/25/2034 ~ | 132 | 121 |
|  3.961% due 08/25/2034 ~ | 156 | 151 |
|  4.014% due 05/25/2033 ~ | 22 | 20 |
|  **Bear Stearns Adjustable Rate Mortgage Trust** | **Bear Stearns Adjustable Rate Mortgage Trust** | **Bear Stearns Adjustable Rate Mortgage Trust** |
|  3.743% due 01/25/2035 ~ | 895 | 823 |
|  3.830% due 01/25/2034 ~ | 4 | 4 |
|  3.844% due 07/25/2034 ~ | 61 | 54 |
|  4.960% due 01/25/2035 ~ | 29 | 25 |
|  **Bear Stearns ALT-A Trust** | **Bear Stearns ALT-A Trust** | **Bear Stearns ALT-A Trust** |
|  4.709% due 02/25/2034 •  | 124 | 110 |
|  **Bear Stearns Structured Products, Inc. Trust** | **Bear Stearns Structured Products, Inc. Trust** | **Bear Stearns Structured Products, Inc. Trust** |
|  3.523% due 01/26/2036 ^~ | 257 | 207 |
|  5.219% due 12/26/2046 ^~ | 183 | 132 |

---

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **BX Trust** | **BX Trust** | **BX Trust** |
|  5.085% (TSFR1M + 0.749%)<br>due 04/15/2039 ~ | 1050 | 970 |
|  5.405% due 10/15/2036 ~ | 4500 | 4408 |
|  **Chevy Chase Funding LLC Mortgage-Backed Certificates** | **Chevy Chase Funding LLC Mortgage-Backed Certificates** | **Chevy Chase Funding LLC Mortgage-Backed Certificates** |
|  4.669% due 01/25/2035 •  | 7 | 7 |
|  **Citigroup Mortgage Loan Trust** | **Citigroup Mortgage Loan Trust** | **Citigroup Mortgage Loan Trust** |
|  3.885% due 08/25/2035 ^~ | 59 | 47 |
|  3.950% due 05/25/2035 •  | 11 | 10 |
|  **Colony Mortgage Capital Ltd.** | **Colony Mortgage Capital Ltd.** | **Colony Mortgage Capital Ltd.** |
|  5.447% due 11/15/2038 ~ | 4700 | 4486 |
|  **Countrywide Alternative Loan Trust** | **Countrywide Alternative Loan Trust** | **Countrywide Alternative Loan Trust** |
|  6.000% due 10/25/2033 | 5 | 5 |
|  **Countrywide Home Loan Mortgage Pass-Through Trust** | **Countrywide Home Loan Mortgage Pass-Through Trust** | **Countrywide Home Loan Mortgage Pass-Through Trust** |
|  3.671% due 02/20/2035 ~ | 29 | 29 |
|  3.792% due 11/25/2034 ~ | 123 | 111 |
|  3.866% due 11/20/2034 ~ | 274 | 253 |
|  6.537% due 02/20/2036 ^•  | 158 | 143 |
|  **CRSNT Commercial Mortgage Trust** | **CRSNT Commercial Mortgage Trust** | **CRSNT Commercial Mortgage Trust** |
|  5.140% due 04/15/2036 ~ | 6000 | 5650 |
|  **DBGS Mortgage Trust** | **DBGS Mortgage Trust** | **DBGS Mortgage Trust** |
|  5.113% due 06/15/2033 ~ | 2100 | 2008 |
|  5.713% due 10/15/2036 •  | 100 | 94 |
|  **DROP Mortgage Trust** | **DROP Mortgage Trust** | **DROP Mortgage Trust** |
|  5.470% due 10/15/2043 •  | 5000 | 4771 |
|  **Eurosail PLC** | **Eurosail PLC** | **Eurosail PLC** |
|  4.461% (SONIO/N + 1.069%)<br>due 06/13/2045 ~ | 4898 | 5821 |
|  **First Horizon Alternative Mortgage Securities Trust** | **First Horizon Alternative Mortgage Securities Trust** | **First Horizon Alternative Mortgage Securities Trust** |
|  3.858% due 09/25/2034 ~ | 100 | 90 |
|  **First Horizon Mortgage Pass-Through Trust** | **First Horizon Mortgage Pass-Through Trust** | **First Horizon Mortgage Pass-Through Trust** |
|  3.875% due 08/25/2035 ~ | 47 | 32 |
|  **FirstMac Mortgage Funding Trust** | **FirstMac Mortgage Funding Trust** | **FirstMac Mortgage Funding Trust** |
|  4.056% due 03/08/2049 •  | 606 | 412 |
|  4.306% due 03/08/2049 •  | 6100 | 4154 |
|  **Formentera Issuer PLC** | **Formentera Issuer PLC** | **Formentera Issuer PLC** |
|  3.844% due 07/28/2047 •  | 2925 | 3486 |
|  **GMAC Mortgage Corp. Loan Trust** | **GMAC Mortgage Corp. Loan Trust** | **GMAC Mortgage Corp. Loan Trust** |
|  3.610% due 11/19/2035 ~ | 22 | 20 |
|  **Great Hall Mortgages PLC** | **Great Hall Mortgages PLC** | **Great Hall Mortgages PLC** |
|  4.868% due 06/18/2039 •  | 162 | 159 |
|  4.868% due 06/18/2039 ~ | 273 | 268 |
|  **GS Mortgage-Backed Securities Trust** | **GS Mortgage-Backed Securities Trust** | **GS Mortgage-Backed Securities Trust** |
|  2.500% due 08/25/2052 ~ | 4742 | 3829 |
|  3.000% due 09/25/2052 ~ | 4617 | 3859 |
|  **GSR Mortgage Loan Trust** | **GSR Mortgage Loan Trust** | **GSR Mortgage Loan Trust** |
|  3.767% due 09/25/2035 ~ | 82 | 77 |
|  4.250% due 09/25/2034 ~ | 25 | 24 |
|  **HarborView Mortgage Loan Trust** | **HarborView Mortgage Loan Trust** | **HarborView Mortgage Loan Trust** |
|  3.275% due 07/19/2035 ^~ | 173 | 127 |
|  4.779% due 05/19/2035 ~ | 30 | 27 |
|  **Impac CMB Trust** | **Impac CMB Trust** | **Impac CMB Trust** |
|  5.389% due 07/25/2033 ~ | 16 | 16 |
|  **InTown Mortgage Trust** | **InTown Mortgage Trust** | **InTown Mortgage Trust** |
|  6.825% due 08/15/2039 ~ | 4200 | 4183 |
|  **JP Morgan Mortgage Trust** | **JP Morgan Mortgage Trust** | **JP Morgan Mortgage Trust** |
|  5.750% due 01/25/2036 ^ | 10 | 5 |
|  **LUXE Commercial Mortgage Trust** | **LUXE Commercial Mortgage Trust** | **LUXE Commercial Mortgage Trust** |
|  5.368% due 10/15/2038 ~ | 1661 | 1592 |
|  **Merrill Lynch Mortgage Investors Trust** | **Merrill Lynch Mortgage Investors Trust** | **Merrill Lynch Mortgage Investors Trust** |
|  4.385% due 11/25/2035 •  | 32 | 30 |
|  5.049% due 09/25/2029 •  | 159 | 148 |
|  **Natixis Commercial Mortgage Securities Trust** | **Natixis Commercial Mortgage Securities Trust** | **Natixis Commercial Mortgage Securities Trust** |
|  5.268% due 08/15/2038 •  | 4300 | 4048 |
|  **NYO Commercial Mortgage Trust** | **NYO Commercial Mortgage Trust** | **NYO Commercial Mortgage Trust** |
|  5.413% due 11/15/2038 ~ | 4400 | 4001 |
|  **OBX Trust** | **OBX Trust** | **OBX Trust** |
|  3.000% due 01/25/2052 ~ | 4659 | 3905 |
|  **Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates** | **Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates** | **Opteum Mortgage Acceptance Corp. Asset-Backed Pass-Through Certificates** |
|  4.949% due 12/25/2035 •  | 175 | 160 |
|  **PHHMC Trust** | **PHHMC Trust** | **PHHMC Trust** |
|  5.917% due 07/18/2035 ~ | 64 | 60 |

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Prime Mortgage Trust** | **Prime Mortgage Trust** | **Prime Mortgage Trust** |
|  4.789% due 02/25/2034 •  | 1 | 2 |
|  **Residential Funding Mortgage Securities, Inc. Trust** | **Residential Funding Mortgage Securities, Inc. Trust** | **Residential Funding Mortgage Securities, Inc. Trust** |
|  3.910% due 09/25/2035 ^~ | 356 | 222 |
|  **Residential Mortgage Securities PLC** | **Residential Mortgage Securities PLC** | **Residential Mortgage Securities PLC** |
|  4.681% due 06/20/2070 ~ | 4209 | 5070 |
|  **RESIMAC Bastille Trust** | **RESIMAC Bastille Trust** | **RESIMAC Bastille Trust** |
|  4.822% due 02/03/2053 ~ | 12123 | 11993 |
|  **Ripon Mortgages PLC** | **Ripon Mortgages PLC** | **Ripon Mortgages PLC** |
|  4.011% due 08/28/2056 •  | 7836 | 9298 |
|  4.461% due 08/28/2056 ~ | 7000 | 8088 |
|  **RMAC PLC** | **RMAC PLC** | **RMAC PLC** |
|  4.206% due 06/12/2046 ~ | 2977 | 3581 |
|  **SFO Commercial Mortgage Trust** | **SFO Commercial Mortgage Trust** | **SFO Commercial Mortgage Trust** |
|  5.468% due 05/15/2038 ~ | 2200 | 2022 |
|  **Stratton Mortgage Funding PLC** | **Stratton Mortgage Funding PLC** | **Stratton Mortgage Funding PLC** |
|  3.826% due 07/20/2060 •  | 5251 | 6294 |
|  **Structured Adjustable Rate Mortgage Loan Trust** | **Structured Adjustable Rate Mortgage Loan Trust** | **Structured Adjustable Rate Mortgage Loan Trust** |
|  3.448% due 01/25/2035 ^•  | 96 | 79 |
|  3.678% due 08/25/2035 ~ | 62 | 53 |
|  3.780% due 02/25/2034 ~ | 52 | 49 |
|  **Structured Asset Mortgage Investments Trust** | **Structured Asset Mortgage Investments Trust** | **Structured Asset Mortgage Investments Trust** |
|  4.949% due 02/25/2036 ^•  | 42 | 32 |
|  4.999% due 09/19/2032 ~ | 1 | 1 |
|  **Towd Point Mortgage Funding** | **Towd Point Mortgage Funding** | **Towd Point Mortgage Funding** |
|  3.826% due 07/20/2045 ~ | 3090 | 3695 |
|  4.071% (SONIO/N + 1.144%)<br>due 10/20/2051 ~ | 4825 | 5798 |
|  4.171% due 05/20/2045 •  | 8484 | 10103 |
|  **Trinity Square PLC** | **Trinity Square PLC** | **Trinity Square PLC** |
|  3.729% due 07/15/2059 ~ | 3816 | 4560 |
|  **Waikiki Beach Hotel Trust** | **Waikiki Beach Hotel Trust** | **Waikiki Beach Hotel Trust** |
|  5.368% due 12/15/2033 •  | 4500 | 4355 |
|  **WaMu Mortgage Pass-Through Certificates Trust** | **WaMu Mortgage Pass-Through Certificates Trust** | **WaMu Mortgage Pass-Through Certificates Trust** |
|  3.448% due 06/25/2042 ~ | 4 | 4 |
|  4.929% due 12/25/2045 •  | 33 | 31 |
|  5.069% due 01/25/2045 •  | 212 | 195 |
|  **Wells Fargo Commercial Mortgage Trust** | **Wells Fargo Commercial Mortgage Trust** | **Wells Fargo Commercial Mortgage Trust** |
|  5.370% due 12/13/2031 •  | 1100 | 1086 |
|  **Total Non-Agency Mortgage-Backed Securities (Cost $166,521)** | **Total Non-Agency Mortgage-Backed Securities (Cost $166,521)** | **153439** |
| **ASSET-BACKED SECURITIES 21.1%** | **ASSET-BACKED SECURITIES 21.1%** | **ASSET-BACKED SECURITIES 21.1%** |
|  **ACE Securities Corp. Home Equity Loan Trust** | **ACE Securities Corp. Home Equity Loan Trust** | **ACE Securities Corp. Home Equity Loan Trust** |
|  4.509% due 10/25/2036 ~ | 47 | 18 |
|  5.289% due 12/25/2034 ~ | 868 | 778 |
|  5.319% due 02/25/2036 ^•  | 2831 | 2678 |
|  **American Credit Acceptance Receivables Trust** | **American Credit Acceptance Receivables Trust** | **American Credit Acceptance Receivables Trust** |
|  2.660% due 02/13/2026 | 2122 | 2107 |
|  **Anchorage Capital CLO Ltd.** | **Anchorage Capital CLO Ltd.** | **Anchorage Capital CLO Ltd.** |
|  5.219% due 07/15/2032 •  | 5000 | 4876 |
|  **Aqueduct European CLO DAC** | **Aqueduct European CLO DAC** | **Aqueduct European CLO DAC** |
|  2.096% due 07/20/2030 ~ | 2513 | 2637 |
|  **Arbor Realty Commercial Real Estate Notes Ltd.** | **Arbor Realty Commercial Real Estate Notes Ltd.** | **Arbor Realty Commercial Real Estate Notes Ltd.** |
|  5.668% due 11/15/2036 •  | 4300 | 4158 |
|  **AREIT Trust** | **AREIT Trust** | **AREIT Trust** |
|  5.076% due 01/16/2037 ~ | 4753 | 4542 |
|  **Ares CLO Ltd.** | **Ares CLO Ltd.** | **Ares CLO Ltd.** |
|  4.949% due 01/15/2029 ~ | 4039 | 3987 |
|  5.244% due 04/18/2031 •  | 5000 | 4912 |
|  **Asset-Backed Securities Corp. Home Equity Loan Trust** | **Asset-Backed Securities Corp. Home Equity Loan Trust** | **Asset-Backed Securities Corp. Home Equity Loan Trust** |
|  5.968% due 03/15/2032 ~ | 32 | 32 |
|  **Atlas Static Senior Loan Fund Ltd.** | **Atlas Static Senior Loan Fund Ltd.** | **Atlas Static Senior Loan Fund Ltd.** |
|  5.100% due 07/15/2030 ~ | 4200 | 4187 |
|  **Barings CLO Ltd.** | **Barings CLO Ltd.** | **Barings CLO Ltd.** |
|  5.313% due 01/20/2032 ~ | 4100 | 4046 |
|  **BDS Ltd.** | **BDS Ltd.** | **BDS Ltd.** |
|  5.689% due 12/16/2036 ~ | 5000 | 4851 |
|  **Bear Stearns Asset-Backed Securities Trust** | **Bear Stearns Asset-Backed Securities Trust** | **Bear Stearns Asset-Backed Securities Trust** |
|  5.389% due 10/25/2037 ~ | 41 | 41 |
|  **Benefit Street Partners CLO Ltd.** | **Benefit Street Partners CLO Ltd.** | **Benefit Street Partners CLO Ltd.** |
|  5.029% due 10/15/2030 •  | 4800 | 4739 |
|  5.109% due 01/17/2032 ~ | 3120 | 3055 |

---

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| | | |
|:---|:---|:---|
| **16** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.429% due 01/15/2033 ~ | $— | 4500 | $— | 4418 |
|  **Capital One Multi-Asset Execution Trust** | **Capital One Multi-Asset Execution Trust** | **Capital One Multi-Asset Execution Trust** | **Capital One Multi-Asset Execution Trust** | **Capital One Multi-Asset Execution Trust** |
|  4.898% due 07/15/2027 ~ |  | 4100 |  | 4095 |
|  4.950% due 10/15/2027 |  | 5500 |  | 5547 |
|  **Carlyle Euro CLO DAC** | **Carlyle Euro CLO DAC** | **Carlyle Euro CLO DAC** | **Carlyle Euro CLO DAC** | **Carlyle Euro CLO DAC** |
|  2.688% due 08/15/2032 ~ |  | 4300 |  | 4471 |
|  **Carmax Auto Owner Trust** | **Carmax Auto Owner Trust** | **Carmax Auto Owner Trust** | **Carmax Auto Owner Trust** | **Carmax Auto Owner Trust** |
|  3.810% due 09/15/2025 | $— | 4000 |  | 3965 |
|  **Carvana Auto Receivables Trust** | **Carvana Auto Receivables Trust** | **Carvana Auto Receivables Trust** | **Carvana Auto Receivables Trust** | **Carvana Auto Receivables Trust** |
|  2.570% due 05/12/2025 |  | 2897 |  | 2871 |
|  **CIFC Funding Ltd.** | **CIFC Funding Ltd.** | **CIFC Funding Ltd.** | **CIFC Funding Ltd.** | **CIFC Funding Ltd.** |
|  5.275% due 10/24/2030 ~ |  | 5000 |  | 4950 |
|  **Citibank Credit Card Issuance Trust** | **Citibank Credit Card Issuance Trust** | **Citibank Credit Card Issuance Trust** | **Citibank Credit Card Issuance Trust** | **Citibank Credit Card Issuance Trust** |
|  4.827% due 08/07/2027 •  |  | 2100 |  | 2100 |
|  4.981% due 04/22/2026 ~ |  | 2000 |  | 2001 |
|  **Countrywide Asset-Backed Certificates** | **Countrywide Asset-Backed Certificates** | **Countrywide Asset-Backed Certificates** | **Countrywide Asset-Backed Certificates** | **Countrywide Asset-Backed Certificates** |
|  5.089% due 12/25/2033 •  |  | 426 |  | 412 |
|  **CQS U.S. CLO Ltd.** | **CQS U.S. CLO Ltd.** | **CQS U.S. CLO Ltd.** | **CQS U.S. CLO Ltd.** | **CQS U.S. CLO Ltd.** |
|  5.997% due 07/20/2031 •  |  | 4000 |  | 3989 |
|  **Credit Suisse First Boston Mortgage Securities Corp.** | **Credit Suisse First Boston Mortgage Securities Corp.** | **Credit Suisse First Boston Mortgage Securities Corp.** | **Credit Suisse First Boston Mortgage Securities Corp.** | **Credit Suisse First Boston Mortgage Securities Corp.** |
|  4.598% due 01/25/2032 •  |  | 2 |  | 2 |
|  **Dell Equipment Finance Trust** | **Dell Equipment Finance Trust** | **Dell Equipment Finance Trust** | **Dell Equipment Finance Trust** | **Dell Equipment Finance Trust** |
|  2.110% due 08/23/2027 |  | 2139 |  | 2111 |
|  **Discover Card Execution Note Trust** | **Discover Card Execution Note Trust** | **Discover Card Execution Note Trust** | **Discover Card Execution Note Trust** | **Discover Card Execution Note Trust** |
|  4.918% due 12/15/2026 ~ |  | 4100 |  | 4102 |
|  **Dryden Senior Loan Fund** | **Dryden Senior Loan Fund** | **Dryden Senior Loan Fund** | **Dryden Senior Loan Fund** | **Dryden Senior Loan Fund** |
|  5.099% due 04/15/2029 ~ |  | 5386 |  | 5329 |
|  **Edsouth Indenture LLC** | **Edsouth Indenture LLC** | **Edsouth Indenture LLC** | **Edsouth Indenture LLC** | **Edsouth Indenture LLC** |
|  5.539% due 09/25/2040 •  |  | 59 |  | 59 |
|  **Enterprise Fleet Financing LLC** | **Enterprise Fleet Financing LLC** | **Enterprise Fleet Financing LLC** | **Enterprise Fleet Financing LLC** | **Enterprise Fleet Financing LLC** |
|  4.380% due 07/20/2029 |  | 4100 |  | 4011 |
|  5.760% due 10/22/2029 |  | 2900 |  | 2915 |
|  **Exeter Automobile Receivables Trust** | **Exeter Automobile Receivables Trust** | **Exeter Automobile Receivables Trust** | **Exeter Automobile Receivables Trust** | **Exeter Automobile Receivables Trust** |
|  4.330% due 02/17/2026 |  | 4200 |  | 4160 |
|  **Flagship Credit Auto Trust** | **Flagship Credit Auto Trust** | **Flagship Credit Auto Trust** | **Flagship Credit Auto Trust** | **Flagship Credit Auto Trust** |
|  3.280% due 08/15/2025 |  | 3671 |  | 3636 |
|  **Ford Credit Auto Owner Trust** | **Ford Credit Auto Owner Trust** | **Ford Credit Auto Owner Trust** | **Ford Credit Auto Owner Trust** | **Ford Credit Auto Owner Trust** |
|  4.567% due 08/15/2025 •  |  | 6500 |  | 6519 |
|  **Fortress Credit Investments Ltd.** | **Fortress Credit Investments Ltd.** | **Fortress Credit Investments Ltd.** | **Fortress Credit Investments Ltd.** | **Fortress Credit Investments Ltd.** |
|  5.761% due 02/23/2039 ~ |  | 4600 |  | 4430 |
|  **Gallatin CLO Ltd.** | **Gallatin CLO Ltd.** | **Gallatin CLO Ltd.** | **Gallatin CLO Ltd.** | **Gallatin CLO Ltd.** |
|  5.328% due 01/21/2028 •  |  | 2509 |  | 2489 |
|  **GE-WMC Mortgage Securities Trust** | **GE-WMC Mortgage Securities Trust** | **GE-WMC Mortgage Securities Trust** | **GE-WMC Mortgage Securities Trust** | **GE-WMC Mortgage Securities Trust** |
|  4.469% due 08/25/2036 •  |  | 7 |  | 3 |
|  **GLS Auto Receivables Issuer Trust** | **GLS Auto Receivables Issuer Trust** | **GLS Auto Receivables Issuer Trust** | **GLS Auto Receivables Issuer Trust** | **GLS Auto Receivables Issuer Trust** |
|  1.980% due 08/15/2025 |  | 2087 |  | 2058 |
|  3.550% due 01/15/2026 |  | 4006 |  | 3961 |
|  **GPMT Ltd.** | **GPMT Ltd.** | **GPMT Ltd.** | **GPMT Ltd.** | **GPMT Ltd.** |
|  5.589% due 07/16/2035 •  |  | 3297 |  | 3236 |
|  **GSAMP Trust** | **GSAMP Trust** | **GSAMP Trust** | **GSAMP Trust** | **GSAMP Trust** |
|  4.974% due 01/25/2036 ~ |  | 158 |  | 158 |
|  **Hertz Vehicle Financing LLC** | **Hertz Vehicle Financing LLC** | **Hertz Vehicle Financing LLC** | **Hertz Vehicle Financing LLC** | **Hertz Vehicle Financing LLC** |
|  3.370% due 03/25/2025 |  | 4500 |  | 4389 |
|  3.730% due 09/25/2026 |  | 4500 |  | 4305 |
|  **HPEFS Equipment Trust** | **HPEFS Equipment Trust** | **HPEFS Equipment Trust** | **HPEFS Equipment Trust** | **HPEFS Equipment Trust** |
|  3.150% due 09/20/2029 |  | 4300 |  | 4237 |
|  **Hyundai Auto Lease Securitization Trust** | **Hyundai Auto Lease Securitization Trust** | **Hyundai Auto Lease Securitization Trust** | **Hyundai Auto Lease Securitization Trust** | **Hyundai Auto Lease Securitization Trust** |
|  4.340% due 01/15/2025 |  | 4000 |  | 3970 |
|  **KREF Ltd.** | **KREF Ltd.** | **KREF Ltd.** | **KREF Ltd.** | **KREF Ltd.** |
|  5.771% due 02/17/2039 •  |  | 4500 |  | 4344 |
|  **LCM LP** | **LCM LP** | **LCM LP** | **LCM LP** | **LCM LP** |
|  5.097% due 07/19/2027 ~ |  | 3517 |  | 3479 |
|  **LCM Ltd.** | **LCM Ltd.** | **LCM Ltd.** | **LCM Ltd.** | **LCM Ltd.** |
|  5.063% due 07/20/2030 •  |  | 4946 |  | 4890 |
|  **LL ABS Trust** | **LL ABS Trust** | **LL ABS Trust** | **LL ABS Trust** | **LL ABS Trust** |
|  3.760% due 11/15/2029 |  | 2612 |  | 2559 |
|  **LMREC LLC** | **LMREC LLC** | **LMREC LLC** | **LMREC LLC** | **LMREC LLC** |
|  5.436% due 04/22/2037 ~ |  | 2263 |  | 2242 |
|  **LoanCore Issuer Ltd.** | **LoanCore Issuer Ltd.** | **LoanCore Issuer Ltd.** | **LoanCore Issuer Ltd.** | **LoanCore Issuer Ltd.** |
|  4.722% due 07/15/2035 ~ |  | 2539 |  | 2466 |
|  5.358% due 01/17/2037 ~ |  | 4200 |  | 4074 |
|  **Lument Finance Trust, Inc.** | **Lument Finance Trust, Inc.** | **Lument Finance Trust, Inc.** | **Lument Finance Trust, Inc.** | **Lument Finance Trust, Inc.** |
|  5.488% due 06/15/2039 ~ |  | 5000 |  | 4883 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Madison Park Euro Funding DAC** | **Madison Park Euro Funding DAC** | **Madison Park Euro Funding DAC** |
|  2.178% due 07/15/2032 ~ | 4200 | 4356 |
|  **Magnetite Ltd.** | **Magnetite Ltd.** | **Magnetite Ltd.** |
|  5.486% due 11/15/2028 ~ | 4631 | 4581 |
|  **Massachusetts Educational Financing Authority** | **Massachusetts Educational Financing Authority** | **Massachusetts Educational Financing Authority** |
|  5.308% due 04/25/2038 •  | 112 | 111 |
|  **MF1 Ltd.** | **MF1 Ltd.** | **MF1 Ltd.** |
|  5.176% due 02/19/2037 ~ | 5000 | 4817 |
|  6.471% due 06/19/2037 •  | 4300 | 4239 |
|  **MMAF Equipment Finance LLC** | **MMAF Equipment Finance LLC** | **MMAF Equipment Finance LLC** |
|  5.570% due 09/09/2025 | 2500 | 2505 |
|  **Morgan Stanley ABS Capital, Inc. Trust** | **Morgan Stanley ABS Capital, Inc. Trust** | **Morgan Stanley ABS Capital, Inc. Trust** |
|  4.639% due 05/25/2037 ~ | 4401 | 3865 |
|  **NovaStar Mortgage Funding Trust** | **NovaStar Mortgage Funding Trust** | **NovaStar Mortgage Funding Trust** |
|  4.709% due 05/25/2036 •  | 1432 | 1396 |
|  **Oscar U.S. Funding LLC** | **Oscar U.S. Funding LLC** | **Oscar U.S. Funding LLC** |
|  2.820% due 04/10/2029 | 4600 | 4225 |
|  **OZLM Ltd.** | **OZLM Ltd.** | **OZLM Ltd.** |
|  5.059% due 10/17/2029 •  | 5021 | 4948 |
|  **Palmer Square European Loan Funding DAC** | **Palmer Square European Loan Funding DAC** | **Palmer Square European Loan Funding DAC** |
|  2.158% due 04/15/2031 •  | 3585 | 3731 |
|  **PFP Ltd.** | **PFP Ltd.** | **PFP Ltd.** |
|  5.168% due 04/14/2038 •  | 1053 | 1026 |
|  6.600% due 08/19/2035 ~ | 4000 | 3929 |
|  **Ready Capital Mortgage Financing LLC** | **Ready Capital Mortgage Financing LLC** | **Ready Capital Mortgage Financing LLC** |
|  5.389% due 04/25/2038 •  | 4390 | 4272 |
|  5.594% due 01/25/2037 •  | 4500 | 4393 |
|  6.790% due 06/25/2037 •  | 4742 | 4719 |
|  **Residential Asset Securities Corp. Trust** | **Residential Asset Securities Corp. Trust** | **Residential Asset Securities Corp. Trust** |
|  4.471% due 01/25/2034 ~ | 613 | 607 |
|  **Santander Drive Auto Receivables Trust** | **Santander Drive Auto Receivables Trust** | **Santander Drive Auto Receivables Trust** |
|  3.980% due 01/15/2025 | 8200 | 8159 |
|  4.050% due 07/15/2025 | 3516 | 3503 |
|  4.370% due 05/15/2025 | 4900 | 4878 |
|  5.810% due 01/15/2026 | 1500 | 1503 |
|  **SLM Student Loan Trust** | **SLM Student Loan Trust** | **SLM Student Loan Trust** |
|  4.508% due 10/25/2029 ~ | 995 | 989 |
|  **SMB Private Education Loan Trust** | **SMB Private Education Loan Trust** | **SMB Private Education Loan Trust** |
|  3.940% due 02/16/2055 | 3991 | 3692 |
|  4.668% due 02/16/2055 •  | 3991 | 3873 |
|  **Sound Point CLO Ltd.** | **Sound Point CLO Ltd.** | **Sound Point CLO Ltd.** |
|  5.223% due 10/20/2030 •  | 4700 | 4636 |
|  5.338% due 07/25/2030 •  | 4700 | 4629 |
|  **Steele Creek CLO Ltd.** | **Steele Creek CLO Ltd.** | **Steele Creek CLO Ltd.** |
|  5.348% due 04/21/2031 •  | 2657 | 2609 |
|  **Stonepeak ABS** | **Stonepeak ABS** | **Stonepeak ABS** |
|  2.301% due 02/28/2033 | 4215 | 3755 |
|  **Structured Asset Investment Loan Trust** | **Structured Asset Investment Loan Trust** | **Structured Asset Investment Loan Trust** |
|  5.094% due 03/25/2034 ~ | 233 | 220 |
|  5.364% due 10/25/2033 •  | 11 | 11 |
|  **Structured Asset Securities Corp. Mortgage Loan Trust** | **Structured Asset Securities Corp. Mortgage Loan Trust** | **Structured Asset Securities Corp. Mortgage Loan Trust** |
|  4.699% due 05/25/2036 ~ | 3530 | 3347 |
|  **Symphony CLO Ltd.** | **Symphony CLO Ltd.** | **Symphony CLO Ltd.** |
|  4.959% due 04/15/2028 •  | 809 | 804 |
|  **THL Credit Wind River CLO Ltd.** | **THL Credit Wind River CLO Ltd.** | **THL Credit Wind River CLO Ltd.** |
|  5.159% due 04/15/2031 ~ | 4800 | 4671 |
|  **TICP CLO Ltd.** | **TICP CLO Ltd.** | **TICP CLO Ltd.** |
|  5.083% due 04/20/2028 ~ | 2178 | 2171 |
|  **Toro European CLO DAC** | **Toro European CLO DAC** | **Toro European CLO DAC** |
|  2.572% due 02/15/2034 ~ | 5400 | 5575 |
|  **Towd Point HE Trust** | **Towd Point HE Trust** | **Towd Point HE Trust** |
|  0.918% due 02/25/2063 ~ | 1718 | 1614 |
|  **TPG Real Estate Finance Issuer Ltd.** | **TPG Real Estate Finance Issuer Ltd.** | **TPG Real Estate Finance Issuer Ltd.** |
|  5.458% due 02/15/2039 ~ | 4600 | 4494 |
|  5.526% due 03/15/2038 •  | 5000 | 4841 |
|  5.590% due 10/15/2034 •  | 570 | 563 |
|  **Tricolor Auto Securitization Trust** | **Tricolor Auto Securitization Trust** | **Tricolor Auto Securitization Trust** |
|  3.300% due 02/18/2025 | 2518 | 2492 |
|  **TSTAT Ltd.** | **TSTAT Ltd.** | **TSTAT Ltd.** |
|  4.854% due 07/20/2031 •  | 4100 | 4090 |
|  **Venture CLO Ltd.** | **Venture CLO Ltd.** | **Venture CLO Ltd.** |
|  5.233% due 07/20/2030 •  | 4800 | 4700 |
|  5.263% due 04/20/2029 ~ | 2726 | 2699 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **VMC Finance LLC** | **VMC Finance LLC** | **VMC Finance LLC** |
|  5.439% due 06/16/2036 ~ | 2922 | 2743 |
|  **Voya CLO Ltd.** | **Voya CLO Ltd.** | **Voya CLO Ltd.** |
|  5.029% due 04/17/2030 •  | 4726 | 4667 |
|  **Westlake Automobile Receivables Trust** | **Westlake Automobile Receivables Trust** | **Westlake Automobile Receivables Trust** |
|  4.937% due 08/15/2025 ~ | 4281 | 4260 |
|  **Total Asset-Backed Securities<br>(Cost $347,628)** | **Total Asset-Backed Securities<br>(Cost $347,628)** | **339388** |
| **SOVEREIGN ISSUES 0.0%** | **SOVEREIGN ISSUES 0.0%** | **SOVEREIGN ISSUES 0.0%** |
|  **Provincia de Buenos Aires** | **Provincia de Buenos Aires** | **Provincia de Buenos Aires** |
|  72.913% due 04/12/2025 | 3463 | 10 |
|  **Total Sovereign Issues (Cost $77)** | **Total Sovereign Issues (Cost $77)** | **10** |
| **SHORT-TERM INSTRUMENTS 43.2%** | **SHORT-TERM INSTRUMENTS 43.2%** | **SHORT-TERM INSTRUMENTS 43.2%** |
| **COMMERCIAL PAPER 3.3%** | **COMMERCIAL PAPER 3.3%** | **COMMERCIAL PAPER 3.3%** |
|  **AT&T, Inc.** | **AT&T, Inc.** | **AT&T, Inc.** |
|  4.650% due 01/03/2023 | 1500 | 1499 |
|  **Crown Castle, Inc.** | **Crown Castle, Inc.** | **Crown Castle, Inc.** |
|  5.100% due 01/05/2023 | 4000 | 3997 |
|  **Dominion Energy, Inc.** | **Dominion Energy, Inc.** | **Dominion Energy, Inc.** |
|  4.700% due 02/01/2023 | 2900 | 2888 |
|  **Enbridge (US), Inc.** | **Enbridge (US), Inc.** | **Enbridge (US), Inc.** |
|  4.750% due 01/09/2023 | 1250 | 1248 |
|  4.830% due 01/25/2023 | 2150 | 2142 |
|  **Enel Finance America LLC** | **Enel Finance America LLC** | **Enel Finance America LLC** |
|  6.000% due 01/12/2023 | 3500 | 3494 |
|  **Energy Transfer LP** | **Energy Transfer LP** | **Energy Transfer LP** |
|  5.080% due 01/05/2023 | 4250 | 4247 |
|  **Fiserv, Inc.** | **Fiserv, Inc.** | **Fiserv, Inc.** |
|  4.630% due 01/09/2023 | 950 | 949 |
|  4.730% due 01/17/2023 | 2950 | 2943 |
|  4.780% due 01/23/2023 | 4000 | 3988 |
|  **Humana, Inc.** | **Humana, Inc.** | **Humana, Inc.** |
|  4.930% due 02/06/2023 | 1350 | 1343 |
|  **McCormick & Co., Inc.** | **McCormick & Co., Inc.** | **McCormick & Co., Inc.** |
|  4.750% due 01/27/2023 | 2250 | 2242 |
|  **National Grid North America, Inc.** | **National Grid North America, Inc.** | **National Grid North America, Inc.** |
|  4.810% due 01/24/2023 | 450 | 449 |
|  **Quanta Services, Inc.** | **Quanta Services, Inc.** | **Quanta Services, Inc.** |
|  5.100% due 01/09/2023 | 4350 | 4344 |
|  5.100% due 01/11/2023 | 400 | 399 |
|  **Targa Resources Corp.** | **Targa Resources Corp.** | **Targa Resources Corp.** |
|  5.250% due 01/13/2023 | 4250 | 4243 |
|  **TransCanada PipeLines Ltd.** | **TransCanada PipeLines Ltd.** | **TransCanada PipeLines Ltd.** |
|  4.750% due 01/19/2023 | 700 | 698 |
|  **VW Credit, Inc.** | **VW Credit, Inc.** | **VW Credit, Inc.** |
|  4.700% due 01/27/2023 | 4000 | 3985 |
|  4.800% due 01/26/2023 | 3100 | 3089 |
|  **Walgreens Boots Alliance, Inc.** | **Walgreens Boots Alliance, Inc.** | **Walgreens Boots Alliance, Inc.** |
|  4.950% due 01/18/2023 | 4000 | 3990 |
|  |  | 52177 |
| **REPURCHASE AGREEMENTS (e) 32.6%** | **REPURCHASE AGREEMENTS (e) 32.6%** | **REPURCHASE AGREEMENTS (e) 32.6%** |
|  |  | 524637 |
| **SHORT-TERM NOTES 2.8%** | **SHORT-TERM NOTES 2.8%** | **SHORT-TERM NOTES 2.8%** |
|  **Federal Home Loan Bank** | **Federal Home Loan Bank** | **Federal Home Loan Bank** |
|  4.310% due 01/03/2023 •  | 12600 | 12600 |
|  4.320% due 01/06/2023 •  | 16100 | 16100 |
|  4.345% due 02/23/2023 •  | 15900 | 15901 |
|  **HPEFS Equipment Trust** | **HPEFS Equipment Trust** | **HPEFS Equipment Trust** |
|  1.905% due 05/22/2023 | 704 | 703 |
|  |  | 45304 |
| **ISRAEL TREASURY BILLS 1.2%** | **ISRAEL TREASURY BILLS 1.2%** | **ISRAEL TREASURY BILLS 1.2%** |
|  0.636% due 01/04/2023 - 05/03/2023 (a)(b) | 67640 | 19085 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **17** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Low Duration Portfolio** | **(Cont.)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **JAPAN TREASURY BILLS 3.1%** | **JAPAN TREASURY BILLS 3.1%** | **JAPAN TREASURY BILLS 3.1%** | **JAPAN TREASURY BILLS 3.1%** | **JAPAN TREASURY BILLS 3.1%** |
|  (0.135)% due 02/20/2023 (b)(c) |  | 6530000 | $— | 49768 |
| **U.S. TREASURY BILLS 0.2%** | **U.S. TREASURY BILLS 0.2%** | **U.S. TREASURY BILLS 0.2%** | **U.S. TREASURY BILLS 0.2%** | **U.S. TREASURY BILLS 0.2%** |
|  4.226% due 02/02/2023 - 03/02/2023 (a)(b)(i) | $— | 3667 |  | 3644 |
| **Total Short-Term Instruments<br>(Cost $693,125)** | **Total Short-Term Instruments<br>(Cost $693,125)** | **Total Short-Term Instruments<br>(Cost $693,125)** |  | **694615** |
| **Total Investments in Securities<br>(Cost $1,985,959)** | **Total Investments in Securities<br>(Cost $1,985,959)** | **Total Investments in Securities<br>(Cost $1,985,959)** |  | **1934127** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **INVESTMENTS IN AFFILIATES 3.3%** | **INVESTMENTS IN AFFILIATES 3.3%** | **INVESTMENTS IN AFFILIATES 3.3%** | **INVESTMENTS IN AFFILIATES 3.3%** |
| **SHORT-TERM INSTRUMENTS 3.3%** | **SHORT-TERM INSTRUMENTS 3.3%** | **SHORT-TERM INSTRUMENTS 3.3%** | **SHORT-TERM INSTRUMENTS 3.3%** |
| **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.3%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.3%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.3%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.3%** |
|  **PIMCO Short Asset Portfolio** | 5568314 | $— | 53378 |
|  **PIMCO Short-Term Floating NAV Portfolio III** | 13850 |  | 134 |
| **Total Short-Term Instruments<br>(Cost $54,383)** | **Total Short-Term Instruments<br>(Cost $54,383)** |  | **53512** |
| **Total Investments in Affiliates<br>(Cost $54,383)** | **Total Investments in Affiliates<br>(Cost $54,383)** |  | **53512** |
| **Total Investments 123.6%<br>(Cost $2,040,342)** | **Total Investments 123.6%<br>(Cost $2,040,342)** | $— | **1987639** |
|  **Financial Derivative Instruments (f)(h) (0.5)%**<br> **(Cost or Premiums, net $(688))** |  |  | **(7633)** |
| **Other Assets and Liabilities, net (23.1)%** | **Other Assets and Liabilities, net (23.1)%** |  | **(372002)** |
| **Net Assets 100.0%** | **Net Assets 100.0%** | $— | **1608004** |

---

**NOTES TO SCHEDULE OF INVESTMENTS:** 

**\*** **A zero balance may reflect actual amounts rounding to less than one thousand.** 

---

| | |
|:---|:---|
| **^** | **Security is in default.**  |

---

---

| | |
|:---|:---|
| **«** | **Security valued using significant unobservable inputs (Level 3).**  |

---

---

| | |
|:---|:---|
| **~** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.**  |

---

**•** **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** 

**(a)** **Coupon represents a weighted average yield to maturity.** 

**(b)** **Zero coupon security.** 

**(c)** **Coupon represents a yield to maturity.** 

&nbsp;&nbsp;&nbsp;&nbsp;**(d) RESTRICTED SECURITIES:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Description** | **Coupon** | **Maturity<br>Date** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Market Value<br>as Percentage<br>of Net Assets** |
|  Citigroup, Inc. | 4.615% | 01/25/2026 | 01/18/2022 | $4800 | $4694 | 0.29% |
|  Wells Fargo & Co. | 2.509 | 10/27/2023 | 10/20/2020 | 4771 | 4472 | 0.28 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9571 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9166 | 0.57% |

---

**BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;**(e) REPURCHASE AGREEMENTS:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Lending<br>Rate** | **Settlement<br>Date** | **Maturity<br>Date** | **Principal<br>Amount** | **Collateralized By** | **Collateral<br>(Received)** | **Repurchase<br>Agreements,<br>at Value** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** |
| BPS | 4.150% | 12/30/2022 | 01/03/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228400 | U.S. Treasury Notes 0.250% due 05/15/2024 | $(233142) | $228400 | $228506 |
|  | 4.200 | 01/03/2023 | 01/04/2023 | 247700 | U.S. Treasury Notes 1.125% due 01/15/2025 | (252938) | 247700 | 247700 |
| FICC | 1.900 | 12/30/2022 | 01/03/2023 | 1937 | U.S. Treasury Bills 0.000% due 06/08/2023 | (1976) | 1937 | 1937 |
|  | 4.280 | 12/30/2022 | 01/03/2023 | 46600 | U.S Treasury Notes 2.625% due 07/31/2029 | (47532) | 46600 | 46622 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** |  | $**(535588)** | $**524637** | $**524765** |

---

---

| | | |
|:---|:---|:---|
| **18** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

**SHORT SALES:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **Proceeds** | **Payable for<br>Short Sales** |
|  U.S. Government Agencies (5.4)% | U.S. Government Agencies (5.4)% | U.S. Government Agencies (5.4)% | U.S. Government Agencies (5.4)% | U.S. Government Agencies (5.4)% | U.S. Government Agencies (5.4)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.000% | 02/01/2053 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63100 | $(56126) | $(55441) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.500 | 02/01/2053 | 34500 | (31909) | (31367) |
|  **Total Short Sales (5.4)%** |  |  |  | $**(88035)** | $**(86808)** |

---

**BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY** 

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** | **Payable for<br>Reverse<br>Repurchase<br>Agreements** | **Payable for<br>Sale-Buyback<br>Transactions** | **Total<br>Borrowings and<br>Other Financing<br>Transactions** | **Collateral<br>Pledged/(Received)** | **Net Exposure<sup>(2)</sup>** |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BPS | $476206 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476206 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(486080) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9874) |
|  FICC | 48559 | 0 | 0 | 48559 | (49508) | (949) |
|  **Total Borrowings and Other Financing Transactions** | $**524765** | $**0** | $**0** |  |  |  |

---

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

**The average amount of borrowings outstanding during the period ended December 31, 2022 was $(2,880) at a weighted average interest rate of 0.705%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** 

&nbsp;&nbsp;&nbsp;&nbsp;**(f) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** 

**WRITTEN OPTIONS:** 

**OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Strike<br>Price** | **Expiration<br>Date** | **# of<br>Contracts** | **Notional<br>Amount** | **Premiums<br>(Received)** | **Market<br>Value** |
|  Put - CME 90-Day Eurodollar December 2023 Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96.500 | 12/18/2023 | 461 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1153 | $(671) | $(1641) |
|  **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | $**(671)** | $**(1641)** |

---

**FUTURES CONTRACTS:** 

**LONG FUTURES CONTRACTS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  U.S. Treasury 2-Year Note March Futures  | 03/2023 | 4412 | $904805 | $501 | $3 | $(685) |
|  U.S. Treasury 5-Year Note March Futures  | 03/2023 | 334 | 36049 | (45) | 0 | (29) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(714) |
| **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  Euro-Bund March Futures  | 03/2023 | 25 | $(3557) | $229 | $28 | $(13) |
|  Japan Government 10-Year Bond March Futures  | 03/2023 | 21 | (23275) | 424 | 32 | 0 |
|  U.S. Treasury 10-Year Note March Futures  | 03/2023 | 1155 | (129703) | 350 | 163 | 0 |
|  U.S. Ultra Treasury Note March Futures  | 03/2023 | 211 | (24957) | 38 | 13 | 0 |
|  |  |  |  | $1041 | $236 | $(13) |
|  **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | $**1497** | $**239** | $**(727)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **19** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Low Duration Portfolio** | **(Cont.)** |

---

**SWAP AGREEMENTS:** 

**CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(1)</sup>** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2022<sup>(3)</sup>** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(5)</sup>** | **Variation Margin** | **Variation Margin** |
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2022<sup>(3)</sup>** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(5)</sup>** | **Asset** | **Liability** |
|  Ford Motor Credit Co. LLC | 5.000% | Quarterly | 12/20/2024 | 2.457% | $4900 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

**CREDIT DEFAULT SWAPS ON CREDIT INDICES - BUY PROTECTION<sup>(2)</sup>** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Index/Tranches** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(5)</sup>** | **Variation Margin** | **Variation Margin** |
| **Index/Tranches** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(5)</sup>** | **Asset** | **Liability** |
|  CDX.HY-38 5-Year Index | (5.000)% | Quarterly | 06/20/2027 | $4455 | $(16) | $(85) | $(101) | $0 | $0 |
|  CDX.IG-39 5-Year Index | (1.000) | Quarterly | 12/20/2027 | 180900 | (1292) | (220) | (1512) | 0 | (7) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1308) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(305) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1613) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) |

---

**INTEREST RATE SWAPS** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | &nbsp;&nbsp;&nbsp;&nbsp;0.000% | Annual | 03/17/2024 | 9570000 | $141 | $(239) | $(98) | $33 | $0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | &nbsp;&nbsp;&nbsp;&nbsp;0.380 | Semi-Annual | 06/18/2028 | 1640000 | 201 | (410) | (209) | 0 | (24) |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | &nbsp;&nbsp;&nbsp;&nbsp;0.750 | Semi-Annual | 03/20/2038 | 1000000 | 5 | 434 | 439 | 53 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | &nbsp;&nbsp;&nbsp;&nbsp;0.800 | Annual | 06/15/2052 | 1790000 | 96 | 1649 | 1745 | 158 | 0 |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | &nbsp;&nbsp;&nbsp;&nbsp;4.270 | Annual | 09/13/2024 | $7400 | 0 | 10 | 10 | 4 | 0 |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | &nbsp;&nbsp;&nbsp;&nbsp;4.350 | Annual | 09/14/2024 | 4700 | 0 | 2 | 2 | 3 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | &nbsp;&nbsp;&nbsp;&nbsp;2.150 | Annual | 06/15/2027 | 31500 | (120) | (2110) | (2230) | 0 | (63) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | &nbsp;&nbsp;&nbsp;&nbsp;2.000 | Annual | 12/21/2032 | 24600 | 2538 | 679 | 3217 | 71 | 0 |
|  Pay<sup>(6)</sup> | 3-Month NZD-BBR | &nbsp;&nbsp;&nbsp;&nbsp;4.000 | Semi-Annual | 06/14/2024 | 301000 | (701) | (2226) | (2927) | 19 | 0 |
|  Pay<sup>(6)</sup> | 3-Month NZD-BBR | &nbsp;&nbsp;&nbsp;&nbsp;4.500 | Semi-Annual | 09/13/2024 | 135800 | (27) | (760) | (787) | 5 | 0 |
|  Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | &nbsp;&nbsp;&nbsp;&nbsp;1.580 | Annual | 05/24/2024 | 160500 | 10 | (3530) | (3520) | 0 | (157) |
|  |  |  |  |  |  | $2143 | $(6501) | $(4358) | $346 | $(244) |
|  **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** |  |  |  | $**1058** | $**(6791)** | $**(5733)** | $**348** | $**(251)** |

---

**FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY** 

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of December 31, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** |
|  | **Market Value** | **Variation Margin<br>Asset** | **Variation Margin<br>Asset** | | **Market Value** | **Variation Margin<br>Liability** | **Variation Margin<br>Liability** | |
| | **Purchased<br>Options** | **Futures** | **Swap<br>Agreements** |<br>**Total** | **Written<br>Options** | **Futures** | **Swap<br>Agreements** |<br>**Total** |
|  **Total Exchange-Traded or Centrally Cleared** | $**0** | $**239** | $**348** | $**587** | $**(1641)** | $**(727)** | $**(251)** | $**(2619)** |

---

**(g)** **Securities with an aggregate market value of $1,263 and cash of $22,594 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2022. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.** 

<sup>(1)</sup> If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(4)</sup> The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

---

| | | |
|:---|:---|:---|
| **20** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

<sup>(5)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(6)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

&nbsp;&nbsp;&nbsp;&nbsp;**(h) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** 

**FORWARD FOREIGN CURRENCY CONTRACTS:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  BOA | 01/2023 | $1430 | 2111 | $8 | $0 |
|  | 01/2023 | 210 | 3727 | 9 | 0 |
|  | 02/2023 | 741 | $791 | 0 | (4) |
|  | 02/2023 | 56517 | 66689 | 0 | (1712) |
|  | 02/2023 | $1126 | 928 | 0 | (3) |
|  | 03/2023 | 132701 | $7516 | 0 | (249) |
|  BPS | 02/2023 | 28228 | 29271 | 0 | (1033) |
|  | 03/2023 | 1628 | 81 | 0 | (2) |
|  | 03/2023 | 7431 | 1911 | 0 | (33) |
|  BRC | 01/2023 | $27 | 126 | 2 | 0 |
|  | 02/2023 | 6530000 | $46729 | 0 | (3339) |
|  | 02/2023 | $1164 | 953 | 0 | (10) |
|  CBK | 01/2023 | 14997 | $4746 | 480 | 0 |
|  | 01/2023 | $9057 | 47538 | 0 | (54) |
|  | 01/2023 | 486 | 8513 | 14 | 0 |
|  | 02/2023 | 4988 | $924 | 0 | (15) |
|  | 02/2023 | 4485 | 2721 | 0 | (128) |
|  | 02/2023 | $4186 | 16802 | 224 | 0 |
|  | 03/2023 | 271 | 1064 | 7 | 0 |
|  | 04/2023 | 14904 | $4528 | 266 | 0 |
|  | 04/2023 | 21171 | 5293 | 0 | (235) |
|  | 05/2023 | 22448 | 6710 | 278 | 0 |
|  GLM | 01/2023 | 47538 | 8920 | 0 | (84) |
|  | 01/2023 | 170 | 24 | 0 | 0 |
|  | 04/2023 | $8764 | 47538 | 86 | 0 |
|  JPM | 04/2023 | 14902 | $4477 | 214 | 0 |
|  MBC | 01/2023 | 444 | 298 | 0 | (5) |
|  | 01/2023 | 6180 | 4607 | 43 | 0 |
|  | 03/2023 | $7110 | 132701 | 655 | 0 |
|  | 05/2023 | 24643 | $3672 | 77 | 0 |
|  MYI | 01/2023 | 14077 | 9453 | 0 | (133) |
|  | 02/2023 | $1175 | 1905 | 35 | 0 |
|  RBC | 01/2023 | 162 | $109 | 0 | (2) |
|  SCX | 01/2023 | 944 | 636 | 0 | (7) |
|  | 01/2023 | $2639 | 10599 | 146 | 0 |
|  | 02/2023 | 2646 | $1636 | 0 | (45) |
|  | 04/2023 | 111641 | 6069 | 0 | (447) |
|  UAG | 02/2023 | $4495 | 83727 | 415 | 0 |
|  | 03/2023 | 267 | 4771 | 12 | 0 |
|  | 05/2023 | 3436 | 23809 | 38 | 0 |
|  **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | $**3009** | $**(7540)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **21** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Low Duration Portfolio** | **(Cont.)** |

---

**PURCHASED OPTIONS:** 

**INTEREST RATE SWAPTIONS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Floating Rate Index** | **Pay/Receive<br>Floating Rate** | **Exercise<br>Rate** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Cost** | **Market<br>Value** |
| BOA Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 3.750% | 09/12/2023 | 18800 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | $153 |
| FAR Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 3.750 | 09/11/2023 | 17600 | 132 | 143 |
| MYC Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 3.750 | 09/11/2023 | 16000 | 122 | 130 |
|  **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | $**404** | $**426** |

---

**WRITTEN OPTIONS:** 

**INTEREST RATE SWAPTIONS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Floating Rate Index** | **Pay/Receive <br>Floating Rate** | **Exercise<br>Rate** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Premiums<br>(Received)** | **Market<br>Value** |
| BOA Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 4.250% | 09/12/2023 | 18800 | $(94) | $(95) |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 4.750 | 09/12/2023 | 18800 | (56) | (53) |
| CBK Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.690 | 04/02/2024 | 10300 | (81) | (31) |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.690 | 04/02/2024 | 10300 | (81) | (130) |
| Call - OTC 5-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 3.150 | 01/09/2023 | 30500 | (108) | 0 |
| Put - OTC 5-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.650 | 01/09/2023 | 30500 | (108) | (184) |
| FAR Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 4.233 | 09/11/2023 | 17600 | (83) | (91) |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 4.715 | 09/11/2023 | 17600 | (49) | (52) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.688 | 04/02/2024 | 7800 | (61) | (23) |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.688 | 04/02/2024 | 7800 | (61) | (98) |
| MYC Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 4.233 | 09/11/2023 | 16000 | (77) | (82) |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 4.715 | 09/11/2023 | 16000 | (45) | (47) |
| NGF Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.845 | 11/13/2023 | 8600 | (54) | (11) |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.845 | 11/13/2023 | 8600 | (54) | (117) |
|  |  |  |  |  |  | $(1012) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1014) |

---

**OPTIONS ON SECURITIES** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Description** | **Strike<br>Price** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Premiums<br>(Received)** | **Market<br>Value** |
| SAL | Put - OTC Fannie Mae 5.000% due 03/01/2053 | $97.578 | 03/06/2023 | 2400 | $(19) | $(22) |
|  | Call - OTC Fannie Mae 5.000% due 03/01/2053 | 99.578 | 03/06/2023 | 2400 | (17) | (18) |
|  | Call - OTC Uniform Mortgage-Backed Security, TBA 5.500% due 01/01/2053 | 101.859 | 01/05/2023 | 2200 | (6) | 0 |
|  | Call - OTC Uniform Mortgage-Backed Security, TBA 5.500% due 01/01/2053 | 102.250 | 01/05/2023 | 1600 | (5) | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA 5.500% due 02/01/2053 | 100.000 | 02/06/2023 | 1000 | (7) | (7) |
|  | Call - OTC Uniform Mortgage-Backed Security, TBA 5.500% due 02/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102.000 | 02/06/2023 | 1000 | (6) | (2) |
|  |  |  |  |  | $(60) | $(49) |
|  **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | $**(1072)** | $**(1063)** |

---

**SWAP AGREEMENTS:** 

**CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - SELL PROTECTION<sup>(2)</sup>** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2022<sup>(3)</sup>** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements,<br>at Value<sup>(5)</sup>** | **Swap Agreements,<br>at Value<sup>(5)</sup>** |
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2022<sup>(3)</sup>** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
| BPS | Colombia Government International Bond | 1.000% | Quarterly | 06/20/2027 | 2.538% | $800 | $(38) | $(10) | $0 | $(48) |
|  | Colombia Government International Bond | 1.000 | Quarterly | 12/20/2027 | 2.715 | 200 | (18) | 3 | 0 | (15) |
| CBK | Colombia Government International Bond | 1.000 | Quarterly | 12/20/2026 | 2.315 | 2400 | (117) | 7 | 0 | (110) |
|  | Colombia Government International Bond | 1.000 | Quarterly | 06/20/2027 | 2.538 | 900 | (32) | (22) | 0 | (54) |
| MYC | Colombia Government International Bond | 1.000 | Quarterly | 06/20/2027 | 2.538 | 1400 | (50) | (33) | 0 | (83) |
|  | Colombia Government International Bond | 1.000 | Quarterly | 12/20/2027 | 2.715 | 1700 | (152) | 29 | 0 | (123) |
|  **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | $**(407)** | $**(26)** | $**0** | $**(433)** |

---

---

| | | |
|:---|:---|:---|
| **22** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

**FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY** 

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2022:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | | | |
| <br>**Counterparty** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Purchased<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Written<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** |<br>**Net Market<br>Value of OTC<br>Derivatives** |<br>**Collateral<br>Pledged/<br>(Received)** |<br>**Net<br>Exposure<sup>(6)</sup>** |
|  BOA | $17 | $153 | $0 | $170 | $(1968) | $(148) | $0 | $(2116) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1946) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1587 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(359) |
|  BPS | 0 | 0 | 0 | 0 | (1068) | 0 | (63) | (1131) | (1131) | 980 | (151) |
|  BRC | 2 | 0 | 0 | 2 | (3349) | 0 | 0 | (3349) | (3347) | 2531 | (816) |
|  CBK | 1269 | 0 | 0 | 1269 | (432) | (345) | (164) | (941) | 328 | (670) | (342) |
|  FAR | 0 | 143 | 0 | 143 | 0 | (264) | 0 | (264) | (121) | 0 | (121) |
|  GLM | 86 | 0 | 0 | 86 | (84) | 0 | 0 | (84) | 2 | 0 | 2 |
|  JPM | 214 | 0 | 0 | 214 | 0 | 0 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214 | (100) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114 |
|  MBC | 775 | 0 | 0 | 775 | (5) | 0 | 0 | (5) | 770 | (580) | 190 |
|  MYC | 0 | 130 | 0 | 130 | 0 | (129) | (206) | (335) | (205) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358 | 153 |
|  MYI | 35 | 0 | 0 | 35 | (133) | 0 | 0 | (133) | (98) | 0 | (98) |
|  NGF | 0 | 0 | 0 | 0 | 0 | (128) | 0 | (128) | (128) | 0 | (128) |
|  RBC | 0 | 0 | 0 | 0 | (2) | 0 | 0 | (2) | (2) | 0 | (2) |
|  SAL | 0 | 0 | 0 | 0 | 0 | (49) | 0 | (49) | (49) | 0 | (49) |
|  SCX | 146 | 0 | 0 | 146 | (499) | 0 | 0 | (499) | (353) | 311 | (42) |
|  UAG | 465 | 0 | 0 | 465 | 0 | 0 | 0 | 0 | 465 | (270) | 195 |
|  **Total Over the Counter** | $**3009** | $**426** | $**0** | $**3435** | $**(7540)** | $**(1063)** | $**(433)** | $**(9036)** |  |  |  |

---

**(i)** **Securities with an aggregate market value of $5,767 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2022.** 

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(4)</sup> The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(5)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(6)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

**FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS** 

The following is a summary of the fair valuation of the Portfolio's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Portfolio.

Fair Values of Financial Derivative Instruments on the Statement of Assets and Liabilities as of December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
| | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $239 | $239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 2 | 0 | 0 | 346 | 348 |
|  | $0 | $2 | $0 | $0 | $585 | $587 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $3009 | $0 | $3009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 426 | 426 |
|  | $0 | $0 | $0 | $3009 | $426 | $3435 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3009 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1011 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4022 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **23** |

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##### [**Table of Contents**](#toc)

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| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Low Duration Portfolio** | **(Cont.)** |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
| | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $1641 | $1641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 727 | 727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 7 | 0 | 0 | 244 | 251 |
|  | $0 | $7 | $0 | $0 | $2612 | $2619 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $7540 | $0 | $7540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 1063 | 1063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 433 | 0 | 0 | 0 | 433 |
|  | $0 | $433 | $0 | $7540 | $1063 | $9036 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7540 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3675 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11655 |

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The effect of Financial Derivative Instruments on the Statement of Operations for the period ended December 31, 2022:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
| | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $(3793) | $(3793) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | (44702) | (44702) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (10603) | 0 | 0 | 4074 | (6529) |
|  | $0 | $(10603) | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44421) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55024) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $40098 | $0 | $40098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (51) | (51) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 676 | (1436) | (760) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 116 | 0 | 0 | 0 | 116 |
|  | $0 | $116 | $0 | $40774 | $(1487) | $39403 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10487) | $0 | $40774 | $(45908) | $(15621) |
|  **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $(1020) | $(1020) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 4006 | 4006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (227) | 0 | 0 | (4044) | (4271) |
|  | $0 | $(227) | $0 | $0 | $(1058) | $(1285) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(4373) | $0 | $(4373) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 22 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | (58) | (58) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (25) | 0 | 0 | 0 | (25) |
|  | $0 | $(25) | $0 | $(4373) | $(36) | $(4434) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(252) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4373) | $(1094) | $(5719) |

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| | | |
|:---|:---|:---|
| **24** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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##### [**Table of Contents**](#toc)
December 31, 2022

**FAIR VALUE MEASUREMENTS** 

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Portfolio's assets and liabilities:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** |
|  Loan Participations and Assignments | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8169 | $8169 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 241805 | 0 | 241805 |
| &nbsp;&nbsp; Industrials | 0 | 96570 | 0 | 96570 |
| &nbsp;&nbsp; Utilities | 0 | 32444 | 0 | 32444 |
|  U.S. Government Agencies | 0 | 365751 | 0 | 365751 |
|  U.S. Treasury Obligations | 0 | 1936 | 0 | 1936 |
|  Non-Agency Mortgage-Backed Securities | 0 | 153439 | 0 | 153439 |
|  Asset-Backed Securities | 0 | 339388 | 0 | 339388 |
|  Sovereign Issues | 0 | 10 | 0 | 10 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 52177 | 0 | 52177 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 524637 | 0 | 524637 |
| &nbsp;&nbsp; Short-Term Notes | 0 | 45304 | 0 | 45304 |
| &nbsp;&nbsp; Israel Treasury Bills | 0 | 19085 | 0 | 19085 |
| &nbsp;&nbsp; Japan Treasury Bills | 0 | 49768 | 0 | 49768 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 3644 | 0 | 3644 |
|  | $0 | $1925958 | $8169 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1934127 |
|  **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $53512 | $0 | $0 | $53512 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53512 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1925958 | $8169 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1987639 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  **Short Sales, at Value - Liabilities** | **Short Sales, at Value - Liabilities** | **Short Sales, at Value - Liabilities** | **Short Sales, at Value - Liabilities** | **Short Sales, at Value - Liabilities** |
|  U.S. Government Agencies | $0 | $(86808) | $0 | $(86808) |
|  **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** |
|  Exchange-traded or centrally cleared | 60 | 527 | 0 | 587 |
|  Over the counter | 0 | 3435 | 0 | 3435 |
|  | $60 | $3962 | $0 | $4022 |
|  **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** |
|  Exchange-traded or centrally cleared | (13) | (2606) | 0 | (2619) |
|  Over the counter | 0 | (9036) | 0 | (9036) |
|  | $(13) | $(11642) | $0 | $(11655) |
|  Total Financial Derivative Instruments | $47 | $(7680) | $0 | $(7633) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53559 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1831470 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8169 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1893198 |

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There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **25** |

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##### [**Table of Contents**](#toc)
**Notes to Financial Statements**

1. ORGANIZATION

PIMCO Variable Insurance Trust (the "Trust") is a Delaware statutory trust established under a trust instrument dated October 3, 1997. The Trust is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Trust is designed to be used as an investment vehicle by separate accounts of insurance companies that fund variable annuity contracts and variable life insurance policies and by qualified pension and retirement plans. Information presented in these financial statements pertains to the Institutional Class, Administrative Class and Advisor Class shares of the PIMCO Low Duration Portfolio (the "Portfolio") offered by the Trust. Pacific Investment Management Company LLC ("PIMCO") serves as the investment adviser (the "Adviser") for the Portfolio.

Hereinafter, the Board of Trustees of the Funds shall be collectively referred to as the "Board".

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The Portfolio is treated as an investment company under the reporting requirements of U.S. GAAP. The functional and reporting currency for the Portfolio is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(a) Securities Transactions and Investment Income Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Portfolio is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on

certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statement of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statement of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statement of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable.

(b) Foreign Currency Translation The market values of foreign securities, currency holdings and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies, if any, are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Portfolio does not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) from investments on the Statement of Operations. The Portfolio may invest in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains (losses) arising from sales of spot foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in net realized gain (loss) on foreign currency transactions on the Statement of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period are included in net change in unrealized appreciation (depreciation) on foreign currency assets and liabilities on the Statement of Operations.

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| | |
|:---|:---|
| **26** | **PIMCO VARIABLE INSURANCE TRUST** |

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##### [**Table of Contents**](#toc)
December 31, 2022

(c) Multi-Class Operations Each class offered by the Trust has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets. Realized and unrealized capital gains (losses) are allocated daily based on the relative net assets of each class of the Portfolio. Class specific expenses, where applicable, currently include supervisory and administrative and distribution and servicing fees. Under certain circumstances, the per share net asset value ("NAV") of a class of the Portfolio's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(d) Distributions to Shareholders Distributions from net investment income, if any, are declared daily and distributed to shareholders monthly. In addition, the Portfolio distributes any net capital gains it earns from the sale of portfolio securities to shareholders no less frequently than annually. The Portfolio may revise its distribution policy or postpone the payment of distributions at any time.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on the Portfolio's annual financial statements presented under U.S. GAAP.

Separately, if the Portfolio determines or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources other than net investment income in accordance with its policies, accounting records (if applicable), and accounting practices, the Portfolio will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, the Portfolio determines or estimates, as applicable, the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is determined or estimated, as applicable, that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between the Portfolio's daily internal accounting records and practices, the Portfolio's financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, the

Portfolio's internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include but are not limited to, for certain Portfolios, the treatment of periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that the Portfolio may not issue a Section 19 Notice in situations where the Portfolio's financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution's tax character will be provided to shareholders when such information is available.

Distributions classified as a tax basis return of capital at the Portfolio's fiscal year end, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital on the Statement of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Statement of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(e) New Accounting Pronouncements and Regulatory Updates In March 2020, the Financial Accounting Standards Board ("FASB") issued an Accounting Standards Update ("ASU"), ASU 2020-04, which provides optional guidance to ease the potential accounting burden associated with transitioning away from the London Interbank Offered Rate and other reference rates that are expected to be discontinued. ASU 2020-04 is effective for certain reference rate-related contract modifications that occurred during the period March 12, 2020 through December 31, 2022. In March 2021, the administrator for LIBOR announced the extension of the publication of a majority of the USD LIBOR settings to June 30, 2023. In December 2022, FASB issued ASU 2022-06, which includes amendments to extend the duration of the LIBOR transition relief to December 31, 2024, after which entities will no longer be permitted to apply the reference rate reform relief. Management is continuously evaluating the potential effect a discontinuation of LIBOR could have on the Portfolio's investments and has determined that it is unlikely the ASU's adoption will have a material impact on the Portfolio's financial statements.

In October 2020, the U.S. Securities and Exchange Commission ("SEC") adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover transactions. Subject to certain exceptions, the rule requires funds that

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trade derivatives and other transactions that create future payment or delivery obligations to comply with a value-at-risk leverage limit and certain derivatives risk management program and reporting requirements. The effective date for the rule was February 19, 2021. The compliance date for the new rule and the related reporting requirements was August 19, 2022. Management has implemented changes in connection with the rule and has determined that there was no material impact to the Portfolio's financial statements.

In October 2020, the SEC adopted a rule regarding the ability of a fund to invest in other funds. The rule allows a fund to acquire shares of another fund in excess of certain limitations currently imposed by the Act without obtaining individual exemptive relief from the SEC, subject to certain conditions. The rule also includes the rescission of certain exemptive relief from the SEC and guidance from the SEC staff for funds to invest in other funds. The effective date for the rule was January 19, 2021, and the compliance date for the rule was January 19, 2022. Management has implemented changes in connection with the rule and has determined that there was no material impact to the Portfolio's financial statements.

In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value as well as for the performance of fair value determinations, including related oversight and reporting obligations. The new rule also defines "readily available market quotations" for purposes of the definition of "value" under the Act, and the SEC noted that this definition would apply in all contexts under the Act. The effective date for the rule was March 8, 2021. The compliance date for the new rule and the related reporting requirements was September 8, 2022. Management has implemented changes in connection with the rule and has determined that there was no material impact to the Portfolio's financial statements.

In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820), which affects all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring the fair value. The amendments also require additional disclosures for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The effective date for the amendments in ASU 2022-03 is for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years. At this time, management is evaluating the implications of these changes on the financial statements.

In October 2022, the SEC adopted changes to the mutual fund and ETF shareholder report and registration statement disclosure requirements

and the registered fund advertising rules, which will change the disclosures provided to shareholders. The rule is effective as of January 24, 2023, but the SEC is providing an 18-month compliance period after the effective date other than for rule amendments addressing fee and expense information in advertisements that might be materially misleading. At this time, management is evaluating the implications of these changes on the financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies The NAV of the Portfolio's shares, or each of its share classes as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Portfolio or class, less any liabilities, as applicable, by the total number of shares outstanding.

On each day that the New York Stock Exchange ("NYSE") is open, the Portfolio's shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) ("NYSE Close"). Information that becomes known to the Portfolio or its agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, the Portfolio may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. The Portfolio generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, the Portfolio may calculate its NAV as of the NYSE Close for such day or such other time that the Portfolio may determine.

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Portfolio will normally use pricing data for domestic equity securities received shortly after the NYSE Close and does not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange, or the NYSE Close, if the NYSE Close occurs before the end of trading on the foreign exchange.

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Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated PIMCO as the valuation designee ("Valuation Designee") for the Portfolio to perform the fair value determination relating to all Portfolio investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee's policies and procedures govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Portfolio investments. The Valuation Designee may value Portfolio securities for which market quotations are not readily available and other Portfolio assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, "Pricing Sources").

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives, and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Exchange-traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Swap agreements are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of the Portfolio's assets that are invested in one or more open-end management investment companies (other than ETFs), the Portfolio's NAV will be calculated based on the NAVs of such investments. Open-end management investment companies may include affiliated funds.

If a foreign (non-U.S.) equity security's value has materially changed after the close of the security's primary exchange or principal market but before the NYSE Close, the security may be valued at fair value. Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, the Portfolio may determine the fair value of investments based on information provided by Pricing Sources, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be

considered to include changes in the value of U.S. securities or securities indexes) that occur after the close of the relevant market and before the NYSE Close. The Portfolio may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, unless otherwise determined by the Valuation Designee, any movement in the applicable reference index or instrument ("zero trigger") between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Trust is not open for business, which may result in the Portfolio's portfolio investments being affected when shareholders are unable to buy or sell shares.

Whole loans may be fair valued using inputs that take into account borrower-or loan-level (e.g., credit risk of the borrower) that is updated periodically throughout the life of each individual loan; any new borrower- or loan-level data received in written reports periodically by the Portfolio normally will be taken into account in calculating the NAV. The Portfolio's whole loan investments, including those originated by the Portfolio, generally are fair valued in accordance with procedures approved by the Board.

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Sources. As a result, the value of such investments and, in turn, the NAV of the Portfolio's shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Trust is not open for business. As a result, to the extent that the Portfolio holds foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in the Portfolio's next calculated NAV.

Fair valuation may require subjective determinations about the value of a security. While the Trust's and Valuation Designee's policies and procedures are intended to result in a calculation of the Portfolio's NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values accurately reflect the price that the Portfolio could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Portfolio may differ from the value that would be realized if the securities were sold. The Portfolio's use of fair valuation may also help to deter "stale price arbitrage" as discussed under the "Frequent or Excessive Purchases, Exchanges and Redemptions" section in the Portfolio's prospectus.

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Under certain circumstances, the per share NAV of a class of the Portfolio's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2, or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2, and 3 of the fair value hierarchy are defined as follows:

<sup>∎</sup> Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

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| <sup>∎</sup> | Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs. |

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<sup>∎</sup> Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for the Portfolio.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between Levels of the Portfolio's assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy, and if material, a Level 3 reconciliation and details of

significant unobservable inputs, have been included in the Notes to Schedule of Investments for the Portfolio.

(c) Valuation Techniques and the Fair Value Hierarchy

Level 1, Level 2 and Level 3 trading assets and trading liabilities, at fair value The valuation methods (or "techniques") and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1, Level 2 and Level 3 of the fair value hierarchy are as follows:

Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

Investments in registered open-end investment companies (other than ETFs) will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in unregistered open-end investment companies will be calculated based upon the NAVs of such investments and are considered Level 1 provided that the NAVs are observable, calculated daily and are the value at which both purchases and sales will be conducted.

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities and non-U.S. bonds are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Sources' internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Fixed income securities purchased on a delayed-delivery basis or as a repurchase commitment in a sale-buyback transaction are marked to market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash

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flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or Pricing Sources. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers or Pricing Sources (normally determined as of the NYSE Close). Depending on the product and the terms of the transaction, financial derivative instruments can be valued by Pricing Sources using a series

of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as quoted prices, issuer details, indices, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Sources (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models may use inputs that are observed from actively quoted markets such as the overnight index swap rate, LIBOR forward rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

Short-term debt instruments (such as commercial paper) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost value of such short-term debt instruments is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price.

When a fair valuation method is applied by PIMCO that uses significant unobservable inputs, investments will be priced by a method that the Valuation Designee believes reflects fair value and are categorized as Level 3 of the fair value hierarchy.

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

The Portfolio may invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III ("Central Funds") to the extent permitted by the Act and rules thereunder. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Portfolio. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC's website at www.sec.gov. A copy of each affiliate fund's shareholder report is also available at the SEC's website at www.sec.gov, on the Portfolios' website at www.pimco.com, or upon request, as applicable. The tables below show the Portfolio's transactions in and earnings from investments in the affiliated Funds for the period ended December 31, 2022 (amounts in thousands<sup>†</sup>):

**Investment in PIMCO Short Asset Portfolio** 

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| **Market Value<br>12/31/2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Market Value<br>12/31/2022** | **Dividend<br>Income<sup>(1)</sup>** | **Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup>** |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103276 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2464 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49800) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;650 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3212) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53378 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2464 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

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**Investment in PIMCO Short-Term Floating NAV Portfolio III** 

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| **Market Value<br>12/31/2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Market Value<br>12/31/2022** | **Dividend<br>Income<sup>(1)</sup>** | **Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup>** |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(100) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

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| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(1)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

(b) Investments in Securities

The Portfolio may utilize the investments and strategies described below to the extent permitted by the Portfolio's investment policies.

Delayed-Delivery Transactions involve a commitment by the Portfolio to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, the Portfolio will designate or receive as collateral liquid assets in an amount sufficient to meet the purchase price or respective obligations. When purchasing a security on a delayed-delivery basis, the Portfolio assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. The Portfolio may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain (loss). When the Portfolio has sold a security on a delayed-delivery basis, the Portfolio does not participate in future gains (losses) with respect to the security.

Loans and Other Indebtedness, Loan Participations and Assignments are direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental, or other borrowers. The Portfolio's investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties or investments in or originations of loans by the Portfolio. A loan is often administered by a bank or other financial institution (the "agent") that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. The Portfolio may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When the Portfolio purchases assignments from agents it acquires direct rights against the borrowers of the loans. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing through, for example, the issuance of bonds, frequently high yield bonds issued for the purpose of acquisitions.

The types of loans and related investments in which the Portfolio may invest include, among others, senior loans, subordinated loans (including second lien loans, B-Notes and mezzanine loans), whole loans, commercial real estate and other commercial loans and

structured loans. The Portfolio may originate loans or acquire direct interests in loans through primary loan distributions and/or in private transactions. In the case of subordinated loans, there may be significant indebtedness ranking ahead of the borrower's obligation to the holder of such a loan, including in the event of the borrower's insolvency. Mezzanine loans are typically secured by a pledge of an equity interest in the mortgage borrower that owns the real estate rather than an interest in a mortgage.

Investments in loans may include unfunded loan commitments, which are contractual obligations for funding. Unfunded loan commitments may include revolving credit facilities, which may obligate the Portfolio to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full, even though a percentage of the committed amount may not be utilized by the borrower. When investing in a loan participation, the Portfolio has the right to receive payments of principal, interest and any fees to which it is entitled only from the agent selling the loan agreement and only upon receipt of payments by the agent from the borrower. The Portfolio may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. In certain circumstances, the Portfolio may receive a penalty fee upon the prepayment of a loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense, respectively, on the Statement of Operations. Unfunded loan commitments are reflected as a liability on the Statement of Assets and Liabilities.

Mortgage-Related and Other Asset-Backed Securities directly or indirectly represent a participation in, or are secured by and payable from, loans on real property. Mortgage-related securities are created from pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. These securities provide a monthly payment which consists of both interest and principal. Interest may be determined by fixed or adjustable rates. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with

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the full faith and credit of the U.S. Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Many of the risks of investing in mortgage-related securities secured by commercial mortgage loans reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make lease payments, and the ability of a property to attract and retain tenants. These securities may be less liquid and may exhibit greater price volatility than other types of mortgage-related or other asset-backed securities. Other asset-backed securities are created from many types of assets, including, but not limited to, auto loans, accounts receivable, such as credit card receivables and hospital account receivables, home equity loans, student loans, boat loans, mobile home loans, recreational vehicle loans, manufactured housing loans, aircraft leases, computer leases and syndicated bank loans.

Collateralized Debt Obligations ("CDOs") include Collateralized Bond Obligations ("CBOs"), Collateralized Loan Obligations ("CLOs") and other similarly structured securities. CBOs and CLOs are types of asset-backed securities. A CBO is a trust which is backed by a diversified pool of high risk, below investment grade fixed income securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which the Portfolio invests. In addition to the normal risks associated with fixed income securities discussed elsewhere in this report and the Portfolio's prospectus and statement of additional information (e.g., prepayment risk, credit risk, liquidity risk, market risk, structural risk, legal risk and interest rate risk (which may be exacerbated if the interest rate payable on a structured financing changes based on multiples of changes in interest rates or inversely to changes in interest rates)), CBOs, CLOs and other CDOs carry additional risks including, but not limited to, (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments, (ii) the quality of the collateral may decline in value or default, (iii) the risk that the Portfolio may invest in CBOs, CLOs, or other CDOs that are subordinate to other classes, and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

Collateralized Mortgage Obligations ("CMOs") are debt obligations of a legal entity that are collateralized by whole mortgage loans or

private mortgage bonds and divided into classes. CMOs are structured into multiple classes, often referred to as "tranches", with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including prepayments. CMOs may be less liquid and may exhibit greater price volatility than other types of mortgage-related or asset-backed securities.

Stripped Mortgage-Backed Securities ("SMBS") are derivative multi-class mortgage securities. SMBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. An SMBS will have one class that will receive all of the interest (the interest-only or "IO" class), while the other class will receive the entire principal (the principal-only or "PO" class). Payments received for IOs are included in interest income on the Statement of Operations. Because no principal will be received at the maturity of an IO, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statement of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

Restricted Investments are subject to legal or contractual restrictions on resale and may generally be sold privately, but may be required to be registered or exempted from such registration before being sold to the public. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933. Disposal of restricted investments may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Restricted investments held by the Portfolio as of December 31, 2022, as applicable, are disclosed in the Notes to Schedule of Investments.

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the "U.S. Treasury"); and others, such as those of the Federal National Mortgage Association ("FNMA" or "Fannie Mae"), are supported by the discretionary authority of the U.S. Government to purchase the agency's obligations. U.S. Government securities may include zero coupon securities which do not distribute interest on a current basis and tend to be subject to a greater risk than interest-paying securities of similar maturities.

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Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac"). FNMA is a government-sponsored corporation. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. Government. FHLMC issues Participation Certificates ("PCs"), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

In June 2019, FNMA and FHLMC started issuing Uniform Mortgage Backed Securities in place of their current offerings of TBA-eligible securities (the "Single Security Initiative"). The Single Security Initiative seeks to support the overall liquidity of the TBA market and aligns the characteristics of FNMA and FHLMC certificates. The effects that the Single Security Initiative may have on the market for TBA and other mortgage-backed securities are uncertain.

Roll-timing strategies can be used where the Portfolio seeks to extend the expiration or maturity of a position, such as a TBA security on an underlying asset, by closing out the position before expiration and opening a new position with respect to substantially the same underlying asset with a later expiration date. TBA securities purchased or sold are reflected on the Statement of Assets and Liabilities as an asset or liability, respectively. Recently finalized FINRA rules include mandatory margin requirements for the TBA market that requires the Portfolio to post collateral in connection with its TBA transactions. There is no similar requirement applicable to the Portfolio's TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the Portfolio and impose added operational complexity.

When-Issued Transactions are purchases or sales made on a when-issued basis. These transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Transactions to purchase or sell securities on a when-issued basis involve a commitment by the Portfolio to purchase or sell these securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. The Portfolio may sell when-issued securities before they are delivered, which may result in a realized gain (loss).

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5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Portfolio may enter into the borrowings and other financing transactions described below to the extent permitted by the Portfolio's investment policies.

The following disclosures contain information on the Portfolio's ability to lend or borrow cash or securities to the extent permitted under the Act, which may be viewed as borrowing or financing transactions by the Portfolio. The location of these instruments in the Portfolio's financial statements is described below.

(a) Repurchase Agreements Under the terms of a typical repurchase agreement, the Portfolio purchases an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and the Portfolio to resell, the obligation at an agreed-upon price and time. In an open maturity repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Portfolio or counterparty at any time. The underlying securities for all repurchase agreements are held by the Portfolio's custodian or designated subcustodians under tri-party repurchase agreements and in certain instances will remain in custody with the counterparty. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, if any, including accrued interest, are included on the Statement of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Statement of Operations. In periods of increased demand for collateral, the Portfolio may pay a fee for the receipt of collateral, which may result in interest expense to the Portfolio.

(b) Reverse Repurchase Agreements In a reverse repurchase agreement, the Portfolio delivers a security in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed upon price and date. In an open maturity reverse repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Portfolio or counterparty at any time. The Portfolio is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. Cash received in exchange for securities delivered plus accrued interest payments to be made by the Portfolio to counterparties are reflected as a liability on the Statement of Assets and Liabilities. Interest payments made by the Portfolio to counterparties are recorded as a component of interest expense on the Statement of Operations. In periods of increased demand for the security, the Portfolio may receive a fee for use of the security by the counterparty, which may result in interest income to the Portfolio. The Portfolio will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under reverse repurchase agreements.

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(c) Short Sales Short sales are transactions in which the Portfolio sells a security that it may not own. The Portfolio may make short sales of securities to (i) offset potential declines in long positions in similar securities, (ii) to increase the flexibility of the Portfolio, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When the Portfolio engages in a short sale, it may borrow the security sold short and deliver it to the counterparty. The Portfolio will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Statement of Assets and Liabilities. Short sales expose the Portfolio to the risk that it will be required to cover its short position at a time when the security or other asset has appreciated in value, thus resulting in losses to the Portfolio. A short sale is "against the box" if the Portfolio holds in its portfolio or has the right to acquire the security sold short, or securities identical to the security sold short, at no additional cost. The Portfolio will be subject to additional risks to the extent that it engages in short sales that are not "against the box." The Portfolio's loss on a short sale could theoretically be unlimited in cases where the Portfolio is unable, for whatever reason, to close out its short position.

(d) Interfund Lending In accordance with an exemptive order (the "Order") from the SEC, each Portfolio of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Portfolio's investment policies and restrictions. Each Portfolio is currently permitted to borrow under the Interfund Lending Program. A lending portfolio may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing portfolio through the Interfund Lending Program. A borrowing portfolio may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the portfolio's investment restrictions). If a borrowing portfolio's total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending portfolio and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended December 31, 2022, the Portfolio did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

The Portfolio may enter into the financial derivative instruments described below to the extent permitted by the Portfolio's investment policies.

The following disclosures contain information on how and why the Portfolio uses financial derivative instruments, and how financial derivative instruments affect the Portfolio's financial position, results of operations and cash flows. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Statement of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table in the Notes to Schedule of Investments. The financial derivative instruments outstanding as of period end and the amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Schedule of Investments, serve as indicators of the volume of financial derivative activity for the Portfolio.

(a) Forward Foreign Currency Contracts may be engaged, in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of the Portfolio's securities or as part of an investment strategy. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked to market daily, and the change in value is recorded by the Portfolio as an unrealized gain (loss). Realized gains (losses) are equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed and are recorded upon delivery or receipt of the currency. These contracts may involve market risk in excess of the unrealized gain (loss) reflected on the Statement of Assets and Liabilities. In addition, the Portfolio could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar. To mitigate such risk, cash or securities may be exchanged as collateral pursuant to the terms of the underlying contracts.

(b) Futures Contracts are agreements to buy or sell a security or other asset for a set price on a future date and are traded on an exchange. The Portfolio may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts

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are the imperfect correlation between the change in market value of the securities held by the Portfolio and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Portfolio is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by the Portfolio ("Futures variation margin"). Futures variation margins, if any, are disclosed within centrally cleared financial derivative instruments on the Statement of Assets and Liabilities. Gains (losses) are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the Futures Variation Margin included within exchange traded or centrally cleared financial derivative instruments on the Statement of Assets and Liabilities.

(c) Options Contracts may be written or purchased to enhance returns or to hedge an existing position or future investment. The Portfolio may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase the Portfolio's exposure to the underlying instrument. Writing call options tends to decrease the Portfolio's exposure to the underlying instrument. When the Portfolio writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. These amounts are included on the Statement of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The Portfolio as a writer of an option has no control over whether the underlying instrument may be sold ("call") or purchased ("put") and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Portfolio may not be able to enter into a closing transaction because of an illiquid market.

Purchasing call options tends to increase the Portfolio's exposure to the underlying instrument. Purchasing put options tends to decrease the Portfolio's exposure to the underlying instrument. The Portfolio pays a premium which is included as an asset on the Statement of Assets and Liabilities and subsequently marked to market to reflect the current

value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed.

Foreign Currency Options may be written or purchased to be used as a short or long hedge against possible variations in foreign exchange rates or to gain exposure to foreign currencies.

Interest Rate Swaptions may be written or purchased to enter into a pre-defined swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, by some specified date in the future. The writer of the swaption becomes the counterparty to the swap if the buyer exercises. The interest rate swaption agreement will specify whether the buyer of the swaption will be a fixed-rate receiver or a fixed-rate payer upon exercise.

Options on Exchange-Traded Futures Contracts ("Futures Option") may be written or purchased to hedge an existing position or future investment, for speculative purposes or to manage exposure to market movements. A Futures Option is an option contract in which the underlying instrument is a single futures contract.

Options on Securities may be written or purchased to enhance returns or to hedge an existing position or future investment. An option on a security uses a specified security as the underlying instrument for the option contract.

(d) Swap Agreements are bilaterally negotiated agreements between the Portfolio and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the over the counter market ("OTC swaps") or may be cleared through a third party, known as a central counterparty or derivatives clearing organization ("Centrally Cleared Swaps"). The Portfolio may enter into asset, credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance

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with the requirements of the central counterparty or derivatives clearing organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Statement of Operations. Daily changes in valuation of centrally cleared swaps ("Swap Variation Margin"), if any, are disclosed within centrally cleared financial derivative instruments on the Statement of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Statement of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain (loss) on the Statement of Operations.

For purposes of applying certain of the Portfolio's investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by the Portfolio at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of the Portfolio's investment policies and restrictions, the Portfolio will value the credit default swap at its notional value or its full exposure value (*i.e.*, the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of the Portfolio's other investment policies and restrictions. For example, the Portfolio may value credit default swaps at full exposure value for purposes of the Portfolio's credit quality guidelines (if any) because such value in general better reflects the Portfolio's actual economic exposure during the term of the credit default swap agreement. As a result, the Portfolio may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in the Portfolio's prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether the Portfolio is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by the Portfolio for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the

amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates or the values of the asset upon which the swap is based.

The Portfolio's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive. The risk may be mitigated by having a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral to the Portfolio to cover the Portfolio's exposure to the counterparty.

To the extent the Portfolio has a policy to limit the net amount owed to or to be received from a single counterparty under existing swap agreements, such limitation only applies to counterparties to OTC swaps and does not apply to centrally cleared swaps where the counterparty is a central counterparty or derivatives clearing organization.

Credit Default Swap Agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues are entered into to provide a measure of protection against defaults of the issuers (*i.e.*, to reduce risk where the Portfolio owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer's default. Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event that the referenced entity, obligation or index, as specified in the swap agreement, undergoes a certain credit event. As a seller of protection on credit default swap agreements, the Portfolio will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, the Portfolio would effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the notional amount of the swap.

If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If the Portfolio is a buyer of protection

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and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection's right to choose the deliverable obligation with the lowest value following a credit event).

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name's weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index. Credit default swaps on credit indices may be used to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indices are instruments for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues as of period end, if any, are disclosed in the Notes to Schedule of Investments. They serve as an indicator of the current status of

payment/performance risk and represent the likelihood or risk of default for the reference entity. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. For credit default swap agreements on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that the Portfolio as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of period end for which the Portfolio is the seller of protection are disclosed in the Notes to Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Portfolio for the same referenced entity or entities.

Interest Rate Swap Agreements may be entered into to help hedge against interest rate risk exposure and to maintain the Portfolio's ability to generate income at prevailing market rates. The value of the fixed rate bonds that the Portfolio holds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by the Portfolio with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap," (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor," (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront

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fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in the Portfolio, which could adversely affect its net asset value, yield and total return, are listed below. Please see "Description of Principal Risks" in the Portfolio's prospectus for a more detailed description of the risks of investing in the Portfolio.

Interest Rate Risk is the risk that fixed income securities will decline in value because of an increase in interest rates; a portfolio with a longer average portfolio duration will be more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

Call Risk is the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their maturity for a number of reasons (*e.g.,* declining interest rates, changes in credit spreads and improvements in the issuer's credit quality). If an issuer calls a security that the Portfolio has invested in, the Portfolio may not recoup the full amount of its initial investment and may be forced to reinvest in lower- yielding securities, securities with greater credit risks or securities with other, less favorable features.

Credit Risk is the risk that the Portfolio could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations.

High Yield Risk is the risk that high yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") are subject to greater levels of credit, call and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments, and may be more volatile than higher-rated securities of similar maturity.

Market Risk is the risk that the value of securities owned by the Portfolio may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries.

Issuer Risk is the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services.

Liquidity Risk is the risk that a particular investment may be difficult to purchase or sell and that the Portfolio may be unable to sell illiquid investments at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity.

Derivatives Risk is the risk of investing in derivative instruments (such as forwards, futures, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks and valuation complexity. Changes in the value of a derivative or other similar investment may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and the Portfolio could lose more than the initial amount invested. Changes in the value of a derivative or other similar instrument may also create margin delivery or settlement payment obligations for the Portfolio. The Portfolio's use of derivatives or other similar investments may result in losses to the Portfolio, a reduction in the Portfolio's returns and/or increased volatility. Over- the-counter ("OTC") derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for OTC derivatives or other similar investments. The primary credit risk on derivatives that are exchange-traded or traded through a central clearing counterparty, resides with the Portfolio's clearing broker or the clearinghouse. Changes in regulation relating to a registered fund's use of derivatives and related instruments could potentially limit or impact the Portfolio's ability to invest in derivatives, limit the Portfolio's ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and the Portfolio's performance.

Equity Risk is the risk that the value of equity securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity securities generally have greater price volatility than fixed income securities.

Mortgage-Related and Other Asset-Backed Securities Risk is the risk of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk.

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Foreign (Non-U.S.) Investment Risk is the risk that investing in foreign (non-U.S.) securities may result in the Portfolio experiencing more rapid and extreme changes in value than a portfolio that invests exclusively in securities of U.S. companies, due to smaller markets, differing reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, or political changes, diplomatic developments or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.

Emerging Markets Risk is the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk.

Sovereign Debt Risk is the risk that investments in fixed income instruments issued by sovereign entities may decline in value as a result of default or other adverse credit event resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion.

Currency Risk is the risk that foreign (non-U.S.) currencies will change in value relative to the U.S. dollar and affect the Portfolio's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies.

Leveraging Risk is the risk that certain transactions of the Portfolio, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing the Portfolio to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss.

Management Risk is the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio managers in connection with managing the Portfolio and may cause PIMCO to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of the Portfolio will be achieved.

Short Exposure Risk is the risk of entering into short sales or other short positions, including the potential loss of more money than the actual cost of the investment, and the risk that the third party to the short sale or other short position will not fulfill its contractual obligations, causing a loss to the Portfolio.

LIBOR Transition Risk is the risk related to the anticipated discontinuation of the London Interbank Offered Rate ("LIBOR"). Certain instruments held by the Portfolio rely in some fashion upon LIBOR. Although the transition process away from LIBOR has become increasingly well- defined in advance of the anticipated discontinuation date, there remains uncertainty regarding the nature of any replacement rate, and any potential effects of the transition away from LIBOR on a Portfolio or on certain instruments in which the Portfolio invests can be difficult to ascertain. The transition process may involve, among other things, increased volatility or illiquidity in markets for instruments that currently rely on LIBOR and may result in a reduction in the value of certain instruments held by a Portfolio.

(b) Other Risks

In general, the Portfolio may be subject to additional risks, including, but not limited to, risks related to government regulation and intervention in financial markets, operational risks, risks associated with financial, economic and global market disruptions, and cyber security risks. Please see the Portfolio's prospectus and Statement of Additional Information for a more detailed description of the risks of investing in the Portfolio. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments that may impact the Portfolio's performance.

Market Disruption Risk The Portfolio is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets and cause the Portfolio to lose value. These events can also impair the technology and other operational systems upon which the Portfolio's service providers, including PIMCO as the Portfolio's investment adviser, rely, and could otherwise disrupt the Portfolio's service providers' ability to fulfill their obligations to the Portfolio. For example, the recent spread of an infectious respiratory illness caused by a novel strain of coronavirus (known as COVID-19) has caused volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities the Portfolio holds, and may adversely affect the Portfolio's investments and operations. Please see the Important Information section for additional discussion of the COVID-19 pandemic.

Government Intervention in Financial Markets Federal, state, and other governments, their regulatory agencies, or self-regulatory organizations may take actions that affect the regulation of the instruments in which the Portfolio invests, or the issuers of such instruments, in ways that are unforeseeable. Legislation or regulation

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may also change the way in which the Portfolio itself is regulated. Such legislation or regulation could limit or preclude the Portfolio's ability to achieve its investment objective. Furthermore, volatile financial markets can expose the Portfolio to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Portfolio. The value of the Portfolio's holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which the Portfolio invests. In addition, it is not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.

Regulatory Risk Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/or intervention may change the way the Portfolio is regulated, affect the expenses incurred directly by the Portfolio and the value of its investments, and limit and/or preclude the Portfolio's ability to achieve its investment objective. Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects.

Operational Risk An investment in the Portfolio, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Portfolio. While the Portfolio seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Portfolio.

Cyber Security Risk As the use of technology has become more prevalent in the course of business, the Portfolio has become potentially more susceptible to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional cyber events that may, among other things, cause the Portfolio to lose proprietary information, suffer data corruption and/or destruction or lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Cyber security failures or breaches may result in financial losses to the Portfolio and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with the Portfolio's ability to

calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. There is also a risk that cyber security breaches may not be detected. The Portfolio and its shareholders may suffer losses as a result of a cyber security breach related to the Portfolio, its service providers, trading counterparties or the issuers in which the Portfolio invests.

8. MASTER NETTING ARRANGEMENTS

The Portfolio may be subject to various netting arrangements ("Master Agreements") with select counterparties. Master Agreements govern the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow the Portfolio to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes the Statement of Assets and Liabilities generally presents derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Statement of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statement of Assets and Liabilities as Deposits from counterparty. The

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| **Notes to Financial Statements** | **(Cont.)** |

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market value of any securities received as collateral is not reflected as a component of NAV. The Portfolio's overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively "Master Repo Agreements") govern repurchase, reverse repurchase, and certain sale-buyback transactions between the Portfolio and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default, and maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Schedule of Investments.

Master Securities Forward Transaction Agreements ("Master Forward Agreements") govern certain forward settling transactions, such as TBA securities, delayed-delivery or certain sale-buyback transactions by and between the Portfolio and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Schedule of Investments.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant ("FCM") registered with the Commodity Futures Trading Commission. In the United States, counterparty risk may be reduced as creditors of an FCM cannot have a claim to Portfolio assets in the segregated account. Portability of exposure reduces risk to the Portfolio. Variation margin, which reflects changes in market value, is generally exchanged daily, but may not be netted between futures and cleared OTC derivatives unless the parties have agreed to a separate arrangement in respect of portfolio margining. The market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin as of period end are disclosed in the Notes to Schedule of Investments.

Prime Broker Arrangements may be entered into to facilitate execution and/or clearing of listed equity option transactions or short sales of equity securities between the Portfolio and selected counterparties. The arrangements provide guidelines surrounding the rights, obligations, and other events, including, but not limited to, margin, execution, and settlement. These agreements maintain provisions for, among other

things, payments, maintenance of collateral, events of default, and termination. Margin and other assets delivered as collateral are typically in the possession of the prime broker and would offset any obligations due to the prime broker. The market values of listed options and securities sold short and related collateral are disclosed in the Notes to Schedule of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes ("ISDA Master Agreements") govern bilateral OTC derivative transactions entered into by the Portfolio with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. The ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level or as required by regulation. Similarly, if required by regulation, the Portfolio may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent the Portfolio is required by regulation to post additional collateral beyond coverage of daily exposure, it could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedule of Investments.

9. FEES AND EXPENSES

(a) Investment Advisory Fee PIMCO is a majority-owned subsidiary of Allianz Asset Management of America LLC ("Allianz Asset Management") and serves as the Adviser to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from the Portfolio at an annual rate based on average daily net assets (the "Investment Advisory Fee"). The Investment Advisory Fee for all classes is charged at an annual rate as noted in the table in note (b) below.

(b) Supervisory and Administrative Fee PIMCO serves as administrator (the "Administrator") and provides supervisory and administrative services to the Trust for which it receives a monthly supervisory and administrative fee based on each share class's average daily net assets (the "Supervisory and Administrative Fee"). As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs.

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The Investment Advisory Fee and Supervisory and Administrative Fees for all classes, as applicable, are charged at the annual rate as noted in the following table (calculated as a percentage of the Portfolio's average daily net assets attributable to each class):

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| **Investment Advisory Fee** | **Supervisory and Administrative Fee** | **Supervisory and Administrative Fee** | **Supervisory and Administrative Fee** |
| **All Classes** | **Institutional<br>Class** | **Administrative<br>Class** | **Advisor<br>Class** |
| 0.25% | 0.25% | 0.25% | 0.25% |

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(c) Distribution and Servicing Fees PIMCO Investments LLC, a wholly-owned subsidiary of PIMCO, serves as the distributor ("Distributor") of the Trust's shares.

The Trust has adopted an Administrative Services Plan with respect to the Administrative Class shares of the Portfolio pursuant to Rule 12b-1 under the Act (the "Administrative Plan"). Under the terms of the Administrative Plan, the Trust is permitted to compensate the Distributor, out of the Administrative Class assets of the Portfolio, in an amount up to 0.15% on an annual basis of the average daily net assets of that class, for providing or procuring through financial intermediaries administrative, recordkeeping and investor services for Administrative Class shareholders of the Portfolio.

The Trust has adopted a separate Distribution and Servicing Plan for the Advisor Class shares of the Portfolio (the "Distribution and Servicing Plan"). The Distribution and Servicing Plan has been adopted pursuant to Rule 12b-1 under the Act. The Distribution and Servicing Plan permits the Portfolio to compensate the Distributor for providing or procuring through financial intermediaries, distribution, administrative, recordkeeping, shareholder and/or related services with respect to Advisor Class shares. The Distribution and Servicing Plan permits the Portfolio to make total payments at an annual rate of up to 0.25% of its average daily net assets attributable to its Advisor Class shares.

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|  | **Distribution Fee** | **Servicing Fee** |
|  **Administrative Class** |  | 0.15% |
|  **Advisor Class** | 0.25% |  |

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(d) Portfolio Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Portfolio, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust's executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained

exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Portfolio, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust's Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual portfolio operating expenses per share class.

The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates.

(e) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has agreed, through May 1, 2023, to waive a portion of the Portfolio's Supervisory and Administrative Fee, or reimburse the Portfolio, to the extent that the Portfolio's organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata share of Trustee Fees exceed 0.0049%, the "Expense Limit" (calculated as a percentage of the Portfolio's average daily net assets attributable to each class). The Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. The waiver, if any, is reflected on the Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO.

In any month in which the supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by the Portfolio of any portion of the supervisory and administrative fee waived or reimbursed as set forth above (the "Reimbursement Amount") within thirty-six months of the time of the waiver, provided that such amount paid to PIMCO will not: i) together with any organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee fees, exceed, for such month, the Expense Limit (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit); ii) exceed the total Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. At December 31, 2022, there were no recoverable amounts.

10. RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties. Fees paid to these parties are disclosed in Note 9, Fees and Expenses, and

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the accrued related party fee amounts are disclosed on the Statement of Assets and Liabilities.

The Portfolio is permitted to purchase or sell securities from or to certain related affiliated portfolios under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Portfolio from or to another fund or portfolio that are, or could be, considered an affiliate, or an affiliate of an affiliate, by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule applicable SEC rule and interpretations under the Act. Further, as defined under the procedures, each transaction is effected at the current market price. Purchases and sales of securities pursuant to Rule applicable SEC rule and interpretations under the Act for the period ended December 31, 2022, were as follows (amounts in thousands<sup>†</sup>):

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| **Purchases** | **Sales** | **Realized Gain/<br>(Loss)** |
| $935 | $9651 | $(163) |

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| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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11. GUARANTEES AND INDEMNIFICATIONS

Under the Trust's organizational documents, each Trustee, officer, employee or other agent of the Trust (including the Trust's investment manager) is indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Portfolio. Additionally, in the normal course of business, the Portfolio enters into contracts that contain a variety of indemnification clauses. The Portfolio's maximum exposure under these arrangements

is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred. However, the Portfolio has not had prior claims or losses pursuant to these contracts.

12. PURCHASES AND SALES OF SECURITIES

The length of time the Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by the Portfolio is known as "portfolio turnover." The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective(s), particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by the Portfolio. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates when distributed to shareholders). The transaction costs associated with portfolio turnover may adversely affect the Portfolio's performance. The portfolio turnover rates are reported in the Financial Highlights.

Purchases and sales of securities (excluding short-term investments) for the period ended December 31, 2022, were as follows (amounts in thousands<sup>†</sup>):

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|:---|:---|:---|:---|
| **U.S. Government/Agency** | **U.S. Government/Agency** | **All Other** | **All Other** |
| **Purchases** | **Sales** | **Purchases** | **Sales** |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3177025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2974513 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636418 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403642 |

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| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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13. SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with a $0.001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands<sup>†</sup>):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br>12/31/2022** | **Year Ended<br>12/31/2022** | **Year Ended<br>12/31/2021** | **Year Ended<br>12/31/2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Receipts for shares sold** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 484 | $4702 | 1046 | $10847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 17710 | 172031 | 19316 | 199846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 10426 | 101700 | 15656 | 161973 |
|  **Issued as reinvestment of distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 22 | 214 | 11 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 1517 | 14593 | 547 | 5649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 1304 | 12529 | 356 | 3677 |
|  **Cost of shares redeemed** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (995) | (9941) | (405) | (4201) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (31769) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(311379) | (27985) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(289522) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (16360) | (159177) | (11405) | (117877) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | (17661) | $(174728) | (2863) | $(29497) |

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| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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As of December 31, 2022, three shareholders each owned 10% or more of the Portfolio's total outstanding shares comprising 51% of the Portfolio.

14. REGULATORY AND LITIGATION MATTERS

The Portfolio is not named as a defendant in any material litigation or arbitration proceedings and is not aware of any material litigation or claim pending or threatened against it.

On May 17, 2022, Allianz Global Investors U.S. LLC ("AGI U.S.") pleaded guilty in connection with the proceeding United States of America v. Allianz Global Investors U.S. LLC. AGI U.S. is an indirect subsidiary of Allianz SE. The conduct resulting in the matter described above occurred entirely within AGI U.S. and did not involve PIMCO or the Distributor, or any personnel of PIMCO or the Distributor. Nevertheless, because of the disqualifying conduct of AGI U.S., their affiliate, PIMCO would have been disqualified from serving as the investment adviser, and the Distributor would have been disqualified from serving as the principal underwriter, to the Portfolio in the absence of SEC exemptive relief. PIMCO and the Distributor have received exemptive relief from the SEC to permit them to continue serving as investment adviser and principal underwriter for U.S.- registered investment companies, including the Portfolio.

The foregoing speaks only as of the date of this report.

15. FEDERAL INCOME TAX MATTERS

The Portfolio intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (the "Code") and

distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

The Portfolio may be subject to local withholding taxes, including those imposed on realized capital gains. Any applicable foreign capital gains tax is accrued daily based upon net unrealized gains, and may be payable following the sale of any applicable investments.

In accordance with U.S. GAAP, the Adviser has reviewed the Portfolio's tax positions for all open tax years. As of December 31, 2022, the Portfolio has recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions it has taken or expects to take in future tax returns.

The Portfolio files U.S. federal, state, and local tax returns as required. The Portfolio's tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

Shares of the Portfolio currently are sold to segregated asset accounts ("Separate Accounts") of insurance companies that fund variable annuity contracts and variable life insurance policies ("Variable Contracts"). Please refer to the prospectus for the Separate Account and Variable Contract for information regarding Federal income tax treatment of distributions to the Separate Account.

As of December 31, 2022, the components of distributable taxable earnings are as follows (amounts in thousands<sup>†</sup>):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed<br>Ordinary<br>Income<sup>(1)</sup>** | **Undistributed<br>Long-Term<br>Capital Gains** | **Net Tax Basis<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup>** | **Other<br>Book-to-Tax<br>Accounting<br>Differences <sup>(3)</sup>** | **Accumulated<br>Capital<br>Losses<sup>(4)</sup>** | **Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Capital<sup>(5)</sup>** | **Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Ordinary<sup>(6)</sup>** | **Total<br>Components of<br>Distributable<br>Earnings** |
|  PIMCO Low Duration Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;(63470) | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;(105586) | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;(3125) | $&nbsp;&nbsp;&nbsp;&nbsp;(172181) |

---

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(1)</sup> Includes undistributed short-term capital gains, if any.

<sup>(2)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options and forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on swap contracts, interest accrued from defaulted securities, and straddle loss deferrals. 

<sup>(3)</sup> Represents differences in income tax regulations and financial accounting principles generally accepted in the United States of America.

<sup>(4)</sup> Capital losses available to offset future net capital gains as shown below.

<sup>(5)</sup> Capital losses realized during the period November 1, 2022 through December 31, 2022 which the Portfolio elected to defer to the following taxable year pursuant to income tax regulations.

<sup>(6)</sup> Specified losses realized during the period November 1, 2022 through December 31, 2022 which the Portfolio elected to defer to the following taxable year pursuant to income tax regulations.

Under the Regulated Investment Company Modernization Act of 2010, the Portfolio is permitted to carry forward any new capital losses for an unlimited period. Additionally, such capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term under previous law.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **45** |

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##### [**Table of Contents**](#toc)

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| | | |
|:---|:---|:---|
| **Notes to Financial Statements** | **(Cont.)** | December 31, 2022 |

---

As of December 31, 2022, the Portfolio had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

---

| | | |
|:---|:---|:---|
|  | **Short-Term** | **Long-Term** |
|  PIMCO Low Duration Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;61111 | $&nbsp;&nbsp;&nbsp;&nbsp;44475 |

---

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

As of December 31, 2022, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal<br>Tax Cost** | **Unrealized<br>Appreciation** | **Unrealized<br>(Depreciation)** | **Net Unrealized<br>Appreciation/<br>(Depreciation)<sup>(7)</sup>** |
|  PIMCO Low Duration Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;1953084 | $&nbsp;&nbsp;&nbsp;&nbsp;12877 | $&nbsp;&nbsp;&nbsp;&nbsp;(76607) | $&nbsp;&nbsp;&nbsp;&nbsp;(63730) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(7)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options and forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on swap contracts, interest accrued from defaulted securities, and straddle loss deferrals. 

For the fiscal years ended December 31, 2022 and December 31, 2021, respectively, the Portfolio made the following tax basis distributions (amounts in thousands<sup>†</sup>):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** |
|  | **Ordinary<br>Income<br>Distributions<sup>(8)</sup>** | **Long-Term<br>Capital Gain<br>Distributions** | **Return of<br>Capital<sup>(9)</sup>** | **Ordinary<br>Income<br>Distributions<sup>(8)</sup>** | **Long-Term<br>Capital Gain<br>Distributions** | **Return of<br>Capital<sup>(9)</sup>** |
|  PIMCO Low Duration Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;27341 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;9437 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(8)</sup> Includes short-term capital gains distributed, if any.

<sup>(9)</sup> A portion of the distributions made represents a tax return of capital. Return of capital distributions have been reclassified from undistributed net investment income to paid-in capital to more appropriately conform financial accounting to tax accounting.

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| | |
|:---|:---|
| **46** | **PIMCO VARIABLE INSURANCE TRUST** |

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##### [**Table of Contents**](#toc)
**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of PIMCO Variable Insurance Trust and Shareholders of PIMCO Low Duration Portfolio

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of PIMCO Low Duration Portfolio (one of the portfolios constituting PIMCO Variable Insurance Trust, hereafter referred to as the "Portfolio") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements are the responsibility of the Portfolio's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolio in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agent, brokers and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

February 17, 2023

We have served as the auditor of one or more investment companies in PIMCO Variable Insurance Trust since 1998.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **47** |

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##### [**Table of Contents**](#toc)

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| | | |
|:---|:---|:---|
| **Glossary:** | **(abbreviations that may be used in the preceding statements)** | (Unaudited) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Counterparty Abbreviations:** | **Counterparty Abbreviations:** | **Counterparty Abbreviations:** | **Counterparty Abbreviations:** | **Counterparty Abbreviations:** | **Counterparty Abbreviations:** |
| **BOA** | Bank of America N.A. | **GLM** | Goldman Sachs Bank USA | **NGF** | Nomura Global Financial Products, Inc. |
| **BPS** | BNP Paribas S.A. | **JPM** | JP Morgan Chase Bank N.A. | **RBC** | Royal Bank of Canada |
| **BRC** | Barclays Bank PLC | **MBC** | HSBC Bank Plc | **SAL** | Citigroup Global Markets, Inc. |
| **CBK** | Citibank N.A. | **MYC** | Morgan Stanley Capital Services LLC | **SCX** | Standard Chartered Bank, London |
| **FAR** | Wells Fargo Bank National Association | **MYI** | Morgan Stanley & Co. International PLC | **UAG** | UBS AG Stamford |
| **FICC** | Fixed Income Clearing Corporation |  |  |  |  |
|  **Currency Abbreviations:** | **Currency Abbreviations:** | **Currency Abbreviations:** | **Currency Abbreviations:** | **Currency Abbreviations:** | **Currency Abbreviations:** |
| **ARS** | Argentine Peso | **EUR** | Euro | **MYR** | Malaysian Ringgit |
| **AUD** | Australian Dollar | **GBP** | British Pound | **NZD** | New Zealand Dollar |
| **BRL** | Brazilian Real | **ILS** | Israeli Shekel | **PEN** | Peruvian New Sol |
| **CAD** | Canadian Dollar | **JPY** | Japanese Yen | **USD (or $)** | United States Dollar |
| **CNH** | Chinese Renminbi (Offshore) | **MXN** | Mexican Peso | **ZAR** | South African Rand |
|  **Exchange Abbreviations:** | **Exchange Abbreviations:** | **Exchange Abbreviations:** | **Exchange Abbreviations:** | **Exchange Abbreviations:** | **Exchange Abbreviations:** |
| **CME** | Chicago Mercantile Exchange | **OTC** | Over the Counter |  |  |
|  **Index/Spread Abbreviations:** | **Index/Spread Abbreviations:** | **Index/Spread Abbreviations:** | **Index/Spread Abbreviations:** | **Index/Spread Abbreviations:** | **Index/Spread Abbreviations:** |
| **BBSW3M** | 3 Month Bank Bill Swap Rate | **MUTKCALM** | Tokyo Overnight Average Rate | **SONIO** | Sterling Overnight Interbank Average Rate |
| **CDX.HY** | Credit Derivatives Index - High Yield | **SOFR** | Secured Overnight Financing Rate | **TSFR1M** | Term SOFR 1-Month |
| **CDX.IG** | Credit Derivatives Index - Investment Grade | **SOFR30A** | 30-day Secured Overnight Financing Rate Average | **US0003M** | ICE 3-Month USD LIBOR |
| **LIBOR03M** | 3 Month USD-LIBOR |  |  |  |  |
|  **Other Abbreviations:** | **Other Abbreviations:** | **Other Abbreviations:** | **Other Abbreviations:** | **Other Abbreviations:** | **Other Abbreviations:** |
| **ABS** | Asset-Backed Security | **CLO** | Collateralized Loan Obligation | **LIBOR** | London Interbank Offered Rate |
| **ALT** | Alternate Loan Trust | **DAC** | Designated Activity Company | **OIS** | Overnight Index Swap |
| **BBR** | Bank Bill Rate | **EURIBOR** | Euro Interbank Offered Rate | **TBA** | To-Be-Announced  |

---

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| | |
|:---|:---|
| **48** | **PIMCO VARIABLE INSURANCE TRUST** |

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##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Federal Income Tax Information** | (Unaudited) |

---

As required by the Internal Revenue Code ("Code") and Treasury Regulations, if applicable, shareholders must be notified within 60 days of the Portfolio's fiscal year end regarding the status of qualified dividend income and the dividend received deduction.

Dividend Received Deduction. Corporate shareholders are generally entitled to take the dividend received deduction on the portion of the Portfolio's dividend distribution that qualifies under tax law. The percentage of the following Portfolio's fiscal 2022 ordinary income dividend that qualifies for the corporate dividend received deduction is set forth below.

Qualified Dividend Income. Under the Jobs and Growth Tax Relief Reconciliation Act of 2003, the following percentage of ordinary dividends paid during the fiscal year ended December 31, 2022 was designated as ''qualified dividend income'' as defined in the Jobs and Growth Tax Relief Reconciliation Act of 2003 subject to reduced tax rates in 2022.

Qualified Interest Income and Qualified Short-Term Capital Gain (for non-U.S. resident shareholders only). Under the American Jobs Creation Act of 2004, the following amounts of ordinary dividends paid during the fiscal year ended December 31, 2022 are considered to be derived from "qualified interest income," as defined in Section 871(k)(1)(E) of the Code, and therefore are designated as interest-related dividends, as defined in Section 871(k)(1)(C) of the Code. Further, the following amounts of ordinary dividends paid during the fiscal year ended December 31, 2022 are considered to be derived from "qualified short-term capital gain," as defined in Section 871(k)(2)(D) of the Code, and therefore are designated as qualified short-term gain dividends, as defined by Section 871(k)(2)(C) of the Code.

Section 163(j) Interest Dividends. The Portfolio intends to pass through the maximum amount allowable as Section 163(j) Interest defined in Proposed Treasury Section 1.163(j)-1(b). The 163(j) percentage of ordinary income distributions are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Dividend<br>Received<br>Deduction%** | **Qualified<br>Dividend<br>Income%** | **Qualified<br>Interest<br>Income<br>(000s<sup>†</sup>)** | **Qualified<br>Short-Term<br>Capital Gains<br>(000s<sup>†</sup>)** | **163(j)<br>Interest<br>Dividends<br>(000s<sup>†</sup>)** |
|  PIMCO Low Duration Portfolio | 0% | 0% | $&nbsp;&nbsp;&nbsp;&nbsp;27341 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;0 |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

Shareholders are advised to consult their own tax advisor with respect to the tax consequences of their investment in the Trust. In January 2023, you will be advised on IRS Form 1099-DIV as to the federal tax status of the dividends and distributions received by you in calendar year 2022.

Section 199A Dividends. Non-corporate portfolio shareholders of the Portfolio below meeting certain holding period requirements may be able to deduct up to 20 percent of qualified REIT dividends passed through and reported to the shareholders by the Portfolio as IRC section 199A dividends. The IRC section 199A percentage of ordinary dividends are as follows:

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| | |
|:---|:---|
|  | **199A Dividends** |
|  PIMCO Low Duration Portfolio | 0% |

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **49** |

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##### [**Table of Contents**](#toc)
**Management of the Trust**

The charts below identify the Trustees and executive officers of the Trust. Unless otherwise indicated, the address of all persons below is 650 Newport Center Drive, Newport Beach, CA 92660.

The Portfolio's Statement of Additional Information includes more information about the Trustees and Officers. To request a free copy, call PIMCO at (888) 87-PIMCO or visit the Portfolio's website at www.pimco.com/pvit.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Year of Birth and <br>Position Held with Trust\*** | **Term of<br>Office and**<br> **Length of <br>Time Served<sup>†</sup>** | **Principal Occupation(s) During Past 5 Years** | **Number of Funds**<br> **in Fund Complex <br>Overseen by Trustee** | **Other Public Company and Investment**<br> **Company Directorships Held by Trustee**<br> **During the Past 5 Years** |
| **Interested Trustees<sup>1</sup>** |  |  |  |  |
| **Peter G. Strelow (1970)**<br> *Chairman of the Board and Trustee* | 05/2017 to present<br>Chairman of the Board - 02/2019 to present | Managing Director and Co-Chief Operating Officer, PIMCO. Senior Vice President of the Trust, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. Formerly, Chief Administrative Officer, PIMCO. | 158 | Chairman and Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT. |
| **Kimberley G. Stafford**<br> **(1978)**<br> *Trustee* | 02/2021 to present | Managing Director, Global Head of Product Strategy, PIMCO; and Member of Executive Committee, PIMCO. Formerly, Head of Asia-Pacific, Global Head of Consultant Relations and Head of US Institutional and Alternatives Sales, PIMCO. | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT. |
| **Independent Trustees** |  |  |  |  |
| **George E. Borst (1948)**<br> *Trustee* | 04/2015 to present | Executive Advisor, McKinsey & Company (since 10/14); Formerly, Executive Advisor, Toyota Financial Services (10/13-12/14); and CEO, Toyota Financial Services (1/01-9/13). | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT; Director, MarineMax Inc. |
| **Jennifer Holden Dunbar (1963)**<br> *Trustee* | 04/2015 to present | Formerly, Managing Director, Dunbar Partners, LLC (business consulting and investments) (05/05-05/21); and Partner, Leonard Green & Partners, L.P. | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT; Director, PS Business Parks; Director, Big 5 Sporting Goods Corporation. |
| **Kym M. Hubbard (1957)**<br> *Trustee* | 02/2017 to present | Formerly, Global Head of Investments, Chief Investment Officer and Treasurer, Ernst & Young. | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT; Director, State Auto Financial Corporation. |
| **Gary F. Kennedy (1955)**<br> *Trustee* | 04/2015 to present | Formerly, Senior Vice President, General Counsel and Chief Compliance Officer, American Airlines and AMR Corporation (now American Airlines Group) (1/03-1/14). | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |
| **Peter B. McCarthy (1950)**<br> *Trustee* | 04/2015 to present | Formerly, Assistant Secretary and Chief Financial Officer, United States Department of Treasury; Deputy Managing Director, Institute of International Finance. | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |
| **Ronald C. Parker (1951)**<br> *Lead Independent Trustee* | 07/2009 to present<br>Lead Independent Trustee - 02/2017 to present | Director of Roseburg Forest Products Company. Formerly, Chairman of the Board, The Ford Family Foundation; and President, Chief Executive Officer, Hampton Affiliates (forestry products). | 158 | Lead Independent Trustee, PIMCO Funds and PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |

---

\* Unless otherwise noted, the information for the individuals listed is as of December 31, 2022.

<sup>1</sup> Ms. Stafford and Mr. Strelow are "interested persons" of the Trust (as that term is defined in the 1940 Act) because of their affiliations with PIMCO.

<sup>†</sup> Trustees serve until their successors are duly elected and qualified.

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| | |
|:---|:---|
| **50** | **PIMCO VARIABLE INSURANCE TRUST** |

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##### [**Table of Contents**](#toc)
(Unaudited)

**Executive Officers** 

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| | | |
|:---|:---|:---|
| **Name, Year of Birth and<br>Position Held with Trust\*** | **Term of Office and<br>Length of Time Served** | **Principal Occupation(s) During Past 5 Years†** |
| **Eric D. Johnson (1970)**<br> *President* | 06/2019 to present | Executive Vice President and Head of Funds Business Group Americas, PIMCO. President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| **Ryan G. Leshaw (1980)**<br> *Chief Legal Officer and Secretary* | 08/2021 to present | Executive Vice President and Senior Counsel, PIMCO. Chief Legal Officer and Secretary, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Chief Legal Officer, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. Formerly, Associate, Willkie Farr & Gallagher LLP. |
| **Keisha Audain-Pressley (1975)\*\***<br> *Chief Compliance Officer* | 01/2020 to present | Executive Vice President and Deputy Chief Compliance Officer, PIMCO. Chief Compliance Officer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Joshua D. Ratner (1976)\*\***<br> *Senior Vice President* | 05/2019 to present | Executive Vice President and Head of Americas Operations, PIMCO. Senior Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| **Peter G. Strelow (1970)**<br> *Senior Vice President* | 06/2019 to present | Managing Director and Co-Chief Operating Officer, PIMCO. Senior Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. Formerly, Chief Administrative Officer, PIMCO. |
| **Wu-Kwan Kit (1981)**<br> *Assistant Secretary* | 08/2017 to present | Senior Vice President and Senior Counsel, PIMCO. Assistant Secretary, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Vice President, Senior Counsel and Secretary, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. Formerly, Assistant General Counsel, VanEck Associates Corp. |
| **Douglas B. Burrill (1980)\*\***<br> *Vice President* | 08/2022 to present | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Elizabeth A. Duggan (1964)**<br> *Vice President* | 02/2021 to present | Executive Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Jason R. Duran (1977)**<br> *Vice President* | 02/2023 to present | Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |
| **Mark A. Jelic (1981)**<br> *Vice President* | 08/2021 to present | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Kenneth W. Lee (1972)**<br> *Vice President* | 08/2022 to present | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Brian J. Pittluck (1977)**<br> *Vice President* | 01/2020 to present | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Keith A. Werber (1973)**<br> *Vice President* | 05/2022 to present | Executive Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Bijal Y. Parikh (1978)**<br> *Treasurer* | 01/2021 to present | Executive Vice President, PIMCO. Treasurer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| **Erik C. Brown (1967)\*\*\***<br> *Assistant Treasurer* | 02/2001 to present | Executive Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Brandon T. Evans (1982)**<br> *Assistant Treasurer* | 05/2019 to present | Senior Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Deputy Treasurer, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| **Maria M. Golota (1983)\*\***<br> *Assistant Treasurer* | 02/2023 to present | Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |

---

\* Unless otherwise noted, the information for the individuals listed is as of February 8, 2023.

---

| | |
|:---|:---|
| <sup>†</sup> | The term "PIMCO-Sponsored Closed-End Funds" as used herein includes: PIMCO Access Income Fund, PIMCO California Municipal Income Fund, PIMCO California Municipal Income Fund II, PIMCO California Municipal Income Fund III, PIMCO Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO Municipal Income Fund III, PIMCO New York Municipal Income Fund, PIMCO New York Municipal Income Fund II, PIMCO New York Municipal Income Fund III, PCM Fund Inc., PIMCO Corporate & Income Opportunity Fund, PIMCO Corporate & Income Strategy Fund, PIMCO Dynamic Income Fund, PIMCO Dynamic Income Opportunities Fund, PIMCO Energy and Tactical Credit Opportunities Fund, PIMCO Global StocksPLUS<sup>®</sup> & Income Fund, PIMCO High Income Fund, PIMCO Income Strategy Fund, PIMCO Income Strategy Fund II and PIMCO Strategic Income Fund, Inc.; the term "PIMCO-Sponsored Interval Funds" as used herein includes: PIMCO Flexible Credit Income Fund, PIMCO Flexible Municipal Income Fund, PIMCO California Flexible Municipal Income Fund and PIMCO Flexible Emerging Markets Income Fund.  |

---

\*\* The address of these officers is Pacific Investment Management Company LLC, 1633 Broadway, New York, New York 10019.

\*\*\* The address of these officers is Pacific Investment Management Company LLC, 401 Congress Ave., Austin, Texas 78701.

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|:---|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **51** |

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| **Privacy Policy<sup>1</sup>** | (Unaudited) |

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The Trust<sup>2,3</sup> consider customer privacy to be a fundamental aspect of their relationships with shareholders and are committed to maintaining the confidentiality, integrity and security of their current, prospective and former shareholders' non-public personal information. The Trust has developed policies that are designed to protect this confidentiality, while allowing shareholder needs to be served.

OBTAINING NON-PUBLIC PERSONAL INFORMATION

In the course of providing shareholders with products and services, the Trust and certain service providers to the Trust, such as the Trust's investment advisers or sub-advisers ("Advisers"), may obtain non-public personal information about shareholders, which may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder's brokerage or financial advisory firm, financial professional or consultant, and/or from information captured on applicable websites.

RESPECTING YOUR PRIVACY

As a matter of policy, the Trust does not disclose any non-public personal information provided by shareholders or gathered by the Trust to non-affiliated third parties, except as required or permitted by law or as necessary for such third parties to perform their agreements with respect to the Trust. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, conducting research on shareholder satisfaction and gathering shareholder proxies. The Trust or its affiliates may also retain non-affiliated companies to market Trust's shares or products which use Trust's shares and enter into joint marketing arrangements with them and other companies. These companies may have access to a shareholder's personal and account information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. In most cases, the shareholders will be clients of a third party, but the Trust may also provide a shareholder's personal and account information to the shareholder's respective brokerage or financial advisory firm and/or financial professional or consultant.

SHARING INFORMATION WITH THIRD PARTIES

The Trust reserves the right to disclose or report personal or account information to non-affiliated third parties in limited circumstances where the Trust believes in good faith that disclosure is required under law, to cooperate with regulators or law enforcement authorities, to protect their rights or property, or upon reasonable request by any fund in which a shareholder has invested. In addition, the Trust may disclose information about a shareholder or a shareholder's accounts to a non-affiliated third party at the shareholder's request or with the consent of the shareholder.

SHARING INFORMATION WITH AFFILIATES

The Trust may share shareholder information with their affiliates in connection with servicing shareholders' accounts, and subject to applicable law may provide shareholders with information about products and services that the Trust or its Advisers, distributors or their affiliates ("Service Affiliates") believe may be of interest to such shareholders. The information that the Trust may share may include, for example, a shareholder's participation in the Trust or in other investment programs sponsored by a Service Affiliate, a shareholder's ownership of certain types of accounts (such as IRAs), information about the Trust's experiences or transactions with a shareholder, information captured on applicable websites, or other data about a shareholder's accounts, subject to applicable law. The Trust's Service Affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

PROCEDURES TO SAFEGUARD PRIVATE INFORMATION

The Trust takes seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, the Trust has implemented procedures that are designed to restrict access to a shareholder's non-public personal information to internal personnel who need to know that information to perform their jobs, such as servicing shareholder accounts or notifying shareholders of new products or services. Physical, electronic and procedural safeguards are in place to guard a shareholder's non-public personal information.

INFORMATION COLLECTED FROM WEBSITES

The Trust or its service providers and partners may collect information from shareholders via websites they maintain. The information collected via websites maintained by the Trust or their service providers includes client non-public personal information.

CHANGES TO THE PRIVACY POLICY

From time to time, the Trust may update or revise this privacy policy. If there are changes to the terms of this privacy policy, documents containing the revised policy on the relevant website will be updated.

<sup>1</sup> Amended as of June 25, 2020.

<sup>2</sup> PIMCO Investments LLC ("PI") serves as the Trust's distributor and does not provide brokerage services or any financial advice to investors in the Trust solely because it distributes the Trust. This Privacy Policy applies to the activities of PI to the extent that PI regularly effects or engages in transactions with or for a shareholder of a series of a Trust who is the record owner of such shares. For purposes of this Privacy Policy, references to "the Trust" shall include PI when acting in this capacity.

<sup>3</sup> When distributing this Policy, the Trust may combine the distribution with any similar distribution of its investment adviser's privacy policy. The distributed, combined, policy may be written in the first person (i.e. by using "we" instead of "the Trust").

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| **52** | **PIMCO VARIABLE INSURANCE TRUST** |

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| **Approval of Investment Advisory Contract and Other Agreements** | (Unaudited) |

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At a meeting held on August 23-24, 2022, the Board of Trustees (the "Board") of PIMCO Variable Insurance Trust (the "Trust"), including the Trustees who are not "interested persons" of the Trust under the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered and unanimously approved the renewal of the Amended and Restated Investment Advisory Contract (the "Investment Advisory Contract") between the Trust, on behalf of the Trust's series (each, a "Portfolio" and collectively, the "Portfolios"), and Pacific Investment Management Company LLC ("PIMCO"), for an additional one-year term through August 31, 2023. The Board also considered and unanimously approved the renewal of the Amended and Restated Supervision and Administration Agreement (the "Supervision and Administration Agreement") between the Trust, on behalf of the Portfolios, and PIMCO for an additional one-year term through August 31, 2023. In addition, the Board considered and unanimously approved the renewal of the Amended and Restated Asset Allocation Sub-Advisory Agreement (the "Asset Allocation Agreement" and, together with the Investment Advisory Contract and the Supervision and Administration Agreement, the "Agreements") between PIMCO, on behalf of PIMCO All Asset Portfolio, a series of the Trust, and Research Affiliates, LLC ("Research Affiliates") for an additional one-year term through August 31, 2023. In addition, the Board considered and unanimously approved the renewal of the investment management agreements between PIMCO and each of the wholly-owned subsidiaries (each, a "Subsidiary" and, collectively, the "Subsidiaries") of certain of the Portfolios (collectively, the "Subsidiary Agreements"), each for the same additional one-year term through August 31, 2023.

The information, material factors and conclusions that formed the basis for the Board's approvals are summarized below.

1. INFORMATION RECEIVED

(a) Materials Reviewed: During the course of the past year, the Trustees received a wide variety of materials relating to the services provided by PIMCO and Research Affiliates to the Trust. At each of its quarterly meetings, the Board reviewed the Portfolios' investment performance and a significant amount of information relating to Portfolio operations, including shareholder services, valuation and custody, the Portfolios' compliance program and other information relating to the nature, extent and quality of services provided by PIMCO and Research Affiliates to the Trust and each of the Portfolios, as applicable. In considering whether to approve the renewal of the Agreements and the Subsidiary Agreements, the Board reviewed additional information, including, but not limited to: comparative industry data with regard to investment performance; advisory and supervisory and administrative fees and expenses; financial information for PIMCO and, where relevant, financial information for Research Affiliates; information regarding the profitability to PIMCO of its relationship with the Portfolios; information about the personnel

providing investment management services, other advisory services and supervisory and administrative services to the Portfolios; and information about the fees charged and services provided to other clients with similar investment mandates as the Portfolios, where applicable. In addition, the Board reviewed materials provided by counsel to the Trust and the Independent Trustees ("Counsel"), which included, among other things, a memorandum outlining legal duties of the Board in considering the renewal of the Agreements and Subsidiary Agreements.

With respect to the Subsidiary Agreements, the Trustees considered that each Portfolio that has a Subsidiary may utilize its Subsidiary to execute its investment strategy and that PIMCO provides investment advisory and administrative services to the Subsidiaries pursuant to the Subsidiary Agreements in the same manner as it does for such Portfolios that have Subsidiaries under the Investment Advisory Contract and Supervision and Administration Agreement. The Trustees also considered that, with respect to each Subsidiary, PIMCO does not retain a separate advisory or other fee from the Subsidiary, and that PIMCO's profitability with respect to each Portfolio that has a Subsidiary is not positively impacted as a result of the Subsidiary Agreements. The Trustees determined, therefore, that it was appropriate to consider the approval of the Subsidiary Agreements collectively with their consideration of the continuation of the Agreements.

(b) Review Process: In connection with considering the renewal of the Agreements, the Board reviewed written materials prepared by PIMCO and, where applicable, Research Affiliates in response to requests from Counsel encompassing a wide variety of topics. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from Counsel, and reviewed comparative fee and performance data prepared at the Board's request by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company performance information and fee and expense data. The Board received presentations on matters related to the Agreements and met both as a full Board and in a separate session of the Independent Trustees, without management present, at the August 23-24, 2022 meeting. The Independent Trustees also met via video conference with Counsel on July 14, 2022, and conducted a video conference meeting on August 10, 2022 with management and Counsel to discuss the materials presented and other matters deemed relevant to their consideration of the renewal of the Agreements. In connection with its review of the Agreements, the Board received comparative information on the performance, the risk-adjusted performance and the fees and expenses of other peer group funds and share classes. The Independent Trustees also requested and received supplemental information, including information regarding Broadridge peer classifications, the investment strategies and outflows for certain Portfolios, Portfolio performance and profitability.

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **53** |

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| **Approval of Investment Advisory Contract and Other Agreements** | **(Cont.)** |

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The approval determinations were made on the basis of each Trustee's business judgment after consideration and evaluation of all the information presented. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. In deciding to approve the renewal of the Agreements, the Board did not identify any single factor or particular information that, in isolation, was controlling. The discussion below is intended to summarize the broad factors and information that figured prominently in the Board's consideration of the renewal of the Agreements, but is not intended to summarize all of the factors considered by the Board.

2. NATURE, EXTENT AND QUALITY OF SERVICES

(a) PIMCO, Research Affiliates, their Personnel and Resources: The Board considered the depth and quality of PIMCO's investment management process, including, but not limited to: the experience, capability and integrity of its senior management and other personnel; the overall financial strength and stability of its organization; and the ability of its organizational structure to address changes in the Portfolios' asset levels. The Board also considered the various services in addition to portfolio management that PIMCO provides under the Investment Advisory Contract. The Board noted that PIMCO makes available to its investment professionals a variety of resources and systems relating to investment management, compliance, trading, performance and portfolio accounting. The Board also noted PIMCO's commitment to enhancing and investing in its global infrastructure, technology capabilities, risk management processes and the specialized talent needed to stay at the forefront of the competitive investment management industry and to strengthen its ability to deliver services under the Agreements. The Board considered PIMCO's policies, procedures and systems reasonably designed to assure compliance with applicable laws and regulations, including new regulations impacting the Portfolios, and its commitment to further developing and strengthening these programs; its oversight of matters that may involve conflicts of interest between the Portfolios' investments and those of other accounts managed by PIMCO; and its efforts to keep the Trustees informed about matters relevant to the Portfolios and their shareholders. The Board also considered PIMCO's investment in new disciplines and talented personnel, which has enhanced PIMCO's services to the Portfolios and has allowed PIMCO to introduce innovative new portfolios over time. In addition, the Board considered the nature, extent and quality of services provided by PIMCO to the Subsidiaries of certain applicable Portfolios.

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented, including the ongoing development of its own proprietary software and applications to support the Portfolios. Similarly, the Board considered the asset allocation services provided by Research Affiliates to the PIMCO All

Asset Portfolio. The Board further considered PIMCO's oversight of Research Affiliates in connection with Research Affiliates providing asset allocation services to the All Asset Portfolio. The Board also considered the depth and quality of Research Affiliates' investment management and research capabilities, the experience and capabilities of its portfolio management personnel and the overall financial strength of the organization. Ultimately, the Board concluded that the nature, extent and quality of services provided or procured by PIMCO under the Agreements and the Subsidiary Agreements and provided by Research Affiliates under the Asset Allocation Agreement are likely to continue to benefit the Portfolios and their shareholders, as applicable.

(b) Other Services: The Board also considered the nature, extent and quality of supervisory and administrative services provided by PIMCO to the Portfolios under the Supervision and Administration Agreement.

The Board considered the terms of the Supervision and Administration Agreement, under which the Trust pays for the supervisory and administrative services provided pursuant to that agreement under what is essentially an all-in fee structure (the "unified fee"). In return, PIMCO provides or procures certain supervisory and administrative services and bears the costs of various third party services required by the Portfolios, including, but not limited to, audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board also noted that the scope and complexity, as well as the costs, of the supervisory and administrative services provided by PIMCO under the Supervision and Administration Agreement continue to increase. The Board considered PIMCO's provision of supervisory and administrative services and its supervision of the Trust's third party service providers to assure that these service providers continue to provide a high level of service relative to alternatives available in the market.

Ultimately, the Board concluded that the nature, extent and quality of the services provided or procured by PIMCO has benefited, and will likely continue to benefit, the Portfolios and their shareholders.

3. INVESTMENT PERFORMANCE

The Board reviewed information from PIMCO concerning the Portfolios' performance, as available, over short- and long-term periods ended March 31, 2022 and other performance data, as available, over short- and long-term periods ended June 30, 2022 (the "PIMCO Report") and from Broadridge concerning the Portfolios' performance, as available, over short- and long-term periods ended March 31, 2022 (the "Broadridge Report"). The Board also noted that while historically the Broadridge Report included peer classifications from only Lipper, as part of this approval process the Broadridge Report incorporated peer classifications from Morningstar for the Portfolios for which it was believed that Morningstar provided a materially improved comparison.

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(Unaudited)

The Board considered information regarding both the short- and long-term relative and absolute investment performance of each Portfolio relative to its Portfolio peer group, where appropriate, and relevant benchmark index as provided to the Board in advance of each of its quarterly meetings throughout the year, including the PIMCO Report and Broadridge Report. The Trustees reviewed information indicating that classes of each Portfolio would have substantially similar performance to that of the Administrative Class of the relevant Portfolio on a relative basis because all of the classes are invested in the same portfolio of investments and that differences in performance among classes could principally be attributed to differences in the supervisory and administrative fees and distribution and/or servicing expenses of each class. The Board noted that, due to differences (such as specific investment strategies or fee structures) between certain of the Portfolios and their so-called peers in the Broadridge categories, performance comparisons may not be particularly relevant to the consideration of Portfolio performance, but found the comparative information supported its overall evaluation.

The Trustees noted that a majority of the Portfolios (based on the Administrative Class performance) have outperformed their respective benchmark indexes over the three-, five-, and ten-year periods ended March 31, 2022, and that a majority of the Portfolios (based on the Administrative Class performance) have outperformed their benchmarks since inception for the period ended March 31, 2022. The Board also discussed actions that have been taken by PIMCO to attempt to improve performance and took note of PIMCO's plans to monitor performance going forward.

The Board ultimately concluded, within the context of all of its considerations in connection with the Agreements and the Subsidiary Agreements, that PIMCO's performance record and process in managing the Portfolios indicates that its continued management is likely to benefit the Portfolios and their shareholders and merits the approval of the renewal of the Agreements and the Subsidiary Agreements.

4. ADVISORY FEES, SUPERVISORY AND ADMINISTRATIVE FEES AND TOTAL EXPENSES

The Board considered that PIMCO seeks to price new funds to scale at the outset. The Board noted that PIMCO generally seeks to price new funds competitively against the median total expense ratio of the respective Broadridge peer group, if available, while acknowledging that a fee premium may be appropriate for innovative investment offerings. PIMCO reported to the Board that, in proposing fees for any Portfolio or class of shares, it considers a number of factors, including, but not limited to, the type and complexity of the services provided, the cost of providing services, the risk assumed by PIMCO in the development of products and the provision of services and the

competitive marketplace for financial products. Fees charged to or proposed for different Portfolios for advisory services and supervisory and administrative services may vary in light of these various factors.

The Board reviewed the advisory fees, supervisory and administrative fees and total expenses of the Portfolios (each as a percentage of average net assets) and compared such amounts with the average and median fee and expense levels of other similar funds. The Board also reviewed information relating to the sub-advisory fees paid to Research Affiliates with respect to applicable Portfolios, taking into account that PIMCO compensates Research Affiliates from the advisory fees paid by such Portfolios to PIMCO. With respect to advisory fees, the Board reviewed data from the Broadridge Report that compared the average and median advisory fees of other funds in a "Peer Group" of comparable funds, where appropriate, as well as the universe of other similar funds. The Board reviewed materials indicating that, a number of Portfolios have total expense ratios that fall below the average and median expense ratios in their Peer Group and Broadridge universe. In addition, the Board considered the expense limitation agreement in place for all of the Portfolios and fee waivers in place for certain of the Portfolios and also noted the fee waivers in place with respect to the advisory fee and supervisory and administrative fee that might result from investments by applicable Portfolios in their respective Subsidiaries. The Board also considered that PIMCO reviews the Portfolios' fee levels and carefully considers changes where appropriate.

The Board also reviewed data comparing the Portfolios' advisory fees to the fee rates PIMCO charged to registered funds (open-end and closed-end), private funds, and non-U.S. registered funds, separate accounts, sub-advised clients and collective investment trusts with similar investment strategies. In cases where the fees for other clients were lower than those charged to the Portfolios, the Trustees noted that the differences in fees were attributable to various factors, including, but not limited to, differences in the advisory and other services provided by PIMCO to the Portfolios, differences in the number or extent of the services provided by PIMCO to the Portfolios, the manner in which similar portfolios may be managed, different requirements with respect to liquidity management and the implementation of other regulatory requirements, and the fact that separate accounts may have other contractual arrangements or arrangements across PIMCO strategies that justify different levels of fees. The Board considered that, with respect to collective investment trusts, PIMCO performs fewer or less extensive services because collective investment trusts are generally exempt from SEC regulation; investors in a collective investment trust may receive shareholder services from a trustee bank, rather than PIMCO; collective investment trusts have less regulatory disclosure; and the management structure of collective investment trusts differs from that of funds. The Trustees also considered that PIMCO faces increased entrepreneurial, legal and

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| **Approval of Investment Advisory Contract and Other Agreements** | **(Cont.)** |

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regulatory risk in sponsoring and managing mutual funds and ETFs as compared to separate accounts, external sub-advised funds or other investment products. In addition, the Trustees considered that PIMCO may charge certain private funds with similar investment mandates lower fees than the Portfolios because such private funds are not required to accept daily redemptions or price their assets on a daily basis, generally do not accept small investors with small account balances and operate under a less complex regulatory regime.

Regarding advisory fees charged by PIMCO in its capacity as sub-adviser to third party/unaffiliated funds, the Trustees took into account that such fees may be lower than the fees charged by PIMCO to serve as adviser to the Portfolios. The Trustees also took into account that there are various reasons for any such differences in fees, including, but not limited to, the fact that PIMCO may be subject to varying levels of entrepreneurial, legal and regulatory risk and different servicing requirements when PIMCO does not serve as the sponsor of a fund and is not principally responsible for all aspects of a fund's investment program and operations as compared to when PIMCO serves as investment adviser and sponsor.

The Board considered the Portfolios' supervisory and administrative fees, comparing them to similar funds managed by other investment advisers in the Broadridge Report. The Board also considered that, as the Portfolios' business has become increasingly complex and the number of Portfolios has grown over time, PIMCO has provided an increasingly broad array of fund supervisory and administrative functions. In addition, the Board considered the Trust's unified fee structure, under which the Trust pays for the supervisory and administrative services it requires for one set fee. In return for this unified fee, PIMCO provides or procures supervisory and administrative services and bears the costs of various third party services required by the Portfolios, including audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board further considered that many other funds pay for comparable services separately, and thus it is difficult to directly compare the Trust's unified supervisory and administrative fees with the fees paid by other funds for administrative services alone. The Board also considered that the unified supervisory and administrative fee leads to Portfolio fees that are fixed over the contract period, rather than variable. The Board noted that, although the unified fee structure does not have breakpoints, it inherently reflects certain economies of scale by fixing the absolute level of Portfolio fees at competitive levels over the contract period even if the Portfolios' operating costs rise when assets remain flat or decrease. Other factors the Board considered in assessing the unified fee include PIMCO's approach of pricing Portfolios at scale at inception and reinvesting in other important areas of the business that support the Portfolios. The Board considered historical advisory and supervisory and administrative fee reductions implemented for

different Portfolios and classes, noting that the unified fee can be increased or decreased in subsequent contractual periods with Board approval and is subject to the periodic reviews discussed above. The Board noted that, with few exceptions, PIMCO has generally maintained Portfolio fees at the same level as implemented when the unified fee was adopted, and has reduced fees for a number of Portfolios in prior years. The Board concluded that the Portfolios' supervisory and administrative fees were reasonable in relation to the value of the services provided, including the services provided to different classes of shareholders, and that the expenses assumed contractually by PIMCO under the Supervision and Administration Agreement represent, in effect, a cap on overall Portfolio fees during the contractual period, which is beneficial to the Portfolios and their shareholders.

The Board considered the Portfolios' total expenses and discussed with PIMCO certain Portfolios and/or classes of Portfolios that had above median total expenses. Upon comparing the Portfolios' total expenses to other funds in the "Peer Groups" provided by the Broadridge Report, where appropriate, the Board found total expenses of each Portfolio to be reasonable.

The Trustees also considered the advisory fees charged to the Portfolios that operate as funds of funds (the "Funds of Funds") and the advisory services provided in exchange for such fees. The Trustees determined that such services were in addition to the advisory services provided to the underlying funds in which the Funds of Funds may invest and, therefore, such services were not duplicative of the advisory services provided to the underlying funds. The Board also considered the various fee waiver agreements in place for the Funds of Funds. The Board noted that PIMCO is continuing waivers for these Funds of Funds, as well as for certain other Portfolios of the Trust.

Based on the information presented by PIMCO and Research Affiliates, members of the Board determined, in the exercise of their business judgment, that the level of the advisory fees and supervisory and administrative fees charged by PIMCO under the Agreements and the Subsidiary Agreements, that the fees charged by Research Affiliates under the Asset Allocation Agreement, and that the total expenses of each Portfolio, are reasonable.

5. ADVISER COSTS, LEVEL OF PROFITS AND ECONOMIES OF SCALE

The Board reviewed information regarding PIMCO's costs of providing services to, as well as the resulting level of profits from, the Portfolios. To the extent applicable, the Board also reviewed information regarding the portion of a Portfolio's advisory fee retained by PIMCO, following the payment of sub-advisory fees to Research Affiliates, with respect to the Portfolios. Additionally, the Board discussed PIMCO's pre- and post-distribution profit margin ranges with respect to the Portfolios, as compared to the prior year. The Board also noted that it

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had received information regarding the structure and manner in which PIMCO's investment professionals were compensated, and PIMCO's view of the relationship of such compensation to the recruitment and retention of quality personnel. The Board considered PIMCO's investment in global infrastructure, technology capabilities, risk management processes and qualified personnel to reinforce existing services, offer new services, and accommodate changing regulatory requirements.

The Board considered the existence of any economies of scale and noted that, to the extent that PIMCO achieves economies of scale in managing the Portfolios, PIMCO shares the benefits of such economies of scale, if any, with the Portfolios and their shareholders in a number of ways, including investing in portfolio and trade operations management, firm technology, middle and back office support, legal and compliance, and fund administration logistics; senior management supervision, governance and oversight of those services; and through fee reductions or waivers, the pricing of Portfolios to scale from inception and the enhancement of services provided to the Portfolios in return for fees paid. The Board reviewed the history of the Portfolios' fee structure. The Board considered that the Portfolios' unified fee rates had been set competitively and/or priced to scale from inception, had been held steady during the contractual period at that scaled competitive rate for most Portfolios as assets grew, or as assets declined in the case of some Portfolios, and continued to be competitive compared with peers. The Board also considered that the unified fee is a transparent means of informing a Portfolio's shareholders of the fees associated with the Portfolio, and that the Portfolio bears certain expenses that are not covered by the advisory fee or the unified fee. The Board further considered the challenges that arise when managing large funds, which can result in certain "diseconomies" of scale and noted that PIMCO has continued to reinvest in many areas of the business to support the Portfolios.

The Trustees considered that the unified fee has provided inherent economies of scale because a Portfolio maintains competitive fixed fees over the annual contract period even if the particular Portfolio's assets decline and/or operating costs rise. The Trustees further considered that, in contrast, breakpoints may be a proxy for charging higher fees on lower asset levels and that when a fund's assets decline, breakpoints may reverse, which causes expense ratios to increase. The Trustees also considered that, unlike the Portfolios' unified fee structure, funds with "pass through" administrative fee structures may experience increased expense ratios when fixed dollar fees are charged against declining fund assets. In addition, the Trustees considered that the unified fee protects shareholders from a rise in operating costs that may result from, among other things, PIMCO's investments in various business enhancements and infrastructure, including those referenced above. The Trustees noted that PIMCO's investments in these areas are extensive.

The Board concluded that the Portfolios' cost structures were reasonable and that PIMCO is appropriately sharing economies of scale, if any, through the Portfolios' unified fee structure, generally pricing Portfolios to scale at inception and reinvesting in its business to provide enhanced and expanded services to the Portfolios and their shareholders.

6. ANCILLARY BENEFITS

The Board considered other benefits realized by PIMCO and its affiliates as a result of PIMCO's relationship with the Trust. Such benefits may include possible ancillary benefits to PIMCO's institutional investment management business due to the reputation and market penetration of the Trust or third party service providers' relationship-level fee concessions, which decrease fees paid by PIMCO. The Board also considered that affiliates of PIMCO provide distribution and/or shareholder services to the Portfolios and their shareholders, for which they may be compensated through distribution and servicing fees paid pursuant to the Portfolios' Rule 12b-1 plans or otherwise. The Board noted that, while PIMCO has the authority to receive the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the Portfolios, it has adopted a policy not to enter into contractual soft dollar arrangements.

7. CONCLUSIONS

Based on their review, including their comprehensive consideration and evaluation of each of the broad factors and information summarized above, the Independent Trustees and the Board as a whole concluded that the nature, extent and quality of the services rendered to the Portfolios by PIMCO and Research Affiliates supported the renewal of the Agreements and the Subsidiary Agreements. The Independent Trustees and the Board as a whole concluded that the Agreements and the Subsidiary Agreements continued to be fair and reasonable to the Portfolios and their shareholders, that the Portfolios' shareholders received reasonable value in return for the fees paid to PIMCO by the Portfolios under the Investment Advisory Contract, Supervision and Administration Agreement and the Subsidiary Agreements and the fees paid to Research Affiliates by PIMCO under the Asset Allocation Agreement, and that the renewal of the Agreements and the Subsidiary Agreements was in the best interests of the Portfolios and their shareholders.

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**General Information** 

**Investment Adviser and Administrator** 

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

**Distributor** 

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

**Custodian** 

State Street Bank and Trust Company

801 Pennsylvania Avenue

Kansas City, MO 64105

**Transfer Agent** 

SS&C Global Investor & Distribution Solutions, Inc.

430 W 7th Street STE 219024

Kansas City, MO 64105-1407

**Legal Counsel** 

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

**Independent Registered Public Accounting Firm** 

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the Portfolio listed on the Report cover.

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**pimco.com/pvit**![LOGO](g313363g06y60.jpg)

PVIT14AR_123122

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![LOGO](g436436g13e39.jpg)

PIMCO VARIABLE INSURANCE TRUST

## Annual Report
December 31, 2022

PIMCO Long-Term U.S. Government Portfolio

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**Table of Contents** 

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|  | Page |
| &nbsp;&nbsp; [Chairman's Letter](#tx436436_1) | 2 |
| &nbsp;&nbsp; [Important Information About the PIMCO Long-Term U.S. Government Portfolio](#tx436436_2) | 4 |
| &nbsp;&nbsp; [Portfolio Summary](#tx436436_3) | 7 |
| &nbsp;&nbsp; [Expense Example](#tx436436_4) | 8 |
| &nbsp;&nbsp; [Financial Highlights](#tx436436_5) | 10 |
| &nbsp;&nbsp; [Statement of Assets and Liabilities](#tx436436_6) | 12 |
| &nbsp;&nbsp; [Statement of Operations](#tx436436_7) | 13 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets](#tx436436_8) | 14 |
| &nbsp;&nbsp; [Statement of Cash Flows](#tx436436_9) | 15 |
| &nbsp;&nbsp; [Schedule of Investments](#tx436436_10) | 16 |
| &nbsp;&nbsp; [Notes to Financial Statements](#tx436436_11) | 22 |
| &nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm](#tx436436_12) | 40 |
| &nbsp;&nbsp; [Glossary](#tx436436_13) | 41 |
| &nbsp;&nbsp; [Federal Income Tax Information](#tx436436_14) | 42 |
| &nbsp;&nbsp; [Management of the Trust](#tx436436_15) | 43 |
| &nbsp;&nbsp; [Privacy Policy](#tx436436_16) | 45 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements](#tx436436_17) | 46 |

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This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust (the "Trust") prospectus for the Portfolio. (The variable product prospectus may be obtained by contacting your Investment Consultant.)

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**Chairman's Letter**

Dear Shareholder,

2022 was a challenging year in the financial markets. We continue to work tirelessly to navigate global markets and manage the assets that you have entrusted with us. Following this letter is the PIMCO Variable Insurance Trust Annual Report, which covers the 12-month reporting period ended December 31, 2022 (the "reporting period"). On the subsequent pages, you will find details regarding investment results and a discussion of the factors that most affected performance during the reporting period.

For the 12-month reporting period ended December 31, 2022

The global economy faced significant headwinds in 2022, including those related to higher inflation, the COVID-19 pandemic, and the Russia-Ukraine conflict. First and second quarter 2022 U.S. annualized gross domestic product ("GDP") returned -1.6% and -0.6%, respectively. The economy strengthened in the third quarter, with annualized GDP rising 3.2%. The Commerce Department's initial estimate for fourth quarter 2022 annualized GDP — released after the reporting period ended — was 2.9%.

The Federal Reserve Board (the "Fed" or "U.S. central bank") took actions to combat elevated inflation. In March 2022, the Fed raised the federal funds rate 0.25% to a range between 0.25% and 0.50%, its first rate hike since 2018. The U.S. central bank then raised rates at its next six meetings, for a total increase of 4.25% in 2022. At the end of the year, the federal funds rate was in a range between 4.25% and 4.50%.

Economies outside the U.S. also faced several headwinds. In its October 2022 World Economic Outlook Update, the International Monetary Fund (the "IMF") downgraded its expectation for 2022 GDP citing "turbulent challenges" including high inflation, tightening financial conditions, as well as the ongoing Russia-Ukraine conflict and COVID-19 pandemic. For 2022, the IMF included in its projections that GDP would grow 1.6% in the U.S. (from 5.7% in 2021), 3.1% in the eurozone (from 5.2% in 2021), 3.6% in the U.K. (from 7.4% in 2021), and 1.7% in Japan (the same as in 2021).

Several central banks tightened their respective monetary policies in recent years. For example, in December 2021, prior to the beginning of the reporting period, the Bank of England (the "BoE") raised rates for the first time since COVID-19 began. The BoE again raised rates at its next eight meetings, for a total of 3.50% in rate hikes since its first increase. The European Central Bank raised rates four times in 2022, for a total increase of 2.50%. In contrast, the Bank of Japan (the "BoJ") maintained its loose monetary policy for most of 2022. However, in December 2022 the BoJ announced that it would allow its 10-year government bond yield to rise to 0.5% (previously limited to 0.25%). The news sent the 10-year bond yield and Japanese yen higher, as market participants interpreted the announcement to mean that the BoJ may pivot from its previous monetary stance.

During the reporting period, short- and long-term U.S. Treasury yields moved higher. The yield on the benchmark 10-year U.S. Treasury note was 3.88% on December 31, 2022, versus 1.52% on December 31, 2021. The Bloomberg Global Treasury Index (USD Hedged), which tracks fixed-rate, local currency government debt of investment grade countries, including developed and emerging markets, returned -10.79%. Meanwhile, the Bloomberg Global Aggregate Credit Index (USD Hedged), a widely used index of global investment grade credit bonds, returned -14.22%. Riskier fixed income asset classes, including high yield corporate bonds and emerging market debt, were also weak. The ICE BofAML Developed Markets High Yield Constrained Index (USD Hedged), a widely used index of below-investment-grade bonds, returned -10.56%, whereas emerging market external debt, as represented by the JPMorgan Emerging Markets Bond Index (EMBI) Global (USD Hedged), returned -16.45%. Emerging market local bonds, as represented by the JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged), returned -11.69%. Finally, the municipal market, as represented by the Bloomberg Municipal Bond Index, returned -8.53%.

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| **2** | **PIMCO VARIABLE INSURANCE TRUST** |

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Amid periods of volatility, global equities generally posted weak results during the reporting period as economic and geopolitical concerns weighed on investor sentiment. U.S. equities, as represented by the S&P 500 Index, returned -18.11%. Global equities, as represented by the MSCI World Index, returned -18.14%, while emerging market equities, as measured by the MSCI Emerging Markets Index, returned -20.09%. Meanwhile, Japanese equities, as represented by the Nikkei 225 Index (in Japanese yen), returned -7.37% and European equities, as represented by the MSCI Europe Index (in euro), returned -9.49%.

Commodity prices were volatile and generated mixed returns during the reporting period. Brent crude oil, which was approximately $77.24 a barrel at the start of the reporting period, rose to roughly $82.82 a barrel at the end of December 2022. Prices of other commodities, such as copper and gold, declined during the period.

Finally, there were also periods of volatility in the foreign exchange markets. We believe this was driven by several factors, including economic growth expectations and changing central bank monetary policies, as well as rising inflation, COVID-19 variants, and geopolitical events. The U.S. dollar strengthened against several major currencies. For example, during the reporting period, the U.S. dollar returned 5.85%, 10.71%, and 12.23% versus the euro, the British pound and the Japanese yen, respectively.

Thank you for the assets you have placed with us. We deeply value your trust, and we will continue to work diligently to meet your broad investment needs.

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| ![LOGO](g436436g19a01.jpg) | Sincerely,<br>![LOGO](g436436g65f33.jpg) <br>Peter G. Strelow<br> Chairman of the Board<br>PIMCO Variable Insurance Trust<br>|

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Past performance is no guarantee of future results. Unless otherwise noted, index returns reflect the reinvestment of income distributions and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. It is not possible to invest directly in an unmanaged index.

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>3</sub> |

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**Important Information About the PIMCO Long-Term U.S. Government Portfolio**

PIMCO Variable Insurance Trust (the "Trust") is an open-end management investment company that includes the PIMCO Long-Term U.S. Government Portfolio (the "Portfolio"). The Portfolio is only available as a funding vehicle under variable life insurance policies or variable annuity contracts issued by insurance companies ("Variable Contracts"). Individuals may not purchase shares of the Portfolio directly. Shares of the Portfolio also may be sold to qualified pension and retirement plans outside of the separate account context.

We believe that bond funds have an important role to play in a well- diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed income securities and other instruments held by the Portfolio are likely to decrease in value. A wide variety of factors can cause interest rates to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that management will anticipate such movement accurately. The Portfolio may lose money as a result of movements in interest rates.

As of the date of this report, interest rates in the United States and many parts of the world, including certain European countries, continue to increase. In efforts to combat inflation, the U.S. Federal Reserve raised interest rates multiple times in 2022 and has indicated an expectation that it will continue to raise interest rates in 2023. Thus, the Portfolio currently faces a heightened level of risk associated with rising interest rates and/or bond yields. This could be driven by a variety of factors, including but not limited to central bank monetary policies, changing inflation or real growth rates, general economic conditions, increasing bond issuances or reduced market demand for low yielding investments. Further, while bond markets have steadily grown over the past three decades, dealer inventories of corporate bonds are near historic lows in relation to market size. As a result, there has been a significant reduction in the ability of dealers to "make markets."

Bond funds and individual bonds with a longer duration (a measure used to determine the sensitivity of a security's price to changes in interest rates) tend to be more sensitive to changes in interest rates, usually making them more volatile than securities or funds with shorter durations. All of the factors mentioned above, individually or collectively, could lead to increased volatility and/or lower liquidity in the fixed income markets or negatively impact the Portfolio's performance or cause the Portfolio to incur losses. As a result, the Portfolio may experience increased shareholder redemptions, which, among other things, could further reduce the net assets of the Portfolio.

The Portfolio may be subject to various risks as described in the Portfolio's prospectus and in the Principal and Other Risks in the Notes to Financial Statements.

Classifications of the Portfolio's portfolio holdings in this report are made according to financial reporting standards. The classification of a particular portfolio holding as shown in the Allocation Breakdown and Schedule of Investments sections of this report may differ from the classification used for the Portfolio's compliance calculations, including those used in the Portfolio's prospectus, investment objectives, regulatory, and other investment limitations and policies, which may be based on different asset class, sector or geographical classifications. The Portfolio is separately monitored for compliance with respect to prospectus and regulatory requirements.

The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. In 2022, many countries lifted some or all restrictions related to COVID-19. However, the effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations and individual issuers, all of which may negatively impact the Portfolio's performance. In addition, COVID-19 and governmental responses to COVID-19 may negatively impact the capabilities of the Portfolio's service providers and disrupt the Portfolio's operations.

The United States' enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from certain other countries has contributed to and may continue to contribute to international trade tensions and may impact portfolio securities. The United States' enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government's response, may also negatively impact securities and instruments that are economically tied to Russia.

The United Kingdom's withdrawal from the European Union may impact Portfolio returns. The withdrawal may cause substantial volatility in foreign exchange markets, lead to weakness in the exchange rate of the British pound, result in a sustained period of market uncertainty, and destabilize some or all of the other European Union member countries and/or the Eurozone.

The Portfolio may invest in certain instruments that rely in some fashion upon the London Interbank Offered Rate ("LIBOR"). LIBOR is an average interest rate, determined by the ICE Benchmark Administration, that banks charge one another for the use of short-term money. The United Kingdom's Financial Conduct Authority, which regulates LIBOR, has announced plans to ultimately phase out the use of LIBOR. There

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| **4** | **PIMCO VARIABLE INSURANCE TRUST** |

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remains uncertainty regarding future utilization of LIBOR and the nature of any replacement rate (e.g., the Secured Overnight Financing Rate, which is intended to replace U.S. dollar LIBOR and measures the cost of overnight borrowings through repurchase agreement transactions collateralized with U.S. Treasury securities). Any potential effects of the transition away from LIBOR on the Portfolio or on certain instruments in which the Portfolio invests can be difficult to ascertain, and they may vary depending on a variety of factors. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to the Portfolio.

On the Portfolio Summary page in this Shareholder Report, the Average Annual Total Return table and Cumulative Returns chart measure performance assuming that any dividend and capital gain distributions were reinvested. The Cumulative Returns chart reflects only Administrative Class performance. Performance may vary by share class based on each class's expense ratios. The Portfolio measures its performance against at least one broad-based securities market index

("benchmark index"). The benchmark index does not take into account fees, expenses, or taxes. The Portfolio's past performance, before and after taxes, is not necessarily an indication of how the Portfolio will perform in the future. There is no assurance that the Portfolio, even if the Portfolio has experienced high or unusual performance for one or more periods, will experience similar levels of performance in the future. High performance is defined as a significant increase in either 1) the Portfolio's total return in excess of that of the Portfolio's benchmark between reporting periods or 2) the Portfolio's total return in excess of the Portfolio's historical returns between reporting periods. Unusual performance is defined as a significant change in the Portfolio's performance as compared to one or more previous reporting periods. Historical performance for the Portfolio or a share class thereof may have been positively impacted by fee waivers or expense limitations in place during some or all of the periods shown, if applicable. Future performance (including total return or yield) and distributions may be negatively impacted by the expiration or reduction of any such fee waivers or expense limitations.

The following table discloses the inception dates of the Portfolio and its share classes along with the Portfolio's diversification status as of period end:

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|:---|:---|:---|:---|:---|:---|
| **Portfolio Name** | **Portfolio<br>Inception** | **Institutional<br>Class** | **Administrative<br>Class** | **Advisor**<br> **Class** | **Diversification<br>Status** |
|  PIMCO Long-Term U.S. Government Portfolio | 04/30/99 | 04/10/00 | 04/30/99 | 09/30/09 | Diversified |

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An investment in the Portfolio is not a bank deposit and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in the Portfolio.

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Portfolio. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither this Portfolio's prospectus nor summary prospectus, the Trust's Statement of Additional Information ("SAI"), any contracts filed as exhibits to the Trust's registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or the Portfolio creates a contract between or among any shareholder of the Portfolio, on the one hand, and the Trust, the Portfolio, a service provider to the Trust or the Portfolio, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service providers or other delegates acting under authority of the Trustees) may amend the most recent prospectus or use a new prospectus, summary prospectus or SAI with respect to the Portfolio or the Trust, and/or amend, file and/or issue any other communications, disclosure

documents or regulatory filings, and may amend or enter into any contracts to which the Trust or the Portfolio is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to the Portfolio, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust's then-current prospectus or SAI.

PIMCO has adopted written proxy voting policies and procedures ("Proxy Policy") as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at (888) 87-PIMCO, on the Portfolio's website at www.pimco.com/pvit, and on the Securities and Exchange Commission's ("SEC") website at www.sec.gov.

The Portfolio files portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The Portfolio's complete schedule of securities holdings as of the end of

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>5</sub> |

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| **Important Information About the PIMCO Long-Term U.S. Government Portfolio** | **(Cont.)** |

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each fiscal quarter will be made available to the public on the SEC's website at www.sec.gov and on PIMCO's website at www.pimco.com/pvit, and will be made available, upon request, by calling PIMCO at (888) 87-PIMCO.

SEC rules allow shareholder reports to be delivered to investors by providing access to such reports online free of charge and by mailing a notice that the report is electronically available. Investors may elect to receive all future reports in paper free of charge by contacting their insurance company. Any election to receive reports in paper will apply to all portfolio companies available under the investor's contract at the insurance company.

In October 2020, the SEC adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover transactions. Subject to certain exceptions, and the rule requires portfolios that trade derivatives and other transactions that create future payment or delivery obligations to comply with a value-at-risk leverage limit and certain derivatives risk management program and reporting requirements. These requirements may limit the ability of the Portfolio to use derivatives and reverse repurchase agreements and similar financing transactions as part of its investment strategies and may increase the cost of the Portfolio's investments and cost of doing business, which could adversely affect investors. The rule went into effect on February 19, 2021. The compliance date for the new rule and related reporting requirements was August 19, 2022.

In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value as well as for the performance of fair value determinations, including related oversight and reporting obligations. The new rule also defines "readily available market quotations" for purposes of the definition of "value" under the Investment Company Act of 1940 (the "Act"), and the SEC noted that this definition will apply in all contexts under the Act. The effective date for the rule was March 8, 2021. The compliance date for the new rule and the related reporting requirements was September 8, 2022.

In May 2022, the SEC proposed amendments to a current rule governing portfolio naming conventions. In general, the current rule requires portfolios with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The proposed amendments would expand the scope of the current rule in a number of ways that would result in an expansion of the types of portfolio names that would require the portfolio to adopt an 80% investment policy under the rule. Additionally, the

proposed amendments would modify the circumstances under which a portfolio may deviate from its 80% investment policy and address the use and valuation of derivatives instruments for purposes of the rule. The proposal's impact on the Portfolio will not be known unless and until any final rulemaking is adopted.

In May 2022, the SEC proposed a framework that would require certain registered portfolios (such as the Portfolio) to disclose their environmental, social, and governance ("ESG") investing practices. Among other things, the proposed requirements would mandate that portfolios meeting three pre-defined classifications (i.e., integrated, ESG focused and/or impact funds) provide prospectus and shareholder report disclosure related to the ESG factors, criteria and processes used in managing the portfolio. The proposal's impact on the Portfolio will not be known unless and until any final rulemaking is adopted.

In October 2022, the SEC adopted changes to the mutual fund and exchange-traded fund ("ETF") shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which will impact the disclosures provided to shareholders. The rule amendments are effective as of January 24, 2023, but the SEC is providing an 18-month compliance period following the effective date for such amendments other than those addressing fee and expense information in advertisements that might be materially misleading.

In November 2022, the SEC proposed rule amendments which, among other things, would require funds to adopt swing pricing in order to mitigate dilution of shareholders' interests in a fund by requiring the adjustment of fund net asset value per share to pass on costs stemming from shareholder purchase or redemption activity. In addition the proposed rule would amend the liquidity rule framework. The proposal's impact on the Portfolio will not be known unless and until any final rulemaking is adopted.

In November 2022, the SEC adopted amendments to Form N-PX under the Act to improve the utility to investors of proxy voting information reported by mutual funds, ETFs and certain other funds. The rule amendments will expand the scope of funds' Form N-PX reporting obligations, subject managers to Form N-PX reporting obligations for "Say on Pay" votes, enhance Form N-PX disclosures, permit joint reporting by funds, managers and affiliated managers on Form N-PX; and require website availability of fund proxy voting records. The amendments will become effective on July 1, 2024. Funds and managers will be required to file their first reports covering the period from July 1, 2023 to June 30, 2024 on amended Form N-PX by August 31, 2024.

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| **6** | **PIMCO VARIABLE INSURANCE TRUST** |

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**PIMCO Long-Term U.S. Government Portfolio** 

Cumulative Returns Through December 31, 2022

![LOGO](g436436g03u19.jpg)

$10,000 invested at the end of the month when the Portfolio's Administrative Class commenced operations.

Allocation Breakdown as of December 31, 2022<sup>†§</sup>

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|  U.S. Treasury Obligations | 61.5% |
|  Short-Term Instruments<sup>‡</sup>  | 28.7% |
|  U.S. Government Agencies | 6.4% |
|  Non-Agency Mortgage-Backed Securities | 2.9% |
|  Other | 0.5% |

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| <sup>†</sup> | % of Investments, at value.  |

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| <sup>§</sup> | Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.  |

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<sup>‡</sup> Includes Central Funds Used for Cash Management Purposes.

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|:---|:---|:---|:---|:---|:---|
| Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 |
|  |  | 1 Year | 5 Years | 10 Years | Inception<sup>≈</sup> |
|  | PIMCO Long-Term U.S. Government Portfolio Institutional Class | (28.77)% | (2.39)% | 0.41% | 5.24% |
| ![LOGO](g436436g94o20.jpg) | PIMCO Long-Term U.S. Government Portfolio Administrative Class | (28.87)% | (2.54)% | 0.27% | 5.06% |
|  | PIMCO Long-Term U.S. Government Portfolio Advisor Class | (28.95)% | (2.63)% | 0.16% | 2.80% |
| ![LOGO](g436436g08y58.jpg) | Bloomberg Long-Term Treasury Index<sup>±</sup> | (29.26)% | (2.20)% | 0.60% | 4.88%<sup>¨</sup> |

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All Portfolio returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

<sup>≈</sup> For class inception dates please refer to the Important Information.

<sup>¨</sup> Average annual total return since 04/30/1999.

<sup>±</sup> Bloomberg Long-Term Treasury Index consists of U.S. Treasury issues with maturities of 10 or more years.

It is not possible to invest directly in an unmanaged index.

*Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. The Portfolio's performance does not reflect the deduction of additional charges and expenses imposed in connection with investing in Variable Contracts, which will reduce returns. Differences in the Portfolio's performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the prices of individual positions (which may be sourced from different pricing vendors or other sources) used by the Portfolio and the index. For performance current to the most recent month-end, visit www.pimco.com/pvit or via (888) 87-PIMCO.* 

*The Portfolio's total annual operating expense ratio in effect as of period end was 0.505% for Institutional Class shares, 0.655% for Administrative Class shares, and 0.755% for Advisor Class shares. Details regarding any changes to the Portfolio's operating expenses, subsequent to period end, can be found in the Portfolio's current prospectus, as supplemented.* 

Investment Objective and Strategy Overview

PIMCO Long-Term U.S. Government Portfolio seeks maximum total return, consistent with preservation of capital and prudent investment management, by investing under normal circumstances at least 80% of its assets in a diversified portfolio of fixed income securities that are issued or guaranteed by the U.S. Government, its agencies or government-sponsored enterprises ("U.S. Government Securities"), which may be represented by forwards or derivatives such as options, futures contracts or swap agreements. Assets not invested in U.S. Government Securities may be invested in other types of Fixed Income Instruments. "Fixed Income Instruments" include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. Portfolio strategies may change from time to time. Please refer to the Portfolio's current prospectus for more information regarding the Portfolio's strategy.

Portfolio Insights

The following affected performance (on a gross basis) during the reporting period:

» Underweight exposure to U.S. interest rate strategies overall, including duration, curve positioning, and instrument selection, contributed to performance, as U.S. Treasury yields rose across the curve.

» Out-of-benchmark exposure to agency mortgage-backed securities ("MBS") contributed to performance, as the strategy outperformed like-duration treasuries.

» Out-of-benchmark exposure to commercial MBS detracted from performance, as the strategy underperformed like-duration treasuries.

» There were no additional material contributors or detractors for this Portfolio.

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>7</sub> |

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| **Expense Example** | **PIMCO Long-Term U.S. Government Portfolio** |

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Example

As a shareholder of the Portfolio, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including investment advisory fees, supervisory and administrative fees, distribution and/or service (12b-1) fees (if applicable), and other Portfolio expenses. The Example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The Expense Example does not reflect any fees or other expenses imposed by the Variable Contracts. If it did, the expenses reflected in the Expense Example would be higher. The Example is based on an investment of $1,000 invested at the beginning of the period and held from July 1, 2022 to December 31, 2022 unless noted otherwise in the table and footnotes below.

Actual Expenses

The information in the table under the heading "Actual" provides information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60), then multiply the result by the number in the appropriate row for your share class, in the column titled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information in the table under the heading "Hypothetical (5% return before expenses)" provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other portfolios. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other portfolios.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the information under the heading "Hypothetical (5% return before expenses)" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. In addition, if these transactional costs were included, your costs would have been higher.

Expense ratios may vary period to period because of various factors, such as an increase in expenses that are not covered by the investment advisory fees and supervisory and administrative fees, such as fees and expenses of the independent trustees and their counsel, extraordinary expenses and interest expense.

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|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Actual** | **Actual** | **Actual** | **Hypothetical<br>(5% return before expenses)** | **Hypothetical<br>(5% return before expenses)** | **Hypothetical<br>(5% return before expenses)** | |
|  | **Beginning<br>Account Value<br>(07/01/22)** | **Ending<br>Account Value<br>(12/31/22)** | **Expenses Paid<br>During Period<sup>\*</sup>** | **Beginning<br>Account Value<br>(07/01/22)** | **Ending<br>Account Value<br>(12/31/22)** | **Expenses Paid<br>During Period<sup>\*</sup>** | **Net Annualized<br>Expense Ratio\*\*** |
| Institutional Class | $1000.00 | $892.10 | $6.98 | $1000.00 | $1018.11 | $7.44 | 1.45% |
| Administrative Class | 1000.00 | 891.50 | 7.41 | 1000.00 | 1017.65 | 7.90 | 1.54 |
| Advisor Class | 1000.00 | 891.00 | 7.89 | 1000.00 | 1017.14 | 8.41 | 1.64 |

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\* Expenses Paid During Period are equal to the net annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 186/365 (to reflect the one-half year period). Overall fees and expenses of investing in the Portfolio will be higher because the example does not reflect variable contract fees and expenses.

\*\* Net Annualized Expense Ratio is reflective of any applicable contractual fee waivers and/or expense reimbursements or voluntary fee waivers. Details regarding fee waivers, if any, can be found in Note 9, Fees and Expenses, in the Notes to Financial Statements.

---

| | |
|:---|:---|
| **8** | **PIMCO VARIABLE INSURANCE TRUST** |

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##### [**Table of Contents**](#toc)
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| | | |
|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>9</sub> |

---

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Financial Highlights** | **PIMCO Long-Term U.S. Government Portfolio** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year Ended^: | **Net Asset<br>Value<br>Beginning of<br>Year<sup>(a)</sup>** | **Net**<br> **Investment**<br> **Income**<br> **(Loss)<sup>(b)</sup>** | **Net**<br> **Realized/**<br> **Unrealized**<br> **Gain (Loss)** | **Total** | **From Net**<br> **Investment**<br> **Income** | <br> **From Net<br>Realized<br>Capital**<br> **Gain** | **Total** |
| Institutional Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | $&nbsp;&nbsp;&nbsp;&nbsp;11.24 | $&nbsp;&nbsp;&nbsp;&nbsp;0.22 | $&nbsp;&nbsp;&nbsp;&nbsp;(3.43) | $&nbsp;&nbsp;&nbsp;&nbsp;(3.21) | $&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | $0.00 | $(0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 14.77 | 0.21 | (1.01) | (0.80) | (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;(2.52) | &nbsp;&nbsp;&nbsp;&nbsp;(2.73) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 12.90 | 0.26 | 2.02 | 2.28 | (0.28) | (0.13) | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2019 | 11.62 | 0.27 | 1.29 | 1.56 | (0.28) | 0.00 | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2018 | 12.25 | 0.29 | (0.58) | (0.29) | (0.29) | (0.05) | (0.34) |
| Administrative Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 11.24 | 0.18 | (3.40) | (3.22) | (0.19) | 0.00 | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 14.77 | 0.19 | (1.01) | (0.82) | (0.19) | (2.52) | (2.71) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 12.90 | 0.24 | 2.01 | 2.25 | (0.25) | (0.13) | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2019 | 11.62 | 0.25 | 1.29 | 1.54 | (0.26) | 0.00 | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2018 | 12.25 | 0.27 | (0.57) | (0.30) | (0.28) | (0.05) | (0.33) |
| Advisor Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 11.24 | 0.17 | (3.40) | (3.23) | (0.18) | 0.00 | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 14.77 | 0.18 | (1.01) | (0.83) | (0.18) | (2.52) | (2.70) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 12.90 | 0.23 | 2.01 | 2.24 | (0.24) | (0.13) | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2019 | 11.62 | 0.24 | 1.29 | 1.53 | (0.25) | 0.00 | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2018 | 12.25 | 0.26 | (0.58) | (0.32) | (0.26) | (0.05) | (0.31) |

---

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| | |
|:---|:---|
| ^ | A zero balance may reflect actual amounts rounding to less than $0.01 or 0.01%.  |

---

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Portfolio.

<sup>(b)</sup> Per share amounts based on average number of shares outstanding during the year. 

<sup>(c)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

<sup>(d)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Portfolio. Additionally, excludes initial sales charges and contingent deferred sales charges.

<sup>(e)</sup> Expense ratio as presented is calculated based on average net assets for the period presented. Due to significant fluctuations in total net assets during the period, the expense ratio to average net assets differs from the total operating expense ratio in effect for each class. See Note 9, Fees and Expenses in the Notes to Financial Statements for additional information on how the Portfolio's expenses are calculated. 

---

| | | |
|:---|:---|:---|
| **10** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | |
|<br>**Net Asset**<br> **Value End**<br> **of Year<sup>(a)</sup>** |<br>**Total Return<sup>(d)</sup>** |<br>**Net Assets**<br> **End of Year**<br> **(000s)** | **Expenses<sup>(e)</sup>** | **Expenses**<br> **Excluding**<br> **Waivers<sup>(e)</sup>** | **Expenses**<br> **Excluding**<br> **Interest**<br> **Expense<sup>(e)</sup>** | **Expenses**<br> **Excluding**<br> **Interest**<br> **Expense**<br> **and Waivers<sup>(e)</sup>** | **Net**<br> **Investment**<br> **Income (Loss)** |<br>**Portfolio**<br> **Turnover**<br> **Rate** |
| $7.83 | (28.77)% | $50100 | 1.125% | 1.125% | 0.475% | 0.475% | 2.47% | 151% |
| &nbsp;&nbsp;&nbsp;&nbsp;11.24 | (4.64) | 14634 | 0.505 | 0.505 | 0.475 | 0.475 | 1.70 | 69 |
| 14.77 | 17.57 | 50914 | 0.695 | 0.695 | 0.475 | 0.475 | 1.76 | 251 |
| 12.90 | 13.49 | 39140 | 0.595 | 0.595 | 0.475 | 0.475 | 2.17 | 129 |
| 11.62 | (2.23) | 39235 | 0.835 | 0.835 | 0.475 | 0.475 | 2.51 | 164 |
| 7.83 | (28.87) | &nbsp;&nbsp;&nbsp;&nbsp;350822 | 1.135 | 1.135 | 0.625 | 0.625 | 2.01 | 151 |
| 11.24 | (4.78) | 478236 | 0.655 | 0.655 | 0.625 | 0.625 | 1.57 | 69 |
| 14.77 | 17.39 | 500164 | 0.845 | 0.845 | 0.625 | 0.625 | 1.61 | 251 |
| 12.90 | 13.32 | 407059 | 0.745 | 0.745 | 0.625 | 0.625 | 2.01 | 129 |
| 11.62 | (2.38) | 268621 | 0.985 | 0.985 | 0.625 | 0.625 | 2.36 | 164 |
| 7.83 | (28.95) | 38630 | 1.235 | 1.235 | 0.725 | 0.725 | 1.92 | 151 |
| 11.24 | (4.88) | 47344 | 0.755 | 0.755 | 0.725 | 0.725 | 1.47 | 69 |
| 14.77 | 17.28 | 39831 | 0.945 | 0.945 | 0.725 | 0.725 | 1.50 | 251 |
| 12.90 | 13.21 | 25866 | 0.845 | 0.845 | 0.725 | 0.725 | 1.92 | 129 |
| 11.62 | (2.48) | 22243 | 1.085 | 1.085 | 0.725 | 0.725 | 2.26 | 164 |

---

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| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>11</sub> |

---

------

##### [**Table of Contents**](#toc)

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| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **PIMCO Long-Term U.S. Government Portfolio** | December 31, 2022 |

---

---

| | |
|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) |  |
|  **Assets:** |  |
|  *Investments, at value* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities\* | $735425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 19944 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 1250 |
|  Deposits with counterparty | 3525 |
|  Receivable for investments sold | 459337 |
|  Receivable for TBA investments sold | 41981 |
|  Receivable for Portfolio shares sold | 307 |
|  Interest and/or dividends receivable | 3146 |
|  Dividends receivable from Affiliates | 60 |
|  **Total Assets** | 1265463 |
|  **Liabilities:** |  |
|  *Borrowings & Other Financing Transactions* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for sale-buyback transactions | $540070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for short sales | 6257 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 1936 |
|  Payable for investments purchased | 211035 |
|  Payable for investments in Affiliates purchased | 60 |
|  Payable for TBA investments purchased | 62133 |
|  Deposits from counterparty | 561 |
|  Payable for Portfolio shares redeemed | 3476 |
|  Overdraft due to custodian | 1 |
|  Accrued investment advisory fees | 92 |
|  Accrued supervisory and administrative fees | 102 |
|  Accrued distribution fees | 9 |
|  Accrued servicing fees | 51 |
|  **Total Liabilities** | 825911 |
|  **Net Assets** | $439552 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | $651626 |
|  Distributable earnings (accumulated loss) | (212074) |
|  **Net Assets** | $439552 |
|  **Net Assets:** |  |
|  Institutional Class | $50100 |
|  Administrative Class | 350822 |
|  Advisor Class | 38630 |
|  **Shares Issued and Outstanding:** |  |
|  Institutional Class | 6398 |
|  Administrative Class | 44798 |
|  Advisor Class | 4933 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |
|  Institutional Class | $7.83 |
|  Administrative Class | 7.83 |
|  Advisor Class | 7.83 |
|  Cost of investments in securities | $901601 |
|  Cost of investments in Affiliates | $20485 |
|  Proceeds received on short sales | $6297 |
|  Cost or premiums of financial derivative instruments, net | $869 |
|  \* Includes repurchase agreements of: | $196571 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Portfolio.

---

| | | |
|:---|:---|:---|
| **12** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Statement of Operations** | **PIMCO Long-Term U.S. Government Portfolio** |

---

---

| | |
|:---|:---|
| Year Ended December 31, 2022 |  |
| (Amounts in thousands<sup>†</sup>) |  |
|  **Investment Income:** |  |
|  Interest | $13483 |
|  Dividends from Investments in Affiliates | 599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 14082 |
|  **Expenses:** |  |
|  Investment advisory fees | 1001 |
|  Supervisory and administrative fees | 1112 |
|  Distribution and/or servicing fees - Administrative Class | 589 |
|  Distribution and/or servicing fees - Advisor Class | 103 |
|  Trustee fees | 15 |
|  Interest expense | 2290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 5110 |
|  **Net Investment Income (Loss)** | 8972 |
|  **Net Realized Gain (Loss):** |  |
|  Investments in securities | (35750) |
|  Investments in Affiliates | (49) |
|  Exchange-traded or centrally cleared financial derivative instruments | 14638 |
|  Over the counter financial derivative instruments | 237 |
|  **Net Realized Gain (Loss)** | (20924) |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in securities | (146628) |
|  Investments in Affiliates | (488) |
|  Exchange-traded or centrally cleared financial derivative instruments | 4339 |
|  Over the counter financial derivative instruments | (554) |
|  **Net Change in Unrealized Appreciation (Depreciation)** | (143331) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $&nbsp;&nbsp;&nbsp;&nbsp;(155283) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

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| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>13</sub> |

---

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Statements of Changes in Net Assets** | **PIMCO Long-Term U.S. Government Portfolio** |

---

---

| | | |
|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2021** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
|  Net investment income (loss) | $8972 | $8533 |
|  Net realized gain (loss) | (20924) | (7106) |
|  Net change in unrealized appreciation (depreciation) | (143331) | (31145) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | &nbsp;&nbsp;&nbsp;&nbsp;(155283) | (29718) |
|  **Distributions to Shareholders:** |  |  |
|  From net investment income and/or net realized capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (282) | (6636) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (8032) | (94129) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (799) | (8863) |
|  **Total Distributions<sup>(a)</sup>** | (9113) | &nbsp;&nbsp;&nbsp;&nbsp;(109628) |
|  **Portfolio Share Transactions:** |  |  |
|  Net increase (decrease) resulting from Portfolio share transactions\* | 63734 | 88651 |
|  **Total Increase (Decrease) in Net Assets** | (100662) | (50695) |
|  **Net Assets:** |  |  |
|  Beginning of year | 540214 | 590909 |
|  End of year | $439552 | $540214 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

\* See Note 13, Shares of Beneficial Interest, in the Notes to Financial Statements.

<sup>(a)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

---

| | | |
|:---|:---|:---|
| **14** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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------

##### [**Table of Contents**](#toc)

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| | |
|:---|:---|
| **Statement of Cash Flows** | **PIMCO Long-Term U.S. Government Portfolio** |

---

---

| | |
|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **Year Ended<br>December 31, 2022** |
|  **Cash Flows Provided by (Used for) Operating Activities:** |  |
|  Net increase (decrease) in net assets resulting from operations | $(155283) |
|  **Adjustments to Reconcile Net Increase (Decrease) in Net Assets from Operations to Net Cash Provided by (Used for) Operating Activities:** |  |
|  Purchases of long-term securities | (935501) |
|  Proceeds from sales of long-term securities | 885002 |
| (Purchases) Proceeds from sales of short-term portfolio investments, net | 23045 |
| (Increase) decrease in deposits with counterparty | (1700) |
| (Increase) decrease in receivable for investments sold | 218770 |
| (Increase) decrease in interest and/or dividends receivable | (88) |
| (Increase) decrease in dividends receivable from Affiliates | (47) |
|  Proceeds from (Payments on) exchange-traded or centrally cleared financial derivative instruments | 18481 |
|  Proceeds from (Payments on) over the counter financial derivative instruments | 335 |
|  Increase (decrease) in payable for investments purchased | 37411 |
|  Increase (decrease) in deposits from counterparty | 451 |
|  Increase (decrease) in accrued investment advisory fees | (19) |
|  Increase (decrease) in accrued supervisory and administrative fees | (21) |
|  Increase (decrease) in accrued distribution fees | (2) |
|  Increase (decrease) in accrued servicing fees | (14) |
|  Proceeds from (Payments on) short sales transactions, net | (3290) |
|  *Net Realized (Gain) Loss* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 35750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared financial derivative instruments | (14638) |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter financial derivative instruments | (237) |
|  *Net Change in Unrealized (Appreciation) Depreciation* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 146628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared financial derivative instruments | (4339) |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter financial derivative instruments | 554 |
|  Net amortization (accretion) on investments | (1625) |
|  **Net Cash Provided by (Used for) Operating Activities** | 250160 |
|  **Cash Flows Received from (Used for) Financing Activities:** |  |
|  Proceeds from shares sold | 125750 |
|  Payments on shares redeemed | (67847) |
|  Cash distributions paid\* | 0 |
|  Increase (decrease) in overdraft due to custodian | 1 |
|  Proceeds from sale-buyback transactions | 7346411 |
|  Payments on sale-buyback transactions | &nbsp;&nbsp;&nbsp;&nbsp;(7654476) |
|  **Net Cash Received from (Used for) Financing Activities** | (250161) |
|  **Net Increase (Decrease) in Cash and Foreign Currency** | (1) |
|  **Cash and Foreign Currency:** |  |
|  Beginning of year | 1 |
|  End of year | $0 |
|  \* Reinvestment of distributions | $9113 |
|  **Supplemental Disclosure of Cash Flow Information:** |  |
|  Interest expense paid during the year | $2501 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

A Statement of Cash Flows is presented when the Portfolio has a significant amount of borrowing during the year, based on the average total borrowing outstanding in relation to total assets or when substantially all of the Portfolio's investments are not classified as Level 1 or 2 in the fair value hierarchy.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **15** |

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##### [**Table of Contents**](#toc)

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| | |
|:---|:---|
| **Schedule of Investments** | **PIMCO Long-Term U.S. Government Portfolio** |

---

**(Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)** 

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000s)** | **MARKET<br>VALUE<br>(000s)** |
| **INVESTMENTS IN SECURITIES 167.3%** | **INVESTMENTS IN SECURITIES 167.3%** | **INVESTMENTS IN SECURITIES 167.3%** |
| **CORPORATE BONDS & NOTES 0.1%** | **CORPORATE BONDS & NOTES 0.1%** | **CORPORATE BONDS & NOTES 0.1%** |
| **INDUSTRIALS 0.1%** | **INDUSTRIALS 0.1%** | **INDUSTRIALS 0.1%** |
|  **Vessel Management Services, Inc.** | **Vessel Management Services, Inc.** | **Vessel Management Services, Inc.** |
|  3.432% due 08/15/2036 | 444 | 400 |
|  **Total Corporate Bonds & Notes (Cost $444)** | **Total Corporate Bonds & Notes (Cost $444)** | **400** |
| **U.S. GOVERNMENT AGENCIES 11.0%** | **U.S. GOVERNMENT AGENCIES 11.0%** | **U.S. GOVERNMENT AGENCIES 11.0%** |
|  **Fannie Mae** | **Fannie Mae** | **Fannie Mae** |
|  0.000% due 05/15/2030 - 11/15/2030 (c) | 2500 | 1813 |
|  1.958% due 01/01/2033 •  | 3 | 3 |
|  3.000% due 09/25/2046 | 2264 | 1754 |
|  3.580% due 08/01/2030 | 1700 | 1635 |
|  3.600% due 02/01/2040 | 1283 | 1207 |
|  3.821% due 07/25/2037 •  | 3 | 3 |
|  4.250% due 05/25/2037 | 97 | 88 |
|  5.000% due 04/25/2032 - 08/25/2033 | 160 | 158 |
|  5.289% due 04/25/2032 ~ | 1 | 1 |
|  5.500% due 12/25/2035 | 46 | 47 |
|  6.080% due 09/01/2028 | 64 | 70 |
|  6.500% due 07/25/2031 | 30 | 31 |
|  6.625% due 11/15/2030 | 570 | 669 |
|  **Freddie Mac** | **Freddie Mac** | **Freddie Mac** |
|  0.000% due 03/15/2031 - 07/15/2032 (c) | 2700 | 1842 |
|  1.013% due 12/15/2042 ~ | 248 | 185 |
|  3.000% due 04/15/2053 | 1244 | 1002 |
|  3.248% due 10/25/2044 •  | 315 | 314 |
|  3.485% due 03/25/2036 ~ | 162 | 160 |
|  3.500% due 01/15/2048 | 595 | 523 |
|  3.928% due 01/25/2036 ~ | 156 | 154 |
|  4.000% due 06/15/2032 - 09/15/2044 | 5361 | 5094 |
|  4.508% (US0001M + 0.190%) due 10/15/2043 ~ | 964 | 931 |
|  4.718% due 01/15/2033 •  | 2 | 2 |
|  5.018% due 02/15/2027 •  | 1 | 1 |
|  5.500% due 02/15/2034 | 113 | 114 |
|  6.750% due 03/15/2031 | 100 | 118 |
|  7.000% due 07/15/2023 - 12/01/2031 | 3 | 3 |
|  **Ginnie Mae** | **Ginnie Mae** | **Ginnie Mae** |
|  3.000% due 08/20/2030 •  | 1 | 1 |
|  3.500% due 01/20/2044 | 643 | 594 |
|  6.000% due 08/20/2033 | 351 | 356 |
|  **Ginnie Mae, TBA** | **Ginnie Mae, TBA** | **Ginnie Mae, TBA** |
|  4.000% due 01/01/2053 | 7300 | 6909 |
|  4.500% due 01/01/2053 | 1700 | 1649 |
|  **Resolution Funding Corp. STRIPS** | **Resolution Funding Corp. STRIPS** | **Resolution Funding Corp. STRIPS** |
|  0.000% due 10/15/2028 (a) | 600 | 470 |
|  0.000% due 01/15/2030 (c) | 2500 | 1827 |
|  **Tennessee Valley Authority STRIPS** | **Tennessee Valley Authority STRIPS** | **Tennessee Valley Authority STRIPS** |
|  0.000% due 05/01/2030 (c) | 800 | 582 |
|  **U.S. Small Business Administration** | **U.S. Small Business Administration** | **U.S. Small Business Administration** |
|  5.240% due 08/01/2023 | 6 | 6 |
|  5.290% due 12/01/2027 | 26 | 26 |
|  **Uniform Mortgage-Backed Security** | **Uniform Mortgage-Backed Security** | **Uniform Mortgage-Backed Security** |
|  2.500% due 11/01/2046 | 124 | 107 |
|  4.000% due 08/01/2048 | 6 | 6 |
|  **Uniform Mortgage-Backed Security, TBA** | **Uniform Mortgage-Backed Security, TBA** | **Uniform Mortgage-Backed Security, TBA** |
|  3.500% due 02/01/2053 | 600 | 546 |
|  4.000% due 01/01/2053 | 13100 | 12287 |
|  6.000% due 02/01/2053 | 5000 | 5071 |
|  **Total U.S. Government Agencies (Cost $49,999)** | **Total U.S. Government Agencies (Cost $49,999)** | **48359** |
| **U.S. TREASURY OBLIGATIONS 105.6%** | **U.S. TREASURY OBLIGATIONS 105.6%** | **U.S. TREASURY OBLIGATIONS 105.6%** |
|  **U.S. Treasury Bonds** | **U.S. Treasury Bonds** | **U.S. Treasury Bonds** |
|  1.125% due 05/15/2040 (f) | 52630 | 32968 |
|  1.125% due 08/15/2040 (f) | 116540 | 72437 |
|  1.375% due 11/15/2040 (f) | 21220 | 13807 |
|  1.750% due 08/15/2041 | 3300 | 2260 |
|  1.875% due 02/15/2041 (f) | 22200 | 15703 |
|  1.875% due 02/15/2051 (f) | 8000 | 5087 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000s)** | **MARKET<br>VALUE<br>(000s)** |
|  1.875% due 11/15/2051 (f) | 151580 | 96058 |
|  2.000% due 11/15/2041 (f) | 13200 | 9431 |
|  2.000% due 02/15/2050 (f) | 36908 | 24399 |
|  2.000% due 08/15/2051 | 5100 | 3341 |
|  2.250% due 05/15/2041 (f) | 14200 | 10683 |
|  2.250% due 02/15/2052 | 400 | 278 |
|  2.375% due 02/15/2042 (f) | 6500 | 4966 |
|  2.500% due 02/15/2045 | 460 | 347 |
|  2.500% due 02/15/2046 | 4070 | 3049 |
|  2.750% due 11/15/2042 (f) | 5600 | 4494 |
|  2.875% due 05/15/2049 (f) | 1550 | 1248 |
|  2.875% due 05/15/2052 (f) | 400 | 321 |
|  3.000% due 11/15/2044 | 540 | 446 |
|  3.000% due 05/15/2045 | 540 | 445 |
|  3.000% due 11/15/2045 (f) | 10100 | 8318 |
|  3.000% due 08/15/2048 (f) | 10980 | 9022 |
|  3.000% due 08/15/2052 (f) | 13900 | 11457 |
|  3.125% due 11/15/2041 (f) | 25610 | 22148 |
|  3.125% due 08/15/2044 | 440 | 372 |
|  3.125% due 05/15/2048 | 3730 | 3137 |
|  3.250% due 05/15/2042 (f) | 1000 | 877 |
|  3.375% due 08/15/2042 (f) | 39800 | 35584 |
|  4.000% due 11/15/2042 (b)(f) | 17400 | 17041 |
|  4.000% due 11/15/2052 (f) | 18200 | 18231 |
|  4.750% due 02/15/2041 (f) | 790 | 860 |
|  **U.S. Treasury Inflation Protected Securities (d)** | **U.S. Treasury Inflation Protected Securities (d)** | **U.S. Treasury Inflation Protected Securities (d)** |
|  0.625% due 07/15/2032 (f) | 5333 | 4889 |
|  **U.S. Treasury Notes** | **U.S. Treasury Notes** | **U.S. Treasury Notes** |
|  0.125% due 03/31/2023 (h)(j) | 1712 | 1695 |
|  **U.S. Treasury STRIPS** | **U.S. Treasury STRIPS** | **U.S. Treasury STRIPS** |
|  0.000% due 02/15/2033 (a) | 1700 | 1125 |
|  0.000% due 05/15/2034 (a) | 500 | 313 |
|  0.000% due 08/15/2034 (a) | 1270 | 787 |
|  0.000% due 08/15/2035 (a) | 25270 | 14996 |
|  0.000% due 08/15/2036 (a) | 18000 | 10234 |
|  0.000% due 11/15/2036 (a) | 2700 | 1519 |
|  **Total U.S. Treasury Obligations (Cost $626,648)** | **Total U.S. Treasury Obligations (Cost $626,648)** | **464373** |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES 5.1%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 5.1%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 5.1%** |
|  **Ashford Hospitality Trust** | **Ashford Hospitality Trust** | **Ashford Hospitality Trust** |
|  5.218% due 04/15/2035 •  | 227 | 220 |
|  5.318% due 06/15/2035 ~ | 300 | 289 |
|  **Atrium Hotel Portfolio Trust** | **Atrium Hotel Portfolio Trust** | **Atrium Hotel Portfolio Trust** |
|  5.268% due 06/15/2035 ~ | 200 | 193 |
|  5.498% due 12/15/2036 •  | 400 | 390 |
|  **BAMLL Commercial Mortgage Securities Trust** | **BAMLL Commercial Mortgage Securities Trust** | **BAMLL Commercial Mortgage Securities Trust** |
|  5.168% due 09/15/2034 •  | 300 | 295 |
|  5.368% due 04/15/2036 ~ | 1000 | 978 |
|  **BANK** | **BANK** | **BANK** |
|  4.046% due 03/15/2061 ~ | 500 | 473 |
|  **Barclays Commercial Mortgage Securities Trust** | **Barclays Commercial Mortgage Securities Trust** | **Barclays Commercial Mortgage Securities Trust** |
|  4.197% due 08/10/2035 | 500 | 466 |
|  **Bear Stearns Adjustable Rate Mortgage Trust** | **Bear Stearns Adjustable Rate Mortgage Trust** | **Bear Stearns Adjustable Rate Mortgage Trust** |
|  2.875% due 04/25/2033 ~ | 2 | 2 |
|  3.239% due 04/25/2033 ~ | 6 | 6 |
|  **Beast Mortgage Trust** | **Beast Mortgage Trust** | **Beast Mortgage Trust** |
|  5.368% due 03/15/2036 ~ | 100 | 94 |
|  **BWAY Mortgage Trust** | **BWAY Mortgage Trust** | **BWAY Mortgage Trust** |
|  3.454% due 03/10/2033 | 700 | 655 |
|  **Citigroup Commercial Mortgage Trust** |  |  |
|  4.149% due 01/10/2036 | 1700 | 1658 |
|  **CityLine Commercial Mortgage Trust** | **CityLine Commercial Mortgage Trust** | **CityLine Commercial Mortgage Trust** |
|  2.778% due 11/10/2031 ~ | 1600 | 1541 |
|  **Commercial Mortgage Trust** | **Commercial Mortgage Trust** | **Commercial Mortgage Trust** |
|  3.140% due 10/10/2036 | 1700 | 1487 |
|  3.815% due 04/10/2033 ~ | 500 | 424 |
|  **Countrywide Alternative Loan Trust** | **Countrywide Alternative Loan Trust** | **Countrywide Alternative Loan Trust** |
|  4.809% due 05/25/2035 •  | 20 | 18 |
|  **Countrywide Home Loan Mortgage Pass-Through Trust** | **Countrywide Home Loan Mortgage Pass-Through Trust** | **Countrywide Home Loan Mortgage Pass-Through Trust** |
|  5.029% due 03/25/2035 •  | 30 | 24 |
|  **Credit Suisse First Boston Mortgage Securities Corp.** | **Credit Suisse First Boston Mortgage Securities Corp.** | **Credit Suisse First Boston Mortgage Securities Corp.** |
|  3.440% due 11/25/2032 ~ | 2 | 2 |
|  **Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates** | **Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates** | **Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates** |
|  3.139% due 07/25/2033 ~ | 2 | 2 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000s)** | **MARKET<br>VALUE<br>(000s)** |
|  **Credit Suisse Mortgage Capital Trust** | **Credit Suisse Mortgage Capital Trust** | **Credit Suisse Mortgage Capital Trust** |
|  5.718% due 07/15/2038 ~ | 865 | 814 |
|  **DBGS Mortgage Trust** | **DBGS Mortgage Trust** | **DBGS Mortgage Trust** |
|  5.113% due 06/15/2033 ~ | 200 | 191 |
|  **DBWF Mortgage Trust** | **DBWF Mortgage Trust** | **DBWF Mortgage Trust** |
|  3.791% due 12/10/2036 | 2100 | 1896 |
|  5.469% due 12/19/2030 •  | 100 | 97 |
|  **Extended Stay America Trust** | **Extended Stay America Trust** | **Extended Stay America Trust** |
|  5.398% due 07/15/2038 ~ | 1269 | 1234 |
|  **GS Mortgage Securities Trust** | **GS Mortgage Securities Trust** | **GS Mortgage Securities Trust** |
|  3.805% due 10/10/2035 ~ | 500 | 445 |
|  **HarborView Mortgage Loan Trust** | **HarborView Mortgage Loan Trust** | **HarborView Mortgage Loan Trust** |
|  4.779% due 05/19/2035 ~ | 13 | 12 |
|  **Hilton USA Trust** | **Hilton USA Trust** | **Hilton USA Trust** |
|  3.719% due 11/05/2038 | 2100 | 1905 |
|  **Impac CMB Trust** | **Impac CMB Trust** | **Impac CMB Trust** |
|  5.356% due 09/25/2034 þ | 81 | 82 |
|  **JP Morgan Chase Commercial Mortgage Securities Trust** | **JP Morgan Chase Commercial Mortgage Securities Trust** | **JP Morgan Chase Commercial Mortgage Securities Trust** |
|  5.768% due 12/15/2031 •  | 424 | 404 |
|  **JP Morgan Mortgage Trust** | **JP Morgan Mortgage Trust** | **JP Morgan Mortgage Trust** |
|  3.453% due 07/25/2035 ~ | 22 | 21 |
|  4.944% due 12/25/2049 •  | 24 | 23 |
|  **LUXE Commercial Mortgage Trust** | **LUXE Commercial Mortgage Trust** | **LUXE Commercial Mortgage Trust** |
|  5.368% due 10/15/2038 ~ | 35 | 33 |
|  **Morgan Stanley Capital Trust** | **Morgan Stanley Capital Trust** | **Morgan Stanley Capital Trust** |
|  5.218% due 07/15/2035 •  | 200 | 196 |
|  5.487% due 12/15/2023 •  | 1100 | 1055 |
|  **Natixis Commercial Mortgage Securities Trust** | **Natixis Commercial Mortgage Securities Trust** | **Natixis Commercial Mortgage Securities Trust** |
|  3.885% due 08/15/2038 | 500 | 438 |
|  **New Residential Mortgage Loan Trust** | **New Residential Mortgage Loan Trust** | **New Residential Mortgage Loan Trust** |
|  2.750% due 07/25/2059 ~ | 101 | 95 |
|  2.750% due 11/25/2059 ~ | 415 | 380 |
|  **Residential Accredit Loans, Inc. Trust** | **Residential Accredit Loans, Inc. Trust** | **Residential Accredit Loans, Inc. Trust** |
|  6.000% due 06/25/2036 ^ | 20 | 16 |
|  **Sequoia Mortgage Trust** | **Sequoia Mortgage Trust** | **Sequoia Mortgage Trust** |
|  5.053% due 07/20/2033 ~ | 19 | 18 |
|  **SFO Commercial Mortgage Trust** | **SFO Commercial Mortgage Trust** | **SFO Commercial Mortgage Trust** |
|  5.468% due 05/15/2038 ~ | 1000 | 919 |
|  **Structured Adjustable Rate Mortgage Loan Trust** | **Structured Adjustable Rate Mortgage Loan Trust** | **Structured Adjustable Rate Mortgage Loan Trust** |
|  4.829% due 05/25/2037 •  | 36 | 32 |
|  **Structured Asset Mortgage Investments Trust** | **Structured Asset Mortgage Investments Trust** | **Structured Asset Mortgage Investments Trust** |
|  4.999% due 09/19/2032 ~ | 12 | 11 |
|  5.179% due 10/19/2033 ~ | 10 | 9 |
|  **Tharaldson Hotel Portfolio Trust** | **Tharaldson Hotel Portfolio Trust** | **Tharaldson Hotel Portfolio Trust** |
|  5.268% due 11/11/2034 ~ | 162 | 158 |
|  **Towd Point Mortgage Trust** | **Towd Point Mortgage Trust** | **Towd Point Mortgage Trust** |
|  3.100% due 01/25/2060 ~ | 600 | 506 |
|  **VNDO Mortgage Trust** | **VNDO Mortgage Trust** | **VNDO Mortgage Trust** |
|  3.805% due 01/10/2035 | 1900 | 1725 |
|  **WaMu Mortgage Pass-Through Certificates Trust** | **WaMu Mortgage Pass-Through Certificates Trust** | **WaMu Mortgage Pass-Through Certificates Trust** |
|  3.048% due 08/25/2046 ~ | 61 | 56 |
|  3.548% due 10/25/2046 ~ | 21 | 19 |
|  **Washington Mutual Mortgage Pass-Through Certificates Trust** | **Washington Mutual Mortgage Pass-Through Certificates Trust** | **Washington Mutual Mortgage Pass-Through Certificates Trust** |
|  3.269% due 05/25/2033 ~ | 4 | 4 |
|  **Worldwide Plaza Trust** | **Worldwide Plaza Trust** | **Worldwide Plaza Trust** |
|  3.526% due 11/10/2036 | 300 | 258 |
|  **Total Non-Agency Mortgage-Backed Securities (Cost $24,290)** | **Total Non-Agency Mortgage-Backed Securities (Cost $24,290)** | **22269** |
| **ASSET-BACKED SECURITIES 0.8%** | **ASSET-BACKED SECURITIES 0.8%** | **ASSET-BACKED SECURITIES 0.8%** |
|  **Bear Stearns Asset-Backed Securities Trust** | **Bear Stearns Asset-Backed Securities Trust** | **Bear Stearns Asset-Backed Securities Trust** |
|  5.389% due 11/25/2042 •  | 20 | 19 |
|  **ECMC Group Student Loan Trust** | **ECMC Group Student Loan Trust** | **ECMC Group Student Loan Trust** |
|  5.139% due 02/27/2068 •  | 161 | 153 |
|  **Hertz Vehicle Financing LLC** | **Hertz Vehicle Financing LLC** | **Hertz Vehicle Financing LLC** |
|  1.990% due 06/25/2026 | 600 | 551 |
|  2.330% due 06/26/2028 | 700 | 615 |
|  **JP Morgan Mortgage Acquisition Corp.** | **JP Morgan Mortgage Acquisition Corp.** | **JP Morgan Mortgage Acquisition Corp.** |
|  5.109% due 12/25/2035 ~ | 309 | 307 |
|  **MASTR Asset-Backed Securities Trust** | **MASTR Asset-Backed Securities Trust** | **MASTR Asset-Backed Securities Trust** |
|  5.214% due 10/25/2034 ~ | 426 | 402 |

---

---

| | | |
|:---|:---|:---|
| **16** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000s)** | **MARKET<br>VALUE<br>(000s)** |
|  **Merrill Lynch Mortgage Investors Trust** | **Merrill Lynch Mortgage Investors Trust** | **Merrill Lynch Mortgage Investors Trust** |
|  5.319% due 07/25/2035 ~ | 410 | 397 |
|  **New Century Home Equity Loan Trust** | **New Century Home Equity Loan Trust** | **New Century Home Equity Loan Trust** |
|  5.124% due 06/25/2035 •  | 33 | 33 |
|  **RAAC Trust** | **RAAC Trust** | **RAAC Trust** |
|  5.079% due 11/25/2036 ~ | 141 | 140 |
|  **Ready Capital Mortgage Financing LLC** | **Ready Capital Mortgage Financing LLC** | **Ready Capital Mortgage Financing LLC** |
|  5.594% due 01/25/2037 •  | 600 | 586 |
|  **Renaissance Home Equity Loan Trust** | **Renaissance Home Equity Loan Trust** | **Renaissance Home Equity Loan Trust** |
|  3.894% due 08/25/2033 •  | 2 | 2 |
|  **SLM Student Loan Trust** | **SLM Student Loan Trust** | **SLM Student Loan Trust** |
|  4.958% due 10/25/2029 ~ | 138 | 137 |
|  5.858% due 04/25/2023 ~ | 112 | 111 |
|  **Total Asset-Backed Securities (Cost $3,649)** | **Total Asset-Backed Securities (Cost $3,649)** | **3453** |
| **SHORT-TERM INSTRUMENTS 44.7%** | **SHORT-TERM INSTRUMENTS 44.7%** | **SHORT-TERM INSTRUMENTS 44.7%** |
| **REPURCHASE AGREEMENTS (e) 44.7%** | **REPURCHASE AGREEMENTS (e) 44.7%** | **REPURCHASE AGREEMENTS (e) 44.7%** |
|  |  | 196571 |
| **Total Short-Term Instruments<br>(Cost $196,571)** | **Total Short-Term Instruments<br>(Cost $196,571)** | **196571** |
| **Total Investments in Securities<br>(Cost $901,601)** | **Total Investments in Securities<br>(Cost $901,601)** | **735425** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET**<br> **VALUE**<br> **(000S)** | **MARKET**<br> **VALUE**<br> **(000S)** |
| **INVESTMENTS IN AFFILIATES 4.5%** | **INVESTMENTS IN AFFILIATES 4.5%** | **INVESTMENTS IN AFFILIATES 4.5%** | **INVESTMENTS IN AFFILIATES 4.5%** |
| **SHORT-TERM INSTRUMENTS 4.5%** | **SHORT-TERM INSTRUMENTS 4.5%** | **SHORT-TERM INSTRUMENTS 4.5%** | **SHORT-TERM INSTRUMENTS 4.5%** |
| **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.5%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.5%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.5%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.5%** |
|  **PIMCO Short Asset Portfolio** | 1296094 | $— | 12424 |
|  **PIMCO Short-Term<br>Floating NAV Portfolio III** | 773940 |  | 7520 |
| **Total Short-Term Instruments<br>(Cost $20,485)** | **Total Short-Term Instruments<br>(Cost $20,485)** |  | **19944** |
| **Total Investments in Affiliates<br>(Cost $20,485)** | **Total Investments in Affiliates<br>(Cost $20,485)** |  | **19944** |
| **Total Investments 171.8%<br>(Cost $922,086)** | **Total Investments 171.8%<br>(Cost $922,086)** | $— | **755369** |
|  **Financial Derivative Instruments (g)(i) (0.0)%**<br> **(Cost or Premiums, net $869)** | **Financial Derivative Instruments (g)(i) (0.0)%**<br> **(Cost or Premiums, net $869)** |  | **(326)** |
| **Other Assets and Liabilities, net (71.8)%** | **Other Assets and Liabilities, net (71.8)%** |  | **(315491)** |
| **Net Assets 100.0%** |  | $— | **439552** |

---

**NOTES TO SCHEDULE OF INVESTMENTS:** 

**\*** **A zero balance may reflect actual amounts rounding to less than one thousand.** 

---

| | |
|:---|:---|
| **^** | **Security is in default.**  |

---

---

| | |
|:---|:---|
| **~** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.**  |

---

**•** **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** 

---

| | |
|:---|:---|
| **þ** | **Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.**  |

---

**(a)** **Security is an Interest Only ("IO") or IO Strip.** 

**(b)** **When-issued security.** 

**(c)** **Zero coupon security.** 

**(d)** **Principal amount of security is adjusted for inflation.** 

**BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;**(e) REPURCHASE AGREEMENTS:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Lending<br>Rate** | **Settlement<br>Date** | **Maturity<br>Date** | **Principal<br>Amount** | **Collateralized By** | **Collateral<br>(Received)** | **Repurchase<br>Agreements,<br>at Value** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** |
| BOS | 4.190% | 12/30/2022 | 01/03/2023 | $14800 | U.S. Treasury Bonds 2.875% due 05/15/2049 | $(15053) | $14800 | $14807 |
|  | 4.310 | 01/03/2023 | 01/04/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181300 | U.S. Treasury Bonds 3.000% due 02/15/2049 | (183915) | 181300 | 181300 |
| FICC | 1.900 | 12/30/2022 | 01/03/2023 | 471 | U.S. Treasury Bills 0.000% due 06/29/2023 | (480) | 471 | 471 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** |  | $**(199448)** | $**196571** | $**196578** |

---

**SALE-BUYBACK TRANSACTIONS:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Borrowing<br>Rate<sup>(2)</sup>** | **Borrowing<br>Date** | **Maturity<br>Date** | **Amount<br>Borrowed<sup>(2)</sup>** | **Payable for<br>Sale-Buyback<br>Transactions<sup>(3)</sup>** |
|  BPG | (1.500)% | 12/30/2022 | 01/03/2023 | $(14868) | $(14866) |
|  | 4.450 | 01/04/2023 | 01/05/2023 | (20140) | (20140) |
|  GSC | 4.380 | 01/03/2023 | 01/04/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(334996) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(334996) |
|  | 4.400 | 01/04/2023 | 01/05/2023 | (74531) | (74531) |
|  NOM | 4.400 | 12/20/2022 | 01/03/2023 | (4117) | (4124) |
|  TDM | 4.450 | 12/21/2022 | 01/11/2023 | (4196) | (4203) |
|  UBS | 4.180 | 11/22/2022 | 01/19/2023 | (86787) | (87210) |
|  **Total Sale-Buyback Transactions** | **Total Sale-Buyback Transactions** | **Total Sale-Buyback Transactions** |  |  | $**(540070)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **17** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Long-Term U.S. Government Portfolio** | **(Cont.)** |

---

**SHORT SALES:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **Proceeds** | **Payable for<br>Short Sales** |
|  U.S. Government Agencies (1.4)% | U.S. Government Agencies (1.4)% | U.S. Government Agencies (1.4)% | U.S. Government Agencies (1.4)% | U.S. Government Agencies (1.4)% | U.S. Government Agencies (1.4)% |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 4.500% | 01/01/2053 | $100 | $(98) | $(96) |
| &nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 4.500 | 02/01/2053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6199) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6161) |
|  **Total Short Sales (1.4)%** |  |  |  | $**(6297)** | $**(6257)** |

---

**BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY** 

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** | **Payable for<br>Reverse<br>Repurchase<br>Agreements** | **Payable for<br>Sale-Buyback<br>Transactions<sup>(3)</sup>** | **Total<br>Borrowings and<br>Other Financing<br>Transactions** | **Collateral<br>Pledged/(Received)** | **Net Exposure<sup>(4)</sup>** |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BOS | $196107 | $0 | $0 | $196107 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(198968) | $(2861) |
|  FICC | 471 | 0 | 0 | 471 | (480) | (9) |
|  Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement |
|  BPG | 0 | 0 | (35006) | (35006) | 33702 | (1304) |
|  GSC | 0 | 0 | (409527) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(409527) | 389126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20401) |
|  NOM | 0 | 0 | (4124) | (4124) | 3907 | (217) |
|  TDM | 0 | 0 | (4203) | (4203) | 4007 | (196) |
|  UBS | 0 | 0 | (87210) | (87210) | 86501 | (709) |
|  **Total Borrowings and Other Financing Transactions** | $**196578** | $**0** | $**(540070)** |  |  |  |

---

**CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS** 

**Remaining Contractual Maturity of the Agreements** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Overnight and<br>Continuous** | **Up to 30 days** | **31-90 days** | **Greater Than 90 days** | **Total** |
|  **Sale-Buyback Transactions** | **Sale-Buyback Transactions** | **Sale-Buyback Transactions** | **Sale-Buyback Transactions** | **Sale-Buyback Transactions** | **Sale-Buyback Transactions** |
|  U.S. Treasury Obligations | $0 | $(540070) | $0 | $0 | $(540070) |
|  **Total Borrowings** | $**0** | $**(540070)** | $**0** | $**0** | $**(540070)** |
|  **Payable for sale-buyback financing transactions**  | **Payable for sale-buyback financing transactions**  | **Payable for sale-buyback financing transactions**  | **Payable for sale-buyback financing transactions**  | **Payable for sale-buyback financing transactions**  | $**(540070)** |

---

**(f)** **Securities with an aggregate market value of $517,243 have been pledged as collateral under the terms of the above master agreements as of December 31, 2022.** 

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> The average amount of borrowings outstanding during the period ended December 31, 2022 was $(155490) at a weighted average interest rate of 1.382%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(3)</sup> Payable for sale-buyback transactions includes $(218) of deferred price drop. 

<sup>(4)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

&nbsp;&nbsp;&nbsp;&nbsp;**(g) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** 

**FUTURES CONTRACTS:** 

**LONG FUTURES CONTRACTS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  U.S. Treasury 2-Year Note March Futures  | 03/2023 | 130 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26660 | $(12) | $0 | $(31) |
|  U.S. Treasury 10-Year Note March Futures  | 03/2023 | 138 | 15497 | (106) | 0 | (42) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(118) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73) |

---

---

| | | |
|:---|:---|:---|
| **18** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **SHORT FUTURES CONTRACTS** | | | | | | |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  U.S. Treasury 5-Year Note March Futures  | 03/2023 | 547 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59038) | $49 | $105 | $0 |
|  U.S. Ultra Treasury Note March Futures  | 03/2023 | 633 | (74872) | 846 | 287 | 0 |
|  |  |  |  | $895 | $392 | $0 |
|  **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | $**777** | $**392** | $**(73)** |

---

**SWAP AGREEMENTS:** 

**INTEREST RATE SWAPS** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Pay<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 1.600% | Annual | 10/23/2028 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29800 | $66 | $(2506) | $(2440) | $0 | $(36) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.610 | Annual | 12/12/2032 | 1500 | (7) | 1 | (6) | 5 | 0 |
|  Receive<sup>(1)</sup> | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 10/23/2053 | 5900 | (100) | 1580 | 1480 | 27 | 0 |
|  Pay | 3-Month USD-LIBOR | 0.750 | Semi-Annual | 12/16/2023 | 14100 | 125 | (730) | (605) | 0 | (11) |
|  Receive | 3-Month USD-LIBOR | 0.750 | Semi-Annual | 03/30/2031 | 24000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1202 | 4014 | 5216 | 45 | 0 |
|  Receive | 3-Month USD-LIBOR | 1.487 | Semi-Annual | 06/23/2031 | 3400 | (50) | 635 | 585 | 8 | 0 |
|  Receive | 3-Month USD-LIBOR | 1.452 | Semi-Annual | 07/16/2031 | 1250 | (14) | 234 | 220 | 3 | 0 |
|  Receive | 3-Month USD-LIBOR | 1.441 | Semi-Annual | 07/21/2031 | 5100 | (62) | 966 | 904 | 8 | 0 |
|  Pay | 3-Month USD-LIBOR | 1.250 | Semi-Annual | 12/16/2050 | 1700 | (178) | (521) | (699) | 0 | (8) |
|  **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | $**982** | $**3673** | $**4655** | $**96** | $**(55)** |

---

**FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY** 

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of December 31, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** |
|  | **Market Value** | **Variation Margin<br>Asset** | **Variation Margin<br>Asset** | | **Market Value** | **Variation Margin<br>Liability** | **Variation Margin<br>Liability** | |
| | **Purchased<br>Options** | **Futures** | **Swap<br>Agreements** |<br>**Total** | **Written<br>Options** | **Futures** | **Swap<br>Agreements** |<br>**Total** |
|  **Total Exchange-Traded or Centrally Cleared** | $**0** | $**392** | $**96** | $**488** | $**0** | $**(73)** | $**(55)** | $**(128)** |

---

**(h)** **Securities with an aggregate market value of $1,246 and cash of $3,525 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2022. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.** 

<sup>(1)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

&nbsp;&nbsp;&nbsp;&nbsp;**(i) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** 

**PURCHASED OPTIONS:** 

**INTEREST RATE SWAPTIONS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Floating Rate Index** | **Pay/Receive<br>Floating Rate** | **Exercise<br>Rate** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Cost** | **Market<br>Value** |
|  BRC<br> Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.330% | 10/23/2023 | 6000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365 | $1250 |
|  **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | $**365** | $**1250** |

---

**WRITTEN OPTIONS:** 

**INTEREST RATE SWAPTIONS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Floating Rate Index** | **Pay/Receive<br>Floating Rate** | **Exercise<br>Rate** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Premiums<br>(Received)** | **Market<br>Value** |
|  BRC<br> Put - OTC 5-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.395% | 10/23/2023 | 29100 | $(361) | $(1846) |
|  GLM<br> Call - OTC 5-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 3.230 | 01/23/2023 | 1400 | (4) | (1) |
| Put - OTC 5-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.730 | 01/23/2023 | 1400 | (3) | (8) |
|  JPM<br> Call - OTC 5-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 3.200 | 01/12/2023 | 8800 | (27) | (1) |
| Put - OTC 5-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.800 | 01/12/2023 | 8800 | (27) | (29) |
|  |  |  |  |  |  | $(422) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1885) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **19** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Long-Term U.S. Government Portfolio** | **(Cont.)** |

---

**OPTIONS ON SECURITIES** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Description** | **Strike<br>Price** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Premiums<br>(Received)** | **Market<br>Value** |
| BOA | Call - OTC Uniform Mortgage-Backed Security, TBA 5.500% due 01/01/2053 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101.891 | 01/05/2023 | 3300 | $(10) | $0 |
| JPM | Put - OTC Fannie Mae 4.500% due 03/01/2053 | 97.000 | 03/06/2023 | 1600 | (14) | (25) |
|  | Call - OTC Fannie Mae 4.500% due 03/01/2053 | 99.000 | 03/06/2023 | 1600 | (12) | (4) |
|  | Put - OTC Fannie Mae 5.000% due 03/01/2053 | 98.766 | 03/06/2023 | 1300 | (11) | (18) |
|  | Call - OTC Fannie Mae 5.000% due 03/01/2053 | 100.766 | 03/06/2023 | 1300 | (9) | (4) |
|  |  |  |  |  | $(56) | $(51) |
|  **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | $**(478)** | $**(1936)** |

---

**FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY** 

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2022:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | | | |
| <br>**Counterparty** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Purchased<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Written<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** |<br>**Net Market<br>Value of OTC<br>Derivatives** |<br>**Collateral<br>Pledged/<br>(Received)** |<br>**Net<br>Exposure<sup>(2)</sup>** |
|  BRC | $0 | $1250 | $0 | $1250 | $0 | $(1846) | $0 | $(1846) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(596) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(148) |
|  GLM | 0 | 0 | 0 | 0 | 0 | (9) | 0 | (9) | (9) | 0 | (9) |
|  JPM | 0 | 0 | 0 | 0 | 0 | (81) | 0 | (81) | (81) | 0 | (81) |
|  **Total Over the Counter** | $**0** | $**1250** | $**0** | $**1250** | $**0** | $**(1936)** | $**0** | $**(1936)** |  |  |  |

---

**(j)** **Securities with an aggregate market value of $448 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2022.** 

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

**FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS** 

The following is a summary of the fair valuation of the Portfolio's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Portfolio.

Fair Values of Financial Derivative Instruments on the Statement of Assets and Liabilities as of December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
| | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $392 | $392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 96 | 96 |
|  | $0 | $0 | $0 | $0 | $488 | $488 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | $0 | $0 | $0 | $0 | $1250 | $1250 |
|  | $0 | $0 | $0 | $0 | $1738 | $1738 |
|  **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $73 | $73 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 55 | 55 |
|  | $0 | $0 | $0 | $0 | $128 | $128 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $1936 | $1936 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2064 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2064 |

---

---

| | | |
|:---|:---|:---|
| **20** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

The effect of Financial Derivative Instruments on the Statement of Operations for the period ended December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
| | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  **Net Realized Gain on Financial Derivative Instruments** | **Net Realized Gain on Financial Derivative Instruments** | **Net Realized Gain on Financial Derivative Instruments** | **Net Realized Gain on Financial Derivative Instruments** | **Net Realized Gain on Financial Derivative Instruments** | **Net Realized Gain on Financial Derivative Instruments** | **Net Realized Gain on Financial Derivative Instruments** |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $9845 | $9845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 4793 | 4793 |
|  | $0 | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14638 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14638 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $237 | $237 |
|  | $0 | $0 | $0 | $0 | $14875 | $14875 |
|  **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $1337 | $1337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 3002 | 3002 |
|  | $0 | $0 | $0 | $0 | $4339 | $4339 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | $0 | $0 | $0 | $0 | $1005 | $1005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | (1559) | (1559) |
|  | $0 | $0 | $0 | $0 | $(554) | $(554) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $3785 | $3785 |

---

**FAIR VALUE MEASUREMENTS** 

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Industrials | $0 | $400 | $0 | $400 |
|  U.S. Government Agencies | 0 | 48359 | 0 | 48359 |
|  U.S. Treasury Obligations | 0 | 464373 | 0 | 464373 |
|  Non-Agency Mortgage-Backed Securities | 0 | 22269 | 0 | 22269 |
|  Asset-Backed Securities | 0 | 3453 | 0 | 3453 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 196571 | 0 | 196571 |
|  | $0 | $735425 | $0 | $735425 |
|  **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $19944 | $0 | $0 | $19944 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19944 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735425 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755369 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  **Short Sales, at Value - Liabilities** | **Short Sales, at Value - Liabilities** | **Short Sales, at Value - Liabilities** | **Short Sales, at Value - Liabilities** | **Short Sales, at Value - Liabilities** |
|  U.S. Government Agencies | $0 | $(6257) | $0 | $(6257) |
|  **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** |
|  Exchange-traded or centrally cleared | 0 | 488 | 0 | 488 |
|  Over the counter | 0 | 1250 | 0 | 1250 |
|  | $0 | $1738 | $0 | $1738 |
|  **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** |
|  Exchange-traded or centrally cleared | 0 | (128) | 0 | (128) |
|  Over the counter | 0 | (1936) | 0 | (1936) |
|  | $0 | $(2064) | $0 | $(2064) |
|  Total Financial Derivative Instruments | $0 | $(326) | $0 | $(326) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19944 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728842 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748786 |

---

There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **21** |

---

------

##### [**Table of Contents**](#toc)
**Notes to Financial Statements**

1. ORGANIZATION

PIMCO Variable Insurance Trust (the "Trust") is a Delaware statutory trust established under a trust instrument dated October 3, 1997. The Trust is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Trust is designed to be used as an investment vehicle by separate accounts of insurance companies that fund variable annuity contracts and variable life insurance policies and by qualified pension and retirement plans. Information presented in these financial statements pertains to the Institutional Class, Administrative Class and Advisor Class shares of the PIMCO Long-Term U.S. Government Portfolio (the "Portfolio") offered by the Trust. Pacific Investment Management Company LLC ("PIMCO") serves as the investment adviser (the "Adviser") for the Portfolio.

Hereinafter, the Board of Trustees of the Funds shall be collectively referred to as the "Board."

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The Portfolio is treated as an investment company under the reporting requirements of U.S. GAAP. The functional and reporting currency for the Portfolio is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(a) Securities Transactions and Investment Income Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Portfolio is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized.

Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statement of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statement of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statement of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable.

(b) Multi-Class Operations Each class offered by the Trust has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets. Realized and unrealized capital gains (losses) are allocated daily based on the relative net assets of each class of the Portfolio. Class specific expenses, where applicable, currently include supervisory and administrative and distribution and servicing fees. Under certain circumstances, the per share net asset value ("NAV") of a class of the Portfolio's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(c) Distributions to Shareholders Distributions from net investment income, if any, are declared daily and distributed to shareholders monthly. In addition, the Portfolio distributes any net capital gains it earns from the sale of portfolio securities to shareholders no less frequently than annually. The Portfolio may revise its distribution policy or postpone the payment of distributions at any time.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared

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during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on the Portfolio's annual financial statements presented under U.S. GAAP.

Separately, if the Portfolio determines or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources other than net investment income in accordance with its policies, accounting records (if applicable), and accounting practices, the Portfolio will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, the Portfolio determines or estimates, as applicable, the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is determined or estimated, as applicable, that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between the Portfolio's daily internal accounting records and practices, the Portfolio's financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, the Portfolio's internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include but are not limited to, for certain Portfolios, the treatment of periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that the Portfolio may not issue a Section 19 Notice in situations where the Portfolio's financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution's tax character will be provided to shareholders when such information is available.

Distributions classified as a tax basis return of capital at the Portfolio's fiscal year end, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital on the Statement of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Statement of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(d) New Accounting Pronouncements and Regulatory Updates In March 2020, the Financial Accounting Standards Board ("FASB") issued an Accounting Standards Update ("ASU"), ASU 2020-04, which provides optional guidance to ease the potential accounting burden

associated with transitioning away from the London Interbank Offered Rate and other reference rates that are expected to be discontinued. ASU 2020-04 is effective for certain reference rate-related contract modifications that occurred during the period March 12, 2020 through December 31, 2022. In March 2021, the administrator for LIBOR announced the extension of the publication of a majority of the USD LIBOR settings to June 30, 2023. In December 2022, FASB issued ASU 2022-06, which includes amendments to extend the duration of the LIBOR transition relief to December 31, 2024, after which entities will no longer be permitted to apply the reference rate reform relief. Management is continuously evaluating the potential effect a discontinuation of LIBOR could have on the Portfolio's investments and has determined that it is unlikely the ASU's adoption will have a material impact on the Portfolio's financial statements.

In October 2020, the U.S. Securities and Exchange Commission ("SEC") adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover transactions. Subject to certain exceptions, the rule requires funds that trade derivatives and other transactions that create future payment or delivery obligations to comply with a value-at-risk leverage limit and certain derivatives risk management program and reporting requirements. The effective date for the rule was February 19, 2021. The compliance date for the new rule and the related reporting requirements was August 19, 2022. Management has implemented changes in connection with the rule and has determined that there was no material impact to the Portfolio's financial statements.

In October 2020, the SEC adopted a rule regarding the ability of a fund to invest in other funds. The rule allows a fund to acquire shares of another fund in excess of certain limitations currently imposed by the Act without obtaining individual exemptive relief from the SEC, subject to certain conditions. The rule also includes the rescission of certain exemptive relief from the SEC and guidance from the SEC staff for funds to invest in other funds. The effective date for the rule was January 19, 2021, and the compliance date for the rule was January 19, 2022. Management has implemented changes in connection with the rule and has determined that there was no material impact to the Portfolio's financial statements.

In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value as well as for the performance of fair value determinations, including related oversight and reporting obligations. The new rule also defines "readily available market quotations" for purposes of the definition of "value" under the Act, and the SEC noted that this definition would apply in all contexts under the Act. The

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effective date for the rule was March 8, 2021. The compliance date for the new rule and the related reporting requirements was September 8, 2022. Management has implemented changes in connection with the rule and has determined that there was no material impact to the Portfolio's financial statements.

In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820), which affects all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring the fair value. The amendments also require additional disclosures for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The effective date for the amendments in ASU 2022-03 is for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years. At this time, management is evaluating the implications of these changes on the financial statements.

In October 2022, the SEC adopted changes to the mutual fund and ETF shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which will change the disclosures provided to shareholders. The rule is effective as of January 24, 2023, but the SEC is providing an 18-month compliance period after the effective date other than for rule amendments addressing fee and expense information in advertisements that might be materially misleading. At this time, management is evaluating the implications of these changes on the financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies The NAV of the Portfolio's shares, or each of its share classes as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Portfolio or class, less any liabilities, as applicable, by the total number of shares outstanding.

On each day that the New York Stock Exchange ("NYSE") is open, the Portfolio's shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) ("NYSE Close"). Information that becomes known to the Portfolio or its agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, the Portfolio may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. The Portfolio generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, the Portfolio

may calculate its NAV as of the NYSE Close for such day or such other time that the Portfolio may determine.

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Portfolio will normally use pricing data for domestic equity securities received shortly after the NYSE Close and does not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange, or the NYSE Close, if the NYSE Close occurs before the end of trading on the foreign exchange.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated PIMCO as the valuation designee ("Valuation Designee") for the Portfolio to perform the fair value determination relating to all Portfolio investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee's policies and procedures govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Portfolio investments. The Valuation Designee may value Portfolio securities for which market quotations are not readily available and other Portfolio assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, "Pricing Sources").

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives, and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed

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income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Exchange-traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Swap agreements are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of the Portfolio's assets that are invested in one or more open-end management investment companies (other than ETFs), the Portfolio's NAV will be calculated based on the NAVs of such investments. Open-end management investment companies may include affiliated funds.

If a foreign (non-U.S.) equity security's value has materially changed after the close of the security's primary exchange or principal market but before the NYSE Close, the security may be valued at fair value. Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, the Portfolio may determine the fair value of investments based on information provided by Pricing Sources, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indexes) that occur after the close of the relevant market and before the NYSE Close. The Portfolio may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, unless otherwise determined by the Valuation Designee, any movement in the applicable reference index or instrument ("zero trigger") between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Trust is not open for business, which may result in the Portfolio's portfolio investments being affected when shareholders are unable to buy or sell shares.

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Sources. As a result, the value of such investments and, in turn, the NAV of the Portfolio's shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Trust is not open for business. As a result, to the extent that the Portfolio holds foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in the Portfolio's next calculated NAV.

Fair valuation may require subjective determinations about the value of a security. While the Trust's and Valuation Designee's policies and procedures are intended to result in a calculation of the Portfolio's NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values accurately reflect the price that the Portfolio could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Portfolio may differ from the value that would be realized if the securities were sold. The Portfolio's use of fair valuation may also help to deter "stale price arbitrage" as discussed under the "Frequent or Excessive Purchases, Exchanges and Redemptions" section in the Portfolio's prospectus.

Under certain circumstances, the per share NAV of a class of the Portfolio's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2, or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2, and 3 of the fair value hierarchy are defined as follows:

<sup>∎</sup> Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

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| <sup>∎</sup> | Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs. |

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<sup>∎</sup> Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for the Portfolio.

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For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between Levels of the Portfolio's assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy, and if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for the Portfolio.

(c) Valuation Techniques and the Fair Value Hierarchy

Level 1, Level 2 and Level 3 trading assets and trading liabilities, at fair value The valuation methods (or "techniques") and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1, Level 2 and Level 3 of the fair value hierarchy are as follows:

Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

Investments in registered open-end investment companies (other than ETFs) will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in unregistered open-end investment companies will be calculated based upon the NAVs of such investments and are considered Level 1 provided that the NAVs are observable, calculated daily and are the value at which both purchases and sales will be conducted.

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities and non U.S. bonds are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Sources' internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Fixed income securities purchased on a delayed-delivery basis or as a repurchase commitment in a sale-buyback transaction are marked to market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or Pricing Sources. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers or Pricing Sources (normally determined as of the NYSE Close). Depending on the product and the terms of the transaction, financial derivative instruments can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as quoted prices, issuer details, indices, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

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Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Sources (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models may use inputs that are observed from actively quoted markets such as the overnight index swap rate, LIBOR forward rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

Short-term debt instruments (such as commercial paper) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost value of such short-term debt instruments is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price.

When a fair valuation method is applied by PIMCO that uses significant unobservable inputs, investments will be priced by a method that the Valuation Designee believes reflects fair value and are categorized as Level 3 of the fair value hierarchy.

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

The Portfolio may invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III ("Central Funds") to the extent permitted by the Act and rules thereunder. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Portfolio. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC's website at www.sec.gov. A copy of each affiliate fund's shareholder report is also available at the SEC's website at www.sec.gov, on the Portfolio's website at www.pimco.com, or upon request, as applicable. The tables below show the Portfolio's transactions in and earnings from investments in the affiliated Funds for the period ended December 31, 2022 (amounts in thousands<sup>†</sup>):

**Investment in PIMCO Short Asset Portfolio** 

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| **Market Value<br>12/31/2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Market Value<br>12/31/2022** | **Dividend<br>Income<sup>(1)</sup>** | **Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup>** |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12383 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(487) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12424 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

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**Investment in PIMCO Short-Term Floating NAV Portfolio III** 

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| **Market Value<br>12/31/2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Market Value<br>12/31/2022** | **Dividend<br>Income<sup>(1)</sup>** | **Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup>** |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537971 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(530584) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7520 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

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| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(1)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

(b) Investments in Securities

The Portfolio may utilize the investments and strategies described below to the extent permitted by the Portfolio's investment policies.

Inflation-Indexed Bonds are fixed income securities whose principal value is periodically adjusted by the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value which is adjusted for

inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Consolidated Statement of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury Inflation-Protected Securities ("TIPS"). For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

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Mortgage-Related and Other Asset-Backed Securities directly or indirectly represent a participation in, or are secured by and payable from, loans on real property. Mortgage-related securities are created from pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. These securities provide a monthly payment which consists of both interest and principal. Interest may be determined by fixed or adjustable rates. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with the full faith and credit of the U.S. Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Many of the risks of investing in mortgage-related securities secured by commercial mortgage loans reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make lease payments, and the ability of a property to attract and retain tenants. These securities may be less liquid and may exhibit greater price volatility than other types of mortgage-related or other asset-backed securities. Other asset-backed securities are created from many types of assets, including, but not limited to, auto loans, accounts receivable, such as credit card receivables and hospital account receivables, home equity loans, student loans, boat loans, mobile home loans, recreational vehicle loans, manufactured housing loans, aircraft leases, computer leases and syndicated bank loans.

Collateralized Mortgage Obligations ("CMOs") are debt obligations of a legal entity that are collateralized by whole mortgage loans or private mortgage bonds and divided into classes. CMOs are structured into multiple classes, often referred to as "tranches", with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including prepayments. CMOs may be less liquid and may exhibit greater price volatility than other types of mortgage-related or asset-backed securities.

Stripped Mortgage-Backed Securities ("SMBS") are derivative multi-class mortgage securities. SMBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. An SMBS will have one class that will receive all of the interest (the interest-only or "IO" class), while the other class will receive the entire principal (the principal-only or "PO" class). Payments received for IOs are included in interest

income on the Statement of Operations. Because no principal will be received at the maturity of an IO, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statement of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the "U.S. Treasury"); and others, such as those of the Federal National Mortgage Association ("FNMA" or "Fannie Mae"), are supported by the discretionary authority of the U.S. Government to purchase the agency's obligations. U.S. Government securities may include zero coupon securities which do not distribute interest on a current basis and tend to be subject to a greater risk than interest-paying securities of similar maturities.

Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac"). FNMA is a government-sponsored corporation. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. Government. FHLMC issues Participation Certificates ("PCs"), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

In June 2019, FNMA and FHLMC started issuing Uniform Mortgage Backed Securities in place of their current offerings of TBA-eligible securities (the "Single Security Initiative"). The Single Security Initiative seeks to support the overall liquidity of the TBA market and aligns the characteristics of FNMA and FHLMC certificates. The effects that the Single Security Initiative may have on the market for TBA and other mortgage-backed securities are uncertain.

Roll-timing strategies can be used where the Portfolio seeks to extend the expiration or maturity of a position, such as a TBA security on an

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underlying asset, by closing out the position before expiration and opening a new position with respect to substantially the same underlying asset with a later expiration date. TBA securities purchased or sold are reflected on the Statement of Assets and Liabilities as an asset or liability, respectively. Recently finalized FINRA rules include mandatory margin requirements for the TBA market that requires the Portfolio to post collateral in connection with its TBA transactions. There is no similar requirement applicable to the Portfolio's TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the Portfolio and impose added operational complexity.

Separate Trading of Registered Interest and Principal of Securities ("STRIPS") are U.S. Treasury fixed income securities in which the principal is separated, or stripped, from the interest and each takes the form of zero coupon securities. A STRIP is sold at a significant discount to face value and offers no interest payments; rather, investors receive payment at maturity. Zero coupon securities do not distribute interest on a current basis and tend to be subject to greater risk than interest-paying securities.

When-Issued Transactions are purchases or sales made on a when-issued basis. These transactions are made conditionally because a security, although authorized, has not yet been issued in the market. Transactions to purchase or sell securities on a when-issued basis involve a commitment by the Fund to purchase or sell these securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. The Fund may sell when-issued securities before they are delivered, which may result in a realized gain (loss).

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Portfolio may enter into the borrowings and other financing transactions described below to the extent permitted by the Portfolio's investment policies.

The following disclosures contain information on the Portfolio's ability to lend or borrow cash or securities to the extent permitted under the Act, which may be viewed as borrowing or financing transactions by the Portfolio. The location of these instruments in the Portfolio's financial statements is described below.

(a) Repurchase Agreements Under the terms of a typical repurchase agreement, the Portfolio purchases an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and the Portfolio to resell, the obligation at an agreed-upon price and time. In an open maturity repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Portfolio or counterparty at any time. The underlying securities for all repurchase

agreements are held by the Portfolio's custodian or designated subcustodians under tri-party repurchase agreements and in certain instances will remain in custody with the counterparty. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, if any, including accrued interest, are included on the Statement of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Statement of Operations. In periods of increased demand for collateral, the Portfolio may pay a fee for the receipt of collateral, which may result in interest expense to the Portfolio.

(b) Sale-Buybacks A sale-buyback financing transaction consists of a sale of a security by the Portfolio to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. The Portfolio is not entitled to receive principal and interest payments, if any, made on the security sold to the counterparty during the term of the agreement. The agreed-upon proceeds for securities to be repurchased by the Portfolio are reflected as a liability on the Statement of Assets and Liabilities. The Portfolio will recognize net income represented by the price differential between the price received for the transferred security and the agreed-upon repurchase price. This is commonly referred to as the 'price drop.' A price drop consists of (i) the foregone interest and inflationary income adjustments, if any, the Portfolio would have otherwise received had the security not been sold and (ii) the negotiated financing terms between the Portfolio and counterparty. Foregone interest and inflationary income adjustments, if any, are recorded as components of interest income on the Statement of Operations. Interest payments based upon negotiated financing terms made by the Portfolio to counterparties are recorded as a component of interest expense on the Statement of Operations. In periods of increased demand for the security, the Portfolio may receive a fee for use of the security by the counterparty, which may result in interest income to the Portfolio. The Portfolio will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under sale-buyback transactions.

(c) Short Sales Short sales are transactions in which the Portfolio sells a security that it may not own. The Portfolio may make short sales of securities to (i) offset potential declines in long positions in similar securities, (ii) to increase the flexibility of the Portfolio, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When the Portfolio engages in a short sale, it may borrow the security sold short and deliver it to the counterparty. The Portfolio will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of

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the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Statement of Assets and Liabilities. Short sales expose the Portfolio to the risk that it will be required to cover its short position at a time when the security or other asset has appreciated in value, thus resulting in losses to the Portfolio. A short sale is "against the box" if the Portfolio holds in its portfolio or has the right to acquire the security sold short, or securities identical to the security sold short, at no additional cost. The Portfolio will be subject to additional risks to the extent that it engages in short sales that are not "against the box." The Portfolio's loss on a short sale could theoretically be unlimited in cases where the Portfolio is unable, for whatever reason, to close out its short position.

(d) Interfund Lending In accordance with an exemptive order (the "Order") from the SEC, each Portfolio of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Portfolio's investment policies and restrictions. Each Portfolio is currently permitted to borrow under the Interfund Lending Program. A lending portfolio may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing portfolio through the Interfund Lending Program. A borrowing portfolio may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the portfolio's investment restrictions). If a borrowing portfolio's total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending portfolio and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended December 31, 2022, the Portfolio did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

The Portfolio may enter into the financial derivative instruments described below to the extent permitted by the Portfolio's investment policies.

The following disclosures contain information on how and why the Portfolio uses financial derivative instruments, and how financial derivative instruments affect the Portfolio's financial position, results of operations and cash flows. The location and fair value amounts of

these instruments on the Statement of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Statement of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table in the Notes to Schedule of Investments. The financial derivative instruments outstanding as of period end and the amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Schedule of Investments, serve as indicators of the volume of financial derivative activity for the Portfolio.

(a) Futures Contracts are agreements to buy or sell a security or other asset for a set price on a future date and are traded on an exchange. The Portfolio may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by the Portfolio and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Portfolio is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by the Portfolio ("Futures Variation Margin"). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Statement of Assets and Liabilities. Gains (losses) are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the Futures Variation Margin included within exchange traded or centrally cleared financial derivative instruments on the Statement of Assets and Liabilities.

(b) Options Contracts may be written or purchased to enhance returns or to hedge an existing position or future investment. The Portfolio may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase the Portfolio's exposure to the underlying instrument. Writing call options tends to decrease the Portfolio's exposure to the underlying instrument. When the Portfolio writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. These amounts are included on the Statement of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against

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amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The Portfolio as a writer of an option has no control over whether the underlying instrument may be sold ("call") or purchased ("put") and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Portfolio may not be able to enter into a closing transaction because of an illiquid market.

Purchasing call options tends to increase the Portfolio's exposure to the underlying instrument. Purchasing put options tends to decrease the Portfolio's exposure to the underlying instrument. The Portfolio pays a premium which is included as an asset on the Statement of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed.

Interest Rate Swaptions may be written or purchased to enter into a pre-defined swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, by some specified date in the future. The writer of the swaption becomes the counterparty to the swap if the buyer exercises. The interest rate swaption agreement will specify whether the buyer of the swaption will be a fixed-rate receiver or a fixed-rate payer upon exercise.

Options on Securities may be written or purchased to enhance returns or to hedge an existing position or future investment. An option on a security uses a specified security as the underlying instrument for the option contract.

(c) Swap Agreements are bilaterally negotiated agreements between the Portfolio and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the over the counter market ("OTC swaps") or may be cleared through a third party, known as a central counterparty or derivatives clearing organization ("Centrally Cleared Swaps"). The Portfolio may enter into asset, credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In

connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Statement of Operations. Daily changes in valuation of centrally cleared swaps ("Swap Variation Margin"), if any, are disclosed within centrally cleared financial derivative instruments on the Statement of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Statement of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain (loss) on the Statement of Operations.

For purposes of applying certain of the Portfolio's investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by the Portfolio at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of the Portfolio's investment policies and restrictions, the Portfolio will value the credit default swap at its notional value or its full exposure value (i.e., the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of the Portfolio's other investment policies and restrictions. For example, the Portfolio may value credit default swaps at full exposure value for purposes of the Portfolio's credit quality guidelines (if any) because such value in general better reflects the Portfolio's actual economic exposure during the term of the credit default swap agreement. As a result, the Portfolio may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in the Portfolio's prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether the Portfolio is selling or buying protection through the credit default swap. The

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manner in which certain securities or other instruments are valued by the Portfolio for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates or the values of the asset upon which the swap is based.

The Portfolio's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive. The risk may be mitigated by having a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral to the Portfolio to cover the Portfolio's exposure to the counterparty.

To the extent the Portfolio has a policy to limit the net amount owed to or to be received from a single counterparty under existing swap agreements, such limitation only applies to counterparties to OTC swaps and does not apply to centrally cleared swaps where the counterparty is a central counterparty or derivatives clearing organization.

Interest Rate Swap Agreements may be entered into to help hedge against interest rate risk exposure and to maintain the Portfolio's ability to generate income at prevailing market rates. The value of the fixed rate bonds that the Portfolio holds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by the Portfolio with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap," (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor," (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and

time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in the Portfolio, which could adversely affect its net asset value, yield and total return, are listed below. Please see "Description of Principal Risks" in the Portfolio's prospectus for a more detailed description of the risks of investing in the Portfolio.

Interest Rate Risk is the risk that fixed income securities will decline in value because of an increase in interest rates; a portfolio with a longer average portfolio duration will be more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

Call Risk is the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their maturity for a number of reasons (e.g., declining interest rates, changes in credit spreads and improvements in the issuer's credit quality). If an issuer calls a security that the Portfolio has invested in, the Portfolio may not recoup the full amount of its initial investment and may be forced to reinvest in lower- yielding securities, securities with greater credit risks or securities with other, less favorable features.

Credit Risk is the risk that the Portfolio could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations.

Market Risk is the risk that the value of securities owned by the Portfolio may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries.

Issuer Risk is the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods

or services.

Derivatives Risk is the risk of investing in derivative instruments (such as forwards, futures, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks and valuation complexity. Changes in the value of a derivative or other similar investment may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or

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index, and the Portfolio could lose more than the initial amount invested. Changes in the value of a derivative or other similar instrument may also create margin delivery or settlement payment obligations for the Portfolio. The Portfolio's use of derivatives or other similar investments may result in losses to the Portfolio, a reduction in the Portfolio's returns and/or increased volatility. Over- the-counter ("OTC") derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for OTC derivatives or other similar investments. The primary credit risk on derivatives that are exchange-traded or traded through a central clearing counterparty, resides with the Portfolio's clearing broker or the clearinghouse. Changes in regulation relating to a registered fund's use of derivatives and related instruments could potentially limit or impact the Portfolio's ability to invest in derivatives, limit the Portfolio's ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and the Portfolio's performance.

Equity Risk is the risk that the value of equity securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity securities generally have greater price volatility than fixed income securities.

Mortgage-Related and Other Asset-Backed Securities Risk is the risk of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and

credit risk.

Leveraging Risk is the risk that certain transactions of the Portfolio, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing the Portfolio to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss.

Management Risk is the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio managers in connection with managing the Portfolio and may cause PIMCO to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of the Portfolio will be achieved.

Short Exposure Risk is the risk of entering into short sales or other short positions, including the potential loss of more money than the

actual cost of the investment, and the risk that the third party to the short sale or other short position will not fulfill its contractual obligations, causing a loss to the Portfolio.

(b) Other Risks

In general, the Portfolio may be subject to additional risks, including, but not limited to, risks related to government regulation and intervention in financial markets, operational risks, risks associated with financial, economic and global market disruptions, and cyber security risks. Please see the Portfolio's prospectus and Statement of Additional Information for a more detailed description of the risks of investing in the Portfolio. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments that may impact the Portfolio's performance.

Market Disruption Risk The Portfolio is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets and cause the Portfolio to lose value. These events can also impair the technology and other operational systems upon which the Portfolio's service providers, including PIMCO as the Portfolio's investment adviser, rely, and could otherwise disrupt the Portfolio's service providers' ability to fulfill their obligations to the Portfolio. For example, the recent spread of an infectious respiratory illness caused by a novel strain of coronavirus (known as COVID-19) has caused volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities the Portfolio holds, and may adversely affect the Portfolio's investments and operations. Please see the Important Information section for additional discussion of the COVID-19 pandemic.

Government Intervention in Financial Markets Federal, state, and other governments, their regulatory agencies, or self-regulatory organizations may take actions that affect the regulation of the instruments in which the Portfolio invests, or the issuers of such instruments, in ways that are unforeseeable. Legislation or regulation may also change the way in which the Portfolio itself is regulated. Such legislation or regulation could limit or preclude the Portfolio's ability to achieve its investment objective. Furthermore, volatile financial markets can expose the Portfolio to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Portfolio. The value of the Portfolio's holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which the Portfolio invests. In addition, it is not certain that the U.S. Government will intervene in

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response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.

Regulatory Risk Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/or intervention may change the way the Portfolio is regulated, affect the expenses incurred directly by the Portfolio and the value of its investments, and limit and/or preclude the Portfolio's ability to achieve its investment objective. Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects.

Operational Risk An investment in the Portfolio, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Portfolio. While the Portfolio seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Portfolio.

Cyber Security Risk As the use of technology has become more prevalent in the course of business, the Portfolio has become potentially more susceptible to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional cyber events that may, among other things, cause the Portfolio to lose proprietary information, suffer data corruption and/or destruction or lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Cyber security failures or breaches may result in financial losses to the Portfolio and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with the Portfolio's ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. There is also a risk that cyber security breaches may not be detected. The Portfolio and its shareholders may

suffer losses as a result of a cyber security breach related to the Portfolio, its service providers, trading counterparties or the issuers in which the Portfolio invests.

8. MASTER NETTING ARRANGEMENTS

The Portfolio may be subject to various netting arrangements ("Master Agreements") with select counterparties. Master Agreements govern the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow the Portfolio to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes the Statement of Assets and Liabilities generally presents derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Statement of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statement of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. The Portfolio's overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively "Master Repo Agreements") govern repurchase, reverse repurchase, and certain sale-buyback transactions between the Portfolio and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default, and maintenance of

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| **34** | **PIMCO VARIABLE INSURANCE TRUST** |

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collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Schedule of Investments.

Master Securities Forward Transaction Agreements ("Master Forward Agreements") govern certain forward settling transactions, such as TBA securities, delayed-delivery or certain sale-buyback transactions by and between the Portfolio and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Schedule of Investments.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant ("FCM") registered with the Commodity Futures Trading Commission. In the United States, counterparty risk may be reduced as creditors of an FCM cannot have a claim to Portfolio assets in the segregated account. Portability of exposure reduces risk to the Portfolio. Variation margin, which reflects changes in market value, is generally exchanged daily, but may not be netted between futures and cleared OTC derivatives unless the parties have agreed to a separate arrangement in respect of portfolio margining. The market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin as of period end are disclosed in the Notes to Schedule of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes ("ISDA Master Agreements") govern bilateral OTC derivative transactions entered into by the Portfolio with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. The ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level or as required by regulation. Similarly, if required by regulation, the Portfolio may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent the

Portfolio is required by regulation to post additional collateral beyond coverage of daily exposure, it could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedule of Investments.

9. FEES AND EXPENSES

(a) Investment Advisory Fee PIMCO is a majority-owned subsidiary of Allianz Asset Management of America LLC ("Allianz Asset Management") and serves as the Adviser to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from the Portfolio at an annual rate based on average daily net assets (the "Investment Advisory Fee"). The Investment Advisory Fee for all classes is charged at an annual rate as noted in the table in note (b) below.

(b) Supervisory and Administrative Fee PIMCO serves as administrator (the "Administrator") and provides supervisory and administrative services to the Trust for which it receives a monthly supervisory and administrative fee based on each share class's average daily net assets (the "Supervisory and Administrative Fee"). As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs.

The Investment Advisory Fee and Supervisory and Administrative Fees for all classes, as applicable, are charged at the annual rate as noted in the following table (calculated as a percentage of the Portfolio's average daily net assets attributable to each class):

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| | | | |
|:---|:---|:---|:---|
| **Investment Advisory Fee** | **Supervisory and Administrative Fee** | **Supervisory and Administrative Fee** | **Supervisory and Administrative Fee** |
| **All Classes** | **Institutional**<br> **Class** | **Administrative**<br> **Class** | **Advisor**<br> **Class** |
| 0.225% | 0.25% | 0.25% | 0.25% |

---

(c) Distribution and Servicing Fees PIMCO Investments LLC, a wholly-owned subsidiary of PIMCO, serves as the distributor ("Distributor") of the Trust's shares.

The Trust has adopted an Administrative Services Plan with respect to the Administrative Class shares of the Portfolio pursuant to Rule 12b-1 under the Act (the "Administrative Plan"). Under the terms of the Administrative Plan, the Trust is permitted to compensate the Distributor, out of the Administrative Class assets of the Portfolio, in an amount up to 0.15% on an annual basis of the average daily net assets of that class, for providing or procuring through financial intermediaries administrative, recordkeeping and investor services for Administrative Class shareholders of the Portfolio.

The Trust has adopted a separate Distribution and Servicing Plan for the Advisor Class shares of the Portfolio (the "Distribution and Servicing

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **35** |

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| | |
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| **Notes to Financial Statements** | **(Cont.)** |

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Plan"). The Distribution and Servicing Plan has been adopted pursuant to Rule 12b-1 under the Act. The Distribution and Servicing Plan permits the Portfolio to compensate the Distributor for providing or procuring through financial intermediaries, distribution, administrative, recordkeeping, shareholder and/or related services with respect to Advisor Class shares. The Distribution and Servicing Plan permits the Portfolio to make total payments at an annual rate of up to 0.25% of its average daily net assets attributable to its Advisor Class shares.

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| | | |
|:---|:---|:---|
|  | **Distribution Fee** | **Servicing Fee** |
|  **Administrative Class** |  | 0.15% |
|  **Advisor Class** | 0.25% |  |

---

(d) Portfolio Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Portfolio, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust's executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Portfolio, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust's Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual portfolio operating expenses per share class.

The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates.

(e) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has agreed, through May 1, 2023, to waive a portion of the Portfolio's Supervisory and Administrative Fee, or reimburse the Portfolio, to the extent that the Portfolio's organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata share of Trustee Fees exceed 0.0049% (the "Expense Limit") (calculated as a percentage of the Portfolio's average daily net assets attributable to each class). The Expense Limitation Agreement will

automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. The waiver, if any, is reflected on the Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO.

In any month in which the supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by the Portfolio of any portion of the supervisory and administrative fee waived or reimbursed as set forth above (the "Reimbursement Amount") within thirty-six months of the time of the waiver, provided that such amount paid to PIMCO will not: i) together with any organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee fees, exceed, for such month, the Expense Limit (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit); ii) exceed the total Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. At December 31, 2022, there were no recoverable amounts.

10. RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties. Fees paid to these parties are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Statement of Assets and Liabilities.

The Portfolio is permitted to purchase or sell securities from or to certain related affiliated portfolios under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Portfolio from or to another fund or portfolio that are, or could be, considered an affiliate, or an affiliate of an affiliate, by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with applicable SEC rule and interpretations under the Act. Further, as defined under the procedures, each transaction is effected at the current market price. Purchases and sales of securities pursuant to applicable SEC rule and interpretations under the Act for the period ended December 31, 2022, were as follows (amounts in thousands<sup>†</sup>):

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| | | |
|:---|:---|:---|
| **Purchases** | **Sales** | **Realized**<br> **Gain/(Loss)** |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1983 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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11. GUARANTEES AND INDEMNIFICATIONS

Under the Trust's organizational documents, each Trustee, officer, employee or other agent of the Trust (including the Trust's investment manager) is indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Portfolio. Additionally, in the normal course of business, the Portfolio enters into contracts that contain a variety of indemnification

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clauses. The Portfolio's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred. However, the Portfolio has not had prior claims or losses pursuant to these contracts.

12. PURCHASES AND SALES OF SECURITIES

The length of time the Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by the Portfolio is known as "portfolio turnover." The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objectives, particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by

the Portfolio. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates when distributed to shareholders). The transaction costs associated with portfolio turnover may adversely affect the Portfolio's performance. The portfolio turnover rates are reported in the Financial Highlights.

Purchases and sales of securities (excluding short-term investments) for the period ended December 31, 2022, were as follows (amounts in thousands<sup>†</sup>):

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| | | | |
|:---|:---|:---|:---|
| **U.S. Government/Agency** | **U.S. Government/Agency** | **All Other** | **All Other** |
| **Purchases** | **Sales** | **Purchases** | **Sales** |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928839 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;876896 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6652 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1436 |

---

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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13. SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with a $0.001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands<sup>†</sup>):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br>12/31/2022** | **Year Ended<br>12/31/2022** | **Year Ended<br>12/31/2021** | **Year Ended<br>12/31/2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Receipts for shares sold** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 5835 | $46114 | 531 | $6681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 7485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66416 | 5260 | 63373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 1467 | 13326 | 1330 | 16751 |
|  **Issued as reinvestment of distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 33 | 282 | 603 | 6629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 906 | 8032 | 8578 | 94129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 90 | 799 | 808 | 8863 |
|  **Cost of shares redeemed** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (772) | (8018) | (3278) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39527) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (6144) | (55398) | (5139) | (60687) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (837) | (7819) | (621) | (7561) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | 8063 | $63734 | 8072 | $88651 |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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As of December 31, 2022, two shareholders each owned 10% or more of the Portfolio's total outstanding shares comprising 69% of the Portfolio.

14. REGULATORY AND LITIGATION MATTERS

The Portfolio is not named as a defendant in any material litigation or arbitration proceedings and is not aware of any material litigation or claim pending or threatened against it.

On May 17, 2022, Allianz Global Investors U.S. LLC ("AGI U.S.") pleaded guilty in connection with the proceeding United States of America v. Allianz Global Investors U.S. LLC. AGI U.S. is an indirect subsidiary of Allianz SE. The conduct resulting in the matter described

above occurred entirely within AGI U.S. and did not involve PIMCO or the Distributor, or any personnel of PIMCO or the Distributor. Nevertheless, because of the disqualifying conduct of AGI U.S., their affiliate, PIMCO would have been disqualified from serving as the investment adviser, and the Distributor would have been disqualified from serving as the principal underwriter, to the Portfolio in the absence of SEC exemptive relief. PIMCO and the Distributor have received exemptive relief from the SEC to permit them to continue serving as investment adviser and principal underwriter for U.S.- registered investment companies, including the Portfolio.

The foregoing speaks only as of the date of this report.

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **37** |

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| **Notes to Financial Statements** | **(Cont.)** |

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15. FEDERAL INCOME TAX MATTERS

The Portfolio intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (the "Code") and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

The Portfolio may be subject to local withholding taxes, including those imposed on realized capital gains. Any applicable foreign capital gains tax is accrued daily based upon net unrealized gains, and may be payable following the sale of any applicable investments.

In accordance with U.S. GAAP, the Adviser has reviewed the Portfolio's tax positions for all open tax years. As of December 31, 2022, the Portfolio has recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions it has taken or expects to take in future tax returns.

The Portfolio files U.S. federal, state, and local tax returns as required. The Portfolio's tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

Shares of the Portfolio currently are sold to segregated asset accounts ("Separate Accounts") of insurance companies that fund variable annuity contracts and variable life insurance policies ("Variable Contracts"). Please refer to the prospectus for the Separate Account and Variable Contract for information regarding Federal income tax treatment of distributions to the Separate Account.

As of December 31, 2022, the components of distributable taxable earnings are as follows (amounts in thousands<sup>†</sup>):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed<br>Ordinary<br>Income<sup>(1)</sup>** | **Undistributed<br>Long-Term<br>Capital Gains** | **Net Tax Basis<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup>** | **Other<br>Book-to-Tax<br>Accounting<br>Differences <sup>(3)</sup>** | **Accumulated<br>Capital<br>Losses<sup>(4)</sup>** | **Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Capital<sup>(5)</sup>** | **Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Ordinary<sup>(6)</sup>** | **Total<br>Components<br>of Distributable<br>Earnings** |
|  PIMCO Long-Term U.S. Government Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;3076 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;(180421) | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;(34729) | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;(212074) |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(1)</sup> Includes undistributed short-term capital gains, if any.

<sup>(2)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options and forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on swap contracts, interest accrued from defaulted securities, short sale loss deferrals, straddle loss deferrals, and return of capital from non-REIT securities. 

<sup>(3)</sup> Represents differences in income tax regulations and financial accounting principles generally accepted in the United States of America mainly from organizational expenditures.

<sup>(4)</sup> Capital losses available to offset future net capital gains as shown below.

<sup>(5)</sup> Capital losses realized during the period November 1, 2022 through December 31, 2022 which the Portfolio elected to defer to the following taxable year pursuant to income tax regulations.

<sup>(6)</sup> Specified losses realized during the period November 1, 2022 through December 31, 2022 which the Portfolio elected to defer to the following taxable year pursuant to income tax regulations.

Under the Regulated Investment Company Modernization Act of 2010, the Portfolio is permitted to carry forward any new capital losses for an unlimited period. Additionally, such capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term under previous law.

As of December 31, 2022, the Portfolio had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

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| | | |
|:---|:---|:---|
|  | **Short-Term** | **Long-Term** |
|  PIMCO Long-Term U.S. Government Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;33973 | $&nbsp;&nbsp;&nbsp;&nbsp;756 |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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As of December 31, 2022, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands<sup>†</sup>):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal<br>Tax Cost** | **Unrealized<br>Appreciation** | **Unrealized<br>(Depreciation)** | **Net Unrealized<br>Appreciation/<br>(Depreciation)<sup>(7)</sup>** |
|  PIMCO Long-Term U.S. Government Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;934278 | $&nbsp;&nbsp;&nbsp;&nbsp;11124 | $&nbsp;&nbsp;&nbsp;&nbsp;(191544) | $&nbsp;&nbsp;&nbsp;&nbsp;(180420) |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(7)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options and forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on swap contracts, interest accrued from defaulted securities, short sale loss deferrals, straddle loss deferrals, and return of capital from non-REIT securities. 

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For the fiscal years ended December 31, 2022 and December 31, 2021, respectively, the Portfolio made the following tax basis distributions (amounts in thousands<sup>†</sup>):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** |
|  | **Ordinary<br>Income<br>Distributions<sup>(8)</sup>** | **Long-Term<br>Capital Gain<br>Distributions** | **Return of<br>Capital<sup>(9)</sup>** | **Ordinary<br>Income<br>Distributions<sup>(8)</sup>** | **Long-Term<br>Capital Gain<br>Distributions** | **Return of<br>Capital<sup>(9)</sup>** |
|  PIMCO Long-Term U.S. Government Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;9113 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;70964 | $&nbsp;&nbsp;&nbsp;&nbsp;38664 | $&nbsp;&nbsp;&nbsp;&nbsp;0 |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(8)</sup> Includes short-term capital gains distributed, if any.

<sup>(9)</sup> A portion of the distributions made represents a tax return of capital. Return of capital distributions have been reclassified from undistributed net investment income to paid-in capital to more appropriately conform financial accounting to tax accounting.

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **39** |

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**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of PIMCO Variable Insurance Trust and Shareholders of PIMCO Long-Term U.S. Government Portfolio

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of PIMCO Long-Term U.S. Government Portfolio (one of the portfolios constituting PIMCO Variable Insurance Trust, hereafter referred to as the "Portfolio") as of December 31, 2022, the related statements of operations and cash flows for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio as of December 31, 2022, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements are the responsibility of the Portfolio's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolio in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

February 17, 2023

We have served as the auditor of one or more investment companies in PIMCO Variable Insurance Trust since 1998.

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|:---|:---|:---|
| **Glossary:** | **(abbreviations that may be used in the preceding statements)** | (Unaudited) |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Counterparty Abbreviations:** | **Counterparty Abbreviations:** | | | | |
| **BOA** | Bank of America N.A. | **FICC** | Fixed Income Clearing Corporation | **NOM** | Nomura Securities International, Inc. |
| **BOS** | BofA Securities, Inc. | **GLM** | Goldman Sachs Bank USA | **TDM** | TD Securities (USA) LLC |
| **BPG** | BNP Paribas Securities Corp. | **GSC** | Goldman Sachs & Co. LLC | **UBS** | UBS Securities LLC |
| **BRC** | Barclays Bank PLC | **JPM** | JP Morgan Chase Bank N.A. |  |  |
|  **Currency Abbreviations:** | **Currency Abbreviations:** |  |  |  |  |
| **USD (or $)** | United States Dollar |  |  |  |  |
|  **Exchange Abbreviations:** | **Exchange Abbreviations:** |  |  |  |  |
| **OTC** | Over the Counter |  |  |  |  |
|  **Index/Spread Abbreviations:** | **Index/Spread Abbreviations:** |  |  |  |  |
| **US0001M** | ICE 1-Month USD LIBOR |  |  |  |  |
|  **Other Abbreviations:** | **Other Abbreviations:** |  |  |  |  |
| **LIBOR** | London Interbank Offered Rate | **OIS** | Overnight Index Swap | **TBA** | To-Be-Announced  |

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **41** |

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| **Federal Income Tax Information** | (Unaudited) |

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As required by the Internal Revenue Code ("Code") and Treasury Regulations, if applicable, shareholders must be notified within 60 days of the Portfolio's fiscal year end regarding the status of qualified dividend income and the dividend received deduction.

Dividend Received Deduction. Corporate shareholders are generally entitled to take the dividend received deduction on the portion of the Portfolio's dividend distribution that qualifies under tax law. The percentage of the following Portfolio's fiscal 2022 ordinary income dividend that qualifies for the corporate dividend received deduction is set forth below.

Qualified Dividend Income. Under the Jobs and Growth Tax Relief Reconciliation Act of 2003, the following percentage of ordinary dividends paid during the fiscal year ended December 31, 2022 was designated as "qualified dividend income" as defined in the Jobs and Growth Tax Relief Reconciliation Act of 2003 subject to reduced tax rates in 2022.

Qualified Interest Income and Qualified Short-Term Capital Gain (for non-U.S. resident shareholders only). Under the American Jobs Creation Act of 2004, the following amounts of ordinary dividends paid during the fiscal year ended December 31, 2022 are considered to be derived from "qualified interest income," as defined in Section 871(k)(1)(E) of the Code, and therefore are designated as interest-related dividends, as defined in Section 871(k)(1)(C) of the Code. Further, the following amounts of ordinary dividends paid during the fiscal year ended December 31, 2022 are considered to be derived from "qualified short-term capital gain," as defined in Section 871(k)(2)(D) of the Code, and therefore are designated as qualified short-term gain dividends, as defined by Section 871(k)(2)(C) of the Code.

Section 163(j) Interest Dividends. The Portfolio intends to pass through the maximum amount allowable as Section 163(j) Interest defined in Proposed Treasury Section 1.163(j)-1(b). The 163(j) percentage of ordinary income distributions are as follows:

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|:---|:---|:---|:---|:---|:---|
|  | **Dividend<br>Received<br>Deduction%** | **Qualified<br>Dividend<br>Income%** | **Qualified<br>Interest<br>Income<br>(000s<sup>†</sup>)** | **Qualified<br>Short-Term<br>Capital Gains<br>(000s<sup>†</sup>)** | **163(j)<br>Interest<br>Dividends<br>(000s<sup>†</sup>)** |
|  PIMCO Long-Term U.S. Government Portfolio | 0% | 0% | $&nbsp;&nbsp;&nbsp;&nbsp;9113 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;0 |

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| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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Shareholders are advised to consult their own tax advisor with respect to the tax consequences of their investment in the Trust. In January 2023, you will be advised on IRS Form 1099-DIV as to the federal tax status of the dividends and distributions received by you in calendar year 2022.

Section 199A Dividends. Non-corporate portfolio shareholders of the Portfolio below meeting certain holding period requirements may be able to deduct up to 20 percent of qualified REIT dividends passed through and reported to the shareholders by the Portfolio as IRC section 199A dividends. The IRC section 199A percentage of ordinary dividends are as follows:

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|  | **199A<br>Dividends** |
|  PIMCO Long-Term U.S. Government Portfolio | 0% |

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| **42** | **PIMCO VARIABLE INSURANCE TRUST** |

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| **Management of the Trust** | (Unaudited) |

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The charts below identify the Trustees and executive officers of the Trust. Unless otherwise indicated, the address of all persons below is 650 Newport Center Drive, Newport Beach, CA 92660.

The Portfolio's Statement of Additional Information includes more information about the Trustees and Officers. To request a free copy, call PIMCO at (888) 87-PIMCO or visit the Portfolio's website at www.pimco.com/pvit.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Year of Birth and <br>Position Held with Trust\*** | **Term of**<br> **Office and<br>Length of <br>Time Served<sup>†</sup>** | **Principal Occupation(s) During Past 5 Years** | **Number of Funds**<br> **in Fund Complex <br>Overseen by Trustee** | **Other Public Company and Investment**<br> **Company Directorships Held by Trustee**<br> **During the Past 5 Years** |
| **Interested Trustees<sup>1</sup>** |  |  |  |  |
| **Peter G. Strelow (1970)**<br> *Chairman of the Board <br>and Trustee* | 05/2017 to present<br>Chairman of the Board - 02/2019 to present | Managing Director and Co-Chief Operating Officer, PIMCO. Senior Vice President of the Trust, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. Formerly, Chief Administrative Officer, PIMCO. | 158 | Chairman and Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT. |
| **Kimberley G. Stafford (1978)**<br> *Trustee* | 02/2021 to present | Managing Director, Global Head of Product Strategy, PIMCO; and Member of Executive Committee, PIMCO. Formerly, Head of Asia-Pacific, Global Head of Consultant Relations and Head of US Institutional and Alternatives Sales, PIMCO. | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT. |
| **Independent Trustees** |  |  |  |  |
| **George E. Borst (1948)**<br> *Trustee* | 04/2015 to present | Executive Advisor, McKinsey & Company (since 10/14); Formerly, Executive Advisor, Toyota Financial Services (10/13-12/14); and CEO, Toyota Financial Services (1/01-9/13). | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT; Director, MarineMax Inc. |
| **Jennifer Holden Dunbar (1963)**<br> *Trustee* | 04/2015 to present | Formerly, Managing Director, Dunbar Partners, LLC (business consulting and investments) (05/05-05/21); and Partner, Leonard Green & Partners, L.P. | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT; Director, PS Business Parks; Director, Big 5 Sporting Goods Corporation. |
| **Kym M. Hubbard (1957)**<br> *Trustee* | 02/2017 to present | Formerly, Global Head of Investments, Chief Investment Officer and Treasurer, Ernst & Young. | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT; Director, State Auto Financial Corporation. |
| **Gary F. Kennedy (1955)**<br> *Trustee* | 04/2015 to present | Formerly, Senior Vice President, General Counsel and Chief Compliance Officer, American Airlines and AMR Corporation (now American Airlines Group) (1/03-1/14). | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |
| **Peter B. McCarthy (1950)**<br> *Trustee* | 04/2015 to present | Formerly, Assistant Secretary and Chief Financial Officer, United States Department of Treasury; Deputy Managing Director, Institute of International Finance. | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |
| **Ronald C. Parker (1951)**<br> *Lead Independent Trustee* | 07/2009 to present<br>Lead Independent Trustee - 02/2017 to present | Director of Roseburg Forest Products Company. Formerly, Chairman of the Board, The Ford Family Foundation; and President, Chief Executive Officer, Hampton Affiliates (forestry products). | 158 | Lead Independent Trustee, PIMCO Funds and PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |

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\* Unless otherwise noted, the information for the individuals listed is as of December 31, 2022.

<sup>1</sup> Ms. Stafford and Mr. Strelow are "interested persons" of the Trust (as that term is defined in the 1940 Act) because of their affiliations with PIMCO.

<sup>†</sup> Trustees serve until their successors are duly elected and qualified.

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **43** |

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| **Management of the Trust** | **(Cont.)** | (Unaudited) |

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**Executive Officers** 

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|:---|:---|:---|
| **Name, Year of Birth and**<br> **Position Held with Trust\*** | **Term of Office and**<br> **Length of Time Served** | **Principal Occupation(s) During Past 5 Years<sup>†</sup>** |
| **Eric D. Johnson (1970)** <br>*President* | 06/2019 to present | Executive Vice President and Head of Funds Business Group Americas, PIMCO. President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| **Ryan G. Leshaw (1980)** <br>*Chief Legal Officer and Secretary* | 08/2021 to present | Executive Vice President and Senior Counsel, PIMCO. Chief Legal Officer and Secretary, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Chief Legal Officer, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. Formerly, Associate, Willkie Farr & Gallagher LLP. |
| **Keisha Audain-Pressley (1975)\*\*** <br>*Chief Compliance Officer* | 01/2020 to present | Executive Vice President and Deputy Chief Compliance Officer, PIMCO. Chief Compliance Officer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Joshua D. Ratner (1976)\*\*** <br>*Senior Vice President* | 05/2019 to present | Executive Vice President and Head of Americas Operations, PIMCO. Senior Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| **Peter G. Strelow (1970)** <br>*Senior Vice President* | 06/2019 to present | Managing Director and Co-Chief Operating Officer, PIMCO. Senior Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. Formerly, Chief Administrative Officer, PIMCO. |
| **Wu-Kwan Kit (1981)**<br> *Assistant Secretary* | 08/2017 to present | Senior Vice President and Senior Counsel, PIMCO. Assistant Secretary, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Vice President, Senior Counsel and Secretary, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. Formerly, Assistant General Counsel, VanEck Associates Corp. |
| **Douglas B. Burrill (1980)\*\***<br> *Vice President* | 08/2022 to present | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Elizabeth A. Duggan (1964)**<br> *Vice President* | 02/2021 to present | Executive Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Jason R. Duran (1977)**<br> *Vice President* | 02/2023 to present | Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |
| **Mark A. Jelic (1981)** <br>*Vice President* | 08/2021 to present | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Kenneth W. Lee (1972)**<br> *Vice President* | 08/2022 to present | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Brian J. Pittluck (1977)** <br>*Vice President* | 01/2020 to present | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Keith A. Werber (1973)**<br> *Vice President* | 05/2022 to present | Executive Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Bijal Y. Parikh (1978)**<br> *Treasurer* | 01/2021 to present | Executive Vice President, PIMCO. Treasurer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| **Erik C. Brown (1967)\*\*\*** <br>*Assistant Treasurer* | 02/2001 to present | Executive Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Brandon T. Evans (1982)** <br>*Assistant Treasurer* | 05/2019 to present | Senior Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Deputy Treasurer, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| **Maria M. Golota (1983)\*\*** <br>*Assistant Treasurer* | 02/2023 to present | Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |

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\* Unless otherwise noted, the information for the individuals listed is as of February 8, 2023.

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| <sup>†</sup> | The term "PIMCO-Sponsored Closed-End Funds" as used herein includes: PIMCO Access Income Fund, PIMCO California Municipal Income Fund, PIMCO California Municipal Income Fund II, PIMCO California Municipal Income Fund III, PIMCO Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO Municipal Income Fund III, PIMCO New York Municipal Income Fund, PIMCO New York Municipal Income Fund II, PIMCO New York Municipal Income Fund III, PCM Fund Inc., PIMCO Corporate & Income Opportunity Fund, PIMCO Corporate & Income Strategy Fund, PIMCO Dynamic Income Fund, PIMCO Dynamic Income Opportunities Fund, PIMCO Energy and Tactical Credit Opportunities Fund, PIMCO Global StocksPLUS<sup>®</sup> & Income Fund, PIMCO High Income Fund, PIMCO Income Strategy Fund, PIMCO Income Strategy Fund II and PIMCO Strategic Income Fund, Inc.; the term "PIMCO-Sponsored Interval Funds" as used herein includes: PIMCO Flexible Credit Income Fund, PIMCO Flexible Municipal Income Fund, PIMCO California Flexible Municipal Income Fund and PIMCO Flexible Emerging Markets Income Fund.  |

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\*\* The address of these officers is Pacific Investment Management Company LLC, 1633 Broadway, New York, New York 10019.

\*\*\* The address of these officers is Pacific Investment Management Company LLC, 401 Congress Ave., Austin, Texas 78701.

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| **44** | **PIMCO VARIABLE INSURANCE TRUST** |

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| **Privacy Policy<sup>1</sup>** | (Unaudited) |

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The Trust<sup>2,3</sup> consider customer privacy to be a fundamental aspect of their relationships with shareholders and are committed to maintaining the confidentiality, integrity and security of their current, prospective and former shareholders' non-public personal information. The Trust has developed policies that are designed to protect this confidentiality, while allowing shareholder needs to be served.

OBTAINING NON-PUBLIC PERSONAL INFORMATION

In the course of providing shareholders with products and services, the Trust and certain service providers to the Trust, such as the Trust's investment advisers or sub-advisers ("Advisers"), may obtain non-public personal information about shareholders, which may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder's brokerage or financial advisory firm, financial professional or consultant, and/or from information captured on applicable websites.

RESPECTING YOUR PRIVACY

As a matter of policy, the Trust does not disclose any non-public personal information provided by shareholders or gathered by the Trust to non-affiliated third parties, except as required or permitted by law or as necessary for such third parties to perform their agreements with respect to the Trust. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, conducting research on shareholder satisfaction and gathering shareholder proxies. The Trust or its affiliates may also retain non-affiliated companies to market Trust's shares or products which use Trust's shares and enter into joint marketing arrangements with them and other companies. These companies may have access to a shareholder's personal and account information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. In most cases, the shareholders will be clients of a third party, but the Trust may also provide a shareholder's personal and account information to the shareholder's respective brokerage or financial advisory firm and/or financial professional or consultant.

SHARING INFORMATION WITH THIRD PARTIES

The Trust reserves the right to disclose or report personal or account information to non-affiliated third parties in limited circumstances where the Trust believes in good faith that disclosure is required under law, to cooperate with regulators or law enforcement authorities, to protect their rights or property, or upon reasonable request by any fund in which a shareholder has invested. In addition, the Trust may disclose information about a shareholder or a shareholder's accounts to a non-affiliated third party at the shareholder's request or with the consent of the shareholder.

SHARING INFORMATION WITH AFFILIATES

The Trust may share shareholder information with their affiliates in connection with servicing shareholders' accounts, and subject to applicable law may provide shareholders with information about products and services that the Trust or its Advisers, distributors or their affiliates ("Service Affiliates") believe may be of interest to such shareholders. The information that the Trust may share may include, for example, a shareholder's participation in the Trust or in other investment programs sponsored by a Service Affiliate, a shareholder's ownership of certain types of accounts (such as IRAs), information about the Trust's experiences or transactions with a shareholder, information captured on applicable websites, or other data about a shareholder's accounts, subject to applicable law. The Trust's Service Affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

PROCEDURES TO SAFEGUARD PRIVATE INFORMATION

The Trust takes seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, the Trust has implemented procedures that are designed to restrict access to a shareholder's non-public personal information to internal personnel who need to know that information to perform their jobs, such as servicing shareholder accounts or notifying shareholders of new products or services. Physical, electronic and procedural safeguards are in place to guard a shareholder's non-public personal information.

INFORMATION COLLECTED FROM WEBSITES

The Trust or its service providers and partners may collect information from shareholders via websites they maintain. The information collected via websites maintained by the Trust or their service providers includes client non-public personal information.

CHANGES TO THE PRIVACY POLICY

From time to time, the Trust may update or revise this privacy policy. If there are changes to the terms of this privacy policy, documents containing the revised policy on the relevant website will be updated.

<sup>1</sup> Amended as of June 25, 2020.

<sup>2</sup> PIMCO Investments LLC ("PI") serves as the Trust's distributor and does not provide brokerage services or any financial advice to investors in the Trust solely because it distributes the Trust. This Privacy Policy applies to the activities of PI to the extent that PI regularly effects or engages in transactions with or for a shareholder of a series of a Trust who is the record owner of such shares. For purposes of this Privacy Policy, references to "the Trust" shall include PI when acting in this capacity.

<sup>3</sup> When distributing this Policy, the Trust may combine the distribution with any similar distribution of its investment adviser's privacy policy. The distributed, combined, policy may be written in the first person (i.e. by using "we" instead of "the Trust").

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **45** |

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**Approval of Investment Advisory Contract and Other Agreements**

At a meeting held on August 23-24, 2022, the Board of Trustees (the "Board") of PIMCO Variable Insurance Trust (the "Trust"), including the Trustees who are not "interested persons" of the Trust under the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered and unanimously approved the renewal of the Amended and Restated Investment Advisory Contract (the "Investment Advisory Contract") between the Trust, on behalf of the Trust's series (each, a "Portfolio" and collectively, the "Portfolios"), and Pacific Investment Management Company LLC ("PIMCO"), for an additional one-year term through August 31, 2023. The Board also considered and unanimously approved the renewal of the Amended and Restated Supervision and Administration Agreement (the "Supervision and Administration Agreement") between the Trust, on behalf of the Portfolios, and PIMCO for an additional one-year term through August 31, 2023. In addition, the Board considered and unanimously approved the renewal of the Amended and Restated Asset Allocation Sub-Advisory Agreement (the "Asset Allocation Agreement" and, together with the Investment Advisory Contract and the Supervision and Administration Agreement, the "Agreements") between PIMCO, on behalf of PIMCO All Asset Portfolio, a series of the Trust, and Research Affiliates, LLC ("Research Affiliates") for an additional one-year term through August 31, 2023. In addition, the Board considered and unanimously approved the renewal of the investment management agreements between PIMCO and each of the wholly-owned subsidiaries (each, a "Subsidiary" and, collectively, the "Subsidiaries") of certain of the Portfolios (collectively, the "Subsidiary Agreements"), each for the same additional one-year term through August 31, 2023.

The information, material factors and conclusions that formed the basis for the Board's approvals are summarized below.

1. INFORMATION RECEIVED

(a) Materials Reviewed: During the course of the past year, the Trustees received a wide variety of materials relating to the services provided by PIMCO and Research Affiliates to the Trust. At each of its quarterly meetings, the Board reviewed the Portfolios' investment performance and a significant amount of information relating to Portfolio operations, including shareholder services, valuation and custody, the Portfolios' compliance program and other information relating to the nature, extent and quality of services provided by PIMCO and Research Affiliates to the Trust and each of the Portfolios, as applicable. In considering whether to approve the renewal of the Agreements and the Subsidiary Agreements, the Board reviewed additional information, including, but not limited to: comparative industry data with regard to investment performance; advisory and supervisory and administrative fees and expenses; financial information for PIMCO and, where relevant, financial information for Research Affiliates; information regarding the profitability to PIMCO of its relationship with the Portfolios; information about the personnel

providing investment management services, other advisory services and supervisory and administrative services to the Portfolios; and information about the fees charged and services provided to other clients with similar investment mandates as the Portfolios, where applicable. In addition, the Board reviewed materials provided by counsel to the Trust and the Independent Trustees ("Counsel"), which included, among other things, a memorandum outlining legal duties of the Board in considering the renewal of the Agreements and Subsidiary Agreements.

With respect to the Subsidiary Agreements, the Trustees considered that each Portfolio that has a Subsidiary may utilize its Subsidiary to execute its investment strategy and that PIMCO provides investment advisory and administrative services to the Subsidiaries pursuant to the Subsidiary Agreements in the same manner as it does for such Portfolios that have Subsidiaries under the Investment Advisory Contract and Supervision and Administration Agreement. The Trustees also considered that, with respect to each Subsidiary, PIMCO does not retain a separate advisory or other fee from the Subsidiary, and that PIMCO's profitability with respect to each Portfolio that has a Subsidiary is not positively impacted as a result of the Subsidiary Agreements. The Trustees determined, therefore, that it was appropriate to consider the approval of the Subsidiary Agreements collectively with their consideration of the continuation of the Agreements.

(b) Review Process: In connection with considering the renewal of the Agreements, the Board reviewed written materials prepared by PIMCO and, where applicable, Research Affiliates in response to requests from Counsel encompassing a wide variety of topics. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from Counsel, and reviewed comparative fee and performance data prepared at the Board's request by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company performance information and fee and expense data. The Board received presentations on matters related to the Agreements and met both as a full Board and in a separate session of the Independent Trustees, without management present, at the August 23-24, 2022 meeting. The Independent Trustees also met via video conference with Counsel on July 14, 2022, and conducted a video conference meeting on August 10, 2022 with management and Counsel to discuss the materials presented and other matters deemed relevant to their consideration of the renewal of the Agreements. In connection with its review of the Agreements, the Board received comparative information on the performance, the risk-adjusted performance and the fees and expenses of other peer group funds and share classes. The Independent Trustees also requested and received supplemental information, including information regarding Broadridge peer classifications, the investment strategies and outflows for certain Portfolios, Portfolio performance and profitability.

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| **46** | **PIMCO VARIABLE INSURANCE TRUST** |

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##### [**Table of Contents**](#toc)
(Unaudited)

The approval determinations were made on the basis of each Trustee's business judgment after consideration and evaluation of all the information presented. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. In deciding to approve the renewal of the Agreements, the Board did not identify any single factor or particular information that, in isolation, was controlling. The discussion below is intended to summarize the broad factors and information that figured prominently in the Board's consideration of the renewal of the Agreements, but is not intended to summarize all of the factors considered by the Board.

2. NATURE, EXTENT AND QUALITY OF SERVICES

(a) PIMCO, Research Affiliates, their Personnel and Resources: The Board considered the depth and quality of PIMCO's investment management process, including, but not limited to: the experience, capability and integrity of its senior management and other personnel; the overall financial strength and stability of its organization; and the ability of its organizational structure to address changes in the Portfolios' asset levels. The Board also considered the various services in addition to portfolio management that PIMCO provides under the Investment Advisory Contract. The Board noted that PIMCO makes available to its investment professionals a variety of resources and systems relating to investment management, compliance, trading, performance and portfolio accounting. The Board also noted PIMCO's commitment to enhancing and investing in its global infrastructure, technology capabilities, risk management processes and the specialized talent needed to stay at the forefront of the competitive investment management industry and to strengthen its ability to deliver services under the Agreements. The Board considered PIMCO's policies, procedures and systems reasonably designed to assure compliance with applicable laws and regulations, including new regulations impacting the Portfolios, and its commitment to further developing and strengthening these programs; its oversight of matters that may involve conflicts of interest between the Portfolios' investments and those of other accounts managed by PIMCO; and its efforts to keep the Trustees informed about matters relevant to the Portfolios and their shareholders. The Board also considered PIMCO's investment in new disciplines and talented personnel, which has enhanced PIMCO's services to the Portfolios and has allowed PIMCO to introduce innovative new portfolios over time. In addition, the Board considered the nature, extent and quality of services provided by PIMCO to the Subsidiaries of certain applicable Portfolios.

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented, including the ongoing development of its own proprietary software and applications to support the Portfolios. Similarly, the Board considered the asset

allocation services provided by Research Affiliates to the PIMCO All Asset Portfolio. The Board further considered PIMCO's oversight of Research Affiliates in connection with Research Affiliates providing asset allocation services to the All Asset Portfolio. The Board also considered the depth and quality of Research Affiliates' investment management and research capabilities, the experience and capabilities of its portfolio management personnel and the overall financial strength of the organization. Ultimately, the Board concluded that the nature, extent and quality of services provided or procured by PIMCO under the Agreements and the Subsidiary Agreements and provided by Research Affiliates under the Asset Allocation Agreement are likely to continue to benefit the Portfolios and their shareholders, as applicable.

(b) Other Services: The Board also considered the nature, extent and quality of supervisory and administrative services provided by PIMCO to the Portfolios under the Supervision and Administration Agreement.

The Board considered the terms of the Supervision and Administration Agreement, under which the Trust pays for the supervisory and administrative services provided pursuant to that agreement under what is essentially an all-in fee structure (the "unified fee"). In return, PIMCO provides or procures certain supervisory and administrative services and bears the costs of various third party services required by the Portfolios, including, but not limited to, audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board also noted that the scope and complexity, as well as the costs, of the supervisory and administrative services provided by PIMCO under the Supervision and Administration Agreement continue to increase. The Board considered PIMCO's provision of supervisory and administrative services and its supervision of the Trust's third party service providers to assure that these service providers continue to provide a high level of service relative to alternatives available in the market.

Ultimately, the Board concluded that the nature, extent and quality of the services provided or procured by PIMCO has benefited, and will likely continue to benefit, the Portfolios and their shareholders.

3. INVESTMENT PERFORMANCE

The Board reviewed information from PIMCO concerning the Portfolios' performance, as available, over short- and long-term periods ended March 31, 2022 and other performance data, as available, over short- and long-term periods ended June 30, 2022 (the "PIMCO Report") and from Broadridge concerning the Portfolios' performance, as available, over short- and long-term periods ended March 31, 2022 (the "Broadridge Report"). The Board also noted that while historically the Broadridge Report included peer classifications from only Lipper, as part of this approval process the Broadridge Report incorporated peer classifications from Morningstar for the Portfolios for which it was believed that Morningstar provided a materially improved comparison.

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **47** |

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| **Approval of Investment Advisory Contract and Other Agreements** | **(Cont.)** |

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The Board considered information regarding both the short- and long-term relative and absolute investment performance of each Portfolio relative to its Portfolio peer group, where appropriate, and relevant benchmark index as provided to the Board in advance of each of its quarterly meetings throughout the year, including the PIMCO Report and Broadridge Report. The Trustees reviewed information indicating that classes of each Portfolio would have substantially similar performance to that of the Administrative Class of the relevant Portfolio on a relative basis because all of the classes are invested in the same portfolio of investments and that differences in performance among classes could principally be attributed to differences in the supervisory and administrative fees and distribution and/or servicing expenses of each class. The Board noted that, due to differences (such as specific investment strategies or fee structures) between certain of the Portfolios and their so-called peers in the Broadridge categories, performance comparisons may not be particularly relevant to the consideration of Portfolio performance, but found the comparative information supported its overall evaluation.

The Trustees noted that a majority of the Portfolios (based on the Administrative Class performance) have outperformed their respective benchmark indexes over the three-, five-, and ten-year periods ended March 31, 2022, and that a majority of the Portfolios (based on the Administrative Class performance) have outperformed their benchmarks since inception for the period ended March 31, 2022. The Board also discussed actions that have been taken by PIMCO to attempt to improve performance and took note of PIMCO's plans to monitor performance going forward.

The Board ultimately concluded, within the context of all of its considerations in connection with the Agreements and the Subsidiary Agreements, that PIMCO's performance record and process in managing the Portfolios indicates that its continued management is likely to benefit the Portfolios and their shareholders and merits the approval of the renewal of the Agreements and the Subsidiary Agreements.

4. ADVISORY FEES, SUPERVISORY AND ADMINISTRATIVE FEES AND TOTAL EXPENSES

The Board considered that PIMCO seeks to price new funds to scale at the outset. The Board noted that PIMCO generally seeks to price new funds competitively against the median total expense ratio of the respective Broadridge peer group, if available, while acknowledging that a fee premium may be appropriate for innovative investment offerings. PIMCO reported to the Board that, in proposing fees for any Portfolio or class of shares, it considers a number of factors, including, but not limited to, the type and complexity of the services provided, the cost of providing services, the risk assumed by PIMCO in the development of products and the provision of services and the competitive marketplace for financial products. Fees charged to or

proposed for different Portfolios for advisory services and supervisory and administrative services may vary in light of these various factors.

The Board reviewed the advisory fees, supervisory and administrative fees and total expenses of the Portfolios (each as a percentage of average net assets) and compared such amounts with the average and median fee and expense levels of other similar funds. The Board also reviewed information relating to the sub-advisory fees paid to Research Affiliates with respect to applicable Portfolios, taking into account that PIMCO compensates Research Affiliates from the advisory fees paid by such Portfolios to PIMCO. With respect to advisory fees, the Board reviewed data from the Broadridge Report that compared the average and median advisory fees of other funds in a "Peer Group" of comparable funds, where appropriate, as well as the universe of other similar funds. The Board reviewed materials indicating that, a number of Portfolios have total expense ratios that fall below the average and median expense ratios in their Peer Group and Broadridge universe. In addition, the Board considered the expense limitation agreement in place for all of the Portfolios and fee waivers in place for certain of the Portfolios and also noted the fee waivers in place with respect to the advisory fee and supervisory and administrative fee that might result from investments by applicable Portfolios in their respective Subsidiaries. The Board also considered that PIMCO reviews the Portfolios' fee levels and carefully considers changes where appropriate.

The Board also reviewed data comparing the Portfolios' advisory fees to the fee rates PIMCO charged to registered funds (open-end and closed-end), private funds, and non-U.S. registered funds, separate accounts, sub-advised clients and collective investment trusts with similar investment strategies. In cases where the fees for other clients were lower than those charged to the Portfolios, the Trustees noted that the differences in fees were attributable to various factors, including, but not limited to, differences in the advisory and other services provided by PIMCO to the Portfolios, differences in the number or extent of the services provided by PIMCO to the Portfolios, the manner in which similar portfolios may be managed, different requirements with respect to liquidity management and the implementation of other regulatory requirements, and the fact that separate accounts may have other contractual arrangements or arrangements across PIMCO strategies that justify different levels of fees. The Board considered that, with respect to collective investment trusts, PIMCO performs fewer or less extensive services because collective investment trusts are generally exempt from SEC regulation; investors in a collective investment trust may receive shareholder services from a trustee bank, rather than PIMCO; collective investment trusts have less regulatory disclosure; and the management structure of collective investment trusts differs from that of funds. The Trustees also considered that PIMCO faces increased entrepreneurial, legal and regulatory risk in sponsoring and managing mutual funds and ETFs as

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(Unaudited)

compared to separate accounts, external sub-advised funds or other investment products. In addition, the Trustees considered that PIMCO may charge certain private funds with similar investment mandates lower fees than the Portfolios because such private funds are not required to accept daily redemptions or price their assets on a daily basis, generally do not accept small investors with small account balances and operate under a less complex regulatory regime.

Regarding advisory fees charged by PIMCO in its capacity as sub-adviser to third party/unaffiliated funds, the Trustees took into account that such fees may be lower than the fees charged by PIMCO to serve as adviser to the Portfolios. The Trustees also took into account that there are various reasons for any such differences in fees, including, but not limited to, the fact that PIMCO may be subject to varying levels of entrepreneurial, legal and regulatory risk and different servicing requirements when PIMCO does not serve as the sponsor of a fund and is not principally responsible for all aspects of a fund's investment program and operations as compared to when PIMCO serves as investment adviser and sponsor.

The Board considered the Portfolios' supervisory and administrative fees, comparing them to similar funds managed by other investment advisers in the Broadridge Report. The Board also considered that, as the Portfolios' business has become increasingly complex and the number of Portfolios has grown over time, PIMCO has provided an increasingly broad array of fund supervisory and administrative functions. In addition, the Board considered the Trust's unified fee structure, under which the Trust pays for the supervisory and administrative services it requires for one set fee. In return for this unified fee, PIMCO provides or procures supervisory and administrative services and bears the costs of various third party services required by the Portfolios, including audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board further considered that many other funds pay for comparable services separately, and thus it is difficult to directly compare the Trust's unified supervisory and administrative fees with the fees paid by other funds for administrative services alone. The Board also considered that the unified supervisory and administrative fee leads to Portfolio fees that are fixed over the contract period, rather than variable. The Board noted that, although the unified fee structure does not have breakpoints, it inherently reflects certain economies of scale by fixing the absolute level of Portfolio fees at competitive levels over the contract period even if the Portfolios' operating costs rise when assets remain flat or decrease. Other factors the Board considered in assessing the unified fee include PIMCO's approach of pricing Portfolios at scale at inception and reinvesting in other important areas of the business that support the Portfolios. The Board considered historical advisory and supervisory and administrative fee reductions implemented for different Portfolios and classes, noting that the unified fee can be increased or decreased in subsequent contractual periods with Board approval and is subject to the

periodic reviews discussed above. The Board noted that, with few exceptions, PIMCO has generally maintained Portfolio fees at the same level as implemented when the unified fee was adopted, and has reduced fees for a number of Portfolios in prior years. The Board concluded that the Portfolios' supervisory and administrative fees were reasonable in relation to the value of the services provided, including the services provided to different classes of shareholders, and that the expenses assumed contractually by PIMCO under the Supervision and Administration Agreement represent, in effect, a cap on overall Portfolio fees during the contractual period, which is beneficial to the Portfolios and their shareholders.

The Board considered the Portfolios' total expenses and discussed with PIMCO certain Portfolios and/or classes of Portfolios that had above median total expenses. Upon comparing the Portfolios' total expenses to other funds in the "Peer Groups" provided by the Broadridge Report, where appropriate, the Board found total expenses of each Portfolio to be reasonable.

The Trustees also considered the advisory fees charged to the Portfolios that operate as funds of funds (the "Funds of Funds") and the advisory services provided in exchange for such fees. The Trustees determined that such services were in addition to the advisory services provided to the underlying funds in which the Funds of Funds may invest and, therefore, such services were not duplicative of the advisory services provided to the underlying funds. The Board also considered the various fee waiver agreements in place for the Funds of Funds. The Board noted that PIMCO is continuing waivers for these Funds of Funds, as well as for certain other Portfolios of the Trust.

Based on the information presented by PIMCO and Research Affiliates, members of the Board determined, in the exercise of their business judgment, that the level of the advisory fees and supervisory and administrative fees charged by PIMCO under the Agreements and the Subsidiary Agreements, that the fees charged by Research Affiliates under the Asset Allocation Agreement, and that the total expenses of each Portfolio, are reasonable.

5. ADVISER COSTS, LEVEL OF PROFITS AND ECONOMIES OF SCALE

The Board reviewed information regarding PIMCO's costs of providing services to, as well as the resulting level of profits from, the Portfolios. To the extent applicable, the Board also reviewed information regarding the portion of a Portfolio's advisory fee retained by PIMCO, following the payment of sub-advisory fees to Research Affiliates, with respect to the Portfolios. Additionally, the Board discussed PIMCO's pre- and post-distribution profit margin ranges with respect to the Portfolios, as compared to the prior year. The Board also noted that it had received information regarding the structure and manner in which PIMCO's investment professionals were compensated, and PIMCO's view of the

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **49** |

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| **Approval of Investment Advisory Contract and Other Agreements** | **(Cont.)** | (Unaudited) |

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relationship of such compensation to the recruitment and retention of quality personnel. The Board considered PIMCO's investment in global infrastructure, technology capabilities, risk management processes and qualified personnel to reinforce existing services, offer new services, and accommodate changing regulatory requirements.

The Board considered the existence of any economies of scale and noted that, to the extent that PIMCO achieves economies of scale in managing the Portfolios, PIMCO shares the benefits of such economies of scale, if any, with the Portfolios and their shareholders in a number of ways, including investing in portfolio and trade operations management, firm technology, middle and back office support, legal and compliance, and fund administration logistics; senior management supervision, governance and oversight of those services; and through fee reductions or waivers, the pricing of Portfolios to scale from inception and the enhancement of services provided to the Portfolios in return for fees paid. The Board reviewed the history of the Portfolios' fee structure. The Board considered that the Portfolios' unified fee rates had been set competitively and/or priced to scale from inception, had been held steady during the contractual period at that scaled competitive rate for most Portfolios as assets grew, or as assets declined in the case of some Portfolios, and continued to be competitive compared with peers. The Board also considered that the unified fee is a transparent means of informing a Portfolio's shareholders of the fees associated with the Portfolio, and that the Portfolio bears certain expenses that are not covered by the advisory fee or the unified fee. The Board further considered the challenges that arise when managing large funds, which can result in certain "diseconomies" of scale and noted that PIMCO has continued to reinvest in many areas of the business to support the Portfolios.

The Trustees considered that the unified fee has provided inherent economies of scale because a Portfolio maintains competitive fixed fees over the annual contract period even if the particular Portfolio's assets decline and/or operating costs rise. The Trustees further considered that, in contrast, breakpoints may be a proxy for charging higher fees on lower asset levels and that when a fund's assets decline, breakpoints may reverse, which causes expense ratios to increase. The Trustees also considered that, unlike the Portfolios' unified fee structure, funds with "pass through" administrative fee structures may experience increased expense ratios when fixed dollar fees are charged against declining fund assets. In addition, the Trustees considered that the unified fee protects shareholders from a rise in operating costs that may result from, among other things, PIMCO's investments in various business enhancements and infrastructure, including those referenced above. The Trustees noted that PIMCO's investments in these areas are extensive.

The Board concluded that the Portfolios' cost structures were reasonable and that PIMCO is appropriately sharing economies of scale, if any, through the Portfolios' unified fee structure, generally pricing Portfolios to scale at inception and reinvesting in its business to provide enhanced and expanded services to the Portfolios and their shareholders.

6. ANCILLARY BENEFITS

The Board considered other benefits realized by PIMCO and its affiliates as a result of PIMCO's relationship with the Trust. Such benefits may include possible ancillary benefits to PIMCO's institutional investment management business due to the reputation and market penetration of the Trust or third party service providers' relationship-level fee concessions, which decrease fees paid by PIMCO. The Board also considered that affiliates of PIMCO provide distribution and/or shareholder services to the Portfolios and their shareholders, for which they may be compensated through distribution and servicing fees paid pursuant to the Portfolios' Rule 12b-1 plans or otherwise. The Board noted that, while PIMCO has the authority to receive the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the Portfolios, it has adopted a policy not to enter into contractual soft dollar arrangements.

7. CONCLUSIONS

Based on their review, including their comprehensive consideration and evaluation of each of the broad factors and information summarized above, the Independent Trustees and the Board as a whole concluded that the nature, extent and quality of the services rendered to the Portfolios by PIMCO and Research Affiliates supported the renewal of the Agreements and the Subsidiary Agreements. The Independent Trustees and the Board as a whole concluded that the Agreements and the Subsidiary Agreements continued to be fair and reasonable to the Portfolios and their shareholders, that the Portfolios' shareholders received reasonable value in return for the fees paid to PIMCO by the Portfolios under the Investment Advisory Contract, Supervision and Administration Agreement and the Subsidiary Agreements and the fees paid to Research Affiliates by PIMCO under the Asset Allocation Agreement, and that the renewal of the Agreements and the Subsidiary Agreements was in the best interests of the Portfolios and their shareholders.

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**General Information** 

**Investment Adviser and Administrator** 

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

**Distributor** 

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

**Custodian** 

State Street Bank and Trust Company

801 Pennsylvania Avenue

Kansas City, MO 64105

**Transfer Agent** 

SS&C Global Investor & Distribution Solutions, Inc.

430 W 7th Street STE 219024

Kansas City, MO 64105-1407

**Legal Counsel** 

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

**Independent Registered Public Accounting Firm** 

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the PIMCO Variable Insurance Trust.

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**pimco.com/pvit**![LOGO](g436436g06y60.jpg)

PVIT13AR_123122

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![LOGO](g437447g13e39.jpg)

PIMCO VARIABLE INSURANCE TRUST

## Annual Report
December 31, 2022

PIMCO Real Return Portfolio

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**Table of Contents** 

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|  | Page |
| &nbsp;&nbsp; [Chairman's Letter](#tx437447_1) | 2 |
| &nbsp;&nbsp; [Important Information About the PIMCO Real Return Portfolio](#tx437447_2) | 4 |
| &nbsp;&nbsp; [Portfolio Summary](#tx437447_3) | 7 |
| &nbsp;&nbsp; [Expense Example](#tx437447_4) | 8 |
| &nbsp;&nbsp; [Financial Highlights](#tx437447_5) | 10 |
| &nbsp;&nbsp; [Statement of Assets and Liabilities](#tx437447_6) | 12 |
| &nbsp;&nbsp; [Statement of Operations](#tx437447_7) | 13 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets](#tx437447_8) | 14 |
| &nbsp;&nbsp; [Statement of Cash Flows](#tx437447_9) | 15 |
| &nbsp;&nbsp; [Schedule of Investments](#tx437447_10) | 16 |
| &nbsp;&nbsp; [Notes to Financial Statements](#tx437447_11) | 27 |
| &nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm](#tx437447_12) | 48 |
| &nbsp;&nbsp; [Glossary](#tx437447_13) | 49 |
| &nbsp;&nbsp; [Federal Income Tax Information](#tx437447_14) | 50 |
| &nbsp;&nbsp; [Management of the Trust](#tx437447_15) | 51 |
| &nbsp;&nbsp; [Privacy Policy](#tx437447_16) | 53 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements](#tx437447_17) | 54 |

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This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust (the "Trust") prospectus for the Portfolio. (The variable product prospectus may be obtained by contacting your Investment Consultant.)

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**Chairman's Letter** 

Dear Shareholder,

2022 was a challenging year in the financial markets. We continue to work tirelessly to navigate global markets and manage the assets that you have entrusted with us. Following this letter is the PIMCO Variable Insurance Trust Annual Report, which covers the 12-month reporting period ended December 31, 2022 (the "reporting period"). On the subsequent pages, you will find details regarding investment results and a discussion of the factors that most affected performance during the reporting period.

For the 12-month reporting period ended December 31, 2022

The global economy faced significant headwinds in 2022, including those related to higher inflation, the COVID-19 pandemic, and the Russia-Ukraine conflict. First and second quarter 2022 U.S. annualized gross domestic product ("GDP") returned -1.6% and -0.6%, respectively. The economy strengthened in the third quarter, with annualized GDP rising 3.2%. The Commerce Department's initial estimate for fourth quarter 2022 annualized GDP — released after the reporting period ended — was 2.9%.

The Federal Reserve Board (the "Fed" or "U.S. central bank") took actions to combat elevated inflation. In March 2022, the Fed raised the federal funds rate 0.25% to a range between 0.25% and 0.50%, its first rate hike since 2018. The U.S. central bank then raised rates at its next six meetings, for a total increase of 4.25% in 2022. At the end of the year, the federal funds rate was in a range between 4.25% and 4.50%.

Economies outside the U.S. also faced several headwinds. In its October 2022 World Economic Outlook Update, the International Monetary Fund (the "IMF") downgraded its expectation for 2022 GDP citing "turbulent challenges" including high inflation, tightening financial conditions, as well as the ongoing Russia-Ukraine conflict and COVID-19 pandemic. For 2022, the IMF included in its projections that GDP would grow 1.6% in the U.S. (from 5.7% in 2021), 3.1% in the eurozone (from 5.2% in 2021), 3.6% in the U.K. (from 7.4% in 2021), and 1.7% in Japan (the same as in 2021).

Several central banks tightened their respective monetary policies in recent years. For example, in December 2021, prior to the beginning of the reporting period, the Bank of England (the "BoE") raised rates for the first time since COVID-19 began. The BoE again raised rates at its next eight meetings, for a total of 3.50% in rate hikes since its first increase. The European Central Bank raised rates four times in 2022, for a total increase of 2.50%. In contrast, the Bank of Japan (the "BoJ") maintained its loose monetary policy for most of 2022. However, in December 2022 the BoJ announced that it would allow its 10-year government bond yield to rise to 0.5% (previously limited to 0.25%). The news sent the 10-year bond yield and Japanese yen higher, as market participants interpreted the announcement to mean that the BoJ may pivot from its previous monetary stance.

During the reporting period, short- and long-term U.S. Treasury yields moved higher. The yield on the benchmark 10-year U.S. Treasury note was 3.88% on December 31, 2022, versus 1.52% on December 31, 2021. The Bloomberg Global Treasury Index (USD Hedged), which tracks fixed-rate, local currency government debt of investment grade countries, including developed and emerging markets, returned -10.79%. Meanwhile, the Bloomberg Global Aggregate Credit Index (USD Hedged), a widely used index of global investment grade credit bonds, returned -14.22%. Riskier fixed income asset classes, including high yield corporate bonds and emerging market debt, were also weak. The ICE BofAML Developed Markets High Yield Constrained Index (USD Hedged), a widely used index of below-investment-grade bonds, returned -10.56%, whereas emerging market external debt, as represented by the JPMorgan Emerging Markets Bond Index (EMBI) Global (USD Hedged), returned -16.45%. Emerging market local bonds, as represented by the JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged), returned -11.69%. Finally, the municipal market, as represented by the Bloomberg Municipal Bond Index, returned -8.53%.

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Amid periods of volatility, global equities generally posted weak results during the reporting period as economic and geopolitical concerns weighed on investor sentiment. U.S. equities, as represented by the S&P 500 Index, returned -18.11%. Global equities, as represented by the MSCI World Index, returned -18.14%, while emerging market equities, as measured by the MSCI Emerging Markets Index, returned -20.09%. Meanwhile, Japanese equities, as represented by the Nikkei 225 Index (in Japanese yen), returned -7.37% and European equities, as represented by the MSCI Europe Index (in euro), returned -9.49%.

Commodity prices were volatile and generated mixed returns during the reporting period. Brent crude oil, which was approximately $77.24 a barrel at the start of the reporting period, rose to roughly $82.82 a barrel at the end of December 2022. Prices of other commodities, such as copper and gold, declined during the period.

Finally, there were also periods of volatility in the foreign exchange markets. We believe this was driven by several factors, including economic growth expectations and changing central bank monetary policies, as well as rising inflation, COVID-19 variants, and geopolitical events. The U.S. dollar strengthened against several major currencies. For example, during the reporting period, the U.S. dollar returned 5.85%, 10.71%, and 12.23% versus the euro, the British pound and the Japanese yen, respectively.

Thank you for the assets you have placed with us. We deeply value your trust, and we will continue to work diligently to meet your broad investment needs.

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| ![LOGO](g437447g19a01.jpg) | Sincerely,<br>![LOGO](g437447g65f33.jpg) <br>Peter G. Strelow<br> Chairman of the Board<br>PIMCO Variable Insurance Trust<br>|

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Past performance is no guarantee of future results. Unless otherwise noted, index returns reflect the reinvestment of income distributions and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. It is not possible to invest directly in an unmanaged index.

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>3</sub> |

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**Important Information About the PIMCO Real Return Portfolio**

PIMCO Variable Insurance Trust (the "Trust") is an open-end management investment company that includes the PIMCO Real Return Portfolio (the "Portfolio"). The Portfolio is only available as a funding vehicle under variable life insurance policies or variable annuity contracts issued by insurance companies ("Variable Contracts"). Individuals may not purchase shares of the Portfolio directly. Shares of the Portfolio also may be sold to qualified pension and retirement plans outside of the separate account context.

We believe that bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed income securities and other instruments held by the Portfolio are likely to decrease in value. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that management will anticipate such movement accurately. The Portfolio may lose money as a result of movements in interest rates.

As of the date of this report, interest rates in the United States and many parts of the world, including certain European countries, continue to increase. In efforts to combat inflation, the U.S. Federal Reserve raised interest rates multiple times in 2022 and has indicated an expectation that it will continue to raise interest rates in 2023. Thus, the Portfolio currently faces a heightened level of risk associated with rising interest rates and/or bond yields. This could be driven by a variety of factors, including but not limited to central bank monetary policies, changing inflation or real growth rates, general economic conditions, increasing bond issuances or reduced market demand for low yielding investments. Further, while bond markets have steadily grown over the past three decades, dealer inventories of corporate bonds are near historic lows in relation to market size. As a result, there has been a significant reduction in the ability of dealers to "make markets".

Bond funds and individual bonds with a longer duration (a measure used to determine the sensitivity of a security's price to changes in interest rates) tend to be more sensitive to changes in interest rates, usually making them more volatile than securities or funds with shorter durations. All of the factors mentioned above, individually or collectively, could lead to increased volatility and/or lower liquidity in the fixed income markets or negatively impact the Portfolio's performance or cause the Portfolio to incur losses. As a result, the Portfolio may experience increased shareholder redemptions, which, among other things, could further reduce the net assets of the Portfolio.

The Portfolio may be subject to various risks as described in the Portfolio's prospectus and in the Principal and Other Risks in the Notes to Financial Statements.

Classifications of the Portfolio's portfolio holdings in this report are made according to financial reporting standards. The classification of a particular portfolio holding as shown in the Allocation Breakdown and Schedule of Investments sections of this report may differ from the classification used for the Portfolio's compliance calculations, including those used in the Portfolio's prospectus, investment objectives, regulatory, and other investment limitations and policies, which may be based on different asset class, sector or geographical classifications. The Portfolio is separately monitored for compliance with respect to prospectus and regulatory requirements.

The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. In 2022, many countries lifted some or all restrictions related to COVID-19. However, the effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations and individual issuers, all of which may negatively impact the Portfolio's performance. In addition, COVID-19 and governmental responses to COVID-19 may negatively impact the capabilities of the Portfolio's service providers and disrupt the Portfolio's operations.

The United States' enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from certain other countries has contributed to and may continue to contribute to international trade tensions and may impact portfolio securities. The United States' enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government's response, may also negatively impact securities and instruments that are economically tied to Russia.

The United Kingdom's withdrawal from the European Union may impact Portfolio returns. The withdrawal may cause substantial volatility in foreign exchange markets, lead to weakness in the exchange rate of the British pound, result in a sustained period of market uncertainty, and destabilize some or all of the other European Union member countries and/or the Eurozone.

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| **4** | **PIMCO VARIABLE INSURANCE TRUST** |

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The Portfolio may invest in certain instruments that rely in some fashion upon the London Interbank Offered Rate ("LIBOR"). LIBOR is an average interest rate, determined by the ICE Benchmark Administration, that banks charge one another for the use of short-term money. The United Kingdom's Financial Conduct Authority, which regulates LIBOR, has announced plans to ultimately phase out the use of LIBOR. There remains uncertainty regarding future utilization of LIBOR and the nature of any replacement rate (e.g., the Secured Overnight Financing Rate, which is intended to replace U.S. dollar LIBOR and measures the cost of overnight borrowings through repurchase agreement transactions collateralized with U.S. Treasury securities). Any potential effects of the transition away from LIBOR on the Portfolio or on certain instruments in which the Portfolio invests can be difficult to ascertain, and they may vary depending on a variety of factors. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to the Portfolio.

On the Portfolio Summary page in this Shareholder Report, the Average Annual Total Return table and Cumulative Returns chart measure performance assuming that any dividend and capital gain distributions were reinvested. The Cumulative Returns chart reflects only

Administrative Class performance. Performance may vary by share class based on each class's expense ratios. The Portfolio measures its performance against at least one broad-based securities market index ("benchmark index"). The benchmark index does not take into account fees, expenses, or taxes. The Portfolio's past performance, before and after taxes, is not necessarily an indication of how the Portfolio will perform in the future. There is no assurance that the Portfolio, even if the Portfolio has experienced high or unusual performance for one or more periods, will experience similar levels of performance in the future. High performance is defined as a significant increase in either 1) the Portfolio's total return in excess of that of the Portfolio's benchmark between reporting periods or 2) the Portfolio's total return in excess of the Portfolio's historical returns between reporting periods. Unusual performance is defined as a significant change in the Portfolio's performance as compared to one or more previous reporting periods. Historical performance for the Portfolio or a share class thereof may have been positively impacted by fee waivers or expense limitations in place during some or all of the periods shown, if applicable. Future performance (including total return or yield) and distributions may be negatively impacted by the expiration or reduction of any such fee waivers or expense limitations.

The following table discloses the inception dates of the Portfolio and its share classes along with the Portfolio's diversification status as of period end:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio Name** | **Portfolio<br>Inception** | **Institutional<br>Class** | **Administrative<br>Class** | **Advisor<br>Class** | **Diversification<br>Status** |
|  PIMCO Real Return Portfolio | 09/30/99 | 04/10/00 | 09/30/99 | 02/28/06 | Diversified |

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An investment in the Portfolio is not a bank deposit and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in the Portfolio.

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Portfolio. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither this Portfolio's prospectus nor summary prospectus, the Trust's Statement of Additional Information ("SAI"), any contracts filed as exhibits to the Trust's registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or the Portfolio creates a contract between or among any shareholder of the Portfolio, on the one hand, and the Trust, the Portfolio, a service provider to the Trust or the Portfolio, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service

providers or other delegates acting under authority of the Trustees) may amend the most recent prospectus or use a new prospectus, summary prospectus or SAI with respect to the Portfolio or the Trust, and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which the Trust or the Portfolio is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to the Portfolio, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust's then-current prospectus or SAI.

PIMCO has adopted written proxy voting policies and procedures ("Proxy Policy") as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30,

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|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>5</sub> |

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**Important Information About the PIMCO Real Return Portfolio (Cont.)**

are available without charge, upon request, by calling the Trust at (888) 87-PIMCO, on the Portfolio's website at www.pimco.com/pvit, and on the Securities and Exchange Commission's ("SEC") website at www.sec.gov.

The Portfolio files portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The Portfolio's complete schedule of securities holdings as of the end of each fiscal

quarter will be made available to the public on the SEC's website at www.sec.gov and on PIMCO's website at www.pimco.com/pvit, and will be made available, upon request by calling PIMCO at (888) 87-PIMCO.

SEC rules allow shareholder reports to be delivered to investors by providing access to such reports online free of charge and by mailing a notice that the report is electronically available. Investors may elect to receive all future reports in paper free of charge by contacting their insurance company. Any election to receive reports in paper will apply to all portfolio companies available under the investor's contract at the insurance company.

In October 2020, the SEC adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover transactions. Subject to certain exceptions, the rule requires portfolios that trade derivatives and other transactions that create future payment or delivery obligations to comply with a value-at-risk leverage limit and certain derivatives risk management program and reporting requirements. These requirements may limit the ability of the Portfolio to use derivatives and reverse repurchase agreements and similar financing transactions as part of its investment strategies and may increase the cost of the Portfolio's investments and cost of doing business, which could adversely affect investors. The rule went into effect on February 19, 2021. The compliance date for the new rule and related reporting requirements was August 19, 2022.

In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value as well as for the performance of fair value determinations, including related oversight and reporting obligations. The new rule also defines "readily available market quotations" for purposes of the definition of "value" under the Investment Company Act of 1940 (the "Act"), and the SEC noted that this definition will apply in all contexts under the Act. The effective date for the rule was March 8, 2021. The compliance date for the new rule and the related reporting requirements was September 8, 2022.

In May 2022, the SEC proposed amendments to a current rule governing portfolio naming conventions. In general, the current rule requires portfolios with certain types of names to adopt a policy to

invest at least 80% of their assets in the type of investment suggested by the name. The proposed amendments would expand the scope of the current rule in a number of ways that would result in an expansion of the types of portfolio names that would require the portfolio to adopt an 80% investment policy under the rule. Additionally, the proposed amendments would modify the circumstances under which a portfolio may deviate from its 80% investment policy and address the use and valuation of derivatives instruments for purposes of the rule. The proposal's impact on the Portfolio will not be known unless and until any final rulemaking is adopted.

In May 2022, the SEC proposed a framework that would require certain registered portfolios (such as the Portfolio) to disclose their environmental, social, and governance ("ESG") investing practices. Among other things, the proposed requirements would mandate that portfolios meeting three pre-defined classifications (*i.e.*, integrated, ESG focused and/or impact funds) provide prospectus and shareholder report disclosure related to the ESG factors, criteria and processes used in managing the portfolio. The proposal's impact on the Portfolio will not be known unless and until any final rulemaking is adopted.

In October 2022, the SEC adopted changes to the mutual fund and exchange-traded fund ("ETF") shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which will impact the disclosures provided to shareholders. The rule amendments are effective as of January 24, 2023, but the SEC is providing an 18-month compliance period following the effective date for such amendments other than those addressing fee and expense information in advertisements that might be materially misleading.

In November 2022, the SEC proposed rule amendments which, among other things, would require funds to adopt swing pricing in order to mitigate dilution of shareholders' interests in a fund by requiring the adjustment of fund net asset value per share to pass on costs stemming from shareholder purchase or redemption activity. In addition the proposed rule would amend the liquidity rule framework. The proposal's impact on the Portfolio will not be known unless and until any final rulemaking is adopted.

In November 2022, the SEC adopted amendments to Form N-PX under the Act to improve the utility to investors of proxy voting information reported by mutual funds, ETFs and certain other funds. The rule amendments will expand the scope of funds' Form N-PX reporting obligations, subject managers to Form N-PX reporting obligations for "Say on Pay" votes, enhance Form N-PX disclosures, permit joint reporting by funds, managers and affiliated managers on Form N- PX; and require website availability of fund proxy voting records. The amendments will become effective on July 1, 2024. Funds and managers will be required to file their first reports covering the period from July 1, 2023 to June 30, 2024 on amended Form N-PX by August 31, 2024.

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| **6** | **PIMCO VARIABLE INSURANCE TRUST** |

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**PIMCO Real Return Portfolio** 

Cumulative Returns Through December 31, 2022

![LOGO](g437447g68u56.jpg)

$10,000 invested at the end of the month when the Portfolio's Administrative Class commenced operations.

Allocation Breakdown as of December 31, 2022<sup>†</sup><sup>§</sup>

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| | |
|:---|:---|
|  U.S. Treasury Obligations | 53.3% |
|  Short-Term Instruments<sup>‡</sup> | 28.5% |
|  Sovereign Issues | 6.9% |
|  Asset-Backed Securities | 6.8% |
|  U.S. Government Agencies | 2.8% |
|  Non-Agency Mortgage-Backed Securities | 1.1% |
|  Other | 0.6% |

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|:---|:---|
| <sup>†</sup> | % of Investments, at value.  |

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|:---|:---|
| <sup>§</sup> | Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.  |

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<sup>‡</sup> Includes Central Funds Used for Cash Management Purposes.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 |
|  |  | 1 Year | 5 Years | 10 Years | Inception<sup>≈</sup> |
|  | PIMCO Real Return Portfolio Institutional Class | (11.77)% | 2.11% | 1.05% | 5.09% |
| ![LOGO](g437447g94o20.jpg) | PIMCO Real Return Portfolio Administrative Class | (11.90)% | 1.96% | 0.90% | 5.04% |
|  | PIMCO Real Return Portfolio Advisor Class | (11.99)% | 1.86% | 0.80% | 3.28% |
| ![LOGO](g437447g08y58.jpg) | Bloomberg U.S. TIPS Index<sup>±</sup> | (11.85)% | 2.11% | 1.12% | 4.88%<sup>¨</sup> |

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All Portfolio returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

<sup>≈</sup> For class inception dates please refer to the Important Information.

<sup>¨</sup> Average annual total return since 09/30/1999.

<sup>±</sup> Bloomberg U.S. TIPS Index is an unmanaged market index comprised of all U.S. Treasury Inflation-Protected Securities rated investment grade (Baa3 or better), have at least one year to final maturity, and at least $500 million par amount outstanding.

It is not possible to invest directly in an unmanaged index.

*Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. The Portfolio's performance does not reflect the deduction of additional charges and expenses imposed in connection with investing in Variable Contracts, which will reduce returns. Differences in the Portfolio's performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the prices of individual positions (which may be sourced from different pricing vendors or other sources) used by the Portfolio and the index. For performance current to the most recent month-end, visit www.pimco.com/pvit or via (888) 87-PIMCO.* 

*The Portfolio's total annual operating expense ratio in effect as of period end was 0.52% for Institutional Class shares, 0.67% for Administrative Class shares, and 0.77% for Advisor Class shares. Details regarding any changes to the Portfolio's operating expenses, subsequent to period end, can be found in the Portfolio's current prospectus, as supplemented.* 

Investment Objective and Strategy Overview

PIMCO Real Return Portfolio seeks maximum real return, consistent with preservation of real capital and prudent investment management, by investing under normal circumstances at least 80% of its net assets in inflation-indexed bonds of varying maturities issued by the U.S. and non-U.S. governments, their agencies or instrumentalities and corporations, which may be represented by forwards or derivatives such as options, futures contracts or swap agreements. Assets not invested in inflation-indexed bonds may be invested in other types of Fixed Income Instruments. "Fixed Income Instruments" include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. Inflation-indexed bonds are fixed income securities that are structured to provide protection against inflation. Portfolio strategies may change from time to time. Please refer to the Portfolio's current prospectus for more information regarding the Portfolio's strategy.

Portfolio Insights

The following affected performance (on a gross basis) during the reporting period:

» Overweight exposure to European breakeven inflation ("BEI"), the yield differential between nominal government bonds and like-maturity inflation-linked bonds, contributed to relative performance, as European BEI moved higher.

» Overweight exposure to U.S. BEI, most notably early in the period, contributed to relative performance as U.S. BEI moved higher.

» Curve positioning in U.S. interest rates, specifically underweight exposure to shorter-term maturities relative to overweight exposure to intermediate and longer-term maturities, contributed to relative performance, as shorter-term maturities underperformed.

» Exposure to U.S. Treasury Inflation-Protected Securities ("TIPS") detracted from absolute returns, as TIPS posted negative returns.

» Curve positioning in eurozone interest rates, specifically overweight exposure to intermediate maturities relative to longer-term maturities, detracted from relative performance, as intermediate maturities underperformed.

» Exposure to U.S. agency residential mortgage-backed securities ("MBS") detracted from relative performance, as U.S. agency residential MBS spreads widened.

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>7</sub> |

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| **Expense Example** | **PIMCO Real Return Portfolio** |

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Example

As a shareholder of the Portfolio, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including investment advisory fees, supervisory and administrative fees, distribution and/or service (12b-1) fees (if applicable), and other Portfolio expenses. The Example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The Expense Example does not reflect any fees or other expenses imposed by the Variable Contracts. If it did, the expenses reflected in the Expense Example would be higher. The Example is based on an investment of $1,000 invested at the beginning of the period and held from July 1, 2022 to December 31, 2022 unless noted otherwise in the table and footnotes below.

Actual Expenses

The information in the table under the heading "Actual" provides information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60), then multiply the result by the number in the appropriate row for your share class, in the column titled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information in the table under the heading "Hypothetical (5% return before expenses)" provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other portfolios. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other portfolios.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the information under the heading "Hypothetical (5% return before expenses)" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. In addition, if these transactional costs were included, your costs would have been higher.

Expense ratios may vary period to period because of various factors, such as an increase in expenses that are not covered by the investment advisory fees and supervisory and administrative fees, such as fees and expenses of the independent trustees and their counsel, extraordinary expenses and interest expense.

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|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Actual** | **Actual** | **Actual** | **Hypothetical<br>(5% return before expenses)** | **Hypothetical<br>(5% return before expenses)** | **Hypothetical<br>(5% return before expenses)** | |
|  | **Beginning<br>Account Value<br>(07/01/22)** | **Ending<br>Account Value<br>(12/31/22)** | **Expenses Paid<br>During Period\*** | **Beginning<br>Account Value<br>(07/01/22)** | **Ending<br>Account Value<br>(12/31/22)** | **Expenses Paid<br>During Period\*** | **Net Annualized<br>Expense Ratio\*\*** |
| Institutional Class | $&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;971.60 | $&nbsp;&nbsp;&nbsp;&nbsp;3.27 | $&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;1022.17 | $&nbsp;&nbsp;&nbsp;&nbsp;3.35 | 0.65% |
| Administrative Class | 1000.00 | 970.90 | 4.02 | 1000.00 | 1021.40 | 4.12 | 0.80 |
| Advisor Class | 1000.00 | 970.40 | 4.52 | 1000.00 | 1020.89 | 4.63 | 0.90 |

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\* Expenses Paid During Period are equal to the net annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 186/365 (to reflect the one-half year period). Overall fees and expenses of investing in the Portfolio will be higher because the example does not reflect variable contract fees and expenses.

\*\* Net Annualized Expense Ratio is reflective of any applicable contractual fee waivers and/or expense reimbursements or voluntary fee waivers. Details regarding fee waivers, if any, can be found in Note 9, Fees and Expenses, in the Notes to Financial Statements.

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| **8** | **PIMCO VARIABLE INSURANCE TRUST** |

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>9</sub> |

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**Financial Highlights PIMCO Real Return Portfolio**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year Ended^: | **<br>Net Asset<br>Value<br>Beginning<br>of Year<sup>(a)</sup>** | **Net<br>Investment<br>Income<br>(Loss)<sup>(b)</sup>** | **Net<br>Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gain** | **Total** |
| Institutional Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | $&nbsp;&nbsp;&nbsp;&nbsp;13.99 | $&nbsp;&nbsp;&nbsp;&nbsp;0.91 | $&nbsp;&nbsp;&nbsp;&nbsp;(2.51) | $&nbsp;&nbsp;&nbsp;&nbsp;(1.60) | $&nbsp;&nbsp;&nbsp;&nbsp;(0.90) | $&nbsp;&nbsp;&nbsp;&nbsp;0.00 | $&nbsp;&nbsp;&nbsp;&nbsp;(0.90) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 13.92 | 0.74 | 0.04 | 0.78 | (0.71) | 0.00 | (0.71) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 12.64 | 0.19 | 1.30 | 1.49 | (0.21) | 0.00 | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2019 | 11.85 | 0.24 | 0.77 | 1.01 | (0.22) | 0.00 | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2018 | 12.42 | 0.34 | (0.59) | (0.25) | (0.32) | 0.00 | (0.32) |
| Administrative Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 13.99 | 0.89 | (2.51) | (1.62) | (0.88) | 0.00 | (0.88) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 13.92 | 0.71 | 0.05 | 0.76 | (0.69) | 0.00 | (0.69) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 12.64 | 0.17 | 1.30 | 1.47 | (0.19) | 0.00 | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2019 | 11.85 | 0.22 | 0.78 | 1.00 | (0.21) | 0.00 | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2018 | 12.42 | 0.32 | (0.59) | (0.27) | (0.30) | 0.00 | (0.30) |
| Advisor Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 13.99 | 0.87 | (2.50) | (1.63) | (0.87) | 0.00 | (0.87) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 13.92 | 0.71 | 0.04 | 0.75 | (0.68) | 0.00 | (0.68) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 12.64 | 0.15 | 1.31 | 1.46 | (0.18) | 0.00 | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2019 | 11.85 | 0.21 | 0.77 | 0.98 | (0.19) | 0.00 | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2018 | 12.42 | 0.32 | (0.60) | (0.28) | (0.29) | 0.00 | (0.29) |

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| | |
|:---|:---|
| ^ | A zero balance may reflect actual amounts rounding to less than $0.01 or 0.01%.  |

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<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Portfolio.

<sup>(b)</sup> Per share amounts based on average number of shares outstanding during the year. 

<sup>(c)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

<sup>(d)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Portfolio. Additionally, excludes initial sales charges and contingent deferred sales charges.

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|:---|:---|:---|
| **10** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | |
|<br>**Net Asset<br>Value End of<br>Year<sup>(a)</sup>** |<br>**Total Return<sup>(d)</sup>** |<br>**Net Assets<br>End of Year<br>(000s)** | **Expenses** | **Expenses<br>Excluding<br>Waivers** | **Expenses<br>Excluding<br>Interest<br>Expense** | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** | **Net<br>Investment<br>Income (Loss)** |<br>**Portfolio<br>Turnover<br>Rate** |
| $&nbsp;&nbsp;&nbsp;&nbsp;11.49 | (11.85)% | $200491 | 0.62% | 0.62% | 0.50% | 0.50% | 7.26% | 97% |
| 13.99 | 5.74 | 233090 | 0.52 | 0.52 | 0.50 | 0.50 | 5.30 | 162 |
| 13.92 | 11.88 | 199783 | 0.69 | 0.69 | 0.50 | 0.50 | 1.39 | 240 |
| 12.64 | 8.60 | 189206 | 1.38 | 1.38 | 0.50 | 0.50 | 1.96 | 231 |
| 11.85 | (2.06) | 180506 | 1.27 | 1.27 | 0.50 | 0.50 | 2.80 | 234 |
| 11.49 | (11.98) | &nbsp;&nbsp;&nbsp;&nbsp;1035782 | 0.77 | 0.77 | 0.65 | 0.65 | 7.13 | 97 |
| 13.99 | 5.59 | 1326535 | 0.67 | 0.67 | 0.65 | 0.65 | 5.13 | 162 |
| 13.92 | 11.71 | 1278844 | 0.84 | 0.84 | 0.65 | 0.65 | 1.24 | 240 |
| 12.64 | 8.44 | 1205456 | 1.53 | 1.53 | 0.65 | 0.65 | 1.81 | 231 |
| 11.85 | (2.21) | 1266321 | 1.42 | 1.42 | 0.65 | 0.65 | 2.67 | 234 |
| 11.49 | (12.07) | 342311 | 0.87 | 0.87 | 0.75 | 0.75 | 6.99 | 97 |
| 13.99 | 5.48 | 396259 | 0.77 | 0.77 | 0.75 | 0.75 | 5.09 | 162 |
| 13.92 | 11.60 | 344989 | 0.94 | 0.94 | 0.75 | 0.75 | 1.09 | 240 |
| 12.64 | 8.33 | 366402 | 1.63 | 1.63 | 0.75 | 0.75 | 1.70 | 231 |
| 11.85 | (2.31) | 386746 | 1.52 | 1.52 | 0.75 | 0.75 | 2.60 | 234 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>11</sub> |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **PIMCO Real Return Portfolio** | December 31, 2022 |

---

---

| | |
|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) | (Amounts in thousands<sup>†</sup>, except per share amounts) |
|  **Assets:** |  |
|  *Investments, at value* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities\* | $&nbsp;&nbsp;&nbsp;&nbsp;2332777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 944 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 2080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 3851 |
|  Cash | 1 |
|  Deposits with counterparty | 6693 |
|  Foreign currency, at value | 4615 |
|  Receivable for investments sold | 881450 |
|  Receivable for investments sold on a delayed-delivery basis | 415 |
|  Receivable for TBA investments sold | 88121 |
|  Receivable for Portfolio shares sold | 1213 |
|  Interest and/or dividends receivable | 6236 |
|  Dividends receivable from Affiliates | 21 |
|  **Total Assets** | 3328417 |
|  **Liabilities:** |  |
|  *Borrowings & Other Financing Transactions* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for sale-buyback transactions | $928063 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 1777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 16066 |
|  Payable for investments purchased | 659795 |
|  Payable for investments in Affiliates purchased | 21 |
|  Payable for TBA investments purchased | 142473 |
|  Deposits from counterparty | 38 |
|  Payable for Portfolio shares redeemed | 657 |
|  Accrued investment advisory fees | 361 |
|  Accrued supervisory and administrative fees | 361 |
|  Accrued distribution fees | 78 |
|  Accrued servicing fees | 143 |
|  **Total Liabilities** | 1749833 |
|  **Net Assets** | $1578584 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | $1887384 |
|  Distributable earnings (accumulated loss) | (308800) |
|  **Net Assets** | $1578584 |
|  **Net Assets:** |  |
|  Institutional Class | $200491 |
|  Administrative Class | 1035782 |
|  Advisor Class | 342311 |
|  **Shares Issued and Outstanding:** |  |
|  Institutional Class | 17445 |
|  Administrative Class | 90124 |
|  Advisor Class | 29785 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |
|  Institutional Class | $11.49 |
|  Administrative Class | 11.49 |
|  Advisor Class | 11.49 |
|  Cost of investments in securities | $2545359 |
|  Cost of investments in Affiliates | $944 |
|  Cost of foreign currency held | $5308 |
|  Cost or premiums of financial derivative instruments, net | $4116 |
|  \* Includes repurchase agreements of: | $662581 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Portfolio.

---

| | | |
|:---|:---|:---|
| **12** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Statement of Operations** | **PIMCO Real Return Portfolio** |

---

---

| | |
|:---|:---|
| Year Ended December 31, 2022 |  |
| (Amounts in thousands<sup>†</sup>) |  |
|  **Investment Income:** |  |
|  Interest | $136875 |
|  Dividends, net of foreign taxes\* | 619 |
|  Dividends from Investments in Affiliates | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 137590 |
|  **Expenses:** |  |
|  Investment advisory fees | 4356 |
|  Supervisory and administrative fees | 4356 |
|  Distribution and/or servicing fees - Administrative Class | 1749 |
|  Distribution and/or servicing fees - Advisor Class | 905 |
|  Trustee fees | 56 |
|  Interest expense | 2092 |
|  Miscellaneous expense | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 13516 |
|  **Net Investment Income (Loss)** | 124074 |
|  **Net Realized Gain (Loss):** |  |
|  Investments in securities | (45410) |
|  Investments in Affiliates | 8 |
|  Exchange-traded or centrally cleared financial derivative instruments | 42384 |
|  Over the counter financial derivative instruments | 9087 |
|  Foreign currency | (2887) |
|  **Net Realized Gain (Loss)** | 3182 |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in securities | (338472) |
|  Investments in Affiliates | 2 |
|  Exchange-traded or centrally cleared financial derivative instruments | (7166) |
|  Over the counter financial derivative instruments | (9492) |
|  Foreign currency assets and liabilities | 468 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | (354660) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $&nbsp;&nbsp;&nbsp;&nbsp;(227404) |
|  \* Foreign tax withholdings - Dividends | $11 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>13</sub> |

---

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Statements of Changes in Net Assets** | **PIMCO Real Return Portfolio** |

---

---

| | | |
|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2021** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
|  Net investment income (loss) | $124074 | $95612 |
|  Net realized gain (loss) | 3182 | 86194 |
|  Net change in unrealized appreciation (depreciation) | (354660) | (80560) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | (227404) | 101246 |
|  **Distributions to Shareholders:** |  |  |
|  From net investment income and/or net realized capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (15363) | (10876) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (82118) | (63361) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (24977) | (18176) |
|  **Total Distributions<sup>(a)</sup>** | (122458) | (92413) |
|  **Portfolio Share Transactions:** |  |  |
|  Net increase (decrease) resulting from Portfolio share transactions\* | (27438) | 123435 |
|  **Total Increase (Decrease) in Net Assets** | (377300) | 132268 |
|  **Net Assets:** |  |  |
|  Beginning of year | 1955884 | 1823616 |
|  End of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1578584 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1955884 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

\* See Note 13, Shares of Beneficial Interest, in the Notes to Financial Statements.

<sup>(a)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

---

| | | |
|:---|:---|:---|
| **14** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Statement of Cash Flows** | **PIMCO Real Return Portfolio** |

---

---

| | |
|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **Year Ended<br>December 31, 2022** |
|  **Cash Flows Provided by (Used for) Operating Activities:** |  |
|  Net increase (decrease) in net assets resulting from operations | $(227404) |
|  **Adjustments to Reconcile Net Increase (Decrease) in Net Assets from Operations to Net Cash Provided by (Used for) Operating Activities:** |  |
|  Purchases of long-term securities | (2114298) |
|  Proceeds from sales of long-term securities | 2444918 |
| (Purchases) Proceeds from sales of short-term portfolio investments, net | (87160) |
| (Increase) decrease in deposits with counterparty | (3155) |
| (Increase) decrease in receivable for investments sold | 196634 |
| (Increase) decrease in interest and/or dividends receivable | (578) |
| (Increase) decrease in dividends receivable from Affiliates | (21) |
|  Proceeds from (Payments on) exchange-traded or centrally cleared financial derivative instruments | 34907 |
|  Proceeds from (Payments on) over the counter financial derivative instruments | 8927 |
|  Increase (decrease) in payable for investments purchased | 119505 |
|  Increase (decrease) in deposits from counterparty | (572) |
|  Increase (decrease) in accrued investment advisory fees | (74) |
|  Increase (decrease) in accrued supervisory and administrative fees | (74) |
|  Increase (decrease) in accrued distribution fees | (10) |
|  Increase (decrease) in accrued servicing fees | (34) |
|  Proceeds from (Payments on) foreign currency transactions | (2419) |
|  *Net Realized (Gain) Loss* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 45410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared financial derivative instruments | (42384) |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter financial derivative instruments | (9087) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency | 2887 |
|  *Net Change in Unrealized (Appreciation) Depreciation* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | 338472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared financial derivative instruments | 7166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter financial derivative instruments | 9492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency assets and liabilities | (468) |
|  Net amortization (accretion) on investments | 19787 |
|  **Net Cash Provided by (Used for) Operating Activities** | 740357 |
|  **Cash Flows Received from (Used for) Financing Activities:** |  |
|  Proceeds from shares sold | 273282 |
|  Payments on shares redeemed | (420007) |
|  Cash distributions paid\* | 0 |
|  Proceeds from reverse repurchase agreements | 23653 |
|  Payments on reverse repurchase agreements | (23653) |
|  Proceeds from sale-buyback transactions | 19367409 |
|  Payments on sale-buyback transactions | &nbsp;&nbsp;&nbsp;&nbsp;(19962346) |
|  **Net Cash Received from (Used for) Financing Activities** | (741662) |
|  **Net Increase (Decrease) in Cash and Foreign Currency** | (1305) |
|  **Cash and Foreign Currency:** |  |
|  Beginning of year | 5921 |
|  End of year | $4616 |
|  \* Reinvestment of distributions | $122458 |
|  **Supplemental Disclosure of Cash Flow Information:** |  |
|  Interest expense paid during the year | $2210 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

A Statement of Cash Flows is presented when the Portfolio has a significant amount of borrowing during the year, based on the average total borrowing outstanding in relation to total assets or when substantially all of the Portfolio's investments are not classified as Level 1 or 2 in the fair value hierarchy.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **15** |

---

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Schedule of Investments** | **PIMCO Real Return Portfolio** |

---

**(Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)** 

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **INVESTMENTS IN SECURITIES 147.7%** | **INVESTMENTS IN SECURITIES 147.7%** | **INVESTMENTS IN SECURITIES 147.7%** |
| **LOAN PARTICIPATIONS AND ASSIGNMENTS 0.0%** | **LOAN PARTICIPATIONS AND ASSIGNMENTS 0.0%** | **LOAN PARTICIPATIONS AND ASSIGNMENTS 0.0%** |
|  **Hilton Worldwide Finance LLC** | **Hilton Worldwide Finance LLC** | **Hilton Worldwide Finance LLC** |
|  6.173% (LIBOR01M + 1.750%) due 06/22/2026 ~ | 77 | 77 |
|  **Total Loan Participations and Assignments (Cost $77)** | **Total Loan Participations and Assignments (Cost $77)** | **77** |
| **CORPORATE BONDS & NOTES 0.8%** | **CORPORATE BONDS & NOTES 0.8%** | **CORPORATE BONDS & NOTES 0.8%** |
| **BANKING & FINANCE 0.8%** | **BANKING & FINANCE 0.8%** | **BANKING & FINANCE 0.8%** |
|  **Avolon Holdings Funding Ltd.** | **Avolon Holdings Funding Ltd.** | **Avolon Holdings Funding Ltd.** |
|  2.528% due 11/18/2027 | 120 | 96 |
|  **Lloyds Banking Group PLC** | **Lloyds Banking Group PLC** | **Lloyds Banking Group PLC** |
|  4.947% due 06/27/2025 •(d)(e) | 600 | 617 |
|  **Mitsubishi HC Capital, Inc.** | **Mitsubishi HC Capital, Inc.** | **Mitsubishi HC Capital, Inc.** |
|  3.960% due 09/19/2023 | 400 | 396 |
|  **NatWest Group PLC** | **NatWest Group PLC** | **NatWest Group PLC** |
|  4.519% due 06/25/2024 •  | 1400 | 1387 |
|  6.274% (US0003M + 1.550%) due 06/25/2024 ~ | 2100 | 2101 |
|  **UniCredit SpA** | **UniCredit SpA** | **UniCredit SpA** |
|  7.830% due 12/04/2023 | 8450 | 8539 |
|  |  | 13136 |
| **INDUSTRIALS 0.0%** | **INDUSTRIALS 0.0%** | **INDUSTRIALS 0.0%** |
|  **Toyota Tsusho Corp.** | **Toyota Tsusho Corp.** | **Toyota Tsusho Corp.** |
|  3.625% due 09/13/2023 | 200 | 198 |
|  **VMware, Inc.** | **VMware, Inc.** | **VMware, Inc.** |
|  3.900% due 08/21/2027 | 190 | 177 |
|  |  | 375 |
| **UTILITIES 0.0%** | **UTILITIES 0.0%** | **UTILITIES 0.0%** |
|  **Eversource Energy** | **Eversource Energy** | **Eversource Energy** |
|  2.900% due 10/01/2024 | 100 | 96 |
|  **Southern Co. Gas Capital Corp.** | **Southern Co. Gas Capital Corp.** | **Southern Co. Gas Capital Corp.** |
|  2.450% due 10/01/2023 | 100 | 98 |
|  |  | 194 |
|  **Total Corporate Bonds & Notes (Cost $13,819)** | **Total Corporate Bonds & Notes (Cost $13,819)** | **13705** |
| **U.S. GOVERNMENT AGENCIES 4.1%** | **U.S. GOVERNMENT AGENCIES 4.1%** | **U.S. GOVERNMENT AGENCIES 4.1%** |
|  **Fannie Mae** | **Fannie Mae** | **Fannie Mae** |
|  2.889% due 07/01/2044 - 09/01/2044 •  | 11 | 10 |
|  3.038% due 10/01/2035 •  | 13 | 12 |
|  3.257% due 05/25/2035 ~ | 77 | 76 |
|  3.644% due 12/25/2036 ~ | 11 | 11 |
|  4.539% due 08/25/2034 •  | 9 | 8 |
|  4.739% due 07/25/2037 •  | 3 | 3 |
|  4.739% due 05/25/2042 ~ | 23 | 23 |
|  4.829% due 05/25/2036 •  | 5 | 5 |
|  **Freddie Mac** | **Freddie Mac** | **Freddie Mac** |
|  2.889% due 02/25/2045 •  | 269 | 270 |
|  3.206% due 07/15/2044 •  | 1017 | 1003 |
|  3.248% due 10/25/2044 •  | 871 | 868 |
|  3.848% due 01/01/2034 •  | 13 | 13 |
|  4.126% due 12/01/2035 •  | 19 | 19 |
|  4.649% due 08/25/2031 ~ | 16 | 16 |
|  4.668% due 01/15/2047 •  | 816 | 787 |
|  4.768% due 09/15/2042 •  | 1478 | 1453 |
|  **Ginnie Mae** | **Ginnie Mae** | **Ginnie Mae** |
|  1.968% due 04/20/2067 ~ | 1457 | 1443 |
|  3.858% due 08/20/2068 ~ | 1812 | 1762 |
|  4.726% due 10/20/2072 •  | 2206 | 2172 |
|  **U.S. Small Business Administration** | **U.S. Small Business Administration** | **U.S. Small Business Administration** |
|  6.020% due 08/01/2028 | 105 | 104 |
|  **Uniform Mortgage-Backed Security, TBA** | **Uniform Mortgage-Backed Security, TBA** | **Uniform Mortgage-Backed Security, TBA** |
|  3.000% due 02/01/2053 | 13800 | 12125 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.000% due 01/01/2053 - 03/01/2053 | 42700 | 40069 |
|  4.500% due 02/01/2053 | 2200 | 2118 |
|  **Total U.S. Government Agencies<br>(Cost $65,074)** | **Total U.S. Government Agencies<br>(Cost $65,074)** | **64370** |
| **U.S. TREASURY OBLIGATIONS 78.8%** | **U.S. TREASURY OBLIGATIONS 78.8%** | **U.S. TREASURY OBLIGATIONS 78.8%** |
|  **U.S. Treasury Inflation Protected Securities (c)** | **U.S. Treasury Inflation Protected Securities (c)** | **U.S. Treasury Inflation Protected Securities (c)** |
|  0.125% due 10/15/2024 | 29386 | 28304 |
|  0.125% due 04/15/2025 | 10049 | 9579 |
|  0.125% due 10/15/2025 (i)(k) | 8614 | 8188 |
|  0.125% due 04/15/2026 | 18977 | 17846 |
|  0.125% due 07/15/2026 (g) | 36277 | 34195 |
|  0.125% due 10/15/2026 (g) | 40787 | 38244 |
|  0.125% due 04/15/2027 (g) | 10343 | 9643 |
|  0.125% due 01/15/2030 (g) | 39890 | 35855 |
|  0.125% due 07/15/2030 (g) | 34288 | 30722 |
|  0.125% due 01/15/2031 (k) | 14848 | 13196 |
|  0.125% due 07/15/2031 (g) | 67623 | 59800 |
|  0.125% due 01/15/2032 (g) | 65147 | 57111 |
|  0.125% due 02/15/2051 | 18829 | 12145 |
|  0.125% due 02/15/2052 (k) | 6423 | 4166 |
|  0.250% due 01/15/2025 (g) | 14343 | 13761 |
|  0.250% due 07/15/2029 (g) | 66612 | 61019 |
|  0.250% due 02/15/2050 | 11556 | 7804 |
|  0.375% due 07/15/2023 (k) | 6321 | 6246 |
|  0.375% due 07/15/2025 | 9341 | 8973 |
|  0.375% due 01/15/2027 (k) | 6538 | 6168 |
|  0.375% due 07/15/2027 | 8844 | 8339 |
|  0.500% due 04/15/2024 (i) | 26160 | 25442 |
|  0.500% due 01/15/2028 (g) | 86597 | 81470 |
|  0.625% due 04/15/2023 (i)(k) | 2355 | 2331 |
|  0.625% due 01/15/2024 (k) | 5492 | 5376 |
|  0.625% due 01/15/2026 | 27210 | 26126 |
|  0.625% due 07/15/2032 (g) | 44923 | 41184 |
|  0.625% due 02/15/2043 (k) | 8581 | 6930 |
|  0.750% due 07/15/2028 (g) | 39403 | 37553 |
|  0.750% due 02/15/2042 (g) | 45038 | 37736 |
|  0.750% due 02/15/2045 (g) | 59025 | 47790 |
|  0.875% due 01/15/2029 (g) | 63023 | 60074 |
|  0.875% due 02/15/2047 | 24573 | 20169 |
|  1.000% due 02/15/2046 | 28653 | 24362 |
|  1.000% due 02/15/2048 | 6558 | 5527 |
|  1.375% due 02/15/2044 (g) | 56952 | 52944 |
|  1.625% due 10/15/2027 | 4929 | 4926 |
|  1.750% due 01/15/2028 (g) | 57492 | 57480 |
|  2.000% due 01/15/2026 | 26386 | 26361 |
|  2.125% due 02/15/2040 | 12161 | 12883 |
|  2.125% due 02/15/2041 | 8913 | 9450 |
|  2.375% due 01/15/2025 (g) | 49815 | 49865 |
|  2.375% due 01/15/2027 (g)(k) | 458 | 468 |
|  2.500% due 01/15/2029 | 24676 | 25741 |
|  3.375% due 04/15/2032 (g)(k) | 2528 | 2896 |
|  3.625% due 04/15/2028 (g) | 46692 | 50910 |
|  3.875% due 04/15/2029 (g) | 50916 | 57240 |
|  **Total U.S. Treasury Obligations<br>(Cost $1,432,055)** | **Total U.S. Treasury Obligations<br>(Cost $1,432,055)** | **1244538** |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES 1.5%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 1.5%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 1.5%** |
|  **Adjustable Rate Mortgage Trust** | **Adjustable Rate Mortgage Trust** | **Adjustable Rate Mortgage Trust** |
|  3.228% due 05/25/2036 ^~ | 70 | 61 |
|  **Alliance Bancorp Trust** | **Alliance Bancorp Trust** | **Alliance Bancorp Trust** |
|  4.869% due 07/25/2037 •  | 567 | 467 |
|  **Angel Oak Mortgage Trust** | **Angel Oak Mortgage Trust** | **Angel Oak Mortgage Trust** |
|  1.469% due 06/25/2065 ~ | 133 | 119 |
|  **Banc of America Funding Trust** | **Banc of America Funding Trust** | **Banc of America Funding Trust** |
|  3.958% due 02/20/2036 ~ | 81 | 75 |
|  4.273% due 01/20/2047 ^~ | 75 | 68 |
|  **Banc of America Mortgage Trust** | **Banc of America Mortgage Trust** | **Banc of America Mortgage Trust** |
|  2.843% due 02/25/2036 ^~ | 78 | 70 |
|  3.313% due 06/25/2035 ~ | 14 | 12 |
|  **Bear Stearns Adjustable Rate Mortgage Trust** | **Bear Stearns Adjustable Rate Mortgage Trust** | **Bear Stearns Adjustable Rate Mortgage Trust** |
|  3.372% due 03/25/2035 ~ | 118 | 109 |
|  3.474% due 07/25/2036 ^~ | 105 | 92 |
|  3.810% due 01/25/2035 ~ | 68 | 61 |
|  3.845% due 02/25/2036 ^~ | 22 | 19 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  5.230% due 10/25/2035 ~ | $— | 125 | $— | 116 |
|  **Bear Stearns ALT-A Trust** | **Bear Stearns ALT-A Trust** | **Bear Stearns ALT-A Trust** | **Bear Stearns ALT-A Trust** | **Bear Stearns ALT-A Trust** |
|  3.729% due 09/25/2035 ^~ |  | 581 |  | 361 |
|  3.734% due 03/25/2036 ^~ |  | 250 |  | 193 |
|  **Chase Mortgage Finance Trust** | **Chase Mortgage Finance Trust** | **Chase Mortgage Finance Trust** | **Chase Mortgage Finance Trust** | **Chase Mortgage Finance Trust** |
|  3.757% due 02/25/2037 ~ |  | 9 |  | 8 |
|  **ChaseFlex Trust** | **ChaseFlex Trust** | **ChaseFlex Trust** | **ChaseFlex Trust** | **ChaseFlex Trust** |
|  6.000% due 02/25/2037 ^ |  | 284 |  | 116 |
|  **Chevy Chase Funding LLC Mortgage-Backed Certificates** | **Chevy Chase Funding LLC Mortgage-Backed Certificates** | **Chevy Chase Funding LLC Mortgage-Backed Certificates** | **Chevy Chase Funding LLC Mortgage-Backed Certificates** | **Chevy Chase Funding LLC Mortgage-Backed Certificates** |
|  4.669% due 01/25/2035 •  |  | 2 |  | 2 |
|  **Citigroup Mortgage Loan Trust** | **Citigroup Mortgage Loan Trust** | **Citigroup Mortgage Loan Trust** | **Citigroup Mortgage Loan Trust** | **Citigroup Mortgage Loan Trust** |
|  3.440% due 09/25/2035 •  |  | 2 |  | 2 |
|  3.463% due 03/25/2037 ^~ |  | 979 |  | 855 |
|  3.871% due 09/25/2037 ^~ |  | 221 |  | 190 |
|  3.950% due 05/25/2035 •  |  | 3 |  | 3 |
|  5.500% due 08/25/2034 |  | 30 |  | 27 |
|  6.380% due 03/25/2036 ^•  |  | 127 |  | 116 |
|  **Countrywide Alternative Loan Trust** | **Countrywide Alternative Loan Trust** | **Countrywide Alternative Loan Trust** | **Countrywide Alternative Loan Trust** | **Countrywide Alternative Loan Trust** |
|  3.048% due 12/25/2035 •  |  | 33 |  | 27 |
|  4.533% due 02/20/2047 ^•  |  | 220 |  | 167 |
|  4.749% due 05/25/2047 ~ |  | 56 |  | 47 |
|  4.769% due 09/25/2046 ^•  |  | 1315 |  | 1215 |
|  4.949% due 12/25/2035 ~ |  | 16 |  | 14 |
|  6.000% due 03/25/2037 ^ |  | 2594 |  | &nbsp;&nbsp;&nbsp;&nbsp;1037 |
|  6.000% due 04/25/2037 |  | 269 |  | 228 |
|  **Countrywide Home Loan Mortgage Pass-Through Trust** | **Countrywide Home Loan Mortgage Pass-Through Trust** | **Countrywide Home Loan Mortgage Pass-Through Trust** | **Countrywide Home Loan Mortgage Pass-Through Trust** | **Countrywide Home Loan Mortgage Pass-Through Trust** |
|  3.229% due 05/20/2036 ^~ |  | 46 |  | 42 |
|  3.608% due 10/20/2035 ~ |  | 698 |  | 642 |
|  5.500% due 08/25/2035 ^ |  | 21 |  | 16 |
|  6.000% due 04/25/2036 |  | 250 |  | 139 |
|  6.000% due 03/25/2037 ^ |  | 811 |  | 412 |
|  **Credit Suisse Mortgage Capital Certificates** | **Credit Suisse Mortgage Capital Certificates** | **Credit Suisse Mortgage Capital Certificates** | **Credit Suisse Mortgage Capital Certificates** | **Credit Suisse Mortgage Capital Certificates** |
|  4.600% due 10/26/2036 ~ |  | 103 |  | 88 |
|  **Deutsche ALT-B Securities, Inc. Mortgage Loan Trust** | **Deutsche ALT-B Securities, Inc. Mortgage Loan Trust** | **Deutsche ALT-B Securities, Inc. Mortgage Loan Trust** | **Deutsche ALT-B Securities, Inc. Mortgage Loan Trust** | **Deutsche ALT-B Securities, Inc. Mortgage Loan Trust** |
|  4.489% due 10/25/2036 ^•  |  | 5 |  | 4 |
|  **Eurosail PLC** | **Eurosail PLC** | **Eurosail PLC** | **Eurosail PLC** | **Eurosail PLC** |
|  4.461% due 06/13/2045 ~ |  | 796 |  | 951 |
|  4.461% due 06/13/2045 •  |  | 312 |  | 373 |
|  **First Horizon Alternative Mortgage Securities Trust** | **First Horizon Alternative Mortgage Securities Trust** | **First Horizon Alternative Mortgage Securities Trust** | **First Horizon Alternative Mortgage Securities Trust** | **First Horizon Alternative Mortgage Securities Trust** |
|  4.538% due 06/25/2034 ~ | $— | 67 |  | 63 |
|  6.000% due 02/25/2037 ^ |  | 274 |  | 118 |
|  **First Horizon Mortgage Pass-Through Trust** | **First Horizon Mortgage Pass-Through Trust** | **First Horizon Mortgage Pass-Through Trust** | **First Horizon Mortgage Pass-Through Trust** | **First Horizon Mortgage Pass-Through Trust** |
|  3.875% due 08/25/2035 ~ |  | 90 |  | 62 |
|  **Great Hall Mortgages PLC** | **Great Hall Mortgages PLC** | **Great Hall Mortgages PLC** | **Great Hall Mortgages PLC** | **Great Hall Mortgages PLC** |
|  3.675% due 03/18/2039 •  |  | 36 |  | 43 |
|  3.695% due 06/18/2038 ~ |  | 28 |  | 33 |
|  **GreenPoint Mortgage Funding Trust** | **GreenPoint Mortgage Funding Trust** | **GreenPoint Mortgage Funding Trust** | **GreenPoint Mortgage Funding Trust** | **GreenPoint Mortgage Funding Trust** |
|  4.749% due 09/25/2046 •  | $— | 200 |  | 175 |
|  4.829% due 06/25/2045 ~ |  | 97 |  | 89 |
|  4.929% due 11/25/2045 •  |  | 83 |  | 75 |
|  **GSR Mortgage Loan Trust** | **GSR Mortgage Loan Trust** | **GSR Mortgage Loan Trust** | **GSR Mortgage Loan Trust** | **GSR Mortgage Loan Trust** |
|  3.652% due 07/25/2035 ~ |  | 55 |  | 51 |
|  3.739% due 12/25/2034 ~ |  | 76 |  | 67 |
|  3.767% due 09/25/2035 ~ |  | 60 |  | 56 |
|  4.367% due 01/25/2035 ~ |  | 31 |  | 29 |
|  **HarborView Mortgage Loan Trust** | **HarborView Mortgage Loan Trust** | **HarborView Mortgage Loan Trust** | **HarborView Mortgage Loan Trust** | **HarborView Mortgage Loan Trust** |
|  4.529% due 09/19/2037 ~ |  | 34 |  | 30 |
|  4.779% due 05/19/2035 ~ |  | 26 |  | 23 |
|  4.899% due 02/19/2036 •  |  | 74 |  | 39 |
|  5.033% due 06/20/2035 ~ |  | 40 |  | 36 |
|  **IndyMac INDA Mortgage Loan Trust** | **IndyMac INDA Mortgage Loan Trust** | **IndyMac INDA Mortgage Loan Trust** | **IndyMac INDA Mortgage Loan Trust** | **IndyMac INDA Mortgage Loan Trust** |
|  3.701% due 11/25/2035 ^~ |  | 23 |  | 22 |
|  **IndyMac INDX Mortgage Loan Trust** | **IndyMac INDX Mortgage Loan Trust** | **IndyMac INDX Mortgage Loan Trust** | **IndyMac INDX Mortgage Loan Trust** | **IndyMac INDX Mortgage Loan Trust** |
|  3.837% due 12/25/2034 ~ |  | 40 |  | 38 |
|  4.949% due 07/25/2035 ~ |  | 122 |  | 89 |
|  5.169% due 05/25/2034 •  |  | 7 |  | 6 |
|  **JP Morgan Mortgage Trust** | **JP Morgan Mortgage Trust** | **JP Morgan Mortgage Trust** | **JP Morgan Mortgage Trust** | **JP Morgan Mortgage Trust** |
|  2.675% due 02/25/2035 ~ |  | 33 |  | 30 |
|  3.196% due 07/27/2037 ~ |  | 230 |  | 209 |
|  3.346% due 07/25/2035 ~ |  | 98 |  | 90 |
|  3.960% due 08/25/2035 ^~ |  | 47 |  | 39 |
|  4.031% due 09/25/2035 ~ |  | 12 |  | 11 |
|  4.188% due 07/25/2035 ~ |  | 22 |  | 20 |
|  4.236% due 08/25/2035 ~ |  | 52 |  | 48 |

---

---

| | | |
|:---|:---|:---|
| **16** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **MASTR Adjustable Rate Mortgages Trust** | **MASTR Adjustable Rate Mortgages Trust** | **MASTR Adjustable Rate Mortgages Trust** |
|  3.874% due 11/21/2034 ~ | 41 | 37 |
|  **Mellon Residential Funding Corp. Mortgage Pass-Through Certificates** | **Mellon Residential Funding Corp. Mortgage Pass-Through Certificates** | **Mellon Residential Funding Corp. Mortgage Pass-Through Certificates** |
|  5.018% due 11/15/2031 •  | 31 | 30 |
|  **Mellon Residential Funding Corp. Mortgage Pass-Through Trust** | **Mellon Residential Funding Corp. Mortgage Pass-Through Trust** | **Mellon Residential Funding Corp. Mortgage Pass-Through Trust** |
|  4.758% due 12/15/2030 •  | 31 | 29 |
|  **Merrill Lynch Mortgage Investors Trust** | **Merrill Lynch Mortgage Investors Trust** | **Merrill Lynch Mortgage Investors Trust** |
|  4.385% due 11/25/2035 •  | 32 | 30 |
|  **Morgan Stanley Mortgage Loan Trust** | **Morgan Stanley Mortgage Loan Trust** | **Morgan Stanley Mortgage Loan Trust** |
|  4.386% due 06/25/2036 ~ | 109 | 104 |
|  **New Residential Mortgage Loan Trust** | **New Residential Mortgage Loan Trust** | **New Residential Mortgage Loan Trust** |
|  2.750% due 07/25/2059 ~ | 3854 | 3599 |
|  **Residential Accredit Loans, Inc. Trust** | **Residential Accredit Loans, Inc. Trust** | **Residential Accredit Loans, Inc. Trust** |
|  2.644% due 10/25/2037 ~ | 694 | 605 |
|  4.689% due 08/25/2035 •  | 40 | 30 |
|  **Residential Asset Securitization Trust** | **Residential Asset Securitization Trust** | **Residential Asset Securitization Trust** |
|  4.789% due 05/25/2035 •  | 441 | 301 |
|  6.500% due 09/25/2036 ^ | 210 | 81 |
|  **Residential Funding Mortgage Securities, Inc. Trust** | **Residential Funding Mortgage Securities, Inc. Trust** | **Residential Funding Mortgage Securities, Inc. Trust** |
|  6.000% due 06/25/2037 ^ | 126 | 94 |
|  **Residential Mortgage Securities PLC** | **Residential Mortgage Securities PLC** | **Residential Mortgage Securities PLC** |
|  4.681% due 06/20/2070 ~ | 1776 | 2139 |
|  **Sequoia Mortgage Trust** | **Sequoia Mortgage Trust** | **Sequoia Mortgage Trust** |
|  4.753% due 07/20/2036 •  | 224 | 191 |
|  5.039% due 10/19/2026 ~ | 10 | 9 |
|  **Structured Adjustable Rate Mortgage Loan Trust** | **Structured Adjustable Rate Mortgage Loan Trust** | **Structured Adjustable Rate Mortgage Loan Trust** |
|  3.448% due 01/25/2035 ^•  | 49 | 41 |
|  3.678% due 08/25/2035 ~ | 44 | 37 |
|  3.780% due 02/25/2034 ~ | 34 | 32 |
|  **Structured Asset Mortgage Investments Trust** | **Structured Asset Mortgage Investments Trust** | **Structured Asset Mortgage Investments Trust** |
|  4.769% due 06/25/2036 ~ | 15 | 14 |
|  4.809% due 04/25/2036 •  | 80 | 69 |
|  4.839% due 07/19/2035 ~•  | 44 | 38 |
|  4.839% due 07/19/2035 ~ | 200 | 180 |
|  4.999% due 10/19/2034 ~ | 19 | 18 |
|  **Thornburg Mortgage Securities Trust** | **Thornburg Mortgage Securities Trust** | **Thornburg Mortgage Securities Trust** |
|  5.009% due 06/25/2044 ~ | 2169 | 1949 |
|  **Towd Point Mortgage Funding** | **Towd Point Mortgage Funding** | **Towd Point Mortgage Funding** |
|  4.071% (SONIO/N + 1.144%) due 10/20/2051 ~ | 3105 | 3731 |
|  **Wachovia Mortgage Loan Trust LLC** | **Wachovia Mortgage Loan Trust LLC** | **Wachovia Mortgage Loan Trust LLC** |
|  1.276% due 01/25/2037 ~ | 1151 | 461 |
|  **WaMu Mortgage Pass-Through Certificates Trust** | **WaMu Mortgage Pass-Through Certificates Trust** | **WaMu Mortgage Pass-Through Certificates Trust** |
|  2.499% due 12/25/2046 ~ | 30 | 26 |
|  2.778% due 01/25/2047 •  | 209 | 190 |
|  2.810% due 08/25/2035 ~ | 9 | 8 |
|  2.818% due 05/25/2047 •  | 157 | 125 |
|  3.048% due 02/25/2046 ~ | 47 | 41 |
|  3.096% due 07/25/2046 •  | 309 | 251 |
|  3.248% due 11/25/2042 ~ | 5 | 5 |
|  3.548% due 11/25/2046 •  | 41 | 36 |
|  3.770% due 12/25/2035 ~ | 46 | 42 |
|  **Total Non-Agency Mortgage-Backed Securities (Cost $28,271)** | **Total Non-Agency Mortgage-Backed Securities (Cost $28,271)** | **24708** |
| **ASSET-BACKED SECURITIES 10.1%** | **ASSET-BACKED SECURITIES 10.1%** | **ASSET-BACKED SECURITIES 10.1%** |
|  **522 Funding CLO Ltd.** | **522 Funding CLO Ltd.** | **522 Funding CLO Ltd.** |
|  5.283% due 10/20/2031 •  | 1200 | 1179 |
|  **ACAS CLO Ltd.** | **ACAS CLO Ltd.** | **ACAS CLO Ltd.** |
|  5.084% due 10/18/2028 •  | 1478 | 1460 |
|  **ACE Securities Corp. Home Equity Loan Trust** | **ACE Securities Corp. Home Equity Loan Trust** | **ACE Securities Corp. Home Equity Loan Trust** |
|  4.789% due 03/25/2037 •  | 349 | 141 |
|  **ALME Loan Funding Designated Activity Co.** | **ALME Loan Funding Designated Activity Co.** | **ALME Loan Funding Designated Activity Co.** |
|  2.128% due 04/15/2032 •  | 797 | 831 |
|  **American Money Management Corp. CLO Ltd.** | **American Money Management Corp. CLO Ltd.** | **American Money Management Corp. CLO Ltd.** |
|  5.388% due 04/25/2031 •  | 700 | 689 |
|  5.542% due 11/10/2030 •  | 800 | 788 |
|  **Anchorage Capital CLO Ltd.** | **Anchorage Capital CLO Ltd.** | **Anchorage Capital CLO Ltd.** |
|  5.129% due 07/15/2030 ~ | 1200 | 1184 |
|  5.465% due 07/22/2032 ~ | 1100 | 1076 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Apidos CLO** | **Apidos CLO** | **Apidos CLO** |
|  5.009% due 07/17/2030 ~ | 1100 | 1088 |
|  5.094% due 07/18/2029 •  | 2400 | 2372 |
|  **Arbor Realty Commercial Real Estate Notes Ltd.** | **Arbor Realty Commercial Real Estate Notes Ltd.** | **Arbor Realty Commercial Real Estate Notes Ltd.** |
|  5.257% due 01/15/2037 •  | 4700 | 4580 |
|  **Ares CLO Ltd.** | **Ares CLO Ltd.** | **Ares CLO Ltd.** |
|  4.949% due 01/15/2029 ~ | 242 | 239 |
|  5.129% due 01/15/2032 ~ | 700 | 685 |
|  **Ares European CLO DAC** | **Ares European CLO DAC** | **Ares European CLO DAC** |
|  1.988% due 04/15/2030 •  | 1186 | 1235 |
|  2.158% due 10/15/2031 •  | 300 | 311 |
|  **Argent Securities Trust** | **Argent Securities Trust** | **Argent Securities Trust** |
|  4.709% due 05/25/2036 ~ | 115 | 29 |
|  4.869% due 05/25/2035 •  | 473 | 424 |
|  **Atlas Senior Loan Fund Ltd.** | **Atlas Senior Loan Fund Ltd.** | **Atlas Senior Loan Fund Ltd.** |
|  5.169% due 01/15/2031 ~ | 491 | 482 |
|  5.229% due 01/16/2030 •  | 1143 | &nbsp;&nbsp;&nbsp;&nbsp;1131 |
|  **Barings CLO Ltd.** | **Barings CLO Ltd.** | **Barings CLO Ltd.** |
|  5.313% due 01/20/2032 ~ | 2100 | 2072 |
|  **Bastille Euro CLO DAC** | **Bastille Euro CLO DAC** | **Bastille Euro CLO DAC** |
|  2.528% due 01/15/2034 ~ | 500 | 517 |
|  **BDS Ltd.** | **BDS Ltd.** | **BDS Ltd.** |
|  6.121% due 03/19/2039 ~ | 1600 | 1557 |
|  **Benefit Street Partners CLO Ltd.** | **Benefit Street Partners CLO Ltd.** | **Benefit Street Partners CLO Ltd.** |
|  5.029% due 10/15/2030 •  | 800 | 790 |
|  **Birch Grove CLO Ltd.** | **Birch Grove CLO Ltd.** | **Birch Grove CLO Ltd.** |
|  5.899% due 06/15/2031 ~ | 800 | 787 |
|  **Black Diamond CLO DAC** | **Black Diamond CLO DAC** | **Black Diamond CLO DAC** |
|  2.778% due 05/15/2032 •  | 400 | 415 |
|  2.834% due 10/03/2029 •  | 47 | 51 |
|  4.793% due 10/03/2029 ~ | 32 | 32 |
|  **Blackrock European CLO DAC** | **Blackrock European CLO DAC** | **Blackrock European CLO DAC** |
|  2.946% due 12/15/2032 •  | 700 | 728 |
|  **BlueMountain Fuji EUR CLO III DAC** | **BlueMountain Fuji EUR CLO III DAC** | **BlueMountain Fuji EUR CLO III DAC** |
|  2.098% due 01/15/2031 ~ | 300 | 312 |
|  **Cairn CLO DAC** | **Cairn CLO DAC** | **Cairn CLO DAC** |
|  2.158% due 10/15/2031 ~ | 300 | 314 |
|  **Capital Four U.S. CLO Ltd.** | **Capital Four U.S. CLO Ltd.** | **Capital Four U.S. CLO Ltd.** |
|  5.814% due 10/20/2030 ~ | 1000 | 998 |
|  **Carlyle Euro CLO DAC** | **Carlyle Euro CLO DAC** | **Carlyle Euro CLO DAC** |
|  2.428% due 08/15/2030 •  | 598 | 625 |
|  **Carlyle Global Market Strategies CLO Ltd.** | **Carlyle Global Market Strategies CLO Ltd.** | **Carlyle Global Market Strategies CLO Ltd.** |
|  5.405% due 04/22/2032 ~ | 300 | 294 |
|  5.600% due 08/14/2030 ~ | 1780 | 1760 |
|  **Carlyle Global Market Strategies Euro CLO DAC** | **Carlyle Global Market Strategies Euro CLO DAC** | **Carlyle Global Market Strategies Euro CLO DAC** |
|  2.548% due 11/15/2031 ~ | 700 | 726 |
|  **Carlyle U.S. CLO Ltd.** | **Carlyle U.S. CLO Ltd.** | **Carlyle U.S. CLO Ltd.** |
|  5.243% due 04/20/2031 •  | 2500 | &nbsp;&nbsp;&nbsp;&nbsp;2460 |
|  5.259% due 01/15/2030 •  | 500 | 494 |
|  **Carrington Mortgage Loan Trust** | **Carrington Mortgage Loan Trust** | **Carrington Mortgage Loan Trust** |
|  5.493% due 07/20/2030 •  | 598 | 592 |
|  **Catamaran CLO Ltd.** | **Catamaran CLO Ltd.** | **Catamaran CLO Ltd.** |
|  5.425% due 04/22/2030 •  | 1492 | 1471 |
|  **Cedar Funding CLO Ltd.** | **Cedar Funding CLO Ltd.** | **Cedar Funding CLO Ltd.** |
|  5.179% due 07/17/2031 •  | 600 | 590 |
|  **CIFC European Funding CLO DAC** | **CIFC European Funding CLO DAC** | **CIFC European Funding CLO DAC** |
|  2.428% due 01/15/2034 ~ | 1000 | 1037 |
|  **CIFC Funding Ltd.** | **CIFC Funding Ltd.** | **CIFC Funding Ltd.** |
|  5.194% due 04/18/2031 ~ | 500 | 491 |
|  5.275% due 10/24/2030 ~ | 2900 | 2871 |
|  5.288% due 04/23/2029 •  | 469 | 464 |
|  **CIT Mortgage Loan Trust** | **CIT Mortgage Loan Trust** | **CIT Mortgage Loan Trust** |
|  5.739% due 10/25/2037 •  | 89 | 88 |
|  5.889% due 10/25/2037 ~ | 3400 | 3238 |
|  **Citigroup Mortgage Loan Trust** | **Citigroup Mortgage Loan Trust** | **Citigroup Mortgage Loan Trust** |
|  4.469% due 01/25/2037 •  | 83 | 62 |
|  **Contego CLO DAC** | **Contego CLO DAC** | **Contego CLO DAC** |
|  2.142% due 01/23/2030 ~ | 799 | 833 |
|  **Countrywide Asset-Backed Certificates** | **Countrywide Asset-Backed Certificates** | **Countrywide Asset-Backed Certificates** |
|  4.889% due 03/25/2037 •  | 1200 | 1119 |
|  **Countrywide Asset-Backed Certificates Trust** | **Countrywide Asset-Backed Certificates Trust** | **Countrywide Asset-Backed Certificates Trust** |
|  4.579% due 11/25/2037 ~ | 2645 | 2417 |
|  5.129% due 08/25/2047 •  | 127 | 123 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **CQS U.S. CLO Ltd.** | **CQS U.S. CLO Ltd.** | **CQS U.S. CLO Ltd.** |
|  5.997% due 07/20/2031 •  | 2000 | 1995 |
|  **Credit-Based Asset Servicing & Securitization LLC** | **Credit-Based Asset Servicing & Securitization LLC** | **Credit-Based Asset Servicing & Securitization LLC** |
|  3.461% due 06/25/2035 •  | 386 | 371 |
|  4.264% due 07/25/2037 •  | 671 | 449 |
|  **Credit-Based Asset Servicing & Securitization Trust** | **Credit-Based Asset Servicing & Securitization Trust** | **Credit-Based Asset Servicing & Securitization Trust** |
|  4.509% due 11/25/2036 •  | 50 | 24 |
|  **Crestline Denali CLO Ltd.** | **Crestline Denali CLO Ltd.** | **Crestline Denali CLO Ltd.** |
|  5.273% due 04/20/2030 •  | 723 | 714 |
|  5.465% due 10/23/2031 ~ | 500 | 491 |
|  **Dryden CLO Ltd.** | **Dryden CLO Ltd.** | **Dryden CLO Ltd.** |
|  5.129% due 07/15/2031 •  | 1700 | &nbsp;&nbsp;&nbsp;&nbsp;1671 |
|  5.164% due 04/18/2031 •  | 600 | 588 |
|  **Dryden Euro CLO DAC** | **Dryden Euro CLO DAC** | **Dryden Euro CLO DAC** |
|  2.258% due 04/15/2034 ~ | 2194 | 2246 |
|  2.622% due 05/15/2034 •  | 300 | 312 |
|  **Ellington Loan Acquisition Trust** | **Ellington Loan Acquisition Trust** | **Ellington Loan Acquisition Trust** |
|  5.489% due 05/25/2037 •  | 314 | 302 |
|  **Fidelity Grand Harbour CLO DAC** | **Fidelity Grand Harbour CLO DAC** | **Fidelity Grand Harbour CLO DAC** |
|  3.246% due 03/15/2032 •  | 700 | 729 |
|  **First Franklin Mortgage Loan Trust** | **First Franklin Mortgage Loan Trust** | **First Franklin Mortgage Loan Trust** |
|  5.094% due 11/25/2036 •  | 2216 | 2113 |
|  **Fremont Home Loan Trust** | **Fremont Home Loan Trust** | **Fremont Home Loan Trust** |
|  4.524% due 10/25/2036 ~ | 676 | 597 |
|  **Gallatin CLO Ltd.** | **Gallatin CLO Ltd.** | **Gallatin CLO Ltd.** |
|  5.169% due 07/15/2031 ~ | 500 | 491 |
|  **GoldenTree Loan Management U.S. CLO Ltd.** | **GoldenTree Loan Management U.S. CLO Ltd.** | **GoldenTree Loan Management U.S. CLO Ltd.** |
|  5.153% due 11/20/2030 •  | 500 | 494 |
|  **GSAA Home Equity Trust** | **GSAA Home Equity Trust** | **GSAA Home Equity Trust** |
|  6.720% due 03/25/2046 þ | 248 | 149 |
|  **GSAMP Trust** | **GSAMP Trust** | **GSAMP Trust** |
|  4.459% due 12/25/2036 ~ | 65 | 32 |
|  5.124% due 09/25/2035 ^~ | 34 | 33 |
|  5.364% due 03/25/2035 ^~ | 37 | 33 |
|  **Halseypoint CLO Ltd.** | **Halseypoint CLO Ltd.** | **Halseypoint CLO Ltd.** |
|  5.865% due 11/30/2032 ~ | 600 | 592 |
|  **Harvest CLO DAC** | **Harvest CLO DAC** | **Harvest CLO DAC** |
|  2.108% due 10/15/2030 ~ | 898 | 941 |
|  2.138% due 07/15/2031 •  | 1400 | 1447 |
|  **Home Equity Asset Trust** | **Home Equity Asset Trust** | **Home Equity Asset Trust** |
|  3.826% due 02/25/2036 ~ | 1619 | 1558 |
|  **HSI Asset Securitization Corp. Trust** | **HSI Asset Securitization Corp. Trust** | **HSI Asset Securitization Corp. Trust** |
|  4.489% due 10/25/2036 •  | 4 | 2 |
|  **IndyMac INDB Mortgage Loan Trust** | **IndyMac INDB Mortgage Loan Trust** | **IndyMac INDB Mortgage Loan Trust** |
|  4.529% due 07/25/2036 •  | 557 | 174 |
|  **JP Morgan Mortgage Acquisition Trust** | **JP Morgan Mortgage Acquisition Trust** | **JP Morgan Mortgage Acquisition Trust** |
|  4.599% due 10/25/2036 ~ | 28 | 28 |
|  **Jubilee CLO DAC** | **Jubilee CLO DAC** | **Jubilee CLO DAC** |
|  2.128% due 07/12/2028 ~ | 45 | 48 |
|  2.846% due 12/15/2029 •  | 1495 | 1570 |
|  **KKR CLO Ltd.** | **KKR CLO Ltd.** | **KKR CLO Ltd.** |
|  5.029% due 07/15/2030 •  | 1021 | 1002 |
|  **Laurelin DAC** | **Laurelin DAC** | **Laurelin DAC** |
|  2.176% due 10/20/2031 •  | 500 | 519 |
|  **LCM LP** | **LCM LP** | **LCM LP** |
|  5.097% due 07/19/2027 ~ | 3165 | 3131 |
|  5.243% due 07/20/2030 •  | 289 | 285 |
|  **LCM Ltd.** | **LCM Ltd.** | **LCM Ltd.** |
|  5.063% due 07/20/2030 •  | 989 | 978 |
|  **Lehman ABS Manufactured Housing Contract Trust** | **Lehman ABS Manufactured Housing Contract Trust** | **Lehman ABS Manufactured Housing Contract Trust** |
|  7.170% due 04/15/2040 ^~ | 872 | 615 |
|  **Lehman XS Trust** | **Lehman XS Trust** | **Lehman XS Trust** |
|  4.292% due 06/25/2036 þ | 546 | 538 |
|  4.709% due 05/25/2036 •  | 660 | 558 |
|  6.689% due 12/25/2037 ~ | 1778 | 1747 |
|  **LoanCore Issuer Ltd.** | **LoanCore Issuer Ltd.** | **LoanCore Issuer Ltd.** |
|  5.358% due 01/17/2037 ~ | 1800 | 1746 |
|  **Long Beach Mortgage Loan Trust** | **Long Beach Mortgage Loan Trust** | **Long Beach Mortgage Loan Trust** |
|  4.629% due 08/25/2036 •  | 972 | 415 |
|  **Madison Park Funding Ltd.** | **Madison Park Funding Ltd.** | **Madison Park Funding Ltd.** |
|  4.829% due 04/15/2029 ~ | 478 | 474 |
|  5.155% due 04/22/2027 ~ | 2426 | 2401 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **17** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Real Return Portfolio** | **(Cont.)** |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Magnetite Ltd.** | **Magnetite Ltd.** | **Magnetite Ltd.** |
|  5.059% due 04/15/2031 ~ | 396 | 389 |
|  5.486% due 11/15/2028 ~ | 1544 | 1527 |
|  **Man GLG Euro CLO DAC** | **Man GLG Euro CLO DAC** | **Man GLG Euro CLO DAC** |
|  2.248% due 01/15/2030 •  | 457 | 479 |
|  2.462% due 05/15/2031 •  | 799 | 835 |
|  **Marathon CLO Ltd.** | **Marathon CLO Ltd.** | **Marathon CLO Ltd.** |
|  5.545% due 11/21/2027 •  | 25 | 25 |
|  **Marathon Static CLO Ltd.** | **Marathon Static CLO Ltd.** | **Marathon Static CLO Ltd.** |
|  5.070% due 07/20/2030 •  | 1300 | 1291 |
|  **MASTR Asset-Backed Securities Trust** | **MASTR Asset-Backed Securities Trust** | **MASTR Asset-Backed Securities Trust** |
|  5.139% due 10/25/2035 ^~ | 50 | 46 |
|  **Merrill Lynch Mortgage Investors Trust** | **Merrill Lynch Mortgage Investors Trust** | **Merrill Lynch Mortgage Investors Trust** |
|  4.549% due 09/25/2037 •  | 13 | 3 |
|  4.629% due 02/25/2037 •  | 256 | 78 |
|  **MF1 Ltd.** | **MF1 Ltd.** | **MF1 Ltd.** |
|  5.426% due 07/16/2036 •  | 500 | 480 |
|  6.471% due 06/19/2037 •  | 1600 | &nbsp;&nbsp;&nbsp;&nbsp;1577 |
|  **MidOcean Credit CLO** | **MidOcean Credit CLO** | **MidOcean Credit CLO** |
|  5.445% due 01/29/2030 •  | 722 | 713 |
|  5.725% due 02/20/2031 ~ | 1000 | 983 |
|  **Morgan Stanley ABS Capital, Inc. Trust** | **Morgan Stanley ABS Capital, Inc. Trust** | **Morgan Stanley ABS Capital, Inc. Trust** |
|  4.609% due 10/25/2036 •  | 1646 | 790 |
|  **Morgan Stanley IXIS Real Estate Capital Trust** | **Morgan Stanley IXIS Real Estate Capital Trust** | **Morgan Stanley IXIS Real Estate Capital Trust** |
|  4.439% due 11/25/2036 •  | 8 | 3 |
|  **New Century Home Equity Loan Trust** | **New Century Home Equity Loan Trust** | **New Century Home Equity Loan Trust** |
|  4.549% due 08/25/2036 •  | 1298 | 1253 |
|  5.154% due 02/25/2035 •  | 78 | 74 |
|  **NovaStar Mortgage Funding Trust** | **NovaStar Mortgage Funding Trust** | **NovaStar Mortgage Funding Trust** |
|  5.094% due 01/25/2036 ~ | 703 | 689 |
|  **Oak Hill European Credit Partners DAC** | **Oak Hill European Credit Partners DAC** | **Oak Hill European Credit Partners DAC** |
|  2.196% due 10/20/2031 •  | 1700 | 1766 |
|  **Oaktree CLO Ltd.** | **Oaktree CLO Ltd.** | **Oaktree CLO Ltd.** |
|  5.435% due 04/22/2030 •  | 600 | 587 |
|  **OCP Euro CLO DAC** | **OCP Euro CLO DAC** | **OCP Euro CLO DAC** |
|  2.198% due 01/15/2032 ~ | 790 | 831 |
|  **Octagon Investment Partners Ltd.** | **Octagon Investment Partners Ltd.** | **Octagon Investment Partners Ltd.** |
|  5.039% due 04/16/2031 •  | 1200 | 1184 |
|  5.650% due 02/14/2031 •  | 800 | 787 |
|  **OSD CLO Ltd.** | **OSD CLO Ltd.** | **OSD CLO Ltd.** |
|  4.949% due 04/17/2031 ~ | 2092 | 2058 |
|  **OZLM Ltd.** | **OZLM Ltd.** | **OZLM Ltd.** |
|  5.059% due 10/17/2029 •  | 897 | 884 |
|  5.343% due 10/20/2031 ~ | 300 | 294 |
|  5.403% due 07/20/2032 ~ | 600 | 585 |
|  5.665% due 10/30/2030 ~ | 396 | 390 |
|  **Palmer Square CLO Ltd.** | **Palmer Square CLO Ltd.** | **Palmer Square CLO Ltd.** |
|  5.179% due 07/16/2031 •  | 800 | 790 |
|  **Palmer Square European Loan Funding** | **Palmer Square European Loan Funding** | **Palmer Square European Loan Funding** |
|  3.993% due 04/12/2032 •  | 4700 | 5013 |
|  **Palmer Square European Loan Funding DAC** | **Palmer Square European Loan Funding DAC** | **Palmer Square European Loan Funding DAC** |
|  2.428% due 10/15/2031 ~ | 1262 | 1320 |
|  **Palmer Square Loan Funding Ltd.** | **Palmer Square Loan Funding Ltd.** | **Palmer Square Loan Funding Ltd.** |
|  4.879% due 10/15/2029 ~ | 2698 | 2659 |
|  5.043% due 07/20/2029 ~ | 1898 | 1876 |
|  **Park Place Securities, Inc.** | **Park Place Securities, Inc.** | **Park Place Securities, Inc.** |
|  5.094% due 09/25/2035 ~ | 59 | 61 |
|  **Park Place Securities, Inc. Asset-Backed Pass-Through Certificates** | **Park Place Securities, Inc. Asset-Backed Pass-Through Certificates** | **Park Place Securities, Inc. Asset-Backed Pass-Through Certificates** |
|  5.124% due 09/25/2035 ~ | 490 | 470 |
|  5.439% due 10/25/2034 •  | 2458 | 2406 |
|  **Rad CLO Ltd.** | **Rad CLO Ltd.** | **Rad CLO Ltd.** |
|  5.445% due 07/24/2032 ~ | 4200 | 4099 |
|  **Regatta Funding Ltd.** | **Regatta Funding Ltd.** | **Regatta Funding Ltd.** |
|  5.329% due 10/17/2030 ~ | 800 | 791 |
|  **Renaissance Home Equity Loan Trust** | **Renaissance Home Equity Loan Trust** | **Renaissance Home Equity Loan Trust** |
|  5.149% due 12/25/2032 •  | 49 | 45 |
|  **Residential Asset Securities Corp. Trust** | **Residential Asset Securities Corp. Trust** | **Residential Asset Securities Corp. Trust** |
|  4.669% due 09/25/2036 ~ | 1293 | 1252 |
|  4.849% due 06/25/2036 ~ | 2153 | 2053 |
|  **Romark CLO Ltd.** | **Romark CLO Ltd.** | **Romark CLO Ltd.** |
|  5.355% due 10/23/2030 ~ | 800 | 786 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Saranac CLO Ltd.** | **Saranac CLO Ltd.** | **Saranac CLO Ltd.** | **Saranac CLO Ltd.** |
|  5.873% due 08/13/2031 ~ | $| 1400 | 1357 |
|  5.905% due 11/20/2029 •  |  | 435 | 430 |
|  **Saxon Asset Securities Trust** | **Saxon Asset Securities Trust** | **Saxon Asset Securities Trust** | **Saxon Asset Securities Trust** |
|  4.699% due 09/25/2037 •  |  | 465 | 437 |
|  **Securitized Asset-Backed Receivables LLC Trust** | **Securitized Asset-Backed Receivables LLC Trust** | **Securitized Asset-Backed Receivables LLC Trust** | **Securitized Asset-Backed Receivables LLC Trust** |
|  4.509% due 12/25/2036 ^•  |  | 266 | 61 |
|  4.689% due 07/25/2036 •  |  | 193 | 81 |
|  4.709% due 07/25/2036 ~ |  | 2723 | 971 |
|  **Segovia European CLO DAC** | **Segovia European CLO DAC** | **Segovia European CLO DAC** | **Segovia European CLO DAC** |
|  2.336% due 07/20/2032 ~ | EUR | 600 | 622 |
|  **SLM Student Loan Trust** | **SLM Student Loan Trust** | **SLM Student Loan Trust** | **SLM Student Loan Trust** |
|  4.908% due 10/25/2064 ~ | $| 2028 | 1949 |
|  5.858% due 04/25/2023 ~ |  | 1518 | 1504 |
|  **Sound Point CLO Ltd.** | **Sound Point CLO Ltd.** | **Sound Point CLO Ltd.** | **Sound Point CLO Ltd.** |
|  5.223% due 10/20/2030 •  |  | 500 | 493 |
|  5.225% due 01/23/2029 ~ |  | 373 | 369 |
|  5.315% due 01/23/2029 •  |  | 1871 | 1862 |
|  5.344% due 04/18/2031 •  |  | 400 | 391 |
|  5.453% due 07/20/2032 ~ |  | 1200 | 1159 |
|  **Soundview Home Loan Trust** | **Soundview Home Loan Trust** | **Soundview Home Loan Trust** | **Soundview Home Loan Trust** |
|  4.509% due 11/25/2036 •  |  | 39 | 11 |
|  4.569% due 07/25/2037 •  |  | 756 | 682 |
|  4.589% due 06/25/2037 •  |  | 1435 | 1036 |
|  **St. Paul's CLO DAC** | **St. Paul's CLO DAC** | **St. Paul's CLO DAC** | **St. Paul's CLO DAC** |
|  2.373% due 04/25/2030 ~ | EUR | 599 | 624 |
|  **Stratus CLO Ltd.** | **Stratus CLO Ltd.** | **Stratus CLO Ltd.** | **Stratus CLO Ltd.** |
|  5.143% due 12/28/2029 •  | $| 445 | 440 |
|  5.193% due 12/29/2029 •  |  | 905 | 890 |
|  **Structured Asset Securities Corp. Mortgage Loan Trust** | **Structured Asset Securities Corp. Mortgage Loan Trust** | **Structured Asset Securities Corp. Mortgage Loan Trust** | **Structured Asset Securities Corp. Mortgage Loan Trust** |
|  5.620% due 04/25/2035 •  |  | 82 | 80 |
|  **Symphony CLO Ltd.** | **Symphony CLO Ltd.** | **Symphony CLO Ltd.** | **Symphony CLO Ltd.** |
|  4.961% due 07/14/2026 ~ |  | 49 | 49 |
|  **TCW CLO Ltd.** | **TCW CLO Ltd.** | **TCW CLO Ltd.** | **TCW CLO Ltd.** |
|  5.328% due 04/25/2031 ~ |  | 1100 | 1083 |
|  **THL Credit Wind River CLO Ltd.** | **THL Credit Wind River CLO Ltd.** | **THL Credit Wind River CLO Ltd.** | **THL Credit Wind River CLO Ltd.** |
|  5.159% due 04/15/2031 ~ |  | 1600 | 1557 |
|  **Toro European CLO DAC** | **Toro European CLO DAC** | **Toro European CLO DAC** | **Toro European CLO DAC** |
|  2.118% due 10/15/2030 •  | EUR | 800 | 838 |
|  2.118% due 10/15/2030 ~ |  | 600 | 629 |
|  **TPG Real Estate Finance Issuer Ltd.** | **TPG Real Estate Finance Issuer Ltd.** | **TPG Real Estate Finance Issuer Ltd.** | **TPG Real Estate Finance Issuer Ltd.** |
|  5.458% due 02/15/2039 ~ | $| 1500 | 1465 |
|  **Tralee CLO Ltd.** | **Tralee CLO Ltd.** | **Tralee CLO Ltd.** | **Tralee CLO Ltd.** |
|  5.678% due 04/25/2034 ~ |  | 1400 | 1370 |
|  **Venture CLO Ltd.** | **Venture CLO Ltd.** | **Venture CLO Ltd.** | **Venture CLO Ltd.** |
|  4.959% due 04/15/2027 ~ |  | 683 | 682 |
|  4.959% due 07/15/2027 •  |  | 116 | 117 |
|  5.143% due 10/20/2028 •  |  | 671 | 663 |
|  5.233% due 07/20/2030 •  |  | 300 | 295 |
|  5.766% due 08/28/2029 •  |  | 1326 | 1313 |
|  **Vibrant CLO Ltd.** | **Vibrant CLO Ltd.** | **Vibrant CLO Ltd.** | **Vibrant CLO Ltd.** |
|  5.283% due 09/15/2030 •  |  | 498 | 490 |
|  5.363% due 07/20/2032 •  |  | 1200 | 1168 |
|  **Voya CLO Ltd.** | **Voya CLO Ltd.** | **Voya CLO Ltd.** | **Voya CLO Ltd.** |
|  5.029% due 04/17/2030 •  |  | 284 | 280 |
|  5.094% due 01/18/2029 •  |  | 1586 | 1569 |
|  5.139% due 04/15/2031 •  |  | 500 | 493 |
|  **Wellfleet CLO Ltd.** | **Wellfleet CLO Ltd.** | **Wellfleet CLO Ltd.** | **Wellfleet CLO Ltd.** |
|  5.133% due 07/20/2029 •  |  | 510 | 503 |
|  **Total Asset-Backed Securities<br>(Cost $162,776)** | **Total Asset-Backed Securities<br>(Cost $162,776)** | **Total Asset-Backed Securities<br>(Cost $162,776)** | **159090** |
| **SOVEREIGN ISSUES 10.2%** | **SOVEREIGN ISSUES 10.2%** | **SOVEREIGN ISSUES 10.2%** | **SOVEREIGN ISSUES 10.2%** |
|  **Australia Government International Bond** | **Australia Government International Bond** | **Australia Government International Bond** | **Australia Government International Bond** |
|  3.000% due 09/20/2025 (c) | AUD | 12333 | 8862 |
|  **Canada Government Real Return Bond** | **Canada Government Real Return Bond** | **Canada Government Real Return Bond** | **Canada Government Real Return Bond** |
|  4.250% due 12/01/2026 (c) | CAD | 6585 | 5367 |
|  **France Government International Bond** | **France Government International Bond** | **France Government International Bond** | **France Government International Bond** |
|  0.100% due 03/01/2026 (c) | EUR | 14477 | 15339 |
|  0.100% due 07/25/2031 (c) |  | 2416 | 2477 |
|  0.100% due 07/25/2038 (c) |  | 5423 | 5204 |
|  0.250% due 07/25/2024 (c) |  | 8695 | 9375 |
|  **Italy Buoni Poliennali Del Tesoro** | **Italy Buoni Poliennali Del Tesoro** | **Italy Buoni Poliennali Del Tesoro** | **Italy Buoni Poliennali Del Tesoro** |
|  0.400% due 05/15/2030 (c) |  | 5834 | 5467 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  1.400% due 05/26/2025 (c) |  | 45256 | $— | 47827 |
|  **Japan Government International Bond** | **Japan Government International Bond** | **Japan Government International Bond** | **Japan Government International Bond** | **Japan Government International Bond** |
|  0.005% due 03/10/2031 (c) |  | 292337 |  | 2309 |
|  0.100% due 03/10/2028 (c) |  | 1499989 |  | 11824 |
|  0.100% due 03/10/2029 (c) |  | 1882074 |  | 14886 |
|  **Mexico Government International Bond** | **Mexico Government International Bond** | **Mexico Government International Bond** | **Mexico Government International Bond** | **Mexico Government International Bond** |
|  7.750% due 05/29/2031 |  | 53861 |  | 2553 |
|  **New Zealand Government International Bond** | **New Zealand Government International Bond** | **New Zealand Government International Bond** | **New Zealand Government International Bond** | **New Zealand Government International Bond** |
|  2.000% due 09/20/2025 (c) |  | 5914 |  | 3737 |
|  3.000% due 09/20/2030 (c) |  | 5137 |  | 3423 |
|  **Peru Government International Bond** | **Peru Government International Bond** | **Peru Government International Bond** | **Peru Government International Bond** | **Peru Government International Bond** |
|  5.940% due 02/12/2029 |  | 1300 |  | 314 |
|  **Qatar Government International Bond** | **Qatar Government International Bond** | **Qatar Government International Bond** | **Qatar Government International Bond** | **Qatar Government International Bond** |
|  3.875% due 04/23/2023 | $— | 700 |  | 697 |
|  **Saudi Government International Bond** | **Saudi Government International Bond** | **Saudi Government International Bond** | **Saudi Government International Bond** | **Saudi Government International Bond** |
|  4.000% due 04/17/2025 |  | 2270 |  | 2243 |
|  **United Kingdom Gilt** | **United Kingdom Gilt** | **United Kingdom Gilt** | **United Kingdom Gilt** | **United Kingdom Gilt** |
|  0.125% due 03/22/2024 (c) |  | 10434 |  | 12824 |
|  0.125% due 08/10/2041 (c) |  | 4961 |  | 5653 |
|  **Total Sovereign Issues (Cost $177,241)** | **Total Sovereign Issues (Cost $177,241)** | **Total Sovereign Issues (Cost $177,241)** |  | **160381** |
|  | **SHARES** | **SHARES** |  |  |
| **PREFERRED SECURITIES 0.1%** | **PREFERRED SECURITIES 0.1%** | **PREFERRED SECURITIES 0.1%** | **PREFERRED SECURITIES 0.1%** | **PREFERRED SECURITIES 0.1%** |
| **BANKING & FINANCE 0.1%** | **BANKING & FINANCE 0.1%** | **BANKING & FINANCE 0.1%** | **BANKING & FINANCE 0.1%** | **BANKING & FINANCE 0.1%** |
|  **Bank of America Corp.** | **Bank of America Corp.** | **Bank of America Corp.** | **Bank of America Corp.** | **Bank of America Corp.** |
|  5.875% due 03/15/2028 •(d) |  | 1220000 |  | 1082 |
|  **Total Preferred Securities (Cost $1,220)** | **Total Preferred Securities (Cost $1,220)** | **Total Preferred Securities (Cost $1,220)** |  | **1082** |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |  |
| **SHORT-TERM INSTRUMENTS 42.1%** | **SHORT-TERM INSTRUMENTS 42.1%** | **SHORT-TERM INSTRUMENTS 42.1%** | **SHORT-TERM INSTRUMENTS 42.1%** | **SHORT-TERM INSTRUMENTS 42.1%** |
| **REPURCHASE AGREEMENTS (f) 42.0%** | **REPURCHASE AGREEMENTS (f) 42.0%** | **REPURCHASE AGREEMENTS (f) 42.0%** | **REPURCHASE AGREEMENTS (f) 42.0%** | **REPURCHASE AGREEMENTS (f) 42.0%** |
|  |  |  |  | 662581 |
| **U.S. TREASURY BILLS 0.1%** | **U.S. TREASURY BILLS 0.1%** | **U.S. TREASURY BILLS 0.1%** | **U.S. TREASURY BILLS 0.1%** | **U.S. TREASURY BILLS 0.1%** |
|  4.182% due 03/02/2023 - 03/23/2023 (a)(b)(k) | $— | 2261 |  | 2245 |
| **Total Short-Term Instruments (Cost $664,826)** | **Total Short-Term Instruments (Cost $664,826)** | **Total Short-Term Instruments (Cost $664,826)** |  | **664826** |
| **Total Investments in Securities (Cost $2,545,359)** | **Total Investments in Securities (Cost $2,545,359)** | **Total Investments in Securities (Cost $2,545,359)** |  | **2332777** |
|  | **SHARES** | **SHARES** |  |  |
| **INVESTMENTS IN AFFILIATES 0.1%** | **INVESTMENTS IN AFFILIATES 0.1%** | **INVESTMENTS IN AFFILIATES 0.1%** | **INVESTMENTS IN AFFILIATES 0.1%** | **INVESTMENTS IN AFFILIATES 0.1%** |
| **SHORT-TERM INSTRUMENTS 0.1%** | **SHORT-TERM INSTRUMENTS 0.1%** | **SHORT-TERM INSTRUMENTS 0.1%** | **SHORT-TERM INSTRUMENTS 0.1%** | **SHORT-TERM INSTRUMENTS 0.1%** |
| **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.1%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.1%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.1%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.1%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.1%** |
|  **PIMCO Short-Term<br>Floating NAV Portfolio III** |  | 97178 |  | 944 |
| **Total Short-Term Instruments<br>(Cost $944)** | **Total Short-Term Instruments<br>(Cost $944)** | **Total Short-Term Instruments<br>(Cost $944)** |  | **944** |
| **Total Investments in Affiliates<br>(Cost $944)** | **Total Investments in Affiliates<br>(Cost $944)** | **Total Investments in Affiliates<br>(Cost $944)** |  | **944** |
| **Total Investments 147.8%<br>(Cost $2,546,303)** | **Total Investments 147.8%<br>(Cost $2,546,303)** | **Total Investments 147.8%<br>(Cost $2,546,303)** | $— | **2333721** |
|  **Financial Derivative<br>Instruments (h)(j) (0.7)%**<br> **(Cost or Premiums, net $4,116)** | **Financial Derivative<br>Instruments (h)(j) (0.7)%**<br> **(Cost or Premiums, net $4,116)** | **Financial Derivative<br>Instruments (h)(j) (0.7)%**<br> **(Cost or Premiums, net $4,116)** |  | **(11912)** |
| **Other Assets and Liabilities, net (47.1)%** | **Other Assets and Liabilities, net (47.1)%** | **Other Assets and Liabilities, net (47.1)%** |  | **(743225)** |
| **Net Assets 100.0%** | **Net Assets 100.0%** | **Net Assets 100.0%** | $— | **1578584** |

---

---

| | | |
|:---|:---|:---|
| **18** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

**NOTES TO SCHEDULE OF INVESTMENTS:** 

**\*** **A zero balance may reflect actual amounts rounding to less than one thousand.** 

---

| | |
|:---|:---|
| **^** | **Security is in default.**  |

---

---

| | |
|:---|:---|
| **~** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.**  |

---

**•** **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** 

---

| | |
|:---|:---|
| **þ** | **Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.**  |

---

**(a)** **Coupon represents a weighted average yield to maturity.** 

**(b)** **Zero coupon security.** 

**(c)** **Principal amount of security is adjusted for inflation.** 

**(d)** **Perpetual maturity; date shown, if applicable, represents next contractual call date.** 

**(e)** **Contingent convertible security.** 

**BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;**(f) REPURCHASE AGREEMENTS:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Lending<br>Rate** | **Settlement<br>Date** | **Maturity<br>Date** | **Principal<br>Amount** | **Collateralized By** | **Collateral<br>(Received)** | **Repurchase<br>Agreements,<br>at Value** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** |
| BOS | 4.310% | 01/03/2023 | 01/04/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659800 | U.S. Treasury Bonds 3.000% due 05/15/2045 - 02/15/2049 | $(669966) | $659800 | $659800 |
| FICC | 1.900 | 12/30/2022 | 01/03/2023 | 2781 | U.S. Treasury Bills 0.000% due 06/29/2023 | (2837) | 2781 | 2781 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | $**(672803)** | $**662581** | $**662581** |

---

**SALE-BUYBACK TRANSACTIONS:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Borrowing<br>Rate<sup>(2)</sup>** | **Borrowing<br>Date** | **Maturity<br>Date** | **Amount<br>Borrowed<sup>(2)</sup>** | **Payable for<br>Sale-Buyback<br>Transactions<sup>(3)</sup>** |
| BCY | 4.290% | 12/08/2022 | 01/05/2023 | $(35111) | $(35220) |
| BOS | 4.210 | 11/09/2022 | 01/09/2023 | (9557) | (9618) |
| GSC | 4.380 | 01/03/2023 | 01/04/2023 | (26286) | (26286) |
|  | 4.400 | 01/03/2023 | 01/04/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(837674) | (837674) |
|  | 4.400 | 01/04/2023 | 01/05/2023 | (17407) | (17407) |
|  | 4.460 | 12/19/2022 | 01/09/2023 | (1855) | (1858) |
|  **Total Sale-Buyback Transactions** |  |  |  |  | $**(928063)** |

---

**BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY** 

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** | **Payable for<br>Reverse<br>Repurchase<br>Agreements** | **Payable for<br>Sale-Buyback<br>Transactions<sup>(3)</sup>** | **Total<br>Borrowings and<br>Other Financing<br>Transactions** | **Collateral<br>Pledged/(Received)** | **Net Exposure<sup>(4)</sup>** |
|  Global/Master Repurchase Agreement |  |  |  |  |  |  |
|  BOS | $659800 | $0 | $0 | $659800 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(669966) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10166) |
|  FICC | 2781 | 0 | 0 | 2781 | (2837) | (56) |
|  Master Securities Forward Transaction Agreement |  |  |  |  |  |  |
|  BCY | 0 | 0 | (35220) | (35220) | 34946 | (274) |
|  BOS | 0 | 0 | (9618) | (9618) | 9643 | 25 |
|  GSC | 0 | 0 | (883225) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(883225) | 863863 | (19362) |
|  **Total Borrowings and Other Financing Transactions** | $**662581** | $**0** | **$(928063)** |  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **19** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Real Return Portfolio** | **(Cont.)** |

---

**CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS** 

**Remaining Contractual Maturity of the Agreements** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Overnight and<br>Continuous** | **Up to 30 days** | **31-90 days** | **Greater Than 90 days** | **Total** |
|  **Sale-Buyback Transactions** |  |  |  |  |  |
|  U.S. Treasury Obligations | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(928063) | $0 | $0 | $(928063) |
|  **Total Borrowings** | $**0** | $**(928063)** | $**0** | $**0** | $**(928063)** |
|  **Payable for sale-buyback financing transactions**  |  |  |  |  | $**(928063)** |

---

**(g)** **Securities with an aggregate market value of $908,452 have been pledged as collateral under the terms of the above master agreements as of December 31, 2022.** 

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> The average amount of borrowings outstanding during the period ended December 31, 2022 was $(283115) at a weighted average interest rate of 0.675%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(3)</sup> Payable for sale-buyback transactions includes $(124) of deferred price drop. 

<sup>(4)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

&nbsp;&nbsp;&nbsp;&nbsp;**(h) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** 

**FUTURES CONTRACTS:** 

**LONG FUTURES CONTRACTS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  3-Month Euribor March Futures  | 03/2023 | 681 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176758 | $(5983) | $55 | $(36) |
|  Euro-Bund March Futures  | 03/2023 | 133 | 18925 | (1221) | 67 | (151) |
|  U.S. Treasury 5-Year Note March Futures  | 03/2023 | 2089 | 225465 | (1418) | 44 | (162) |
|  U.S. Treasury Ultra Long-Term Bond March Futures  | 03/2023 | 5 | 672 | (17) | 0 | (2) |
|  U.S. Ultra Treasury Note March Futures  | 03/2023 | 372 | 44001 | (492) | 0 | (23) |
|  United Kingdom Long Gilt March Futures  | 03/2023 | 17 | 2053 | (134) | 2 | (6) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9265) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(380) |

---

**SHORT FUTURES CONTRACTS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  Australia Government 10-Year Bond March Futures  | 03/2023 | 60 | $(4641) | $218 | $7 | $(3) |
|  Call Options Strike @ EUR 146.000 on Euro-Bund 10-Year Bond February 2023 Futures<sup>(1)</sup> | 01/2023 | 16 | 0 | 13 | 0 | 0 |
|  Euro-Bobl March Futures  | 03/2023 | 116 | (14373) | 469 | 53 | (32) |
|  Euro-BTP Italy Government Bond March Futures  | 03/2023 | 226 | (25428) | 359 | 31 | (29) |
|  Euro-BTP March Futures  | 03/2023 | 365 | (42557) | 3161 | 438 | (348) |
|  Euro-Buxl 30-Year Bond March Futures  | 03/2023 | 14 | (2027) | 170 | 52 | (9) |
|  Euro-Oat March Futures  | 03/2023 | 95 | (12945) | 904 | 118 | (66) |
|  Euro-Schatz March Futures  | 03/2023 | 2231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(251761) | 3110 | 311 | (131) |
|  Gold 100 oz. February Futures  | 02/2023 | 56 | (10227) | (298) | 0 | (1) |
|  Japan Government 10-Year Bond March Futures  | 03/2023 | 72 | (79801) | 1469 | 110 | 0 |
|  Put Options Strike @ EUR 138.500 on Euro-Bund 10-Year Bond February 2023 Futures<sup>(1)</sup> | 01/2023 | 16 | (98) | (82) | 8 | (17) |
|  U.S. Treasury 2-Year Note March Futures  | 03/2023 | 18 | (3691) | 8 | 3 | 0 |
|  U.S. Treasury 10-Year Note March Futures  | 03/2023 | 1447 | (162494) | 383 | 186 | (32) |
|  U.S. Treasury Long-Term Bond March Futures  | 03/2023 | 703 | (88117) | 593 | 96 | (66) |
|  |  |  |  | $10477 | $1413 | $(734) |
|  **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | $**1212** | $**1581** | $**(1114)** |

---

**SWAP AGREEMENTS:** 

**CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(2)</sup>** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2022<sup>(3)</sup>** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(5)</sup>** | **Variation Margin** | **Variation Margin** |
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2022<sup>(3)</sup>** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(5)</sup>** | **Asset** | **Liability** |
|  General Electric Co. | 1.000% | Quarterly | 12/20/2023 | 0.438% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

---

| | | |
|:---|:---|:---|
| **20** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

**INTEREST RATE SWAPS** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Receive | 1-Day GBP-SONIO Compounded-OIS | 0.500% | Annual | 03/16/2042 | 8500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4275 | $146 | $4421 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | $0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.300 | Semi-Annual | 09/20/2027 | 400000 | (7) | 51 | 44 | 4 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.300 | Semi-Annual | 03/20/2028 | 118480 | (2) | 19 | 17 | 2 | 0 |
|  Pay | 3-Month EUR-EURIBOR | 0.526 | Annual | 11/21/2023 | 58000 | 0 | (2129) | (2129) | 0 | (9) |
|  Receive | 3-Month NZD-BBR | 3.250 | Semi-Annual | 03/21/2028 | 11800 | 36 | 453 | 489 | 0 | (16) |
|  Receive<sup>(6)</sup> | 3-Month USD-LIBOR | 1.840 | Semi-Annual | 11/15/2028 | $13300 | 0 | 1098 | 1098 | 19 | 0 |
|  Receive<sup>(6)</sup> | 3-Month USD-LIBOR | 1.840 | Semi-Annual | 11/21/2028 | 7200 | 0 | 592 | 592 | 10 | 0 |
|  Pay<sup>(6)</sup> | 3-Month USD-LIBOR | 1.975 | Semi-Annual | 11/15/2053 | 2800 | 0 | (724) | (724) | 0 | (16) |
|  Pay<sup>(6)</sup> | 3-Month USD-LIBOR | 1.888 | Semi-Annual | 11/21/2053 | 1500 | 0 | (411) | (411) | 0 | (9) |
|  Pay | 6-Month EUR-EURIBOR | 0.550 | Annual | 08/10/2024 | 200 | (1) | (8) | (9) | 0 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 0.700 | Annual | 04/11/2027 | 2600 | (13) | (262) | (275) | 0 | (6) |
|  Pay | 6-Month EUR-EURIBOR | 0.650 | Annual | 04/12/2027 | 6000 | (33) | (617) | (650) | 0 | (15) |
|  Pay | 6-Month EUR-EURIBOR | 0.650 | Annual | 05/11/2027 | 2900 | (22) | (297) | (319) | 0 | (7) |
|  Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 05/13/2027 | 5700 | (21) | (506) | (527) | 0 | (13) |
|  Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 05/18/2027 | 2500 | (9) | (222) | (231) | 0 | (5) |
|  Pay | 6-Month EUR-EURIBOR | 0.000 | Annual | 11/04/2032 | 33000 | (334) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9265) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9599) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(149) |
|  Pay | 6-Month EUR-EURIBOR | 0.000 | Annual | 11/08/2032 | 29800 | (605) | (8074) | (8679) | 0 | (133) |
|  Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 1.750 | Annual | 03/15/2033 | 7800 | 963 | 78 | 1041 | 41 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 0.190 | Annual | 11/04/2052 | 5400 | 334 | 2406 | 2740 | 43 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 0.195 | Annual | 11/04/2052 | 5600 | 4 | 2832 | 2836 | 44 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 0.197 | Annual | 11/08/2052 | 9900 | 616 | 4394 | 5010 | 78 | 0 |
|  Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 0.830 | Annual | 12/09/2052 | 8200 | 19 | 244 | 263 | 11 | 0 |
|  Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 1.500 | Annual | 03/15/2053 | 1100 | (140) | (102) | (242) | 0 | (11) |
|  Receive | CPTFEMU | 3.520 | Maturity | 09/15/2024 | 2400 | (6) | (36) | (42) | 0 | (1) |
|  Pay | CPTFEMU | 3.000 | Maturity | 05/15/2027 | 1900 | 1 | 64 | 65 | 5 | 0 |
|  Pay | CPTFEMU | 3.130 | Maturity | 05/15/2027 | 1200 | 0 | 33 | 33 | 3 | 0 |
|  Pay | CPTFEMU | 2.359 | Maturity | 08/15/2030 | 2500 | 0 | 103 | 103 | 9 | 0 |
|  Receive | CPTFEMU | 1.380 | Maturity | 03/15/2031 | 19800 | (142) | (4075) | (4217) | 0 | (52) |
|  Pay | CPTFEMU | 2.600 | Maturity | 05/15/2032 | 5300 | 27 | 192 | 219 | 18 | 0 |
|  Pay | CPTFEMU | 2.570 | Maturity | 06/15/2032 | 2200 | 0 | 64 | 64 | 7 | 0 |
|  Pay | CPTFEMU | 2.720 | Maturity | 06/15/2032 | 5200 | (30) | 100 | 70 | 17 | 0 |
|  Pay | CPTFEMU | 2.470 | Maturity | 07/15/2032 | 2800 | 0 | 107 | 107 | 8 | 0 |
|  Receive | CPTFEMU | 2.488 | Maturity | 05/15/2037 | 3740 | 4 | (223) | (219) | 0 | (10) |
|  Receive | CPTFEMU | 2.580 | Maturity | 03/15/2052 | 800 | 1 | (68) | (67) | 1 | 0 |
|  Receive | CPTFEMU | 2.590 | Maturity | 03/15/2052 | 1300 | (34) | (71) | (105) | 2 | 0 |
|  Receive | CPTFEMU | 2.550 | Maturity | 04/15/2052 | 200 | 0 | (16) | (16) | 0 | 0 |
|  Receive | CPTFEMU | 2.421 | Maturity | 05/15/2052 | 550 | 0 | (64) | (64) | 1 | 0 |
|  Receive | CPTFEMU | 2.590 | Maturity | 12/15/2052 | 2000 | 0 | (23) | (23) | 2 | 0 |
|  Pay | CPURNSA | 2.210 | Maturity | 02/05/2023 | 20900 | 0 | 1889 | 1889 | 0 | (11) |
|  Pay | CPURNSA | 2.263 | Maturity | 04/27/2023 | 14090 | (2) | 1172 | 1170 | 14 | 0 |
|  Pay | CPURNSA | 2.263 | Maturity | 05/09/2023 | 3250 | 0 | 271 | 271 | 4 | 0 |
|  Pay | CPURNSA | 2.281 | Maturity | 05/10/2023 | 4970 | 0 | 410 | 410 | 6 | 0 |
|  Pay | CPURNSA | 2.314 | Maturity | 02/26/2026 | 2700 | 0 | 260 | 260 | 0 | (1) |
|  Pay | CPURNSA | 2.419 | Maturity | 03/05/2026 | 10200 | 0 | 931 | 931 | 0 | (2) |
|  Pay | CPURNSA | 2.768 | Maturity | 05/13/2026 | 7700 | 0 | 548 | 548 | 1 | 0 |
|  Pay | CPURNSA | 2.813 | Maturity | 05/14/2026 | 3300 | 0 | 227 | 227 | 1 | 0 |
|  Pay | CPURNSA | 2.703 | Maturity | 05/25/2026 | 5980 | 0 | 438 | 438 | 2 | 0 |
|  Pay | CPURNSA | 2.690 | Maturity | 06/01/2026 | 400 | 0 | 29 | 29 | 0 | 0 |
|  Pay | CPURNSA | 1.798 | Maturity | 08/25/2027 | 7000 | 0 | 1002 | 1002 | 0 | (1) |
|  Pay | CPURNSA | 1.890 | Maturity | 08/27/2027 | 7100 | 0 | 971 | 971 | 0 | (1) |
|  Receive | CPURNSA | 2.379 | Maturity | 07/09/2028 | 3700 | (2) | (306) | (308) | 0 | 0 |
|  Pay | CPURNSA | 2.573 | Maturity | 08/26/2028 | 800 | 0 | 48 | 48 | 0 | 0 |
|  Pay | CPURNSA | 2.645 | Maturity | 09/10/2028 | 1900 | 0 | 100 | 100 | 0 | 0 |
|  Receive | CPURNSA | 2.165 | Maturity | 04/16/2029 | 18000 | 0 | (2007) | (2007) | 0 | (2) |
|  Receive | CPURNSA | 1.954 | Maturity | 06/03/2029 | 6450 | 0 | (839) | (839) | 0 | (2) |
|  Receive | CPURNSA | 1.998 | Maturity | 07/25/2029 | 20100 | 0 | (2489) | (2489) | 1 | 0 |
|  Receive | CPURNSA | 1.760 | Maturity | 11/04/2029 | 12300 | (11) | (1815) | (1826) | 2 | 0 |
|  Pay | CPURNSA | 2.311 | Maturity | 02/24/2031 | 21800 | 0 | 2280 | 2280 | 0 | (2) |
|  Pay | UKRPI | 4.480 | Maturity | 09/15/2023 | 2300 | 0 | 364 | 364 | 0 | 0 |
|  Pay | UKRPI | 6.440 | Maturity | 05/15/2024 | 1300 | 0 | 75 | 75 | 0 | 0 |
|  Pay | UKRPI | 6.600 | Maturity | 05/15/2024 | 3300 | 1 | 177 | 178 | 1 | 0 |
|  Pay | UKRPI | 5.200 | Maturity | 06/15/2024 | 1600 | 0 | 82 | 82 | 0 | 0 |
|  Pay | UKRPI | 5.330 | Maturity | 06/15/2024 | 2700 | 0 | 129 | 129 | 0 | (1) |
|  Receive | UKRPI | 3.850 | Maturity | 09/15/2024 | 10900 | 0 | (1674) | (1674) | 0 | (9) |
|  Receive | UKRPI | 3.330 | Maturity | 01/15/2025 | 800 | 25 | (179) | (154) | 0 | (1) |
|  Pay | UKRPI | 4.735 | Maturity | 12/15/2026 | 5300 | (71) | 588 | 517 | 13 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **21** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Real Return Portfolio** | **(Cont.)** |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive <br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Pay | UKRPI | 4.615% | Maturity | 02/15/2027 | EUR | 5000 | $0 | $453 | $453 | $13 | $0 |
|  Pay | UKRPI | 4.626 | Maturity | 02/15/2027 |  | 5800 | 4 | 518 | 522 | 15 | 0 |
|  Receive | UKRPI | 3.400 | Maturity | 06/15/2030 |  | 3500 | 124 | (821) | (697) | 0 | (19) |
|  Receive | UKRPI | 3.325 | Maturity | 08/15/2030 |  | 13400 | 126 | (3080) | (2954) | 0 | (93) |
|  Receive | UKRPI | 3.750 | Maturity | 04/15/2031 |  | 2110 | (2) | (423) | (425) | 0 | (13) |
|  Receive | UKRPI | 4.066 | Maturity | 09/15/2031 |  | 1800 | 0 | (245) | (245) | 0 | (11) |
|  Pay | UKRPI | 4.125 | Maturity | 09/15/2032 |  | 1660 | 0 | 21 | 21 | 10 | 0 |
|  Pay | UKRPI | 4.130 | Maturity | 09/15/2032 |  | 7440 | 1 | 87 | 88 | 45 | 0 |
|  Pay | UKRPI | 4.143 | Maturity | 10/15/2032 |  | 4700 | 0 | 49 | 49 | 30 | 0 |
|  Receive | UKRPI | 3.566 | Maturity | 03/15/2036 |  | 1100 | 0 | (224) | (224) | 0 | (9) |
|  Receive | UKRPI | 3.580 | Maturity | 03/15/2036 |  | 4000 | (26) | (779) | (805) | 0 | (33) |
|  |  |  |  |  |  |  | $5048 | $(15979) | $(10931) | $499 | $(663) |
|  **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | $**5003** | $**(15929)** | $**(10926)** | $**499** | $**(663)** |

---

**FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY** 

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of December 31, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** |
|  | **Market Value** | **Variation Margin<br>Asset** | **Variation Margin<br>Asset** | | **Market Value** | **Variation Margin<br>Liability** | **Variation Margin<br>Liability** | |
| | **Purchased<br>Options** | **Futures** | **Swap<br>Agreements** |<br>**Total** | **Written<br>Options** | **Futures** | **Swap<br>Agreements** |<br>**Total** |
|  **Total Exchange-Traded or Centrally Cleared** | $**0** | $**1581** | $**499** | $**2080** | $**0** | $**(1114)** | $**(663)** | $**(1777)** |

---

**(i)** **Securities with an aggregate market value of $11,228 and cash of $6,693 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2022. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.** 

<sup>(1)</sup> Future styled option.

<sup>(2)</sup> If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(4)</sup> The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(5)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(6)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

&nbsp;&nbsp;&nbsp;&nbsp;**(j) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** 

**FORWARD FOREIGN CURRENCY CONTRACTS:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  BPS | 01/2023 | $1040 | 976 | $5 | $0 |
|  | 03/2023 | 210 | 4220 | 4 | 0 |
|  | 03/2023 | 299 | 1160 | 5 | 0 |
|  BRC | 01/2023 | 1850 | 1739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | 0 |
|  CBK | 01/2023 | 941 | $995 | 0 | (13) |
|  | 01/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212700 | 1543 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(78) |
|  | 01/2023 | 5951 | 1485 | 0 | (79) |
|  | 01/2023 | $892 | 839 | 6 | 0 |
|  | 01/2023 | 75 | 288 | 1 | 0 |
|  | 03/2023 | 108 | 2110 | 0 | (1) |
|  GLM | 03/2023 | 48762 | $2372 | 0 | (96) |
|  JPM | 01/2023 | 22403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27052 | 0 | (36) |

---

---

| | | |
|:---|:---|:---|
| **22** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  MBC | 01/2023 | 367 | $246 | $0 | $(4) |
|  | 01/2023 | 5250 | 3914 | 36 | 0 |
|  | 01/2023 | 111521 | 116882 | 0 | (2547) |
|  | 01/2023 | 640613 | 4653 | 0 | (232) |
|  | 01/2023 | $4509 | 4260 | 53 | 0 |
|  | 01/2023 | 1077 | 141600 | 3 | 0 |
|  MYI | 01/2023 | 11650 | $7824 | 0 | (110) |
|  | 01/2023 | 3057444 | 22301 | 0 | (1011) |
|  RBC | 01/2023 | 134 | 90 | 0 | (1) |
|  SCX | 01/2023 | 781 | 526 | 0 | (6) |
|  | 01/2023 | 2126 | 1583 | 12 | 0 |
|  | 01/2023 | 11308 | 7043 | 0 | (137) |
|  | 01/2023 | $525 | 2020 | 7 | 0 |
|  **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | $**145** | $**(4351)** |

---

**PURCHASED OPTIONS:** 

**INTEREST RATE SWAPTIONS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Floating Rate Index** | **Pay/Receive<br>Floating Rate** | **Exercise<br>Rate** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Cost** | **Market<br>Value** |
| BRC Call - OTC 2-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 1.410% | 02/02/2023 | 38400 | $192 | $0 |
| CBK Call - OTC 2-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 1.720 | 02/23/2023 | 67400 | 371 | 0 |
| DUB Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.237 | 11/17/2023 | 5300 | 329 | 1178 |
| GLM Call - OTC 5-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.200 | 04/26/2023 | 18000 | 192 | 11 |
| JPM Call - OTC 2-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 1.710 | 01/25/2023 | 71800 | 438 | 0 |
| MYC Call - OTC 2-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 1.428 | 01/31/2023 | 38100 | 195 | 0 |
| Call - OTC 5-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.200 | 05/31/2023 | 31100 | 373 | 37 |
| NGF Call - OTC 5-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.200 | 05/31/2023 | 19700 | 236 | 24 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.285 | 11/13/2023 | 10900 | 685 | 2341 |
|  **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | $**3011** | $**3591** |

---

**WRITTEN OPTIONS:** 

**CREDIT DEFAULT SWAPTIONS ON CREDIT INDICES** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Description** | **Buy/Sell<br>Protection** | **Exercise<br>Rate** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Premiums<br>(Received)** | **Market<br>Value** |
| GST | Put - OTC iTraxx Europe 37 5-Year Index | Sell | 3.000% | 03/15/2023 | 2000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

**INFLATION-CAPPED OPTIONS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Description** | **Initial<br>Index** | **Floating Rate** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Premiums<br>(Received)** | **Market<br>Value** |
| GLM | Cap - OTC CPALEMU | 100.151 | Maximum of [(Final Index/Initial Index - 1) - 3.000%] or 0 | 06/22/2035 | 8600 | $(391) | $(438) |
| JPM | Cap - OTC CPURNSA | 233.916 | Maximum of [(Final Index/Initial Index - 1) - 4.000%] or 0 | 04/22/2024 | 31900 | (232) | 0 |
|  |  |  |  |  |  | $**(623)** | $**(438)** |

---

**INTEREST RATE SWAPTIONS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Floating Rate Index** | **Pay/Receive <br>Floating Rate** | **Exercise<br>Rate** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Premiums<br>(Received)** | **Market<br>Value** |
| BRC Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 1.558% | 02/02/2023 | 8400 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(192) | $0 |
| CBK Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 1.736 | 02/23/2023 | 15000 | (371) | 0 |
| DUB Put - OTC 5-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.340 | 11/17/2023 | 26200 | (330) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1698) |
| GLM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.350 | 04/26/2023 | 9900 | (195) | (17) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.547 | 03/07/2023 | 3000 | (66) | (7) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.547 | 03/07/2023 | 3000 | (66) | (190) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.067 | 06/09/2023 | 4000 | (47) | (10) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 3.140 | 06/09/2023 | 4000 | (55) | (131) |
| JPM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 1.785 | 01/25/2023 | 15900 | (440) | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **23** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Real Return Portfolio** | **(Cont.)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Floating Rate Index** | **Pay/Receive <br>Floating Rate** | **Exercise<br>Rate** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Premiums<br>(Received)** | **Market<br>Value** |
| MYC Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 1.579% | 01/31/2023 | 8300 | $(194) | $0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.350 | 05/31/2023 | 17100 | (373) | (51) |
| NGF Put - OTC 5-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.300 | 11/13/2023 | 53300 | (704) | (3543) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.350 | 05/31/2023 | 10900 | (238) | (32) |
|  |  |  |  |  |  | $(3271) | $(5679) |
|  **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | $**(3898)** | $**(6117)** |

---

**SWAP AGREEMENTS:** 

**TOTAL RETURN SWAPS ON SECURITIES** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<sup>(2)</sup>** | **Underlying Reference** | **# of Shares** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements,<br>at Value** | **Swap Agreements,<br>at Value** |
| **Counterparty** | **Pay/Receive<sup>(2)</sup>** | **Underlying Reference** | **# of Shares** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
| MYC | Receive | United States Treasury<br>Inflation Indexed Bonds | N/A | 4.190% | Maturity | 01/20/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225000 | $0 | $(939) | $115 | $(1054) |
|  | Receive | United States Treasury<br>Inflation Indexed Bonds | N/A | 4.380% | Maturity | 01/20/2023 | 75000 | 0 | (4180) | 0 | (4180) |
|  | Receive | United States Treasury<br>Inflation Indexed Bonds | N/A | 4.430% | Maturity | 02/06/2023 | 75000 | 0 | (364) | 0 | (364) |
|  **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | $**0** | $**(5483)** | $**115** | $**(5598)** |

---

**FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY** 

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2022:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | | | |
| <br>**Counterparty** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Purchased<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Written<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** |<br>**Net Market<br>Value of OTC<br>Derivatives** |<br>**Collateral<br>Pledged/<br>(Received)** |<br>**Net<br>Exposure<sup>(3)</sup>** |
|  BPS | $14 | $0 | $0 | $14 | $0 | $0 | $0 | $0 | $14 | $0 | $14 |
|  BRC | 13 | 0 | 0 | 13 | 0 | 0 | 0 | 0 | 13 | 0 | 13 |
|  CBK | 7 | 0 | 0 | 7 | (171) | 0 | 0 | (171) | (164) | 0 | (164) |
|  DUB | 0 | 1178 | 0 | 1178 | 0 | (1698) | 0 | (1698) | (520) | 396 | (124) |
|  GLM | 0 | 11 | 0 | 11 | (96) | (793) | 0 | (889) | (878) | 285 | (593) |
|  JPM | 0 | 0 | 0 | 0 | (36) | 0 | 0 | (36) | (36) | (6) | (42) |
|  MBC | 92 | 0 | 0 | 92 | (2783) | 0 | 0 | (2783) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2691) | 1892 | (799) |
|  MYC | 0 | 37 | 115 | 152 | 0 | (51) | (5598) | (5649) | (5497) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(382) |
|  MYI | 0 | 0 | 0 | 0 | (1121) | 0 | 0 | (1121) | (1121) | 589 | (532) |
|  NGF | 0 | 2365 | 0 | 2365 | 0 | (3575) | 0 | (3575) | (1210) | 1010 | (200) |
|  RBC | 0 | 0 | 0 | 0 | (1) | 0 | 0 | (1) | (1) | 0 | (1) |
|  SCX | 19 | 0 | 0 | 19 | (143) | 0 | 0 | (143) | (124) | 0 | (124) |
|  **Total Over the Counter** | $**145** | $**3591** | $**115** | $**3851** | $**(4351)** | $**(6117)** | $**(5598)** | $**(16066)** |  |  |  |

---

**(k)** **Securities with an aggregate market value of $9,287 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2022.** 

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> Receive represents that the Portfolio receives payments for any positive net return on the underlying reference. The Portfolio makes payments for any negative net return on such underlying reference. Pay represents that the Portfolio receives payments for any negative net return on the underlying reference. The Portfolio makes payments for any positive net return on such underlying reference. 

<sup>(3)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

---

| | | |
|:---|:---|:---|
| **24** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

**FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS** 

The following is a summary of the fair valuation of the Portfolio's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Portfolio.

Fair Values of Financial Derivative Instruments on the Statement of Assets and Liabilities as of December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
| | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1581 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 499 | 499 |
|  | $0 | $0 | $0 | $0 | $2080 | $2080 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145 | $0 | $145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 3591 | 3591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 115 | 115 |
|  | $0 | $0 | $0 | $145 | $3706 | $3851 |
|  | $0 | $0 | $0 | $145 | $5786 | $5931 |
|  **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $1 | $0 | $0 | $0 | $1113 | $1114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 663 | 663 |
|  | $1 | $0 | $0 | $0 | $1776 | $1777 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $4351 | $0 | $4351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 6117 | 6117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 5598 | 5598 |
|  | $0 | $0 | $0 | $4351 | $11715 | $16066 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4351 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13491 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17843 |

---

The effect of Financial Derivative Instruments on the Statement of Operations for the period ended December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
| | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $486 | $0 | $0 | $0 | $46814 | $47300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 23 | 0 | 0 | (4939) | (4916) |
|  | $486 | $23 | $0 | $0 | $41875 | $42384 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $20483 | $0 | $20483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 334 | 0 | 0 | 453 | 787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | (12183) | (12183) |
|  | $0 | $334 | $0 | $20483 | $(11730) | $9087 |
|  | $486 | $357 | $0 | $20483 | $30145 | $51471 |
|  **Net Change in Unrealized (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized (Depreciation) on Financial Derivative Instruments** |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $(298) | $0 | $0 | $0 | $(52) | $(350) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (9) | 0 | 0 | (6807) | (6816) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(298) | $(9) | $0 | $0 | $(6859) | $(7166) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(2082) | $0 | $(2082) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (996) | (996) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | (87) | 0 | 0 | (844) | (931) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | (5483) | (5483) |
|  | $0 | $(87) | $0 | $(2082) | $(7323) | $(9492) |
|  | $(298) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(96) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2082) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14182) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16658) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **25** |

---

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Real Return Portfolio** | **(Cont.)** | December 31, 2022 |

---

**FAIR VALUE MEASUREMENTS** 

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** |
|  Loan Participations and Assignments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $77 | $0 | $77 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 13136 | 0 | 13136 |
| &nbsp;&nbsp; Industrials | 0 | 375 | 0 | 375 |
| &nbsp;&nbsp; Utilities | 0 | 194 | 0 | 194 |
|  U.S. Government Agencies | 0 | 64370 | 0 | 64370 |
|  U.S. Treasury Obligations | 0 | 1244538 | 0 | 1244538 |
|  Non-Agency Mortgage-Backed Securities | 0 | 24708 | 0 | 24708 |
|  Asset-Backed Securities | 0 | 159090 | 0 | 159090 |
|  Sovereign Issues | 0 | 160381 | 0 | 160381 |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | 0 | 1082 | 0 | 1082 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 662581 | 0 | 662581 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 2245 | 0 | 2245 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2332777 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2332777 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $944 | $0 | $0 | $944 |
|  Total Investments | $944 | $2332777 | $0 | $2333721 |
|  **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** |
|  Exchange-traded or centrally cleared | 1252 | 828 | 0 | 2080 |
|  Over the counter | 0 | 3851 | 0 | 3851 |
|  | $1252 | $4679 | $0 | $5931 |
|  **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** |
|  Exchange-traded or centrally cleared | (829) | (948) | 0 | (1777) |
|  Over the counter | 0 | (16066) | 0 | (16066) |
|  | $(829) | $(17014) | $0 | $(17843) |
|  Total Financial Derivative Instruments | $423 | $(12335) | $0 | $(11912) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1367 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2320442 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2321809 |

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There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.

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| **26** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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| **Notes to Financial Statements** | December 31, 2022 |

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1. ORGANIZATION

PIMCO Variable Insurance Trust (the "Trust") is a Delaware statutory trust established under a trust instrument dated October 3, 1997. The Trust is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Trust is designed to be used as an investment vehicle by separate accounts of insurance companies that fund variable annuity contracts and variable life insurance policies and by qualified pension and retirement plans. Information presented in these financial statements pertains to the Institutional Class, Administrative Class and Advisor Class shares of the PIMCO Real Return Portfolio (the "Portfolio") offered by the Trust. Pacific Investment Management Company LLC ("PIMCO") serves as the investment adviser (the "Adviser") for the Portfolio.

Hereinafter, the Board of Trustees of the Portfolio shall be collectively referred to as the "Board."

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The Portfolio is treated as an investment company under the reporting requirements of U.S. GAAP. The functional and reporting currency for the Portfolio is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(a) Securities Transactions and Investment Income Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Portfolio is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on

certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statement of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statement of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statement of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable.

(b) Foreign Currency Translation The market values of foreign securities, currency holdings and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies, if any, are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Portfolio does not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) from investments on the Statement of Operations. The Portfolio may invest in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains (losses) arising from sales of spot foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in net realized gain (loss) on foreign currency transactions on the Statement of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period are included in net change in unrealized appreciation (depreciation) on foreign currency assets and liabilities on the Statement of Operations.

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(c) Multi-Class Operations Each class offered by the Trust has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets. Realized and unrealized capital gains (losses) are allocated daily based on the relative net assets of each class of the Portfolio. Class specific expenses, where applicable, currently include supervisory and administrative and distribution and servicing fees. Under certain circumstances, the per share net asset value ("NAV") of a class of the Portfolio's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(d) Distributions to Shareholders Distributions from net investment income, if any, are declared daily and distributed to shareholders monthly. In addition, the Portfolio distributes any net capital gains it earns from the sale of portfolio securities to shareholders no less frequently than annually. The Portfolio may revise its distribution policy or postpone the payment of distributions at any time.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on the Portfolio's annual financial statements presented under U.S. GAAP.

Separately, if the Portfolio determines or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources other than net investment income in accordance with its policies, accounting records (if applicable), and accounting practices, the Portfolio will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, the Portfolio determines or estimates, as applicable, the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is determined or estimated, as applicable, that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between the Portfolio's daily internal accounting records and practices, the Portfolio's financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, the

Portfolio's internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include but are not limited to, for certain Portfolios, the treatment of periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that the Portfolio may not issue a Section 19 Notice in situations where the Portfolio's financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution's tax character will be provided to shareholders when such information is available.

Distributions classified as a tax basis return of capital at the Portfolio's fiscal year end, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital on the Statement of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Statement of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(e) New Accounting Pronouncements and Regulatory Updates In March 2020, the Financial Accounting Standards Board ("FASB") issued an Accounting Standards Update ("ASU"), ASU 2020-04, which provides optional guidance to ease the potential accounting burden associated with transitioning away from the London Interbank Offered Rate and other reference rates that are expected to be discontinued. ASU 2020-04 is effective for certain reference rate-related contract modifications that occurred during the period March 12, 2020 through December 31, 2022. In March 2021, the administrator for LIBOR announced the extension of the publication of a majority of the USD LIBOR settings to June 30, 2023. In December 2022, FASB issued ASU 2022-06, which includes amendments to extend the duration of the LIBOR transition relief to December 31, 2024, after which entities will no longer be permitted to apply the reference rate reform relief. Management is continuously evaluating the potential effect a discontinuation of LIBOR could have on the Portfolio's investments and has determined that it is unlikely the ASU's adoption will have a material impact on the Portfolio's financial statements.

In October 2020, the U.S. Securities and Exchange Commission ("SEC") adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover

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transactions. Subject to certain exceptions, the rule requires funds that trade derivatives and other transactions that create future payment or delivery obligations to comply with a value-at-risk leverage limit and certain derivatives risk management program and reporting requirements. The effective date for the rule was February 19, 2021. The compliance date for the new rule and the related reporting requirements was August 19, 2022. Management has implemented changes in connection with the rule and has determined that there was no material impact to the Portfolio's financial statements.

In October 2020, the SEC adopted a rule regarding the ability of a fund to invest in other funds. The rule allows a fund to acquire shares of another fund in excess of certain limitations currently imposed by the Act without obtaining individual exemptive relief from the SEC, subject to certain conditions. The rule also includes the rescission of certain exemptive relief from the SEC and guidance from the SEC staff for funds to invest in other funds. The effective date for the rule was January 19, 2021, and the compliance date for the rule was January 19, 2022. Management has implemented changes in connection with the rule and has determined that there was no material impact to the Portfolio's financial statements.

In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value as well as for the performance of fair value determinations, including related oversight and reporting obligations. The new rule also defines "readily available market quotations" for purposes of the definition of "value" under the Act, and the SEC noted that this definition would apply in all contexts under the Act. The effective date for the rule was March 8, 2021. The compliance date for the new rule and the related reporting requirements was September 8, 2022. Management has implemented changes in connection with the rule and has determined that there was no material impact to the Portfolio's financial statements.

In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820), which affects all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring the fair value. The amendments also require additional disclosures for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The effective date for the amendments in ASU 2022-03 is for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years. At this time, management is evaluating the implications of these changes on the financial statements.

In October 2022, the SEC adopted changes to the mutual fund and ETF shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which will change the disclosures provided to shareholders. The rule is effective as of January 24, 2023, but the SEC is providing an 18-month compliance period after the effective date other than for rule amendments addressing fee and expense information in advertisements that might be materially misleading. At this time, management is evaluating the implications of these changes on the financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies The NAV of the Portfolio's shares, or each of its share classes as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Portfolio or class, less any liabilities, as applicable, by the total number of shares outstanding.

On each day that the New York Stock Exchange ("NYSE") is open, the Portfolio's shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) ("NYSE Close"). Information that becomes known to the Portfolio or its agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, the Portfolio may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. The Portfolio generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, the Portfolio may calculate its NAV as of the NYSE Close for such day or such other time that the Portfolio may determine.

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Portfolio will normally use pricing data for domestic equity securities received shortly after the NYSE Close and does not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be

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valued as of the close of trading on the foreign exchange, or the NYSE Close, if the NYSE Close occurs before the end of trading on the foreign exchange.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated PIMCO as the valuation designee ("Valuation Designee") for the Portfolio to perform the fair value determination relating to all Portfolio investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee's policies and procedures govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Portfolio investments. The Valuation Designee may value Portfolio securities for which market quotations are not readily available and other Portfolio assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, "Pricing Sources").

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives, and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Exchange-traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Swap agreements are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of the Portfolio's assets that are invested in one or more open-end management investment companies (other than ETFs), the Portfolio's NAV will be calculated based on the NAVs of such investments. Open-end management investment companies may include affiliated funds.

If a foreign (non-U.S.) equity security's value has materially changed after the close of the security's primary exchange or principal market but before the NYSE Close, the security may be valued at fair value. Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, the Portfolio may determine the fair value of

investments based on information provided by Pricing Sources, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indexes) that occur after the close of the relevant market and before the NYSE Close. The Portfolio may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, unless otherwise determined by the Valuation Designee, any movement in the applicable reference index or instrument ("zero trigger") between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Trust is not open for business, which may result in the Portfolio's portfolio investments being affected when shareholders are unable to buy or sell shares.

Whole loans may be fair valued using inputs that take into account borrower- or loan-level (e.g., credit risk of the borrower) that is updated periodically throughout the life of each individual loan; any new borrower- or loan-level data received in written reports periodically by the Portfolio normally will be taken into account in calculating the NAV. The Portfolio's whole loan investments, including those originated by the Portfolio, generally are fair valued in accordance with procedures approved by the Board.

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Sources. As a result, the value of such investments and, in turn, the NAV of the Portfolio's shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Trust is not open for business. As a result, to the extent that the Portfolio holds foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in the Portfolio's next calculated NAV.

Fair valuation may require subjective determinations about the value of a security. While the Trust's and Valuation Designee's policies and procedures are intended to result in a calculation of the Portfolio's NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values accurately reflect the price that the Portfolio could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale).

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The prices used by the Portfolio may differ from the value that would be realized if the securities were sold. The Portfolio's use of fair valuation may also help to deter "stale price arbitrage" as discussed under the "Frequent or Excessive Purchases, Exchanges and Redemptions" section in the Portfolio's prospectus.

Under certain circumstances, the per share NAV of a class of the Portfolio's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2, or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2, and 3 of the fair value hierarchy are defined as follows:

<sup>∎</sup> Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

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| <sup>∎</sup> | Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs. |

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<sup>∎</sup> Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for the Portfolio.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between Levels of the Portfolio's assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the

significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy, and if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for the Portfolio.

(c) Valuation Techniques and the Fair Value Hierarchy

Level 1, Level 2 and Level 3 trading assets and trading liabilities, at fair value The valuation methods (or "techniques") and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1, Level 2 and Level 3 of the fair value hierarchy are as follows:

Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

Investments in registered open-end investment companies (other than ETFs) will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in unregistered open-end investment companies will be calculated based upon the NAVs of such investments and are considered Level 1 provided that the NAVs are observable, calculated daily and are the value at which both purchases and sales will be conducted.

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities and non-U.S. bonds are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Sources' internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Fixed income securities purchased on a delayed-delivery basis or as a repurchase commitment in a sale-buyback transaction are marked to market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These

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securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or pricing services. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers or Pricing Sources (normally determined as of the NYSE Close).

Depending on the product and the terms of the transaction, financial derivative instruments can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as quoted prices, issuer details, indices, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Sources (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models may use inputs that are observed from actively quoted markets such as the overnight index swap rate, LIBOR forward rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

Short-term debt instruments (such as commercial paper) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost value of such short-term debt instruments is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price.

When a fair valuation method is applied by the Adviser that uses significant unobservable inputs, investments will be priced by a method that the Valuation Designee believes reflects fair value and are categorized as Level 3 of the fair value hierarchy.

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

The Portfolio may invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III ("Central Funds") to the extent permitted by the Act and rules thereunder. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Portfolio. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC's website at www.sec.gov. A copy of each affiliate fund's shareholder

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report is also available at the SEC's website at www.sec.gov, on the Portfolio's website at www.pimco.com, or upon request, as applicable. The table below shows the Portfolio's transactions in and earnings from investments in the affiliated Fund for the period ended December 31, 2022 (amounts in thousands<sup>†</sup>):

**Investment in PIMCO Short-Term Floating NAV Portfolio III** 

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| **Market Value<br>12/31/2021** | **Purchases<br>at Cost** | **Proceeds**<br> **from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Market Value<br>12/31/2022** | **Dividend<br>Income<sup>(1)</sup>** | **Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup>** |
| $&nbsp;&nbsp;&nbsp;&nbsp;4938 | $&nbsp;&nbsp;&nbsp;&nbsp;794196 | $&nbsp;&nbsp;&nbsp;&nbsp;(798200) | $&nbsp;&nbsp;&nbsp;&nbsp;8 | $&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;944 | $&nbsp;&nbsp;&nbsp;&nbsp;96 | $&nbsp;&nbsp;&nbsp;&nbsp;0 |

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| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(1)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

(b) Investments in Securities

The Portfolio may utilize the investments and strategies described below to the extent permitted by the Portfolio's investment policies.

Delayed-Delivery Transactions involve a commitment by the Portfolio to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, the Portfolio will designate or receive as collateral liquid assets in an amount sufficient to meet the purchase price or respective obligations. When purchasing a security on a delayed-delivery basis, the Portfolio assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. The Portfolio may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain (loss). When the Portfolio has sold a security on a delayed-delivery basis, the Portfolio does not participate in future gains (losses) with respect to the security.

Inflation-Indexed Bonds are fixed income securities whose principal value is periodically adjusted by the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Statement of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury Inflation-Protected Securities. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

Loans and Other Indebtedness, Loan Participations and Assignments are direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate,

governmental, or other borrowers. The Portfolio's investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties or investments in or originations of loans by the Portfolio. A loan is often administered by a bank or other financial institution (the "agent") that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. The Portfolio may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When the Portfolio purchases assignments from agents it acquires direct rights against the borrowers of the loans. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing through, for example, the issuance of bonds, frequently high yield bonds issued for the purpose of acquisitions.

The types of loans and related investments in which the Portfolio may invest include, among others, senior loans, subordinated loans (including second lien loans, B-Notes and mezzanine loans), whole loans, commercial real estate and other commercial loans and structured loans. The Portfolio may originate loans or acquire direct interests in loans through primary loan distributions and/or in private transactions. In the case of subordinated loans, there may be significant indebtedness ranking ahead of the borrower's obligation to the holder of such a loan, including in the event of the borrower's insolvency. Mezzanine loans are typically secured by a pledge of an equity interest in the mortgage borrower that owns the real estate rather than an interest in a mortgage.

Investments in loans may include unfunded loan commitments, which are contractual obligations for funding. Unfunded loan commitments may include revolving credit facilities, which may obligate the Portfolio to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full, even though a percentage of the committed amount may not be utilized by the borrower. When investing in a loan participation, the Portfolio has the

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right to receive payments of principal, interest and any fees to which it is entitled only from the agent selling the loan agreement and only upon receipt of payments by the agent from the borrower. The Portfolio may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. In certain circumstances, the Portfolio may receive a penalty fee upon the prepayment of a loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense, respectively, on the Statement of Operations. Unfunded loan commitments are reflected as a liability on the Statement of Assets and Liabilities.

Mortgage-Related and Other Asset-Backed Securities directly or indirectly represent a participation in, or are secured by and payable from, loans on real property. Mortgage-related securities are created from pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. These securities provide a monthly payment which consists of both interest and principal. Interest may be determined by fixed or adjustable rates. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with the full faith and credit of the U.S. Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Many of the risks of investing in mortgage-related securities secured by commercial mortgage loans reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make lease payments, and the ability of a property to attract and retain tenants. These securities may be less liquid and may exhibit greater price volatility than other types of mortgage-related or other asset-backed securities. Other asset-backed securities are created from many types of assets, including, but not limited to, auto loans, accounts receivable, such as credit card receivables and hospital account receivables, home equity loans, student loans, boat loans, mobile home loans, recreational vehicle loans, manufactured housing loans, aircraft leases, computer leases and syndicated bank loans.

Collateralized Debt Obligations ("CDOs") include Collateralized Bond Obligations ("CBOs"), Collateralized Loan Obligations ("CLOs") and other similarly structured securities. CBOs and CLOs are types of asset-backed securities. A CBO is a trust which is backed by a diversified pool of high risk, below investment grade fixed income securities. A CLO is a

trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which the Portfolio invests. In addition to the normal risks associated with fixed income securities discussed elsewhere in this report and the Portfolio's prospectus and statement of additional information (e.g., prepayment risk, credit risk, liquidity risk, market risk, structural risk, legal risk and interest rate risk (which may be exacerbated if the interest rate payable on a structured financing changes based on multiples of changes in interest rates or inversely to changes in interest rates)), CBOs, CLOs and other CDOs carry additional risks including, but not limited to, (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments, (ii) the quality of the collateral may decline in value or default, (iii) the risk that the Portfolio may invest in CBOs, CLOs, or other CDOs that are subordinate to other classes, and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

Collateralized Mortgage Obligations ("CMOs") are debt obligations of a legal entity that are collateralized by whole mortgage loans or private mortgage bonds and divided into classes. CMOs are structured into multiple classes, often referred to as "tranches", with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including prepayments. CMOs may be less liquid and may exhibit greater price volatility than other types of mortgage-related or asset-backed securities.

Perpetual Bonds are fixed income securities with no maturity date but pay a coupon in perpetuity (with no specified ending or maturity date). Unlike typical fixed income securities, there is no obligation for perpetual bonds to repay principal. The coupon payments, however, are mandatory. While perpetual bonds have no maturity date, they may have a callable date in which the perpetuity is eliminated and the issuer may return the principal received on the specified call date. Additionally, a perpetual bond may have additional features, such as interest rate increases at periodic dates or an increase as of a predetermined point in the future.

Restricted Investments are subject to legal or contractual restrictions on resale and may generally be sold privately, but may be required to be registered or exempted from such registration before being sold to the public. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933. Disposal of restricted investments may

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involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Restricted investments held by the Portfolio as of December 31, 2022, as applicable, are disclosed in the Notes to Schedule of Investments.

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the "U.S. Treasury"); and others, such as those of the Federal National Mortgage Association ("FNMA" or "Fannie Mae"), are supported by the discretionary authority of the U.S. Government to purchase the agency's obligations. U.S. Government securities may include zero coupon securities which do not distribute interest on a current basis and tend to be subject to a greater risk than interest-paying securities of similar maturities.

Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac"). FNMA is a government-sponsored corporation. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. Government. FHLMC issues Participation Certificates ("PCs"), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

In June 2019, FNMA and FHLMC started issuing Uniform Mortgage Backed Securities in place of their current offerings of TBA-eligible securities (the "Single Security Initiative"). The Single Security Initiative seeks to support the overall liquidity of the TBA market and aligns the characteristics of FNMA and FHLMC certificates. The effects that the Single Security Initiative may have on the market for TBA and other mortgage-backed securities are uncertain.

Roll-timing strategies can be used where the Portfolio seeks to extend the expiration or maturity of a position, such as a TBA security on an underlying asset, by closing out the position before expiration and

opening a new position with respect to substantially the same underlying asset with a later expiration date. TBA securities purchased or sold are reflected on the Statement of Assets and Liabilities as an asset or liability, respectively. Recently finalized FINRA rules include mandatory margin requirements for the TBA market that requires the Portfolio to post collateral in connection with its TBA transactions. There is no similar requirement applicable to the Portfolio's TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the Portfolio and impose added operational complexity.

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Portfolio may enter into the borrowings and other financing transactions described below to the extent permitted by the Portfolio's investment policies.

The following disclosures contain information on the Portfolio's ability to lend or borrow cash or securities to the extent permitted under the Act, which may be viewed as borrowing or financing transactions by the Portfolio. The location of these instruments in the Portfolio's financial statements is described below.

(a) Repurchase Agreements Under the terms of a typical repurchase agreement, the Portfolio purchases an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and the Portfolio to resell, the obligation at an agreed-upon price and time. In an open maturity repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Portfolio or counterparty at any time. The underlying securities for all repurchase agreements are held by the Portfolio's custodian or designated subcustodians under tri-party repurchase agreements and in certain instances will remain in custody with the counterparty. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, if any, including accrued interest, are included on the Statement of. Assets and Liabilities. Interest earned is recorded as a component of interest income on the Statement of Operations. In periods of increased demand for collateral, the Portfolio may pay a fee for the receipt of collateral, which may result in interest expense to the Portfolio.

(b) Reverse Repurchase Agreements In a reverse repurchase agreement, the Portfolio delivers a security in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed upon price and date. In an open maturity reverse repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Portfolio or counterparty at any time. The Portfolio is entitled to receive principal and interest

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payments, if any, made on the security delivered to the counterparty during the term of the agreement. Cash received in exchange for securities delivered plus accrued interest payments to be made by the Portfolio to counterparties are reflected as a liability on the Statement of Assets and Liabilities. Interest payments made by the Portfolio to counterparties are recorded as a component of interest expense on the Statement of Operations. In periods of increased demand for the security, the Portfolio may receive a fee for use of the security by the counterparty, which may result in interest income to the Portfolio. The Portfolio will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under reverse repurchase agreements.

(b) Sale-Buybacks A sale-buyback financing transaction consists of a sale of a security by the Portfolio to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. The Portfolio is not entitled to receive principal and interest payments, if any, made on the security sold to the counterparty during the term of the agreement. The agreed-upon proceeds for securities to be repurchased by the Portfolio are reflected as a liability on the Statement of Assets and Liabilities. The Portfolio will recognize net income represented by the price differential between the price received for the transferred security and the agreed-upon repurchase price. This is commonly referred to as the 'price drop.' A price drop consists of (i) the foregone interest and inflationary income adjustments, if any, the Portfolio would have otherwise received had the security not been sold and (ii) the negotiated financing terms between the Portfolio and counterparty. Foregone interest and inflationary income adjustments, if any, are recorded as components of interest income on the Statement of Operations. Interest payments based upon negotiated financing terms made by the Portfolio to counterparties are recorded as a component of interest expense on the Statement of Operations. In periods of increased demand for the security, the Portfolio may receive a fee for use of the security by the counterparty, which may result in interest income to the Portfolio. The Portfolio will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under sale-buyback transactions.

(c) Interfund Lending In accordance with an exemptive order (the "Order") from the SEC, each Portfolio of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Portfolio's investment policies and restrictions. Each Portfolio is currently permitted to borrow under the Interfund Lending Program. A lending portfolio may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than

5% of its net assets to any one borrowing portfolio through the Interfund Lending Program. A borrowing portfolio may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the portfolio's investment restrictions). If a borrowing portfolio's total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending portfolio and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended December 31, 2022, the Portfolio did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

The Portfolio may enter into the financial derivative instruments described below to the extent permitted by the Portfolio's investment policies.

The following disclosures contain information on how and why the Portfolio uses financial derivative instruments, and how financial derivative instruments affect the Portfolio's financial position, results of operations and cash flows. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Statement of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table in the Notes to Schedule of Investments. The financial derivative instruments outstanding as of period end and the amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Schedule of Investments, serve as indicators of the volume of financial derivative activity for the Portfolio.

(a) Forward Foreign Currency Contracts may be engaged, in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of the Portfolio's securities or as part of an investment strategy. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked to market daily, and the change in value is recorded by the Portfolio as an unrealized gain (loss). Realized gains (losses) are equal

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to the difference between the value of the contract at the time it was opened and the value at the time it was closed and are recorded upon delivery or receipt of the currency. These contracts may involve market risk in excess of the unrealized gain (loss) reflected on the Statement of Assets and Liabilities. In addition, the Portfolio could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar. To mitigate such risk, cash or securities may be exchanged as collateral pursuant to the terms of the underlying contracts.

(b) Futures Contracts are agreements to buy or sell a security or other asset for a set price on a future date and are traded on an exchange. The Portfolio may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by the Portfolio and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Portfolio is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by the Portfolio ("Futures Variation Margin"). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Statement of Assets and Liabilities. Gains (losses) are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the Futures Variation Margin included within exchange traded or centrally cleared financial derivative instruments on the Statement of Assets and Liabilities.

(c) Options Contracts may be written or purchased to enhance returns or to hedge an existing position or future investment. The Portfolio may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase the Portfolio's exposure to the underlying instrument. Writing call options tends to decrease the Portfolio's exposure to the underlying instrument. When the Portfolio writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. These amounts are included on the Statement of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). Certain options may

be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The Portfolio as a writer of an option has no control over whether the underlying instrument may be sold ("call") or purchased ("put") and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Portfolio may not be able to enter into a closing transaction because of an illiquid market.

Purchasing call options tends to increase the Portfolio's exposure to the underlying instrument. Purchasing put options tends to decrease the Portfolio's exposure to the underlying instrument. The Portfolio pays a premium which is included as an asset on the Statement of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed.

Credit Default Swaptions may be written or purchased to hedge exposure to the credit risk of an investment without making a commitment to the underlying instrument. A credit default swaption is an option to sell or buy credit protection on a specific reference by entering into a pre-defined swap agreement by some specified date in the future.

Inflation-Capped Options may be written or purchased to enhance returns or for hedging opportunities. The purpose of purchasing inflation-capped options is to protect the Portfolio from inflation erosion above a certain rate on a given notional exposure. A floor can be used to give downside protection to investments in inflation-linked products.

Interest Rate Swaptions may be written or purchased to enter into a pre-defined swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, by some specified date in the future. The writer of the swaption becomes the counterparty to the swap if the buyer exercises. The interest rate swaption agreement will specify whether the buyer of the swaption will be a fixed-rate receiver or a fixed-rate payer upon exercise.

Options on Securities may be written or purchased to enhance returns or to hedge an existing position or future investment. An option on a security uses a specified security as the underlying instrument for the option contract.

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(d) Swap Agreements are bilaterally negotiated agreements between the Portfolio and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the over the counter market ("OTC swaps") or may be cleared through a third party, known as a central counterparty or derivatives clearing organization ("Centrally Cleared Swaps"). The Portfolio may enter into asset, credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Statement of Operations. Daily changes in valuation of centrally cleared swaps ("Swap Variation Margin"), if any, are disclosed within centrally cleared financial derivative instruments on the Statement of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Statement of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain (loss) on the Statement of Operations.

For purposes of applying certain of the Portfolio's investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by the Portfolio at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of the Portfolio's investment policies and restrictions, the Portfolio will value the credit default swap at its notional value or its full exposure value (*i.e.*, the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of the Portfolio's other investment

policies and restrictions. For example, the Portfolio may value credit default swaps at full exposure value for purposes of the Portfolio's credit quality guidelines (if any) because such value in general better reflects the Portfolio's actual economic exposure during the term of the credit default swap agreement. As a result, the Portfolio may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in the Portfolio's prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether the Portfolio is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by the Portfolio for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates or the values of the asset upon which the swap is based.

The Portfolio's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive. The risk may be mitigated by having a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral to the Portfolio to cover the Portfolio's exposure to the counterparty.

To the extent the Portfolio has a policy to limit the net amount owed to or to be received from a single counterparty under existing swap agreements, such limitation only applies to counterparties to OTC swaps and does not apply to centrally cleared swaps where the counterparty is a central counterparty or derivatives clearing organization.

Credit Default Swap Agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues are entered into to provide a measure of protection against defaults of the issuers (*i.e.*, to reduce risk where the Portfolio owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer's default. Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event that the referenced entity, obligation or index, as specified in the swap agreement,

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undergoes a certain credit event. As a seller of protection on credit default swap agreements, the Portfolio will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, the Portfolio would effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the notional amount of the swap.

If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the

referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection's right to choose the deliverable obligation with the lowest value following a credit event).

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with

standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name's weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index. Credit default swaps on credit indices may be used to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indices are instruments for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues as of period end, if any, are disclosed in the Notes to Schedule of Investments. They serve as an indicator of the current status of payment/performance risk and represent the likelihood or risk of default for the reference entity. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. For credit default swap agreements on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that the Portfolio as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of period end for which the Portfolio is the seller of protection are disclosed in the Notes to Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Portfolio for the same referenced entity or entities.

Interest Rate Swap Agreements may be entered into to help hedge against interest rate risk exposure and to maintain the Portfolio's ability to generate income at prevailing market rates. The value of the fixed

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rate bonds that the Portfolio holds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by the Portfolio with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap," (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor," (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.

Total Return Swap Agreements are entered into to gain or mitigate exposure to the underlying reference asset. Total return swap agreements involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset and on a fixed or variable interest rate. Total return swap agreements may involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific underlying reference asset, which may include a single security, a basket of securities, or an index, and in return receives a fixed or variable rate. At the maturity date, a net cash flow is exchanged where the total return is equivalent to the return of the underlying reference asset less a financing rate, if any. As a receiver, the Portfolio would receive payments based on any net positive total return and would owe payments in the event of a net negative total return. As the payer, the Portfolio would owe payments on any net positive total return, and would receive payments in the event of a net negative total return.

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in the Portfolio, which could adversely affect its net asset value, yield and total return, are listed below. Please see "Description of Principal Risks" in the Portfolio's prospectus for a more detailed description of the risks of investing in the Portfolio.

Interest Rate Risk is the risk that fixed income securities will decline in value because of an increase in interest rates; a portfolio with a longer average portfolio duration will be more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

Call Risk is the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their maturity for a number of reasons (*e.g.*, declining interest rates, changes in credit spreads and improvements in the issuer's credit quality). If an issuer calls a security that the Portfolio has invested in, the Portfolio may not recoup the full amount of its initial investment and may be forced to reinvest in lower- yielding securities, securities with greater credit risks or securities with other, less favorable features.

Credit Risk is the risk that the Portfolio could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations.

High Yield Risk is the risk that high yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") are subject to greater levels of credit, call and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments, and may be more volatile than higher-rated securities of similar maturity.

Market Risk is the risk that the value of securities owned by the Portfolio may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries.

Issuer Risk is the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services.

Liquidity Risk is the risk that a particular investment may be difficult to purchase or sell and that the Portfolio may be unable to sell illiquid investments at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity.

Derivatives Risk is the risk of investing in derivative instruments (such as forwards, futures, swaps and structured securities) and other similar

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investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks, and valuation complexity. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and the Portfolio could lose more than the initial amount invested. Changes in the value of a derivative or other similar instrument may also create margin delivery or settlement payment obligations for the Portfolio. The Portfolio's use of derivatives or other similar investments may result in losses to the Portfolio, a reduction in the Portfolio's returns and/or increased volatility. Over-the-counter ("OTC") derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for OTC derivatives or other similar investments. The primary credit risk on derivatives that are exchange-traded or traded through a central clearing counterparty resides with the Portfolio's clearing broker or the clearinghouse. Changes in regulation relating to a registered fund's use of derivatives and related instruments could potentially limit or impact the Portfolio's ability to invest in derivatives, limit the Portfolio's ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and the Portfolio's performance.

Equity Risk is the risk that the value of equity securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity securities generally have greater price volatility than fixed income securities.

Mortgage-Related and Other Asset-Backed Securities Risk is the risk of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk.

Foreign (Non-U.S.) Investment Risk is the risk that investing in foreign (non-U.S.) securities may result in the Portfolio experiencing more rapid and extreme changes in value than a portfolio that invests exclusively in securities of U.S. companies, due to smaller markets, differing reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, or political changes, diplomatic developments or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.

Emerging Markets Risk is the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk.

Sovereign Debt Risk is the risk that investments in fixed income instruments issued by sovereign entities may decline in value as a result of default or other adverse credit event resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion.

Currency Risk is the risk that foreign (non-U.S.) currencies will change in value relative to the U.S. dollar and affect the Portfolio's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies.

Leveraging Risk is the risk that certain transactions of the Portfolio, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing the Portfolio to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss.

Management Risk is the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio managers in connection with managing the Portfolio and may cause PIMCO to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of the Portfolio will

be achieved.

Inflation-Indexed Security Risk is the risk that inflation-indexed debt securities are subject to the effects of changes in market interest rates caused by factors other than inflation (real interest rates). In general, the value of an inflation-indexed security, including TIPS, tends to decrease when real interest rates increase and can increase when real interest rates decrease. Interest payments on inflation-indexed securities are unpredictable and will fluctuate as the principal and interest are adjusted for inflation. There can be no assurance that the inflation index used will accurately measure the real rate of inflation in the prices of goods and services. Any increase in the principal amount of an inflation-indexed debt security will be considered taxable ordinary income, even though the Portfolio will not receive the principal

until maturity.

Short Exposure Risk is the risk of entering into short sales or other short positions, including the potential loss of more money than the

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actual cost of the investment, and the risk that the third party to the short sale or other short position will not fulfill its contractual obligations, causing a loss to the Portfolio.

(b) Other Risks

In general, the Portfolio may be subject to additional risks, including, but not limited to, risks related to government regulation and intervention in financial markets, operational risks, risks associated with financial, economic and global market disruptions, and cyber security risks. Please see the Portfolio's prospectus and Statement of Additional Information for a more detailed description of the risks of investing in the Portfolio. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments that may impact the Portfolio's performance.

Market Disruption Risk The Portfolio is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets and cause the Portfolio to lose value. These events can also impair the technology and other operational systems upon which the Portfolio's service providers, including PIMCO as the Portfolio's investment adviser, rely, and could otherwise disrupt the Portfolio's service providers' ability to fulfill their obligations to the Portfolio. For example, the recent spread of an infectious respiratory illness caused by a novel strain of coronavirus (known as COVID-19) has caused volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities the Portfolio holds, and may adversely affect the Portfolio's investments and operations. Please see the Important Information section for additional discussion of the COVID-19 pandemic.

Government Intervention in Financial Markets Federal, state, and other governments, their regulatory agencies, or self-regulatory organizations may take actions that affect the regulation of the instruments in which the Portfolio invests, or the issuers of such instruments, in ways that are unforeseeable. Legislation or regulation may also change the way in which the Portfolio itself is regulated. Such legislation or regulation could limit or preclude the Portfolio's ability to achieve its investment objective. Furthermore, volatile financial markets can expose the Portfolio to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Portfolio. The value of the Portfolio's holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which the Portfolio invests. In addition, it is not certain that the U.S. Government will intervene in

response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.

Regulatory Risk Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/or intervention may change the way the Portfolio is regulated, affect the expenses incurred directly by the Portfolio and the value of its investments, and limit and/or preclude the Portfolio's ability to achieve its investment objective. Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects.

Operational Risk An investment in the Portfolio, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Portfolio. While the Portfolio seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Portfolio.

Cyber Security Risk As the use of technology has become more prevalent in the course of business, the Portfolio has become potentially more susceptible to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional cyber events that may, among other things, cause the Portfolio to lose proprietary information, suffer data corruption and/or destruction or lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Cyber security failures or breaches may result in financial losses to the Portfolio and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with the Portfolio's ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future.There is also a risk that cyber security breaches may not be detected. The Portfolio and its shareholders may

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suffer losses as a result of a cyber security breach related to the Portfolio, its service providers, trading counterparties or the issuers in which the Portfolio invests.

8. MASTER NETTING ARRANGEMENTS

The Portfolio may be subject to various netting arrangements ("Master Agreements") with select counterparties. Master Agreements govern the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow the Portfolio to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes the Statement of Assets and Liabilities generally presents derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Statement of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statement of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. The Portfolio's overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively "Master Repo Agreements") govern repurchase, reverse repurchase, and certain sale-buyback transactions between the Portfolio and select counterparties. Master

Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default, and maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Schedule of Investments.

Master Securities Forward Transaction Agreements ("Master Forward Agreements") govern certain forward settling transactions, such as TBA securities, delayed-delivery or certain sale-buyback transactions by and between the Portfolio and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Schedule of Investments.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant ("FCM") registered with the Commodity Futures Trading Commission. In the United States, counterparty risk may be reduced as creditors of an FCM cannot have a claim to Portfolio assets in the segregated account. Portability of exposure reduces risk to the Portfolio. Variation margin, which reflects changes in market value, is generally exchanged daily, but may not be netted between futures and cleared OTC derivatives unless the parties have agreed to a separate arrangement in respect of portfolio margining. The market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin as of period end are disclosed in the Notes to Schedule of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes ("ISDA Master Agreements") govern bilateral OTC derivative transactions entered into by the Portfolio with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. The ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level or as required by regulation. Similarly, if required by regulation, the

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Portfolio may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent the Portfolio is required by regulation to post additional collateral beyond coverage of daily exposure, it could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedule of Investments.

9. FEES AND EXPENSES

(a) Investment Advisory Fee PIMCO is a majority-owned subsidiary of Allianz Asset Management of America LLC ("Allianz Asset Management") and serves as the Adviser to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from the Portfolio at an annual rate based on average daily net assets (the "Investment Advisory Fee"). The Investment Advisory Fee for all classes is charged at an annual rate as noted in the table in note (b) below.

(b) Supervisory and Administrative Fee PIMCO serves as administrator (the "Administrator") and provides supervisory and administrative services to the Trust for which it receives a monthly supervisory and administrative fee based on each share class's average daily net assets (the "Supervisory and Administrative Fee"). As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs.

The Investment Advisory Fee and Supervisory and Administrative Fees for all classes, as applicable, are charged at the annual rate as noted in the following table (calculated as a percentage of the Portfolio's average daily net assets attributable to each class):

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| **Investment Advisory Fee** | **Supervisory and Administrative Fee** | **Supervisory and Administrative Fee** | **Supervisory and Administrative Fee** |
| **All Classes** | **Institutional<br>Class** | **Administrative<br>Class** | **Advisor<br>Class** |
| 0.25% | 0.25% | 0.25% | 0.25% |

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(c) Distribution and Servicing Fees PIMCO Investments LLC, a wholly-owned subsidiary of PIMCO, serves as the distributor ("Distributor") of the Trust's shares.

The Trust has adopted an Administrative Services Plan with respect to the Administrative Class shares of the Portfolio pursuant to Rule 12b-1 under the Act (the "Administrative Plan"). Under the terms of the Administrative Plan, the Trust is permitted to compensate the Distributor, out of the Administrative Class assets of the Portfolio, in an amount up to 0.15% on an annual basis of the average daily net assets of that class, for providing or procuring through financial intermediaries administrative, recordkeeping and investor services for Administrative Class shareholders of the Portfolio.

The Trust has adopted a separate Distribution and Servicing Plan for the Advisor Class shares of the Portfolio (the "Distribution and Servicing Plan"). The Distribution and Servicing Plan has been adopted pursuant to Rule 12b-1 under the Act. The Distribution and Servicing Plan permits the Portfolio to compensate the Distributor for providing or procuring through financial intermediaries, distribution, administrative, recordkeeping, shareholder and/or related services with respect to Advisor Class shares. The Distribution and Servicing Plan permits the Portfolio to make total payments at an annual rate of up to 0.25% of its average daily net assets attributable to its Advisor Class shares.

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|  | **Distribution Fee** | **Servicing Fee** |
|  **Administrative Class** |  | 0.15% |
|  **Advisor Class** | 0.25% |  |

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(d) Portfolio Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Portfolio, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust's executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Portfolio, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust's Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual portfolio operating expenses per share class.

The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates.

(e) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has agreed, through May 1, 2023, to waive a portion of the Portfolio's Supervisory and Administrative Fee, or reimburse the Portfolio, to the extent that the Portfolio's organizational expenses, pro

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rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata share of Trustee Fees exceed 0.0049% (the "Expense Limit") (calculated as a percentage of the Portfolio's average daily net assets attributable to each class). The Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. The waiver, if any, is reflected on the Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO.

In any month in which the supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by the Portfolio of any portion of the supervisory and administrative fee waived or reimbursed as set forth above (the "Reimbursement Amount") within thirty-six months of the time of the waiver, provided that such amount paid to PIMCO will not: i) together with any organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee fees, exceed, for such month, the Expense Limit (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit); ii) exceed the total Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. At December 31, 2022, there were no recoverable amounts.

10. RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties. Fees paid to these parties are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Statement of Assets and Liabilities.

The Portfolio is permitted to purchase or sell securities from or to certain related affiliated portfolios under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Portfolio from or to another fund or portfolio that are, or could be, considered an affiliate, or an affiliate of an affiliate, by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with applicable SEC rule and interpretations under the Act. Further, as defined under the procedures, each transaction is effected at the current market price. Purchases and sales of securities pursuant to applicable SEC rule and interpretations under the Act for the period ended December 31, 2022, were as follows (amounts in thousands<sup>†</sup>):

---

| | | |
|:---|:---|:---|
| **Purchases** | **Sales** | **Realized<br>Gain/(Loss)** |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21218 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

11. GUARANTEES AND INDEMNIFICATIONS

Under the Trust's organizational documents, each Trustee, officer, employee or other agent of the Trust (including the Trust's investment manager) is indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Portfolio. Additionally, in the normal course of business, the Portfolio enters into contracts that contain a variety of indemnification clauses. The Portfolio's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred. However, the Portfolio has not had prior claims or losses pursuant to these contracts.

12. PURCHASES AND SALES OF SECURITIES

The length of time the Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by the Portfolio is known as "portfolio turnover." The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective(s), particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by the Portfolio. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates when distributed to shareholders). The transaction costs associated with portfolio turnover may adversely affect the Portfolio's performance. The portfolio turnover rates are reported in the Financial Highlights.

Purchases and sales of securities (excluding short-term investments) for the period ended December 31, 2022, were as follows (amounts in thousands<sup>†</sup>):

---

| | | | |
|:---|:---|:---|:---|
| **U.S. Government/Agency** | **U.S. Government/Agency** | **All Other** | **All Other** |
| **Purchases** | **Sales** | **Purchases** | **Sales** |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1854901 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2278348 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126684 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132878 |

---

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **45** |

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##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Notes to Financial Statements** | **(Cont.)** |

---

13. SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with a $0.001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br>12/31/2022** | **Year Ended<br>12/31/2022** | **Year Ended<br>12/31/2021** | **Year Ended<br>12/31/2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Receipts for shares sold** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 3023 | $39057 | 4435 | $61784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 14429 | 184777 | 17542 | 244126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 3623 | 45340 | 4092 | 56828 |
|  **Issued as reinvestment of distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 1218 | 15363 | 781 | 10876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 6499 | 82118 | 4549 | 63360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 1979 | 24977 | 1305 | 18176 |
|  **Cost of shares redeemed** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (3462) | (44394) | (2905) | (40329) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (25655) | &nbsp;&nbsp;&nbsp;&nbsp;(322557) | (19126) | &nbsp;&nbsp;&nbsp;&nbsp;(265615) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (4151) | (52119) | (1851) | (25771) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | (2497) | $(27438) | 8822 | $123435 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

As of December 31, 2022, three shareholders owned 10% or more of the Portfolio's total outstanding shares comprising 38% of the Portfolio. One of the shareholder is a related party and comprises 11% of the Portfolio. Related parties may include, but are not limited to, the investment adviser and its affiliates, affiliated broker dealers, fund of funds and directors or employees of the Trust or Adviser.

14. REGULATORY AND LITIGATION MATTERS

The Portfolio is not named as a defendant in any material litigation or arbitration proceedings and is not aware of any material litigation or claim pending or threatened against it.

On May 17, 2022, Allianz Global Investors U.S. LLC ("AGI U.S.") pleaded guilty in connection with the proceeding United States of America v. Allianz Global Investors U.S. LLC. AGI U.S. is an indirect subsidiary of Allianz SE. The conduct resulting in the matter described above occurred entirely within AGI U.S. and did not involve PIMCO or the Distributor, or any personnel of PIMCO or the Distributor. Nevertheless, because of the disqualifying conduct of AGI U.S., their affiliate, PIMCO would have been disqualified from serving as the investment adviser, and the Distributor would have been disqualified from serving as the principal underwriter, to the Portfolio in the absence of SEC exemptive relief. PIMCO and the Distributor have received exemptive relief from the SEC to permit them to continue serving as investment adviser and principal underwriter for U.S.- registered investment companies, including the Portfolio.

The foregoing speaks only as of the date of this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

15. FEDERAL INCOME TAX MATTERS

The Portfolio intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (the "Code") and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

The Portfolio may be subject to local withholding taxes, including those imposed on realized capital gains. Any applicable foreign capital gains tax is accrued daily based upon net unrealized gains, and may be payable following the sale of any applicable investments.

In accordance with U.S. GAAP, the Adviser has reviewed the Portfolio's tax positions for all open tax years. As of December 31, 2022, the Portfolio has recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions it has taken or expects to take in future tax returns.

The Portfolio files U.S. federal, state, and local tax returns as required. The Portfolio's tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

Shares of the Portfolio currently are sold to segregated asset accounts ("Separate Accounts") of insurance companies that fund variable

---

| | |
|:---|:---|
| **46** | **PIMCO VARIABLE INSURANCE TRUST** |

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##### [**Table of Contents**](#toc)
December 31, 2022

annuity contracts and variable life insurance policies ("Variable Contracts"). Please refer to the prospectus for the Separate Account and Variable Contract for information regarding Federal income tax treatment of distributions to the Separate Account.

As of December 31, 2022, the components of distributable taxable earnings are as follows (amounts in thousands<sup>†</sup>):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed<br>Ordinary<br>Income<sup>(1)</sup>** | **Undistributed<br>Long-Term<br>Capital Gains** | **Net Tax Basis<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup>** | **Other<br>Book-to-Tax<br>Accounting <br>Differences<sup>(3)</sup>** | **Accumulated<br>Capital<br>Losses<sup>(4)</sup>** | **Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Capital<sup>(5)</sup>** | **Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Ordinary<sup>(6)</sup>** | **Total<br>Components of<br>Distributable<br>Earnings** |
|  PIMCO Real Return Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;16352 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;(249183) | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;(75969) | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;(308800) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(1)</sup> Includes undistributed short-term capital gains, if any.

<sup>(2)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options and forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on swap contracts, interest accrued from defaulted securities, and straddle loss deferrals. 

<sup>(3)</sup> Represents differences in income tax regulations and financial accounting principles generally accepted in the United States of America.

<sup>(4)</sup> Capital losses available to offset future net capital gains as shown below.

<sup>(5)</sup> Capital losses realized during the period November 1, 2022 through December 31, 2022 which the Portfolio elected to defer to the following taxable year pursuant to income tax regulations.

<sup>(6)</sup> Specified losses realized during the period November 1, 2022 through December 31, 2022 which the Portfolio elected to defer to the following taxable year pursuant to income tax regulations.

Under the Regulated Investment Company Modernization Act of 2010, the Portfolio is permitted to carry forward any new capital losses for an unlimited period. Additionally, such capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term under previous law.

As of December 31, 2022, the Portfolio had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

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| | | |
|:---|:---|:---|
|  | **Short-Term** | **Long-Term** |
|  PIMCO Real Return Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;18830 | $&nbsp;&nbsp;&nbsp;&nbsp;57139 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

As of December 31, 2022, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal**<br> **Tax Cost** | **Unrealized**<br> **Appreciation** | **Unrealized**<br> **(Depreciation)** | **Net Unrealized<br>Appreciation/<br>(Depreciation)<sup>(7)</sup>** |
|  PIMCO Real Return Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;2561178 | $&nbsp;&nbsp;&nbsp;&nbsp;44308 | $&nbsp;&nbsp;&nbsp;&nbsp;(293695) | $&nbsp;&nbsp;&nbsp;&nbsp;(249387) |

---

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(7)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options and forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on swap contracts, interest accrued from defaulted securities, and straddle loss deferrals. 

For the fiscal years ended December 31, 2022 and December 31, 2021, respectively, the Portfolio made the following tax basis distributions (amounts in thousands<sup>†</sup>):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** |
|  | **Ordinary<br>Income<br>Distributions<sup>(8)</sup>** | **Long-Term<br>Capital Gain<br>Distributions** | **Return of<br>Capital<sup>(9)</sup>** | **Ordinary<br>Income<br>Distributions<sup>(8)</sup>** | **Long-Term<br>Capital Gain<br>Distributions** | **Return of<br>Capital<sup>(9)</sup>** |
|  PIMCO Real Return Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;122458 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;92413 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(8)</sup> Includes short-term capital gains distributed, if any.

<sup>(9)</sup> A portion of the distributions made represents a tax return of capital. Return of capital distributions have been reclassified from undistributed net investment income to paid-in capital to more appropriately conform financial accounting to tax accounting.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **47** |

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##### [**Table of Contents**](#toc)
**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of PIMCO Variable Insurance Trust and Shareholders of PIMCO Real Return Portfolio

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of PIMCO Real Return Portfolio (one of the portfolios constituting PIMCO Variable Insurance Trust, hereafter referred to as the "Portfolio") as of December 31, 2022, the related statements of operations and cash flows for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio as of December 31, 2022, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements are the responsibility of the Portfolio's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolio in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agent, brokers and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

February 17, 2023

We have served as the auditor of one or more investment companies in PIMCO Variable Insurance Trust since 1998.

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| | |
|:---|:---|
| **48** | **PIMCO VARIABLE INSURANCE TRUST** |

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| | | |
|:---|:---|:---|
| **Glossary:** | **(abbreviations that may be used in the preceding statements)** | (Unaudited) |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Counterparty Abbreviations:** | **Counterparty Abbreviations:** | **Counterparty Abbreviations:** | **Counterparty Abbreviations:** | **Counterparty Abbreviations:** | **Counterparty Abbreviations:** |
| **BCY** | Barclays Capital, Inc. | **FICC** | Fixed Income Clearing Corporation | **MYC** | Morgan Stanley Capital Services LLC |
| **BOS** | BofA Securities, Inc. | **GLM** | Goldman Sachs Bank USA | **MYI** | Morgan Stanley & Co. International PLC |
| **BPS** | BNP Paribas S.A. | **GSC** | Goldman Sachs & Co. LLC | **NGF** | Nomura Global Financial Products, Inc. |
| **BRC** | Barclays Bank PLC | **GST** | Goldman Sachs International | **RBC** | Royal Bank of Canada |
| **CBK** | Citibank N.A. | **JPM** | JP Morgan Chase Bank N.A. | **SCX** | Standard Chartered Bank, London |
| **DUB** | Deutsche Bank AG | **MBC** | HSBC Bank Plc |  |  |
|  **Currency Abbreviations:** | **Currency Abbreviations:** | **Currency Abbreviations:** | **Currency Abbreviations:** | **Currency Abbreviations:** | **Currency Abbreviations:** |
| **AUD** | Australian Dollar | **GBP** | British Pound | **NZD** | New Zealand Dollar |
| **CAD** | Canadian Dollar | **JPY** | Japanese Yen | **PEN** | Peruvian New Sol |
| **EUR** | Euro | **MXN** | Mexican Peso | **USD (or $)** | United States Dollar |
|  **Exchange Abbreviations:** | **Exchange Abbreviations:** | **Exchange Abbreviations:** | **Exchange Abbreviations:** | **Exchange Abbreviations:** | **Exchange Abbreviations:** |
| **OTC** | Over the Counter |  |  |  |  |
|  **Index/Spread Abbreviations:** | **Index/Spread Abbreviations:** | **Index/Spread Abbreviations:** | **Index/Spread Abbreviations:** | **Index/Spread Abbreviations:** | **Index/Spread Abbreviations:** |
| **CPALEMU** | Euro Area All Items Non-Seasonally Adjusted Index | **LIBOR01M** | 1 Month USD-LIBOR | **UKRPI** | United Kingdom Retail Prices Index |
| **CPTFEMU** | Eurozone HICP ex-Tobacco Index | **MUTKCALM** | Tokyo Overnight Average Rate | **US0003M** | ICE 3-Month USD LIBOR |
| **CPURNSA** | Consumer Price All Urban Non-Seasonally Adjusted Index | **SONIO** | Sterling Overnight Interbank Average Rate |  |  |
|  **Other Abbreviations:** | **Other Abbreviations:** | **Other Abbreviations:** | **Other Abbreviations:** | **Other Abbreviations:** | **Other Abbreviations:** |
| **ABS** | Asset-Backed Security | **CLO** | Collateralized Loan Obligation | **OAT** | Obligations Assimilables du Trésor |
| **ALT** | Alternate Loan Trust | **DAC** | Designated Activity Company | **OIS** | Overnight Index Swap |
| **BBR** | Bank Bill Rate | **EURIBOR** | Euro Interbank Offered Rate | **oz.** | Ounce |
| **BTP** | Buoni del Tesoro Poliennali "Long-term Treasury Bond" | **LIBOR** | London Interbank Offered Rate | **TBA** | To-Be-Announced  |

---

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **49** |

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| | |
|:---|:---|
| **Federal Income Tax Information** | (Unaudited) |

---

As required by the Internal Revenue Code ("Code") and Treasury Regulations, if applicable, shareholders must be notified within 60 days of the Portfolio's fiscal year end regarding the status of qualified dividend income and the dividend received deduction.

Dividend Received Deduction. Corporate shareholders are generally entitled to take the dividend received deduction on the portion of the Portfolio's dividend distribution that qualifies under tax law. The percentage of the following Portfolio's fiscal 2022 ordinary income dividend that qualifies for the corporate dividend received deduction is set forth below.

Qualified Dividend Income. Under the Jobs and Growth Tax Relief Reconciliation Act of 2003, the following percentage of ordinary dividends paid during the fiscal year ended December 31, 2022 was designated as ''qualified dividend income'' as defined in the Jobs and Growth Tax Relief Reconciliation Act of 2003 subject to reduced tax rates in 2022.

Qualified Interest Income and Qualified Short-Term Capital Gain (for non-U.S. resident shareholders only). Under the American Jobs Creation Act of 2004, the following amounts of ordinary dividends paid during the fiscal year ended December 31, 2022 are considered to be derived from "qualified interest income," as defined in Section 871(k)(1)(E) of the Code, and therefore are designated as interest-related dividends, as defined in Section 871(k)(1)(C) of the Code. Further, the following amounts of ordinary dividends paid during the fiscal year ended December 31, 2022 are considered to be derived from "qualified short-term capital gain," as defined in Section 871(k)(2)(D) of the Code, and therefore are designated as qualified short-term gain dividends, as defined by Section 871(k)(2)(C) of the Code.

Section 163(j) Interest Dividends. The Portfolio intends to pass through the maximum amount allowable as Section 163(j) Interest defined in Proposed Treasury Section 1.163(j)-1(b). The 163(j) percentage of ordinary income distributions are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Dividend<br>Received<br>Deduction%** | **Qualified<br>Dividend<br>Income%** | **Qualified<br>Interest<br>Income<br>(000s<sup>†</sup>)** | **Qualified<br>Short-Term<br>Capital Gains<br>(000s<sup>†</sup>)** | **163(j)<br>Interest<br>Dividends<br>(000s<sup>†</sup>)** |
|  PIMCO Real Return Portfolio | 0% | 0% | $&nbsp;&nbsp;&nbsp;&nbsp;122457 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

Shareholders are advised to consult their own tax advisor with respect to the tax consequences of their investment in the Trust. In January 2023, you will be advised on IRS Form 1099-DIV as to the federal tax status of the dividends and distributions received by you in calendar year 2022.

Section 199A Dividends. Non-corporate portfolio shareholders of the Portfolio below meeting certain holding period requirements may be able to deduct up to 20 percent of qualified REIT dividends passed through and reported to the shareholders by the Portfolio as IRC section 199A dividends. The IRC section 199A percentage of ordinary dividends are as follows:

---

| | |
|:---|:---|
|  | **199A Dividends** |
|  PIMCO Real Return Portfolio | 0% |

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|:---|:---|
| **50** | **PIMCO VARIABLE INSURANCE TRUST** |

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| | |
|:---|:---|
| **Management of the Trust** | (Unaudited) |

---

The charts below identify the Trustees and executive officers of the Trust. Unless otherwise indicated, the address of all persons below is 650 Newport Center Drive, Newport Beach, CA 92660.

The Portfolio's Statement of Additional Information includes more information about the Trustees and Officers. To request a free copy, call PIMCO at (888) 87-PIMCO or visit the Portfolio's website at www.pimco.com/pvit.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Year of Birth and**<br> **Position Held with Trust\*** | **Term of<br>Office and**<br> **Length of**<br> **Time Served<sup>†</sup>** | **Principal Occupation(s) During Past 5 Years** | **Number of Funds**<br> **in Fund Complex**<br> **Overseen by Trustee** | **Other Public Company and Investment**<br> **Company Directorships Held by Trustee**<br> **During the Past 5 Years** |
| **Interested Trustees<sup>1</sup>** |  |  |  |  |
| **Peter G. Strelow (1970)**<br> *Chairman of the Board and Trustee* | 05/2017 to present<br>Chairman of the Board - 02/2019 to present | Managing Director and Co-Chief Operating Officer, PIMCO. Senior Vice President of the Trust, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. Formerly, Chief Administrative Officer, PIMCO. | 158 | Chairman and Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT. |
| **Kimberley G. Stafford (1978)**<br> *Trustee* | 02/2021 to present | Managing Director, Global Head of Product Strategy, PIMCO; and Member of Executive Committee, PIMCO. Formerly, Head of Asia-Pacific, Global Head of Consultant Relations and Head of US Institutional and Alternatives Sales, PIMCO. | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT. |
| **Independent Trustees** |  |  |  |  |
| **George E. Borst (1948)**<br> *Trustee* | 04/2015 to present | Executive Advisor, McKinsey & Company (since 10/14); Formerly, Executive Advisor, Toyota Financial Services (10/13-12/14); and CEO, Toyota Financial Services (1/01-9/13). | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT; Director, MarineMax Inc. |
| **Jennifer Holden Dunbar (1963)**<br> *Trustee* | 04/2015 to present | Formerly, Managing Director, Dunbar Partners, LLC (business consulting and investments) (05/05-05/21); and Partner, Leonard Green & Partners, L.P. | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT; Director, PS Business Parks; Director, Big 5 Sporting Goods Corporation. |
| **Kym M. Hubbard (1957)**<br> *Trustee* | 02/2017 to present | Formerly, Global Head of Investments, Chief Investment Officer and Treasurer, Ernst & Young. | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT; Director, State Auto Financial Corporation. |
| **Gary F. Kennedy (1955)**<br> *Trustee* | 04/2015 to present | Formerly, Senior Vice President, General Counsel and Chief Compliance Officer, American Airlines and AMR Corporation (now American Airlines Group) (1/03-1/14). | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |
| **Peter B. McCarthy (1950)**<br> *Trustee* | 04/2015 to present | Formerly, Assistant Secretary and Chief Financial Officer, United States Department of Treasury; Deputy Managing Director, Institute of International Finance. | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |
| **Ronald C. Parker (1951)**<br> *Lead Independent Trustee* | 07/2009 to present<br>Lead Independent Trustee - 02/2017 to present | Director of Roseburg Forest Products Company. Formerly, Chairman of the Board, The Ford Family Foundation; and President, Chief Executive Officer, Hampton Affiliates (forestry products). | 158 | Lead Independent Trustee, PIMCO Funds and PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |

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\* Unless otherwise noted, the information for the individuals listed is as of December 31, 2022.

<sup>1</sup> Ms. Stafford and Mr. Strelow are "interested persons" of the Trust (as that term is defined in the 1940 Act) because of their affiliations with PIMCO.

<sup>†</sup> Trustees serve until their successors are duly elected and qualified.

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **51** |

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| **Management of the Trust** | **(Cont.)** | (Unaudited) |

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**Executive Officers** 

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| **Name, Year of Birth and<br>Position Held with Trust\*** | **Term of Office and<br>Length of Time Served** | **Principal Occupation(s) During Past 5 Years<sup>†</sup>** |
| **Eric D. Johnson (1970)**<br> *President* | 06/2019 to present | Executive Vice President and Head of Funds Business Group Americas, PIMCO. President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| **Ryan G. Leshaw (1980)**<br> *Chief Legal Officer and Secretary* | 08/2021 to present | Executive Vice President and Senior Counsel, PIMCO. Chief Legal Officer and Secretary, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Chief Legal Officer, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. Formerly, Associate, Willkie Farr & Gallagher LLP. |
| **Keisha Audain-Pressley (1975)\*\***<br> *Chief Compliance Officer* | 01/2020 to present | Executive Vice President and Deputy Chief Compliance Officer, PIMCO. Chief Compliance Officer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Joshua D. Ratner (1976)\*\***<br> *Senior Vice President* | 05/2019 to present | Executive Vice President and Head of Americas Operations, PIMCO. Senior Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| **Peter G. Strelow (1970)**<br> *Senior Vice President* | 06/2019 to present | Managing Director and Co-Chief Operating Officer, PIMCO. Senior Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. Formerly, Chief Administrative Officer, PIMCO. |
| **Wu-Kwan Kit (1981)**<br> *Assistant Secretary* | 08/2017 to present | Senior Vice President and Senior Counsel, PIMCO. Assistant Secretary, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Vice President, Senior Counsel and Secretary, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. Formerly, Assistant General Counsel, VanEck Associates Corp. |
| **Douglas B. Burrill (1980)\*\***<br> *Vice President* | 08/2022 to present | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Elizabeth A. Duggan (1964)**<br> *Vice President* | 02/2021 to present | Executive Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Jason R. Duran (1977)**<br> *Vice President* | 02/2023 to present | Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |
| **Mark A. Jelic (1981)**<br> *Vice President* | 08/2021 to present | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Kenneth W. Lee (1972)**<br> *Vice President* | 08/2022 to present | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Brian J. Pittluck (1977)**<br> *Vice President* | 01/2020 to present | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Keith A. Werber (1973)**<br> *Vice President* | 05/2022 to present | Executive Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Bijal Y. Parikh (1978)**<br> *Treasurer* | 01/2021 to present | Executive Vice President, PIMCO. Treasurer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| **Erik C. Brown (1967)\*\*\***<br> *Assistant Treasurer* | 02/2001 to present | Executive Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Brandon T. Evans (1982)**<br> *Assistant Treasurer* | 05/2019 to present | Senior Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Deputy Treasurer, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| **Maria M. Golota (1983)\*\***<br> *Assistant Treasurer* | 02/2023 to present | Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |

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\* Unless otherwise noted, the information for the individuals listed is as of February 8, 2023.

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| <sup>†</sup> | The term "PIMCO-Sponsored Closed-End Funds" as used herein includes: PIMCO Access Income Fund, PIMCO California Municipal Income Fund, PIMCO California Municipal Income Fund II, PIMCO California Municipal Income Fund III, PIMCO Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO Municipal Income Fund III, PIMCO New York Municipal Income Fund, PIMCO New York Municipal Income Fund II, PIMCO New York Municipal Income Fund III, PCM Fund Inc., PIMCO Corporate & Income Opportunity Fund, PIMCO Corporate & Income Strategy Fund, PIMCO Dynamic Income Fund, PIMCO Dynamic Income Opportunities Fund, PIMCO Energy and Tactical Credit Opportunities Fund, PIMCO Global StocksPLUS<sup>®</sup> & Income Fund, PIMCO High Income Fund, PIMCO Income Strategy Fund, PIMCO Income Strategy Fund II and PIMCO Strategic Income Fund, Inc.; the term "PIMCO-Sponsored Interval Funds" as used herein includes: PIMCO Flexible Credit Income Fund, PIMCO Flexible Municipal Income Fund, PIMCO California Flexible Municipal Income Fund and PIMCO Flexible Emerging Markets Income Fund.  |

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\*\* The address of these officers is Pacific Investment Management Company LLC, 1633 Broadway, New York, New York 10019.

\*\*\* The address of these officers is Pacific Investment Management Company LLC, 401 Congress Ave., Austin, Texas 78701.

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| **52** | **PIMCO VARIABLE INSURANCE TRUST** |

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| **Privacy Policy<sup>1</sup>** | (Unaudited) |

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The Trust<sup>2,3</sup> consider customer privacy to be a fundamental aspect of their relationships with shareholders and are committed to maintaining the confidentiality, integrity and security of their current, prospective and former shareholders' non-public personal information. The Trust has developed policies that are designed to protect this confidentiality, while allowing shareholder needs to be served.

OBTAINING NON-PUBLIC PERSONAL INFORMATION

In the course of providing shareholders with products and services, the Trust and certain service providers to the Trust, such as the Trust's investment advisers or sub-advisers ("Advisers"), may obtain non-public personal information about shareholders, which may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder's brokerage or financial advisory firm, financial professional or consultant, and/or from information captured on applicable websites.

RESPECTING YOUR PRIVACY

As a matter of policy, the Trust does not disclose any non-public personal information provided by shareholders or gathered by the Trust to non-affiliated third parties, except as required or permitted by law or as necessary for such third parties to perform their agreements with respect to the Trust. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, conducting research on shareholder satisfaction and gathering shareholder proxies. The Trust or its affiliates may also retain non-affiliated companies to market Trust's shares or products which use Trust's shares and enter into joint marketing arrangements with them and other companies. These companies may have access to a shareholder's personal and account information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. In most cases, the shareholders will be clients of a third party, but the Trust may also provide a shareholder's personal and account information to the shareholder's respective brokerage or financial advisory firm and/or financial professional or consultant.

SHARING INFORMATION WITH THIRD PARTIES

The Trust reserves the right to disclose or report personal or account information to non-affiliated third parties in limited circumstances where the Trust believes in good faith that disclosure is required under law, to cooperate with regulators or law enforcement authorities, to protect their rights or property, or upon reasonable request by any fund in which a shareholder has invested. In addition, the Trust may disclose information about a shareholder or a shareholder's accounts to a non-affiliated third party at the shareholder's request or with the consent of the shareholder.

SHARING INFORMATION WITH AFFILIATES

The Trust may share shareholder information with their affiliates in connection with servicing shareholders' accounts, and subject to applicable law may provide shareholders with information about products and services that the Trust or its Advisers, distributors or their affiliates ("Service Affiliates") believe may be of interest to such shareholders. The information that the Trust may share may include, for example, a shareholder's participation in the Trust or in other investment programs sponsored by a Service Affiliate, a shareholder's ownership of certain types of accounts (such as IRAs), information about the Trust's experiences or transactions with a shareholder, information captured on applicable websites, or other data about a shareholder's accounts, subject to applicable law. The Trust's Service Affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

PROCEDURES TO SAFEGUARD PRIVATE INFORMATION

The Trust takes seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, the Trust has implemented procedures that are designed to restrict access to a shareholder's non-public personal information to internal personnel who need to know that information to perform their jobs, such as servicing shareholder accounts or notifying shareholders of new products or services. Physical, electronic and procedural safeguards are in place to guard a shareholder's non-public personal information.

INFORMATION COLLECTED FROM WEBSITES

The Trust or its service providers and partners may collect information from shareholders via websites they maintain. The information collected via websites maintained by the Trust or their service providers includes client non-public personal information.

CHANGES TO THE PRIVACY POLICY

From time to time, the Trust may update or revise this privacy policy. If there are changes to the terms of this privacy policy, documents containing the revised policy on the relevant website will be updated.

<sup>1</sup> Amended as of June 25, 2020.

<sup>2</sup> PIMCO Investments LLC ("PI") serves as the Trust's distributor and does not provide brokerage services or any financial advice to investors in the Trust solely because it distributes the Trust. This Privacy Policy applies to the activities of PI to the extent that PI regularly effects or engages in transactions with or for a shareholder of a series of a Trust who is the record owner of such shares. For purposes of this Privacy Policy, references to "the Trust" shall include PI when acting in this capacity.

<sup>3</sup> When distributing this Policy, the Trust may combine the distribution with any similar distribution of its investment adviser's privacy policy. The distributed, combined, policy may be written in the first person (i.e. by using "we" instead of "the Trust").

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **53** |

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**Approval of Investment Advisory Contract and Other Agreements**

At a meeting held on August 23-24, 2022, the Board of Trustees (the "Board") of PIMCO Variable Insurance Trust (the "Trust"), including the Trustees who are not "interested persons" of the Trust under the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered and unanimously approved the renewal of the Amended and Restated Investment Advisory Contract (the "Investment Advisory Contract") between the Trust, on behalf of the Trust's series (each, a "Portfolio" and collectively, the "Portfolios"), and Pacific Investment Management Company LLC ("PIMCO"), for an additional one-year term through August 31, 2023. The Board also considered and unanimously approved the renewal of the Amended and Restated Supervision and Administration Agreement (the "Supervision and Administration Agreement") between the Trust, on behalf of the Portfolios, and PIMCO for an additional one-year term through August 31, 2023. In addition, the Board considered and unanimously approved the renewal of the Amended and Restated Asset Allocation Sub-Advisory Agreement (the "Asset Allocation Agreement" and, together with the Investment Advisory Contract and the Supervision and Administration Agreement, the "Agreements") between PIMCO, on behalf of PIMCO All Asset Portfolio, a series of the Trust, and Research Affiliates, LLC ("Research Affiliates") for an additional one-year term through August 31, 2023. In addition, the Board considered and unanimously approved the renewal of the investment management agreements between PIMCO and each of the wholly-owned subsidiaries (each, a "Subsidiary" and, collectively, the "Subsidiaries") of certain of the Portfolios (collectively, the "Subsidiary Agreements"), each for the same additional one-year term through August 31, 2023.

The information, material factors and conclusions that formed the basis for the Board's approvals are summarized below.

1. INFORMATION RECEIVED

(a) Materials Reviewed: During the course of the past year, the Trustees received a wide variety of materials relating to the services provided by PIMCO and Research Affiliates to the Trust. At each of its quarterly meetings, the Board reviewed the Portfolios' investment performance and a significant amount of information relating to Portfolio operations, including shareholder services, valuation and custody, the Portfolios' compliance program and other information relating to the nature, extent and quality of services provided by PIMCO and Research Affiliates to the Trust and each of the Portfolios, as applicable. In considering whether to approve the renewal of the Agreements and the Subsidiary Agreements, the Board reviewed additional information, including, but not limited to: comparative industry data with regard to investment performance; advisory and supervisory and administrative fees and expenses; financial information for PIMCO and, where relevant, financial information for Research Affiliates; information regarding the profitability to PIMCO of its

relationship with the Portfolios; information about the personnel providing investment management services, other advisory services and supervisory and administrative services to the Portfolios; and information about the fees charged and services provided to other clients with similar investment mandates as the Portfolios, where applicable. In addition, the Board reviewed materials provided by counsel to the Trust and the Independent Trustees ("Counsel"), which included, among other things, a memorandum outlining legal duties of the Board in considering the renewal of the Agreements and Subsidiary Agreements.

With respect to the Subsidiary Agreements, the Trustees considered that each Portfolio that has a Subsidiary may utilize its Subsidiary to execute its investment strategy and that PIMCO provides investment advisory and administrative services to the Subsidiaries pursuant to the Subsidiary Agreements in the same manner as it does for such Portfolios that have Subsidiaries under the Investment Advisory Contract and Supervision and Administration Agreement. The Trustees also considered that, with respect to each Subsidiary, PIMCO does not retain a separate advisory or other fee from the Subsidiary, and that PIMCO's profitability with respect to each Portfolio that has a Subsidiary is not positively impacted as a result of the Subsidiary Agreements. The Trustees determined, therefore, that it was appropriate to consider the approval of the Subsidiary Agreements collectively with their consideration of the continuation of the Agreements.

(b) Review Process: In connection with considering the renewal of the Agreements, the Board reviewed written materials prepared by PIMCO and, where applicable, Research Affiliates in response to requests from Counsel encompassing a wide variety of topics. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from Counsel, and reviewed comparative fee and performance data prepared at the Board's request by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company performance information and fee and expense data. The Board received presentations on matters related to the Agreements and met both as a full Board and in a separate session of the Independent Trustees, without management present, at the August 23-24, 2022 meeting. The Independent Trustees also met via video conference with Counsel on July 14, 2022, and conducted a video conference meeting on August 10, 2022 with management and Counsel to discuss the materials presented and other matters deemed relevant to their consideration of the renewal of the Agreements. In connection with its review of the Agreements, the Board received comparative information on the performance, the risk-adjusted performance and the fees and expenses of other peer group funds and share classes. The Independent Trustees also requested and received supplemental information, including information regarding Broadridge peer classifications, the investment strategies and outflows for certain Portfolios, Portfolio performance and profitability.

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(Unaudited)

The approval determinations were made on the basis of each Trustee's business judgment after consideration and evaluation of all the information presented. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. In deciding to approve the renewal of the Agreements, the Board did not identify any single factor or particular information that, in isolation, was controlling. The discussion below is intended to summarize the broad factors and information that figured prominently in the Board's consideration of the renewal of the Agreements, but is not intended to summarize all of the factors considered by the Board.

2. NATURE, EXTENT AND QUALITY OF SERVICES

(a) PIMCO, Research Affiliates, their Personnel and Resources: The Board considered the depth and quality of PIMCO's investment management process, including, but not limited to: the experience, capability and integrity of its senior management and other personnel; the overall financial strength and stability of its organization; and the ability of its organizational structure to address changes in the Portfolios' asset levels. The Board also considered the various services in addition to portfolio management that PIMCO provides under the Investment Advisory Contract. The Board noted that PIMCO makes available to its investment professionals a variety of resources and systems relating to investment management, compliance, trading, performance and portfolio accounting. The Board also noted PIMCO's commitment to enhancing and investing in its global infrastructure, technology capabilities, risk management processes and the specialized talent needed to stay at the forefront of the competitive investment management industry and to strengthen its ability to deliver services under the Agreements. The Board considered PIMCO's policies, procedures and systems reasonably designed to assure compliance with applicable laws and regulations, including new regulations impacting the Portfolios, and its commitment to further developing and strengthening these programs; its oversight of matters that may involve conflicts of interest between the Portfolios' investments and those of other accounts managed by PIMCO; and its efforts to keep the Trustees informed about matters relevant to the Portfolios and their shareholders. The Board also considered PIMCO's investment in new disciplines and talented personnel, which has enhanced PIMCO's services to the Portfolios and has allowed PIMCO to introduce innovative new portfolios over time. In addition, the Board considered the nature, extent and quality of services provided by PIMCO to the Subsidiaries of certain applicable Portfolios.

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented, including the ongoing development of its own proprietary software and applications to support the Portfolios. Similarly, the Board considered the asset

allocation services provided by Research Affiliates to the PIMCO All Asset Portfolio. The Board further considered PIMCO's oversight of Research Affiliates in connection with Research Affiliates providing asset allocation services to the All Asset Portfolio. The Board also considered the depth and quality of Research Affiliates' investment management and research capabilities, the experience and capabilities of its portfolio management personnel and the overall financial strength of the organization. Ultimately, the Board concluded that the nature, extent and quality of services provided or procured by PIMCO under the Agreements and the Subsidiary Agreements and provided by Research Affiliates under the Asset Allocation Agreement are likely to continue to benefit the Portfolios and their shareholders, as applicable.

(b) Other Services: The Board also considered the nature, extent and quality of supervisory and administrative services provided by PIMCO to the Portfolios under the Supervision and Administration Agreement.

The Board considered the terms of the Supervision and Administration Agreement, under which the Trust pays for the supervisory and administrative services provided pursuant to that agreement under what is essentially an all-in fee structure (the "unified fee"). In return, PIMCO provides or procures certain supervisory and administrative services and bears the costs of various third party services required by the Portfolios, including, but not limited to, audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board also noted that the scope and complexity, as well as the costs, of the supervisory and administrative services provided by PIMCO under the Supervision and Administration Agreement continue to increase. The Board considered PIMCO's provision of supervisory and administrative services and its supervision of the Trust's third party service providers to assure that these service providers continue to provide a high level of service relative to alternatives available in the market.

Ultimately, the Board concluded that the nature, extent and quality of the services provided or procured by PIMCO has benefited, and will likely continue to benefit, the Portfolios and their shareholders.

3. INVESTMENT PERFORMANCE

The Board reviewed information from PIMCO concerning the Portfolios' performance, as available, over short- and long-term periods ended March 31, 2022 and other performance data, as available, over short- and long-term periods ended June 30, 2022 (the "PIMCO Report") and from Broadridge concerning the Portfolios' performance, as available, over short- and long-term periods ended March 31, 2022 (the "Broadridge Report"). The Board also noted that while historically the Broadridge Report included peer classifications from only Lipper, as part of this approval process the Broadridge Report incorporated peer classifications from Morningstar for the Portfolios for which it was believed that Morningstar provided a materially improved comparison.

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **55** |

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| **Approval of Investment Advisory Contract and Other Agreements** | **(Cont.)** |

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The Board considered information regarding both the short- and long-term relative and absolute investment performance of each Portfolio relative to its Portfolio peer group, where appropriate, and relevant benchmark index as provided to the Board in advance of each of its quarterly meetings throughout the year, including the PIMCO Report and Broadridge Report. The Trustees reviewed information indicating that classes of each Portfolio would have substantially similar performance to that of the Administrative Class of the relevant Portfolio on a relative basis because all of the classes are invested in the same portfolio of investments and that differences in performance among classes could principally be attributed to differences in the supervisory and administrative fees and distribution and/or servicing expenses of each class. The Board noted that, due to differences (such as specific investment strategies or fee structures) between certain of the Portfolios and their so-called peers in the Broadridge categories, performance comparisons may not be particularly relevant to the consideration of Portfolio performance, but found the comparative information supported its overall evaluation.

The Trustees noted that a majority of the Portfolios (based on the Administrative Class performance) have outperformed their respective benchmark indexes over the three-, five-, and ten-year periods ended March 31, 2022, and that a majority of the Portfolios (based on the Administrative Class performance) have outperformed their benchmarks since inception for the period ended March 31, 2022. The Board also discussed actions that have been taken by PIMCO to attempt to improve performance and took note of PIMCO's plans to monitor performance going forward.

The Board ultimately concluded, within the context of all of its considerations in connection with the Agreements and the Subsidiary Agreements, that PIMCO's performance record and process in managing the Portfolios indicates that its continued management is likely to benefit the Portfolios and their shareholders and merits the approval of the renewal of the Agreements and the Subsidiary Agreements.

4. Advisory Fees, Supervisory and Administrative Fees and Total Expenses

The Board considered that PIMCO seeks to price new funds to scale at the outset. The Board noted that PIMCO generally seeks to price new funds competitively against the median total expense ratio of the respective Broadridge peer group, if available, while acknowledging that a fee premium may be appropriate for innovative investment offerings. PIMCO reported to the Board that, in proposing fees for any Portfolio or class of shares, it considers a number of factors, including, but not limited to, the type and complexity of the services provided, the cost of providing services, the risk assumed by PIMCO in the development of products and the provision of services and the competitive marketplace for financial products. Fees charged to or

proposed for different Portfolios for advisory services and supervisory and administrative services may vary in light of these various factors.

The Board reviewed the advisory fees, supervisory and administrative fees and total expenses of the Portfolios (each as a percentage of average net assets) and compared such amounts with the average and median fee and expense levels of other similar funds. The Board also reviewed information relating to the sub-advisory fees paid to Research Affiliates with respect to applicable Portfolios, taking into account that PIMCO compensates Research Affiliates from the advisory fees paid by such Portfolios to PIMCO. With respect to advisory fees, the Board reviewed data from the Broadridge Report that compared the average and median advisory fees of other funds in a "Peer Group" of comparable funds, where appropriate, as well as the universe of other similar funds. The Board reviewed materials indicating that, a number of Portfolios have total expense ratios that fall below the average and median expense ratios in their Peer Group and Broadridge universe. In addition, the Board considered the expense limitation agreement in place for all of the Portfolios and fee waivers in place for certain of the Portfolios and also noted the fee waivers in place with respect to the advisory fee and supervisory and administrative fee that might result from investments by applicable Portfolios in their respective Subsidiaries. The Board also considered that PIMCO reviews the Portfolios' fee levels and carefully considers changes where appropriate.

The Board also reviewed data comparing the Portfolios' advisory fees to the fee rates PIMCO charged to registered funds (open-end and closed-end), private funds, and non-U.S. registered funds, separate accounts, sub-advised clients and collective investment trusts with similar investment strategies. In cases where the fees for other clients were lower than those charged to the Portfolios, the Trustees noted that the differences in fees were attributable to various factors, including, but not limited to, differences in the advisory and other services provided by PIMCO to the Portfolios, differences in the number or extent of the services provided by PIMCO to the Portfolios, the manner in which similar portfolios may be managed, different requirements with respect to liquidity management and the implementation of other regulatory requirements, and the fact that separate accounts may have other contractual arrangements or arrangements across PIMCO strategies that justify different levels of fees. The Board considered that, with respect to collective investment trusts, PIMCO performs fewer or less extensive services because collective investment trusts are generally exempt from SEC regulation; investors in a collective investment trust may receive shareholder services from a trustee bank, rather than PIMCO; collective investment trusts have less regulatory disclosure; and the management structure of collective investment trusts differs from that of funds. The Trustees also considered that PIMCO faces increased entrepreneurial, legal and regulatory risk in sponsoring and managing mutual funds and ETFs as

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(Unaudited)

compared to separate accounts, external sub-advised funds or other investment products. In addition, the Trustees considered that PIMCO may charge certain private funds with similar investment mandates lower fees than the Portfolios because such private funds are not required to accept daily redemptions or price their assets on a daily basis, generally do not accept small investors with small account balances and operate under a less complex regulatory regime.

Regarding advisory fees charged by PIMCO in its capacity as sub-adviser to third party/unaffiliated funds, the Trustees took into account that such fees may be lower than the fees charged by PIMCO to serve as adviser to the Portfolios. The Trustees also took into account that there are various reasons for any such differences in fees, including, but not limited to, the fact that PIMCO may be subject to varying levels of entrepreneurial, legal and regulatory risk and different servicing requirements when PIMCO does not serve as the sponsor of a fund and is not principally responsible for all aspects of a fund's investment program and operations as compared to when PIMCO serves as investment adviser and sponsor.

The Board considered the Portfolios' supervisory and administrative fees, comparing them to similar funds managed by other investment advisers in the Broadridge Report. The Board also considered that, as the Portfolios' business has become increasingly complex and the number of Portfolios has grown over time, PIMCO has provided an increasingly broad array of fund supervisory and administrative functions. In addition, the Board considered the Trust's unified fee structure, under which the Trust pays for the supervisory and administrative services it requires for one set fee. In return for this unified fee, PIMCO provides or procures supervisory and administrative services and bears the costs of various third party services required by the Portfolios, including audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board further considered that many other funds pay for comparable services separately, and thus it is difficult to directly compare the Trust's unified supervisory and administrative fees with the fees paid by other funds for administrative services alone. The Board also considered that the unified supervisory and administrative fee leads to Portfolio fees that are fixed over the contract period, rather than variable. The Board noted that, although the unified fee structure does not have breakpoints, it inherently reflects certain economies of scale by fixing the absolute level of Portfolio fees at competitive levels over the contract period even if the Portfolios' operating costs rise when assets remain flat or decrease. Other factors the Board considered in assessing the unified fee include PIMCO's approach of pricing Portfolios at scale at inception and reinvesting in other important areas of the business that support the Portfolios. The Board considered historical advisory and supervisory and administrative fee reductions implemented for different Portfolios and classes, noting that the unified fee can be

increased or decreased in subsequent contractual periods with Board approval and is subject to the periodic reviews discussed above. The Board noted that, with few exceptions, PIMCO has generally maintained Portfolio fees at the same level as implemented when the unified fee was adopted, and has reduced fees for a number of Portfolios in prior years. The Board concluded that the Portfolios' supervisory and administrative fees were reasonable in relation to the value of the services provided, including the services provided to different classes of shareholders, and that the expenses assumed contractually by PIMCO under the Supervision and Administration Agreement represent, in effect, a cap on overall Portfolio fees during the contractual period, which is beneficial to the Portfolios and their shareholders.

The Board considered the Portfolios' total expenses and discussed with PIMCO certain Portfolios and/or classes of Portfolios that had above median total expenses. Upon comparing the Portfolios' total expenses to other funds in the "Peer Groups" provided by the Broadridge Report, where appropriate, the Board found total expenses of each Portfolio to be reasonable.

The Trustees also considered the advisory fees charged to the Portfolios that operate as funds of funds (the "Funds of Funds") and the advisory services provided in exchange for such fees. The Trustees determined that such services were in addition to the advisory services provided to the underlying funds in which the Funds of Funds may invest and, therefore, such services were not duplicative of the advisory services provided to the underlying funds. The Board also considered the various fee waiver agreements in place for the Funds of Funds. The Board noted that PIMCO is continuing waivers for these Funds of Funds, as well as for certain other Portfolios of the Trust.

Based on the information presented by PIMCO and Research Affiliates, members of the Board determined, in the exercise of their business judgment, that the level of the advisory fees and supervisory and administrative fees charged by PIMCO under the Agreements and the Subsidiary Agreements, that the fees charged by Research Affiliates under the Asset Allocation Agreement, and that the total expenses of each Portfolio, are reasonable.

5. ADVISER COSTS, LEVEL OF PROFITS AND ECONOMIES OF SCALE

The Board reviewed information regarding PIMCO's costs of providing services to, as well as the resulting level of profits from, the Portfolios. To the extent applicable, the Board also reviewed information regarding the portion of a Portfolio's advisory fee retained by PIMCO, following the payment of sub-advisory fees to Research Affiliates, with respect to the Portfolios. Additionally, the Board discussed PIMCO's pre- and post-distribution profit margin ranges with respect to the Portfolios, as compared to the prior year. The Board also noted that it had received information regarding the structure and manner in which PIMCO's

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **57** |

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| **Approval of Investment Advisory Contract and Other Agreements** | **(Cont.)** | (Unaudited) |

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investment professionals were compensated, and PIMCO's view of the relationship of such compensation to the recruitment and retention of quality personnel. The Board considered PIMCO's investment in global infrastructure, technology capabilities, risk management processes and qualified personnel to reinforce existing services, offer new services, and accommodate changing regulatory requirements.

The Board considered the existence of any economies of scale and noted that, to the extent that PIMCO achieves economies of scale in managing the Portfolios, PIMCO shares the benefits of such economies of scale, if any, with the Portfolios and their shareholders in a number of ways, including investing in portfolio and trade operations management, firm technology, middle and back office support, legal and compliance, and fund administration logistics; senior management supervision, governance and oversight of those services; and through fee reductions or waivers, the pricing of Portfolios to scale from inception and the enhancement of services provided to the Portfolios in return for fees paid. The Board reviewed the history of the Portfolios' fee structure. The Board considered that the Portfolios' unified fee rates had been set competitively and/or priced to scale from inception, had been held steady during the contractual period at that scaled competitive rate for most Portfolios as assets grew, or as assets declined in the case of some Portfolios, and continued to be competitive compared with peers. The Board also considered that the unified fee is a transparent means of informing a Portfolio's shareholders of the fees associated with the Portfolio, and that the Portfolio bears certain expenses that are not covered by the advisory fee or the unified fee. The Board further considered the challenges that arise when managing large funds, which can result in certain "diseconomies" of scale and noted that PIMCO has continued to reinvest in many areas of the business to support the Portfolios.

The Trustees considered that the unified fee has provided inherent economies of scale because a Portfolio maintains competitive fixed fees over the annual contract period even if the particular Portfolio's assets decline and/or operating costs rise. The Trustees further considered that, in contrast, breakpoints may be a proxy for charging higher fees on lower asset levels and that when a fund's assets decline, breakpoints may reverse, which causes expense ratios to increase. The Trustees also considered that, unlike the Portfolios' unified fee structure, funds with "pass through" administrative fee structures may experience increased expense ratios when fixed dollar fees are charged against declining fund assets. In addition, the Trustees considered that the unified fee protects shareholders from a rise in operating costs that may result from, among other things, PIMCO's investments in various business enhancements and infrastructure, including those referenced above. The Trustees noted that PIMCO's investments in these areas are extensive.

The Board concluded that the Portfolios' cost structures were reasonable and that PIMCO is appropriately sharing economies of scale, if any, through the Portfolios' unified fee structure, generally pricing Portfolios to scale at inception and reinvesting in its business to provide enhanced and expanded services to the Portfolios and their shareholders.

6. ANCILLARY BENEFITS

The Board considered other benefits realized by PIMCO and its affiliates as a result of PIMCO's relationship with the Trust. Such benefits may include possible ancillary benefits to PIMCO's institutional investment management business due to the reputation and market penetration of the Trust or third party service providers' relationship-level fee concessions, which decrease fees paid by PIMCO. The Board also considered that affiliates of PIMCO provide distribution and/or shareholder services to the Portfolios and their shareholders, for which they may be compensated through distribution and servicing fees paid pursuant to the Portfolios' Rule 12b-1 plans or otherwise. The Board noted that, while PIMCO has the authority to receive the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the Portfolios, it has adopted a policy not to enter into contractual soft dollar arrangements.

7. CONCLUSIONS

Based on their review, including their comprehensive consideration and evaluation of each of the broad factors and information summarized above, the Independent Trustees and the Board as a whole concluded that the nature, extent and quality of the services rendered to the Portfolios by PIMCO and Research Affiliates supported the renewal of the Agreements and the Subsidiary Agreements. The Independent Trustees and the Board as a whole concluded that the Agreements and the Subsidiary Agreements continued to be fair and reasonable to the Portfolios and their shareholders, that the Portfolios' shareholders received reasonable value in return for the fees paid to PIMCO by the Portfolios under the Investment Advisory Contract, Supervision and Administration Agreement and the Subsidiary Agreements and the fees paid to Research Affiliates by PIMCO under the Asset Allocation Agreement, and that the renewal of the Agreements and the Subsidiary Agreements was in the best interests of the Portfolios and their shareholders.

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**General Information** 

**Investment Adviser and Administrator** 

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

**Distributor** 

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

**Custodian** 

State Street Bank and Trust Company

801 Pennsylvania Avenue

Kansas City, MO 64105

**Transfer Agent** 

SS&C Global Investor & Distribution Solutions, Inc.

430 W 7th Street STE 219024

Kansas City, MO 64105-1407

**Legal Counsel** 

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

**Independent Registered Public Accounting Firm** 

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the Portfolio listed on the Report cover.

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**pimco.com/pvit**![LOGO](g437447g06y60.jpg)

PVIT16AR_123122

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![LOGO](g432012g13e39.jpg)

PIMCO VARIABLE INSURANCE TRUST

## Annual Report
December 31, 2022

PIMCO Short-Term Portfolio

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**Table of Contents** 

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|  | Page |
| &nbsp;&nbsp; [Chairman's Letter](#tx432012_1) | 2 |
| &nbsp;&nbsp; [Important Information About the PIMCO Short-Term Portfolio](#tx432012_2) | 4 |
| &nbsp;&nbsp; [Portfolio Summary](#tx432012_3) | 7 |
| &nbsp;&nbsp; [Expense Example](#tx432012_4) | 8 |
| &nbsp;&nbsp; [Financial Highlights](#tx432012_5) | 10 |
| &nbsp;&nbsp; [Statement of Assets and Liabilities](#tx432012_6) | 12 |
| &nbsp;&nbsp; [Statement of Operations](#tx432012_7) | 13 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets](#tx432012_8) | 14 |
| &nbsp;&nbsp; [Schedule of Investments](#tx432012_9) | 15 |
| &nbsp;&nbsp; [Notes to Financial Statements](#tx432012_10) | 24 |
| &nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm](#tx432012_11) | 44 |
| &nbsp;&nbsp; [Glossary](#tx432012_12) | 45 |
| &nbsp;&nbsp; [Federal Income Tax Information](#tx432012_13) | 46 |
| &nbsp;&nbsp; [Management of the Trust](#tx432012_14) | 47 |
| &nbsp;&nbsp; [Privacy Policy](#tx432012_15) | 49 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements](#tx432012_16) | 50 |

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This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust (the "Trust") prospectus for the Portfolio. (The variable product prospectus may be obtained by contacting your Investment Consultant.)

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**Chairman's Letter**

Dear Shareholder,

2022 was a challenging year in the financial markets. We continue to work tirelessly to navigate global markets and manage the assets that you have entrusted with us. Following this letter is the PIMCO Variable Insurance Trust Annual Report, which covers the 12-month reporting period ended December 31, 2022 (the "reporting period"). On the subsequent pages, you will find details regarding investment results and a discussion of the factors that most affected performance during the reporting period.

For the 12-month reporting period ended December 31, 2022

The global economy faced significant headwinds in 2022, including those related to higher inflation, the COVID-19 pandemic, and the Russia-Ukraine conflict. First and second quarter 2022 U.S. annualized gross domestic product ("GDP") returned -1.6% and -0.6%, respectively. The economy strengthened in the third quarter, with annualized GDP rising 3.2%. The Commerce Department's initial estimate for fourth quarter 2022 annualized GDP — released after the reporting period ended — was 2.9%.

The Federal Reserve Board (the "Fed" or "U.S. central bank") took actions to combat elevated inflation. In March 2022, the Fed raised the federal funds rate 0.25% to a range between 0.25% and 0.50%, its first rate hike since 2018. The U.S. central bank then raised rates at its next six meetings, for a total increase of 4.25% in 2022. At the end of the year, the federal funds rate was in a range between 4.25% and 4.50%.

Economies outside the U.S. also faced several headwinds. In its October 2022 World Economic Outlook Update, the International Monetary Fund (the "IMF") downgraded its expectation for 2022 GDP citing "turbulent challenges" including high inflation, tightening financial conditions, as well as the ongoing Russia-Ukraine conflict and COVID-19 pandemic. For 2022, the IMF included in its projections that GDP would grow 1.6% in the U.S. (from 5.7% in 2021), 3.1% in the eurozone (from 5.2% in 2021), 3.6% in the U.K. (from 7.4% in 2021), and 1.7% in Japan (the same as in 2021).

Several central banks tightened their respective monetary policies in recent years. For example, in December 2021, prior to the beginning of the reporting period, the Bank of England (the "BoE") raised rates for the first time since COVID-19 began. The BoE again raised rates at its next eight meetings, for a total of 3.50% in rate hikes since its first increase. The European Central Bank raised rates four times in 2022, for a total increase of 2.50%. In contrast, the Bank of Japan (the "BoJ") maintained its loose monetary policy for most of 2022. However, in December 2022 the BoJ announced that it would allow its 10-year government bond yield to rise to 0.5% (previously limited to 0.25%). The news sent the 10-year bond yield and Japanese yen higher, as market participants interpreted the announcement to mean that the BoJ may pivot from its previous monetary stance.

During the reporting period, short- and long-term U.S. Treasury yields moved higher. The yield on the benchmark 10-year U.S. Treasury note was 3.88% on December 31, 2022, versus 1.52% on December 31, 2021. The Bloomberg Global Treasury Index (USD Hedged), which tracks fixed-rate, local currency government debt of investment grade countries, including developed and emerging markets, returned -10.79%. Meanwhile, the Bloomberg Global Aggregate Credit Index (USD Hedged), a widely used index of global investment grade credit bonds, returned -14.22%. Riskier fixed income asset classes, including high yield corporate bonds and emerging market debt, were also weak. The ICE BofAML Developed Markets High Yield Constrained Index (USD Hedged), a widely used index of below-investment-grade bonds, returned -10.56%, whereas emerging market external debt, as represented by the JPMorgan Emerging Markets Bond Index (EMBI) Global (USD Hedged), returned -16.45%. Emerging market local bonds, as represented by the JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged), returned -11.69%. Finally, the municipal market, as represented by the Bloomberg Municipal Bond Index, returned -8.53%.

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Amid periods of volatility, global equities generally posted weak results during the reporting period as economic and geopolitical concerns weighed on investor sentiment. U.S. equities, as represented by the S&P 500 Index, returned -18.11%. Global equities, as represented by the MSCI World Index, returned -18.14%, while emerging market equities, as measured by the MSCI Emerging Markets Index, returned -20.09%. Meanwhile, Japanese equities, as represented by the Nikkei 225 Index (in Japanese yen), returned -7.37% and European equities, as represented by the MSCI Europe Index (in euro), returned -9.49%.

Commodity prices were volatile and generated mixed returns during the reporting period. Brent crude oil, which was approximately $77.24 a barrel at the start of the reporting period, rose to roughly $82.82 a barrel at the end of December 2022. Prices of other commodities, such as copper and gold, declined during the period.

Finally, there were also periods of volatility in the foreign exchange markets. We believe this was driven by several factors, including economic growth expectations and changing central bank monetary policies, as well as rising inflation, COVID-19 variants, and geopolitical events. The U.S. dollar strengthened against several major currencies. For example, during the reporting period, the U.S. dollar returned 5.85%, 10.71%, and 12.23% versus the euro, the British pound and the Japanese yen, respectively.

Thank you for the assets you have placed with us. We deeply value your trust, and we will continue to work diligently to meet your broad investment needs.

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| ![LOGO](g432012g19a01.jpg) | Sincerely,<br>![LOGO](g432012g65f33.jpg) <br>Peter G. Strelow<br> Chairman of the Board<br>PIMCO Variable Insurance Trust<br>|

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Past performance is no guarantee of future results. Unless otherwise noted, index returns reflect the reinvestment of income distributions and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. It is not possible to invest directly in an unmanaged index.

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>3</sub> |

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**Important Information About the PIMCO Short-Term Portfolio**

PIMCO Variable Insurance Trust (the "Trust") is an open-end management investment company that includes the PIMCO Short-Term Portfolio (the "Portfolio"). The Portfolio is only available as a funding vehicle under variable life insurance policies or variable annuity contracts issued by insurance companies ("Variable Contracts"). Individuals may not purchase shares of the Portfolio directly. Shares of the Portfolio also may be sold to qualified pension and retirement plans outside of the separate account context.

We believe that bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed income securities and other instruments held by the portfolio are likely to decrease in value. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that management will anticipate such movement accurately. The Portfolio may lose money as a result of movements in interest rates.

As of the date of this report, interest rates in the United States and many parts of the world, including certain European countries, continue to increase. In efforts to combat inflation, the U.S. Federal Reserve raised interest rates multiple times in 2022 and has indicated an expectation that it will continue to raise interest rates in 2023. Thus, the Portfolio currently faces a heightened level of risk associated with rising interest rates and/or bond yields. This could be driven by a variety of factors, including but not limited to central bank monetary policies, changing inflation or real growth rates, general economic conditions, increasing bond issuances or reduced market demand for low yielding investments. Further, while bond markets have steadily grown over the past three decades, dealer inventories of corporate bonds are near historic lows in relation to market size. As a result, there has been a significant reduction in the ability of dealers to "make markets".

Bond funds and individual bonds with a longer duration (a measure used to determine the sensitivity of a security's price to changes in interest rates) tend to be more sensitive to changes in interest rates, usually making them more volatile than securities or funds with shorter durations. All of the factors mentioned above, individually or collectively, could lead to increased volatility and/or lower liquidity in the fixed income markets or negatively impact the Portfolio's performance or cause the Portfolio to incur losses. As a result, the Portfolio may experience increased shareholder redemptions, which, among other things, could further reduce the net assets of the Portfolio.

The Portfolio may be subject to various risks as described in the Portfolio's prospectus and in the Principal and Other Risks in the Notes to Financial Statements.

Classifications of the Portfolio's portfolio holdings in this report are made according to financial reporting standards. The classification of a particular portfolio holding as shown in the Allocation Breakdown and Schedule of Investments sections of this report may differ from the classification used for the Portfolio's compliance calculations, including those used in the Portfolio's prospectus, investment objectives, regulatory, and other investment limitations and policies, which may be based on different asset class, sector or geographical classifications. The Portfolio is separately monitored for compliance with respect to prospectus and regulatory requirements.

The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. In 2022, many countries lifted some or all restrictions related to COVID-19. However, the effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations and individual issuers, all of which may negatively impact the Portfolio's performance. In addition, COVID-19 and governmental responses to COVID-19 may negatively impact the capabilities of the Portfolio's service providers and disrupt the Portfolio's operations.

The United States' enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from certain other countries has contributed to and may continue to contribute to international trade tensions and may impact portfolio securities. The United States' enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government's response, may also negatively impact securities and instruments that are economically tied to Russia.

The Portfolio may have significant exposure to issuers in the United Kingdom. The United Kingdom's withdrawal from the European Union may impact Portfolio returns. The withdrawal may cause substantial volatility in foreign exchange markets, lead to weakness in the exchange rate of the British pound, result in a sustained period of market uncertainty, and destabilize some or all of the other European Union member countries and/or the Eurozone.

The Portfolio may invest in certain instruments that rely in some fashion upon the London Interbank Offered Rate ("LIBOR"). LIBOR is an average interest rate, determined by the ICE Benchmark Administration, that

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banks charge one another for the use of short-term money. The United Kingdom's Financial Conduct Authority, which regulates LIBOR, has announced plans to ultimately phase out the use of LIBOR. There remains uncertainty regarding future utilization of LIBOR and the nature of any replacement rate (e.g., the Secured Overnight Financing Rate, which is intended to replace U.S. dollar LIBOR and measures the cost of overnight borrowings through repurchase agreement transactions collateralized with U.S. Treasury securities). Any potential effects of the transition away from LIBOR on the Portfolio or on certain instruments in which the Portfolio invests can be difficult to ascertain, and they may vary depending on a variety of factors. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to the Portfolio.

On the Portfolio Summary page in this Shareholder Report, the Average Annual Total Return table and Cumulative Returns chart measure performance assuming that any dividend and capital gain distributions were reinvested. The Cumulative Returns chart reflects only Administrative Class performance. Performance may vary by share class based on each class's expense ratios. The Portfolio measures its

performance against at least one broad-based securities market index ("benchmark index"). The benchmark index does not take into account fees, expenses, or taxes. The Portfolio's past performance, before and after taxes, is not necessarily an indication of how the Portfolio will perform in the future. There is no assurance that the Portfolio, even if the Portfolio has experienced high or unusual performance for one or more periods, will experience similar levels of performance in the future. High performance is defined as a significant increase in either 1) the Portfolio's total return in excess of that of the Portfolio's benchmark between reporting periods or 2) the Portfolio's total return in excess of the Portfolio's historical returns between reporting periods. Unusual performance is defined as a significant change in the Portfolio's performance as compared to one or more previous reporting periods. Historical performance for the Portfolio or a share class thereof may have been positively impacted by fee waivers or expense limitations in place during some or all of the periods shown, if applicable. Future performance (including total return or yield) and distributions may be negatively impacted by the expiration or reduction of any such fee waivers or expense limitations.

The following table discloses the inception dates of the Portfolio and its share classes along with the Portfolio's diversification status as of period end:

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| **Portfolio Name** | **Portfolio**<br> **Inception** | **Institutional<br>Class** | **Administrative<br>Class** | **Advisor<br>Class** | **Diversification<br>Status** |
|  PIMCO Short-Term Portfolio | 09/30/99 | 04/28/00 | 09/30/99 | 09/30/09 | Diversified |

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An investment in the Portfolio is not a bank deposit and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in the Portfolio.

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Portfolio. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither this Portfolio's prospectus nor summary prospectus, the Trust's Statement of Additional Information ("SAI"), any contracts filed as exhibits to the Trust's registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or the Portfolio creates a contract between or among any shareholder of the Portfolio, on the one hand, and the Trust, the Portfolio, a service provider to the Trust or the Portfolio, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service providers or other delegates acting under authority of the Trustees) may amend the most recent prospectus or use a new prospectus,

summary prospectus or SAI with respect to the Portfolio or the Trust, and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which the Trust or the Portfolio is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to the Portfolio, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust's then-current prospectus or SAI.

PIMCO has adopted written proxy voting policies and procedures ("Proxy Policy") as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at (888) 87-PIMCO, on the Portfolio's website at www.pimco.com/pvit, and on the Securities and Exchange Commission's ("SEC") website at www.sec.gov.

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>5</sub> |

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| **Important Information About the PIMCO Short-Term Portfolio** | **(Cont.)** |

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The Portfolio files portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The Portfolio's complete schedule of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC's website at www.sec.gov and on PIMCO's website at www.pimco.com/pvit, and will be made available, upon request by calling PIMCO at (888) 87-PIMCO.

SEC rules allow shareholder reports to be delivered to investors by providing access to such reports online free of charge and by mailing a notice that the report is electronically available. Investors may elect to receive all future reports in paper free of charge by contacting their insurance company. Any election to receive reports in paper will apply to all portfolio companies available under the investor's contract at the insurance company.

In October 2020, the SEC adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover transactions. Subject to certain exceptions, the rule requires portfolios that trade derivatives and other transactions that create future payment or delivery obligations to comply with a value-at-risk leverage limit and certain derivatives risk management program and reporting requirements. These requirements may limit the ability of the Portfolio to use derivatives and reverse repurchase agreements and similar financing transactions as part of its investment strategies and may increase the cost of the Portfolio's investments and cost of doing business, which could adversely affect investors. The rule went into effect on February 19, 2021. The compliance date for the new rule and related reporting requirements was August 19, 2022.

In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value as well as for the performance of fair value determinations, including related oversight and reporting obligations. The new rule also defines "readily available market quotations" for purposes of the definition of "value" under the Investment Company Act of 1940 (the "Act") and the SEC noted that this definition will apply in all contexts under the Act. The effective date for the rule was March 8, 2021. The compliance date for the new rule and the related reporting requirements was September 8, 2022.

In May 2022, the SEC proposed amendments to a current rule governing portfolio naming conventions. In general, the current rule requires portfolios with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested by the name. The proposed amendments would expand the scope of the current rule in a number of ways that would result in an expansion of the types of portfolio names that would require the portfolio to

adopt an 80% investment policy under the rule. Additionally, the proposed amendments would modify the circumstances under which a portfolio may deviate from its 80% investment policy and address the use and valuation of derivatives instruments for purposes of the rule. The proposal's impact on the Portfolio will not be known unless and until any final rulemaking is adopted.

In May 2022, the SEC proposed a framework that would require certain registered portfolios (such as the Portfolio) to disclose their environmental, social, and governance ("ESG") investing practices. Among other things, the proposed requirements would mandate that portfolios meeting three pre-defined classifications (i.e., integrated, ESG focused and/or impact funds) provide prospectus and shareholder report disclosure related to the ESG factors, criteria and processes used in managing the portfolio. The proposal's impact on the Portfolio will not be known unless and until any final rulemaking is adopted.

In October 2022, the SEC adopted changes to the mutual fund and exchange-traded fund ("ETF") shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which will impact the disclosures provided to shareholders. The rule amendments are effective as of January 24, 2023, but the SEC is providing an 18-month compliance period following the effective date for such amendments other than those addressing fee and expense information in advertisements that might be materially misleading.

In November 2022, the SEC proposed rule amendments which, among other things, would require funds to adopt swing pricing in order to mitigate dilution of shareholders' interests in a fund by requiring the adjustment of fund net asset value per share to pass on costs stemming from shareholder purchase or redemption activity. In addition the proposed rule would amend the liquidity rule framework. The proposal's impact on the Portfolio will not be known unless and until any final rulemaking is adopted.

In November 2022, the SEC adopted amendments to Form N-PX under the Act to improve the utility to investors of proxy voting information reported by mutual funds, ETFs and certain other funds. The rule amendments will expand the scope of funds' Form N-PX reporting obligations, subject managers to Form N-PX reporting obligations for "Say on Pay" votes, enhance Form N-PX disclosures, permit joint reporting by funds, managers and affiliated managers on Form N-PX; and require website availability of fund proxy voting records. The amendments will become effective on July 1, 2024. Funds and managers will be required to file their first reports covering the period from July 1, 2023 to June 30, 2024 on amended Form N-PX by August 31, 2024.

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| | |
|:---|:---|
| **6** | **PIMCO VARIABLE INSURANCE TRUST** |

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##### [**Table of Contents**](#toc)
**PIMCO Short-Term Portfolio** 

Cumulative Returns Through December 31, 2022

![LOGO](g432012g34q00.jpg)

$10,000 invested at the end of the month when the Portfolio's Administrative Class commenced operations.

Allocation Breakdown as of December 31, 2022<sup>†</sup><sup>§</sup>

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| | |
|:---|:---|
|  Corporate Bonds & Notes | 48.8% |
|  Asset-Backed Securities | 21.6% |
|  Short-Term Instruments<sup>‡</sup> | 14.9% |
|  Non-Agency Mortgage-Backed Securities | 9.3% |
|  U.S. Government Agencies | 5.0% |
|  Other | 0.4% |

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| | |
|:---|:---|
| <sup>†</sup> | % of Investments, at value.  |

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| | |
|:---|:---|
| <sup>§</sup> | Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.  |

---

<sup>‡</sup> Includes Central Funds Used for Cash Management Purposes.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Average Annual Total Return for the period ended December 31, 2022  | Average Annual Total Return for the period ended December 31, 2022  | Average Annual Total Return for the period ended December 31, 2022  | Average Annual Total Return for the period ended December 31, 2022  | Average Annual Total Return for the period ended December 31, 2022  | Average Annual Total Return for the period ended December 31, 2022  |
|  |  | 1 Year | 5 Years | 10 Years | Inception<sup>≈</sup> |
|  | PIMCO Short-Term Portfolio Institutional Class | (0.00)% | 1.42% | 1.50% | 2.56% |
| ![LOGO](g432012g94o20.jpg) | PIMCO Short-Term Portfolio Administrative Class | (0.15)% | 1.27% | 1.35% | 2.48% |
|  | PIMCO Short-Term Portfolio Advisor Class | (0.25)% | 1.16% | 1.24% | 1.36% |
| ![LOGO](g432012g08y58.jpg) | FTSE 3-Month Treasury Bill Index<sup>±</sup> | 1.50% | 1.25% | 0.74% | 1.60%<sup>¨</sup> |

---

All Portfolio returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

<sup>≈</sup> For class inception dates please refer to the Important Information.

<sup>¨</sup> Average annual total return since 09/30/1999.

<sup>±</sup> FTSE 3-Month Treasury Bill Index is an unmanaged index representing monthly return equivalents of yield averages of the last 3 month Treasury Bill issues.

It is not possible to invest directly in an unmanaged index.

*Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. The Portfolio's performance does not reflect the deduction of additional charges and expenses imposed in connection with investing in Variable Contracts, which will reduce returns. Differences in the Portfolio's performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the prices of individual positions (which may be sourced from different pricing vendors or other sources) used by the Portfolio and the index. For performance current to the most recent month-end, visit www.pimco.com/pvit or via (888) 87-PIMCO.* 

*The Portfolio's total annual operating expense ratio in effect as of period end was 0.45% for Institutional Class shares, 0.60% for Administrative Class shares, and 0.70% for Advisor Class shares. Details regarding any changes to the Portfolio's operating expenses, subsequent to period end, can be found in the Portfolio's current prospectus, as supplemented.* 

Investment Objective and Strategy Overview

PIMCO Short-Term Portfolio seeks maximum current income, consistent with preservation of capital and daily liquidity, by investing under normal circumstances at least 65% of its total assets in a diversified portfolio of Fixed Income Instruments of varying maturities, which may be represented by forwards or derivatives such as options, futures contracts or swap agreements. "Fixed Income Instruments" include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private- sector entities. Portfolio strategies may change from time to time. Please refer to the Portfolio's current prospectus for more information regarding the Portfolio's strategy.

Portfolio Insights

The following affected performance (on a gross basis) during the reporting period:

» Holdings of investment grade corporate credit contributed to relative performance, as the income from corporate bonds offset the impact from credit spread widening.

» There are no other material contributors for the Portfolio.

» Overweight exposure to U.S. duration at the front-end of the U.S. yield curve detracted from relative performance, as front-end U.S. interest rates rose.

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| | |
|:---|:---|
| » | Select holdings of securitized credit detracted from relative performance, as holdings of commercial mortgage-backed securities provided negative total return.  |

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| | |
|:---|:---|
| » | Holdings of agency mortgage-backed securities detracted from relative performance, as the asset class provided negative total return.  |

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| | | |
|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>7</sub> |

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##### [**Table of Contents**](#toc)
**Expense Example PIMCO Short-Term Portfolio**

Example

As a shareholder of the Portfolio, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including investment advisory fees, supervisory and administrative fees, distribution and/or service (12b-1) fees (if applicable), and other Portfolio expenses. The Example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The Expense Example does not reflect any fees or other expenses imposed by the Variable Contracts. If it did, the expenses reflected in the Expense Example would be higher. The Example is based on an investment of $1,000 invested at the beginning of the period and held from July 1, 2022 to December 31, 2022 unless noted otherwise in the table and footnotes below.

Actual Expenses

The information in the table under the heading "Actual" provides information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60), then multiply the result by the number in the appropriate row for your share class, in the column titled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information in the table under the heading "Hypothetical (5% return before expenses)" provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other portfolios. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other portfolios.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the information under the heading "Hypothetical (5% return before expenses)" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. In addition, if these transactional costs were included, your costs would have been higher.

Expense ratios may vary period to period because of various factors, such as an increase in expenses that are not covered by the investment advisory fees and supervisory and administrative fees, such as fees and expenses of the independent trustees and their counsel, extraordinary expenses and interest expense.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Actual** | **Actual** | **Actual** | **Hypothetical<br>(5% return before expenses)** | **Hypothetical<br>(5% return before expenses)** | **Hypothetical<br>(5% return before expenses)** | |
|  | **Beginning<br>Account Value<br>(07/01/22)** | **Ending<br>Account Value<br>(12/31/22)** | **Expenses Paid<br>During Period\*** | **Beginning<br>Account Value<br>(07/01/22)** | **Ending<br>Account Value<br>(12/31/22)** | **Expenses Paid<br>During Period\*** | **Net Annualized<br>Expense Ratio\*\*** |
| Institutional Class | $1000.00 | $1015.20 | $2.36 | $1000.00 | $1023.14 | $2.37 | 0.46% |
| Administrative Class | 1000.00 | 1014.40 | 3.13 | 1000.00 | 1022.37 | 3.14 | 0.61 |
| Advisor Class | 1000.00 | 1013.90 | 3.64 | 1000.00 | 1021.86 | 3.66 | 0.71 |

---

\* Expenses Paid During Period are equal to the net annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 186/365 (to reflect the one-half year period). Overall fees and expenses of investing in the Portfolio will be higher because the example does not reflect variable contract fees and expenses.

\*\* Net Annualized Expense Ratio is reflective of any applicable contractual fee waivers and/or expense reimbursements or voluntary fee waivers. Details regarding fee waivers, if any, can be found in Note 9, Fees and Expenses, in the Notes to Financial Statements.

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| | |
|:---|:---|
| **8** | **PIMCO VARIABLE INSURANCE TRUST** |

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##### [**Table of Contents**](#toc)
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| | | |
|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>9</sub> |

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##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Financial Highlights** | **PIMCO Short-Term Portfolio** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year Ended^: | **Net Asset**<br> **Value<br>Beginning**<br> **of Year<sup>(a)</sup>** | **Net**<br> **Investment<br>Income**<br> **(Loss)<sup>(b)</sup>** | **<br>Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gain** | **Total** |
| Institutional Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | $&nbsp;&nbsp;&nbsp;&nbsp;10.29 | $&nbsp;&nbsp;&nbsp;&nbsp;0.20 | $&nbsp;&nbsp;&nbsp;&nbsp;(0.20) | $&nbsp;&nbsp;&nbsp;&nbsp;0.00 | $&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | $&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | $&nbsp;&nbsp;&nbsp;&nbsp;(0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 10.42 | 0.09 | (0.09) | 0.00 | (0.13) | 0.00 | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 10.32 | 0.17 | 0.07 | 0.24 | (0.14) | 0.00 | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2019 | 10.29 | 0.28 | 0.02 | 0.30 | (0.27) | 0.00 | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2018 | 10.37 | 0.26 | (0.09) | 0.17 | (0.24) | (0.01) | (0.25) |
| Administrative Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 10.29 | 0.19 | (0.20) | (0.01) | (0.17) | (0.02) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 10.42 | 0.07 | (0.09) | (0.02) | (0.11) | 0.00 | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 10.32 | 0.15 | 0.08 | 0.23 | (0.13) | 0.00 | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2019 | 10.29 | 0.27 | 0.01 | 0.28 | (0.25) | 0.00 | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2018 | 10.37 | 0.24 | (0.08) | 0.16 | (0.23) | (0.01) | (0.24) |
| Advisor Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 10.29 | 0.17 | (0.19) | (0.02) | (0.16) | (0.02) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 10.42 | 0.06 | (0.09) | (0.03) | (0.10) | 0.00 | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 10.32 | 0.14 | 0.08 | 0.22 | (0.12) | 0.00 | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2019 | 10.29 | 0.26 | 0.01 | 0.27 | (0.24) | 0.00 | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2018 | 10.37 | 0.23 | (0.09) | 0.14 | (0.21) | (0.01) | (0.22) |

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| | |
|:---|:---|
| ^ | A zero balance may reflect actual amounts rounding to less than $0.01 or 0.01%.  |

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<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Portfolio.

<sup>(b)</sup> Per share amounts based on average number of shares outstanding during the year. 

<sup>(c)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

<sup>(d)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Portfolio. Additionally, excludes initial sales charges and contingent deferred sales charges.

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| | | |
|:---|:---|:---|
| **10** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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##### [**Table of Contents**](#toc)

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | |
| **Net Asset<br>Value End of<br>Year<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** |<br>**Net Assets<br>End of Year<br>(000s)** | **Expenses** | **Expenses<br>Excluding<br>Waivers** | **Expenses<br>Excluding<br>Interest<br>Expense** | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** | **Net<br>Investment<br>Income (Loss)** |<br>**Portfolio<br>Turnover<br>Rate** |
| $&nbsp;&nbsp;&nbsp;&nbsp;10.09 | 0.00% | $68296 | 0.46% | 0.46% | 0.45% | 0.45% | 1.96% | 74% |
| 10.29 | 0.00 | 62498 | 0.45 | 0.45 | 0.45 | 0.45 | 0.85 | 98 |
| 10.42 | 2.40 | 29870 | 0.47 | 0.47 | 0.45 | 0.45 | 1.63 | 114 |
| 10.32 | 2.95 | 39236 | 0.64 | 0.64 | 0.45 | 0.45 | 2.70 | 76 |
| 10.29 | 1.68 | 8352 | 0.51 | 0.51 | 0.45 | 0.45 | 2.47 | 71 |
| 10.09 | (0.15) | 259589 | 0.61 | 0.61 | 0.60 | 0.60 | 1.83 | 74 |
| 10.29 | (0.15) | 212796 | 0.60 | 0.60 | 0.60 | 0.60 | 0.72 | 98 |
| 10.42 | 2.24 | 246924 | 0.62 | 0.62 | 0.60 | 0.60 | 1.40 | 114 |
| 10.32 | 2.80 | 234168 | 0.79 | 0.79 | 0.60 | 0.60 | 2.62 | 76 |
| 10.29 | 1.53 | 233601 | 0.66 | 0.66 | 0.60 | 0.60 | 2.34 | 71 |
| 10.09 | (0.25) | 260404 | 0.71 | 0.71 | 0.70 | 0.70 | 1.71 | 74 |
| 10.29 | (0.25) | 230829 | 0.70 | 0.70 | 0.70 | 0.70 | 0.62 | 98 |
| 10.42 | 2.14 | 222266 | 0.72 | 0.72 | 0.70 | 0.70 | 1.30 | 114 |
| 10.32 | 2.69 | 205254 | 0.89 | 0.89 | 0.70 | 0.70 | 2.52 | 76 |
| 10.29 | 1.43 | &nbsp;&nbsp;&nbsp;&nbsp;189730 | 0.76 | 0.76 | 0.70 | 0.70 | 2.22 | 71 |

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| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>11</sub> |

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##### [**Table of Contents**](#toc)

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| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **PIMCO Short-Term Portfolio** | December 31, 2022 |

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| | |
|:---|:---|
| (Amounts in thousands<sup>†</sup><sup>,</sup> except per share amounts) | (Amounts in thousands<sup>†</sup><sup>,</sup> except per share amounts) |
|  **Assets:** |  |
|  *Investments, at value* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities\* | $&nbsp;&nbsp;&nbsp;&nbsp;583507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 151 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 49 |
|  Cash | 1 |
|  Deposits with counterparty | 3303 |
|  Foreign currency, at value | 336 |
|  Receivable for TBA investments sold | 433 |
|  Receivable for Portfolio shares sold | 1073 |
|  Interest and/or dividends receivable | 3259 |
|  Dividends receivable from Affiliates | 1 |
|  **Total Assets** | 592236 |
|  **Liabilities:** |  |
|  *Borrowings & Other Financing Transactions* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for reverse repurchase agreements | $2006 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 629 |
|  Payable for investments in Affiliates purchased | 1 |
|  Payable for TBA investments purchased | 872 |
|  Payable for Portfolio shares redeemed | 52 |
|  Accrued investment advisory fees | 132 |
|  Accrued supervisory and administrative fees | 106 |
|  Accrued distribution fees | 58 |
|  Accrued servicing fees | 35 |
|  **Total Liabilities** | 3947 |
|  **Net Assets** | $588289 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | $599480 |
|  Distributable earnings (accumulated loss) | (11191) |
|  **Net Assets** | $588289 |
|  **Net Assets:** |  |
|  Institutional Class | $68296 |
|  Administrative Class | 259589 |
|  Advisor Class | 260404 |
|  **Shares Issued and Outstanding:** |  |
|  Institutional Class | 6766 |
|  Administrative Class | 25717 |
|  Advisor Class | 25797 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |
|  Institutional Class | $10.09 |
|  Administrative Class | 10.09 |
|  Advisor Class | 10.09 |
|  Cost of investments in securities | $599349 |
|  Cost of investments in Affiliates | $155 |
|  Cost of foreign currency held | $345 |
|  Cost or premiums of financial derivative instruments, net | $(1241) |
|  \* Includes repurchase agreements of: | $7025 |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Portfolio.

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| | | |
|:---|:---|:---|
| **12** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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##### [**Table of Contents**](#toc)

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| | |
|:---|:---|
| **Statement of Operations** | **PIMCO Short-Term Portfolio** |

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| | |
|:---|:---|
| Year Ended December 31, 2022<br> (Amounts in thousands<sup>†</sup>) |  |
|  **Investment Income:** |  |
|  Interest | $13559 |
|  Dividends from Investments in Affiliates | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 13608 |
|  **Expenses:** |  |
|  Investment advisory fees | 1400 |
|  Supervisory and administrative fees | 1120 |
|  Distribution and/or servicing fees - Administrative Class | 364 |
|  Distribution and/or servicing fees - Advisor Class | 618 |
|  Trustee fees | 16 |
|  Interest expense | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 3567 |
|  **Net Investment Income (Loss)** | 10041 |
|  **Net Realized Gain (Loss):** |  |
|  Investments in securities | &nbsp;&nbsp;&nbsp;&nbsp;(11190) |
|  Investments in Affiliates | (127) |
|  Exchange-traded or centrally cleared financial derivative instruments | 9197 |
|  Over the counter financial derivative instruments | 4745 |
|  Foreign currency | 74 |
|  **Net Realized Gain (Loss)** | 2699 |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in securities | (15373) |
|  Investments in Affiliates | 26 |
|  Exchange-traded or centrally cleared financial derivative instruments | 1811 |
|  Over the counter financial derivative instruments | 560 |
|  Foreign currency assets and liabilities | (5) |
|  **Net Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;(12981) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $(241) |

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|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>13</sub> |

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##### [**Table of Contents**](#toc)

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| | |
|:---|:---|
| **Statements of Changes in Net Assets** | **PIMCO Short-Term Portfolio** |

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| | | |
|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2021** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
|  Net investment income (loss) | $10041 | $3430 |
|  Net realized gain (loss) | 2699 | 2873 |
|  Net change in unrealized appreciation (depreciation) | (12981) | (7368) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | (241) | (1065) |
|  **Distributions to Shareholders:** |  |  |
|  From net investment income and/or net realized capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (1416) | (747) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (4511) | (2397) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (4317) | (2255) |
|  **Total Distributions<sup>(a)</sup>** | (10244) | (5399) |
|  **Portfolio Share Transactions:** |  |  |
|  Net increase (decrease) resulting from Portfolio share transactions\* | 92651 | 13527 |
|  **Total Increase (Decrease) in Net Assets** | 82166 | 7063 |
|  **Net Assets:** |  |  |
|  Beginning of year | 506123 | 499060 |
|  End of year | $&nbsp;&nbsp;&nbsp;&nbsp;588289 | $&nbsp;&nbsp;&nbsp;&nbsp;506123 |

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|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

\* See Note 13, Shares of Beneficial Interest, in the Notes to Financial Statements.

<sup>(a)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

---

| | | |
|:---|:---|:---|
| **14** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Short-Term Portfolio** | December 31, 2022 |

---

**(Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)** 

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **INVESTMENTS IN SECURITIES 99.2%** | **INVESTMENTS IN SECURITIES 99.2%** | **INVESTMENTS IN SECURITIES 99.2%** |
| **LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3%** | **LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3%** | **LOAN PARTICIPATIONS AND ASSIGNMENTS 0.3%** |
|  **Qatar National Bank QPSC** | **Qatar National Bank QPSC** | **Qatar National Bank QPSC** |
|  5.557% (LIBOR03M + 0.800%) due 11/06/2023 «~ | 2000 | 1992 |
|  **Total Loan Participations and Assignments (Cost $1,988)** | **Total Loan Participations and Assignments (Cost $1,988)** | **1992** |
| **CORPORATE BONDS & NOTES 48.4%** | **CORPORATE BONDS & NOTES 48.4%** | **CORPORATE BONDS & NOTES 48.4%** |
| **BANKING & FINANCE 26.6%** | **BANKING & FINANCE 26.6%** | **BANKING & FINANCE 26.6%** |
|  **AerCap Ireland Capital DAC** | **AerCap Ireland Capital DAC** | **AerCap Ireland Capital DAC** |
|  1.150% due 10/29/2023 | 4100 | 3946 |
|  1.650% due 10/29/2024 | 1500 | 1385 |
|  4.500% due 09/15/2023 | 700 | 696 |
|  **Air Lease Corp.** | **Air Lease Corp.** | **Air Lease Corp.** |
|  2.250% due 01/15/2023 | 400 | 400 |
|  2.750% due 01/15/2023 | 700 | 699 |
|  **Aircastle Ltd.** | **Aircastle Ltd.** | **Aircastle Ltd.** |
|  4.400% due 09/25/2023 | 300 | 297 |
|  5.000% due 04/01/2023 | 2800 | 2796 |
|  **American Tower Corp.** | **American Tower Corp.** | **American Tower Corp.** |
|  3.000% due 06/15/2023 | 1500 | 1484 |
|  **Aroundtown SA** | **Aroundtown SA** | **Aroundtown SA** |
|  4.500% due 05/14/2025 | 200 | 129 |
|  **Athene Global Funding** | **Athene Global Funding** | **Athene Global Funding** |
|  4.556% (US0003M + 0.730%) due 01/08/2024 ~ | 700 | 694 |
|  **Aviation Capital Group LLC** | **Aviation Capital Group LLC** | **Aviation Capital Group LLC** |
|  3.875% due 05/01/2023 | 1000 | 992 |
|  **Avolon Holdings Funding Ltd.** | **Avolon Holdings Funding Ltd.** | **Avolon Holdings Funding Ltd.** |
|  2.875% due 02/15/2025 | 1400 | 1294 |
|  5.500% due 01/15/2023 | 500 | 499 |
|  **Banco Bilbao Vizcaya Argentaria SA** | **Banco Bilbao Vizcaya Argentaria SA** | **Banco Bilbao Vizcaya Argentaria SA** |
|  0.875% due 09/18/2023 | 1400 | 1356 |
|  **Banco Santander SA** | **Banco Santander SA** | **Banco Santander SA** |
|  4.612% due 01/19/2023 •  | 800 | 545 |
|  **Bank of America Corp.** | **Bank of America Corp.** | **Bank of America Corp.** |
|  1.486% due 05/19/2024 •  | 500 | 492 |
|  3.550% due 03/05/2024 •  | 200 | 199 |
|  4.684% due 10/24/2024 •  | 400 | 396 |
|  5.653% (SOFRRATE + 1.330%) due 04/02/2026 ~ | 1600 | 1588 |
|  **Barclays PLC** | **Barclays PLC** | **Barclays PLC** |
|  5.396% (BBSW3M + 2.150%) due 06/26/2024 ~ | 750 | 514 |
|  6.024% (US0003M + 1.380%) due 05/16/2024 ~ | &nbsp;&nbsp;&nbsp;&nbsp;5400 | 5400 |
|  **BGC Partners, Inc.** | **BGC Partners, Inc.** | **BGC Partners, Inc.** |
|  5.375% due 07/24/2023 | 1690 | 1682 |
|  **BNP Paribas SA** | **BNP Paribas SA** | **BNP Paribas SA** |
|  3.375% due 01/09/2025 | 1700 | 1637 |
|  3.800% due 01/10/2024 | 2200 | 2163 |
|  4.705% due 01/10/2025 •  | 1800 | 1783 |
|  4.860% (BBSW3M + 1.750%) due 02/28/2024 ~ | 600 | 410 |
|  **BOC Aviation Ltd.** | **BOC Aviation Ltd.** | **BOC Aviation Ltd.** |
|  5.849% (US0003M + 1.125%) due 09/26/2023 ~ | 800 | 799 |
|  **Cantor Fitzgerald LP** | **Cantor Fitzgerald LP** | **Cantor Fitzgerald LP** |
|  4.875% due 05/01/2024 | 2100 | 2061 |
|  **Citigroup, Inc.** | **Citigroup, Inc.** | **Citigroup, Inc.** |
|  1.678% due 05/15/2024 •  | 500 | 493 |
|  4.775% (BBSW3M + 1.720%) due 10/27/2023 ~ | 1833 | 1255 |
|  5.750% (US0003M + 1.100%) due 05/17/2024 ~ | 1100 | 1102 |
|  5.784% (US0003M + 1.023%) due 06/01/2024 ~ | 400 | 401 |
|  **CK Hutchison International Ltd.** | **CK Hutchison International Ltd.** | **CK Hutchison International Ltd.** |
|  3.250% due 04/11/2024 | 2000 | 1954 |
|  **CNH Industrial Capital LLC** | **CNH Industrial Capital LLC** | **CNH Industrial Capital LLC** |
|  1.950% due 07/02/2023 | 500 | 492 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **CNO Global Funding** | **CNO Global Funding** | **CNO Global Funding** |
|  1.650% due 01/06/2025 | 200 | 185 |
|  **Credit Agricole SA** | **Credit Agricole SA** | **Credit Agricole SA** |
|  5.803% (US0003M + 1.050%) due 03/22/2024 ~ | 1400 | 1404 |
|  **Credit Suisse AG** | **Credit Suisse AG** | **Credit Suisse AG** |
|  1.000% due 05/05/2023 | 1000 | 977 |
|  **Credit Suisse Group AG** | **Credit Suisse Group AG** | **Credit Suisse Group AG** |
|  4.372% (BBSW3M + 1.250%) due 03/08/2024 ~ | 1800 | 1207 |
|  5.975% (US0003M + 1.240%) due 06/12/2024 ~ | 1758 | 1666 |
|  **Danske Bank AS** | **Danske Bank AS** | **Danske Bank AS** |
|  3.875% due 09/12/2023 | 500 | 494 |
|  5.375% due 01/12/2024 | 2600 | 2580 |
|  5.795% (US0003M + 1.060%) due 09/12/2023 ~ | 850 | 850 |
|  **Deutsche Bank AG** | **Deutsche Bank AG** | **Deutsche Bank AG** |
|  0.898% due 05/28/2024 (d) | 500 | 468 |
|  0.962% due 11/08/2023 | 600 | 577 |
|  2.222% due 09/18/2024 •  | 740 | 715 |
|  3.700% due 05/30/2024 | 400 | 389 |
|  3.950% due 02/27/2023 | 800 | 797 |
|  4.486% (BBSW3M + 1.400%) due 01/30/2023 ~ | 500 | 340 |
|  4.603% due 11/08/2023 •  | &nbsp;&nbsp;&nbsp;&nbsp;3000 | 2981 |
|  5.966% (US0003M + 1.230%) due 02/27/2023 ~ | 800 | 800 |
|  **DNB Bank ASA** | **DNB Bank ASA** | **DNB Bank ASA** |
|  2.968% due 03/28/2025 •  | 200 | 193 |
|  **First Abu Dhabi Bank PJSC** | **First Abu Dhabi Bank PJSC** | **First Abu Dhabi Bank PJSC** |
|  4.145% (BBSW3M + 1.100%) due 02/18/2025 ~ | 1000 | 676 |
|  **FS KKR Capital Corp.** | **FS KKR Capital Corp.** | **FS KKR Capital Corp.** |
|  1.650% due 10/12/2024 | 400 | 361 |
|  **GA Global Funding Trust** | **GA Global Funding Trust** | **GA Global Funding Trust** |
|  1.250% due 12/08/2023 | 2500 | 2400 |
|  1.625% due 01/15/2026 | 400 | 356 |
|  4.790% (SOFRRATE + 0.500%) due 09/13/2024 ~ | 200 | 194 |
|  **General Motors Financial Co., Inc.** | **General Motors Financial Co., Inc.** | **General Motors Financial Co., Inc.** |
|  1.050% due 03/08/2024 | 400 | 380 |
|  1.700% due 08/18/2023 | 4000 | 3909 |
|  3.950% due 04/13/2024 | 700 | 687 |
|  5.100% due 01/17/2024 | 1100 | 1096 |
|  5.360% (SOFRRATE + 1.200%) due 11/17/2023 ~ | 1500 | 1496 |
|  **Goldman Sachs Group, Inc.** | **Goldman Sachs Group, Inc.** | **Goldman Sachs Group, Inc.** |
|  0.925% due 10/21/2024 •  | 1000 | 958 |
|  4.250% (BBSW3M + 1.200%) due 05/16/2023 ~ | 2000 | 1362 |
|  4.605% (BBSW3M + 1.550%) due 05/02/2024 ~ | 500 | 341 |
|  5.069% due 12/09/2026 •  | 500 | 482 |
|  5.702% (SOFRRATE + 1.390%) due 03/15/2024 ~ | 500 | 500 |
|  **HSBC Bank PLC** | **HSBC Bank PLC** | **HSBC Bank PLC** |
|  3.641% due 09/28/2024 •  | 1000 | 973 |
|  **HSBC Holdings PLC** | **HSBC Holdings PLC** | **HSBC Holdings PLC** |
|  4.150% (BBSW3M + 1.100%) due 02/16/2024 ~ | 3100 | 2109 |
|  5.674% (US0003M + 1.000%) due 05/18/2024 ~ | 900 | 897 |
|  5.696% (SOFRRATE + 1.430%) due 03/10/2026 ~ | 300 | 296 |
|  5.965% (US0003M + 1.230%) due 03/11/2025 ~ | 1500 | 1487 |
|  6.115% (US0003M + 1.380%) due 09/12/2026 ~ | 1300 | 1280 |
|  **ING Groep NV** | **ING Groep NV** | **ING Groep NV** |
|  4.100% due 10/02/2023 | 3700 | 3671 |
|  5.334% (SOFRRATE + 1.010%) due 04/01/2027 ~ | 700 | 676 |
|  5.963% (SOFRINDX + 1.640%) due 03/28/2026 ~ | 1400 | 1394 |
|  **International Bank for Reconstruction & Development** | **International Bank for Reconstruction & Development** | **International Bank for Reconstruction & Development** |
|  0.850% due 02/10/2027 | 3700 | 3224 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Jackson National Life Global Funding** | **Jackson National Life Global Funding** | **Jackson National Life Global Funding** |
|  5.473% (SOFRRATE + 1.150%) due 06/28/2024 ~ | &nbsp;&nbsp;&nbsp;&nbsp;2200 | 2201 |
|  **JPMorgan Chase & Co.** | **JPMorgan Chase & Co.** | **JPMorgan Chase & Co.** |
|  3.559% due 04/23/2024 •  | 1000 | 994 |
|  4.898% (SOFRRATE + 0.580%) due 03/16/2024 ~ | 1000 | 997 |
|  5.215% (US0003M + 0.890%) due 07/23/2024 ~ | 1400 | 1402 |
|  5.274% (SOFRRATE + 1.320%) due 04/26/2026 ~ | 500 | 496 |
|  **LeasePlan Corp. NV** | **LeasePlan Corp. NV** | **LeasePlan Corp. NV** |
|  2.875% due 10/24/2024 | 1150 | 1080 |
|  **Lloyds Banking Group PLC** | **Lloyds Banking Group PLC** | **Lloyds Banking Group PLC** |
|  4.507% (BBSW3M + 1.300%) due 03/20/2023 ~ | 1300 | 885 |
|  4.518% (BBSW3M + 1.400%) due 03/07/2025 ~ | 500 | 336 |
|  **Mitsubishi HC Capital, Inc.** | **Mitsubishi HC Capital, Inc.** | **Mitsubishi HC Capital, Inc.** |
|  3.960% due 09/19/2023 | 5200 | 5142 |
|  **Mitsubishi UFJ Financial Group, Inc.** | **Mitsubishi UFJ Financial Group, Inc.** | **Mitsubishi UFJ Financial Group, Inc.** |
|  0.848% due 09/15/2024 •  | 1000 | 965 |
|  5.460% (SOFRRATE + 1.650%) due 07/18/2025 ~ | 1300 | 1305 |
|  5.653% (SOFRRATE + 1.385%) due 09/12/2025 ~ | 3500 | 3501 |
|  **Mizuho Bank Ltd.** | **Mizuho Bank Ltd.** | **Mizuho Bank Ltd.** |
|  3.610% (BBSW3M + 0.540%) due 02/21/2025 ~ | 400 | 270 |
|  3.812% (BBSW3M + 0.750%) due 08/07/2024 ~ | 500 | 340 |
|  **Mizuho Financial Group, Inc.** | **Mizuho Financial Group, Inc.** | **Mizuho Financial Group, Inc.** |
|  3.922% due 09/11/2024 •  | 1000 | 984 |
|  4.899% (US0003M + 0.990%) due 07/10/2024 ~ | 1700 | 1696 |
|  5.387% (US0003M + 0.630%) due 05/25/2024 ~ | 1100 | 1094 |
|  **Morgan Stanley** | **Morgan Stanley** | **Morgan Stanley** |
|  3.737% due 04/24/2024 •  | 500 | 497 |
|  5.770% (US0003M + 1.220%) due 05/08/2024 ~ | 900 | 902 |
|  **Nationwide Building Society** | **Nationwide Building Society** | **Nationwide Building Society** |
|  3.766% due 03/08/2024 •  | 1000 | 995 |
|  4.363% due 08/01/2024 •  | 1000 | 987 |
|  **NatWest Group PLC** | **NatWest Group PLC** | **NatWest Group PLC** |
|  6.274% (US0003M + 1.550%) due 06/25/2024 ~ | 800 | 800 |
|  **Nissan Motor Acceptance Co. LLC** | **Nissan Motor Acceptance Co. LLC** | **Nissan Motor Acceptance Co. LLC** |
|  3.450% due 03/15/2023 | 500 | 498 |
|  3.875% due 09/21/2023 | 500 | 491 |
|  5.375% (US0003M + 0.640%) due 03/08/2024 ~ | 600 | 591 |
|  **Nomura Holdings, Inc.** | **Nomura Holdings, Inc.** | **Nomura Holdings, Inc.** |
|  1.851% due 07/16/2025 | 4700 | 4288 |
|  2.329% due 01/22/2027 | 700 | 614 |
|  2.648% due 01/16/2025 | 1800 | 1701 |
|  **Nordea Bank Abp** | **Nordea Bank Abp** | **Nordea Bank Abp** |
|  5.211% (SOFRRATE + 0.960%) due 06/06/2025 ~ | 600 | 597 |
|  5.675% (US0003M + 0.940%) due 08/30/2023 ~ | 1000 | 1001 |
|  **Park Aerospace Holdings Ltd.** | **Park Aerospace Holdings Ltd.** | **Park Aerospace Holdings Ltd.** |
|  4.500% due 03/15/2023 | 1200 | 1197 |
|  **Piper Sandler Cos.** | **Piper Sandler Cos.** | **Piper Sandler Cos.** |
|  5.200% due 10/15/2023 | 700 | 694 |
|  **Santander U.K. Group Holdings PLC** | **Santander U.K. Group Holdings PLC** | **Santander U.K. Group Holdings PLC** |
|  1.089% due 03/15/2025 •  | 2700 | 2524 |
|  3.373% due 01/05/2024 •  | 500 | 500 |
|  4.796% due 11/15/2024 •  | 2500 | 2459 |
|  **SMBC Aviation Capital Finance DAC** | **SMBC Aviation Capital Finance DAC** | **SMBC Aviation Capital Finance DAC** |
|  3.550% due 04/15/2024 | 1000 | 967 |
|  **Societe Generale SA** | **Societe Generale SA** | **Societe Generale SA** |
|  2.625% due 01/22/2025 | 2000 | 1882 |
|  3.875% due 03/28/2024 | 500 | 489 |
|  4.250% due 09/14/2023 | 1500 | 1487 |
|  4.934% (SOFRRATE + 1.050%) due 01/21/2026 ~ | 1800 | 1738 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **15** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Short-Term Portfolio** | **(Cont.)** |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Standard Chartered PLC** | **Standard Chartered PLC** | **Standard Chartered PLC** |
|  3.885% due 03/15/2024 •  | 500 | 498 |
|  6.063% (SOFRRATE + 1.740%) due 03/30/2026 ~ | 1000 | 984 |
|  **Sumitomo Mitsui Financial Group, Inc.** | **Sumitomo Mitsui Financial Group, Inc.** | **Sumitomo Mitsui Financial Group, Inc.** |
|  4.191% (BBSW3M + 1.250%) due 10/16/2024 ~ | 3900 | 2650 |
|  **Sumitomo Mitsui Trust Bank Ltd.** | **Sumitomo Mitsui Trust Bank Ltd.** | **Sumitomo Mitsui Trust Bank Ltd.** |
|  0.800% due 09/12/2023 | 2000 | 1941 |
|  0.800% due 09/16/2024 | 500 | 462 |
|  **Synchrony Financial** | **Synchrony Financial** | **Synchrony Financial** |
|  4.375% due 03/19/2024 | 600 | 589 |
|  **UBS AG** | **UBS AG** | **UBS AG** |
|  3.956% (BBSW3M + 0.870%) due 07/30/2025 ~ | 1800 | 1223 |
|  **UBS Group AG** | **UBS Group AG** | **UBS Group AG** |
|  5.706% (SOFRRATE + 1.580%) due 05/12/2026 ~ | &nbsp;&nbsp;&nbsp;&nbsp;4000 | 4033 |
|  **Wells Fargo & Co.** | **Wells Fargo & Co.** | **Wells Fargo & Co.** |
|  5.241% (SOFRRATE + 1.320%) due 04/25/2026 ~ | 3000 | 2992 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;156820 |
| **INDUSTRIALS 17.9%** | **INDUSTRIALS 17.9%** | **INDUSTRIALS 17.9%** |
|  **7-Eleven, Inc.** | **7-Eleven, Inc.** | **7-Eleven, Inc.** |
|  0.625% due 02/10/2023 | 1550 | 1542 |
|  0.800% due 02/10/2024 | 3400 | 3237 |
|  **Ausgrid Finance Pty. Ltd.** | **Ausgrid Finance Pty. Ltd.** | **Ausgrid Finance Pty. Ltd.** |
|  3.750% due 10/30/2024 | 1220 | 814 |
|  3.850% due 05/01/2023 | 3800 | 3781 |
|  4.306% (BBSW3M + 1.220%) due 10/30/2024 ~ | 1100 | 747 |
|  **Barry Callebaut Services NV** | **Barry Callebaut Services NV** | **Barry Callebaut Services NV** |
|  5.500% due 06/15/2023 | 2100 | 2090 |
|  **BAT Capital Corp.** | **BAT Capital Corp.** | **BAT Capital Corp.** |
|  2.789% due 09/06/2024 | 1000 | 957 |
|  3.222% due 08/15/2024 | 1600 | 1542 |
|  **Baxter International, Inc.** | **Baxter International, Inc.** | **Baxter International, Inc.** |
|  4.495% (SOFRINDX + 0.260%) due 12/01/2023 ~ | 1300 | 1290 |
|  **Bayer U.S. Finance LLC** | **Bayer U.S. Finance LLC** | **Bayer U.S. Finance LLC** |
|  3.875% due 12/15/2023 | 300 | 296 |
|  5.779% (US0003M + 1.010%) due 12/15/2023 ~ | 2000 | 1996 |
|  **Berry Global, Inc.** | **Berry Global, Inc.** | **Berry Global, Inc.** |
|  0.950% due 02/15/2024 | 2579 | 2444 |
|  4.875% due 07/15/2026 | 1300 | 1255 |
|  **Boeing Co.** | **Boeing Co.** | **Boeing Co.** |
|  1.875% due 06/15/2023 | 300 | 295 |
|  4.508% due 05/01/2023 | 6100 | 6089 |
|  **CenterPoint Energy Resources Corp.** | **CenterPoint Energy Resources Corp.** | **CenterPoint Energy Resources Corp.** |
|  5.279% (US0003M + 0.500%) due 03/02/2023 ~ | 575 | 575 |
|  **Charter Communications Operating LLC** | **Charter Communications Operating LLC** | **Charter Communications Operating LLC** |
|  6.090% (US0003M + 1.650%) due 02/01/2024 ~ | 7200 | 7234 |
|  **CNH Industrial NV** | **CNH Industrial NV** | **CNH Industrial NV** |
|  4.500% due 08/15/2023 | 2300 | 2286 |
|  **DAE Funding LLC** | **DAE Funding LLC** | **DAE Funding LLC** |
|  1.550% due 08/01/2024 | 1200 | 1116 |
|  **Daimler Trucks Finance North America LLC** | **Daimler Trucks Finance North America LLC** | **Daimler Trucks Finance North America LLC** |
|  1.125% due 12/14/2023 | 1000 | 961 |
|  4.663% (SOFRRATE + 1.000%) due 04/05/2024 ~ | 1000 | 997 |
|  **Dell International LLC** | **Dell International LLC** | **Dell International LLC** |
|  5.450% due 06/15/2023 | 2772 | 2774 |
|  **Eni SpA** | **Eni SpA** | **Eni SpA** |
|  4.000% due 09/12/2023 | 1400 | 1381 |
|  **GSK Consumer Healthcare Capital U.S. LLC** | **GSK Consumer Healthcare Capital U.S. LLC** | **GSK Consumer Healthcare Capital U.S. LLC** |
|  3.024% due 03/24/2024 | 700 | 680 |
|  **Harley-Davidson Financial Services, Inc.** | **Harley-Davidson Financial Services, Inc.** | **Harley-Davidson Financial Services, Inc.** |
|  3.350% due 02/15/2023 | 1000 | 998 |
|  **HCA, Inc.** | **HCA, Inc.** | **HCA, Inc.** |
|  5.000% due 03/15/2024 | 2088 | 2077 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Hyatt Hotels Corp.** | **Hyatt Hotels Corp.** | **Hyatt Hotels Corp.** |
|  1.300% due 10/01/2023 | &nbsp;&nbsp;&nbsp;&nbsp;1300 | 1264 |
|  **Hyundai Capital America** | **Hyundai Capital America** | **Hyundai Capital America** |
|  0.800% due 04/03/2023 | 1000 | 988 |
|  0.800% due 01/08/2024 | 1000 | 952 |
|  0.875% due 06/14/2024 | 2100 | 1960 |
|  1.250% due 09/18/2023 | 500 | 485 |
|  5.750% due 04/06/2023 | 1000 | 1001 |
|  **Imperial Brands Finance PLC** | **Imperial Brands Finance PLC** | **Imperial Brands Finance PLC** |
|  3.125% due 07/26/2024 | 2600 | 2487 |
|  **JDE Peet's NV** | **JDE Peet's NV** | **JDE Peet's NV** |
|  0.800% due 09/24/2024 | 2600 | 2376 |
|  **Komatsu Finance America, Inc.** | **Komatsu Finance America, Inc.** | **Komatsu Finance America, Inc.** |
|  0.849% due 09/09/2023 | 2100 | 2039 |
|  **Leidos, Inc.** | **Leidos, Inc.** | **Leidos, Inc.** |
|  2.950% due 05/15/2023 | 3500 | 3472 |
|  **Microchip Technology, Inc.** | **Microchip Technology, Inc.** | **Microchip Technology, Inc.** |
|  0.983% due 09/01/2024 | 800 | 741 |
|  4.333% due 06/01/2023 | 1500 | 1494 |
|  **Nissan Motor Co. Ltd.** | **Nissan Motor Co. Ltd.** | **Nissan Motor Co. Ltd.** |
|  3.043% due 09/15/2023 | 3500 | 3430 |
|  **NXP BV** | **NXP BV** | **NXP BV** |
|  4.875% due 03/01/2024 | 600 | 596 |
|  **Oracle Corp.** | **Oracle Corp.** | **Oracle Corp.** |
|  2.625% due 02/15/2023 | 5000 | 4985 |
|  **Pacific National Finance Pty Ltd.** | **Pacific National Finance Pty Ltd.** | **Pacific National Finance Pty Ltd.** |
|  6.000% due 04/07/2023 | 200 | 200 |
|  **Penske Truck Leasing Co. LP** | **Penske Truck Leasing Co. LP** | **Penske Truck Leasing Co. LP** |
|  4.125% due 08/01/2023 | 193 | 192 |
|  4.250% due 01/17/2023 | 500 | 500 |
|  **Perrigo Finance Unlimited Co.** | **Perrigo Finance Unlimited Co.** | **Perrigo Finance Unlimited Co.** |
|  3.900% due 12/15/2024 | 200 | 189 |
|  **RELX Capital, Inc.** | **RELX Capital, Inc.** | **RELX Capital, Inc.** |
|  3.500% due 03/16/2023 | 2500 | 2490 |
|  **Renesas Electronics Corp.** | **Renesas Electronics Corp.** | **Renesas Electronics Corp.** |
|  1.543% due 11/26/2024 | 700 | 642 |
|  **Reynolds American, Inc.** | **Reynolds American, Inc.** | **Reynolds American, Inc.** |
|  4.450% due 06/12/2025 | 1000 | 979 |
|  4.850% due 09/15/2023 | 400 | 399 |
|  **SABIC Capital BV** | **SABIC Capital BV** | **SABIC Capital BV** |
|  4.000% due 10/10/2023 | 2200 | 2181 |
|  **Sabine Pass Liquefaction LLC** | **Sabine Pass Liquefaction LLC** | **Sabine Pass Liquefaction LLC** |
|  5.750% due 05/15/2024 | 300 | 300 |
|  **Saudi Arabian Oil Co.** | **Saudi Arabian Oil Co.** | **Saudi Arabian Oil Co.** |
|  1.250% due 11/24/2023 | 200 | 193 |
|  **SK Hynix, Inc.** | **SK Hynix, Inc.** | **SK Hynix, Inc.** |
|  1.000% due 01/19/2024 | 2400 | 2281 |
|  **SK Telecom Co. Ltd.** | **SK Telecom Co. Ltd.** | **SK Telecom Co. Ltd.** |
|  3.750% due 04/16/2023 | 1000 | 996 |
|  **Stellantis NV** | **Stellantis NV** | **Stellantis NV** |
|  5.250% due 04/15/2023 | 5900 | 5905 |
|  **Sydney Airport Finance Co. Pty. Ltd.** | **Sydney Airport Finance Co. Pty. Ltd.** | **Sydney Airport Finance Co. Pty. Ltd.** |
|  3.900% due 03/22/2023 | 2800 | 2792 |
|  **TD SYNNEX Corp.** | **TD SYNNEX Corp.** | **TD SYNNEX Corp.** |
|  1.250% due 08/09/2024 | 1700 | 1580 |
|  **Toyota Finance Australia Ltd.** | **Toyota Finance Australia Ltd.** | **Toyota Finance Australia Ltd.** |
|  3.558% (BBSW3M + 0.430%) due 09/09/2024 ~ | 500 | 337 |
|  **Transurban Queensland Finance Pty. Ltd.** | **Transurban Queensland Finance Pty. Ltd.** | **Transurban Queensland Finance Pty. Ltd.** |
|  5.238% (BBSW3M + 2.050%) due 12/16/2024 ~ | 3800 | 2623 |
|  **VMware, Inc.** | **VMware, Inc.** | **VMware, Inc.** |
|  1.000% due 08/15/2024 | 500 | 466 |
|  **Volkswagen Group of America Finance LLC** | **Volkswagen Group of America Finance LLC** | **Volkswagen Group of America Finance LLC** |
|  3.950% due 06/06/2025 | 700 | 678 |
|  **Warnermedia Holdings, Inc.** | **Warnermedia Holdings, Inc.** | **Warnermedia Holdings, Inc.** |
|  3.428% due 03/15/2024 | 400 | 388 |
|  3.788% due 03/15/2025 | 600 | 574 |
|  6.092% (SOFRINDX + 1.780%) due 03/15/2024 ~ | 700 | 698 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;105307 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **UTILITIES 3.9%** | **UTILITIES 3.9%** | **UTILITIES 3.9%** |
|  **AT&T, Inc.** | **AT&T, Inc.** | **AT&T, Inc.** |
|  2.850% due 05/25/2024 (d) | 500 | 358 |
|  3.450% due 09/19/2023 | 900 | 608 |
|  4.451% (BBSW3M + 1.250%) due 09/19/2023 ~ | 2280 | 1556 |
|  **British Telecommunications PLC** | **British Telecommunications PLC** | **British Telecommunications PLC** |
|  4.500% due 12/04/2023 | 600 | 595 |
|  **Chugoku Electric Power Co., Inc.** | **Chugoku Electric Power Co., Inc.** | **Chugoku Electric Power Co., Inc.** |
|  2.401% due 08/27/2024 | 400 | 380 |
|  **Enel Finance International NV** | **Enel Finance International NV** | **Enel Finance International NV** |
|  2.650% due 09/10/2024 | 1125 | 1077 |
|  4.250% due 06/15/2025 | 800 | 775 |
|  6.800% due 10/14/2025 | 500 | 514 |
|  **Iberdrola International BV** | **Iberdrola International BV** | **Iberdrola International BV** |
|  5.810% due 03/15/2025 | 200 | 203 |
|  **Israel Electric Corp. Ltd.** | **Israel Electric Corp. Ltd.** | **Israel Electric Corp. Ltd.** |
|  5.000% due 11/12/2024 | 600 | 595 |
|  6.875% due 06/21/2023 | 1300 | 1308 |
|  **Korea Southern Power Co. Ltd.** | **Korea Southern Power Co. Ltd.** | **Korea Southern Power Co. Ltd.** |
|  4.056% (BBSW3M + 0.970%) due 10/30/2024 ~ | 2800 | 1902 |
|  **NextEra Energy Capital Holdings, Inc.** | **NextEra Energy Capital Holdings, Inc.** | **NextEra Energy Capital Holdings, Inc.** |
|  5.342% (SOFRINDX + 1.020%) due 03/21/2024 ~ | &nbsp;&nbsp;&nbsp;&nbsp;3200 | 3183 |
|  **OGE Energy Corp.** | **OGE Energy Corp.** | **OGE Energy Corp.** |
|  0.703% due 05/26/2023 | 700 | 688 |
|  **Pacific Gas & Electric Co.** | **Pacific Gas & Electric Co.** | **Pacific Gas & Electric Co.** |
|  1.700% due 11/15/2023 | 1800 | 1743 |
|  3.400% due 08/15/2024 | 300 | 288 |
|  3.750% due 02/15/2024 | 400 | 392 |
|  3.850% due 11/15/2023 | 100 | 99 |
|  **SES SA** | **SES SA** | **SES SA** |
|  3.600% due 04/04/2023 | 300 | 298 |
|  **Southern California Edison Co.** | **Southern California Edison Co.** | **Southern California Edison Co.** |
|  5.153% (SOFRRATE + 0.830%) due 04/01/2024 ~ | 700 | 695 |
|  **Sprint LLC** | **Sprint LLC** | **Sprint LLC** |
|  7.875% due 09/15/2023 | 200 | 203 |
|  **Verizon Communications, Inc.** | **Verizon Communications, Inc.** | **Verizon Communications, Inc.** |
|  4.263% (BBSW3M + 1.220%) due 02/17/2023 ~ | 3710 | 2527 |
|  5.706% (US0003M + 1.100%) due 05/15/2025 ~ | 900 | 908 |
|  **Victoria Power Networks Finance Pty. Ltd.** | **Victoria Power Networks Finance Pty. Ltd.** | **Victoria Power Networks Finance Pty. Ltd.** |
|  3.570% (BBSW3M + 0.500%) due 08/23/2024 ~ | 3000 | 2024 |
|  |  | 22919 |
|  **Total Corporate Bonds & Notes (Cost $292,311)** | **Total Corporate Bonds & Notes (Cost $292,311)** | **285046** |
| **MUNICIPAL BONDS & NOTES 0.1%** | **MUNICIPAL BONDS & NOTES 0.1%** | **MUNICIPAL BONDS & NOTES 0.1%** |
| **LOUISIANA 0.1%** | **LOUISIANA 0.1%** | **LOUISIANA 0.1%** |
|  **Tulane University, Louisiana Revenue Bonds, (NPFGC Insured), Series 2007** | **Tulane University, Louisiana Revenue Bonds, (NPFGC Insured), Series 2007** | **Tulane University, Louisiana Revenue Bonds, (NPFGC Insured), Series 2007** |
|  4.906% (US0003M + 0.300%) due 02/15/2036 ~ | 355 | 328 |
|  **Total Municipal Bonds & Notes (Cost $342)** | **Total Municipal Bonds & Notes (Cost $342)** | **328** |
| **U.S. GOVERNMENT AGENCIES 4.9%** | **U.S. GOVERNMENT AGENCIES 4.9%** | **U.S. GOVERNMENT AGENCIES 4.9%** |
|  **Fannie Mae** | **Fannie Mae** | **Fannie Mae** |
|  2.889% due 03/01/2044 - 07/01/2044 •  | 6 | 6 |
|  3.644% due 12/25/2036 ~ | 2 | 2 |
|  4.509% due 03/25/2034 ~ | 1 | 1 |
|  4.589% due 02/25/2037 •  | 19 | 19 |
|  4.739% due 05/25/2042 ~ | 2 | 2 |
|  5.069% due 12/25/2037 •  | 16 | 16 |
|  **Federal Home Loan Bank** | **Federal Home Loan Bank** | **Federal Home Loan Bank** |
|  1.115% due 02/26/2027 | 4300 | 3757 |
|  5.400% due 11/21/2024 (f) | 8900 | 8904 |

---

---

| | | |
|:---|:---|:---|
| **16** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Freddie Mac** | **Freddie Mac** | **Freddie Mac** |
|  2.500% due 10/25/2048 | 179 | 160 |
|  2.889% due 02/25/2045 •  | 27 | 27 |
|  3.000% due 09/25/2045 | 299 | 277 |
|  3.248% due 10/25/2044 •  | 25 | 25 |
|  3.448% due 07/25/2044 •  | 9 | 9 |
|  4.768% due 09/15/2041 •  | 7 | 7 |
|  5.018% due 02/15/2038 •  | 11 | 11 |
|  5.400% due 12/23/2024 | 5000 | 5000 |
|  **Ginnie Mae** | **Ginnie Mae** | **Ginnie Mae** |
|  2.500% due 01/20/2049 - 10/20/2049 | 124 | 110 |
|  2.500% due 06/20/2051 •  | 2140 | 1788 |
|  2.625% due 02/20/2032 •  | 2 | 1 |
|  2.863% due 01/20/2066 ~ | 218 | 215 |
|  3.000% due 06/20/2051 - 07/20/2051 ~ | 8265 | 7119 |
|  4.692% due 11/20/2066 ~ | 326 | 322 |
|  4.842% due 01/20/2066 •  | 477 | 471 |
|  5.232% due 05/20/2071 •  | 363 | 372 |
|  **Ginnie Mae, TBA** | **Ginnie Mae, TBA** | **Ginnie Mae, TBA** |
|  2.500% due 02/01/2053 | 500 | 434 |
|  **Uniform Mortgage-Backed Security** | **Uniform Mortgage-Backed Security** | **Uniform Mortgage-Backed Security** |
|  4.000% due 08/01/2049 | 18 | 17 |
|  **Total U.S. Government Agencies (Cost $31,182)** | **Total U.S. Government Agencies (Cost $31,182)** | **29072** |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES 9.2%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 9.2%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 9.2%** |
|  **Atrium Hotel Portfolio Trust** | **Atrium Hotel Portfolio Trust** | **Atrium Hotel Portfolio Trust** |
|  5.268% due 06/15/2035 ~ | 700 | 676 |
|  **Avon Finance PLC** | **Avon Finance PLC** | **Avon Finance PLC** |
|  4.331% due 09/20/2048 •  | 1524 | 1807 |
|  **BAMLL Commercial Mortgage Securities Trust** | **BAMLL Commercial Mortgage Securities Trust** | **BAMLL Commercial Mortgage Securities Trust** |
|  5.368% due 04/15/2036 ~ | 400 | 391 |
|  5.518% due 03/15/2034 •  | 400 | 389 |
|  **Bear Stearns Adjustable Rate Mortgage Trust** | **Bear Stearns Adjustable Rate Mortgage Trust** | **Bear Stearns Adjustable Rate Mortgage Trust** |
|  4.010% due 01/25/2034 ~ | 1 | 1 |
|  **Bear Stearns ALT-A Trust** | **Bear Stearns ALT-A Trust** | **Bear Stearns ALT-A Trust** |
|  3.729% due 09/25/2035 ^~ | 7 | 4 |
|  **Brass PLC** | **Brass PLC** | **Brass PLC** |
|  5.344% due 11/16/2066 ~ | 53 | 53 |
|  **BSREP Commercial Mortgage Trust** | **BSREP Commercial Mortgage Trust** | **BSREP Commercial Mortgage Trust** |
|  5.268% due 08/15/2038 ~ | 2500 | 2352 |
|  **BSST Mortgage Trust** | **BSST Mortgage Trust** | **BSST Mortgage Trust** |
|  5.636% due 02/15/2037 •  | 2600 | 2425 |
|  **BX Commercial Mortgage Trust** | **BX Commercial Mortgage Trust** | **BX Commercial Mortgage Trust** |
|  5.018% due 01/15/2034 •  | 200 | 194 |
|  **Citigroup Mortgage Loan Trust** | **Citigroup Mortgage Loan Trust** | **Citigroup Mortgage Loan Trust** |
|  6.080% due 09/25/2035 •  | 1 | 1 |
|  **Colony Mortgage Capital Ltd.** | **Colony Mortgage Capital Ltd.** | **Colony Mortgage Capital Ltd.** |
|  5.447% due 11/15/2038 ~ | 400 | 382 |
|  **Commercial Mortgage Trust** | **Commercial Mortgage Trust** | **Commercial Mortgage Trust** |
|  5.618% due 12/15/2038 ~ | 2500 | 2312 |
|  **Countrywide Home Loan Reperforming REMIC Trust** | **Countrywide Home Loan Reperforming REMIC Trust** | **Countrywide Home Loan Reperforming REMIC Trust** |
|  4.729% due 06/25/2035 ~ | 3 | 3 |
|  **Credit Suisse First Boston Mortgage Securities Corp.** | **Credit Suisse First Boston Mortgage Securities Corp.** | **Credit Suisse First Boston Mortgage Securities Corp.** |
|  3.187% due 06/25/2033 ~ | 2 | 2 |
|  3.792% due 03/25/2032 ~ | 1 | 1 |
|  **Credit Suisse Mortgage Capital Trust** | **Credit Suisse Mortgage Capital Trust** | **Credit Suisse Mortgage Capital Trust** |
|  1.796% due 12/27/2060 ~ | 794 | 729 |
|  2.688% due 03/25/2059 ~ | 734 | 697 |
|  4.321% due 07/25/2056 ~ | 342 | 314 |
|  5.068% due 07/15/2032 ~ | 1000 | 943 |
|  **Eurohome UK Mortgages PLC** | **Eurohome UK Mortgages PLC** | **Eurohome UK Mortgages PLC** |
|  3.946% due 06/15/2044 •  | 55 | 63 |
|  **European Loan Conduit DAC** | **European Loan Conduit DAC** | **European Loan Conduit DAC** |
|  2.803% due 02/17/2030 •  | 978 | 1001 |
|  **Extended Stay America Trust** | **Extended Stay America Trust** | **Extended Stay America Trust** |
|  5.398% due 07/15/2038 ~ | &nbsp;&nbsp;&nbsp;&nbsp;2440 | 2374 |
|  **Finsbury Square Green PLC** | **Finsbury Square Green PLC** | **Finsbury Square Green PLC** |
|  4.059% due 12/16/2067 ~ | 174 | 204 |
|  **Finsbury Square PLC** | **Finsbury Square PLC** | **Finsbury Square PLC** |
|  4.419% due 12/16/2069 •  | 237 | 287 |
|  4.709% due 06/16/2070 ~ | 131 | 158 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **GCAT Trust** | **GCAT Trust** | **GCAT Trust** |
|  1.091% due 05/25/2066 ~ | 882 | 706 |
|  2.885% due 12/27/2066 ~ | 996 | 891 |
|  **GCT Commercial Mortgage Trust** | **GCT Commercial Mortgage Trust** | **GCT Commercial Mortgage Trust** |
|  5.118% due 02/15/2038 •  | 400 | 372 |
|  **Gemgarto PLC** | **Gemgarto PLC** | **Gemgarto PLC** |
|  3.999% due 12/16/2067 •  | 606 | 721 |
|  **GreenPoint Mortgage Funding Trust** | **GreenPoint Mortgage Funding Trust** | **GreenPoint Mortgage Funding Trust** |
|  4.829% due 06/25/2045 ~ | 9 | 8 |
|  **GS Mortgage Securities Corp.** | **GS Mortgage Securities Corp.** | **GS Mortgage Securities Corp.** |
|  7.736% due 08/15/2039 ~ | 2800 | 2826 |
|  **GS Mortgage Securities Trust** | **GS Mortgage Securities Trust** | **GS Mortgage Securities Trust** |
|  3.648% due 01/10/2047 | 94 | 93 |
|  **GS Mortgage-Backed Securities Corp. Trust** | **GS Mortgage-Backed Securities Corp. Trust** | **GS Mortgage-Backed Securities Corp. Trust** |
|  1.750% due 12/25/2060 ~ | &nbsp;&nbsp;&nbsp;&nbsp;1777 | 1615 |
|  **GS Mortgage-Backed Securities Trust** | **GS Mortgage-Backed Securities Trust** | **GS Mortgage-Backed Securities Trust** |
|  4.371% due 02/25/2052 •  | 788 | 720 |
|  4.778% due 12/25/2051 •  | 265 | 242 |
|  **GSR Mortgage Loan Trust** | **GSR Mortgage Loan Trust** | **GSR Mortgage Loan Trust** |
|  3.767% due 09/25/2035 ~ | 2 | 2 |
|  **HarborView Mortgage Loan Trust** | **HarborView Mortgage Loan Trust** | **HarborView Mortgage Loan Trust** |
|  4.779% due 05/19/2035 ~ | 10 | 9 |
|  **Homeward Opportunities Fund Trust** | **Homeward Opportunities Fund Trust** | **Homeward Opportunities Fund Trust** |
|  1.657% due 05/25/2065 ~ | 9 | 9 |
|  **HPLY Trust** | **HPLY Trust** | **HPLY Trust** |
|  5.318% due 11/15/2036 •  | 306 | 299 |
|  **Impac CMB Trust** | **Impac CMB Trust** | **Impac CMB Trust** |
|  5.029% due 03/25/2035 ~ | 70 | 63 |
|  **InTown Mortgage Trust** | **InTown Mortgage Trust** | **InTown Mortgage Trust** |
|  6.825% due 08/15/2039 ~ | 1100 | 1096 |
|  **JP Morgan Chase Commercial Mortgage Securities Trust** | **JP Morgan Chase Commercial Mortgage Securities Trust** | **JP Morgan Chase Commercial Mortgage Securities Trust** |
|  5.528% due 06/15/2035 •  | 485 | 443 |
|  5.768% due 12/15/2031 •  | 265 | 253 |
|  **JP Morgan Mortgage Trust** | **JP Morgan Mortgage Trust** | **JP Morgan Mortgage Trust** |
|  3.500% due 05/25/2050 ~ | 103 | 90 |
|  4.371% due 02/25/2052 ~ | 254 | 232 |
|  **Kinbane DAC** | **Kinbane DAC** | **Kinbane DAC** |
|  2.744% due 09/25/2062 ~ | 830 | 848 |
|  **Legacy Mortgage Asset Trust** | **Legacy Mortgage Asset Trust** | **Legacy Mortgage Asset Trust** |
|  1.750% due 07/25/2061 þ | 411 | 374 |
|  1.875% due 10/25/2068 þ | 336 | 303 |
|  2.250% due 07/25/2067 þ | 332 | 299 |
|  **LUXE Commercial Mortgage Trust** | **LUXE Commercial Mortgage Trust** | **LUXE Commercial Mortgage Trust** |
|  5.368% due 10/15/2038 ~ | 519 | 497 |
|  **Mellon Residential Funding Corp. Mortgage Pass-Through Trust** | **Mellon Residential Funding Corp. Mortgage Pass-Through Trust** | **Mellon Residential Funding Corp. Mortgage Pass-Through Trust** |
|  4.758% due 12/15/2030 •  | 1 | 1 |
|  **MFA Trust** | **MFA Trust** | **MFA Trust** |
|  1.381% due 04/25/2065 ~ | 400 | 361 |
|  **Mill City Mortgage Loan Trust** | **Mill City Mortgage Loan Trust** | **Mill City Mortgage Loan Trust** |
|  1.125% due 11/25/2060 ~ | 749 | 695 |
|  2.750% due 07/25/2059 ~ | 59 | 58 |
|  2.750% due 08/25/2059 ~ | 435 | 409 |
|  **Morgan Stanley Capital Trust** | **Morgan Stanley Capital Trust** | **Morgan Stanley Capital Trust** |
|  5.318% due 05/15/2036 •  | 800 | 765 |
|  **Morgan Stanley Residential Mortgage Loan Trust** | **Morgan Stanley Residential Mortgage Loan Trust** | **Morgan Stanley Residential Mortgage Loan Trust** |
|  4.371% due 09/25/2051 •  | 349 | 319 |
|  **MortgageIT Mortgage Loan Trust** | **MortgageIT Mortgage Loan Trust** | **MortgageIT Mortgage Loan Trust** |
|  5.029% due 02/25/2035 •  | 48 | 46 |
|  **Natixis Commercial Mortgage Securities Trust** | **Natixis Commercial Mortgage Securities Trust** | **Natixis Commercial Mortgage Securities Trust** |
|  6.159% due 03/15/2035 •  | 2600 | &nbsp;&nbsp;&nbsp;&nbsp;2532 |
|  **New Orleans Hotel Trust** | **New Orleans Hotel Trust** | **New Orleans Hotel Trust** |
|  5.307% due 04/15/2032 •  | 1000 | 952 |
|  **New Residential Mortgage Loan Trust** | **New Residential Mortgage Loan Trust** | **New Residential Mortgage Loan Trust** |
|  0.941% due 10/25/2058 ~ | 374 | 326 |
|  2.464% due 01/26/2060 ~ | 926 | 829 |
|  2.750% due 07/25/2059 ~ | 1522 | 1421 |
|  2.750% due 11/25/2059 ~ | 1401 | 1284 |
|  3.500% due 12/25/2057 ~ | 59 | 56 |
|  4.500% due 05/25/2058 ~ | 156 | 147 |
|  **New York Mortgage Trust** | **New York Mortgage Trust** | **New York Mortgage Trust** |
|  1.670% due 08/25/2061 þ | 736 | 663 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **NYO Commercial Mortgage Trust** | **NYO Commercial Mortgage Trust** | **NYO Commercial Mortgage Trust** |
|  5.413% due 11/15/2038 ~ | 1600 | 1455 |
|  **Residential Mortgage Securities PLC** | **Residential Mortgage Securities PLC** | **Residential Mortgage Securities PLC** |
|  4.681% due 06/20/2070 ~ | 460 | 555 |
|  **RESIMAC Premier** | **RESIMAC Premier** | **RESIMAC Premier** |
|  4.974% due 07/10/2052 •  | 228 | 226 |
|  **RMAC PLC** | **RMAC PLC** | **RMAC PLC** |
|  4.206% due 06/12/2046 ~ | 261 | 314 |
|  **Sequoia Mortgage Trust** | **Sequoia Mortgage Trust** | **Sequoia Mortgage Trust** |
|  3.867% due 02/20/2034 •  | 85 | 74 |
|  **Silverstone Master Issuer PLC** | **Silverstone Master Issuer PLC** | **Silverstone Master Issuer PLC** |
|  3.701% due 01/21/2070 •  | 336 | 407 |
|  **Stratton Mortgage Funding PLC** | **Stratton Mortgage Funding PLC** | **Stratton Mortgage Funding PLC** |
|  3.826% due 07/20/2060 •  | 365 | 437 |
|  **Structured Asset Mortgage Investments Trust** | **Structured Asset Mortgage Investments Trust** | **Structured Asset Mortgage Investments Trust** |
|  4.839% due 07/19/2035 •  | 1 | 1 |
|  4.849% due 05/25/2045 ~ | 12 | 11 |
|  **Towd Point Mortgage Funding** | **Towd Point Mortgage Funding** | **Towd Point Mortgage Funding** |
|  3.826% due 07/20/2045 ~ | 1142 | 1366 |
|  4.071% (SONIO/N + 1.144%) due 10/20/2051 ~ | 126 | 151 |
|  4.071% due 10/20/2051 •  | 336 | 403 |
|  4.471% due 02/20/2054 •  | 376 | 452 |
|  **Towd Point Mortgage Trust** | **Towd Point Mortgage Trust** | **Towd Point Mortgage Trust** |
|  1.636% due 04/25/2060 ~ | 2552 | 2248 |
|  2.250% due 12/25/2061 ~ | 1298 | 1193 |
|  2.710% due 01/25/2060 ~ | 846 | 780 |
|  3.750% due 05/25/2058 ~ | 432 | 409 |
|  5.389% due 05/25/2058 ~ | 387 | 384 |
|  5.389% due 10/25/2059 ~ | 271 | 269 |
|  **Twin Bridges PLC** | **Twin Bridges PLC** | **Twin Bridges PLC** |
|  4.386% due 09/12/2050 ~ | 431 | 519 |
|  **WaMu Mortgage Pass-Through Certificates Trust** | **WaMu Mortgage Pass-Through Certificates Trust** | **WaMu Mortgage Pass-Through Certificates Trust** |
|  3.048% due 02/25/2046 ~ | 6 | 5 |
|  3.048% due 08/25/2046 ~ | 6 | 6 |
|  3.248% due 11/25/2042 ~ | 3 | 2 |
|  **Wells Fargo Commercial Mortgage Trust** | **Wells Fargo Commercial Mortgage Trust** | **Wells Fargo Commercial Mortgage Trust** |
|  4.218% due 07/15/2046 ~ | 400 | 396 |
|  5.370% due 12/13/2031 •  | 500 | 493 |
|  **Total Non-Agency Mortgage-Backed Securities (Cost $57,992)** | **Total Non-Agency Mortgage-Backed Securities (Cost $57,992)** | **54194** |
| **ASSET-BACKED SECURITIES 21.5%** | **ASSET-BACKED SECURITIES 21.5%** | **ASSET-BACKED SECURITIES 21.5%** |
|  **ACAS CLO Ltd.** | **ACAS CLO Ltd.** | **ACAS CLO Ltd.** |
|  5.084% due 10/18/2028 •  | 1848 | 1825 |
|  **ACE Securities Corp. Home Equity Loan Trust** | **ACE Securities Corp. Home Equity Loan Trust** | **ACE Securities Corp. Home Equity Loan Trust** |
|  5.169% due 04/25/2034 ~ | 271 | 254 |
|  **American Tower Trust 1** | **American Tower Trust 1** | **American Tower Trust 1** |
|  3.070% due 03/15/2048 | 1000 | 994 |
|  **Anchorage Capital CLO Ltd.** | **Anchorage Capital CLO Ltd.** | **Anchorage Capital CLO Ltd.** |
|  5.129% due 07/15/2030 ~ | 2300 | 2269 |
|  **Apex Credit CLO Ltd.** | **Apex Credit CLO Ltd.** | **Apex Credit CLO Ltd.** |
|  5.736% due 09/20/2029 ~ | 2057 | 2024 |
|  **AREIT Trust** | **AREIT Trust** | **AREIT Trust** |
|  5.710% due 09/14/2036 ~ | 47 | 46 |
|  6.567% due 06/17/2039 ~ | 2800 | 2780 |
|  **Ares CLO Ltd.** | **Ares CLO Ltd.** | **Ares CLO Ltd.** |
|  5.129% due 01/15/2032 ~ | 300 | 294 |
|  **Arkansas Student Loan Authority** | **Arkansas Student Loan Authority** | **Arkansas Student Loan Authority** |
|  5.599% due 11/25/2043 •  | 34 | 33 |
|  **Bain Capital Euro DAC** | **Bain Capital Euro DAC** | **Bain Capital Euro DAC** |
|  2.196% due 01/20/2032 •  | 1200 | 1252 |
|  **BDS Ltd.** | **BDS Ltd.** | **BDS Ltd.** |
|  6.461% due 08/19/2038 ~ | &nbsp;&nbsp;&nbsp;&nbsp;2900 | 2859 |
|  **Birch Grove CLO Ltd.** | **Birch Grove CLO Ltd.** | **Birch Grove CLO Ltd.** |
|  5.899% due 06/15/2031 ~ | 1500 | 1476 |
|  **Capital One Prime Auto Receivables Trust** | **Capital One Prime Auto Receivables Trust** | **Capital One Prime Auto Receivables Trust** |
|  3.740% due 09/15/2025 | 3000 | 2972 |
|  **Carmax Auto Owner Trust** | **Carmax Auto Owner Trust** | **Carmax Auto Owner Trust** |
|  4.707% due 12/15/2025 •  | 2900 | 2912 |
|  **Carrington Mortgage Loan Trust** | **Carrington Mortgage Loan Trust** | **Carrington Mortgage Loan Trust** |
|  5.363% due 10/20/2029 •  | 2899 | 2864 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **17** |

---

------

##### [**Table of Contents**](#toc)

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| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Short-Term Portfolio** | **(Cont.)** |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Carvana Auto Receivables Trust** | **Carvana Auto Receivables Trust** | **Carvana Auto Receivables Trust** |
|  4.420% due 12/10/2025 | 977 | 971 |
|  **Chesapeake Funding LLC** | **Chesapeake Funding LLC** | **Chesapeake Funding LLC** |
|  0.870% due 08/15/2032 | 360 | 355 |
|  **CIFC Funding Ltd.** | **CIFC Funding Ltd.** | **CIFC Funding Ltd.** |
|  5.275% due 10/24/2030 ~ | 2800 | 2772 |
|  **Citibank Credit Card Issuance Trust** | **Citibank Credit Card Issuance Trust** | **Citibank Credit Card Issuance Trust** |
|  4.981% due 04/22/2026 ~ | 4000 | 4003 |
|  **CLNC Ltd.** | **CLNC Ltd.** | **CLNC Ltd.** |
|  5.689% due 08/20/2035 •  | 433 | 426 |
|  **Commonbond Student Loan Trust** | **Commonbond Student Loan Trust** | **Commonbond Student Loan Trust** |
|  2.550% due 05/25/2041 | 47 | 43 |
|  **Countrywide Asset-Backed Certificates Trust** | **Countrywide Asset-Backed Certificates Trust** | **Countrywide Asset-Backed Certificates Trust** |
|  5.889% due 10/25/2034 ~ | 651 | 643 |
|  **CQS U.S. CLO Ltd.** | **CQS U.S. CLO Ltd.** | **CQS U.S. CLO Ltd.** |
|  5.997% due 07/20/2031 •  | 2500 | 2493 |
|  **Credit Suisse First Boston Mortgage Securities Corp.** | **Credit Suisse First Boston Mortgage Securities Corp.** | **Credit Suisse First Boston Mortgage Securities Corp.** |
|  3.988% due 08/25/2032 ~ | 2 | 2 |
|  **Crestline Denali CLO Ltd.** | **Crestline Denali CLO Ltd.** | **Crestline Denali CLO Ltd.** |
|  5.465% due 10/23/2031 ~ | 2500 | 2453 |
|  **Dell Equipment Finance Trust** | **Dell Equipment Finance Trust** | **Dell Equipment Finance Trust** |
|  0.530% due 12/22/2026 | 2000 | 1917 |
|  **ECMC Group Student Loan Trust** | **ECMC Group Student Loan Trust** | **ECMC Group Student Loan Trust** |
|  5.139% due 02/27/2068 •  | 375 | 357 |
|  5.389% due 07/25/2069 •  | 335 | 328 |
|  **Edsouth Indenture LLC** | **Edsouth Indenture LLC** | **Edsouth Indenture LLC** |
|  5.119% due 04/25/2039 •  | 25 | 25 |
|  **EFS Volunteer LLC** | **EFS Volunteer LLC** | **EFS Volunteer LLC** |
|  5.208% due 10/25/2035 •  | 89 | 88 |
|  **Elevation CLO Ltd.** | **Elevation CLO Ltd.** | **Elevation CLO Ltd.** |
|  5.355% due 10/15/2029 •  | 2437 | 2422 |
|  **ELFI Graduate Loan Program LLC** | **ELFI Graduate Loan Program LLC** | **ELFI Graduate Loan Program LLC** |
|  1.530% due 12/26/2046 | 676 | 591 |
|  **Enterprise Fleet Financing LLC** | **Enterprise Fleet Financing LLC** | **Enterprise Fleet Financing LLC** |
|  4.380% due 07/20/2029 | 1400 | 1370 |
|  5.760% due 10/22/2029 | 1800 | 1809 |
|  **Finance America Mortgage Loan Trust** | **Finance America Mortgage Loan Trust** | **Finance America Mortgage Loan Trust** |
|  5.214% due 08/25/2034 ~ | 160 | 148 |
|  **FirstKey Homes Trust** | **FirstKey Homes Trust** | **FirstKey Homes Trust** |
|  1.266% due 10/19/2037 | 1879 | 1666 |
|  **Ford Auto Securitization Trust** | **Ford Auto Securitization Trust** | **Ford Auto Securitization Trust** |
|  1.162% due 10/15/2025 | 1634 | 1173 |
|  **Ford Auto Securitization Trust Asset-Backed Notes** | **Ford Auto Securitization Trust Asset-Backed Notes** | **Ford Auto Securitization Trust Asset-Backed Notes** |
|  4.956% due 10/15/2024 | 1245 | 918 |
|  **Ford Credit Auto Owner Trust** | **Ford Credit Auto Owner Trust** | **Ford Credit Auto Owner Trust** |
|  4.327% due 04/15/2025 •  | &nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;1502 |
|  4.567% due 08/15/2025 •  | 1000 | 1003 |
|  **Fremont Home Loan Trust** | **Fremont Home Loan Trust** | **Fremont Home Loan Trust** |
|  5.124% due 01/25/2035 •  | 142 | 137 |
|  **Gallatin CLO Ltd.** | **Gallatin CLO Ltd.** | **Gallatin CLO Ltd.** |
|  5.169% due 07/15/2031 ~ | 900 | 884 |
|  5.328% due 01/21/2028 •  | 602 | 597 |
|  **GM Financial Automobile Leasing Trust** | **GM Financial Automobile Leasing Trust** | **GM Financial Automobile Leasing Trust** |
|  4.536% due 10/21/2024 ~ | 3500 | 3501 |
|  **GM Financial Consumer Automobile Receivables Trust** | **GM Financial Consumer Automobile Receivables Trust** | **GM Financial Consumer Automobile Receivables Trust** |
|  4.408% due 09/16/2025 ~ | 2000 | 2003 |
|  **Greystone Commercial Real Estate Notes Ltd.** | **Greystone Commercial Real Estate Notes Ltd.** | **Greystone Commercial Real Estate Notes Ltd.** |
|  5.498% due 09/15/2037 •  | 348 | 343 |
|  **HERA Commercial Mortgage Ltd.** | **HERA Commercial Mortgage Ltd.** | **HERA Commercial Mortgage Ltd.** |
|  5.389% due 02/18/2038 ~ | 200 | 194 |
|  **Hertz Vehicle Financing LLC** | **Hertz Vehicle Financing LLC** | **Hertz Vehicle Financing LLC** |
|  3.370% due 03/25/2025 | 300 | 293 |
|  **Hyundai Auto Lease Securitization Trust** | **Hyundai Auto Lease Securitization Trust** | **Hyundai Auto Lease Securitization Trust** |
|  4.507% due 01/15/2025 ~ | 1500 | 1501 |
|  **KKR CLO Ltd.** | **KKR CLO Ltd.** | **KKR CLO Ltd.** |
|  5.029% due 07/15/2030 •  | 1114 | 1094 |
|  **LCM LP** | **LCM LP** | **LCM LP** |
|  5.097% due 07/19/2027 ~ | 1829 | 1809 |
|  5.283% due 10/20/2027 •  | 568 | 565 |
|  **LCM Ltd.** | **LCM Ltd.** | **LCM Ltd.** |
|  5.323% due 04/20/2031 ~ | 1900 | 1857 |
|  5.403% due 10/20/2028 ~ | 828 | 821 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **LL ABS Trust** | **LL ABS Trust** | **LL ABS Trust** |
|  1.070% due 05/15/2029 | 71 | 69 |
|  **LoanCore Issuer Ltd.** | **LoanCore Issuer Ltd.** | **LoanCore Issuer Ltd.** |
|  5.618% due 07/15/2036 •  | 2000 | 1927 |
|  **Long Beach Mortgage Loan Trust** | **Long Beach Mortgage Loan Trust** | **Long Beach Mortgage Loan Trust** |
|  5.364% due 04/25/2035 •  | 408 | 402 |
|  **M360 Ltd.** | **M360 Ltd.** | **M360 Ltd.** |
|  5.861% due 11/22/2038 ~ | 400 | 394 |
|  **Magnetite Ltd.** | **Magnetite Ltd.** | **Magnetite Ltd.** |
|  5.486% due 11/15/2028 ~ | 675 | 668 |
|  **Man GLG Euro CLO DAC** | **Man GLG Euro CLO DAC** | **Man GLG Euro CLO DAC** |
|  2.058% due 10/15/2030 •  | 282 | 294 |
|  **Marathon Static CLO Ltd.** | **Marathon Static CLO Ltd.** | **Marathon Static CLO Ltd.** |
|  5.070% due 07/20/2030 •  | 3400 | 3377 |
|  **Master Credit Card Trust** | **Master Credit Card Trust** | **Master Credit Card Trust** |
|  4.844% due 07/21/2024 •  | 500 | 500 |
|  **MASTR Asset-Backed Securities Trust** | **MASTR Asset-Backed Securities Trust** | **MASTR Asset-Backed Securities Trust** |
|  4.489% due 11/25/2036 •  | 2 | 1 |
|  5.089% due 09/25/2034 ~ | 146 | 124 |
|  **Mercedes-Benz Auto Receivables Trust** | **Mercedes-Benz Auto Receivables Trust** | **Mercedes-Benz Auto Receivables Trust** |
|  5.260% due 10/15/2025 | 1500 | 1503 |
|  **MF1 Multifamily Housing Mortgage Loan Trust** | **MF1 Multifamily Housing Mortgage Loan Trust** | **MF1 Multifamily Housing Mortgage Loan Trust** |
|  5.300% due 07/15/2036 ~ | 988 | 965 |
|  **MidOcean Credit CLO** | **MidOcean Credit CLO** | **MidOcean Credit CLO** |
|  5.445% due 01/29/2030 •  | 1844 | 1823 |
|  5.725% due 02/20/2031 ~ | 900 | 885 |
|  **MMAF Equipment Finance LLC** | **MMAF Equipment Finance LLC** | **MMAF Equipment Finance LLC** |
|  5.570% due 09/09/2025 | 2100 | 2104 |
|  **Morgan Stanley ABS Capital, Inc. Trust** | **Morgan Stanley ABS Capital, Inc. Trust** | **Morgan Stanley ABS Capital, Inc. Trust** |
|  5.289% due 05/25/2034 •  | 285 | 272 |
|  **Mountain View CLO LLC** | **Mountain View CLO LLC** | **Mountain View CLO LLC** |
|  5.169% due 10/16/2029 •  | 747 | 739 |
|  **Navient Private Education Loan Trust** | **Navient Private Education Loan Trust** | **Navient Private Education Loan Trust** |
|  2.650% due 12/15/2028 | 15 | 14 |
|  **Navient Private Education Refi Loan Trust** | **Navient Private Education Refi Loan Trust** | **Navient Private Education Refi Loan Trust** |
|  1.170% due 09/16/2069 | 262 | 232 |
|  1.310% due 01/15/2069 | 764 | 686 |
|  1.690% due 05/15/2069 | 2117 | 1905 |
|  5.318% due 04/15/2069 ~ | 1484 | 1445 |
|  **Nelnet Student Loan Trust** | **Nelnet Student Loan Trust** | **Nelnet Student Loan Trust** |
|  5.089% due 09/27/2038 ~ | 1205 | 1172 |
|  5.189% due 08/25/2067 ~ | 681 | 670 |
|  5.289% due 06/27/2067 ~ | 279 | 276 |
|  **Northstar Education Finance, Inc.** | **Northstar Education Finance, Inc.** | **Northstar Education Finance, Inc.** |
|  5.089% due 12/26/2031 •  | 12 | 12 |
|  **NovaStar Mortgage Funding Trust** | **NovaStar Mortgage Funding Trust** | **NovaStar Mortgage Funding Trust** |
|  5.049% due 01/25/2036 ~ | 147 | 144 |
|  **Palmer Square European Loan Funding DAC** | **Palmer Square European Loan Funding DAC** | **Palmer Square European Loan Funding DAC** |
|  2.158% due 04/15/2031 •  | &nbsp;&nbsp;&nbsp;&nbsp;1024 | &nbsp;&nbsp;&nbsp;&nbsp;1066 |
|  **Pawneee Equipment Receivables LLC** | **Pawneee Equipment Receivables LLC** | **Pawneee Equipment Receivables LLC** |
|  4.840% due 02/15/2028 | 1000 | 992 |
|  **PFP Ltd.** | **PFP Ltd.** | **PFP Ltd.** |
|  6.600% due 08/19/2035 ~ | 1600 | 1572 |
|  **PRET LLC** | **PRET LLC** | **PRET LLC** |
|  2.240% due 09/27/2060 þ | 121 | 110 |
|  2.487% due 07/25/2051 þ | 1365 | 1268 |
|  **Renaissance Home Equity Loan Trust** | **Renaissance Home Equity Loan Trust** | **Renaissance Home Equity Loan Trust** |
|  3.894% due 08/25/2033 •  | 3 | 2 |
|  5.109% due 11/25/2034 ~ | 4 | 3 |
|  **Santander Drive Auto Receivables Trust** | **Santander Drive Auto Receivables Trust** | **Santander Drive Auto Receivables Trust** |
|  2.120% due 10/15/2026 | 300 | 299 |
|  **SBA Tower Trust** | **SBA Tower Trust** | **SBA Tower Trust** |
|  3.869% due 10/15/2049 þ | 1000 | 956 |
|  **SLC Student Loan Trust** | **SLC Student Loan Trust** | **SLC Student Loan Trust** |
|  4.666% due 05/15/2029 ~ | 338 | 327 |
|  **SLM Student Loan Trust** | **SLM Student Loan Trust** | **SLM Student Loan Trust** |
|  4.839% due 06/25/2043 ~ | 551 | 527 |
|  5.858% due 04/25/2023 ~ | 426 | 423 |
|  **SMB Private Education Loan Trust** | **SMB Private Education Loan Trust** | **SMB Private Education Loan Trust** |
|  1.340% due 03/17/2053 | 339 | 297 |
|  1.600% due 09/15/2054 | 390 | 347 |
|  5.239% due 09/15/2054 •  | 1546 | 1497 |
|  5.657% due 05/16/2050 •  | 915 | 916 |
|  5.768% due 02/17/2032 ~ | 43 | 43 |

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---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **SoFi Consumer Loan Program Trust** | **SoFi Consumer Loan Program Trust** | **SoFi Consumer Loan Program Trust** |
|  6.210% due 04/15/2031 | 2600 | 2601 |
|  **Sound Point CLO Ltd.** | **Sound Point CLO Ltd.** | **Sound Point CLO Ltd.** |
|  5.315% due 01/23/2029 •  | 780 | 776 |
|  **Stonepeak ABS** | **Stonepeak ABS** | **Stonepeak ABS** |
|  2.301% due 02/28/2033 | 253 | 225 |
|  **Symphony Static CLO Ltd.** | **Symphony Static CLO Ltd.** | **Symphony Static CLO Ltd.** |
|  5.188% due 10/25/2029 •  | 1066 | 1050 |
|  **Theorem Funding Trust** | **Theorem Funding Trust** | **Theorem Funding Trust** |
|  1.210% due 12/15/2027 | 72 | 70 |
|  **THL Credit Wind River CLO Ltd.** | **THL Credit Wind River CLO Ltd.** | **THL Credit Wind River CLO Ltd.** |
|  5.159% due 04/15/2031 ~ | 2500 | 2433 |
|  **Towd Point Asset Trust** | **Towd Point Asset Trust** | **Towd Point Asset Trust** |
|  5.053% due 11/20/2061 •  | 604 | 595 |
|  **TPG Real Estate Finance Issuer Ltd.** | **TPG Real Estate Finance Issuer Ltd.** | **TPG Real Estate Finance Issuer Ltd.** |
|  5.590% due 10/15/2034 •  | 206 | 203 |
|  **Venture CLO Ltd.** | **Venture CLO Ltd.** | **Venture CLO Ltd.** |
|  4.959% due 04/15/2027 ~ | 1162 | 1160 |
|  5.233% due 07/20/2030 •  | 2282 | 2234 |
|  5.293% due 07/20/2030 ~ | 3398 | 3320 |
|  5.343% due 01/20/2029 •  | 676 | 669 |
|  5.373% due 04/20/2032 ~ | 2500 | 2437 |
|  5.596% due 09/07/2030 •  | 2500 | 2454 |
|  **VMC Finance LLC** | **VMC Finance LLC** | **VMC Finance LLC** |
|  5.439% due 06/16/2036 ~ | 991 | 930 |
|  **World Omni Auto Receivables Trust** | **World Omni Auto Receivables Trust** | **World Omni Auto Receivables Trust** |
|  3.730% due 03/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp;2000 | 1975 |
|  **Total Asset-Backed Securities<br>(Cost $128,911)** | **Total Asset-Backed Securities<br>(Cost $128,911)** | **126311** |
| **SOVEREIGN ISSUES 0.0%** | **SOVEREIGN ISSUES 0.0%** | **SOVEREIGN ISSUES 0.0%** |
|  **Israel Government International Bond** | **Israel Government International Bond** | **Israel Government International Bond** |
|  1.500% due 11/30/2023 | 300 | 84 |
|  **Total Sovereign Issues (Cost $87)** | **Total Sovereign Issues (Cost $87)** | **84** |
| **SHORT-TERM INSTRUMENTS 14.8%** | **SHORT-TERM INSTRUMENTS 14.8%** | **SHORT-TERM INSTRUMENTS 14.8%** |
| **COMMERCIAL PAPER 13.4%** | **COMMERCIAL PAPER 13.4%** | **COMMERCIAL PAPER 13.4%** |
|  **American Electric Power Co., Inc.** | **American Electric Power Co., Inc.** | **American Electric Power Co., Inc.** |
|  4.800% due 01/04/2023 | 1600 | 1599 |
|  4.800% due 01/19/2023 | 5300 | 5286 |
|  **AT&T, Inc.** | **AT&T, Inc.** | **AT&T, Inc.** |
|  4.650% due 01/03/2023 | 300 | 300 |
|  **Bacardi Martini BV** | **Bacardi Martini BV** | **Bacardi Martini BV** |
|  5.250% due 01/12/2023 | 5800 | 5790 |
|  **Bank of Nova Scotia** | **Bank of Nova Scotia** | **Bank of Nova Scotia** |
|  4.519% due 02/28/2023 | 2700 | 1979 |
|  **BP Capital Markets PLC** | **BP Capital Markets PLC** | **BP Capital Markets PLC** |
|  4.750% due 02/10/2023 | 4600 | 4576 |
|  **Crown Castle, Inc.** | **Crown Castle, Inc.** | **Crown Castle, Inc.** |
|  5.100% due 01/09/2023 | 5900 | 5892 |
|  **Dominion Energy, Inc.** | **Dominion Energy, Inc.** | **Dominion Energy, Inc.** |
|  4.700% due 02/01/2023 | 6700 | 6671 |
|  **Duke Energy Corp.** | **Duke Energy Corp.** | **Duke Energy Corp.** |
|  4.620% due 01/17/2023 | 3200 | 3193 |
|  4.650% due 01/09/2023 | 1800 | 1798 |
|  **Electricite de France SA** | **Electricite de France SA** | **Electricite de France SA** |
|  5.000% due 01/20/2023 | 5800 | 5784 |
|  **Enbridge (US), Inc.** | **Enbridge (US), Inc.** | **Enbridge (US), Inc.** |
|  4.700% due 01/04/2023 | 5000 | 4997 |
|  **Enel Finance America LLC** | **Enel Finance America LLC** | **Enel Finance America LLC** |
|  6.000% due 01/12/2023 | 800 | 799 |
|  **Fiserv, Inc.** | **Fiserv, Inc.** | **Fiserv, Inc.** |
|  4.630% due 01/09/2023 | 2100 | 2097 |
|  4.820% due 02/01/2023 | 4000 | 3983 |
|  **Mondelez International, Inc.** | **Mondelez International, Inc.** | **Mondelez International, Inc.** |
|  4.530% due 01/04/2023 | 1500 | 1499 |
|  **Quanta Services, Inc.** | **Quanta Services, Inc.** | **Quanta Services, Inc.** |
|  5.100% due 01/09/2023 | 1000 | 999 |
|  5.100% due 01/11/2023 | 1000 | 998 |
|  5.100% due 01/13/2023 | 900 | 898 |

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| | | |
|:---|:---|:---|
| **18** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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------

##### [**Table of Contents**](#toc)
December 31, 2022

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| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Targa Resources Corp.** | **Targa Resources Corp.** | **Targa Resources Corp.** | **Targa Resources Corp.** |
|  5.250% due 01/13/2023 | $| 2900 | 2895 |
|  **Thomson Reuters Corp.** | **Thomson Reuters Corp.** | **Thomson Reuters Corp.** | **Thomson Reuters Corp.** |
|  4.770% due 01/25/2023 |  | 5800 | 5781 |
|  **VW Credit, Inc.** | **VW Credit, Inc.** | **VW Credit, Inc.** | **VW Credit, Inc.** |
|  4.800% due 01/26/2023 |  | 5200 | 5182 |
|  **Walgreens Boots Alliance, Inc.** | **Walgreens Boots Alliance, Inc.** | **Walgreens Boots Alliance, Inc.** | **Walgreens Boots Alliance, Inc.** |
|  4.900% due 01/11/2023 |  | 5500 | 5491 |
|  4.950% due 01/18/2023 |  | 300 | 299 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;78786 |
| **REPURCHASE AGREEMENTS (e) 1.2%** | **REPURCHASE AGREEMENTS (e) 1.2%** | **REPURCHASE AGREEMENTS (e) 1.2%** | **REPURCHASE AGREEMENTS (e) 1.2%** |
|  |  |  | 7025 |
| **ISRAEL TREASURY BILLS 0.1%** | **ISRAEL TREASURY BILLS 0.1%** | **ISRAEL TREASURY BILLS 0.1%** | **ISRAEL TREASURY BILLS 0.1%** |
|  1.184% due 03/02/2023 (b)(c) | ILS | 1300 | 368 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **U.S. TREASURY BILLS 0.1%** | **U.S. TREASURY BILLS 0.1%** | **U.S. TREASURY BILLS 0.1%** | **U.S. TREASURY BILLS 0.1%** | **U.S. TREASURY BILLS 0.1%** |
|  4.222% due 03/02/2023 - 03/23/2023 (a)(b)(i) | $— | 303 | $— | 301 |
| **Total Short-Term Instruments<br>(Cost $86,536)** | **Total Short-Term Instruments<br>(Cost $86,536)** | **Total Short-Term Instruments<br>(Cost $86,536)** |  | **86480** |
| **Total Investments in Securities (Cost $599,349)** | **Total Investments in Securities (Cost $599,349)** | **Total Investments in Securities (Cost $599,349)** |  | **583507** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **INVESTMENTS IN AFFILIATES 0.0%** | **INVESTMENTS IN AFFILIATES 0.0%** | **INVESTMENTS IN AFFILIATES 0.0%** | **INVESTMENTS IN AFFILIATES 0.0%** |
| **SHORT-TERM INSTRUMENTS 0.0%** | **SHORT-TERM INSTRUMENTS 0.0%** | **SHORT-TERM INSTRUMENTS 0.0%** | **SHORT-TERM INSTRUMENTS 0.0%** |
| **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.0%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.0%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.0%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.0%** |
|  **PIMCO Short Asset Portfolio** | 10970 | $— | 105 |
|  **PIMCO Short-Term<br>Floating NAV Portfolio III** | 4679 |  | 46 |
| **Total Short-Term Instruments<br>(Cost $155)** | **Total Short-Term Instruments<br>(Cost $155)** |  | **151** |
| **Total Investments in Affiliates<br>(Cost $155)** | **Total Investments in Affiliates<br>(Cost $155)** |  | **151** |
| **Total Investments 99.2%<br>(Cost $599,504)** | **Total Investments 99.2%<br>(Cost $599,504)** | $— | **583658** |
|  **Financial Derivative<br>Instruments (g)(h) (0.1)%**<br> **(Cost or Premiums, net $(1241))** | **Financial Derivative<br>Instruments (g)(h) (0.1)%**<br> **(Cost or Premiums, net $(1241))** |  | **(513)** |
| **Other Assets and Liabilities, net 0.9%** | **Other Assets and Liabilities, net 0.9%** |  | **5144** |
| **Net Assets 100.0%** | **Net Assets 100.0%** | $— | **588289** |

---

**NOTES TO SCHEDULE OF INVESTMENTS:** 

**\*** **A zero balance may reflect actual amounts rounding to less than one thousand.** 

---

| | |
|:---|:---|
| **^** | **Security is in default.**  |

---

---

| | |
|:---|:---|
| **«** | **Security valued using significant unobservable inputs (Level 3).**  |

---

---

| | |
|:---|:---|
| **~** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.**  |

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**•** **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** 

---

| | |
|:---|:---|
| **þ** | **Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.**  |

---

**(a)** **Coupon represents a weighted average yield to maturity.** 

**(b)** **Zero coupon security.** 

**(c)** **Coupon represents a yield to maturity.** 

&nbsp;&nbsp;&nbsp;&nbsp;**(d) RESTRICTED SECURITIES:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Description** | **Coupon** | **Maturity<br>Date** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Market Value<br>as Percentage<br>of Net Assets** |
|  AT&T, Inc. | 2.850% | 05/25/2024 | 10/05/2020 | $384 | $358 | 0.06% |
|  Deutsche Bank AG | 0.898 | 05/28/2024 | 05/25/2021 - 05/26/2021 | 500 | 468 | 0.08 |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826 | 0.14% |

---

**BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;**(e) REPURCHASE AGREEMENTS:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Lending<br>Rate** | **Settlement<br>Date** | **Maturity<br>Date** | **Principal<br>Amount** | **Collateralized By** | **Collateral<br>(Received)** | **Repurchase<br>Agreements,<br>at Value** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** |
| FICC | 1.900% | 12/30/2022 | 01/03/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1325 | U.S. Treasury Bills 0.000% due 06/29/2023 | $(1352) | $1325 | $1325 |
| SAL | 4.320 | 12/30/2022 | 01/03/2023 | 5700 | U.S. Treasury Notes 0.125% due 10/15/2023 | (5809) | 5700 | 5703 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |  |  | $**(7161)** | $**7025** | $**7028** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **19** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Short-Term Portfolio** | **(Cont.)** |

---

**REVERSE REPURCHASE AGREEMENTS:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Borrowing**<br> **Rate<sup>(2)</sup>** | **Settlement**<br> **Date** | **Maturity**<br> **Date** | **Amount<br>Borrowed<sup>(2)</sup>** | **Payable for<br>Reverse<br>Repurchase<br>Agreements** |
|  BOS | 4.380% | 12/30/2022 | 01/03/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2005) | $(2006) |
|  **Total Reverse Repurchase Agreements** | **Total Reverse Repurchase Agreements** | **Total Reverse Repurchase Agreements** |  |  | $**(2006)** |

---

**BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY** 

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** | **Payable for<br>Reverse<br>Repurchase<br>Agreements** | **Payable for<br>Sale-Buyback<br>Transactions** | **Total<br>Borrowings and<br>Other Financing<br>Transactions** | **Collateral<br>Pledged/(Received)** | **Net Exposure<sup>(3)</sup>** |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BOS | $0 | $(2006) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2006) | $2001 | $(5) |
|  FICC | 1325 | 0 | 0 | 1325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1352) | (27) |
|  SAL | 5703 | 0 | 0 | 5703 | (5809) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(106) |
|  **Total Borrowings and Other Financing Transactions** | $**7028** | $**(2006)** | $**0** |  |  |  |

---

**CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS** 

**Remaining Contractual Maturity of the Agreements** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Overnight and**<br> **Continuous** | **Up to 30 days** | **31-90 days** | **Greater Than 90 days** | **Total** |
|  **Reverse Repurchase Agreements** | **Reverse Repurchase Agreements** | **Reverse Repurchase Agreements** | **Reverse Repurchase Agreements** | **Reverse Repurchase Agreements** | **Reverse Repurchase Agreements** |
|  U.S. Government Agencies | $0 | $(2006) | $0 | $0 | $(2006) |
|  **Total Borrowings** | $**0** | $**(2006)** | $**0** | $**0** | $**(2006)** |
|  **Payable for reverse repurchase agreements**  | **Payable for reverse repurchase agreements**  | **Payable for reverse repurchase agreements**  | **Payable for reverse repurchase agreements**  | **Payable for reverse repurchase agreements**  | $**(2006)** |

---

**(f)** **Securities with an aggregate market value of $2,001 have been pledged as collateral under the terms of the above master agreements as of December 31, 2022.** 

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> The average amount of borrowings outstanding during the period ended December 31, 2022 was $(6030) at a weighted average interest rate of 0.358%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(3)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

&nbsp;&nbsp;&nbsp;&nbsp;**(g) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** 

**FUTURES CONTRACTS:** 

**LONG FUTURES CONTRACTS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  3-Month SOFR Active Contract June Futures  | 09/2023 | 585 | $138996 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51) |
| **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** | **SHORT FUTURES CONTRACTS** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  3-Month SOFR Active Contract June Futures  | 09/2024 | 222 | $(53408) | $125 | $6 | $0 |
|  U.S. Treasury 2-Year Note March Futures  | 03/2023 | 396 | (81211) | 51 | 62 | 0 |
|  U.S. Treasury 5-Year Note March Futures  | 03/2023 | 534 | (57634) | 28 | 46 | 0 |
|  U.S. Treasury 10-Year Note March Futures  | 03/2023 | 23 | (2583) | 6 | 3 | 0 |
|  U.S. Treasury Ultra Long-Term Bond March Futures  | 03/2023 | 5 | (672) | 5 | 2 | 0 |
|  U.S. Ultra Treasury Note March Futures  | 03/2023 | 14 | (1656) | 9 | 1 | 0 |
|  |  |  |  | $224 | $120 | $0 |
|  **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | $**205** | $**120** | $**(51)** |

---

---

| | | |
|:---|:---|:---|
| **20** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

**SWAP AGREEMENTS:** 

**CREDIT DEFAULT SWAPS ON CREDIT INDICES - BUY PROTECTION<sup>(1)</sup>** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Index/Tranches** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(2)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(3)</sup>** | **Variation Margin** | **Variation Margin** |
| **Index/Tranches** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(2)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(3)</sup>** | **Asset** | **Liability** |
|  CDX.IG-37 5-Year Index | (1.000)% | Quarterly | 12/20/2026 | $29400 | $(703) | $367 | $(336) | $3 | $0 |
|  CDX.IG-39 5-Year Index | (1.000) | Quarterly | 12/20/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75800 | (515) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(119) | (634) | 0 | (3) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1218) | $248 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(970) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) |

---

**INTEREST RATE SWAPS - BASIS SWAPS** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay Floating Rate Index** | **Receive Floating Rate Index** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay Floating Rate Index** | **Receive Floating Rate Index** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  3-Month USD-LIBOR | 01-Month USD-LIBOR + 0.098% | Quarterly | 01/13/2023 | $22400 | $(13) | $12 | $(1) | $0 | $(1) |
|  3-Month USD-LIBOR | 01-Month USD-LIBOR + 0.098% | Quarterly | 01/13/2023 | 17100 | (10) | 10 | 0 | 0 | (1) |
|  |  |  |  |  | $(23) | $22 | $(1) | $0 | $(2) |
|  **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | $**(1241)** | $**270** | $**(971)** | $**3** | $**(5)** |

---

**FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY** 

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of December 31, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** |
|  | **Market Value** | **Variation Margin<br>Asset** | **Variation Margin<br>Asset** | | **Market Value** | **Variation Margin<br>Liability** | **Variation Margin<br>Liability** | |
| | **Purchased<br>Options** | **Futures** | **Swap<br>Agreements** |<br>**Total** | **Written<br>Options** | **Futures** | **Swap<br>Agreements** |<br>**Total** |
|  **Total Exchange-Traded or Centrally Cleared** | $**0** | $**120** | $**3** | $**123** | $**0** | $**(51)** | $**(5)** | $**(56)** |

---

**Cash of $3,303 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2022. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.** 

<sup>(1)</sup> If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(2)</sup> The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(3)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

&nbsp;&nbsp;&nbsp;&nbsp;**(h) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** 

**FORWARD FOREIGN CURRENCY CONTRACTS:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> **(Depreciation)** | **Unrealized Appreciation/**<br> **(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  BOA | 02/2023 | 2700 | $1996 | $1 | $0 |
|  BPS | 03/2023 | 1300 | 383 | 12 | 0 |
|  CBK | 02/2023 | 41156 | 27552 | 0 | (518) |
|  | 11/2023 | 295 | 89 | 4 | 0 |
|  DUB | 03/2023 | 3129 | 157 | 0 | (1) |
|  GLM | 03/2023 | $158 | 3255 | 6 | 0 |
|  JPM | 01/2023 | 6956 | $8400 | 0 | (11) |
|  MBC | 01/2023 | 3491 | 2602 | 24 | 0 |
|  | 01/2023 | 4153 | 4349 | 0 | (99) |
|  SCX | 01/2023 | $603 | 500 | 2 | 0 |
|  **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | $**49** | $**(629)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **21** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Short-Term Portfolio** | **(Cont.)** |

---

**FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY** 

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2022:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | | | |
| <br>**Counterparty** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Purchased<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Written<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** |<br>**Net Market<br>Value of OTC<br>Derivatives** |<br>**Collateral<br>Pledged/<br>(Received)** |<br>**Net<br>Exposure<sup>(1)</sup>** |
|  BOA | $1 | $0 | $0 | $1 | $0 | $0 | $0 | $0 | $1 | $0 | $1 |
|  BPS | 12 | 0 | 0 | 12 | 0 | 0 | 0 | 0 | 12 | 0 | 12 |
|  CBK | 4 | 0 | 0 | 4 | (518) | 0 | 0 | (518) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(514) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(213) |
|  DUB | 0 | 0 | 0 | 0 | (1) | 0 | 0 | (1) | (1) | 0 | (1) |
|  GLM | 6 | 0 | 0 | 6 | 0 | 0 | 0 | 0 | 6 | 0 | 6 |
|  JPM | 0 | 0 | 0 | 0 | (11) | 0 | 0 | (11) | (11) | 0 | (11) |
|  MBC | 24 | 0 | 0 | 24 | (99) | 0 | 0 | (99) | (75) | 0 | (75) |
|  SCX | 2 | 0 | 0 | 2 | 0 | 0 | 0 | 0 | 2 | 0 | 2 |
|  **Total Over the Counter** | $**49** | $**0** | $**0** | $**49** | $**(629)** | $**0** | $**0** | $**(629)** |  |  |  |

---

**(i)** **Securities with an aggregate market value of $301 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2022.** 

<sup>(1)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

**FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS** 

The following is a summary of the fair valuation of the Portfolio's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Portfolio.

Fair Values of Financial Derivative Instruments on the Statement of Assets and Liabilities as of December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
| | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $120 | $120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 3 | 0 | 0 | 0 | 3 |
|  | $0 | $3 | $0 | $0 | $120 | $123 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $49 | $0 | $49 |
|  | $0 | $3 | $0 | $49 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | $172 |
|  **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $51 | $51 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 3 | 0 | 0 | 2 | 5 |
|  | $0 | $3 | $0 | $0 | $53 | $56 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $629 | $0 | $629 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629 | $53 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685 |

---

---

| | | |
|:---|:---|:---|
| **22** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

The effect of Financial Derivative Instruments on the Statement of Operations for the period ended December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
| | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $10753 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (872) | 0 | 0 | (684) | (1556) |
|  | $0 | $(872) | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10069 | $9197 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $4605 | $0 | $4605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 41 | 0 | 0 | 99 | 140 |
|  | $0 | $41 | $0 | $4605 | $99 | $4745 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(831) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4605 | $10168 | $13942 |
|  **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $1525 | $1525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 272 | 0 | 0 | 14 | 286 |
|  | $0 | $272 | $0 | $0 | $1539 | $1811 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $564 | $0 | $564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | (4) | (4) |
|  | $0 | $0 | $0 | $564 | $(4) | $560 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $272 | $0 | $564 | $1535 | $2371 |

---

**FAIR VALUE MEASUREMENTS** 

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Portfolio's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** |
|  Loan Participations and Assignments | $0 | $0 | $1992 | $1992 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 156820 | 0 | 156820 |
| &nbsp;&nbsp; Industrials | 0 | 105307 | 0 | 105307 |
| &nbsp;&nbsp; Utilities | 0 | 22919 | 0 | 22919 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Louisiana | 0 | 328 | 0 | 328 |
|  U.S. Government Agencies | 0 | 29072 | 0 | 29072 |
|  Non-Agency Mortgage-Backed Securities | 0 | 54194 | 0 | 54194 |
|  Asset-Backed Securities | 0 | 126311 | 0 | 126311 |
|  Sovereign Issues | 0 | 84 | 0 | 84 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 78786 | 0 | 78786 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 7025 | 0 | 7025 |
| &nbsp;&nbsp; Israel Treasury Bills | 0 | 368 | 0 | 368 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 301 | 0 | 301 |
|  | $0 | $581515 | $1992 | $583507 |
|  **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $151 | $0 | $0 | $151 |
|  Total Investments | $151 | $581515 | $1992 | $583658 |

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|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** |
|  Exchange-traded or centrally cleared | $0 | $123 | $0 | $123 |
|  Over the counter | 0 | 49 | 0 | 49 |
|  | $0 | $172 | $0 | $172 |
|  **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** |
|  Exchange-traded or centrally cleared | 0 | (56) | 0 | (56) |
|  Over the counter | 0 | (629) | 0 | (629) |
|  | $0 | $(685) | $0 | $(685) |
|  Total Financial Derivative Instruments | $0 | $(513) | $0 | $(513) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581002 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1992 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583145 |

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There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.

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| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **23** |

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**Notes to Financial Statements**

1. ORGANIZATION

PIMCO Variable Insurance Trust (the "Trust") is a Delaware statutory trust established under a trust instrument dated October 3, 1997. The Trust is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Trust is designed to be used as an investment vehicle by separate accounts of insurance companies that fund variable annuity contracts and variable life insurance policies and by qualified pension and retirement plans. Information presented in these financial statements pertains to the Institutional Class, Administrative Class and Advisor Class shares of the PIMCO Short-Term Portfolio (the "Portfolio") offered by the Trust. Pacific Investment Management Company LLC ("PIMCO") serves as the investment adviser (the "Adviser") for the Portfolio.

Hereinafter, the Board of Trustees of the Funds shall be collectively referred to as the "Board."

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The Portfolio is treated as an investment company under the reporting requirements of U.S. GAAP. The functional and reporting currency for the Portfolio is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(a) Securities Transactions and Investment Income Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Portfolio is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on

certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statement of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statement of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statement of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable.

(b) Foreign Currency Translation The market values of foreign securities, currency holdings and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies, if any, are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Portfolio does not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) from investments on the Statement of Operations. The Portfolio may invest in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains (losses) arising from sales of spot foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in net realized gain (loss) on foreign currency transactions on the Statement of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period are included in net change in unrealized appreciation (depreciation) on foreign currency assets and liabilities on the Statement of Operations.

(c) Multi-Class Operations Each class offered by the Trust has equal rights as to assets and voting privileges (except that shareholders of a

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class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets. Realized and unrealized capital gains (losses) are allocated daily based on the relative net assets of each class of the Portfolio. Class specific expenses, where applicable, currently include supervisory and administrative and distribution and servicing fees. Under certain circumstances, the per share net asset value ("NAV") of a class of the Portfolio's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(d) Distributions to Shareholders Distributions from net investment income, if any, are declared daily and distributed to shareholders monthly. In addition, the Portfolio distributes any net capital gains it earns from the sale of portfolio securities to shareholders no less frequently than annually. The Portfolio may revise its distribution policy or postpone the payment of distributions at any time.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on the Portfolio's annual financial statements presented under U.S. GAAP.

Separately, if the Portfolio determines or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources other than net investment income in accordance with its policies, accounting records (if applicable), and accounting practices, the Portfolio will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, the Portfolio determines or estimates, as applicable, the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is determined or estimated, as applicable, that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between the Portfolio's daily internal accounting records and practices, the Portfolio's financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, the Portfolio's internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain

sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include but are not limited to, for certain Portfolios, the treatment of periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that the Portfolio may not issue a Section 19 Notice in situations where the Portfolio's financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution's tax character will be provided to shareholders when such information is available.

Distributions classified as a tax basis return of capital at the Portfolio's fiscal year end, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital on the Statement of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Statement of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(e) New Accounting Pronouncements and Regulatory Updates In March 2020, the Financial Accounting Standards Board ("FASB") issued an Accounting Standards Update ("ASU"), ASU 2020-04, which provides optional guidance to ease the potential accounting burden associated with transitioning away from the London Interbank Offered Rate and other reference rates that are expected to be discontinued. ASU 2020-04 is effective for certain reference rate-related contract modifications that occurred during the period March 12, 2020 through December 31, 2022. In March 2021, the administrator for LIBOR announced the extension of the publication of a majority of the USD LIBOR settings to June 30, 2023. In December 2022, FASB issued ASU 2022-06, which includes amendments to extend the duration of the LIBOR transition relief to December 31, 2024, after which entities will no longer be permitted to apply the reference rate reform relief. Management is continuously evaluating the potential effect a discontinuation of LIBOR could have on the Portfolio's investments and has determined that it is unlikely the ASU's adoption will have a material impact on the Portfolio's financial statements.

In October 2020, the U.S. Securities and Exchange Commission ("SEC") adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover transactions. Subject to certain exceptions, the rule requires funds that trade derivatives and other transactions that create future payment or

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **25** |

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| **Notes to Financial Statements** | **(Cont.)** |

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delivery obligations to comply with a value-at-risk leverage limit and certain derivatives risk management program and reporting requirements. The effective date for the rule was February 19, 2021. The compliance date for the new rule and the related reporting requirements was August 19, 2022. Management has implemented changes in connection with the rule and has determined that there was no material impact to the Portfolio's financial statements.

In October 2020, the SEC adopted a rule regarding the ability of a fund to invest in other funds. The rule allows a fund to acquire shares of another fund in excess of certain limitations currently imposed by the Act without obtaining individual exemptive relief from the SEC, subject to certain conditions. The rule also includes the rescission of certain exemptive relief from the SEC and guidance from the SEC staff for funds to invest in other funds. The effective date for the rule was January 19, 2021, and the compliance date for the rule was January 19, 2022. Management has implemented changes in connection with the rule and has determined that there was no material impact to the Portfolio's financial statements.

In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value as well as for the performance of fair value determinations, including related oversight and reporting obligations. The new rule also defines "readily available market quotations" for purposes of the definition of "value" under the Act, and the SEC noted that this definition would apply in all contexts under the Act. The effective date for the rule was March 8, 2021. The compliance date for the new rule and the related reporting requirements was September 8, 2022. Management has implemented changes in connection with the rule and has determined that there was no material impact to the Portfolio's financial statements.

In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820), which affects all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring the fair value. The amendments also require additional disclosures for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The effective date for the amendments in ASU 2022-03 is for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years. At this time, management is evaluating the implications of these changes on the financial statements.

In October 2022, the SEC adopted changes to the mutual fund and ETF shareholder report and registration statement disclosure requirements

and the registered fund advertising rules, which will change the disclosures provided to shareholders. The rule is effective as of January 24, 2023, but the SEC is providing an 18-month compliance period after the effective date other than for rule amendments addressing fee and expense information in advertisements that might be materially misleading. At this time, management is evaluating the implications of these changes on the financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies The NAV of the Portfolio's shares, or each of its share classes as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Portfolio or class, less any liabilities, as applicable, by the total number of shares outstanding.

On each day that the New York Stock Exchange ("NYSE") is open, the Portfolio's shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) ("NYSE Close"). Information that becomes known to the Portfolio or its agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, the Portfolio may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. The Portfolio generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, the Portfolio may calculate its NAV as of the NYSE Close for such day or such other time that the Portfolio may determine.

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Portfolio will normally use pricing data for domestic equity securities received shortly after the NYSE Close and does not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange, or the NYSE Close, if the NYSE Close occurs before the end of trading on the foreign exchange.

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Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated PIMCO as the valuation designee ("Valuation Designee") for the Portfolio to perform the fair value determination relating to all Portfolio investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee's policies and procedures govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Portfolio investments. The Valuation Designee may value Portfolio securities for which market quotations are not readily available and other Portfolio assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, "Pricing Sources").

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives, and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Exchange-traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Swap agreements are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of the Portfolio's assets that are invested in one or more open-end management investment companies (other than ETFs), the Portfolio's NAV will be calculated based on the NAVs of such investments. Open-end management investment companies may include affiliated funds.

If a foreign (non-U.S.) equity security's value has materially changed after the close of the security's primary exchange or principal market but before the NYSE Close, the security may be valued at fair value. Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, the Portfolio may determine the fair value of investments based on information provided by Pricing Sources, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may,

among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indexes) that occur after the close of the relevant market and before the NYSE Close. The Portfolio may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, unless otherwise determined by the Valuation Designee, any movement in the applicable reference index or instrument ("zero trigger") between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Trust is not open for business, which may result in the Portfolio's portfolio investments being affected when shareholders are unable to buy or sell shares.

Whole loans may be fair valued using inputs that take into account borrower- or loan-level (e.g., credit risk of the borrower) that is updated periodically throughout the life of each individual loan; any new borrower- or loan-level data received in written reports periodically by the Portfolio normally will be taken into account in calculating the NAV. The Portfolio's whole loan investments, including those originated by the Portfolio, generally are fair valued in accordance with procedures approved by the Board.

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Sources. As a result, the value of such investments and, in turn, the NAV of the Portfolio's shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Trust is not open for business. As a result, to the extent that the Portfolio holds foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in the Portfolio's next calculated NAV.

Fair valuation may require subjective determinations about the value of a security. While the Trust's and Valuation Designee's policies and procedures are intended to result in a calculation of the Portfolio's NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values accurately reflect the price that the Portfolio could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Portfolio may differ from the value that would be realized if the securities were sold. The Portfolio's use of fair valuation may also help to deter "stale price arbitrage" as discussed under the "Frequent or Excessive Purchases, Exchanges and Redemptions" section in the Portfolio's prospectus.

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **27** |

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| **Notes to Financial Statements** | **(Cont.)** |

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Under certain circumstances, the per share NAV of a class of the Portfolio's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2, or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2, and 3 of the fair value hierarchy are defined as follows:

<sup>∎</sup> Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

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| <sup>∎</sup> | Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs. |

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<sup>∎</sup> Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for the Portfolio.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between Levels of the Portfolio's assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy, and if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for the Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(c) Valuation Techniques and the Fair Value Hierarchy Level 1, Level 2 and Level 3 trading assets and trading liabilities, at fair value The valuation methods (or "techniques") and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1, Level 2 and Level 3 of the fair value hierarchy are as follows:

Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

Investments in registered open-end investment companies (other than ETFs) will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in unregistered open-end investment companies will be calculated based upon the NAVs of such investments and are considered Level 1 provided that the NAVs are observable, calculated daily and are the value at which both purchases and sales will be conducted.

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities and non-U.S. bonds are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Sources' internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Fixed income securities purchased on a delayed-delivery basis or as a repurchase commitment in a sale-buyback transaction are marked to market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-

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backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or pricing services. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers or Pricing Sources (normally determined as of the NYSE Close). Depending on the product and the terms of the transaction, financial derivative instruments can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively

quoted markets such as quoted prices, issuer details, indices, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Sources (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models may use inputs that are observed from actively quoted markets such as the overnight index swap rate, LIBOR forward rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

Short-term debt instruments (such as commercial paper) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost value of such short-term debt instruments is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price.

When a fair valuation method is applied by the Adviser that uses significant unobservable inputs, investments will be priced by a method that the Valuation Designee believes reflects fair value and are categorized as Level 3 of the fair value hierarchy.

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

The Portfolio may invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III ("Central Funds") to the extent permitted by the Act and rules thereunder. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Portfolio. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC's website at www.sec.gov. A copy of each affiliate fund's shareholder report is also available at the SEC's website at www.sec.gov, on the Portfolio's website at www.pimco.com, or upon request, as applicable. The tables below show the Portfolio's transactions in and earnings from investments in the affiliated Funds for the period ended December 31, 2022 (amounts in thousands<sup>†</sup>):

**Investment in PIMCO Short Asset Portfolio** 

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|:---|:---|:---|:---|:---|:---|:---|:---|
| **Market Value<br>12/31/2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Market Value<br>12/31/2022** | **Dividend<br>Income<sup>(1)</sup>** | **Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup>** |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4834 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4675) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(126) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

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**Investment in PIMCO Short-Term Floating NAV Portfolio III** 

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|:---|:---|:---|:---|:---|:---|:---|:---|
| **Market Value<br>12/31/2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Market Value<br>12/31/2022** | **Dividend<br>Income<sup>(1)</sup>** | **Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup>** |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(100) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

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| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(1)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

(b) Investments in Securities

The Portfolio may utilize the investments and strategies described below to the extent permitted by the Portfolio's investment policies.

Loans and Other Indebtedness, Loan Participations and Assignments are direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental, or other borrowers. The Portfolio's investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties or investments in or originations of loans by the Portfolio. A loan is often administered by a bank or other financial institution (the "agent") that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. The Portfolio may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When the Portfolio purchases assignments from agents it acquires direct rights against the borrowers of the loans. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing through, for example, the issuance of bonds, frequently high yield bonds issued for the purpose of acquisitions.

The types of loans and related investments in which the Portfolio may invest include, among others, senior loans, subordinated loans (including second lien loans, B-Notes and mezzanine loans), whole loans, commercial real estate and other commercial loans and structured loans. The Portfolio may originate loans or acquire direct interests in loans through primary loan distributions and/or in private transactions. In the case of subordinated loans, there may be significant indebtedness ranking ahead of the borrower's obligation to the holder of such a loan, including in the event of the borrower's insolvency. Mezzanine loans are typically secured by a pledge of an equity interest in the mortgage borrower that owns the real estate rather than an interest in a mortgage.

Investments in loans may include unfunded loan commitments, which are contractual obligations for funding. Unfunded loan commitments may include revolving credit facilities, which may obligate the Portfolio to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full, even though a

percentage of the committed amount may not be utilized by the borrower. When investing in a loan participation, the Portfolio has the right to receive payments of principal, interest and any fees to which it is entitled only from the agent selling the loan agreement and only upon receipt of payments by the agent from the borrower. The Portfolio may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. In certain circumstances, the Portfolio may receive a penalty fee upon the prepayment of a loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense, respectively, on the Statement of Operations. Unfunded loan commitments are reflected as a liability on the Statement of Assets and Liabilities.

Mortgage-Related and Other Asset-Backed Securities directly or indirectly represent a participation in, or are secured by and payable from, loans on real property. Mortgage-related securities are created from pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. These securities provide a monthly payment which consists of both interest and principal. Interest may be determined by fixed or adjustable rates. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with the full faith and credit of the U.S. Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Many of the risks of investing in mortgage-related securities secured by commercial mortgage loans reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make lease payments, and the ability of a property to attract and retain tenants. These securities may be less liquid and may exhibit greater price volatility than other types of mortgage-related or other asset-backed securities. Other asset-backed securities are created from many types of assets, including, but not limited to, auto loans, accounts receivable, such as credit card

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receivables and hospital account receivables, home equity loans, student loans, boat loans, mobile home loans, recreational vehicle loans, manufactured housing loans, aircraft leases, computer leases and syndicated bank loans.

Collateralized Debt Obligations ("CDOs") include Collateralized Bond Obligations ("CBOs"), Collateralized Loan Obligations ("CLOs") and other similarly structured securities. CBOs and CLOs are types of asset-backed securities. A CBO is a trust which is backed by a diversified pool of high risk, below investment grade fixed income securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which the Portfolio invests. In addition to the normal risks associated with fixed income securities discussed elsewhere in this report and the Portfolio's prospectus and statement of additional information (e.g., prepayment risk, credit risk, liquidity risk, market risk, structural risk, legal risk and interest rate risk (which may be exacerbated if the interest rate payable on a structured financing changes based on multiples of changes in interest rates or inversely to changes in interest rates)), CBOs, CLOs and other CDOs carry additional risks including, but not limited to, (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments, (ii) the quality of the collateral may decline in value or default, (iii) the risk that the Portfolio may invest in CBOs, CLOs, or other CDOs that are subordinate to other classes, and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

Collateralized Mortgage Obligations ("CMOs") are debt obligations of a legal entity that are collateralized by whole mortgage loans or private mortgage bonds and divided into classes. CMOs are structured into multiple classes, often referred to as "tranches", with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including prepayments. CMOs may be less liquid and may exhibit greater price volatility than other types of mortgage-related or asset-backed securities.

Restricted Investments are subject to legal or contractual restrictions on resale and may generally be sold privately, but may be required to be registered or exempted from such registration before being sold to the public. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933. Disposal of restricted investments may involve time-consuming negotiations and expenses, and prompt sale at an

acceptable price may be difficult to achieve. Restricted investments held by the Portfolio as of December 31, 2022, as applicable, are disclosed in the Notes to Schedule of Investments.

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the "U.S. Treasury"); and others, such as those of the Federal National Mortgage Association ("FNMA" or "Fannie Mae"), are supported by the discretionary authority of the U.S. Government to purchase the agency's obligations. U.S. Government securities may include zero coupon securities which do not distribute interest on a current basis and tend to be subject to a greater risk than interest-paying securities of similar maturities.

Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac"). FNMA is a government-sponsored corporation. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. Government. FHLMC issues Participation Certificates ("PCs"), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

In June 2019, FNMA and FHLMC started issuing Uniform Mortgage Backed Securities in place of their current offerings of TBA-eligible securities (the "Single Security Initiative"). The Single Security Initiative seeks to support the overall liquidity of the TBA market and aligns the characteristics of FNMA and FHLMC certificates. The effects that the Single Security Initiative may have on the market for TBA and other mortgage-backed securities are uncertain.

Roll-timing strategies can be used where the Portfolio seeks to extend the expiration or maturity of a position, such as a TBA security on an underlying asset, by closing out the position before expiration and opening a new position with respect to substantially the same

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underlying asset with a later expiration date. TBA securities purchased or sold are reflected on the Statement of Assets and Liabilities as an asset or liability, respectively. Recently finalized FINRA rules include mandatory margin requirements for the TBA market that requires the Portfolio to post collateral in connection with its TBA transactions. There is no similar requirement applicable to the Portfolio's TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the Portfolio and impose added operational complexity.

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Portfolio may enter into the borrowings and other financing transactions described below to the extent permitted by the Portfolio's investment policies.

The following disclosures contain information on the Portfolio's ability to lend or borrow cash or securities to the extent permitted under the Act, which may be viewed as borrowing or financing transactions by the Portfolio. The location of these instruments in the Portfolio's financial statements is described below.

(a) Repurchase Agreements Under the terms of a typical repurchase agreement, the Portfolio purchases an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and the Portfolio to resell, the obligation at an agreed-upon price and time. In an open maturity repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Portfolio or counterparty at any time. The underlying securities for all repurchase agreements are held by the Portfolio's custodian or designated subcustodians under tri-party repurchase agreements and in certain instances will remain in custody with the counterparty. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, if any, including accrued interest, are included on the Statement of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Statement of Operations. In periods of increased demand for collateral, the Portfolio may pay a fee for the receipt of collateral, which may result in interest expense to the Portfolio.

(b) Reverse Repurchase Agreements In a reverse repurchase agreement, the Portfolio delivers a security in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed upon price and date. In an open maturity reverse repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Portfolio or counterparty at any time. The Portfolio is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement.

Cash received in exchange for securities delivered plus accrued interest payments to be made by the Portfolio to counterparties are reflected as a liability on the Statement of Assets and Liabilities. Interest payments made by the Portfolio to counterparties are recorded as a component of interest expense on the Statement of Operations. In periods of increased demand for the security, the Portfolio may receive a fee for use of the security by the counterparty, which may result in interest income to the Portfolio. The Portfolio will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under reverse repurchase agreements.

(c) Sale-Buybacks A sale-buyback financing transaction consists of a sale of a security by the Portfolio to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. The Portfolio is not entitled to receive principal and interest payments, if any, made on the security sold to the counterparty during the term of the agreement. The agreed-upon proceeds for securities to be repurchased by the Portfolio are reflected as a liability on the Statement of Assets and Liabilities. The Portfolio will recognize net income represented by the price differential between the price received for the transferred security and the agreed-upon repurchase price. This is commonly referred to as the 'price drop.' A price drop consists of (i) the foregone interest and inflationary income adjustments, if any, the Portfolio would have otherwise received had the security not been sold and (ii) the negotiated financing terms between the Portfolio and counterparty. Foregone interest and inflationary income adjustments, if any, are recorded as components of interest income on the Statement of Operations. Interest payments based upon negotiated financing terms made by the Portfolio to counterparties are recorded as a component of interest expense on the Statement of Operations. In periods of increased demand for the security, the Portfolio may receive a fee for use of the security by the counterparty, which may result in interest income to the Portfolio. The Portfolio will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under sale-buyback transactions.

(d) Interfund Lending In accordance with an exemptive order (the "Order") from the SEC, each Portfolio of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Portfolio's investment policies and restrictions. Each Portfolio is currently permitted to borrow under the Interfund Lending Program. A lending portfolio may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing portfolio through the Interfund Lending Program. A borrowing portfolio may not borrow

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through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the portfolio's investment restrictions). If a borrowing portfolio's total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending portfolio and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended December 31, 2022, the Portfolio did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

The Portfolio may enter into the financial derivative instruments described below to the extent permitted by the Portfolio's investment policies.

The following disclosures contain information on how and why the Portfolio uses financial derivative instruments, and how financial derivative instruments affect the Portfolio's financial position, results of operations and cash flows. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Statement of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table in the Notes to Schedule of Investments. The financial derivative instruments outstanding as of period end and the amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Schedule of Investments, serve as indicators of the volume of financial derivative activity for the Portfolio.

(a) Forward Foreign Currency Contracts may be engaged, in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of the Portfolio's securities or as part of an investment strategy. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked to market daily, and the change in value is recorded by the Portfolio as an unrealized gain (loss). Realized gains (losses) are equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed and are recorded upon delivery or receipt of the currency. These contracts may involve market risk in excess of the unrealized gain (loss) reflected on the Statement of

Assets and Liabilities. In addition, the Portfolio could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar. To mitigate such risk, cash or securities may be exchanged as collateral pursuant to the terms of the underlying contracts.

(b) Futures Contracts are agreements to buy or sell a security or other asset for a set price on a future date and are traded on an exchange. The Portfolio may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by the Portfolio and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Portfolio is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by the Portfolio ("Futures variation margin"). Futures variation margins, if any, are disclosed within centrally cleared financial derivative instruments on the Statement of Assets and Liabilities. Gains (losses) are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the Futures Variation Margin included within exchange traded or centrally cleared financial derivative instruments on the Statement of Assets and Liabilities.

(c) Options Contracts may be written or purchased to enhance returns or to hedge an existing position or future investment. The Portfolio may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase the Portfolio's exposure to the underlying instrument. Writing call options tends to decrease the Portfolio's exposure to the underlying instrument. When the Portfolio writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. These amounts are included on the Statement of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The Portfolio as a writer of an option

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has no control over whether the underlying instrument may be sold ("call") or purchased ("put") and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Portfolio may not be able to enter into a closing transaction because of an illiquid market.

Purchasing call options tends to increase the Portfolio's exposure to the underlying instrument. Purchasing put options tends to decrease the Portfolio's exposure to the underlying instrument. The Portfolio pays a premium which is included as an asset on the Statement of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed.

Credit Default Swaptions may be written or purchased to hedge exposure to the credit risk of an investment without making a commitment to the underlying instrument. A credit default swaption is an option to sell or buy credit protection on a specific reference by entering into a pre-defined swap agreement by some specified date in the future.

Interest Rate Swaptions may be written or purchased to enter into a pre-defined swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, by some specified date in the future. The writer of the swaption becomes the counterparty to the swap if the buyer exercises. The interest rate swaption agreement will specify whether the buyer of the swaption will be a fixed-rate receiver or a fixed-rate payer upon exercise.

Options on Securities may be written or purchased to enhance returns or to hedge an existing position or future investment. An option on a security uses a specified security as the underlying instrument for the option contract.

(d) Swap Agreementsare bilaterally negotiated agreements between the Portfolio and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the over the counter market ("OTC swaps") or may be cleared through a third party, known as a central counterparty or derivatives clearing organization ("Centrally Cleared Swaps"). The Portfolio may enter into asset, credit default, cross-currency, interest rate, total return, variance

and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Statement of Operations. Daily changes in valuation of centrally cleared swaps ("Swap Variation Margin"), if any, are disclosed within centrally cleared financial derivative instruments on the Statement of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Statement of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). Upfront premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain (loss) on the Statement of Operations.

For purposes of applying certain of the Portfolio's investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by the Portfolio at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of the Portfolio's investment policies and restrictions, the Portfolio will value the credit default swap at its notional value or its full exposure value (i.e., the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of the Portfolio's other investment policies and restrictions. For example, the Portfolio may value credit default swaps at full exposure value for purposes of the Portfolio's credit quality guidelines (if any) because such value in general better reflects the Portfolio's actual economic exposure during the term of the credit default swap agreement. As a result, the Portfolio may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in the Portfolio's prospectus. In this context, both the notional amount and the market

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value may be positive or negative depending on whether the Portfolio is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by the Portfolio for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates or the values of the asset upon which the swap is based.

The Portfolio's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive. The risk may be mitigated by having a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral to the Portfolio to cover the Portfolio's exposure to the counterparty.

To the extent the Portfolio has a policy to limit the net amount owed to or to be received from a single counterparty under existing swap agreements, such limitation only applies to counterparties to OTC swaps and does not apply to centrally cleared swaps where the counterparty is a central counterparty or derivatives clearing organization.

Credit Default Swap Agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues are entered into to provide a measure of protection against defaults of the issuers (i.e., to reduce risk where the Portfolio owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer's default. Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event that the referenced entity, obligation or index, as specified in the swap agreement, undergoes a certain credit event. As a seller of protection on credit default swap agreements, the Portfolio will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, the Portfolio would effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the notional amount of the swap.

If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal

to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value. The ability to deliver other obligations may result in a cheapest-to-deliver option (the buyer of protection's right to choose the deliverable obligation with the lowest value following a credit event).

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name's weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index. Credit default swaps on credit indices may be used to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indices are instruments for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

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Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues as of period end, if any, are disclosed in the Notes to Schedule of Investments. They serve as an indicator of the current status of payment/performance risk and represent the likelihood or risk of default for the reference entity. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. For credit default swap agreements on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The maximum potential amount of future payments (undiscounted) that the Portfolio as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of period end for which the Portfolio is the seller of protection are disclosed in the Notes to Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Portfolio for the same referenced entity or entities.

Interest Rate Swap Agreements may be entered into to help hedge against interest rate risk exposure and to maintain the Portfolio's ability to generate income at prevailing market rates. The value of the fixed rate bonds that the Portfolio holds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by the Portfolio with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap," (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or

"floor," (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks The principal risks of investing in the Portfolio, which could adversely affect its net asset value, yield and total return, are listed below. Please see "Description of Principal Risks" in the Portfolio's prospectus for a more detailed description of the risks of investing in the Portfolio.

Interest Rate Risk is the risk that fixed income securities will decline in value because of an increase in interest rates; a portfolio with a longer average portfolio duration will be more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

Call Risk is the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their maturity for a number of reasons (e.g., declining interest rates, changes in credit spreads and improvements in the issuer's credit quality). If an issuer calls a security that the Portfolio has invested in, the Portfolio may not recoup the full amount of its initial investment and may be forced to reinvest in lower- yielding securities, securities with greater credit risks or securities with other, less favorable features.

Credit Risk is the risk that the Portfolio could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations.

High Yield Risk is the risk that high yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") are subject to greater levels of credit, call and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments, and may be more volatile than higher-rated securities of similar maturity.

Market Risk is the risk that the value of securities owned by the Portfolio may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries.

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Issuer Risk is the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods

or services.

Liquidity Risk is the risk that a particular investment may be difficult to purchase or sell and that the Portfolio may be unable to sell illiquid investments at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity.

Derivatives Risk is the risk of investing in derivative instruments (such as forwards, futures, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks and valuation complexity. Changes in the value of a derivative or other similar investment may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and the Portfolio could lose more than the initial amount invested. Changes in the value of a derivative or other similar instrument may also create margin delivery or settlement payment obligations for the Portfolio. The Portfolio's use of derivatives or other similar investments may result in losses to the Portfolio, a reduction in the Portfolio's returns and/or increased volatility. Over- the-counter ("OTC") derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for OTC derivatives or other similar investments. The primary credit risk on derivatives that are exchange-traded or traded through a central clearing counterparty, resides with the Portfolio's clearing broker or the clearinghouse. Changes in regulation relating to a registered fund's use of derivatives and related instruments could potentially limit or impact the Portfolio's ability to invest in derivatives, limit the Portfolio's ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and the Portfolio's performance.

Equity Risk is the risk that the value of equity securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity securities generally have greater price volatility than fixed income securities.

Mortgage-Related and Other Asset-Backed Securities Risk is the risks of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk.

Foreign (Non-U.S.) Investment Risk is the risk that investing in foreign (non-U.S.) securities may result in the Portfolio experiencing more rapid and extreme changes in value than a portfolio that invests exclusively in securities of U.S. companies, due to smaller markets, differing reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, or political changes, diplomatic developments or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.

Emerging Markets Risk is the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk.

Sovereign Debt Risk is the risk that investments in fixed income instruments issued by sovereign entities may decline in value as a result of default or other adverse credit event resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion.

Currency Risk is the risk that foreign (non-U.S.) currencies will change in value relative to the U.S. dollar and affect the Portfolio's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies.

Leveraging Risk is the risk that certain transactions of the Portfolio, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing the Portfolio to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss.

Management Risk is the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio managers in connection with managing the Portfolio and may cause PIMCO to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of the Portfolio will

be achieved.

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Short Exposure Risk is the risk of entering into short sales or other short positions, including the potential loss of more money than the actual cost of the investment, and the risk that the third party to the short sale or other short position will not fulfill its contractual obligations, causing a loss to the Portfolio.

LIBOR Transition Risk is the risk related to the anticipated discontinuation of the London Interbank Offered Rate ("LIBOR"). Certain instruments held by a Portfolio rely in some fashion upon LIBOR. Although the transition process away from LIBOR has become increasingly well- defined in advance of the anticipated discontinuation date, there remains uncertainty regarding the nature of any replacement rate, and any potential effects of the transition away from LIBOR on a Portfolio or on certain instruments in which the Portfolio invests can be difficult to ascertain. The transition process may involve, among other things, increased volatility or illiquidity in markets for instruments that currently rely on LIBOR and may result in a reduction in the value of certain instruments held by a Portfolio.

(b) Other Risks

In general, the Portfolio may be subject to additional risks, including, but not limited to, risks related to government regulation and intervention in financial markets, operational risks, risks associated with financial, economic and global market disruptions, and cyber security risks. Please see the Portfolio's prospectus and Statement of Additional Information for a more detailed description of the risks of investing in the Portfolio. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments that may impact the Portfolio's performance.

Market Disruption Risk The Portfolio is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets and cause the Portfolio to lose value. These events can also impair the technology and other operational systems upon which the Portfolio's service providers, including PIMCO as the Portfolio's investment adviser, rely, and could otherwise disrupt the Portfolio's service providers' ability to fulfill their obligations to the Portfolio. For example, the recent spread of an infectious respiratory illness caused by a novel strain of coronavirus (known as COVID-19) has caused volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities the Portfolio holds, and may adversely affect the Portfolio's investments and operations. Please see the Important Information section for additional discussion of the COVID-19 pandemic.

Government Intervention in Financial Markets Federal, state, and other governments, their regulatory agencies, or self-regulatory organizations may take actions that affect the regulation of the instruments in which the Portfolio invests, or the issuers of such instruments, in ways that are unforeseeable. Legislation or regulation may also change the way in which the Portfolio itself is regulated. Such legislation or regulation could limit or preclude the Portfolio's ability to achieve its investment objective. Furthermore, volatile financial markets can expose the Portfolio to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Portfolio. The value of the Portfolio's holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which the Portfolio invests. In addition, it is not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.

Regulatory Risk Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/or intervention may change the way the Portfolio is regulated, affect the expenses incurred directly by the Portfolio and the value of its investments, and limit and/or preclude the Portfolio's ability to achieve its investment objective. Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects.

Operational Risk An investment in the Portfolio, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Portfolio. While the Portfolio seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Portfolio.

Cyber Security Risk As the use of technology has become more prevalent in the course of business, the Portfolio has become potentially more susceptible to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional cyber events that may, among other things, cause the Portfolio to lose proprietary information, suffer data corruption and/or destruction or lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business

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operations. Cyber security failures or breaches may result in financial losses to the Portfolio and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with the Portfolio's ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. There is also a risk that cyber security breaches may not be detected. The Portfolio and its shareholders may suffer losses as a result of a cyber security breach related to the Portfolio, its service providers, trading counterparties or the issuers in which the Portfolio invests.

8. MASTER NETTING ARRANGEMENTS

The Portfolio may be subject to various netting arrangements ("Master Agreements") with select counterparties. Master Agreements govern the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow the Portfolio to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes the Statement of Assets and Liabilities generally presents derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Statement of Assets and Liabilities as

either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statement of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. The Portfolio's overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively "Master Repo Agreements") govern repurchase, reverse repurchase, and certain sale-buyback transactions between the Portfolio and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default, and maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Schedule of Investments.

Master Securities Forward Transaction Agreements ("Master Forward Agreements") govern certain forward settling transactions, such as TBA securities, delayed-delivery or certain sale-buyback transactions by and between the Portfolio and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Schedule of Investments.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant ("FCM") registered with the Commodity Futures Trading Commission. In the United States, counterparty risk may be reduced as creditors of an FCM cannot have a claim to Portfolio assets in the segregated account. Portability of exposure reduces risk to the Portfolio. Variation margin, which reflects changes in market value, is generally exchanged daily, but may not be netted between futures and cleared OTC derivatives unless the parties have agreed to a separate arrangement in respect of portfolio margining. The market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin as of period end are disclosed in the Notes to Schedule of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes ("ISDA Master Agreements") govern bilateral OTC derivative transactions entered into by the

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Portfolio with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. The ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level or as required by regulation. Similarly, if required by regulation, the Portfolio may be required to post additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent the Portfolio is required by regulation to post additional collateral beyond coverage of daily exposure, it could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedule of Investments.

9. FEES AND EXPENSES

(a) Investment Advisory Fee PIMCO is a majority-owned subsidiary of Allianz Asset Management of America LLC ("Allianz Asset Management") and serves as the Adviser to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from the Portfolio at an annual rate based on average daily net assets (the "Investment Advisory Fee"). The Investment Advisory Fee for all classes is charged at an annual rate as noted in the table in note (b) below.

(b) Supervisory and Administrative Fee PIMCO serves as administrator (the "Administrator") and provides supervisory and administrative services to the Trust for which it receives a monthly supervisory and administrative fee based on each share class's average daily net assets (the "Supervisory and Administrative Fee"). As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs.

The Investment Advisory Fee and Supervisory and Administrative Fees for all classes, as applicable, are charged at the annual rate as noted in the following table (calculated as a percentage of the Portfolio's average daily net assets attributable to each class):

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| **Investment Advisory Fee** | **Supervisory and Administrative Fee** | **Supervisory and Administrative Fee** | **Supervisory and Administrative Fee** |
| **All Classes** | **Institutional<br>Class** | **Administrative<br>Class** | **Advisor<br>Class** |
| 0.25% | 0.20% | 0.20% | 0.20% |

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(c) Distribution and Servicing Fees PIMCO Investments LLC, a wholly-owned subsidiary of PIMCO, serves as the distributor ("Distributor") of the Trust's shares.

The Trust has adopted an Administrative Services Plan with respect to the Administrative Class shares of the Portfolio pursuant to Rule 12b-1 under the Act (the "Administrative Plan"). Under the terms of the Administrative Plan, the Trust is permitted to compensate the Distributor, out of the Administrative Class assets of the Portfolio, in an amount up to 0.15% on an annual basis of the average daily net assets of that class, for providing or procuring through financial intermediaries administrative, recordkeeping and investor services for Administrative Class shareholders of the Portfolio.

The Trust has adopted a separate Distribution and Servicing Plan for the Advisor Class shares of the Portfolio (the "Distribution and Servicing Plan"). The Distribution and Servicing Plan has been adopted pursuant to Rule 12b-1 under the Act. The Distribution and Servicing Plan permits the Portfolio to compensate the Distributor for providing or procuring through financial intermediaries, distribution, administrative, recordkeeping, shareholder and/or related services with respect to Advisor Class shares. The Distribution and Servicing Plan permits the Portfolio to make total payments at an annual rate of up to 0.25% of its average daily net assets attributable to its Advisor Class shares.

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|  | **Distribution Fee** | **Servicing Fee** |
|  **Administrative Class** |  | 0.15% |
|  **Advisor Class** | 0.25% |  |

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(d) Portfolio Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Portfolio, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust's executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Portfolio, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust's Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual portfolio operating expenses per share class.

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The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates.

(e) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has agreed, through May 1, 2023, to waive a portion of the Portfolio's Supervisory and Administrative Fee, or reimburse the Portfolio, to the extent that the Portfolio's organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata share of Trustee Fees exceed 0.0049%, the "Expense Limit" (calculated as a percentage of the Portfolio's average daily net assets attributable to each class). The Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. The waiver, if any, is reflected on the Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO.

In any month in which the supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by the Portfolio of any portion of the supervisory and administrative fee waived or reimbursed as set forth above (the "Reimbursement Amount") within thirty-six months of the time of the waiver, provided that such amount paid to PIMCO will not: i) together with any organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee fees, exceed, for such month, the Expense Limit (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit); ii) exceed the total Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. At December 31, 2022, there were no recoverable amounts.

10. RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties. Fees paid to these parties are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Statement of Assets and Liabilities.

The Portfolio is permitted to purchase or sell securities from or to certain related affiliated portfolios under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Portfolio from or to another fund or portfolio that are, or could be, considered an affiliate, or an affiliate of an affiliate, by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with applicable SEC rule and interpretations under the Act. Further, as defined under the procedures, each transaction is effected at the current market price.

Purchases and sales of securities pursuant to applicable SEC rule and interpretations under the Act for the period ended December 31, 2022, were as follows (amounts in thousands<sup>†</sup>):

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| **Purchases** | **Sales** | **Realized<br>Gain/(Loss)** |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46777 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24773 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(281) |

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| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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11. GUARANTEES AND INDEMNIFICATIONS

Under the Trust's organizational documents, each Trustee, officer, employee or other agent of the Trust (including the Trust's investment manager) is indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Portfolio. Additionally, in the normal course of business, the Portfolio enters into contracts that contain a variety of indemnification clauses. The Portfolio's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred. However, the Portfolio has not had prior claims or losses pursuant to these contracts.

12. PURCHASES AND SALES OF SECURITIES

The length of time the Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by the Portfolio is known as "portfolio turnover." The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objectives, particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by the Portfolio. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates when distributed to shareholders). The transaction costs associated with portfolio turnover may adversely affect the Portfolio's performance. The portfolio turnover rates are reported in the Financial Highlights.

Purchases and sales of securities (excluding short-term investments) for the period ended December 31, 2022, were as follows (amounts in thousands<sup>†</sup>):

---

| | | | |
|:---|:---|:---|:---|
| **U.S. Government/Agency** | **U.S. Government/Agency** | **All Other** | **All Other** |
| **Purchases** | **Sales** | **Purchases** | **Sales** |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104216 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205673 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270637 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135381 |

---

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **41** |

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##### [**Table of Contents**](#toc)

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| | |
|:---|:---|
| **Notes to Financial Statements** | **(Cont.)** |

---

13. SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with a $0.001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br>12/31/2022** | **Year Ended<br>12/31/2022** | **Year Ended<br>12/31/2021** | **Year Ended<br>12/31/2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Receipts for shares sold** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 3087 | $31235 | 4076 | $42497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 14464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146897 | 12131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 8918 | 90335 | 6776 | 70338 |
|  **Issued as reinvestment of distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 140 | 1416 | 72 | 745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 447 | 4511 | 231 | 2397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 428 | 4317 | 217 | 2255 |
|  **Cost of shares redeemed** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (2534) | (25560) | (941) | (9708) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (9870) | (100083) | (15376) | (159835) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (5977) | (60417) | (5889) | (61152) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | 9103 | $92651 | 1297 | $13527 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

As of December 31, 2022, four shareholders each owned 10% or more of the Portfolio's total outstanding shares comprising 59% of the Portfolio.

14. REGULATORY AND LITIGATION MATTERS

The Portfolio is not named as a defendant in any material litigation or arbitration proceedings and is not aware of any material litigation or claim pending or threatened against it.

On May 17, 2022, Allianz Global Investors U.S. LLC ("AGI U.S.") pleaded guilty in connection with the proceeding United States of America v. Allianz Global Investors U.S. LLC. AGI U.S. is an indirect subsidiary of Allianz SE. The conduct resulting in the matter described above occurred entirely within AGI U.S. and did not involve PIMCO or the Distributor, or any personnel of PIMCO or the Distributor. Nevertheless, because of the disqualifying conduct of AGI U.S., their affiliate, PIMCO would have been disqualified from serving as the investment adviser, and the Distributor would have been disqualified from serving as the principal underwriter, to the Portfolio in the absence of SEC exemptive relief. PIMCO and the Distributor have received exemptive relief from the SEC to permit them to continue serving as investment adviser and principal underwriter for U.S. registered investment companies, including the Portfolio.

The foregoing speaks only as of the date of this report.

15. FEDERAL INCOME TAX MATTERS

The Portfolio intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (the "Code") and

distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

The Portfolio may be subject to local withholding taxes, including those imposed on realized capital gains. Any applicable foreign capital gains tax is accrued daily based upon net unrealized gains, and may be payable following the sale of any applicable investments.

In accordance with U.S. GAAP, the Adviser has reviewed the Portfolio's tax positions for all open tax years. As of December 31, 2022, the Portfolio has recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions it has taken or expects to take in future tax returns.

The Portfolio files U.S. federal, state, and local tax returns as required. The Portfolio's tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

Shares of the Portfolio currently are sold to segregated asset accounts ("Separate Accounts") of insurance companies that fund variable annuity contracts and variable life insurance policies ("Variable Contracts"). Please refer to the prospectus for the Separate Account and Variable Contract for information regarding Federal income tax treatment of distributions to the Separate Account.

---

| | |
|:---|:---|
| **42** | **PIMCO VARIABLE INSURANCE TRUST** |

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##### [**Table of Contents**](#toc)
December 31, 2022

As of December 31, 2022, the components of distributable taxable earnings are as follows (amounts in thousands<sup>†</sup>):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed<br>Ordinary<br>Income<sup>(1)</sup>** | **Undistributed<br>Long-Term<br>Capital Gains** | **Net Tax Basis<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup>** | **Other<br>Book-to-Tax<br>Accounting <br>Differences<sup>(3)</sup>** | **Accumulated<br>Capital<br>Losses<sup>(4)</sup>** | **Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Capital<sup>(5)</sup>** | **Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Ordinary<sup>(6)</sup>** | **Total<br>Components of<br>Distributable<br>Earnings** |
|  PIMCO Short-Term Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;5199 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;(15782) | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;(608) | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;(11191) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(1)</sup> Includes undistributed short-term capital gains, if any.

<sup>(2)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options and forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on swap contracts and straddle loss deferrals. 

<sup>(3)</sup> Represents differences in income tax regulations and financial accounting principles generally accepted in the United States of America.

<sup>(4)</sup> Capital losses available to offset future net capital gains as shown below.

<sup>(5)</sup> Capital losses realized during the period November 1, 2022 through December 31, 2022 which the Portfolio elected to defer to the following taxable year pursuant to income tax regulations.

<sup>(6)</sup> Specified losses realized during the period November 1, 2022 through December 31, 2022 which the Portfolio elected to defer to the following taxable year pursuant to income tax regulations.

Under the Regulated Investment Company Modernization Act of 2010, the Portfolio is permitted to carry forward any new capital losses for an unlimited period. Additionally, such capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term under previous law.

As of December 31, 2022, the Portfolio had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

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| | | |
|:---|:---|:---|
|  | **Short-Term** | **Long-Term** |
|  PIMCO Short-Term Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;608 | $&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

As of December 31, 2022, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal<br>Tax Cost** | **Unrealized<br>Appreciation** | **Unrealized<br>(Depreciation)** | **Net Unrealized<br>Appreciation/<br>(Depreciation)<sup>(7)</sup>** |
|  PIMCO Short-Term Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;598087 | $&nbsp;&nbsp;&nbsp;&nbsp;1010 | $&nbsp;&nbsp;&nbsp;&nbsp;(16785) | $&nbsp;&nbsp;&nbsp;&nbsp;(15775) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(7)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options and forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on swap contracts and straddle loss deferrals. 

For the fiscal years ended December 31, 2022 and December 31, 2021, respectively, the Portfolio made the following tax basis distributions (amounts in thousands<sup>†</sup>):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** |
|  | **Ordinary<br>Income<br>Distributions<sup>(8)</sup>** | **Long-Term<br>Capital Gain<br>Distributions** | **Return of<br>Capital<sup>(9)</sup>** | **Ordinary<br>Income<br>Distributions<sup>(8)</sup>** | **Long-Term<br>Capital Gain<br>Distributions** | **Return of<br>Capital<sup>(9)</sup>** |
|  PIMCO Short-Term Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;9423 | $&nbsp;&nbsp;&nbsp;&nbsp;821 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;5399 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(8</sup><sup>)</sup> Includes short-term capital gains distributed, if any.

<sup>(9)</sup> A portion of the distributions made represents a tax return of capital. Return of capital distributions have been reclassified from undistributed net investment income to paid-in capital to more appropriately conform financial accounting to tax accounting.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **43** |

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##### [**Table of Contents**](#toc)
**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of PIMCO Variable Insurance Trust and Shareholders of PIMCO Short-Term Portfolio

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of PIMCO Short-Term Portfolio (one of the portfolios constituting PIMCO Variable Insurance Trust, hereafter referred to as the "Portfolio") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements are the responsibility of the Portfolio's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolio in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agent, brokers and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

February 17, 2023

We have served as the auditor of one or more investment companies in PIMCO Variable Insurance Trust since 1998.

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| | |
|:---|:---|
| **44** | **PIMCO VARIABLE INSURANCE TRUST** |

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| | | |
|:---|:---|:---|
| **Glossary:** | **(abbreviations that may be used in the preceding statements)** | (Unaudited) |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Counterparty Abbreviations:** | **Counterparty Abbreviations:** | **Counterparty Abbreviations:** | **Counterparty Abbreviations:** | **Counterparty Abbreviations:** | **Counterparty Abbreviations:** |
| **BOA** | Bank of America N.A. | **DUB** | Deutsche Bank AG | **MBC** | HSBC Bank Plc |
| **BOS** | BofA Securities, Inc. | **FICC** | Fixed Income Clearing Corporation | **SAL** | Citigroup Global Markets, Inc. |
| **BPS** | BNP Paribas S.A. | **GLM** | Goldman Sachs Bank USA | **SCX** | Standard Chartered Bank, London |
| **CBK** | Citibank N.A. | **JPM** | JP Morgan Chase Bank N.A. |  |  |
|  **Currency Abbreviations:** | **Currency Abbreviations:** | **Currency Abbreviations:** | **Currency Abbreviations:** | **Currency Abbreviations:** | **Currency Abbreviations:** |
| **AUD** | Australian Dollar | **GBP** | British Pound | **MXN** | Mexican Peso |
| **CAD** | Canadian Dollar | **ILS** | Israeli Shekel | **USD (or $)** | United States Dollar |
| **EUR** | Euro |  |  |  |  |
|  **Exchange Abbreviations:** | **Exchange Abbreviations:** | **Exchange Abbreviations:** | **Exchange Abbreviations:** | **Exchange Abbreviations:** | **Exchange Abbreviations:** |
| **OTC** | Over the Counter |  |  |  |  |
|  **Index/Spread Abbreviations:** | **Index/Spread Abbreviations:** | **Index/Spread Abbreviations:** | **Index/Spread Abbreviations:** | **Index/Spread Abbreviations:** | **Index/Spread Abbreviations:** |
| **BBSW3M** | 3 Month Bank Bill Swap Rate | **SOFRINDX** | Secured Overnight Financing Rate Index | **SONIO** | Sterling Overnight Interbank Average Rate |
| **CDX.IG** | Credit Derivatives Index - Investment Grade | **SOFR** | Secured Overnight Financing Rate | **US0003M** | ICE 3-Month USD LIBOR |
| **LIBOR03M** | 3 Month USD-LIBOR |  |  |  |  |
|  **Municipal Bond or Agency Abbreviations:** | **Municipal Bond or Agency Abbreviations:** | **Municipal Bond or Agency Abbreviations:** | **Municipal Bond or Agency Abbreviations:** | **Municipal Bond or Agency Abbreviations:** | **Municipal Bond or Agency Abbreviations:** |
| **NPFGC** | National Public Finance Guarantee Corp. |  |  |  |  |
|  **Other Abbreviations:** | **Other Abbreviations:** | **Other Abbreviations:** | **Other Abbreviations:** | **Other Abbreviations:** | **Other Abbreviations:** |
| **ABS** | Asset-Backed Security | **DAC** | Designated Activity Company | **REMIC** | Real Estate Mortgage Investment Conduit |
| **ALT** | Alternate Loan Trust | **LIBOR** | London Interbank Offered Rate | **TBA** | To-Be-Announced  |
| **CLO** | Collateralized Loan Obligation |  |  |  |  |

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **45** |

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| | |
|:---|:---|
| **Federal Income Tax Information** | (Unaudited) |

---

As required by the Internal Revenue Code ("Code") and Treasury Regulations, if applicable, shareholders must be notified within 60 days of the Portfolio's fiscal year end regarding the status of qualified dividend income and the dividend received deduction.

Dividend Received Deduction. Corporate shareholders are generally entitled to take the dividend received deduction on the portion of the Portfolio's dividend distribution that qualifies under tax law. The percentage of the following Portfolio's fiscal 2022 ordinary income dividend that qualifies for the corporate dividend received deduction is set forth below.

Qualified Dividend Income. Under the Jobs and Growth Tax Relief Reconciliation Act of 2003, the following percentage of ordinary dividends paid during the fiscal year ended December 31, 2022 was designated as ''qualified dividend income'' as defined in the Jobs and Growth Tax Relief Reconciliation Act of 2003 subject to reduced tax rates in 2022.

Qualified Interest Income and Qualified Short-Term Capital Gain (for non-U.S. resident shareholders only). Under the American Jobs Creation Act of 2004, the following amounts of ordinary dividends paid during the fiscal year ended December 31, 2022 are considered to be derived from "qualified interest income," as defined in Section 871(k)(1)(E) of the Code, and therefore are designated as interest-related dividends, as defined in Section 871(k)(1)(C) of the Code. Further, the following amounts of ordinary dividends paid during the fiscal year ended December 31, 2022 are considered to be derived from "qualified short-term capital gain," as defined in Section 871(k)(2)(D) of the Code, and therefore are designated as qualified short-term gain dividends, as defined by Section 871(k)(2)(C) of the Code.

Section 163(j) Interest Dividends. The Portfolio intends to pass through the maximum amount allowable as Section 163(j) Interest defined in Proposed Treasury Section 1.163(j)-1(b). The 163(j) percentage of ordinary income distributions are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Dividend<br>Received<br>Deduction%** | **Qualified<br>Dividend<br>Income%** | **Qualified<br>Interest<br>Income<br>(000s<sup>†</sup>)** | **Qualified<br>Short-Term<br>Capital Gains<br>(000s<sup>†</sup>)** | **163(j)<br>Interest<br>Dividends<br>(000s<sup>†</sup>)** |
|  PIMCO Short-Term Portfolio | 0% | 0% | $&nbsp;&nbsp;&nbsp;&nbsp;9278 | $&nbsp;&nbsp;&nbsp;&nbsp;140 | $&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

Shareholders are advised to consult their own tax advisor with respect to the tax consequences of their investment in the Trust. In January 2023, you will be advised on IRS Form 1099-DIV as to the federal tax status of the dividends and distributions received by you in calendar year 2022.

Section 199A Dividends. Non-corporate portfolio shareholders of the Portfolio below meeting certain holding period requirements may be able to deduct up to 20 percent of qualified REIT dividends passed through and reported to the shareholders by the Portfolio as IRC section 199A dividends. The IRC section 199A percentage of ordinary dividends are as follows:

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| | |
|:---|:---|
|  | **199A Dividends** |
|  PIMCO Short-Term Portfolio | 0% |

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| | |
|:---|:---|
| **46** | **PIMCO VARIABLE INSURANCE TRUST** |

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##### [**Table of Contents**](#toc)

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| | |
|:---|:---|
| **Management of the Trust** | (Unaudited) |

---

The charts below identify the Trustees and executive officers of the Trust. Unless otherwise indicated, the address of all persons below is 650 Newport Center Drive, Newport Beach, CA 92660.

The Portfolio's Statement of Additional Information includes more information about the Trustees and Officers. To request a free copy, call PIMCO at (888) 87-PIMCO or visit the Portfolio's website at www.pimco.com/pvit.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Year of Birth and<br>Position Held with Trust\*** | **Term of**<br> **Office and**<br> **Length of**<br> **Time Served<sup>†</sup>** | **Principal Occupation(s) During Past 5 Years** | **Number of Funds**<br> **in Fund Complex**<br> **Overseen by Trustee** | **Other Public Company and Investment<br>Company Directorships Held by Trustee**<br> **During the Past 5 Years** |
| **Interested Trustees<sup>1</sup>** |  |  |  |  |
| **Peter G. Strelow (1970)**<br> *Chairman of the Board and Trustee* | 05/2017 to present<br>Chairman of the Board - 02/2019 to present | Managing Director and Co-Chief Operating Officer, PIMCO. Senior Vice President of the Trust, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. Formerly, Chief Administrative Officer, PIMCO. | 158 | Chairman and Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT. |
| **Kimberley G. Stafford (1978)**<br> *Trustee* | 02/2021 to present | Managing Director, Global Head of Product Strategy, PIMCO; and Member of Executive Committee, PIMCO. Formerly, Head of Asia-Pacific, Global Head of Consultant Relations and Head of US Institutional and Alternatives Sales, PIMCO. | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT. |
| **Independent Trustees** |  |  |  |  |
| **George E. Borst (1948)**<br> *Trustee* | 04/2015 to present | Executive Advisor, McKinsey & Company (since 10/14); Formerly, Executive Advisor, Toyota Financial Services (10/13-12/14); and CEO, Toyota Financial Services (1/01-9/13). | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT; Director, MarineMax Inc. |
| **Jennifer Holden Dunbar (1963)**<br> *Trustee* | 04/2015 to present | Formerly, Managing Director, Dunbar Partners, LLC (business consulting and investments) (05/05-05/21); and Partner, Leonard Green & Partners, L.P. | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT; Director, PS Business Parks; Director, Big 5 Sporting Goods Corporation. |
| **Kym M. Hubbard (1957)**<br> *Trustee* | 02/2017 to present | Formerly, Global Head of Investments, Chief Investment Officer and Treasurer, Ernst & Young. | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT; Director, State Auto Financial Corporation. |
| **Gary F. Kennedy (1955)**<br> *Trustee* | 04/2015 to present | Formerly, Senior Vice President, General Counsel and Chief Compliance Officer, American Airlines and AMR Corporation (now American Airlines Group) (1/03-1/14). | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |
| **Peter B. McCarthy (1950)**<br> *Trustee* | 04/2015 to present | Formerly, Assistant Secretary and Chief Financial Officer, United States Department of Treasury; Deputy Managing Director, Institute of International Finance. | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |
| **Ronald C. Parker (1951)**<br> *Lead Independent Trustee* | 07/2009 to present<br>Lead Independent Trustee - 02/2017 to present | Director of Roseburg Forest Products Company. Formerly, Chairman of the Board, The Ford Family Foundation; and President, Chief Executive Officer, Hampton Affiliates (forestry products). | 158 | Lead Independent Trustee, PIMCO Funds and PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |

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\* Unless otherwise noted, the information for the individuals listed is as of December 31, 2022.

<sup>1</sup> Ms. Stafford and Mr. Strelow are "interested persons" of the Trust (as that term is defined in the 1940 Act) because of their affiliations with PIMCO.

<sup>†</sup> Trustees serve until their successors are duly elected and qualified.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **47** |

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| | | |
|:---|:---|:---|
| **Management of the Trust** | **(Cont.)** | (Unaudited) |

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**Executive Officers** 

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| | | |
|:---|:---|:---|
| **Name, Year of Birth<br>and Position Held with Trust\*** | **Term of Office and<br>Length of Time Served** | **Principal Occupation(s) During Past 5 Years<sup>†</sup>** |
| **Eric D. Johnson (1970)**<br> *President* | 06/2019 to present | Executive Vice President and Head of Funds Business Group Americas, PIMCO. President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| **Ryan G. Leshaw (1980)**<br> *Chief Legal Officer and Secretary* | 08/2021 to present | Executive Vice President and Senior Counsel, PIMCO. Chief Legal Officer and Secretary, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Chief Legal Officer, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. Formerly, Associate, Willkie Farr & Gallagher LLP. |
| **Keisha Audain-Pressley (1975)\*\***<br> *Chief Compliance Officer* | 01/2020 to present | Executive Vice President and Deputy Chief Compliance Officer, PIMCO. Chief Compliance Officer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Joshua D. Ratner (1976)\*\***<br> *Senior Vice President* | 05/2019 to present | Executive Vice President and Head of Americas Operations, PIMCO. Senior Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| **Peter G. Strelow (1970)**<br> *Senior Vice President* | 06/2019 to present | Managing Director and Co-Chief Operating Officer, PIMCO. Senior Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. Formerly, Chief Administrative Officer, PIMCO. |
| **Wu-Kwan Kit (1981)**<br> *Assistant Secretary* | 08/2017 to present | Senior Vice President and Senior Counsel, PIMCO. Assistant Secretary, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Vice President, Senior Counsel and Secretary, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. Formerly, Assistant General Counsel, VanEck Associates Corp. |
| **Douglas B. Burrill (1980)\*\***<br> *Vice President* | 08/2022 to present | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Elizabeth A. Duggan (1964)**<br> *Vice President* | 02/2021 to present | Executive Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Jason R. Duran (1977)**<br> *Vice President* | 02/2023 to present | Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |
| **Mark A. Jelic (1981)**<br> *Vice President* | 08/2021 to present | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Kenneth W. Lee (1972)**<br> *Vice President* | 08/2022 to present | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Brian J. Pittluck (1977)**<br> *Vice President* | 01/2020 to present | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Keith A. Werber (1973)**<br> *Vice President* | 05/2022 to present | Executive Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Bijal Y. Parikh (1978)**<br> *Treasurer* | 01/2021 to present | Executive Vice President, PIMCO. Treasurer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| **Erik C. Brown (1967)\*\*\***<br> *Assistant Treasurer* | 02/2001 to present | Executive Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Brandon T. Evans (1982)**<br> *Assistant Treasurer* | 05/2019 to present | Senior Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Deputy Treasurer, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| **Maria M. Golota (1983)\*\***<br> *Assistant Treasurer* | 02/2023 to present | Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |

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\* Unless otherwise noted, the information for the individuals listed is as of February 8, 2023.

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| <sup>†</sup> | The term "PIMCO-Sponsored Closed-End Funds" as used herein includes: PIMCO Access Income Fund, PIMCO California Municipal Income Fund, PIMCO California Municipal Income Fund II, PIMCO California Municipal Income Fund III, PIMCO Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO Municipal Income Fund III, PIMCO New York Municipal Income Fund, PIMCO New York Municipal Income Fund II, PIMCO New York Municipal Income Fund III, PCM Fund Inc., PIMCO Corporate & Income Opportunity Fund, PIMCO Corporate & Income Strategy Fund, PIMCO Dynamic Income Fund, PIMCO Dynamic Income Opportunities Fund, PIMCO Energy and Tactical Credit Opportunities Fund, PIMCO Global StocksPLUS<sup>®</sup> & Income Fund, PIMCO High Income Fund, PIMCO Income Strategy Fund, PIMCO Income Strategy Fund II and PIMCO Strategic Income Fund, Inc.; the term "PIMCO-Sponsored Interval Funds" as used herein includes: PIMCO Flexible Credit Income Fund, PIMCO Flexible Municipal Income Fund, PIMCO California Flexible Municipal Income Fund and PIMCO Flexible Emerging Markets Income Fund.  |

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\*\* The address of these officers is Pacific Investment Management Company LLC, 1633 Broadway, New York, New York 10019.

\*\*\* The address of these officers is Pacific Investment Management Company LLC, 401 Congress Ave., Austin, Texas 78701.

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| **48** | **PIMCO VARIABLE INSURANCE TRUST** |

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| **Privacy Policy<sup>1</sup>** | (Unaudited) |

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The Trust<sup>2,3</sup> consider customer privacy to be a fundamental aspect of their relationships with shareholders and are committed to maintaining the confidentiality, integrity and security of their current, prospective and former shareholders' non-public personal information. The Trust has developed policies that are designed to protect this confidentiality, while allowing shareholder needs to be served.

OBTAINING NON-PUBLIC PERSONAL INFORMATION

In the course of providing shareholders with products and services, the Trust and certain service providers to the Trust, such as the Trust's investment advisers or sub-advisers ("Advisers"), may obtain non-public personal information about shareholders, which may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder's brokerage or financial advisory firm, financial professional or consultant, and/or from information captured on applicable websites.

RESPECTING YOUR PRIVACY

As a matter of policy, the Trust does not disclose any non-public personal information provided by shareholders or gathered by the Trust to non-affiliated third parties, except as required or permitted by law or as necessary for such third parties to perform their agreements with respect to the Trust. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, conducting research on shareholder satisfaction and gathering shareholder proxies. The Trust or its affiliates may also retain non-affiliated companies to market Trust's shares or products which use Trust's shares and enter into joint marketing arrangements with them and other companies. These companies may have access to a shareholder's personal and account information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. In most cases, the shareholders will be clients of a third party, but the Trust may also provide a shareholder's personal and account information to the shareholder's respective brokerage or financial advisory firm and/or financial professional or consultant.

SHARING INFORMATION WITH THIRD PARTIES

The Trust reserves the right to disclose or report personal or account information to non-affiliated third parties in limited circumstances where the Trust believes in good faith that disclosure is required under law, to cooperate with regulators or law enforcement authorities, to protect their rights or property, or upon reasonable request by any fund in which a shareholder has invested. In addition, the Trust may disclose information about a shareholder or a shareholder's accounts

to a non-affiliated third party at the shareholder's request or with the consent of the shareholder.

SHARING INFORMATION WITH AFFILIATES

The Trust may share shareholder information with their affiliates in connection with servicing shareholders' accounts, and subject to applicable law may provide shareholders with information about products and services that the Trust or its Advisers, distributors or their affiliates ("Service Affiliates") believe may be of interest to such shareholders. The information that the Trust may share may include, for example, a shareholder's participation in the Trust or in other investment programs sponsored by a Service Affiliate, a shareholder's ownership of certain types of accounts (such as IRAs), information about the Trust's experiences or transactions with a shareholder, information captured on applicable websites, or other data about a shareholder's accounts, subject to applicable law. The Trust's Service Affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

PROCEDURES TO SAFEGUARD PRIVATE INFORMATION

The Trust takes seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, the Trust has implemented procedures that are designed to restrict access to a shareholder's non-public personal information to internal personnel who need to know that information to perform their jobs, such as servicing shareholder accounts or notifying shareholders of new products or services. Physical, electronic and procedural safeguards are in place to guard a shareholder's non-public personal information.

INFORMATION COLLECTED FROM WEBSITES

The Trust or its service providers and partners may collect information from shareholders via websites they maintain. The information collected via websites maintained by the Trust or their service providers includes client non-public personal information.

CHANGES TO THE PRIVACY POLICY

From time to time, the Trust may update or revise this privacy policy. If there are changes to the terms of this privacy policy, documents containing the revised policy on the relevant website will be updated.

<sup>1</sup> Amended as of June 25, 2020.

<sup>2</sup> PIMCO Investments LLC ("PI") serves as the Trust's distributor and does not provide brokerage services or any financial advice to investors in the Trust solely because it distributes the Trust. This Privacy Policy applies to the activities of PI to the extent that PI regularly effects or engages in transactions with or for a shareholder of a series of a Trust who is the record owner of such shares. For purposes of this Privacy Policy, references to "the Trust" shall include PI when acting in this capacity.

<sup>3</sup> When distributing this Policy, the Trust may combine the distribution with any similar distribution of its investment adviser's privacy policy. The distributed, combined, policy may be written in the first person (*i.e.* by using "we" instead of "the Trust").

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **49** |

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**Approval of Investment Advisory Contract and Other Agreements**

Approval of Renewal of Investment Advisory Contract and Other Agreements

At a meeting held on August 23-24, 2022, the Board of Trustees (the "Board") of PIMCO Variable Insurance Trust (the "Trust"), including the Trustees who are not "interested persons" of the Trust under the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered and unanimously approved the renewal of the Amended and Restated Investment Advisory Contract (the "Investment Advisory Contract") between the Trust, on behalf of the Trust's series (each, a "Portfolio" and collectively, the "Portfolios"), and Pacific Investment Management Company LLC ("PIMCO"), for an additional one-year term through August 31, 2023. The Board also considered and unanimously approved the renewal of the Amended and Restated Supervision and Administration Agreement (the "Supervision and Administration Agreement") between the Trust, on behalf of the Portfolios, and PIMCO for an additional one-year term through August 31, 2023. In addition, the Board considered and unanimously approved the renewal of the Amended and Restated Asset Allocation Sub-Advisory Agreement (the "Asset Allocation Agreement" and, together with the Investment Advisory Contract and the Supervision and Administration Agreement, the "Agreements") between PIMCO, on behalf of PIMCO All Asset Portfolio, a series of the Trust, and Research Affiliates, LLC ("Research Affiliates") for an additional one-year term through August 31, 2023. In addition, the Board considered and unanimously approved the renewal of the investment management agreements between PIMCO and each of the wholly-owned subsidiaries (each, a "Subsidiary" and, collectively, the "Subsidiaries") of certain of the Portfolios (collectively, the "Subsidiary Agreements"), each for the same additional one-year term through August 31, 2023.

The information, material factors and conclusions that formed the basis for the Board's approvals are summarized below.

1. INFORMATION RECEIVED

(a) Materials Reviewed: During the course of the past year, the Trustees received a wide variety of materials relating to the services provided by PIMCO and Research Affiliates to the Trust. At each of its quarterly meetings, the Board reviewed the Portfolios' investment performance and a significant amount of information relating to Portfolio operations, including shareholder services, valuation and custody, the Portfolios' compliance program and other information relating to the nature, extent and quality of services provided by PIMCO and Research Affiliates to the Trust and each of the Portfolios, as applicable. In considering whether to approve the renewal of the Agreements and the Subsidiary Agreements, the Board reviewed additional information, including, but not limited to: comparative industry data with regard to investment performance; advisory and supervisory and administrative fees and expenses; financial

information for PIMCO and, where relevant, financial information for Research Affiliates; information regarding the profitability to PIMCO of its relationship with the Portfolios; information about the personnel providing investment management services, other advisory services and supervisory and administrative services to the Portfolios; and information about the fees charged and services provided to other clients with similar investment mandates as the Portfolios, where applicable. In addition, the Board reviewed materials provided by counsel to the Trust and the Independent Trustees ("Counsel"), which included, among other things, a memorandum outlining legal duties of the Board in considering the renewal of the Agreements and Subsidiary Agreements.

With respect to the Subsidiary Agreements, the Trustees considered that each Portfolio that has a Subsidiary may utilize its Subsidiary to execute its investment strategy and that PIMCO provides investment advisory and administrative services to the Subsidiaries pursuant to the Subsidiary Agreements in the same manner as it does for such Portfolios that have Subsidiaries under the Investment Advisory Contract and Supervision and Administration Agreement. The Trustees also considered that, with respect to each Subsidiary, PIMCO does not retain a separate advisory or other fee from the Subsidiary, and that PIMCO's profitability with respect to each Portfolio that has a Subsidiary is not positively impacted as a result of the Subsidiary Agreements. The Trustees determined, therefore, that it was appropriate to consider the approval of the Subsidiary Agreements collectively with their consideration of the continuation of the Agreements.

(b) Review Process: In connection with considering the renewal of the Agreements, the Board reviewed written materials prepared by PIMCO and, where applicable, Research Affiliates in response to requests from Counsel encompassing a wide variety of topics. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from Counsel, and reviewed comparative fee and performance data prepared at the Board's request by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company performance information and fee and expense data. The Board received presentations on matters related to the Agreements and met both as a full Board and in a separate session of the Independent Trustees, without management present, at the August 23-24, 2022 meeting. The Independent Trustees also met via video conference with Counsel on July 14, 2022, and conducted a video conference meeting on August 10, 2022 with management and Counsel to discuss the materials presented and other matters deemed relevant to their consideration of the renewal of the Agreements. In connection with its review of the Agreements, the Board received comparative information on the performance, the risk-adjusted performance and the fees and expenses of other peer group funds and share classes. The Independent Trustees also requested and received supplemental information, including information regarding Broadridge

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peer classifications, the investment strategies and outflows for certain Portfolios, Portfolio performance and profitability.

The approval determinations were made on the basis of each Trustee's business judgment after consideration and evaluation of all the information presented. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. In deciding to approve the renewal of the Agreements, the Board did not identify any single factor or particular information that, in isolation, was controlling. The discussion below is intended to summarize the broad factors and information that figured prominently in the Board's consideration of the renewal of the Agreements, but is not intended to summarize all of the factors considered by the Board.

2. NATURE, EXTENT AND QUALITY OF SERVICES

(a) PIMCO, Research Affiliates, their Personnel and Resources: The Board considered the depth and quality of PIMCO's investment management process, including, but not limited to: the experience, capability and integrity of its senior management and other personnel; the overall financial strength and stability of its organization; and the ability of its organizational structure to address changes in the Portfolios' asset levels. The Board also considered the various services in addition to portfolio management that PIMCO provides under the Investment Advisory Contract. The Board noted that PIMCO makes available to its investment professionals a variety of resources and systems relating to investment management, compliance, trading, performance and portfolio accounting. The Board also noted PIMCO's commitment to enhancing and investing in its global infrastructure, technology capabilities, risk management processes and the specialized talent needed to stay at the forefront of the competitive investment management industry and to strengthen its ability to deliver services under the Agreements. The Board considered PIMCO's policies, procedures and systems reasonably designed to assure compliance with applicable laws and regulations, including new regulations impacting the Portfolios, and its commitment to further developing and strengthening these programs; its oversight of matters that may involve conflicts of interest between the Portfolios' investments and those of other accounts managed by PIMCO; and its efforts to keep the Trustees informed about matters relevant to the Portfolios and their shareholders. The Board also considered PIMCO's investment in new disciplines and talented personnel, which has enhanced PIMCO's services to the Portfolios and has allowed PIMCO to introduce innovative new portfolios over time. In addition, the Board considered the nature, extent and quality of services provided by PIMCO to the Subsidiaries of certain applicable Portfolios.

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented, including the ongoing

development of its own proprietary software and applications to support the Portfolios. Similarly, the Board considered the asset allocation services provided by Research Affiliates to the PIMCO All Asset Portfolio. The Board further considered PIMCO's oversight of Research Affiliates in connection with Research Affiliates providing asset allocation services to the All Asset Portfolio. The Board also considered the depth and quality of Research Affiliates' investment management and research capabilities, the experience and capabilities of its portfolio management personnel and the overall financial strength of the organization. Ultimately, the Board concluded that the nature, extent and quality of services provided or procured by PIMCO under the Agreements and the Subsidiary Agreements and provided by Research Affiliates under the Asset Allocation Agreement are likely to continue to benefit the Portfolios and their shareholders, as applicable.

(b) Other Services: The Board also considered the nature, extent and quality of supervisory and administrative services provided by PIMCO to the Portfolios under the Supervision and Administration Agreement.

The Board considered the terms of the Supervision and Administration Agreement, under which the Trust pays for the supervisory and administrative services provided pursuant to that agreement under what is essentially an all-in fee structure (the "unified fee"). In return, PIMCO provides or procures certain supervisory and administrative services and bears the costs of various third party services required by the Portfolios, including, but not limited to, audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board also noted that the scope and complexity, as well as the costs, of the supervisory and administrative services provided by PIMCO under the Supervision and Administration Agreement continue to increase. The Board considered PIMCO's provision of supervisory and administrative services and its supervision of the Trust's third party service providers to assure that these service providers continue to provide a high level of service relative to alternatives available in the market.

Ultimately, the Board concluded that the nature, extent and quality of the services provided or procured by PIMCO has benefited, and will likely continue to benefit, the Portfolios and their shareholders.

3. INVESTMENT PERFORMANCE

The Board reviewed information from PIMCO concerning the Portfolios' performance, as available, over short- and long-term periods ended March 31, 2022 and other performance data, as available, over short- and long-term periods ended June 30, 2022 (the "PIMCO Report") and from Broadridge concerning the Portfolios' performance, as available, over short- and long-term periods ended March 31, 2022 (the "Broadridge Report"). The Board also noted that while historically the Broadridge Report included peer classifications from only Lipper, as

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| **Approval of Investment Advisory Contract and Other Agreements** | **(Cont.)** |

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part of this approval process the Broadridge Report incorporated peer classifications from Morningstar for the Portfolios for which it was believed that Morningstar provided a materially improved comparison.

The Board considered information regarding both the short- and long-term relative and absolute investment performance of each Portfolio relative to its Portfolio peer group, where appropriate, and relevant benchmark index as provided to the Board in advance of each of its quarterly meetings throughout the year, including the PIMCO Report and Broadridge Report. The Trustees reviewed information indicating that classes of each Portfolio would have substantially similar performance to that of the Administrative Class of the relevant Portfolio on a relative basis because all of the classes are invested in the same portfolio of investments and that differences in performance among classes could principally be attributed to differences in the supervisory and administrative fees and distribution and/or servicing expenses of each class. The Board noted that, due to differences (such as specific investment strategies or fee structures) between certain of the Portfolios and their so-called peers in the Broadridge categories, performance comparisons may not be particularly relevant to the consideration of Portfolio performance, but found the comparative information supported its overall evaluation.

The Trustees noted that a majority of the Portfolios (based on the Administrative Class performance) have outperformed their respective benchmark indexes over the three-, five-, and ten-year periods ended March 31, 2022, and that a majority of the Portfolios (based on the Administrative Class performance) have outperformed their benchmarks since inception for the period ended March 31, 2022. The Board also discussed actions that have been taken by PIMCO to attempt to improve performance and took note of PIMCO's plans to monitor performance going forward.

The Board ultimately concluded, within the context of all of its considerations in connection with the Agreements and the Subsidiary Agreements, that PIMCO's performance record and process in managing the Portfolios indicates that its continued management is likely to benefit the Portfolios and their shareholders and merits the approval of the renewal of the Agreements and the Subsidiary Agreements.

4. ADVISORY FEES, SUPERVISORY AND ADMINISTRATIVE FEES AND TOTAL EXPENSES

The Board considered that PIMCO seeks to price new funds to scale at the outset. The Board noted that PIMCO generally seeks to price new funds competitively against the median total expense ratio of the respective Broadridge peer group, if available, while acknowledging that a fee premium may be appropriate for innovative investment offerings. PIMCO reported to the Board that, in proposing fees for any Portfolio or class of shares, it considers a number of factors, including,

but not limited to, the type and complexity of the services provided, the cost of providing services, the risk assumed by PIMCO in the development of products and the provision of services and the competitive marketplace for financial products. Fees charged to or proposed for different Portfolios for advisory services and supervisory and administrative services may vary in light of these various factors.

The Board reviewed the advisory fees, supervisory and administrative fees and total expenses of the Portfolios (each as a percentage of average net assets) and compared such amounts with the average and median fee and expense levels of other similar funds. The Board also reviewed information relating to the sub-advisory fees paid to Research Affiliates with respect to applicable Portfolios, taking into account that PIMCO compensates Research Affiliates from the advisory fees paid by such Portfolios to PIMCO. With respect to advisory fees, the Board reviewed data from the Broadridge Report that compared the average and median advisory fees of other funds in a "Peer Group" of comparable funds, where appropriate, as well as the universe of other similar funds. The Board reviewed materials indicating that, a number of Portfolios have total expense ratios that fall below the average and median expense ratios in their Peer Group and Broadridge universe. In addition, the Board considered the expense limitation agreement in place for all of the Portfolios and fee waivers in place for certain of the Portfolios and also noted the fee waivers in place with respect to the advisory fee and supervisory and administrative fee that might result from investments by applicable Portfolios in their respective Subsidiaries. The Board also considered that PIMCO reviews the Portfolios' fee levels and carefully considers changes where appropriate.

The Board also reviewed data comparing the Portfolios' advisory fees to the fee rates PIMCO charged to registered funds (open-end and closed-end), private funds, and non-U.S. registered funds, separate accounts, sub-advised clients and collective investment trusts with similar investment strategies. In cases where the fees for other clients were lower than those charged to the Portfolios, the Trustees noted that the differences in fees were attributable to various factors, including, but not limited to, differences in the advisory and other services provided by PIMCO to the Portfolios, differences in the number or extent of the services provided by PIMCO to the Portfolios, the manner in which similar portfolios may be managed, different requirements with respect to liquidity management and the implementation of other regulatory requirements, and the fact that separate accounts may have other contractual arrangements or arrangements across PIMCO strategies that justify different levels of fees. The Board considered that, with respect to collective investment trusts, PIMCO performs fewer or less extensive services because collective investment trusts are generally exempt from SEC regulation; investors in a collective investment trust may receive shareholder services from a trustee bank, rather than PIMCO; collective investment

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trusts have less regulatory disclosure; and the management structure of collective investment trusts differs from that of funds. The Trustees also considered that PIMCO faces increased entrepreneurial, legal and regulatory risk in sponsoring and managing mutual funds and ETFs as compared to separate accounts, external sub-advised funds or other investment products. In addition, the Trustees considered that PIMCO may charge certain private funds with similar investment mandates lower fees than the Portfolios because such private funds are not required to accept daily redemptions or price their assets on a daily basis, generally do not accept small investors with small account balances and operate under a less complex regulatory regime.

Regarding advisory fees charged by PIMCO in its capacity as sub-adviser to third party/unaffiliated funds, the Trustees took into account that such fees may be lower than the fees charged by PIMCO to serve as adviser to the Portfolios. The Trustees also took into account that there are various reasons for any such differences in fees, including, but not limited to, the fact that PIMCO may be subject to varying levels of entrepreneurial, legal and regulatory risk and different servicing requirements when PIMCO does not serve as the sponsor of a fund and is not principally responsible for all aspects of a fund's investment program and operations as compared to when PIMCO serves as investment adviser and sponsor.

The Board considered the Portfolios' supervisory and administrative fees, comparing them to similar funds managed by other investment advisers in the Broadridge Report. The Board also considered that, as the Portfolios' business has become increasingly complex and the number of Portfolios has grown over time, PIMCO has provided an increasingly broad array of fund supervisory and administrative functions. In addition, the Board considered the Trust's unified fee structure, under which the Trust pays for the supervisory and administrative services it requires for one set fee. In return for this unified fee, PIMCO provides or procures supervisory and administrative services and bears the costs of various third party services required by the Portfolios, including audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board further considered that many other funds pay for comparable services separately, and thus it is difficult to directly compare the Trust's unified supervisory and administrative fees with the fees paid by other funds for administrative services alone. The Board also considered that the unified supervisory and administrative fee leads to Portfolio fees that are fixed over the contract period, rather than variable. The Board noted that, although the unified fee structure does not have breakpoints, it inherently reflects certain economies of scale by fixing the absolute level of Portfolio fees at competitive levels over the contract period even if the Portfolios' operating costs rise when assets remain flat or decrease. Other factors the Board considered in assessing the unified fee include PIMCO's approach of pricing Portfolios at scale at inception and reinvesting in other important areas of the business that support the

Portfolios. The Board considered historical advisory and supervisory and administrative fee reductions implemented for different Portfolios and classes, noting that the unified fee can be increased or decreased in subsequent contractual periods with Board approval and is subject to the periodic reviews discussed above. The Board noted that, with few exceptions, PIMCO has generally maintained Portfolio fees at the same level as implemented when the unified fee was adopted, and has reduced fees for a number of Portfolios in prior years. The Board concluded that the Portfolios' supervisory and administrative fees were reasonable in relation to the value of the services provided, including the services provided to different classes of shareholders, and that the expenses assumed contractually by PIMCO under the Supervision and Administration Agreement represent, in effect, a cap on overall Portfolio fees during the contractual period, which is beneficial to the Portfolios and their shareholders.

The Board considered the Portfolios' total expenses and discussed with PIMCO certain Portfolios and/or classes of Portfolios that had above median total expenses. Upon comparing the Portfolios' total expenses to other funds in the "Peer Groups" provided by the Broadridge Report, where appropriate, the Board found total expenses of each Portfolio to be reasonable.

The Trustees also considered the advisory fees charged to the Portfolios that operate as funds of funds (the "Funds of Funds") and the advisory services provided in exchange for such fees. The Trustees determined that such services were in addition to the advisory services provided to the underlying funds in which the Funds of Funds may invest and, therefore, such services were not duplicative of the advisory services provided to the underlying funds. The Board also considered the various fee waiver agreements in place for the Funds of Funds. The Board noted that PIMCO is continuing waivers for these Funds of Funds, as well as for certain other Portfolios of the Trust.

Based on the information presented by PIMCO and Research Affiliates, members of the Board determined, in the exercise of their business judgment, that the level of the advisory fees and supervisory and administrative fees charged by PIMCO under the Agreements and the Subsidiary Agreements, that the fees charged by Research Affiliates under the Asset Allocation Agreement, and that the total expenses of each Portfolio, are reasonable.

5. ADVISER COSTS, LEVEL OF PROFITS AND ECONOMIES OF SCALE

The Board reviewed information regarding PIMCO's costs of providing services to, as well as the resulting level of profits from, the Portfolios. To the extent applicable, the Board also reviewed information regarding the portion of a Portfolio's advisory fee retained by PIMCO, following the payment of sub-advisory fees to Research Affiliates, with respect to the Portfolios. Additionally, the Board discussed PIMCO's

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **53** |

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| **Approval of Investment Advisory Contract and Other Agreements** | **(Cont.)** | (Unaudited) |

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pre- and post-distribution profit margin ranges with respect to the Portfolios, as compared to the prior year. The Board also noted that it had received information regarding the structure and manner in which PIMCO's investment professionals were compensated, and PIMCO's view of the relationship of such compensation to the recruitment and retention of quality personnel. The Board considered PIMCO's investment in global infrastructure, technology capabilities, risk management processes and qualified personnel to reinforce existing services, offer new services, and accommodate changing regulatory requirements.

The Board considered the existence of any economies of scale and noted that, to the extent that PIMCO achieves economies of scale in managing the Portfolios, PIMCO shares the benefits of such economies of scale, if any, with the Portfolios and their shareholders in a number of ways, including investing in portfolio and trade operations management, firm technology, middle and back office support, legal and compliance, and fund administration logistics; senior management supervision, governance and oversight of those services; and through fee reductions or waivers, the pricing of Portfolios to scale from inception and the enhancement of services provided to the Portfolios in return for fees paid. The Board reviewed the history of the Portfolios' fee structure. The Board considered that the Portfolios' unified fee rates had been set competitively and/or priced to scale from inception, had been held steady during the contractual period at that scaled competitive rate for most Portfolios as assets grew, or as assets declined in the case of some Portfolios, and continued to be competitive compared with peers. The Board also considered that the unified fee is a transparent means of informing a Portfolio's shareholders of the fees associated with the Portfolio, and that the Portfolio bears certain expenses that are not covered by the advisory fee or the unified fee. The Board further considered the challenges that arise when managing large funds, which can result in certain "diseconomies" of scale and noted that PIMCO has continued to reinvest in many areas of the business to support the Portfolios.

The Trustees considered that the unified fee has provided inherent economies of scale because a Portfolio maintains competitive fixed fees over the annual contract period even if the particular Portfolio's assets decline and/or operating costs rise. The Trustees further considered that, in contrast, breakpoints may be a proxy for charging higher fees on lower asset levels and that when a fund's assets decline, breakpoints may reverse, which causes expense ratios to increase. The Trustees also considered that, unlike the Portfolios' unified fee structure, funds with "pass through" administrative fee structures may experience increased expense ratios when fixed dollar fees are charged against declining fund assets. In addition, the Trustees considered that the unified fee protects shareholders from a rise in operating costs that may result from, among other things, PIMCO's investments in various business enhancements and infrastructure, including those referenced above. The Trustees noted that PIMCO's investments in these areas are extensive.

The Board concluded that the Portfolios' cost structures were reasonable and that PIMCO is appropriately sharing economies of scale, if any, through the Portfolios' unified fee structure, generally pricing Portfolios to scale at inception and reinvesting in its business to provide enhanced and expanded services to the Portfolios and their shareholders.

6. ANCILLARY BENEFITS

The Board considered other benefits realized by PIMCO and its affiliates as a result of PIMCO's relationship with the Trust. Such benefits may include possible ancillary benefits to PIMCO's institutional investment management business due to the reputation and market penetration of the Trust or third party service providers' relationship-level fee concessions, which decrease fees paid by PIMCO. The Board also considered that affiliates of PIMCO provide distribution and/or shareholder services to the Portfolios and their shareholders, for which they may be compensated through distribution and servicing fees paid pursuant to the Portfolios' Rule 12b-1 plans or otherwise. The Board noted that, while PIMCO has the authority to receive the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the Portfolios, it has adopted a policy not to enter into contractual soft dollar arrangements.

7. CONCLUSIONS

Based on their review, including their comprehensive consideration and evaluation of each of the broad factors and information summarized above, the Independent Trustees and the Board as a whole concluded that the nature, extent and quality of the services rendered to the Portfolios by PIMCO and Research Affiliates supported the renewal of the Agreements and the Subsidiary Agreements. The Independent Trustees and the Board as a whole concluded that the Agreements and the Subsidiary Agreements continued to be fair and reasonable to the Portfolios and their shareholders, that the Portfolios' shareholders received reasonable value in return for the fees paid to PIMCO by the Portfolios under the Investment Advisory Contract, Supervision and Administration Agreement and the Subsidiary Agreements and the fees paid to Research Affiliates by PIMCO under the Asset Allocation Agreement, and that the renewal of the Agreements and the Subsidiary Agreements was in the best interests of the Portfolios and their shareholders.

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| **54** | **PIMCO VARIABLE INSURANCE TRUST** |

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**General Information** 

**Investment Adviser and Administrator** 

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

**Distributor** 

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

**Custodian** 

State Street Bank and Trust Company

801 Pennsylvania Avenue

Kansas City, MO 64105

**Transfer Agent** 

SS&C Global Investor & Distribution Solutions, Inc.

430 W 7th Street STE 219024

Kansas City, MO 64105-1407

**Legal Counsel** 

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

**Independent Registered Public Accounting Firm** 

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the Portfolio listed on the Report cover.

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**pimco.com/pvit**![LOGO](g432012g06y60.jpg)

PVIT17AR_123122

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![LOGO](g434705g13e39.jpg)

PIMCO VARIABLE INSURANCE TRUST

## Annual Report
December 31, 2022

PIMCO Total Return Portfolio

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**Table of Contents** 

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|  | Page |
| &nbsp;&nbsp; [Chairman's Letter](#tx434705_1) | 2 |
| &nbsp;&nbsp; [Important Information About the PIMCO Total Return Portfolio](#tx434705_2) | 4 |
| &nbsp;&nbsp; [Portfolio Summary](#tx434705_3) | 7 |
| &nbsp;&nbsp; [Expense Example](#tx434705_4) | 8 |
| &nbsp;&nbsp; [Financial Highlights](#tx434705_5) | 10 |
| &nbsp;&nbsp; [Statement of Assets and Liabilities](#tx434705_6) | 12 |
| &nbsp;&nbsp; [Statement of Operations](#tx434705_7) | 13 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets](#tx434705_8) | 14 |
| &nbsp;&nbsp; [Schedule of Investments](#tx434705_9) | 15 |
| &nbsp;&nbsp; [Notes to Financial Statements](#tx434705_10) | 30 |
| &nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm](#tx434705_11) | 51 |
| &nbsp;&nbsp; [Glossary](#tx434705_12) | 52 |
| &nbsp;&nbsp; [Federal Income Tax Information](#tx434705_13) | 53 |
| &nbsp;&nbsp; [Management of the Trust](#tx434705_14) | 54 |
| &nbsp;&nbsp; [Privacy Policy](#tx434705_15) | 56 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements](#tx434705_16) | 57 |

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This material is authorized for use only when preceded or accompanied by the current PIMCO Variable Insurance Trust (the "Trust") prospectus for the Portfolio. (The variable product prospectus may be obtained by contacting your Investment Consultant.)

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**Chairman's Letter**

Dear Shareholder,

2022 was a challenging year in the financial markets. We continue to work tirelessly to navigate global markets and manage the assets that you have entrusted with us. Following this letter is the PIMCO Variable Insurance Trust Annual Report, which covers the 12-month reporting period ended December 31, 2022 (the "reporting period"). On the subsequent pages, you will find details regarding investment results and a discussion of the factors that most affected performance during the reporting period.

For the 12-month reporting period ended December 31, 2022

The global economy faced significant headwinds in 2022, including those related to higher inflation, the COVID-19 pandemic, and the Russia-Ukraine conflict. First and second quarter 2022 U.S. annualized gross domestic product ("GDP") returned -1.6% and -0.6%, respectively. The economy strengthened in the third quarter, with annualized GDP rising 3.2%. The Commerce Department's initial estimate for fourth quarter 2022 annualized GDP — released after the reporting period ended — was 2.9%.

The Federal Reserve Board (the "Fed" or "U.S. central bank") took actions to combat elevated inflation. In March 2022, the Fed raised the federal funds rate 0.25% to a range between 0.25% and 0.50%, its first rate hike since 2018. The U.S. central bank then raised rates at its next six meetings, for a total increase of 4.25% in 2022. At the end of the year, the federal funds rate was in a range between 4.25% and 4.50%.

Economies outside the U.S. also faced several headwinds. In its October 2022 World Economic Outlook Update, the International Monetary Fund (the "IMF") downgraded its expectation for 2022 GDP citing "turbulent challenges" including high inflation, tightening financial conditions, as well as the ongoing Russia-Ukraine conflict and COVID-19 pandemic. For 2022, the IMF included in its projections that GDP would grow 1.6% in the U.S. (from 5.7% in 2021), 3.1% in the eurozone (from 5.2% in 2021), 3.6% in the U.K. (from 7.4% in 2021), and 1.7% in Japan (the same as in 2021).

Several central banks tightened their respective monetary policies in recent years. For example, in December 2021, prior to the beginning of the reporting period, the Bank of England (the "BoE") raised rates for the first time since COVID-19 began. The BoE again raised rates at its next eight meetings, for a total of 3.50% in rate hikes since its first increase. The European Central Bank raised rates four times in 2022, for a total increase of 2.50%. In contrast, the Bank of Japan (the "BoJ") maintained its loose monetary policy for most of 2022. However, in December 2022 the BoJ announced that it would allow its 10-year government bond yield to rise to 0.5% (previously limited to 0.25%). The news sent the 10-year bond yield and Japanese yen higher, as market participants interpreted the announcement to mean that the BoJ may pivot from its previous monetary stance.

During the reporting period, short- and long-term U.S. Treasury yields moved higher. The yield on the benchmark 10-year U.S. Treasury note was 3.88% on December 31, 2022, versus 1.52% on December 31, 2021. The Bloomberg Global Treasury Index (USD Hedged), which tracks fixed-rate, local currency government debt of investment grade countries, including developed and emerging markets, returned -10.79%. Meanwhile, the Bloomberg Global Aggregate Credit Index (USD Hedged), a widely used index of global investment grade credit bonds, returned -14.22%. Riskier fixed income asset classes, including high yield corporate bonds and emerging market debt, were also weak. The ICE BofAML Developed Markets High Yield Constrained Index (USD Hedged), a widely used index of below-investment-grade bonds, returned -10.56%, whereas emerging market external debt, as represented by the JPMorgan Emerging Markets Bond Index (EMBI) Global (USD Hedged), returned -16.45%. Emerging market local bonds, as represented by the JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged), returned -11.69%. Finally, the municipal market, as represented by the Bloomberg Municipal Bond Index, returned -8.53%.

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Amid periods of volatility, global equities generally posted weak results during the reporting period as economic and geopolitical concerns weighed on investor sentiment. U.S. equities, as represented by the S&P 500 Index, returned -18.11%. Global equities, as represented by the MSCI World Index, returned -18.14%, while emerging market equities, as measured by the MSCI Emerging Markets Index, returned -20.09%. Meanwhile, Japanese equities, as represented by the Nikkei 225 Index (in Japanese yen), returned -7.37% and European equities, as represented by the MSCI Europe Index (in euro), returned -9.49%.

Commodity prices were volatile and generated mixed returns during the reporting period. Brent crude oil, which was approximately $77.24 a barrel at the start of the reporting period, rose to roughly $82.82 a barrel at the end of December 2022. Prices of other commodities, such as copper and gold, declined during the period.

Finally, there were also periods of volatility in the foreign exchange markets. We believe this was driven by several factors, including economic growth expectations and changing central bank monetary policies, as well as rising inflation, COVID-19 variants, and geopolitical events. The U.S. dollar strengthened against several major currencies. For example, during the reporting period, the U.S. dollar returned 5.85%, 10.71%, and 12.23% versus the euro, the British pound and the Japanese yen, respectively.

Thank you for the assets you have placed with us. We deeply value your trust, and we will continue to work diligently to meet your broad investment needs.

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| ![LOGO](g434705g19a01.jpg) | Sincerely,<br>![LOGO](g434705g65f33.jpg) <br>Peter G. Strelow<br> Chairman of the Board<br>PIMCO Variable Insurance Trust<br>|

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Past performance is no guarantee of future results. Unless otherwise noted, index returns reflect the reinvestment of income distributions and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. It is not possible to invest directly in an unmanaged index.

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>3</sub> |

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**Important Information About the PIMCO Total Return Portfolio**

PIMCO Variable Insurance Trust (the "Trust") is an open-end management investment company that includes the PIMCO Total Return Portfolio (the "Portfolio"). The Portfolio is only available as a funding vehicle under variable life insurance policies or variable annuity contracts issued by insurance companies ("Variable Contracts"). Individuals may not purchase shares of the Portfolio directly. Shares of the Portfolio also may be sold to qualified pension and retirement plans outside of the separate account context.

We believe that bond funds have an important role to play in a well-diversified investment portfolio. It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed income securities and other instruments held by the Portfolio are likely to decrease in value. A wide variety of factors can cause interest rates or yields of U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that management will anticipate such movement accurately. The Portfolio may lose money as a result of movements in interest rates.

As of the date of this report, interest rates in the United States and many parts of the world, including certain European countries, continue to increase. In efforts to combat inflation, the U.S. Federal Reserve raised interest rates multiple times in 2022 and has indicated an expectation that it will continue to raise interest rates in 2023. Thus, the Portfolio currently faces a heightened level of risk associated with rising interest rates and/or bond yields. This could be driven by a variety of factors, including but not limited to central bank monetary policies, changing inflation or real growth rates, general economic conditions, increasing bond issuances or reduced market demand for low yielding investments. Further, while bond markets have steadily grown over the past three decades, dealer inventories of corporate bonds are near historic lows in relation to market size. As a result, there has been a significant reduction in the ability of dealers to "make markets".

Bond funds and individual bonds with a longer duration (a measure used to determine the sensitivity of a security's price to changes in interest rates) tend to be more sensitive to changes in interest rates, usually making them more volatile than securities or funds with shorter durations. All of the factors mentioned above, individually or collectively, could lead to increased volatility and/or lower liquidity in the fixed income markets or negatively impact the Portfolio's performance or cause the Portfolio to incur losses. As a result, the Portfolio may experience increased shareholder redemptions, which, among other things, could further reduce the net assets of the Portfolio.

The Portfolio may be subject to various risks as described in the Portfolio's prospectus and in the Principal and Other Risks in the Notes to Financial Statements.

Classifications of the Portfolio's portfolio holdings in this report are made according to financial reporting standards. The classification of a particular portfolio holding as shown in the Allocation Breakdown and Schedule of Investments sections of this report may differ from the classification used for the Portfolio's compliance calculations, including those used in the Portfolio's prospectus, investment objectives, regulatory, and other investment limitations and policies, which may be based on different asset class, sector or geographical classifications. The Portfolio is separately monitored for compliance with respect to prospectus and regulatory requirements.

The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. In 2022, many countries lifted some or all restrictions related to COVID-19. However, the effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations and individual issuers, all of which may negatively impact the Portfolio's performance. In addition, COVID-19 and governmental responses to COVID-19 may negatively impact the capabilities of the Portfolio's service providers and disrupt the Portfolio's operations.

The United States' enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from certain other countries has contributed to and may continue to contribute to international trade tensions and may impact portfolio securities. The United States' enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government's response, may also negatively impact securities and instruments that are economically tied to Russia.

The United Kingdom's withdrawal from the European Union may impact Portfolio returns. The withdrawal may cause substantial volatility in foreign exchange markets, lead to weakness in the exchange rate of the British pound, result in a sustained period of market uncertainty, and destabilize some or all of the other European Union member countries and/or the Eurozone.

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The Portfolio may invest in certain instruments that rely in some fashion upon the London Interbank Offered Rate ("LIBOR"). LIBOR is an average interest rate, determined by the ICE Benchmark Administration, that banks charge one another for the use of short-term money. The United Kingdom's Financial Conduct Authority, which regulates LIBOR, has announced plans to ultimately phase out the use of LIBOR. There remains uncertainty regarding future utilization of LIBOR and the nature of any replacement rate (e.g., the Secured Overnight Financing Rate, which is intended to replace U.S. dollar LIBOR and measures the cost of overnight borrowings through repurchase agreement transactions collateralized with U.S. Treasury securities). Any potential effects of the transition away from LIBOR on the Portfolio or on certain instruments in which the Portfolio invests can be difficult to ascertain, and they may vary depending on a variety of factors. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to the Portfolio.

On the Portfolio Summary page in this Shareholder Report, the Average Annual Total Return table and Cumulative Returns chart measure performance assuming that any dividend and capital gain distributions were reinvested. The Cumulative Returns chart reflects only

Administrative Class performance. Performance may vary by share class based on each class's expense ratios. The Portfolio measures its performance against at least one broad-based securities market index ("benchmark index"). The benchmark index does not take into account fees, expenses, or taxes. The Portfolio's past performance, before and after taxes, is not necessarily an indication of how the Portfolio will perform in the future. There is no assurance that the Portfolio, even if the Portfolio has experienced high or unusual performance for one or more periods, will experience similar levels of performance in the future. High performance is defined as a significant increase in either 1) the Portfolio's total return in excess of that of the Portfolio's benchmark between reporting periods or 2) the Portfolio's total return in excess of the Portfolio's historical returns between reporting periods. Unusual performance is defined as a significant change in the Portfolio's performance as compared to one or more previous reporting periods. Historical performance for the Portfolio or a share class thereof may have been positively impacted by fee waivers or expense limitations in place during some or all of the periods shown, if applicable. Future performance (including total return or yield) and distributions may be negatively impacted by the expiration or reduction of any such fee waivers or expense limitations.

The following table discloses the inception dates of the Portfolio and its share classes along with the Portfolio's diversification status as of period end:

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| **Portfolio Name** | **Portfolio<br>Inception** | **Institutional<br>Class** | **Administrative<br>Class** | **Advisor<br>Class** | **Diversification<br>Status** |
|  PIMCO Total Return Portfolio | 12/31/97 | 04/10/00 | 12/31/97 | 02/28/06 | Diversified |

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An investment in the Portfolio is not a bank deposit and is not guaranteed or insured by the Federal Deposit Insurance Corporation or any other government agency. It is possible to lose money on investments in the Portfolio.

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Portfolio. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither this Portfolio's prospectus nor summary prospectus, the Trust's Statement of Additional Information ("SAI"), any contracts filed as exhibits to the Trust's registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or the Portfolio creates a contract between or among any shareholder of the Portfolio, on the one hand, and the Trust, the Portfolio, a service provider to the Trust or the Portfolio, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service providers or other delegates acting under authority of the Trustees)

may amend the most recent prospectus or use a new prospectus, summary prospectus or SAI with respect to the Portfolio or the Trust, and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which the Trust or the Portfolio is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to the Portfolio, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust's then-current prospectus or SAI.

PIMCO has adopted written proxy voting policies and procedures ("Proxy Policy") as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of the Portfolio. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of the Portfolio, and information about how the Portfolio voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at (888) 87-PIMCO, on the

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>5</sub> |

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| **Important Information About the PIMCO Total Return Portfolio** | **(Cont.)** |

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Portfolio's website at www.pimco.com/pvit, and on the Securities and Exchange Commission's ("SEC") website at www.sec.gov.

The Portfolio files portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The Portfolio's complete schedule of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC's website at www.sec.gov and on PIMCO's website at www.pimco.com/pvit, and will be made available, upon request, by calling PIMCO at (888) 87-PIMCO.

SEC rules allow shareholder reports to be delivered to investors by providing access to such reports online free of charge and by mailing a notice that the report is electronically available. Investors may elect to receive all future reports in paper free of charge by contacting their insurance company. Any election to receive reports in paper will apply to all portfolio companies available under the investor's contract at the insurance company.

In October 2020, the SEC adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover transactions. Subject to certain exceptions, the rule requires portfolios that trade derivatives and other transactions that create future payment or delivery obligations to comply with a value-at-risk leverage limit and certain derivatives risk management program and reporting requirements. These requirements may limit the ability of the Portfolio to use derivatives and reverse repurchase agreements and similar financing transactions as part of its investment strategies and may increase the cost of the Portfolio's investments and cost of doing business, which could adversely affect investors. The rule went into effect on February 19, 2021. The compliance date for the new rule and related reporting requirements was August 19, 2022.

In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value as well as for the performance of fair value determinations, including related oversight and reporting obligations. The new rule also defines "readily available market quotations" for purposes of the definition of "value" under the Investment Company Act of 1940 (the "Act"), and the SEC noted that this definition will apply in all contexts under the Act. The effective date for the rule was March 8, 2021. The compliance date for the new rule and the related reporting requirements was September 8, 2022.

In May 2022, the SEC proposed amendments to a current rule governing portfolio naming conventions. In general, the current rule requires portfolios with certain types of names to adopt a policy to invest at least 80% of their assets in the type of investment suggested

by the name. The proposed amendments would expand the scope of the current rule in a number of ways that would result in an expansion of the types of portfolio names that would require the portfolio to adopt an 80% investment policy under the rule. Additionally, the proposed amendments would modify the circumstances under which a portfolio may deviate from its 80% investment policy and address the use and valuation of derivatives instruments for purposes of the rule. The proposal's impact on the Portfolio will not be known unless and until any final rulemaking is adopted.

In May 2022, the SEC proposed a framework that would require certain registered portfolios (such as the Portfolio) to disclose their environmental, social, and governance ("ESG") investing practices. Among other things, the proposed requirements would mandate that portfolios meeting three pre-defined classifications (*i.e.*, integrated, ESG focused and/or impact funds) provide prospectus and shareholder report disclosure related to the ESG factors, criteria and processes used in managing the portfolio. The proposal's impact on the Portfolio will not be known unless and until any final rulemaking is adopted.

In October 2022, the SEC adopted changes to the mutual fund and exchange-traded fund ("ETF") shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which will impact the disclosures provided to shareholders. The rule amendments are effective as of January 24, 2023, but the SEC is providing an 18-month compliance period following the effective date for such amendments other than those addressing fee and expense information in advertisements that might be materially misleading.

In November 2022, the SEC proposed rule amendments which, among other things, would require funds to adopt swing pricing in order to mitigate dilution of shareholders' interests in a fund by requiring the adjustment of fund net asset value per share to pass on costs stemming from shareholder purchase or redemption activity. In addition the proposed rule would amend the liquidity rule framework. The proposal's impact on the Portfolio will not be known unless and until any final rulemaking is adopted.

In November 2022, the SEC adopted amendments to Form N-PX under the Act to improve the utility to investors of proxy voting information reported by mutual funds, ETFs and certain other funds. The rule amendments will expand the scope of funds' Form N-PX reporting obligations, subject managers to Form N-PX reporting obligations for "Say on Pay" votes, enhance Form N-PX disclosures, permit joint reporting by funds, managers and affiliated managers on Form N-PX; and require website availability of fund proxy voting records. The amendments will become effective on July 1, 2024. Funds and managers will be required to file their first reports covering the period from July 1, 2023 to June 30, 2024 on amended Form N-PX by August 31, 2024.

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**PIMCO Total Return Portfolio** 

Cumulative Returns Through December 31, 2022

![LOGO](g434705g56b21.jpg)

$10,000 invested at the end of the month when the Portfolio's Administrative Class commenced operations.

Allocation Breakdown as of December 31, 2022<sup>†</sup><sup>§</sup>

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|:---|:---|
|  U.S. Government Agencies | 28.7% |
|  Corporate Bonds & Notes | 23.3% |
|  Asset-Backed Securities | 13.4% |
|  Short-Term Instruments<sup>‡</sup> | 11.4% |
|  U.S. Treasury Obligations | 10.4% |
|  Non-Agency Mortgage-Backed Securities | 9.4% |
|  Sovereign Issues | 2.4% |
|  Other | 1.0% |

---

---

| | |
|:---|:---|
| <sup>†</sup> | % of Investments, at value.  |

---

---

| | |
|:---|:---|
| <sup>§</sup> | Allocation Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.  |

---

<sup>‡</sup> Includes Central Funds Used for Cash Management Purposes.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 |
|  |  | 1 Year | 5 Years | 10 Years | Inception≈ |
|  | PIMCO Total Return Portfolio Institutional Class | (14.17)% | (0.03)% | 1.07% | 4.46% |
| ![LOGO](g434705g94o20.jpg) | PIMCO Total Return Portfolio Administrative Class | (14.30)% | (0.18)% | 0.92% | 4.32% |
|  | PIMCO Total Return Portfolio Advisor Class | (14.39)% | (0.28)% | 0.82% | 3.46% |
| ![LOGO](g434705g08y58.jpg) | Bloomberg U.S. Aggregate Index<sup>±</sup> | (13.01)% | 0.02% | 1.06% | 3.97%<sup>¨</sup> |

---

All Portfolio returns are net of fees and expenses and include applicable fee waivers and/or expense limitations. Absent any applicable fee waivers and/or expense limitations, performance would have been lower and there can be no assurance that any such waivers or limitations will continue in the future.

<sup>≈</sup> For class inception dates please refer to the Important Information.

<sup>¨</sup> Average annual total return since 12/31/1997.

<sup>±</sup> Bloomberg U.S. Aggregate Index represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. These major sectors are subdivided into more specific indices that are calculated and reported on a regular basis.

It is not possible to invest directly in an unmanaged index.

*Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. The Portfolio's performance does not reflect the deduction of additional charges and expenses imposed in connection with investing in Variable Contracts, which will reduce returns. Differences in the Portfolio's performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the prices of individual positions (which may be sourced from different pricing vendors or other sources) used by the Portfolio and the index. For performance current to the most recent month-end, visit www.pimco.com/pvit or via (888) 87-PIMCO.* 

*The Portfolio's total annual operating expense ratio in effect as of period end was 0.50% for Institutional Class shares, 0.65% for Administrative Class shares, and 0.75% for Advisor Class shares. Details regarding any changes to the Portfolio's operating expenses, subsequent to period end, can be found in the Portfolio's current prospectus, as supplemented.* 

Investment Objective and Strategy Overview

PIMCO Total Return Portfolio seeks maximum total return, consistent with preservation of capital and prudent investment management, by investing under normal circumstances at least 65% of its total assets in a diversified portfolio of Fixed Income Instruments of varying maturities, which may be represented by forwards or derivatives such as options, futures contracts, or swap agreements. "Fixed Income Instruments" include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. Portfolio strategies may change from time to time. Please refer to the Portfolio's current prospectus for more information regarding the Portfolio's strategy.

Portfolio Insights

The following affected performance (on a gross basis) during the reporting period:

» Short exposure to duration in the U.K. contributed to relative performance, as interest rates rose.

» Short exposure to duration in Japan contributed to relative performance, as interest rates rose, particularly in the latter half of the reporting period.

» There were no other material contributors for this Portfolio.

» Exposure to high yield credit detracted from relative performance, as spreads widened in April and June.

» Positions in non-agency mortgage-backed securities and other securitized assets detracted from relative performance, particularly in May, as spreads widened.

» Overweight exposure to U.S. duration, particularly intra month in March, detracted from relative performance, as interest rates rose.

» Interest rate strategies in the eurozone, including instrument selection, detracted from relative performance, as swap spreads widened.

---

| | | |
|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>7</sub> |

---

------

##### [**Table of Contents**](#toc)
**Expense Example PIMCO Total Return Portfolio**

Example

As a shareholder of the Portfolio, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including investment advisory fees, supervisory and administrative fees, distribution and/or service (12b-1) fees (if applicable), and other Portfolio expenses. The Example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The Expense Example does not reflect any fees or other expenses imposed by the Variable Contracts. If it did, the expenses reflected in the Expense Example would be higher. The Example is based on an investment of $1,000 invested at the beginning of the period and held from July 1, 2022 to December 31, 2022 unless noted otherwise in the table and footnotes below.

Actual Expenses

The information in the table under the heading "Actual" provides information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60), then multiply the result by the number in the appropriate row for your share class, in the column titled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The information in the table under the heading "Hypothetical (5% return before expenses)" provides information about hypothetical account values and hypothetical expenses based on the Portfolio's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio and other portfolios. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other portfolios.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the information under the heading "Hypothetical (5% return before expenses)" is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different portfolios. In addition, if these transactional costs were included, your costs would have been higher.

Expense ratios may vary period to period because of various factors, such as an increase in expenses that are not covered by the investment advisory fees and supervisory and administrative fees, such as fees and expenses of the independent trustees and their counsel, extraordinary expenses and interest expense.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Actual** | **Actual** | **Actual** | **Hypothetical<br>(5% return before expenses)** | **Hypothetical<br>(5% return before expenses)** | **Hypothetical<br>(5% return before expenses)** | |
|  | **Beginning<br>Account Value<br>(07/01/22)** | **Ending<br>Account Value<br>(12/31/22)** | **Expenses Paid<br>During Period\*** | **Beginning<br>Account Value<br>(07/01/22)** | **Ending<br>Account Value<br>(12/31/22)** | **Expenses Paid<br>During Period\*** | **Net Annualized<br>Expense Ratio\*\*** |
| Institutional Class | $1000.00 | $969.90 | $2.71 | $1000.00 | $1022.73 | $2.78 | 0.54% |
| Administrative Class | 1000.00 | 969.20 | 3.46 | 1000.00 | 1021.96 | 3.55 | 0.69 |
| Advisor Class | 1000.00 | 968.70 | 3.96 | 1000.00 | 1021.45 | 4.07 | 0.79 |

---

\* Expenses Paid During Period are equal to the net annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 186/365 (to reflect the one-half year period). Overall fees and expenses of investing in the Portfolio will be higher because the example does not reflect variable contract fees and expenses.

\*\* Net Annualized Expense Ratio is reflective of any applicable contractual fee waivers and/or expense reimbursements or voluntary fee waivers. Details regarding fee waivers, if any, can be found in Note 9, Fees and Expenses, in the Notes to Financial Statements.

---

| | |
|:---|:---|
| **8** | **PIMCO VARIABLE INSURANCE TRUST** |

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##### [**Table of Contents**](#toc)
(THIS PAGE INTENTIONALLY LEFT BLANK)

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| | | |
|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>9</sub> |

---

------

##### [**Table of Contents**](#toc)
**Financial Highlights PIMCO Total Return Portfolio**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year Ended^: | **Net Asset<br>Value<br>Beginning<br>of Year<sup>(a)</sup>** | **Net<br>Investment<br>Income<br>(Loss)<sup>(b)</sup>** | **Net<br>Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital<br>Gain** | **Total** |
| Institutional Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | $&nbsp;&nbsp;&nbsp;&nbsp;10.76 | $&nbsp;&nbsp;&nbsp;&nbsp;0.28 | $&nbsp;&nbsp;&nbsp;&nbsp;(1.80) | $&nbsp;&nbsp;&nbsp;&nbsp;(1.52) | $&nbsp;&nbsp;&nbsp;&nbsp;(0.26) | $0.00 | $&nbsp;&nbsp;&nbsp;&nbsp;(0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 11.59 | 0.23 | (0.36) | (0.13) | (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;(0.48) | (0.70) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 11.02 | 0.25 | 0.71 | 0.96 | (0.26) | (0.13) | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2019 | 10.48 | 0.34 | 0.54 | 0.88 | (0.34) | 0.00 | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2018 | 10.94 | 0.30 | (0.34) | (0.04) | (0.29) | (0.13) | (0.42) |
| Administrative Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 10.76 | 0.26 | (1.79) | (1.53) | (0.25) | 0.00 | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 11.59 | 0.21 | (0.36) | (0.15) | (0.20) | (0.48) | (0.68) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 11.02 | 0.24 | 0.70 | 0.94 | (0.24) | (0.13) | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2019 | 10.48 | 0.32 | 0.55 | 0.87 | (0.33) | 0.00 | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2018 | 10.94 | 0.28 | (0.34) | (0.06) | (0.27) | (0.13) | (0.40) |
| Advisor Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 10.76 | 0.26 | (1.80) | (1.54) | (0.24) | 0.00 | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 11.59 | 0.20 | (0.36) | (0.16) | (0.19) | (0.48) | (0.67) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 11.02 | 0.23 | 0.70 | 0.93 | (0.23) | (0.13) | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2019 | 10.48 | 0.31 | 0.55 | 0.86 | (0.32) | 0.00 | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2018 | 10.94 | 0.27 | (0.34) | (0.07) | (0.26) | (0.13) | (0.39) |

---

---

| | |
|:---|:---|
| ^ | A zero balance may reflect actual amounts rounding to less than $0.01 or 0.01%.  |

---

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Portfolio.

<sup>(b)</sup> Per share amounts based on average number of shares outstanding during the year. 

<sup>(c)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

<sup>(d)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Portfolio. Additionally, excludes initial sales charges and contingent deferred sales charges.

---

| | | |
|:---|:---|:---|
| **10** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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------

##### [**Table of Contents**](#toc)

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | |
|<br>**Net Asset<br>Value End of<br>Year<sup>(a)</sup>** |<br>**Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year<br>(000s)** | **Expenses** | **Expenses<br>Excluding<br>Waivers** | **Expenses<br>Excluding<br>Interest<br>Expense** | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** | **Net<br>Investment<br>Income (Loss)** | **Portfolio<br>Turnover<br>Rate** |
| $8.98 | (14.17)% | $278918 | 0.52% | 0.52% | 0.50% | 0.50% | 2.90% | 411% |
| &nbsp;&nbsp;&nbsp;&nbsp;10.76 | (1.12) | 392304 | 0.50 | 0.50 | 0.50 | 0.50 | 2.10 | 308 |
| 11.59 | 8.81 | 160779 | 0.54 | 0.54 | 0.50 | 0.50 | 2.22 | 514 |
| 11.02 | 8.52 | 129771 | 0.71 | 0.71 | 0.50 | 0.50 | 3.11 | 534 |
| 10.48 | (0.38) | 83675 | 0.76 | 0.76 | 0.50 | 0.50 | 2.78 | 631 |
| 8.98 | (14.30) | &nbsp;&nbsp;&nbsp;&nbsp;2597117 | 0.67 | 0.67 | 0.65 | 0.65 | 2.76 | 411 |
| 10.76 | (1.27) | 3426140 | 0.65 | 0.65 | 0.65 | 0.65 | 1.90 | 308 |
| 11.59 | 8.65 | 3980729 | 0.69 | 0.69 | 0.65 | 0.65 | 2.08 | 514 |
| 11.02 | 8.36 | 4031074 | 0.86 | 0.86 | 0.65 | 0.65 | 2.98 | 534 |
| 10.48 | (0.53) | 3961602 | 0.91 | 0.91 | 0.65 | 0.65 | 2.62 | 631 |
| 8.98 | (14.39) | 1891377 | 0.77 | 0.77 | 0.75 | 0.75 | 2.67 | 411 |
| 10.76 | (1.36) | 2346735 | 0.75 | 0.75 | 0.75 | 0.75 | 1.81 | 308 |
| 11.59 | 8.54 | 2615776 | 0.79 | 0.79 | 0.75 | 0.75 | 1.98 | 514 |
| 11.02 | 8.25 | 2225815 | 0.96 | 0.96 | 0.75 | 0.75 | 2.88 | 534 |
| 10.48 | (0.63) | 2420067 | 1.01 | 1.01 | 0.75 | 0.75 | 2.51 | 631 |

---

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| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>11</sub> |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **PIMCO Total Return Portfolio** | December 31, 2022 |

---

---

| | |
|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) | (Amounts in thousands<sup>†</sup>, except per share amounts) |
|  **Assets:** |  |
|  *Investments, at value* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities\* | $5971719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 141929 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 4197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 8773 |
|  Deposits with counterparty | 57922 |
|  Foreign currency, at value | 9878 |
|  Receivable for investments sold | 2167 |
|  Receivable for investments sold on a delayed-delivery basis | 655 |
|  Receivable for TBA investments sold | 2453358 |
|  Receivable for Portfolio shares sold | 8465 |
|  Interest and/or dividends receivable | 29163 |
|  Dividends receivable from Affiliates | 520 |
|  **Total Assets** | 8688746 |
|  **Liabilities:** |  |
|  *Borrowings & Other Financing Transactions* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for reverse repurchase agreements | $7248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for short sales | 137322 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 9091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 23597 |
|  Payable for investments purchased | 164800 |
|  Payable for investments in Affiliates purchased | 520 |
|  Payable for TBA investments purchased | 3562272 |
|  Deposits from counterparty | 11529 |
|  Payable for Portfolio shares redeemed | 1986 |
|  Accrued investment advisory fees | 1090 |
|  Accrued supervisory and administrative fees | 1090 |
|  Accrued distribution fees | 431 |
|  Accrued servicing fees | 358 |
|  **Total Liabilities** | 3921334 |
|  **Net Assets** | $4767412 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | $5732680 |
|  Distributable earnings (accumulated loss) | (965268) |
|  **Net Assets** | $4767412 |
|  **Net Assets:** |  |
|  Institutional Class | $278918 |
|  Administrative Class | 2597117 |
|  Advisor Class | 1891377 |
|  **Shares Issued and Outstanding:** |  |
|  Institutional Class | 31072 |
|  Administrative Class | 289328 |
|  Advisor Class | 210704 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |
|  Institutional Class | $8.98 |
|  Administrative Class | 8.98 |
|  Advisor Class | 8.98 |
|  Cost of investments in securities | $&nbsp;&nbsp;&nbsp;&nbsp;6612270 |
|  Cost of investments in Affiliates | $147794 |
|  Cost of foreign currency held | $9888 |
|  Proceeds received on short sales | $137112 |
|  Cost or premiums of financial derivative instruments, net | $8898 |
|  \* Includes repurchase agreements of: | $338090 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Portfolio.

---

| | | |
|:---|:---|:---|
| **12** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Statement of Operations** | **PIMCO Total Return Portfolio** |

---

---

| | |
|:---|:---|
| Year Ended December 31, 2022 |  |
| (Amounts in thousands<sup>†</sup>) |  |
|  **Investment Income:** |  |
|  Interest | $169907 |
|  Dividends, net of foreign taxes\* | 3706 |
|  Dividends from Investments in Affiliates | 6825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 180438 |
|  **Expenses:** |  |
|  Investment advisory fees | 13122 |
|  Supervisory and administrative fees | 13122 |
|  Distribution and/or servicing fees - Administrative Class | 4354 |
|  Distribution and/or servicing fees - Advisor Class | 5091 |
|  Trustee fees | 177 |
|  Interest expense | 1123 |
|  Miscellaneous expense | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 37004 |
|  **Net Investment Income (Loss)** | 143434 |
|  **Net Realized Gain (Loss):** |  |
|  Investments in securities | (226201) |
|  Investments in Affiliates | (2676) |
|  Exchange-traded or centrally cleared financial derivative instruments | (93494) |
|  Over the counter financial derivative instruments | 31452 |
|  Foreign currency | 836 |
|  **Net Realized Gain (Loss)** | (290083) |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in securities | (654193) |
|  Investments in Affiliates | (4639) |
|  Exchange-traded or centrally cleared financial derivative instruments | (43059) |
|  Over the counter financial derivative instruments | (11489) |
|  Foreign currency assets and liabilities | 156 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | (713224) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $&nbsp;&nbsp;&nbsp;&nbsp;(859873) |
|  \* Foreign tax withholdings - Dividends | $32 |

---

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

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| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>13</sub> |

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##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Statements of Changes in Net Assets** | **PIMCO Total Return Portfolio** |

---

---

| | | |
|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **Year Ended<br>December 31, 2022** | **Year Ended<br>December 31, 2021** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
|  Net investment income (loss) | $143434 | $124527 |
|  Net realized gain (loss) | (290083) | (9934) |
|  Net change in unrealized appreciation (depreciation) | (713224) | (201306) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | (859873) | (86713) |
|  **Distributions to Shareholders:** |  |  |
|  From net investment income and/or net realized capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (8439) | (19322) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (75457) | (231885) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (51075) | (162431) |
|  **Total Distributions<sup>(a)</sup>** | (134971) | (413638) |
|  **Portfolio Share Transactions:** |  |  |
|  Net increase (decrease) resulting from Portfolio share transactions\* | (402923) | (91754) |
|  **Total Increase (Decrease) in Net Assets** | (1397767) | (592105) |
|  **Net Assets:** |  |  |
|  Beginning of year | 6165179 | 6757284 |
|  End of year | $&nbsp;&nbsp;&nbsp;&nbsp;4767412 | $&nbsp;&nbsp;&nbsp;&nbsp;6165179 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

\* See Note 13, Shares of Beneficial Interest, in the Notes to Financial Statements.

<sup>(a)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

---

| | | |
|:---|:---|:---|
| **14** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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##### [**Table of Contents**](#toc)

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| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Total Return Portfolio** | December 31, 2022 |

---

**(Amounts in thousands\*, except number of shares, contracts, units and ounces, if any)** 

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **INVESTMENTS IN SECURITIES 125.2%** | **INVESTMENTS IN SECURITIES 125.2%** | **INVESTMENTS IN SECURITIES 125.2%** |
| **LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2%** | **LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2%** | **LOAN PARTICIPATIONS AND ASSIGNMENTS 0.2%** |
|  **Castlelake LP** | **Castlelake LP** | **Castlelake LP** |
|  2.950% (LIBOR03M + 2.950%) due 05/13/2031 «~ | 9722 | 8799 |
|  **Total Loan Participations and Assignments (Cost $9,710)** | **Total Loan Participations and Assignments (Cost $9,710)** | **8799** |
| **CORPORATE BONDS & NOTES 29.8%** | **CORPORATE BONDS & NOTES 29.8%** | **CORPORATE BONDS & NOTES 29.8%** |
| **BANKING & FINANCE 17.7%** | **BANKING & FINANCE 17.7%** | **BANKING & FINANCE 17.7%** |
|  **Alexandria Real Estate Equities, Inc.** | **Alexandria Real Estate Equities, Inc.** | **Alexandria Real Estate Equities, Inc.** |
|  1.875% due 02/01/2033 | 9800 | 7314 |
|  4.300% due 01/15/2026 | 1199 | 1169 |
|  4.500% due 07/30/2029 | 4500 | 4272 |
|  **American Assets Trust LP** | **American Assets Trust LP** | **American Assets Trust LP** |
|  3.375% due 02/01/2031 | 2800 | 2227 |
|  **American Express Co.** | **American Express Co.** | **American Express Co.** |
|  2.550% due 03/04/2027 | 2300 | 2096 |
|  **American Tower Corp.** | **American Tower Corp.** | **American Tower Corp.** |
|  2.750% due 01/15/2027 | 13400 | 12166 |
|  3.000% due 06/15/2023 | 1400 | 1385 |
|  3.375% due 05/15/2024 | 2500 | 2434 |
|  **Aviation Capital Group LLC** | **Aviation Capital Group LLC** | **Aviation Capital Group LLC** |
|  4.125% due 08/01/2025 | 14600 | &nbsp;&nbsp;&nbsp;&nbsp;13636 |
|  **Bank of America Corp.** | **Bank of America Corp.** | **Bank of America Corp.** |
|  1.197% due 10/24/2026 •  | 5700 | 5073 |
|  3.384% due 04/02/2026 •  | 2600 | 2485 |
|  **Bank of Nova Scotia** | **Bank of Nova Scotia** | **Bank of Nova Scotia** |
|  2.440% due 03/11/2024 | 15000 | 14489 |
|  **Banque Federative du Credit Mutuel SA** | **Banque Federative du Credit Mutuel SA** | **Banque Federative du Credit Mutuel SA** |
|  5.203% (US0003M + 0.960%) due 07/20/2023 ~ | 13400 | 13420 |
|  **Barclays PLC** | **Barclays PLC** | **Barclays PLC** |
|  3.650% due 03/16/2025 | 500 | 481 |
|  **Blue Owl Finance LLC** | **Blue Owl Finance LLC** | **Blue Owl Finance LLC** |
|  3.125% due 06/10/2031 | 17000 | 12663 |
|  **BNP Paribas SA** | **BNP Paribas SA** | **BNP Paribas SA** |
|  2.871% due 04/19/2032 •  | 17000 | 13333 |
|  4.625% due 02/25/2031 •(f)(g) | 1900 | 1473 |
|  4.705% due 01/10/2025 •  | 14400 | 14262 |
|  **Boston Properties LP** | **Boston Properties LP** | **Boston Properties LP** |
|  4.500% due 12/01/2028 | 7308 | 6789 |
|  **Cape Lookout Re Ltd.** | **Cape Lookout Re Ltd.** | **Cape Lookout Re Ltd.** |
|  9.337% (T-BILL 3MO + 5.000%) due 03/28/2029 ~ | 4900 | 4611 |
|  **Capital One Financial Corp.** | **Capital One Financial Corp.** | **Capital One Financial Corp.** |
|  2.636% due 03/03/2026 •  | 8200 | 7687 |
|  4.985% due 07/24/2026 •  | 12800 | 12549 |
|  **Carlyle Finance Subsidiary LLC** | **Carlyle Finance Subsidiary LLC** | **Carlyle Finance Subsidiary LLC** |
|  3.500% due 09/19/2029 | 4900 | 4155 |
|  **Citigroup, Inc.** | **Citigroup, Inc.** | **Citigroup, Inc.** |
|  2.572% due 06/03/2031 •(h) | 7605 | 6168 |
|  3.070% due 02/24/2028 •  | 7100 | 6411 |
|  5.784% (US0003M + 1.023%) due 06/01/2024 ~ | 16500 | 16525 |
|  **Commonwealth Bank of Australia** | **Commonwealth Bank of Australia** | **Commonwealth Bank of Australia** |
|  2.552% due 03/14/2027 | 4700 | 4280 |
|  **Cooperatieve Rabobank UA** | **Cooperatieve Rabobank UA** | **Cooperatieve Rabobank UA** |
|  1.106% due 02/24/2027 •  | 8000 | 6996 |
|  **Credit Agricole SA** | **Credit Agricole SA** | **Credit Agricole SA** |
|  1.907% due 06/16/2026 •  | 11300 | 10310 |
|  **Credit Suisse AG** | **Credit Suisse AG** | **Credit Suisse AG** |
|  6.500% due 08/08/2023 (g) | 3800 | 3689 |
|  **Credit Suisse Group AG** | **Credit Suisse Group AG** | **Credit Suisse Group AG** |
|  2.593% due 09/11/2025 •  | 15200 | 13447 |
|  6.250% due 12/18/2024 •(f)(g) | 400 | 315 |
|  6.442% due 08/11/2028 •  | 17900 | 16328 |
|  6.537% due 08/12/2033 •  | 7500 | 6599 |
|  7.500% due 12/11/2023 •(f)(g) | 12300 | 10775 |
|  **CubeSmart LP** | **CubeSmart LP** | **CubeSmart LP** |
|  2.250% due 12/15/2028 | 15700 | 12968 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Danske Bank AS** | **Danske Bank AS** | **Danske Bank AS** |
|  4.298% due 04/01/2028 •  | 14000 | 12894 |
|  **Deutsche Bank AG** | **Deutsche Bank AG** | **Deutsche Bank AG** |
|  3.547% due 09/18/2031 •  | 5000 | 4019 |
|  3.950% due 02/27/2023 | 5415 | 5397 |
|  3.961% due 11/26/2025 •  | 25200 | 24098 |
|  **EPR Properties** | **EPR Properties** | **EPR Properties** |
|  3.750% due 08/15/2029 | 4300 | 3375 |
|  **Equinix, Inc.** | **Equinix, Inc.** | **Equinix, Inc.** |
|  3.900% due 04/15/2032 | 8800 | 7843 |
|  **European Investment Bank** | **European Investment Bank** | **European Investment Bank** |
|  0.500% due 08/10/2023 | 2600 | 1735 |
|  **Federal Realty Investment Trust** | **Federal Realty Investment Trust** | **Federal Realty Investment Trust** |
|  3.500% due 06/01/2030 | 6800 | 5835 |
|  **Ford Motor Credit Co. LLC** | **Ford Motor Credit Co. LLC** | **Ford Motor Credit Co. LLC** |
|  3.250% due 09/15/2025 | 4900 | 4996 |
|  3.375% due 11/13/2025 | 6600 | 5978 |
|  4.535% due 03/06/2025 | 1600 | 1843 |
|  5.584% due 03/18/2024 | 7000 | 6923 |
|  **GA Global Funding Trust** | **GA Global Funding Trust** | **GA Global Funding Trust** |
|  1.950% due 09/15/2028 | 15400 | 12798 |
|  **GLP Capital LP** | **GLP Capital LP** | **GLP Capital LP** |
|  5.250% due 06/01/2025 | 3200 | 3151 |
|  5.750% due 06/01/2028 | 7900 | 7781 |
|  **Goldman Sachs Group, Inc.** | **Goldman Sachs Group, Inc.** | **Goldman Sachs Group, Inc.** |
|  3.000% due 03/15/2024 | 9100 | 8878 |
|  3.750% due 05/22/2025 | 10897 | 10549 |
|  5.776% (US0003M + 1.170%) due 05/15/2026 ~ | 8400 | 8347 |
|  **Goodman U.S. Finance Four LLC** | **Goodman U.S. Finance Four LLC** | **Goodman U.S. Finance Four LLC** |
|  4.625% due 05/04/2032 | 14000 | 12803 |
|  **Goodman U.S. Finance Three LLC** | **Goodman U.S. Finance Three LLC** | **Goodman U.S. Finance Three LLC** |
|  3.700% due 03/15/2028 | 11200 | 10126 |
|  **GSPA Monetization Trust** | **GSPA Monetization Trust** | **GSPA Monetization Trust** |
|  6.422% due 10/09/2029 | 5249 | 5043 |
|  **Hanwha Life Insurance Co. Ltd.** | **Hanwha Life Insurance Co. Ltd.** | **Hanwha Life Insurance Co. Ltd.** |
|  3.379% due 02/04/2032 •  | 15000 | 12474 |
|  **Highwoods Realty LP** | **Highwoods Realty LP** | **Highwoods Realty LP** |
|  4.125% due 03/15/2028 | 3600 | 3258 |
|  **HSBC Holdings PLC** | **HSBC Holdings PLC** | **HSBC Holdings PLC** |
|  6.000% due 09/29/2023 •(f)(g) | 1700 | 1802 |
|  **ING Groep NV** | **ING Groep NV** | **ING Groep NV** |
|  4.625% due 01/06/2026 | 4700 | 4595 |
|  **Intercontinental Exchange, Inc.** | **Intercontinental Exchange, Inc.** | **Intercontinental Exchange, Inc.** |
|  2.100% due 06/15/2030 | 7000 | 5720 |
|  **JPMorgan Chase & Co.** | **JPMorgan Chase & Co.** | **JPMorgan Chase & Co.** |
|  1.578% due 04/22/2027 •  | 17000 | 14957 |
|  2.182% due 06/01/2028 •  | 16000 | &nbsp;&nbsp;&nbsp;&nbsp;14014 |
|  **Jyske Realkredit AS** | **Jyske Realkredit AS** | **Jyske Realkredit AS** |
|  1.500% due 10/01/2053 | 37711 | 4150 |
|  **Kilroy Realty LP** | **Kilroy Realty LP** | **Kilroy Realty LP** |
|  3.050% due 02/15/2030 | 2200 | 1765 |
|  **LeasePlan Corp. NV** | **LeasePlan Corp. NV** | **LeasePlan Corp. NV** |
|  2.875% due 10/24/2024 | 8200 | 7700 |
|  **Lloyds Bank PLC** | **Lloyds Bank PLC** | **Lloyds Bank PLC** |
|  0.000% due 04/02/2032 þ | 15000 | 9179 |
|  **MassMutual Global Funding** | **MassMutual Global Funding** | **MassMutual Global Funding** |
|  5.050% due 12/07/2027 | 7900 | 7953 |
|  **Mid-America Apartments LP** | **Mid-America Apartments LP** | **Mid-America Apartments LP** |
|  2.750% due 03/15/2030 | 3000 | 2558 |
|  **Mitsubishi UFJ Financial Group, Inc.** | **Mitsubishi UFJ Financial Group, Inc.** | **Mitsubishi UFJ Financial Group, Inc.** |
|  1.412% due 07/17/2025 | 1900 | 1727 |
|  1.640% due 10/13/2027 •  | 11600 | 10061 |
|  **Mizuho Financial Group, Inc.** | **Mizuho Financial Group, Inc.** | **Mizuho Financial Group, Inc.** |
|  2.201% due 07/10/2031 •  | 1700 | 1331 |
|  2.226% due 05/25/2026 •  | 12600 | 11584 |
|  4.899% (US0003M + 0.990%) due 07/10/2024 ~ | 16200 | 16164 |
|  **Morgan Stanley Direct Lending Fund** | **Morgan Stanley Direct Lending Fund** | **Morgan Stanley Direct Lending Fund** |
|  4.500% due 02/11/2027 | 15000 | 13873 |
|  **MPT Operating Partnership LP** | **MPT Operating Partnership LP** | **MPT Operating Partnership LP** |
|  2.550% due 12/05/2023 | 1500 | 1726 |
|  **Nationwide Building Society** | **Nationwide Building Society** | **Nationwide Building Society** |
|  3.960% due 07/18/2030 •  | 11500 | 9980 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **NatWest Group PLC** | **NatWest Group PLC** | **NatWest Group PLC** | **NatWest Group PLC** |
|  3.073% due 05/22/2028 •  | $| 2600 | 2327 |
|  4.519% due 06/25/2024 •  |  | 2200 | 2180 |
|  **Nissan Motor Acceptance Co. LLC** | **Nissan Motor Acceptance Co. LLC** | **Nissan Motor Acceptance Co. LLC** | **Nissan Motor Acceptance Co. LLC** |
|  1.850% due 09/16/2026 |  | 17000 | 14213 |
|  3.875% due 09/21/2023 |  | 7800 | 7658 |
|  **Nomura Holdings, Inc.** | **Nomura Holdings, Inc.** | **Nomura Holdings, Inc.** | **Nomura Holdings, Inc.** |
|  2.679% due 07/16/2030 |  | 9400 | 7538 |
|  **Nordea Kredit Realkreditaktieselskab** | **Nordea Kredit Realkreditaktieselskab** | **Nordea Kredit Realkreditaktieselskab** | **Nordea Kredit Realkreditaktieselskab** |
|  1.500% due 10/01/2053 | DKK | 21179 | 2353 |
|  **Nykredit Realkredit AS** | **Nykredit Realkredit AS** | **Nykredit Realkredit AS** | **Nykredit Realkredit AS** |
|  1.000% due 10/01/2050 |  | 26773 | 2841 |
|  1.500% due 10/01/2053 |  | 97 | 11 |
|  **Omega Healthcare Investors, Inc.** | **Omega Healthcare Investors, Inc.** | **Omega Healthcare Investors, Inc.** | **Omega Healthcare Investors, Inc.** |
|  3.375% due 02/01/2031 | $| 12000 | 9276 |
|  **Park Aerospace Holdings Ltd.** | **Park Aerospace Holdings Ltd.** | **Park Aerospace Holdings Ltd.** | **Park Aerospace Holdings Ltd.** |
|  4.500% due 03/15/2023 |  | 3800 | 3791 |
|  **Physicians Realty LP** | **Physicians Realty LP** | **Physicians Realty LP** | **Physicians Realty LP** |
|  4.300% due 03/15/2027 |  | 2250 | 2125 |
|  **Piper Sandler Cos.** | **Piper Sandler Cos.** | **Piper Sandler Cos.** | **Piper Sandler Cos.** |
|  5.200% due 10/15/2023 |  | 11300 | 11201 |
|  **Prologis LP** | **Prologis LP** | **Prologis LP** | **Prologis LP** |
|  3.875% due 09/15/2028 |  | 2600 | 2463 |
|  **Public Storage** | **Public Storage** | **Public Storage** | **Public Storage** |
|  3.094% due 09/15/2027 |  | 12000 | 11181 |
|  **Realkredit Danmark AS** | **Realkredit Danmark AS** | **Realkredit Danmark AS** | **Realkredit Danmark AS** |
|  1.500% due 10/01/2053 | DKK | 22613 | 2511 |
|  **Realty Income Corp.** | **Realty Income Corp.** | **Realty Income Corp.** | **Realty Income Corp.** |
|  3.250% due 06/15/2029 | $| 900 | 803 |
|  3.250% due 01/15/2031 |  | 4000 | 3479 |
|  4.625% due 11/01/2025 |  | 5900 | 5839 |
|  **Regency Centers LP** | **Regency Centers LP** | **Regency Centers LP** | **Regency Centers LP** |
|  2.950% due 09/15/2029 |  | 400 | 337 |
|  **Sanders Re Ltd.** | **Sanders Re Ltd.** | **Sanders Re Ltd.** | **Sanders Re Ltd.** |
|  16.090% (T-BILL 3MO + 11.750%) due 04/09/2029 ~ |  | 10000 | 9497 |
|  **Santander Holdings USA, Inc.** | **Santander Holdings USA, Inc.** | **Santander Holdings USA, Inc.** | **Santander Holdings USA, Inc.** |
|  3.450% due 06/02/2025 |  | 11900 | 11350 |
|  **Scentre Group Trust** | **Scentre Group Trust** | **Scentre Group Trust** | **Scentre Group Trust** |
|  3.625% due 01/28/2026 |  | 15900 | 14974 |
|  **Society of Lloyd's** | **Society of Lloyd's** | **Society of Lloyd's** | **Society of Lloyd's** |
|  4.750% due 10/30/2024 | GBP | 1700 | 2019 |
|  **Standard Chartered PLC** | **Standard Chartered PLC** | **Standard Chartered PLC** | **Standard Chartered PLC** |
|  1.822% due 11/23/2025 •  | $| 16000 | 14624 |
|  3.785% due 05/21/2025 •  |  | 11000 | 10621 |
|  **Sumitomo Mitsui Financial Group, Inc.** | **Sumitomo Mitsui Financial Group, Inc.** | **Sumitomo Mitsui Financial Group, Inc.** | **Sumitomo Mitsui Financial Group, Inc.** |
|  1.474% due 07/08/2025 |  | 2500 | 2280 |
|  1.902% due 09/17/2028 |  | 17000 | 14039 |
|  **Sun Communities Operating LP** | **Sun Communities Operating LP** | **Sun Communities Operating LP** | **Sun Communities Operating LP** |
|  4.200% due 04/15/2032 |  | 16000 | 14136 |
|  **Toronto-Dominion Bank** | **Toronto-Dominion Bank** | **Toronto-Dominion Bank** | **Toronto-Dominion Bank** |
|  2.800% due 03/10/2027 |  | 8000 | 7349 |
|  **UBS AG** | **UBS AG** | **UBS AG** | **UBS AG** |
|  5.125% due 05/15/2024 (g) |  | 1700 | 1682 |
|  **UBS Group AG** | **UBS Group AG** | **UBS Group AG** | **UBS Group AG** |
|  4.125% due 04/15/2026 |  | 10300 | 9892 |
|  7.000% due 02/19/2025 •(f)(g) |  | 300 | 298 |
|  **UniCredit SpA** | **UniCredit SpA** | **UniCredit SpA** | **UniCredit SpA** |
|  2.569% due 09/22/2026 •  |  | 9300 | 8244 |
|  7.830% due 12/04/2023 |  | 18700 | 18898 |
|  **Ventas Realty LP** | **Ventas Realty LP** | **Ventas Realty LP** | **Ventas Realty LP** |
|  3.250% due 10/15/2026 |  | 4100 | 3792 |
|  **Wells Fargo & Co.** | **Wells Fargo & Co.** | **Wells Fargo & Co.** | **Wells Fargo & Co.** |
|  1.741% due 05/04/2030 •  | EUR | 5200 | 4725 |
|  **Welltower, Inc.** | **Welltower, Inc.** | **Welltower, Inc.** | **Welltower, Inc.** |
|  3.100% due 01/15/2030 | $| 7000 | 5923 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;842433 |
| **INDUSTRIALS 9.0%** | **INDUSTRIALS 9.0%** | **INDUSTRIALS 9.0%** | **INDUSTRIALS 9.0%** |
|  **Activision Blizzard, Inc.** | **Activision Blizzard, Inc.** | **Activision Blizzard, Inc.** | **Activision Blizzard, Inc.** |
|  2.500% due 09/15/2050 |  | 2000 | 1237 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **15** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Total Return Portfolio** | **(Cont.)** |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Alaska Airlines Pass-Through Trust** | **Alaska Airlines Pass-Through Trust** | **Alaska Airlines Pass-Through Trust** |
|  4.800% due 02/15/2029 | 12866 | 12268 |
|  **Amdocs Ltd.** | **Amdocs Ltd.** | **Amdocs Ltd.** |
|  2.538% due 06/15/2030 | 6900 | 5601 |
|  **American Airlines Pass-Through Trust** | **American Airlines Pass-Through Trust** | **American Airlines Pass-Through Trust** |
|  3.000% due 04/15/2030 | 5922 | 5144 |
|  3.250% due 04/15/2030 | 3030 | 2359 |
|  3.500% due 08/15/2033 | 5965 | 4537 |
|  **American Airlines, Inc.** | **American Airlines, Inc.** | **American Airlines, Inc.** |
|  5.500% due 04/20/2026 | 7800 | 7515 |
|  **Bacardi Ltd.** | **Bacardi Ltd.** | **Bacardi Ltd.** |
|  4.450% due 05/15/2025 | 12600 | 12237 |
|  **BAE Systems PLC** | **BAE Systems PLC** | **BAE Systems PLC** |
|  1.900% due 02/15/2031 | 5300 | 4122 |
|  **Bayer U.S. Finance LLC** | **Bayer U.S. Finance LLC** | **Bayer U.S. Finance LLC** |
|  4.250% due 12/15/2025 | 4700 | 4559 |
|  5.779% (US0003M + 1.010%) due 12/15/2023 ~ | 7700 | 7684 |
|  **Boeing Co.** | **Boeing Co.** | **Boeing Co.** |
|  1.433% due 02/04/2024 | 12500 | 11984 |
|  2.750% due 02/01/2026 | 15500 | 14382 |
|  **Broadcom, Inc.** | **Broadcom, Inc.** | **Broadcom, Inc.** |
|  2.600% due 02/15/2033 | 16900 | &nbsp;&nbsp;&nbsp;&nbsp;12730 |
|  3.137% due 11/15/2035 | 22963 | 16954 |
|  3.187% due 11/15/2036 | 2800 | 2020 |
|  3.469% due 04/15/2034 | 4097 | 3280 |
|  **Charter Communications Operating LLC** | **Charter Communications Operating LLC** | **Charter Communications Operating LLC** |
|  6.090% (US0003M + 1.650%) due 02/01/2024 ~ | 4800 | 4823 |
|  **Dell International LLC** | **Dell International LLC** | **Dell International LLC** |
|  5.850% due 07/15/2025 | 15150 | 15325 |
|  **Duke University** | **Duke University** | **Duke University** |
|  2.682% due 10/01/2044 | 18900 | 13741 |
|  **Emory University** | **Emory University** | **Emory University** |
|  2.143% due 09/01/2030 | 12700 | 10539 |
|  **Entergy Louisiana LLC** | **Entergy Louisiana LLC** | **Entergy Louisiana LLC** |
|  2.350% due 06/15/2032 | 15500 | 12360 |
|  **Expedia Group, Inc.** | **Expedia Group, Inc.** | **Expedia Group, Inc.** |
|  3.250% due 02/15/2030 | 11700 | 9951 |
|  **General Electric Co.** | **General Electric Co.** | **General Electric Co.** |
|  4.912% (US0003M + 0.380%) due 05/05/2026 ~ | 3771 | 3623 |
|  **Global Payments, Inc.** | **Global Payments, Inc.** | **Global Payments, Inc.** |
|  1.200% due 03/01/2026 | 16000 | 13964 |
|  **Gray Oak Pipeline LLC** | **Gray Oak Pipeline LLC** | **Gray Oak Pipeline LLC** |
|  3.450% due 10/15/2027 | 13300 | 11787 |
|  **Huntington Ingalls Industries, Inc.** | **Huntington Ingalls Industries, Inc.** | **Huntington Ingalls Industries, Inc.** |
|  2.043% due 08/16/2028 | 17000 | 14042 |
|  **Hyundai Capital America** | **Hyundai Capital America** | **Hyundai Capital America** |
|  2.100% due 09/15/2028 | 14200 | 11680 |
|  5.875% due 04/07/2025 | 14000 | 14067 |
|  **Imperial Brands Finance PLC** | **Imperial Brands Finance PLC** | **Imperial Brands Finance PLC** |
|  3.125% due 07/26/2024 | 16000 | 15305 |
|  **International Flavors & Fragrances, Inc.** | **International Flavors & Fragrances, Inc.** | **International Flavors & Fragrances, Inc.** |
|  1.832% due 10/15/2027 | 4900 | 4120 |
|  **Marriott International, Inc.** | **Marriott International, Inc.** | **Marriott International, Inc.** |
|  4.150% due 12/01/2023 | 13620 | 13480 |
|  **Melco Resorts Finance Ltd.** | **Melco Resorts Finance Ltd.** | **Melco Resorts Finance Ltd.** |
|  4.875% due 06/06/2025 | 1400 | 1288 |
|  **MPLX LP** | **MPLX LP** | **MPLX LP** |
|  4.000% due 03/15/2028 | 6900 | 6430 |
|  **Nissan Motor Co. Ltd.** | **Nissan Motor Co. Ltd.** | **Nissan Motor Co. Ltd.** |
|  4.810% due 09/17/2030 | 16600 | 14124 |
|  **NXP BV** | **NXP BV** | **NXP BV** |
|  3.875% due 06/18/2026 | 12100 | 11510 |
|  **NY Society for Relief of Ruptured & Crippled Maintaining Hosp Special Surgery** | **NY Society for Relief of Ruptured & Crippled Maintaining Hosp Special Surgery** | **NY Society for Relief of Ruptured & Crippled Maintaining Hosp Special Surgery** |
|  2.667% due 10/01/2050 | 3000 | 1856 |
|  **Odebrecht Oil & Gas Finance Ltd.** | **Odebrecht Oil & Gas Finance Ltd.** | **Odebrecht Oil & Gas Finance Ltd.** |
|  0.000% due 01/30/2023 (d)(f) | 5001 | 13 |
|  **Royalty Pharma PLC** | **Royalty Pharma PLC** | **Royalty Pharma PLC** |
|  1.200% due 09/02/2025 | 3000 | 2688 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **S&P Global, Inc.** | **S&P Global, Inc.** | **S&P Global, Inc.** |
|  4.250% due 05/01/2029 | 1390 | 1330 |
|  **Sprint Spectrum Co. LLC** | **Sprint Spectrum Co. LLC** | **Sprint Spectrum Co. LLC** |
|  4.738% due 09/20/2029 | 7763 | 7675 |
|  5.152% due 09/20/2029 | 10700 | 10556 |
|  **Sutter Health** | **Sutter Health** | **Sutter Health** |
|  3.161% due 08/15/2040 | 13100 | 9841 |
|  **T-Mobile USA, Inc.** | **T-Mobile USA, Inc.** | **T-Mobile USA, Inc.** |
|  2.050% due 02/15/2028 | 13000 | 11187 |
|  **United Airlines Pass-Through Trust** | **United Airlines Pass-Through Trust** | **United Airlines Pass-Through Trust** |
|  3.100% due 01/07/2030 | 736 | 665 |
|  **Volkswagen Group of America Finance LLC** | **Volkswagen Group of America Finance LLC** | **Volkswagen Group of America Finance LLC** |
|  3.200% due 09/26/2026 | 9700 | 9006 |
|  4.750% due 11/13/2028 | 16100 | 15637 |
|  **Warnermedia Holdings, Inc.** | **Warnermedia Holdings, Inc.** | **Warnermedia Holdings, Inc.** |
|  3.528% due 03/15/2024 | 10000 | 9696 |
|  **Wynn Las Vegas LLC** | **Wynn Las Vegas LLC** | **Wynn Las Vegas LLC** |
|  5.500% due 03/01/2025 | 18000 | 17125 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;428047 |
| **UTILITIES 3.1%** | **UTILITIES 3.1%** | **UTILITIES 3.1%** |
|  **AES Corp.** | **AES Corp.** | **AES Corp.** |
|  3.950% due 07/15/2030 | 6400 | 5674 |
|  **Alabama Power Co.** | **Alabama Power Co.** | **Alabama Power Co.** |
|  1.450% due 09/15/2030 | 4800 | 3749 |
|  **AT&T, Inc.** | **AT&T, Inc.** | **AT&T, Inc.** |
|  4.500% due 05/15/2035 | 15550 | 14190 |
|  **Duke Energy Ohio, Inc.** | **Duke Energy Ohio, Inc.** | **Duke Energy Ohio, Inc.** |
|  3.650% due 02/01/2029 | 5600 | 5197 |
|  **Duke Energy Progress LLC** | **Duke Energy Progress LLC** | **Duke Energy Progress LLC** |
|  2.000% due 08/15/2031 | 13200 | 10464 |
|  **EDP Finance BV** | **EDP Finance BV** | **EDP Finance BV** |
|  1.710% due 01/24/2028 | 13300 | 10998 |
|  **Enel Finance International NV** | **Enel Finance International NV** | **Enel Finance International NV** |
|  2.250% due 07/12/2031 | 17000 | 12408 |
|  **Mid-Atlantic Interstate Transmission LLC** | **Mid-Atlantic Interstate Transmission LLC** | **Mid-Atlantic Interstate Transmission LLC** |
|  4.100% due 05/15/2028 | 2100 | 1980 |
|  **NextEra Energy Capital Holdings, Inc.** | **NextEra Energy Capital Holdings, Inc.** | **NextEra Energy Capital Holdings, Inc.** |
|  2.250% due 06/01/2030 | 19000 | 15668 |
|  **Odebrecht Drilling Norbe Ltd. (6.350% Cash and 1.000% PIK)** | **Odebrecht Drilling Norbe Ltd. (6.350% Cash and 1.000% PIK)** | **Odebrecht Drilling Norbe Ltd. (6.350% Cash and 1.000% PIK)** |
|  7.350% due 12/01/2026 ^(b) | 9976 | 5512 |
|  **Odebrecht Offshore Drilling Finance Ltd. (6.720% Cash and 1.000% PIK)** | **Odebrecht Offshore Drilling Finance Ltd. (6.720% Cash and 1.000% PIK)** | **Odebrecht Offshore Drilling Finance Ltd. (6.720% Cash and 1.000% PIK)** |
|  7.720% due 12/01/2026 ^(b) | 5246 | 1403 |
|  **Pacific Gas & Electric Co.** | **Pacific Gas & Electric Co.** | **Pacific Gas & Electric Co.** |
|  2.500% due 02/01/2031 | 2790 | 2171 |
|  2.950% due 03/01/2026 | 1900 | 1744 |
|  3.150% due 01/01/2026 | 2400 | 2233 |
|  3.300% due 03/15/2027 | 3100 | 2762 |
|  3.300% due 12/01/2027 | 200 | 177 |
|  3.300% due 08/01/2040 | 4300 | 2926 |
|  3.400% due 08/15/2024 | 5800 | 5569 |
|  3.500% due 06/15/2025 | 3300 | 3117 |
|  4.200% due 03/01/2029 | 11000 | 9845 |
|  4.250% due 08/01/2023 | 1000 | 995 |
|  4.250% due 03/15/2046 | 1500 | 1049 |
|  4.550% due 07/01/2030 | 8700 | 7906 |
|  4.650% due 08/01/2028 | 2000 | 1843 |
|  4.750% due 02/15/2044 | 1900 | 1461 |
|  5.450% due 06/15/2027 | 3100 | 3062 |
|  **Pennsylvania Electric Co.** | **Pennsylvania Electric Co.** | **Pennsylvania Electric Co.** |
|  3.250% due 03/15/2028 | 1700 | 1530 |
|  **Southern California Gas Co.** | **Southern California Gas Co.** | **Southern California Gas Co.** |
|  2.950% due 04/15/2027 | 11300 | 10437 |
|  **VTR Comunicaciones SpA** | **VTR Comunicaciones SpA** | **VTR Comunicaciones SpA** |
|  5.125% due 01/15/2028 | 798 | 497 |
|  **WEC Energy Group, Inc.** | **WEC Energy Group, Inc.** | **WEC Energy Group, Inc.** |
|  1.375% due 10/15/2027 | 5000 | 4249 |
|  |  | 150816 |
|  **Total Corporate Bonds & Notes (Cost $1,608,432)** | **Total Corporate Bonds & Notes (Cost $1,608,432)** | **1421296** |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **MUNICIPAL BONDS & NOTES 0.7%** | **MUNICIPAL BONDS & NOTES 0.7%** | **MUNICIPAL BONDS & NOTES 0.7%** |
| **CALIFORNIA 0.1%** | **CALIFORNIA 0.1%** | **CALIFORNIA 0.1%** |
|  **University of California Revenue Notes, Series 2020** | **University of California Revenue Notes, Series 2020** | **University of California Revenue Notes, Series 2020** |
|  0.883% due 05/15/2025 | 6200 | 5689 |
| **FLORIDA 0.1%** | **FLORIDA 0.1%** | **FLORIDA 0.1%** |
|  **State Board of Administration Finance Corp., Florida Revenue Notes, Series 2020** | **State Board of Administration Finance Corp., Florida Revenue Notes, Series 2020** | **State Board of Administration Finance Corp., Florida Revenue Notes, Series 2020** |
|  1.705% due 07/01/2027 | 3000 | 2614 |
| **ILLINOIS 0.2%** | **ILLINOIS 0.2%** | **ILLINOIS 0.2%** |
|  **Chicago, Illinois General Obligation Bonds, Series 2015** | **Chicago, Illinois General Obligation Bonds, Series 2015** | **Chicago, Illinois General Obligation Bonds, Series 2015** |
|  7.750% due 01/01/2042 | 1367 | 1390 |
|  **Sales Tax Securitization Corp., Illinois Revenue Bonds, Series 2020** | **Sales Tax Securitization Corp., Illinois Revenue Bonds, Series 2020** | **Sales Tax Securitization Corp., Illinois Revenue Bonds, Series 2020** |
|  2.857% due 01/01/2031 | 5000 | 4162 |
|  3.007% due 01/01/2033 | 2000 | 1612 |
|  |  | 7164 |
| **NEW YORK 0.1%** | **NEW YORK 0.1%** | **NEW YORK 0.1%** |
|  **New York State Urban Development Corp. Revenue Notes, Series 2020** | **New York State Urban Development Corp. Revenue Notes, Series 2020** | **New York State Urban Development Corp. Revenue Notes, Series 2020** |
|  0.965% due 03/15/2024 | 3900 | 3737 |
|  1.115% due 03/15/2025 | 2500 | 2318 |
|  |  | 6055 |
| **OHIO 0.1%** | **OHIO 0.1%** | **OHIO 0.1%** |
|  **Ohio Air Quality Development Authority Duke Energy Corporation Project Revenue Bonds, Series 2022** | **Ohio Air Quality Development Authority Duke Energy Corporation Project Revenue Bonds, Series 2022** | **Ohio Air Quality Development Authority Duke Energy Corporation Project Revenue Bonds, Series 2022** |
|  4.250% due 11/01/2039 | 4900 | 4892 |
| **TEXAS 0.0%** | **TEXAS 0.0%** | **TEXAS 0.0%** |
|  **Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2020** | **Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2020** | **Dallas Fort Worth International Airport, Texas Revenue Bonds, Series 2020** |
|  2.246% due 11/01/2031 | 2500 | 1993 |
| **WEST VIRGINIA 0.1%** | **WEST VIRGINIA 0.1%** | **WEST VIRGINIA 0.1%** |
|  **Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2020** | **Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2020** | **Tobacco Settlement Finance Authority, West Virginia Revenue Bonds, Series 2020** |
|  3.151% due 06/01/2032 | 7095 | 5695 |
|  **Total Municipal Bonds & Notes (Cost $38,434)** | **Total Municipal Bonds & Notes (Cost $38,434)** | **34102** |
| **U.S. GOVERNMENT AGENCIES 36.8%** | **U.S. GOVERNMENT AGENCIES 36.8%** | **U.S. GOVERNMENT AGENCIES 36.8%** |
|  **Fannie Mae** | **Fannie Mae** | **Fannie Mae** |
|  0.101% due 08/25/2055 ~(a) | 5224 | 157 |
|  2.241% due 01/25/2031 ~(a) | 15131 | 1449 |
|  2.888% due 06/01/2043 •  | 237 | 226 |
|  2.889% due 07/01/2044 •  | 44 | 42 |
|  3.257% due 05/25/2035 ~ | 33 | 33 |
|  3.462% due 05/01/2038 •  | 2945 | 2991 |
|  3.643% due 06/25/2055 •  | 1155 | 1129 |
|  3.713% due 08/01/2035 •  | 110 | 108 |
|  3.727% due 10/01/2032 •  | 54 | 53 |
|  3.821% due 07/25/2037 •  | 197 | 193 |
|  3.825% due 04/01/2035 •  | 195 | 193 |
|  3.938% due 09/01/2039 •  | 9 | 9 |
|  3.975% due 12/01/2036 •  | 36 | 36 |
|  4.076% due 12/25/2036 •  | 63 | 62 |
|  4.090% due 09/01/2035 •  | 12 | 11 |
|  4.162% due 08/01/2035 •  | 9 | 9 |
|  4.220% due 11/01/2035 •  | 8 | 8 |
|  4.639% due 05/25/2037 •  | 14 | 13 |
|  4.739% due 03/25/2044 ~ | 210 | 206 |
|  4.799% due 09/25/2035 ~ | 145 | 142 |
|  4.838% due 09/01/2034 •  | 19 | 19 |
|  4.889% (US0001M + 0.500%) due 02/25/2042 ~ | 4343 | 4222 |
|  5.000% due 04/25/2033 | 185 | 183 |
|  7.000% due 04/25/2023 - 06/01/2032 | 38 | 39 |

---

---

| | | |
|:---|:---|:---|
| **16** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Freddie Mac** | **Freddie Mac** | **Freddie Mac** | **Freddie Mac** | **Freddie Mac** |
|  2.889% due 02/25/2045 •  | $— | 63 | $— | 63 |
|  3.106% due 08/15/2040 ~ |  | 4092 |  | 3978 |
|  3.258% due 10/15/2040 ~ |  | 4010 |  | 3905 |
|  3.500% due 03/01/2048 |  | 1767 |  | 1641 |
|  4.000% due 04/01/2029 - 01/01/2041 |  | 900 |  | 871 |
|  4.500% due 03/01/2029 - 04/01/2029 |  | 574 |  | 571 |
|  4.508% (US0001M + 0.190%) due 10/15/2043 ~ |  | 5258 |  | 5080 |
|  4.818% due 09/15/2030 •  |  | 1 |  | 1 |
|  5.038% due 05/15/2037 •  |  | 240 |  | 239 |
|  5.500% due 10/01/2034 - 07/01/2038 |  | 727 |  | 754 |
|  6.000% due 02/01/2033 - 05/01/2040 |  | 1554 |  | 1624 |
|  6.500% due 04/15/2029 - 10/01/2037 |  | 11 |  | 12 |
|  7.000% due 06/15/2023 |  | 4 |  | 4 |
|  7.500% due 07/15/2030 - 03/01/2032 |  | 19 |  | 20 |
|  **Ginnie Mae** | **Ginnie Mae** | **Ginnie Mae** | **Ginnie Mae** | **Ginnie Mae** |
|  1.750% due 10/20/2029 - 11/20/2029 •  |  | 16 |  | 15 |
|  1.968% due 04/20/2067 ~ |  | 6972 |  | 6904 |
|  2.500% due 04/20/2052 |  | 12958 |  | 11240 |
|  2.625% due 02/20/2027 - 02/20/2032 •  |  | 44 |  | 43 |
|  2.673% due 10/20/2043 •  |  | 4209 |  | 4015 |
|  2.875% (H15T1Y + 1.500%) due 04/20/2026 ~ |  | 5 |  | 5 |
|  2.875% due 05/20/2030 •  |  | 1 |  | 0 |
|  3.000% due 07/20/2030 •  |  | 1 |  | 1 |
|  3.000% due 03/15/2045 - 08/15/2045 |  | 1420 |  | 1269 |
|  3.379% due 06/20/2067 •  |  | 353 |  | 351 |
|  4.000% due 06/15/2049 - 03/15/2052 |  | 2586 |  | 2471 |
|  4.292% due 08/20/2066 •  |  | 22 |  | 22 |
|  4.398% due 09/20/2066 ~ |  | 11917 |  | 12166 |
|  4.442% due 07/20/2065 ~ |  | 8829 |  | 8705 |
|  4.442% due 08/20/2065 •  |  | 5768 |  | 5678 |
|  4.500% due 04/20/2048 -05/20/2048 |  | 3451 |  | 3399 |
|  4.585% due 06/20/2066 •  |  | 3265 |  | 3234 |
|  4.612% due 10/20/2066 ~ |  | 5987 |  | 5915 |
|  4.672% due 08/20/2066 ~ |  | 9708 |  | 9606 |
|  4.770% due 12/20/2072 •  |  | 6000 |  | 6017 |
|  4.842% due 01/20/2066 •  |  | 2520 |  | 2486 |
|  5.000% due 07/20/2049 |  | 534 |  | 536 |
|  6.000% due 12/15/2038 - 11/15/2039 |  | 8 |  | 8 |
|  **Ginnie Mae, TBA** | **Ginnie Mae, TBA** | **Ginnie Mae, TBA** | **Ginnie Mae, TBA** | **Ginnie Mae, TBA** |
|  2.000% due 02/01/2053 |  | 5800 |  | 4867 |
|  4.000% due 01/01/2053 |  | 3800 |  | 3603 |
|  **Uniform Mortgage-Backed Security** | **Uniform Mortgage-Backed Security** | **Uniform Mortgage-Backed Security** | **Uniform Mortgage-Backed Security** | **Uniform Mortgage-Backed Security** |
|  2.000% due 02/01/2052 - 03/01/2052 |  | 63485 |  | 51795 |
|  2.500% due 07/01/2039 - 03/01/2040 |  | 1054 |  | 928 |
|  3.000% due 09/01/2027 - 08/01/2052 |  | 303571 |  | &nbsp;&nbsp;&nbsp;&nbsp;268414 |
|  3.500% due 02/01/2025 - 08/01/2052 |  | 40013 |  | 37467 |
|  4.000% due 01/01/2026 - 05/01/2048 |  | 11304 |  | 10758 |
|  4.500% due 08/01/2023 - 08/01/2043 |  | 1503 |  | 1481 |
|  5.000% due 06/01/2025 - 10/01/2052 |  | 21566 |  | 21330 |
|  5.500% due 01/01/2024 - 07/01/2041 |  | 5822 |  | 6010 |
|  6.000% due 05/01/2033 - 01/01/2039 |  | 2451 |  | 2529 |
|  **Uniform Mortgage-Backed Security, TBA** | **Uniform Mortgage-Backed Security, TBA** | **Uniform Mortgage-Backed Security, TBA** | **Uniform Mortgage-Backed Security, TBA** | **Uniform Mortgage-Backed Security, TBA** |
|  3.000% due 02/01/2053 |  | 539759 |  | 474243 |
|  3.500% due 02/01/2049 - 02/01/2053 |  | 206000 |  | 187280 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.000% due 02/01/2053 - 03/01/2053 | $— | 345700 | &nbsp;&nbsp;&nbsp;&nbsp;324359 |
|  4.500% due 02/01/2053 |  | 203400 | 195810 |
|  5.000% due 01/01/2053 |  | 33000 | 32523 |
|  5.500% due 02/01/2053 |  | 15700 | 15736 |
|  6.000% due 02/01/2053 |  | 2200 | 2231 |
|  **Total U.S. Government Agencies (Cost $1,801,035)** | **Total U.S. Government Agencies (Cost $1,801,035)** | **Total U.S. Government Agencies (Cost $1,801,035)** | **1755746** |
| **U.S. TREASURY OBLIGATIONS 13.3%** | **U.S. TREASURY OBLIGATIONS 13.3%** | **U.S. TREASURY OBLIGATIONS 13.3%** | **U.S. TREASURY OBLIGATIONS 13.3%** |
|  **U.S. Treasury Bonds** | **U.S. Treasury Bonds** | **U.S. Treasury Bonds** | **U.S. Treasury Bonds** |
|  1.375% due 11/15/2040 |  | 106200 | 69100 |
|  1.375% due 08/15/2050 |  | 36100 | 20073 |
|  1.625% due 11/15/2050 |  | 37700 | 22445 |
|  1.875% due 02/15/2041 |  | 79000 | 55880 |
|  2.000% due 02/15/2050 |  | 47000 | 31070 |
|  2.250% due 05/15/2041 |  | 19000 | 14294 |
|  2.500% due 02/15/2045 |  | 9800 | 7387 |
|  2.750% due 11/15/2042 (n) |  | 8300 | 6661 |
|  2.875% due 08/15/2045 (l)(n) |  | 10000 | 8061 |
|  2.875% due 05/15/2049 |  | 31900 | 25686 |
|  3.000% due 05/15/2042 (n) |  | 4300 | 3619 |
|  3.000% due 11/15/2044 (j) |  | 155300 | 128317 |
|  3.000% due 05/15/2045 |  | 41000 | 33817 |
|  3.125% due 11/15/2041 (l)(n) |  | 20500 | 17728 |
|  3.125% due 08/15/2044 |  | 35700 | 30200 |
|  3.250% due 05/15/2042 |  | 37800 | 33158 |
|  3.375% due 05/15/2044 (l)(n) |  | 16300 | 14389 |
|  3.625% due 02/15/2044 (n) |  | 2900 | 2663 |
|  3.750% due 08/15/2041 (l)(n) |  | 27700 | 26291 |
|  **U.S. Treasury Inflation Protected Securities (e)** | **U.S. Treasury Inflation Protected Securities (e)** | **U.S. Treasury Inflation Protected Securities (e)** | **U.S. Treasury Inflation Protected Securities (e)** |
|  0.125% due 07/15/2031 (l) |  | 21681 | 19173 |
|  0.125% due 01/15/2032 |  | 24403 | 21393 |
|  0.125% due 02/15/2051 |  | 2976 | 1920 |
|  0.250% due 02/15/2050 |  | 8346 | 5636 |
|  0.500% due 04/15/2024 |  | 2363 | 2298 |
|  0.625% due 01/15/2024 |  | 9962 | 9751 |
|  0.625% due 07/15/2032 |  | 16205 | 14856 |
|  0.625% due 02/15/2043 |  | 1685 | 1361 |
|  0.750% due 02/15/2045 |  | 5442 | 4406 |
|  1.000% due 02/15/2049 |  | 2961 | 2478 |
|  1.375% due 02/15/2044 |  | 767 | 713 |
|  **Total U.S. Treasury Obligations (Cost $887,418)** | **Total U.S. Treasury Obligations (Cost $887,418)** | **Total U.S. Treasury Obligations (Cost $887,418)** | **634824** |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES 12.1%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 12.1%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 12.1%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 12.1%** |
|  **Alba PLC** | **Alba PLC** | **Alba PLC** | **Alba PLC** |
|  3.714% due 03/17/2039 •  |  | 6808 | 7761 |
|  **American Home Mortgage Investment Trust** | **American Home Mortgage Investment Trust** | **American Home Mortgage Investment Trust** | **American Home Mortgage Investment Trust** |
|  6.700% due 06/25/2036 þ | $— | 11432 | 1971 |
|  **Atrium Hotel Portfolio Trust** | **Atrium Hotel Portfolio Trust** | **Atrium Hotel Portfolio Trust** | **Atrium Hotel Portfolio Trust** |
|  5.268% due 06/15/2035 ~ |  | 4500 | 4348 |
|  **BAMLL Commercial Mortgage Securities Trust** | **BAMLL Commercial Mortgage Securities Trust** | **BAMLL Commercial Mortgage Securities Trust** | **BAMLL Commercial Mortgage Securities Trust** |
|  2.627% due 01/15/2032 |  | 14000 | 12023 |
|  **Banc of America Funding Trust** | **Banc of America Funding Trust** | **Banc of America Funding Trust** | **Banc of America Funding Trust** |
|  3.418% due 05/25/2035 ~ |  | 129 | 122 |
|  5.000% due 07/26/2036 |  | 19524 | 3211 |
|  6.000% due 03/25/2037 ^ |  | 1430 | 1159 |
|  **Banc of America Mortgage Trust** | **Banc of America Mortgage Trust** | **Banc of America Mortgage Trust** | **Banc of America Mortgage Trust** |
|  4.014% due 05/25/2033 ~ |  | 71 | 66 |
|  **BCAP LLC Trust** | **BCAP LLC Trust** | **BCAP LLC Trust** | **BCAP LLC Trust** |
|  4.611% due 03/26/2037 þ |  | 188 | 183 |
|  4.809% due 05/25/2047 ~ |  | 1472 | 1325 |
|  **Bear Stearns Adjustable Rate Mortgage Trust** | **Bear Stearns Adjustable Rate Mortgage Trust** | **Bear Stearns Adjustable Rate Mortgage Trust** | **Bear Stearns Adjustable Rate Mortgage Trust** |
|  3.077% due 04/25/2034 ~ |  | 215 | 198 |
|  3.239% due 04/25/2033 ~ |  | 16 | 16 |
|  3.250% due 02/25/2033 ~ |  | 3 | 3 |
|  3.830% due 01/25/2034 ~ |  | 93 | 88 |
|  3.844% due 07/25/2034 ~ |  | 202 | 178 |
|  3.856% due 01/25/2035 ~ |  | 44 | 40 |
|  3.887% due 11/25/2034 ~ |  | 608 | 581 |
|  4.340% due 02/25/2033 ~ |  | 2 | 2 |
|  4.960% due 01/25/2035 ~ |  | 92 | 80 |
|  6.800% due 02/25/2036 ~ |  | 14 | 14 |
|  **Bear Stearns ALT-A Trust** | **Bear Stearns ALT-A Trust** | **Bear Stearns ALT-A Trust** | **Bear Stearns ALT-A Trust** |
|  3.115% due 05/25/2035 ~ |  | 551 | 513 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.341% due 05/25/2036 ^~ | $— | 1342 | $— | 776 |
|  3.729% due 09/25/2035 ^~ |  | 415 |  | 258 |
|  **Bear Stearns Structured Products, Inc. Trust** | **Bear Stearns Structured Products, Inc. Trust** | **Bear Stearns Structured Products, Inc. Trust** | **Bear Stearns Structured Products, Inc. Trust** | **Bear Stearns Structured Products, Inc. Trust** |
|  3.523% due 01/26/2036 ^~ |  | 837 |  | 673 |
|  5.219% due 12/26/2046 ^~ |  | 620 |  | 448 |
|  **Benchmark Mortgage Trust** | **Benchmark Mortgage Trust** | **Benchmark Mortgage Trust** | **Benchmark Mortgage Trust** | **Benchmark Mortgage Trust** |
|  3.458% due 03/15/2055 |  | 15000 |  | &nbsp;&nbsp;&nbsp;&nbsp;13301 |
|  **BIG Commercial Mortgage Trust** | **BIG Commercial Mortgage Trust** | **BIG Commercial Mortgage Trust** | **BIG Commercial Mortgage Trust** | **BIG Commercial Mortgage Trust** |
|  5.678% due 02/15/2039 •  |  | 15000 |  | 14427 |
|  **Business Mortgage Finance PLC** | **Business Mortgage Finance PLC** | **Business Mortgage Finance PLC** | **Business Mortgage Finance PLC** | **Business Mortgage Finance PLC** |
|  4.359% due 02/15/2041 •  |  | 387 |  | 467 |
|  **CD Mortgage Trust** | **CD Mortgage Trust** | **CD Mortgage Trust** | **CD Mortgage Trust** | **CD Mortgage Trust** |
|  3.431% due 08/15/2050 | $— | 5900 |  | 5428 |
|  **CFCRE Commercial Mortgage Trust** | **CFCRE Commercial Mortgage Trust** | **CFCRE Commercial Mortgage Trust** | **CFCRE Commercial Mortgage Trust** | **CFCRE Commercial Mortgage Trust** |
|  3.644% due 12/10/2054 |  | 5344 |  | 5113 |
|  **Chase Mortgage Finance Trust** | **Chase Mortgage Finance Trust** | **Chase Mortgage Finance Trust** | **Chase Mortgage Finance Trust** | **Chase Mortgage Finance Trust** |
|  3.499% due 01/25/2036 ^~ |  | 896 |  | 762 |
|  **Citigroup Mortgage Loan Trust** | **Citigroup Mortgage Loan Trust** | **Citigroup Mortgage Loan Trust** | **Citigroup Mortgage Loan Trust** | **Citigroup Mortgage Loan Trust** |
|  2.910% due 05/25/2035 ~ |  | 154 |  | 147 |
|  3.790% due 09/25/2035 ~ |  | 1280 |  | 1229 |
|  5.410% due 10/25/2035 ~ |  | 45 |  | 42 |
|  5.500% due 12/25/2035 |  | 1796 |  | 993 |
|  **Countrywide Alternative Loan Trust** | **Countrywide Alternative Loan Trust** | **Countrywide Alternative Loan Trust** | **Countrywide Alternative Loan Trust** | **Countrywide Alternative Loan Trust** |
|  4.543% due 09/20/2046 ~ |  | 2033 |  | 1931 |
|  4.769% due 09/25/2046 ^•  |  | 6645 |  | 6142 |
|  4.789% due 05/25/2036 ~ |  | 705 |  | 593 |
|  5.389% due 08/25/2035 ^•  |  | 2658 |  | 1447 |
|  6.000% due 03/25/2035 |  | 9149 |  | 7291 |
|  6.000% due 02/25/2037 ^ |  | 5612 |  | 3023 |
|  6.000% due 08/25/2037 ^ |  | 5010 |  | 3085 |
|  **Countrywide Home Loan Mortgage Pass-Through Trust** | **Countrywide Home Loan Mortgage Pass-Through Trust** | **Countrywide Home Loan Mortgage Pass-Through Trust** | **Countrywide Home Loan Mortgage Pass-Through Trust** | **Countrywide Home Loan Mortgage Pass-Through Trust** |
|  3.671% due 02/20/2035 ~ |  | 97 |  | 97 |
|  3.792% due 11/25/2034 ~ |  | 398 |  | 360 |
|  5.910% due 02/20/2036 ^~ |  | 66 |  | 54 |
|  **CSAIL Commercial Mortgage Trust** | **CSAIL Commercial Mortgage Trust** | **CSAIL Commercial Mortgage Trust** | **CSAIL Commercial Mortgage Trust** | **CSAIL Commercial Mortgage Trust** |
|  2.968% due 12/15/2052 |  | 7446 |  | 6412 |
|  **Deutsche ALT-A Securities, Inc. Mortgage Loan Trust** | **Deutsche ALT-A Securities, Inc. Mortgage Loan Trust** | **Deutsche ALT-A Securities, Inc. Mortgage Loan Trust** | **Deutsche ALT-A Securities, Inc. Mortgage Loan Trust** | **Deutsche ALT-A Securities, Inc. Mortgage Loan Trust** |
|  4.689% due 03/25/2037 ^~ |  | 2542 |  | 2368 |
|  4.889% due 02/25/2035 •  |  | 108 |  | 101 |
|  **DOLP Trust** | **DOLP Trust** | **DOLP Trust** | **DOLP Trust** | **DOLP Trust** |
|  2.956% due 05/10/2041 |  | 20100 |  | 16027 |
|  **Ellington Financial Mortgage Trust** | **Ellington Financial Mortgage Trust** | **Ellington Financial Mortgage Trust** | **Ellington Financial Mortgage Trust** | **Ellington Financial Mortgage Trust** |
|  2.006% due 05/25/2065 ~ |  | 515 |  | 498 |
|  **Eurosail PLC** | **Eurosail PLC** | **Eurosail PLC** | **Eurosail PLC** | **Eurosail PLC** |
|  3.661% due 03/13/2045 ~ |  | 560 |  | 665 |
|  3.671% due 03/13/2045 •  |  | 841 |  | 1008 |
|  **First Horizon Alternative Mortgage Securities Trust** | **First Horizon Alternative Mortgage Securities Trust** | **First Horizon Alternative Mortgage Securities Trust** | **First Horizon Alternative Mortgage Securities Trust** | **First Horizon Alternative Mortgage Securities Trust** |
|  3.592% due 08/25/2035 ^~ | $— | 905 |  | 779 |
|  **First Horizon Mortgage Pass-Through Trust** | **First Horizon Mortgage Pass-Through Trust** | **First Horizon Mortgage Pass-Through Trust** | **First Horizon Mortgage Pass-Through Trust** | **First Horizon Mortgage Pass-Through Trust** |
|  3.930% due 10/25/2035 ^~ |  | 655 |  | 612 |
|  **Great Hall Mortgages PLC** | **Great Hall Mortgages PLC** | **Great Hall Mortgages PLC** | **Great Hall Mortgages PLC** | **Great Hall Mortgages PLC** |
|  4.868% due 06/18/2039 •  |  | 1179 |  | 1157 |
|  **GreenPoint Mortgage Funding Trust** | **GreenPoint Mortgage Funding Trust** | **GreenPoint Mortgage Funding Trust** | **GreenPoint Mortgage Funding Trust** | **GreenPoint Mortgage Funding Trust** |
|  4.749% due 09/25/2046 •  |  | 112 |  | 98 |
|  **GS Mortgage Securities Corp. Trust** | **GS Mortgage Securities Corp. Trust** | **GS Mortgage Securities Corp. Trust** | **GS Mortgage Securities Corp. Trust** | **GS Mortgage Securities Corp. Trust** |
|  2.856% due 05/10/2034 |  | 10700 |  | 9996 |
|  **GS Mortgage Securities Trust** | **GS Mortgage Securities Trust** | **GS Mortgage Securities Trust** | **GS Mortgage Securities Trust** | **GS Mortgage Securities Trust** |
|  3.120% due 05/10/2050 |  | 5634 |  | 5497 |
|  3.602% due 10/10/2049 ~ |  | 3037 |  | 2539 |
|  **GS Mortgage-Backed Securities Corp. Trust** | **GS Mortgage-Backed Securities Corp. Trust** | **GS Mortgage-Backed Securities Corp. Trust** | **GS Mortgage-Backed Securities Corp. Trust** | **GS Mortgage-Backed Securities Corp. Trust** |
|  2.500% due 06/25/2052 ~ |  | 12924 |  | 10436 |
|  **GS Mortgage-Backed Securities Trust** | **GS Mortgage-Backed Securities Trust** | **GS Mortgage-Backed Securities Trust** | **GS Mortgage-Backed Securities Trust** | **GS Mortgage-Backed Securities Trust** |
|  2.500% due 01/25/2052 ~ |  | 14766 |  | 11924 |
|  **GSR Mortgage Loan Trust** | **GSR Mortgage Loan Trust** | **GSR Mortgage Loan Trust** | **GSR Mortgage Loan Trust** | **GSR Mortgage Loan Trust** |
|  3.719% due 11/25/2035 ~ |  | 123 |  | 109 |
|  3.767% due 09/25/2035 ~ |  | 527 |  | 495 |
|  **HarborView Mortgage Loan Trust** | **HarborView Mortgage Loan Trust** | **HarborView Mortgage Loan Trust** | **HarborView Mortgage Loan Trust** | **HarborView Mortgage Loan Trust** |
|  3.275% due 07/19/2035 ^~ |  | 572 |  | 420 |
|  3.756% due 12/19/2035 ^~ |  | 1539 |  | 836 |
|  4.779% due 05/19/2035 ~ |  | 133 |  | 119 |
|  5.839% due 10/19/2035 ~ |  | 1505 |  | 1002 |
|  **Hilton USA Trust** | **Hilton USA Trust** | **Hilton USA Trust** | **Hilton USA Trust** | **Hilton USA Trust** |
|  2.828% due 11/05/2035 |  | 14400 |  | 13697 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **17** |

---

------

##### [**Table of Contents**](#toc)

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| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Total Return Portfolio** | **(Cont.)** |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **IndyMac INDX Mortgage Loan Trust** | **IndyMac INDX Mortgage Loan Trust** | **IndyMac INDX Mortgage Loan Trust** |
|  3.115% due 06/25/2036 ~ | 4540 | 2969 |
|  4.729% due 01/25/2037 ^•  | 1350 | 1123 |
|  **JP Morgan Chase Commercial Mortgage Securities Trust** | **JP Morgan Chase Commercial Mortgage Securities Trust** | **JP Morgan Chase Commercial Mortgage Securities Trust** |
|  3.916% due 06/10/2042 ~ | 13200 | &nbsp;&nbsp;&nbsp;&nbsp;11679 |
|  **JP Morgan Mortgage Trust** | **JP Morgan Mortgage Trust** | **JP Morgan Mortgage Trust** |
|  3.469% due 06/25/2035 ~ | 36 | 34 |
|  3.500% due 09/25/2052 ~ | 14931 | 13249 |
|  3.614% due 10/25/2036 ^~ | 1316 | 996 |
|  3.747% due 08/25/2034 ~ | 616 | 586 |
|  3.760% due 12/26/2037 ~ | 6038 | 5144 |
|  5.750% due 01/25/2036 ^ | 315 | 157 |
|  **JP Morgan Resecuritization Trust** | **JP Morgan Resecuritization Trust** | **JP Morgan Resecuritization Trust** |
|  3.930% due 05/26/2036 ~ | 9938 | 7278 |
|  **Landmark Mortgage Securities PLC** | **Landmark Mortgage Securities PLC** | **Landmark Mortgage Securities PLC** |
|  3.668% due 04/17/2044 •  | 13013 | 14759 |
|  **LUXE Commercial Mortgage Trust** | **LUXE Commercial Mortgage Trust** | **LUXE Commercial Mortgage Trust** |
|  5.368% due 10/15/2038 ~ | 5884 | 5636 |
|  **Manhattan West Mortgage Trust** | **Manhattan West Mortgage Trust** | **Manhattan West Mortgage Trust** |
|  2.130% due 09/10/2039 | 16100 | 13772 |
|  **MASTR Adjustable Rate Mortgages Trust** | **MASTR Adjustable Rate Mortgages Trust** | **MASTR Adjustable Rate Mortgages Trust** |
|  2.788% due 01/25/2047 ^~ | 388 | 381 |
|  3.503% due 08/25/2034 ~ | 1818 | 1141 |
|  **Merrill Lynch Mortgage Investors Trust** | **Merrill Lynch Mortgage Investors Trust** | **Merrill Lynch Mortgage Investors Trust** |
|  2.848% due 04/25/2035 ~ | 908 | 800 |
|  **MFA Trust** | **MFA Trust** | **MFA Trust** |
|  1.479% due 03/25/2065 ~ | 3774 | 3481 |
|  **Morgan Stanley Bank of America Merrill Lynch Trust** | **Morgan Stanley Bank of America Merrill Lynch Trust** | **Morgan Stanley Bank of America Merrill Lynch Trust** |
|  3.069% due 02/15/2048 | 1027 | 1001 |
|  3.557% due 12/15/2047 | 4004 | 3894 |
|  **Morgan Stanley Mortgage Capital Holdings Trust** | **Morgan Stanley Mortgage Capital Holdings Trust** | **Morgan Stanley Mortgage Capital Holdings Trust** |
|  3.397% due 09/13/2039 | 17400 | 15296 |
|  **Morgan Stanley Mortgage Loan Trust** | **Morgan Stanley Mortgage Loan Trust** | **Morgan Stanley Mortgage Loan Trust** |
|  3.572% due 07/25/2035 ^~ | 1299 | 1079 |
|  **MortgageIT Mortgage Loan Trust** | **MortgageIT Mortgage Loan Trust** | **MortgageIT Mortgage Loan Trust** |
|  5.009% due 12/25/2035 ~ | 737 | 694 |
|  **New Residential Mortgage Loan Trust** | **New Residential Mortgage Loan Trust** | **New Residential Mortgage Loan Trust** |
|  3.000% due 03/25/2052 ~ | 14129 | 11843 |
|  **Nomura Resecuritization Trust** | **Nomura Resecuritization Trust** | **Nomura Resecuritization Trust** |
|  3.492% due 11/26/2036 ~ | 11845 | 7902 |
|  **OBX Trust** | **OBX Trust** | **OBX Trust** |
|  3.000% due 01/25/2052 ~ | 14907 | 12495 |
|  **One New York Plaza Trust** | **One New York Plaza Trust** | **One New York Plaza Trust** |
|  5.268% due 01/15/2036 •  | 17300 | 16354 |
|  **Prime Mortgage Trust** | **Prime Mortgage Trust** | **Prime Mortgage Trust** |
|  4.789% due 02/25/2034 •  | 24 | 23 |
|  4.889% due 02/25/2035 •  | 658 | 650 |
|  **Residential Accredit Loans, Inc. Trust** | **Residential Accredit Loans, Inc. Trust** | **Residential Accredit Loans, Inc. Trust** |
|  4.506% due 12/25/2035 ^~ | 228 | 182 |
|  4.589% due 05/25/2037 ~ | 4471 | 3827 |
|  6.000% due 09/25/2036 | 476 | 368 |
|  6.500% due 09/25/2036 ^ | 3735 | 1774 |
|  **Residential Asset Securitization Trust** | **Residential Asset Securitization Trust** | **Residential Asset Securitization Trust** |
|  4.839% due 10/25/2035 •  | 921 | 570 |
|  **Residential Funding Mortgage Securities, Inc. Trust** | **Residential Funding Mortgage Securities, Inc. Trust** | **Residential Funding Mortgage Securities, Inc. Trust** |
|  6.000% due 06/25/2037 ^ | 1187 | 885 |
|  **Ripon Mortgages PLC** | **Ripon Mortgages PLC** | **Ripon Mortgages PLC** |
|  4.011% due 08/28/2056 •  | 19376 | 22990 |
|  **SFO Commercial Mortgage Trust** | **SFO Commercial Mortgage Trust** | **SFO Commercial Mortgage Trust** |
|  5.468% due 05/15/2038 ~ | 13680 | 12575 |
|  **Stratton Mortgage Funding PLC** | **Stratton Mortgage Funding PLC** | **Stratton Mortgage Funding PLC** |
|  3.826% due 07/20/2060 •  | 17576 | 21068 |
|  **Structured Adjustable Rate Mortgage Loan Trust** | **Structured Adjustable Rate Mortgage Loan Trust** | **Structured Adjustable Rate Mortgage Loan Trust** |
|  3.565% due 01/25/2035 ~ | 393 | 388 |
|  4.172% due 11/25/2035 ~ | 4491 | 3193 |
|  4.789% due 04/25/2047 ~ | 790 | 678 |
|  **Structured Asset Mortgage Investments Trust** | **Structured Asset Mortgage Investments Trust** | **Structured Asset Mortgage Investments Trust** |
|  4.839% due 07/19/2035 ~ | 591 | 528 |
|  4.999% due 09/19/2032 ~ | 6 | 6 |
|  **SunTrust Adjustable Rate Mortgage Loan Trust** | **SunTrust Adjustable Rate Mortgage Loan Trust** | **SunTrust Adjustable Rate Mortgage Loan Trust** |
|  3.232% due 02/25/2037 ^~ | 692 | 601 |
|  **Tharaldson Hotel Portfolio Trust** | **Tharaldson Hotel Portfolio Trust** | **Tharaldson Hotel Portfolio Trust** |
|  5.268% due 11/11/2034 ~ | 7939 | 7725 |

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Thornburg Mortgage Securities Trust** | **Thornburg Mortgage Securities Trust** | **Thornburg Mortgage Securities Trust** |
|  6.666% due 06/25/2047 ^•  | 4456 | 3666 |
|  6.716% due 03/25/2037 ^•  | 637 | 531 |
|  **Towd Point Mortgage Funding** | **Towd Point Mortgage Funding** | **Towd Point Mortgage Funding** |
|  3.826% due 07/20/2045 ~ | 38957 | 46595 |
|  4.071% (SONIO/N + 1.144%) due 10/20/2051 ~ | 16362 | 19664 |
|  **Towd Point Mortgage Trust** | **Towd Point Mortgage Trust** | **Towd Point Mortgage Trust** |
|  2.900% due 10/25/2059 ~ | 19603 | 18295 |
|  **Trinity Square PLC** | **Trinity Square PLC** | **Trinity Square PLC** |
|  3.729% due 07/15/2059 ~ | 13105 | 15660 |
|  **UWM Mortgage Trust** | **UWM Mortgage Trust** | **UWM Mortgage Trust** |
|  2.500% due 12/25/2051 ~ | 14405 | 11559 |
|  **Wachovia Mortgage Loan Trust LLC** | **Wachovia Mortgage Loan Trust LLC** | **Wachovia Mortgage Loan Trust LLC** |
|  3.937% due 05/20/2036 ^~ | 225 | 212 |
|  **WaMu Mortgage Pass-Through Certificates Trust** | **WaMu Mortgage Pass-Through Certificates Trust** | **WaMu Mortgage Pass-Through Certificates Trust** |
|  3.118% due 01/25/2046 ~ | 387 | 353 |
|  3.347% due 05/25/2037 ^~ | 2146 | 1683 |
|  3.406% due 12/25/2036 ^~ | 4241 | 3648 |
|  3.600% due 12/25/2036 ^~ | 153 | 131 |
|  3.864% due 07/25/2037 ^~ | 2278 | 2090 |
|  4.889% due 02/25/2045 •  | 5067 | 4595 |
|  4.969% due 10/25/2045 ~ | 105 | 97 |
|  **Warwick Finance Residential Mortgages PLC** | **Warwick Finance Residential Mortgages PLC** | **Warwick Finance Residential Mortgages PLC** |
|  0.000% due 12/21/2049 (d) | 0 | 1859 |
|  4.387% (SONIO/N + 0.950%) due 12/21/2049 ~ | 11767 | 14225 |
|  5.087% due 12/21/2049 ~ | 2259 | 2731 |
|  5.587% (SONIO/N + 2.150%) due 12/21/2049 ~ | 1179 | 1425 |
|  6.087% due 12/21/2049 •  | 674 | 815 |
|  6.587% due 12/21/2049 •  | 674 | 815 |
|  **Worldwide Plaza Trust** | **Worldwide Plaza Trust** | **Worldwide Plaza Trust** |
|  3.526% due 11/10/2036 | 6000 | 5162 |
|  **Total Non-Agency Mortgage-Backed Securities (Cost $647,340)** | **Total Non-Agency Mortgage-Backed Securities (Cost $647,340)** | **576349** |
| **ASSET-BACKED SECURITIES 17.2%** | **ASSET-BACKED SECURITIES 17.2%** | **ASSET-BACKED SECURITIES 17.2%** |
|  **Accredited Mortgage Loan Trust** | **Accredited Mortgage Loan Trust** | **Accredited Mortgage Loan Trust** |
|  4.649% due 09/25/2036 ~ | 1928 | 1892 |
|  **ACE Securities Corp. Home Equity Loan Trust** | **ACE Securities Corp. Home Equity Loan Trust** | **ACE Securities Corp. Home Equity Loan Trust** |
|  4.509% due 12/25/2036 •  | 2018 | 1105 |
|  4.609% due 08/25/2036 ^•  | 9850 | 2645 |
|  4.689% due 07/25/2036 ~ | 4867 | 1480 |
|  **ACREC Ltd.** | **ACREC Ltd.** | **ACREC Ltd.** |
|  5.476% due 10/16/2036 ~ | 17300 | 16677 |
|  **American Money Management Corp. CLO Ltd.** | **American Money Management Corp. CLO Ltd.** | **American Money Management Corp. CLO Ltd.** |
|  5.378% due 07/25/2029 •  | 3118 | 3092 |
|  **Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates** | **Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates** | **Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates** |
|  5.094% due 11/25/2035 •  | 3034 | 2974 |
|  5.499% due 03/25/2035 •  | 9960 | 9690 |
|  **Apex Credit CLO Ltd.** | **Apex Credit CLO Ltd.** | **Apex Credit CLO Ltd.** |
|  5.736% due 09/20/2029 ~ | 13577 | 13357 |
|  **Apidos CLO** | **Apidos CLO** | **Apidos CLO** |
|  5.009% due 07/17/2030 ~ | 18000 | 17807 |
|  **Aqueduct European CLO DAC** | **Aqueduct European CLO DAC** | **Aqueduct European CLO DAC** |
|  2.096% due 07/20/2030 ~ | 12429 | 13042 |
|  **Arbor Realty Commercial Real Estate Notes Ltd.** | **Arbor Realty Commercial Real Estate Notes Ltd.** | **Arbor Realty Commercial Real Estate Notes Ltd.** |
|  5.257% due 01/15/2037 •  | 15100 | 14715 |
|  **AREIT Trust** | **AREIT Trust** | **AREIT Trust** |
|  5.076% due 01/16/2037 ~ | 14260 | 13627 |
|  6.567% due 06/17/2039 ~ | 13500 | 13401 |
|  **Ares CLO Ltd.** | **Ares CLO Ltd.** | **Ares CLO Ltd.** |
|  4.949% due 01/15/2029 ~ | 13734 | 13557 |
|  **Argent Securities Trust** | **Argent Securities Trust** | **Argent Securities Trust** |
|  4.689% due 07/25/2036 •  | 16153 | 4436 |
|  4.769% due 03/25/2036 ~ | 5235 | 2798 |
|  **Bear Stearns Asset-Backed Securities Trust** | **Bear Stearns Asset-Backed Securities Trust** | **Bear Stearns Asset-Backed Securities Trust** |
|  4.539% due 11/25/2036 •  | 3997 | 3827 |
|  4.709% due 08/25/2036 ~ | 519 | 499 |
|  5.514% due 02/25/2035 •  | 2670 | 2653 |
|  **Benefit Street Partners CLO Ltd.** | **Benefit Street Partners CLO Ltd.** | **Benefit Street Partners CLO Ltd.** |
|  5.159% due 07/15/2032 •  | 13300 | 13004 |

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| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Catamaran CLO Ltd.** | **Catamaran CLO Ltd.** | **Catamaran CLO Ltd.** |
|  5.425% due 04/22/2030 •  | 21888 | &nbsp;&nbsp;&nbsp;&nbsp;21575 |
|  **CIFC Funding Ltd.** | **CIFC Funding Ltd.** | **CIFC Funding Ltd.** |
|  5.468% due 04/25/2033 ~ | 9500 | 9364 |
|  **Citigroup Mortgage Loan Trust** | **Citigroup Mortgage Loan Trust** | **Citigroup Mortgage Loan Trust** |
|  7.250% due 05/25/2036 þ | 2753 | 1440 |
|  **Countrywide Asset-Backed Certificates** | **Countrywide Asset-Backed Certificates** | **Countrywide Asset-Backed Certificates** |
|  5.139% due 05/25/2034 •  | 278 | 273 |
|  **Countrywide Asset-Backed Certificates Trust** | **Countrywide Asset-Backed Certificates Trust** | **Countrywide Asset-Backed Certificates Trust** |
|  4.332% due 10/25/2046 þ | 8100 | 6348 |
|  4.529% due 06/25/2047 ^~ | 6152 | 5452 |
|  4.619% due 05/25/2037 ~ | 6380 | 6006 |
|  4.729% due 09/25/2036 •  | 451 | 451 |
|  4.989% due 06/25/2036 •  | 1634 | 1618 |
|  5.189% due 08/25/2047 ~ | 183 | 182 |
|  5.289% due 09/25/2036 •  | 1709 | 1540 |
|  **Credit-Based Asset Servicing & Securitization Trust** | **Credit-Based Asset Servicing & Securitization Trust** | **Credit-Based Asset Servicing & Securitization Trust** |
|  4.509% due 11/25/2036 •  | 293 | 140 |
|  **Dell Equipment Finance Trust** | **Dell Equipment Finance Trust** | **Dell Equipment Finance Trust** |
|  2.110% due 08/23/2027 | 6685 | 6598 |
|  **Dryden CLO Ltd.** | **Dryden CLO Ltd.** | **Dryden CLO Ltd.** |
|  5.129% due 07/15/2031 •  | 12900 | 12679 |
|  **Dryden Senior Loan Fund** | **Dryden Senior Loan Fund** | **Dryden Senior Loan Fund** |
|  4.979% due 04/15/2029 •  | 7494 | 7429 |
|  **EMC Mortgage Loan Trust** | **EMC Mortgage Loan Trust** | **EMC Mortgage Loan Trust** |
|  5.129% due 05/25/2040 •  | 73 | 69 |
|  **Fremont Home Loan Trust** | **Fremont Home Loan Trust** | **Fremont Home Loan Trust** |
|  4.449% due 01/25/2037 •  | 60 | 27 |
|  5.004% due 11/25/2035 •  | 9900 | 8654 |
|  **FS Rialto Issuer LLC** | **FS Rialto Issuer LLC** | **FS Rialto Issuer LLC** |
|  5.708% due 01/19/2039 •  | 14200 | 13859 |
|  **Galaxy CLO Ltd.** | **Galaxy CLO Ltd.** | **Galaxy CLO Ltd.** |
|  5.664% due 05/16/2031 •  | 500 | 491 |
|  **GLS Auto Receivables Issuer Trust** | **GLS Auto Receivables Issuer Trust** | **GLS Auto Receivables Issuer Trust** |
|  3.550% due 01/15/2026 | 11574 | 11442 |
|  **GSAA Home Equity Trust** | **GSAA Home Equity Trust** | **GSAA Home Equity Trust** |
|  5.995% due 03/25/2046 ^~ | 6146 | 2585 |
|  6.500% due 10/25/2037 | 9358 | 5254 |
|  **GSAMP Trust** | **GSAMP Trust** | **GSAMP Trust** |
|  4.569% due 06/25/2036 •  | 2993 | 1607 |
|  **HERA Commercial Mortgage Ltd.** | **HERA Commercial Mortgage Ltd.** | **HERA Commercial Mortgage Ltd.** |
|  5.389% due 02/18/2038 ~ | 16000 | 15496 |
|  **Home Equity Loan Trust** | **Home Equity Loan Trust** | **Home Equity Loan Trust** |
|  4.619% due 04/25/2037 •  | 7390 | 7119 |
|  **Invesco Euro CLO DAC** | **Invesco Euro CLO DAC** | **Invesco Euro CLO DAC** |
|  2.028% due 07/15/2031 ~ | 3600 | 3743 |
|  **JP Morgan Mortgage Acquisition Corp.** | **JP Morgan Mortgage Acquisition Corp.** | **JP Morgan Mortgage Acquisition Corp.** |
|  2.808% due 10/25/2035 ^~ | 3366 | 3260 |
|  4.974% due 05/25/2035 ~ | 2052 | 2000 |
|  **JP Morgan Mortgage Acquisition Trust** | **JP Morgan Mortgage Acquisition Trust** | **JP Morgan Mortgage Acquisition Trust** |
|  4.609% due 08/25/2036 •  | 2067 | 1452 |
|  4.649% due 03/25/2037 •  | 796 | 775 |
|  4.869% due 08/25/2036 ~ | 1064 | 753 |
|  **KREF Ltd.** | **KREF Ltd.** | **KREF Ltd.** |
|  5.771% due 02/17/2039 •  | 15000 | 14479 |
|  **LCM Ltd.** | **LCM Ltd.** | **LCM Ltd.** |
|  5.063% due 07/20/2030 •  | 14839 | 14671 |
|  **Lehman XS Trust** | **Lehman XS Trust** | **Lehman XS Trust** |
|  3.795% due 06/25/2036 ~ | 476 | 475 |
|  **Long Beach Mortgage Loan Trust** | **Long Beach Mortgage Loan Trust** | **Long Beach Mortgage Loan Trust** |
|  4.709% due 05/25/2036 ~ | 34876 | 11036 |
|  **Lument Finance Trust, Inc.** | **Lument Finance Trust, Inc.** | **Lument Finance Trust, Inc.** |
|  5.488% due 06/15/2039 ~ | 17000 | 16602 |
|  **Madison Park Funding Ltd.** | **Madison Park Funding Ltd.** | **Madison Park Funding Ltd.** |
|  5.155% due 04/22/2027 ~ | 13384 | 13249 |
|  **Magnetite Ltd.** | **Magnetite Ltd.** | **Magnetite Ltd.** |
|  5.486% due 11/15/2028 ~ | 15436 | 15269 |
|  **Man GLG Euro CLO DAC** | **Man GLG Euro CLO DAC** | **Man GLG Euro CLO DAC** |
|  2.736% due 12/15/2031 ~ | 13800 | 14331 |
|  **Marathon CLO Ltd.** | **Marathon CLO Ltd.** | **Marathon CLO Ltd.** |
|  5.229% due 04/15/2029 •  | 8821 | 8766 |
|  **MASTR Asset-Backed Securities Trust** | **MASTR Asset-Backed Securities Trust** | **MASTR Asset-Backed Securities Trust** |
|  4.869% due 03/25/2036 ~ | 3870 | 2733 |
|  4.969% due 12/25/2035 •  | 634 | 631 |

---

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| | | |
|:---|:---|:---|
| **18** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Merrill Lynch Mortgage Investors Trust** | **Merrill Lynch Mortgage Investors Trust** | **Merrill Lynch Mortgage Investors Trust** |
|  3.881% due 03/25/2037 þ | 4174 | 977 |
|  4.609% due 07/25/2037 •  | 2550 | 1164 |
|  4.869% due 08/25/2037 •  | 2312 | 1238 |
|  **MF1 LLC** | **MF1 LLC** | **MF1 LLC** |
|  6.956% due 09/17/2037 ~ | 12800 | 12752 |
|  **MF1 Ltd.** | **MF1 Ltd.** | **MF1 Ltd.** |
|  5.176% due 02/19/2037 ~ | 15000 | 14450 |
|  5.419% due 10/16/2036 •  | 17000 | 16309 |
|  5.426% due 07/16/2036 •  | 17000 | 16320 |
|  6.150% due 11/15/2035 ~ | 12093 | &nbsp;&nbsp;&nbsp;&nbsp;11938 |
|  **MF1 Multifamily Housing Mortgage Loan Trust** | **MF1 Multifamily Housing Mortgage Loan Trust** | **MF1 Multifamily Housing Mortgage Loan Trust** |
|  5.300% due 07/15/2036 ~ | 2353 | 2297 |
|  **Morgan Stanley ABS Capital, Inc. Trust** | **Morgan Stanley ABS Capital, Inc. Trust** | **Morgan Stanley ABS Capital, Inc. Trust** |
|  4.569% due 05/25/2037 •  | 7694 | 6749 |
|  4.689% due 06/25/2036 ~ | 3984 | 2092 |
|  4.689% due 07/25/2036 •  | 6122 | 2495 |
|  4.889% due 08/25/2036 •  | 10873 | 5665 |
|  **New Century Home Equity Loan Trust** | **New Century Home Equity Loan Trust** | **New Century Home Equity Loan Trust** |
|  5.274% due 05/25/2034 •  | 10338 | 9902 |
|  **Newcastle Mortgage Securities Trust** | **Newcastle Mortgage Securities Trust** | **Newcastle Mortgage Securities Trust** |
|  5.109% due 03/25/2036 •  | 6757 | 6314 |
|  **NovaStar Mortgage Funding Trust** | **NovaStar Mortgage Funding Trust** | **NovaStar Mortgage Funding Trust** |
|  4.869% due 11/25/2036 •  | 2488 | 859 |
|  **Option One Mortgage Loan Trust** | **Option One Mortgage Loan Trust** | **Option One Mortgage Loan Trust** |
|  4.529% due 03/25/2037 •  | 4356 | 3895 |
|  4.609% due 05/25/2037 •  | 8277 | 5048 |
|  **Option One Mortgage Loan Trust Asset-Backed Certificates** | **Option One Mortgage Loan Trust Asset-Backed Certificates** | **Option One Mortgage Loan Trust Asset-Backed Certificates** |
|  5.079% due 11/25/2035 •  | 9592 | 9118 |
|  **Ownit Mortgage Loan Trust** | **Ownit Mortgage Loan Trust** | **Ownit Mortgage Loan Trust** |
|  4.316% due 05/25/2037 ~ | 19650 | 14775 |
|  4.609% due 09/25/2037 •  | 2049 | 1005 |
|  4.869% due 09/25/2037 ~ | 10074 | 4943 |
|  **OZLM Ltd.** | **OZLM Ltd.** | **OZLM Ltd.** |
|  5.674% due 05/16/2030 ~ | 16451 | 16202 |
|  **Park Place Securities, Inc. Asset-Backed Pass-Through Certificates** | **Park Place Securities, Inc. Asset-Backed Pass-Through Certificates** | **Park Place Securities, Inc. Asset-Backed Pass-Through Certificates** |
|  5.514% due 03/25/2035 •  | 3356 | 3229 |
|  **RAAC Trust** | **RAAC Trust** | **RAAC Trust** |
|  4.899% due 02/25/2036 ~ | 33 | 33 |
|  **Ready Capital Mortgage Financing LLC** | **Ready Capital Mortgage Financing LLC** | **Ready Capital Mortgage Financing LLC** |
|  5.594% due 01/25/2037 •  | 14500 | 14155 |
|  6.875% due 10/25/2039 •  | 11983 | 11965 |
|  **Renaissance Home Equity Loan Trust** | **Renaissance Home Equity Loan Trust** | **Renaissance Home Equity Loan Trust** |
|  5.285% due 01/25/2037 þ | 12617 | 4109 |
|  **Residential Asset Mortgage Products Trust** | **Residential Asset Mortgage Products Trust** | **Residential Asset Mortgage Products Trust** |
|  5.409% due 04/25/2035 ~ | 2459 | 2442 |
|  **Residential Asset Securities Corp. Trust** | **Residential Asset Securities Corp. Trust** | **Residential Asset Securities Corp. Trust** |
|  4.989% due 02/25/2036 ~ | 3139 | 3070 |
|  5.049% due 12/25/2035 ~ | 2442 | 2175 |
|  **Saxon Asset Securities Trust** | **Saxon Asset Securities Trust** | **Saxon Asset Securities Trust** |
|  4.559% due 10/25/2046 ~ | 5637 | 5484 |
|  **Securitized Asset-Backed Receivables LLC Trust** | **Securitized Asset-Backed Receivables LLC Trust** | **Securitized Asset-Backed Receivables LLC Trust** |
|  4.519% due 05/25/2037 ^•  | 734 | 555 |
|  **SG Mortgage Securities Trust** | **SG Mortgage Securities Trust** | **SG Mortgage Securities Trust** |
|  4.929% due 02/25/2036 ~ | 2093 | 1238 |
|  **Sound Point CLO Ltd.** | **Sound Point CLO Ltd.** | **Sound Point CLO Ltd.** |
|  5.223% due 10/20/2030 •  | 15100 | 14895 |
|  5.293% due 10/20/2028 •  | 9154 | 9082 |
|  5.315% due 01/23/2029 •  | 3805 | 3785 |
|  5.338% due 07/25/2030 •  | 17000 | 16745 |
|  5.453% due 07/20/2032 ~ | 12600 | 12174 |
|  **Soundview Home Loan Trust** | **Soundview Home Loan Trust** | **Soundview Home Loan Trust** |
|  4.499% due 02/25/2037 •  | 7817 | 2245 |
|  5.289% due 10/25/2037 •  | 13470 | 10518 |
|  **Specialty Underwriting & Residential Finance Trust** | **Specialty Underwriting & Residential Finance Trust** | **Specialty Underwriting & Residential Finance Trust** |
|  4.689% due 11/25/2037 ~ | 12462 | 7186 |
|  **Starwood Commercial Mortgage Trust** | **Starwood Commercial Mortgage Trust** | **Starwood Commercial Mortgage Trust** |
|  5.520% due 07/15/2038 •  | 9549 | 9359 |
|  **Structured Asset Securities Corp. Mortgage Loan Trust** | **Structured Asset Securities Corp. Mortgage Loan Trust** | **Structured Asset Securities Corp. Mortgage Loan Trust** |
|  4.839% due 05/25/2037 •  | 3861 | 3697 |
|  **THL Credit Wind River CLO Ltd.** | **THL Credit Wind River CLO Ltd.** | **THL Credit Wind River CLO Ltd.** |
|  5.159% due 04/15/2031 ~ | 4000 | 3893 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Thompson Park CLO Ltd.** | **Thompson Park CLO Ltd.** | **Thompson Park CLO Ltd.** |
|  5.079% due 04/15/2034 •  | 10000 | 9706 |
|  **Venture CLO Ltd.** | **Venture CLO Ltd.** | **Venture CLO Ltd.** |
|  5.139% due 07/15/2031 ~ | 5800 | 5719 |
|  5.293% due 07/20/2030 ~ | 16888 | 16500 |
|  **Vibrant CLO Ltd.** | **Vibrant CLO Ltd.** | **Vibrant CLO Ltd.** |
|  5.283% due 09/15/2030 •  | 16633 | 16369 |
|  5.363% due 07/20/2032 •  | 17000 | 16724 |
|  **Wachovia Mortgage Loan Trust LLC** | **Wachovia Mortgage Loan Trust LLC** | **Wachovia Mortgage Loan Trust LLC** |
|  5.079% due 10/25/2035 ~ | 5463 | 4812 |
|  **WaMu Asset-Backed Certificates WaMu Trust** | **WaMu Asset-Backed Certificates WaMu Trust** | **WaMu Asset-Backed Certificates WaMu Trust** |
|  4.539% due 01/25/2037 •  | 2687 | 1236 |
|  4.639% due 04/25/2037 •  | 5114 | 1985 |
|  **Total Asset-Backed Securities (Cost $867,473)** | **Total Asset-Backed Securities (Cost $867,473)** | **819793** |
| **SOVEREIGN ISSUES 3.1%** | **SOVEREIGN ISSUES 3.1%** | **SOVEREIGN ISSUES 3.1%** |
|  **Chile Government International Bond** | **Chile Government International Bond** | **Chile Government International Bond** |
|  0.830% due 07/02/2031 | 14400 | 12117 |
|  **Israel Government International Bond** | **Israel Government International Bond** | **Israel Government International Bond** |
|  2.750% due 07/03/2030 | 17900 | 16303 |
|  **Ivory Coast Government International Bond** | **Ivory Coast Government International Bond** | **Ivory Coast Government International Bond** |
|  5.875% due 10/17/2031 | 6200 | 5582 |
|  **Korea Government International Bond** | **Korea Government International Bond** | **Korea Government International Bond** |
|  2.000% due 06/19/2024 | 1200 | 1153 |
|  **Peru Government International Bond** | **Peru Government International Bond** | **Peru Government International Bond** |
|  5.940% due 02/12/2029 | 20100 | 4860 |
|  6.350% due 08/12/2028 | 59200 | 14837 |
|  8.200% due 08/12/2026 | 35600 | 9820 |
|  **Provincia de Buenos Aires** | **Provincia de Buenos Aires** | **Provincia de Buenos Aires** |
|  72.913% due 04/12/2025 | 35575 | 98 |
|  **Romania Government International Bond** | **Romania Government International Bond** | **Romania Government International Bond** |
|  3.624% due 05/26/2030 | 14000 | 12288 |
|  **South Africa Government International Bond** | **South Africa Government International Bond** | **South Africa Government International Bond** |
|  10.500% due 12/21/2026 | 1126000 | 70059 |
|  **Total Sovereign Issues (Cost $175,919)** | **Total Sovereign Issues (Cost $175,919)** | **147117** |
|  | **SHARES** |  |
| **PREFERRED SECURITIES 0.4%** | **PREFERRED SECURITIES 0.4%** | **PREFERRED SECURITIES 0.4%** |
| **BANKING & FINANCE 0.4%** | **BANKING & FINANCE 0.4%** | **BANKING & FINANCE 0.4%** |
|  **Discover Financial Services** | **Discover Financial Services** | **Discover Financial Services** |
|  6.125% due 06/23/2025 •(f) | 5500000 | 5356 |
|  **Farm Credit Bank of Texas** | **Farm Credit Bank of Texas** | **Farm Credit Bank of Texas** |
|  5.700% due 09/15/2025 •(f) | 6600000 | 6138 |
|  **Wells Fargo & Co.** | **Wells Fargo & Co.** | **Wells Fargo & Co.** |
|  3.900% due 03/15/2026 •(f) | 8200000 | 7201 |
|  **Total Preferred Securities (Cost $20,300)** | **Total Preferred Securities (Cost $20,300)** | **18695** |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| **SHORT-TERM INSTRUMENTS 11.6%** | **SHORT-TERM INSTRUMENTS 11.6%** | **SHORT-TERM INSTRUMENTS 11.6%** |
| **COMMERCIAL PAPER 3.8%** | **COMMERCIAL PAPER 3.8%** | **COMMERCIAL PAPER 3.8%** |
|  **American Electric Power Co., Inc.** | **American Electric Power Co., Inc.** | **American Electric Power Co., Inc.** |
|  4.800% due 01/19/2023 | 7850 | 7830 |
|  **AT&T, Inc.** | **AT&T, Inc.** | **AT&T, Inc.** |
|  4.650% due 01/03/2023 | 9300 | 9295 |
|  **Consolidated Edison Co. of New York, Inc.** | **Consolidated Edison Co. of New York, Inc.** | **Consolidated Edison Co. of New York, Inc.** |
|  4.800% due 01/19/2023 | 13700 | 13665 |
|  **Crown Castle, Inc.** | **Crown Castle, Inc.** | **Crown Castle, Inc.** |
|  5.000% due 01/04/2023 | 7100 | 7095 |
|  5.100% due 01/05/2023 | 9300 | 9292 |
|  **Duke Energy Corp.** | **Duke Energy Corp.** | **Duke Energy Corp.** |
|  4.620% due 01/11/2023 | 9200 | 9186 |
|  4.620% due 01/17/2023 | 9200 | 9179 |
|  **Enbridge (US), Inc.** | **Enbridge (US), Inc.** | **Enbridge (US), Inc.** |
|  4.750% due 01/09/2023 | 9400 | 9388 |
|  4.780% due 01/20/2023 | 9400 | 9374 |
|  **Enel Finance America LLC** | **Enel Finance America LLC** | **Enel Finance America LLC** |
|  6.000% due 01/12/2023 | 9300 | 9284 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **McCormick & Co., Inc.** | **McCormick & Co., Inc.** | **McCormick & Co., Inc.** | **McCormick & Co., Inc.** |
|  4.750% due 01/27/2023 | $| 9800 | 9764 |
|  **Mercedes-Benz Finance North America LLC** | **Mercedes-Benz Finance North America LLC** | **Mercedes-Benz Finance North America LLC** | **Mercedes-Benz Finance North America LLC** |
|  4.800% due 01/30/2023 |  | 9800 | 9760 |
|  **Mondelez International, Inc.** | **Mondelez International, Inc.** | **Mondelez International, Inc.** | **Mondelez International, Inc.** |
|  4.530% due 01/04/2023 |  | 2500 | 2498 |
|  4.570% due 01/10/2023 |  | 600 | 599 |
|  **National Grid North America, Inc.** | **National Grid North America, Inc.** | **National Grid North America, Inc.** | **National Grid North America, Inc.** |
|  4.810% due 01/24/2023 |  | 8300 | 8273 |
|  **ORACLE Corp.** | **ORACLE Corp.** | **ORACLE Corp.** | **ORACLE Corp.** |
|  4.760% due 01/27/2023 |  | 9600 | 9566 |
|  **Republic Services, Inc.** | **Republic Services, Inc.** | **Republic Services, Inc.** | **Republic Services, Inc.** |
|  4.650% due 01/12/2023 |  | 9800 | 9784 |
|  **Tampa Electric Co.** | **Tampa Electric Co.** | **Tampa Electric Co.** | **Tampa Electric Co.** |
|  4.800% due 01/12/2023 |  | 9700 | 9684 |
|  **Targa Resources Corp.** | **Targa Resources Corp.** | **Targa Resources Corp.** | **Targa Resources Corp.** |
|  5.250% due 01/13/2023 |  | 9700 | 9684 |
|  **Vodafone Group PLC** | **Vodafone Group PLC** | **Vodafone Group PLC** | **Vodafone Group PLC** |
|  4.600% due 01/05/2023 |  | 9700 | 9692 |
|  **VW Credit, Inc.** | **VW Credit, Inc.** | **VW Credit, Inc.** | **VW Credit, Inc.** |
|  4.700% due 01/27/2023 |  | 9800 | 9764 |
|  |  |  | 182656 |
| **REPURCHASE AGREEMENTS (i) 7.1%** | **REPURCHASE AGREEMENTS (i) 7.1%** | **REPURCHASE AGREEMENTS (i) 7.1%** | **REPURCHASE AGREEMENTS (i) 7.1%** |
|  |  |  | 338090 |
| **HUNGARY TREASURY BILLS 0.3%** | **HUNGARY TREASURY BILLS 0.3%** | **HUNGARY TREASURY BILLS 0.3%** | **HUNGARY TREASURY BILLS 0.3%** |
|  18.250% due 01/03/2023 (c)(d) | HUF | 4964000 | 13308 |
| **ISRAEL TREASURY BILLS 0.4%** | **ISRAEL TREASURY BILLS 0.4%** | **ISRAEL TREASURY BILLS 0.4%** | **ISRAEL TREASURY BILLS 0.4%** |
|  0.291% due 01/04/2023 - 05/03/2023 (c)(d) | ILS | 73910 | 20944 |
| **Total Short-Term Instruments (Cost $556,209)** | **Total Short-Term Instruments (Cost $556,209)** | **Total Short-Term Instruments (Cost $556,209)** | **554998** |
| **Total Investments in Securities (Cost $6,612,270)** | **Total Investments in Securities (Cost $6,612,270)** | **Total Investments in Securities (Cost $6,612,270)** | **5971719** |
|  |  | **SHARES** |  |
| **INVESTMENTS IN AFFILIATES 3.0%** | **INVESTMENTS IN AFFILIATES 3.0%** | **INVESTMENTS IN AFFILIATES 3.0%** | **INVESTMENTS IN AFFILIATES 3.0%** |
| **SHORT-TERM INSTRUMENTS 3.0%** | **SHORT-TERM INSTRUMENTS 3.0%** | **SHORT-TERM INSTRUMENTS 3.0%** | **SHORT-TERM INSTRUMENTS 3.0%** |
| **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.0%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.0%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.0%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.0%** |
|  **PIMCO Short Asset Portfolio** | **PIMCO Short Asset Portfolio** | 14800443 | 141877 |
|  **PIMCO Short-Term Floating NAV Portfolio III** | **PIMCO Short-Term Floating NAV Portfolio III** | 5367 | 52 |
| **Total Short-Term Instruments (Cost $147,794)** | **Total Short-Term Instruments (Cost $147,794)** | **Total Short-Term Instruments (Cost $147,794)** | **141929** |
| **Total Investments in Affiliates (Cost $147,794)** | **Total Investments in Affiliates (Cost $147,794)** | **Total Investments in Affiliates (Cost $147,794)** | **141929** |
| **Total Investments 128.2% (Cost $6,760,064)** | **Total Investments 128.2% (Cost $6,760,064)** | **Total Investments 128.2% (Cost $6,760,064)** | **6113648** |
|  **Financial Derivative<br>Instruments (k)(m) (0.4)%**<br> **(Cost or Premiums, net $8,898)** | **Financial Derivative<br>Instruments (k)(m) (0.4)%**<br> **(Cost or Premiums, net $8,898)** | **Financial Derivative<br>Instruments (k)(m) (0.4)%**<br> **(Cost or Premiums, net $8,898)** | **(19718)** |
| **Other Assets and Liabilities, net (27.8)%** | **Other Assets and Liabilities, net (27.8)%** | **Other Assets and Liabilities, net (27.8)%** | **(1326518)** |
| **Net Assets 100.0%** | **Net Assets 100.0%** | **Net Assets 100.0%** | **4767412** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **19** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Total Return Portfolio** | **(Cont.)** |

---

**NOTES TO SCHEDULE OF INVESTMENTS:** 

**\*** **A zero balance may reflect actual amounts rounding to less than one thousand.** 

---

| | |
|:---|:---|
| **^** | **Security is in default.**  |

---

---

| | |
|:---|:---|
| **«** | **Security valued using significant unobservable inputs (Level 3).**  |

---

---

| | |
|:---|:---|
| **~** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.**  |

---

**•** **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** 

---

| | |
|:---|:---|
| **þ** | **Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.**  |

---

**(a)** **Security is an Interest Only ("IO") or IO Strip.** 

**(b)** **Payment in-kind security.** 

**(c)** **Coupon represents a weighted average yield to maturity.** 

**(d)** **Zero coupon security.** 

**(e)** **Principal amount of security is adjusted for inflation.** 

**(f)** **Perpetual maturity; date shown, if applicable, represents next contractual call date.** 

**(g)** **Contingent convertible security.** 

&nbsp;&nbsp;&nbsp;&nbsp;**(h) RESTRICTED SECURITIES:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Issuer Description** | **Coupon** | **Maturity<br>Date** | **Acquisition<br>Date** | **Cost** | **Market<br>Value** | **Market Value<br>as Percentage<br>of Net Assets** |
|  Citigroup, Inc. | 2.572% | 06/03/2031 | 05/26/2020 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7605 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6168 | 0.13% |

---

**BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;**(i) REPURCHASE AGREEMENTS:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Lending<br>Rate** | **Settlement<br>Date** | **Maturity<br>Date** | **Principal<br>Amount** | **Collateralized By** | **Collateral<br>(Received)** | **Repurchase<br>Agreements,<br>at Value** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** |
| BPS | 4.310% | 01/03/2023 | 01/04/2023 | $164800 | U.S. Treasury Notes 2.000% due 02/15/2025 | $(168185) | $164800 | $164800 |
| FICC | 1.900 | 12/30/2022 | 01/03/2023 | 4990 | U.S. Treasury Bills 0.000% due 06/01/2023 | (3401) | 4990 | 4991 |
|  |  |  |  |  | U.S. Treasury Notes 0.125% due 05/15/2023 | (1689) |  |  |
|  | 4.280 | 12/30/2022 | 01/03/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168300 | U.S. Treasury Notes 2.625% due 07/31/2029 | (171666) | 168300 | 168380 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** |  | $**(344941)** | $**338090** | $**338171** |

---

**REVERSE REPURCHASE AGREEMENTS:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Borrowing<br>Rate<sup>(2)</sup>** | **Settlement<br>Date** | **Maturity<br>Date** | **Amount<br>Borrowed<sup>(2)</sup>** | **Payable for<br>Reverse<br>Repurchase<br>Agreements** |
|  BSN | 4.150% | 11/03/2022 | 01/04/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7198) | $(7248) |
|  **Total Reverse Repurchase Agreements** | **Total Reverse Repurchase Agreements** | **Total Reverse Repurchase Agreements** | **Total Reverse Repurchase Agreements** |  | $**(7248)** |

---

**SHORT SALES:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **Proceeds** | **Payable for<br>Short Sales** |
|  U.S. Government Agencies (2.9)% | U.S. Government Agencies (2.9)% | U.S. Government Agencies (2.9)% | U.S. Government Agencies (2.9)% | U.S. Government Agencies (2.9)% | U.S. Government Agencies (2.9)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.000% | 01/01/2053 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103400 | $(83719) | $(84160) |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 2.500 | 02/01/2053 | 62700 | (53393) | (53162) |
|  **Total Short Sales (2.9)%** |  |  |  | $**(137112)** | $**(137322)** |

---

---

| | | |
|:---|:---|:---|
| **20** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

**BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY** 

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** | **Payable for<br>Reverse<br>Repurchase<br>Agreements** | **Payable for<br>Sale-Buyback<br>Transactions** | **Total<br>Borrowings and<br>Other Financing<br>Transactions** | **Collateral<br>Pledged/(Received)** | **Net Exposure<sup>(3)</sup>** |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  BPS | $164800 | $0 | $0 | $164800 | $(168185) | $(3385) |
|  BSN | 0 | (7248) | 0 | (7248) | 7025 | (223) |
|  FICC | 173371 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(176756) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3385) |
|  **Total Borrowings and Other Financing Transactions** | $**338171** | $**(7248)** | $**0** |  |  |  |

---

**CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS** 

**Remaining Contractual Maturity of the Agreements** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Overnight and<br>Continuous** | **Up to 30 days** | **31-90 days** | **Greater Than 90 days** | **Total** |
|  **Reverse Repurchase Agreements** | **Reverse Repurchase Agreements** | **Reverse Repurchase Agreements** | **Reverse Repurchase Agreements** | **Reverse Repurchase Agreements** | **Reverse Repurchase Agreements** |
|  U.S. Treasury Obligations | $0 | $(7248) | $0 | $0 | $(7248) |
|  **Total Borrowings** | $**0** | $**(7248)** | $**0** | $**0** | $**(7248)** |
|  **Payable for reverse repurchase agreements**  | **Payable for reverse repurchase agreements**  | **Payable for reverse repurchase agreements**  | **Payable for reverse repurchase agreements**  | **Payable for reverse repurchase agreements**  | $**(7248)** |

---

**(j)** **Securities with an aggregate market value of $7,354 have been pledged as collateral under the terms of the above master agreements as of December 31, 2022.** 

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> The average amount of borrowings outstanding during the period ended December 31, 2022 was $(2678) at a weighted average interest rate of 3.522%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

<sup>(3)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from borrowings and other financing transactions can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

&nbsp;&nbsp;&nbsp;&nbsp;**(k) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** 

**WRITTEN OPTIONS:** 

**OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Strike<br>Price** | **Expiration<br>Date** | **# of<br>Contracts** | **Notional<br>Amount** | **Premiums<br>(Received)** | **Market<br>Value** |
|  Put - CME 3-Month SOFR Active Contract December 2023 Futures | $96.500 | 12/15/2023 | 90 | $225 | $(84) | $(273) |
|  Call - CME 3-Month SOFR Active Contract December 2023 Futures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98.000 | 12/15/2023 | 90 | 225 | (73) | (8) |
|  Put - CME 90-Day Eurodollar December 2023 Futures | 96.500 | 12/18/2023 | 1430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1468) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5090) |
|  **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | $**(1625)** | $**(5371)** |

---

**FUTURES CONTRACTS:** 

**LONG FUTURES CONTRACTS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  Euro-Bobl March Futures  | 03/2023 | 198 | $24533 | $(876) | $55 | $(91) |
|  U.S. Treasury 2-Year Note March Futures  | 03/2023 | 159 | 32607 | 32 | 0 | (25) |
|  U.S. Treasury 5-Year Note March Futures  | 03/2023 | 642 | 69291 | (172) | 0 | (55) |
|  U.S. Treasury 10-Year Note March Futures  | 03/2023 | 1079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121168 | <br> (936)  | 0 | (152) |
|  U.S. Treasury Long-Term Bond March Futures  | 03/2023 | 306 | 38355 | (736) | 0 | (48) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2688) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(371) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **21** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Total Return Portfolio** | **(Cont.)** |

---

**SHORT FUTURES CONTRACTS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Variation Margin** | **Variation Margin** |
| **Description** | **Expiration<br>Month** | **# of<br>Contracts** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  Call Options Strike @ EUR 146.000 on Euro-Bund 10-Year Bond February 2023 Futures <sup>(1)</sup> | 01/2023 | 34 | $(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | $0 | $0 |
|  Euro-BTP March Futures  | 03/2023 | 106 | (12359) | 911 | 127 | (101) |
|  Euro-Bund March Futures  | 03/2023 | 969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(137884) | 8737 | 1100 | (488) |
|  Euro-Buxl 30-Year Bond March Futures  | 03/2023 | 69 | (9989) | 1797 | 259 | (44) |
|  Euro-Oat March Futures  | 03/2023 | 479 | (65272) | 4862 | 595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(333) |
|  Japan Government 10-Year Bond March Futures  | 03/2023 | 210 | (232754) | 4265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320 | 0 |
|  Put Options Strike @ EUR 138.500 on Euro-Bund 10-Year Bond February 2023 Futures <sup>(1)</sup> | 01/2023 | 34 | (208) | (174) | 16 | (36) |
|  U.S. Ultra Treasury Note March Futures  | 03/2023 | 472 | (55829) | 379 | 29 | 0 |
|  |  |  |  | $20804 | $2446 | $(1002) |
|  **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | $**18116** | $**2501** | $**(1373)** |

---

**SWAP AGREEMENTS:** 

**CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(2)</sup>** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2022<sup>(4)</sup>** | **Notional<br>Amount<sup>(5)</sup>** | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(6)</sup>** | **Variation Margin** | **Variation Margin** |
| **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2022<sup>(4)</sup>** | **Notional<br>Amount<sup>(5)</sup>** | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(6)</sup>** | **Asset** | **Liability** |
|  AT&T, Inc. | 1.000% | Quarterly | 06/20/2025 | 0.947% | $— | 2400 | $(61) | $65 | $4 | $0 | $0 |
|  Barclays Bank PLC | 1.000 | Quarterly | 12/20/2023 | 0.746 | EUR | 4600 | 6 | 8 | 14 | 1 | 0 |
|  Boeing Co. | 1.000 | Quarterly | 12/20/2027 | 1.405 | $— | 4400 | (195) | 120 | (75) | 1 | 0 |
|  Ford Motor Credit Co. LLC | 5.000 | Quarterly | 06/20/2024 | 2.338 |  | 7500 | 273 | 21 | 294 | 0 | (1) |
|  General Electric Co. | 1.000 | Quarterly | 12/20/2023 | 0.438 |  | 6100 | (428) | 463 | 35 | 1 | 0 |
|  General Electric Co. | 1.000 | Quarterly | 06/20/2024 | 0.522 |  | 5400 | (66) | 105 | 39 | 0 | (2) |
|  General Electric Co. | 1.000 | Quarterly | 12/20/2024 | 0.564 |  | 5000 | (78) | 121 | 43 | 0 | 0 |
|  General Electric Co. | 1.000 | Quarterly | 06/20/2026 | 0.801 |  | 5300 | 36 | 0 | 36 | 0 | (3) |
|  General Electric Co. | 1.000 | Quarterly | 12/20/2026 | 0.870 |  | 600 | 7 | (4) | 3 | 0 | 0 |
|  Rolls-Royce PLC | 1.000 | Quarterly | 06/20/2024 | 1.844 | EUR | 14400 | 25 | (205) | (180) | 0 | (21) |
|  Rolls-Royce PLC | 1.000 | Quarterly | 06/20/2025 | 2.473 |  | 1300 | (199) | 152 | (47) | 0 | (2) |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(680) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29) |

---

**CREDIT DEFAULT SWAPS ON CREDIT INDICES - BUY PROTECTION<sup>(3)</sup>** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Index/Tranches** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(5)</sup>** | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(6)</sup>** | **Variation Margin** | **Variation Margin** |
| **Index/Tranches** | **Fixed<br>(Pay) Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(5)</sup>** | **Notional<br>Amount<sup>(5)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(6)</sup>** | **Asset** | **Liability** |
|  CDX.HY-35 5-Year Index | (5.000)% | Quarterly | 12/20/2025 | $— | 10494 | $(759) | $449 | $(310) | $0 | $(2) |
|  CDX.HY-36 5-Year Index | (5.000) | Quarterly | 06/20/2026 |  | 20097 | (1917) | 1292 | (625) | 0 | (2) |
|  CDX.HY-38 5-Year Index | (5.000) | Quarterly | 06/20/2027 |  | 59202 | (188) | (1151) | (1339) | 0 | (1) |
|  CDX.IG-39 5-Year Index | (1.000) | Quarterly | 12/20/2027 |  | 127800 | (912) | (156) | (1068) | 0 | (5) |
|  iTraxx Europe Main 38 5-Year Index | (1.000) | Quarterly | 12/20/2027 | EUR | 60100 | 550 | (851) | (301) | 0 | (69) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3226) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(417) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3643) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79) |

---

**INTEREST RATE SWAPS** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/ Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/ Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Receive<sup>(7)</sup> | 1-Day GBP-SONIO Compounded-OIS | 2.000% | Annual | 03/15/2033 | 21000 | $3273 | $304 | $3577 | $12 | $0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.380 | Semi-Annual | 06/18/2028 | 9960000 | 464 | &nbsp;&nbsp;&nbsp;&nbsp;(1733) | &nbsp;&nbsp;&nbsp;&nbsp;(1269) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;(147) |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.750 | Semi-Annual | 03/20/2038 | 152000 | 16 | 51 | 67 | 8 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.800 | Semi-Annual | 10/22/2038 | 690000 | 0 | 294 | 294 | 38 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.785 | Semi-Annual | 11/12/2038 | 1050000 | 4 | 469 | 473 | 58 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.750 | Semi-Annual | 12/20/2038 | 224600 | 10 | 103 | 113 | 13 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.500 | Annual | 03/15/2042 | 8328000 | &nbsp;&nbsp;&nbsp;&nbsp;2328 | 5545 | 7873 | &nbsp;&nbsp;&nbsp;&nbsp;556 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.662 | Annual | 04/19/2042 | 343000 | 0 | 251 | 251 | 24 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.800 | Annual | 06/15/2052 | &nbsp;&nbsp;&nbsp;&nbsp;4270000 | 75 | &nbsp;&nbsp;&nbsp;&nbsp;4088 | &nbsp;&nbsp;&nbsp;&nbsp;4163 | &nbsp;&nbsp;&nbsp;&nbsp;378 | 0 |
|  Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.270 | Annual | 09/13/2024 | $60500 | 0 | 80 | 80 | 34 | 0 |
|  Receive<sup>(7)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.350 | Annual | 09/14/2024 | 36500 | 0 | 19 | 19 | 21 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.573 | Annual | 02/28/2027 | 7000 | (13) | (616) | (629) | 0 | (14) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.635 | Annual | 04/18/2027 | 34000 | (108) | (2980) | (3088) | 0 | (67) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.690 | Annual | 04/19/2027 | 34000 | (113) | (2890) | (3003) | 0 | (67) |

---

---

| | | |
|:---|:---|:---|
| **22** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/ Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/ Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.783% | Annual | 04/22/2027 | $28400 | $(98) | $(2295) | $(2393) | $0 | $(56) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.150 | Annual | 06/15/2027 | 108600 | (413) | (7279) | (7692) | 0 | (219) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.850 | Annual | 08/29/2027 | 13600 | (70) | (492) | (562) | 0 | (28) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.050 | Annual | 09/08/2029 | 8700 | (55) | (259) | (314) | 0 | (23) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.100 | Annual | 09/09/2029 | 9300 | (58) | (249) | (307) | 0 | (24) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.730 | Annual | 02/24/2032 | 18800 | (70) | (2634) | (2704) | 0 | (66) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.765 | Annual | 03/16/2032 | 17000 | (80) | (2343) | (2423) | 0 | (60) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.817 | Annual | 04/18/2032 | 40000 | (233) | (5388) | (5621) | 0 | (140) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.943 | Annual | 04/21/2032 | 12600 | (82) | (1556) | (1638) | 0 | (44) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2032 | 27700 | 4097 | 69 | 4166 | 72 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 12/21/2052 | 78400 | 15681 | 5928 | 21609 | 387 | 0 |
|  Receive | 1-Year BRL-CDI | 7.900 | Maturity | 01/02/2024 | 11200 | 128 | 35 | 163 | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 10.665 | Maturity | 01/02/2024 | 47860 | 0 | (323) | (323) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 10.755 | Maturity | 01/02/2024 | &nbsp;&nbsp;&nbsp;&nbsp;286400 | 0 | (1849) | (1849) | 0 | (1) |
|  Pay | 1-Year BRL-CDI | 10.833 | Maturity | 01/02/2024 | 57554 | 0 | (358) | (358) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 10.995 | Maturity | 01/02/2024 | 137900 | 0 | (780) | (780) | 0 | (1) |
|  Pay | 1-Year BRL-CDI | 11.065 | Maturity | 01/02/2024 | 133000 | 0 | (711) | (711) | 0 | (1) |
|  Receive | 1-Year BRL-CDI | 11.900 | Maturity | 01/02/2024 | 67300 | 0 | 248 | 248 | 0 | 0 |
|  Receive | 1-Year BRL-CDI | 11.910 | Maturity | 01/02/2024 | 67000 | 0 | 245 | 245 | 0 | 0 |
|  Receive | 1-Year BRL-CDI | 11.920 | Maturity | 01/02/2024 | 44800 | 0 | 163 | 163 | 0 | 0 |
|  Receive | 1-Year BRL-CDI | 12.015 | Maturity | 01/02/2024 | 113000 | 0 | 381 | 381 | 1 | 0 |
|  Receive | 1-Year BRL-CDI | 12.020 | Maturity | 01/02/2024 | 112200 | 0 | 377 | 377 | 0 | 0 |
|  Receive | 1-Year BRL-CDI | 12.030 | Maturity | 01/02/2024 | 264500 | 0 | 881 | 881 | 1 | 0 |
|  Receive | 1-Year BRL-CDI | 12.765 | Maturity | 01/02/2024 | 286400 | 0 | 358 | 358 | 1 | 0 |
|  Receive | 1-Year BRL-CDI | 12.835 | Maturity | 01/02/2024 | 274800 | 0 | 304 | 304 | 1 | 0 |
|  Receive | 1-Year BRL-CDI | 12.958 | Maturity | 01/02/2024 | 555300 | 0 | 459 | 459 | 2 | 0 |
|  Pay | 1-Year BRL-CDI | 11.165 | Maturity | 01/02/2025 | 30900 | 0 | (188) | (188) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 11.180 | Maturity | 01/02/2025 | 46200 | 0 | (279) | (279) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 11.320 | Maturity | 01/02/2025 | 78700 | 0 | (433) | (433) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 11.350 | Maturity | 01/02/2025 | 77400 | 0 | (416) | (416) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 11.371 | Maturity | 01/02/2025 | 188800 | 0 | (1000) | (1000) | 1 | 0 |
|  Receive | 1-Year BRL-CDI | 11.587 | Maturity | 01/02/2025 | 260900 | 0 | 896 | 896 | 0 | (1) |
|  Receive | 1-Year BRL-CDI | 11.663 | Maturity | 01/02/2025 | 443000 | 0 | 1347 | 1347 | 0 | (2) |
|  Pay | 1-Year BRL-CDI | 12.005 | Maturity | 01/02/2025 | 267600 | 0 | (689) | (689) | 1 | 0 |
|  Pay | 1-Year BRL-CDI | 12.070 | Maturity | 01/02/2025 | 307100 | 0 | (807) | (807) | 1 | 0 |
|  Pay | 1-Year BRL-CDI | 12.195 | Maturity | 01/02/2025 | 83900 | 0 | (177) | (177) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 12.275 | Maturity | 01/02/2025 | 62000 | 0 | (114) | (114) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 12.590 | Maturity | 01/02/2025 | 69700 | 0 | (53) | (53) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 10.120 | Maturity | 01/04/2027 | 29500 | 0 | (401) | (401) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 10.206 | Maturity | 01/04/2027 | 121200 | 0 | (1585) | (1585) | 1 | 0 |
|  Pay | 1-Year BRL-CDI | 10.990 | Maturity | 01/04/2027 | 46100 | (16) | (383) | (399) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 12.980 | Maturity | 01/04/2027 | 80100 | 0 | 166 | 166 | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 12.990 | Maturity | 01/04/2027 | 40100 | 0 | 85 | 85 | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 13.024 | Maturity | 01/04/2027 | 40100 | 0 | 91 | 91 | 0 | 0 |
|  Pay<sup>(7)</sup> | 3-Month NZD-BBR | 4.000 | Semi-Annual | 06/14/2024 | 134600 | (473) | (836) | (1309) | 9 | 0 |
|  Pay | 3-Month NZD-BBR | 3.750 | Semi-Annual | 06/15/2027 | 49600 | (636) | (822) | (1458) | 67 | 0 |
|  Pay | 3-Month NZD-BBR | 4.250 | Semi-Annual | 12/21/2027 | 3900 | 3 | (70) | (67) | 6 | 0 |
|  Pay<sup>(7)</sup> | 6-Month EUR-EURIBOR | 1.580 | Annual | 05/24/2024 | 313800 | (567) | (6314) | (6881) | 0 | (306) |
|  Pay | 6-Month EUR-EURIBOR | 0.550 | Annual | 08/10/2024 | 6000 | (21) | (259) | (280) | 0 | (4) |
|  Pay | 6-Month EUR-EURIBOR | 0.650 | Annual | 04/12/2027 | 32000 | (174) | (3295) | (3469) | 0 | (79) |
|  Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 05/13/2027 | 27400 | (101) | (2432) | (2533) | 0 | (62) |
|  Pay | 6-Month EUR-EURIBOR | 1.000 | Annual | 05/18/2027 | 10900 | (515) | (493) | (1008) | 0 | (24) |
|  Pay<sup>(7)</sup> | 6-Month EUR-EURIBOR | 1.750 | Annual | 03/15/2033 | 152300 | (1468) | (18863) | (20331) | 0 | (803) |
|  |  |  |  |  |  | $20715 | $(51407) | $(30692) | $1693 | $(2239) |
|  **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** |  | $**16809** | $**(50978)** | $**(34169)** | $**1696** | $**(2347)** |

---

**FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY** 

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of December 31, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** |
|  | **Market Value** | **Variation Margin<br>Asset** | **Variation Margin<br>Asset** | | **Market Value** | **Variation Margin<br>Liability** | **Variation Margin<br>Liability** | |
| | **Purchased<br>Options** | **Futures** | **Swap<br>Agreements** |<br>**Total** | **Written<br>Options** | **Futures** | **Swap<br>Agreements** |<br>**Total** |
|  **Total Exchange-Traded or Centrally Cleared** | $**0** | $**2501** | $**1696** | $**4197** | $**(5371)** | $**(1373)** | $**(2347)** | $**(9091)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **23** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Total Return Portfolio** | **(Cont.)** |

---

**(l)** **Securities with an aggregate market value of $24,171 and cash of $57,922 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2022. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.** 

<sup>(1)</sup> Future styled option.

<sup>(2)</sup> If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(4)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(5)</sup> The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(6)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(7)</sup> This instrument has a forward starting effective date. See Note 2, Securities Transactions and Investment Income, in the Notes to Financial Statements for further information.

&nbsp;&nbsp;&nbsp;&nbsp;**(m) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** 

**FORWARD FOREIGN CURRENCY CONTRACTS:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  BOA | 01/2023 | 89872 | $5057 | $0 | $(230) |
|  | 02/2023 | 2600 | 2738 | 0 | (53) |
|  | 02/2023 | 152570 | 180032 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4620) |
|  | 02/2023 | 12262 | 3123 | 0 | (96) |
|  | 02/2023 | $3720 | 3505 | 43 | 0 |
|  | 02/2023 | 6803 | 907400 | 150 | 0 |
|  | 02/2023 | 76257 | $4255 | 0 | (216) |
|  | 03/2023 | 93156 | 5276 | 0 | (175) |
|  BPS | 01/2023 | 1396577 | 3651 | 0 | (93) |
|  | 01/2023 | $3484 | 60571 | 79 | 0 |
|  | 02/2023 | 79667 | $82610 | 0 | (2916) |
|  | 03/2023 | 15103 | 182 | 0 | 0 |
|  | 03/2023 | 10702 | 531 | 0 | (11) |
|  | 03/2023 | $9040 | 8729758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1144 | 0 |
|  BRC | 01/2023 | 967056 | $2522 | 0 | (71) |
|  | 02/2023 | $1688 | 1629 | 61 | 0 |
|  | 02/2023 | 1323 | 1083 | 0 | (12) |
|  CBK | 01/2023 | 8804242 | $9240 | 0 | (1131) |
|  | 01/2023 | 50990 | 16138 | 1632 | 0 |
|  | 01/2023 | 66087 | 16455 | 0 | (912) |
|  | 01/2023 | $9900 | 8807212 | 475 | 0 |
|  | 01/2023 | 300937 | $17176 | 0 | (503) |
|  | 02/2023 | 8855723 | 9900 | 0 | (485) |
|  | 02/2023 | 439 | 534 | 2 | 0 |
|  | 02/2023 | 27553 | 6851 | 0 | (371) |
|  | 02/2023 | $25409 | 137129 | 422 | 0 |
|  | 02/2023 | 1739 | 1446 | 11 | 0 |
|  | 03/2023 | 760 | 2981 | 20 | 0 |
|  | 05/2023 | 22715 | $6710 | 201 | 0 |
|  | 07/2023 | 19238 | 4739 | 0 | (254) |
|  CLY | 01/2023 | 180631 | 470 | 0 | (14) |
|  DUB | 01/2023 | 53777 | 7580 | 0 | (165) |
|  | 02/2023 | 1267 | 1323 | 0 | (37) |
|  | 02/2023 | 78314 | 4689 | 96 | 0 |
|  GLM | 01/2023 | 539 | 78 | 0 | 0 |
|  | 01/2023 | 77901 | 4358 | 0 | (221) |
|  | 05/2023 | $965 | 3907 | 53 | 0 |

---

---

| | | |
|:---|:---|:---|
| **24** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/<br>(Depreciation)** | **Unrealized Appreciation/<br>(Depreciation)** |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 05/2023 | 137641 | $8236 | $222 | $0 |
|  JPM | 01/2023 | 2401831 | 6126 | 0 | (313) |
|  | 02/2023 | $1697 | 1591 | 11 | 0 |
|  | 02/2023 | 770 | 15797 | 33 | 0 |
|  MBC | 01/2023 | 242 | $162 | 0 | (3) |
|  | 01/2023 | 2196 | 1637 | 15 | 0 |
|  | 01/2023 | 48630 | 6870 | 0 | (134) |
|  | 02/2023 | 807500 | 5815 | 0 | (372) |
|  | 02/2023 | $3046 | 2948 | 119 | 0 |
|  | 02/2023 | 1211 | 1004 | 4 | 0 |
|  | 02/2023 | 1314 | 174800 | 26 | 0 |
|  | 05/2023 | 77453 | $11541 | 241 | 0 |
|  MYI | 01/2023 | 7672 | 5152 | 0 | (73) |
|  RBC | 03/2023 | 64 | 3 | 0 | 0 |
|  SCX | 01/2023 | 3932 | 2449 | 0 | (47) |
|  | 01/2023 | $136 | 179974 | 7 | 0 |
|  | 01/2023 | 1770 | 6776 | 11 | 0 |
|  | 02/2023 | 4282 | 4134 | 156 | 0 |
|  | 04/2023 | 78372 | $4260 | 0 | (314) |
|  SOG | 01/2023 | 42669 | 2405 | 0 | (105) |
|  UAG | 01/2023 | 460 | 18 | 0 | (2) |
|  | 03/2023 | 169499 | 9483 | 0 | (423) |
|  | 05/2023 | $10856 | 75231 | 120 | 0 |
|  | 09/2023 | 102636 | $5854 | 0 | (65) |
|  **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | $**5354** | $**(14437)** |

---

**PURCHASED OPTIONS:** 

**INTEREST RATE SWAPTIONS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Floating Rate Index** | **Pay/Receive<br>Floating Rate** | **Exercise<br>Rate** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Cost** | **Market<br>Value** |
| BOA Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 3.750% | 09/12/2023 | 145800 | $1167 | $1186 |
| FAR Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 3.750 | 09/11/2023 | 137500 | 1031 | 1117 |
| MYC Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 3.750 | 09/11/2023 | 137400 | 1044 | 1116 |
|  **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | $**3242** | $**3419** |

---

**WRITTEN OPTIONS:** 

**CREDIT DEFAULT SWAPTIONS ON CREDIT INDICES** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Description** | **Buy/Sell<br>Protection** | **Exercise<br>Rate** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Premiums<br>(Received)** | **Market<br>Value** |
| GST | Put - OTC iTraxx Europe 37 5-Year Index | Sell | 3.000% | 03/15/2023 | 7500 | $(13) | $(2) |

---

**INTEREST RATE SWAPTIONS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Floating Rate Index** | **Pay/Receive <br>Floating Rate** | **Exercise<br>Rate** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Premiums<br>(Received)** | **Market<br>Value** |
| BOA Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 4.250% | 09/12/2023 | 145800 | $(729) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(737) |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 4.750 | 09/12/2023 | 145800 | (437) | (415) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.150 | 12/01/2023 | 31900 | (99) | (23) |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.650 | 12/01/2023 | 31900 | (99) | (241) |
| BPS Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.900 | 01/17/2023 | 4800 | (20) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.400 | 01/17/2023 | 4800 | (20) | (81) |
| Call - OTC 30-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.610 | 01/17/2023 | 2400 | (22) | 0 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.110 | 01/17/2023 | 2400 | (22) | (69) |
| DUB Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.790 | 04/08/2024 | 6200 | (48) | (20) |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.790 | 04/08/2024 | 6200 | (48) | (73) |
| FAR Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 4.233 | 09/11/2023 | 137500 | (646) | (708) |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 4.715 | 09/11/2023 | 137500 | (385) | (408) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **25** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Total Return Portfolio** | **(Cont.)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Floating Rate Index** | **Pay/Receive <br>Floating Rate** | **Exercise<br>Rate** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Premiums<br>(Received)** | **Market<br>Value** |
| GLM Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.973% | 10/25/2023 | 7500 | $(52) | $(9) |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.973 | 10/25/2023 | 7500 | (52) | (98) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.250 | 12/07/2023 | 54600 | (171) | (46) |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.750 | 12/07/2023 | 54600 | (171) | (377) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.721 | 04/08/2024 | 24500 | (185) | (76) |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.721 | 04/08/2024 | 24500 | (185) | (300) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 3.000 | 01/12/2023 | 6000 | (33) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.550 | 01/12/2023 | 6000 | (33) | (50) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.547 | 03/07/2023 | 8700 | (191) | (20) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 2.547 | 03/07/2023 | 8700 | (191) | (550) |
| Call - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Receive | 2.067 | 06/09/2023 | 10600 | (124) | (27) |
| Put - OTC 10-Year Interest Rate Swap  | 6-Month EUR-EURIBOR | Pay | 3.140 | 06/09/2023 | 10600 | (146) | (348) |
| Call - OTC 30-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.740 | 01/19/2023 | 2300 | (20) | (2) |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.180 | 01/19/2023 | 2300 | (20) | (51) |
| MYC Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 4.233 | 09/11/2023 | 137400 | (659) | (707) |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 4.715 | 09/11/2023 | 137400 | (385) | (408) |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 3.070 | 01/23/2023 | 4900 | (24) | (4) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.520 | 01/23/2023 | 4900 | (24) | (58) |
| Call - OTC 30-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.600 | 01/17/2023 | 2400 | (18) | 0 |
| Put - OTC 30-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 3.050 | 01/17/2023 | 2400 | (18) | (88) |
| NGF Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.845 | 11/13/2023 | 8000 | (51) | (10) |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.845 | 11/13/2023 | 8000 | (51) | (109) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.785 | 04/08/2024 | 6200 | (48) | (20) |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.785 | 04/08/2024 | 6200 | (48) | (73) |
| Call - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Receive | 2.835 | 04/08/2024 | 6200 | (47) | (21) |
| Put - OTC 1-Year Interest Rate Swap  | 3-Month USD-LIBOR | Pay | 2.835 | 04/08/2024 | 6200 | (47) | (71) |
|  |  |  |  |  |  | $(5569) | $&nbsp;&nbsp;&nbsp;&nbsp;(6300) |

---

**OPTIONS ON SECURITIES** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Description** | **Strike<br>Price** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Premiums<br>(Received)** | **Market<br>Value** |
| BOA | Put - OTC Uniform Mortgage-Backed Security, TBA 5.500% due 02/01/2053 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.813 | 02/06/2023 | 800 | $(5) | $(5) |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA 5.500% due 02/01/2053 | 100.000 | 02/06/2023 | 600 | (4) | (4) |
|  | Call - OTC Uniform Mortgage-Backed Security, TBA 5.500% due 02/01/2053 | 101.813 | 02/06/2023 | 800 | (5) | (2) |
|  | Call - OTC Uniform Mortgage-Backed Security, TBA 5.500% due 02/01/2053 | 102.000 | 02/06/2023 | 600 | (4) | (1) |
| SAL | Call - OTC Uniform Mortgage-Backed Security, TBA 5.500% due 01/01/2053 | 101.859 | 01/05/2023 | 11400 | (34) | 0 |
|  | Call - OTC Uniform Mortgage-Backed Security, TBA 5.500% due 01/01/2053 | 102.250 | 01/05/2023 | 8300 | (25) | 0 |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA 5.500% due 02/01/2053 | 99.750 | 02/06/2023 | 5700 | (40) | (34) |
|  | Put - OTC Uniform Mortgage-Backed Security, TBA 5.500% due 02/01/2053 | 100.000 | 02/06/2023 | 3800 | (26) | (27) |
|  | Call - OTC Uniform Mortgage-Backed Security, TBA 5.500% due 02/01/2053 | 101.750 | 02/06/2023 | 5700 | (33) | (13) |
|  | Call - OTC Uniform Mortgage-Backed Security, TBA 5.500% due 02/01/2053 | 102.000 | 02/06/2023 | 3800 | (22) | (7) |
|  |  |  |  |  | $(198) | $(93) |
|  **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | $**(5780)** | $**(6395)** |

---

**SWAP AGREEMENTS:** 

**CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - SELL PROTECTION<sup>(2)</sup>** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2022<sup>(3)</sup>** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements,<br>at Value<sup>(5)</sup>** | **Swap Agreements,<br>at Value<sup>(5)</sup>** |
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2022<sup>(3)</sup>** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
| BOA | South Africa Government International Bond | 1.000% | Quarterly | 12/20/2026 | 2.103% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14400 | $(708) | $151 | $0 | $(557) |
| BPS | Colombia Government International Bond | 1.000 | Quarterly | 06/20/2027 | 2.538 | 2500 | (120) | (29) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(149) |
|  | Colombia Government International Bond | 1.000 | Quarterly | 12/20/2027 | 2.715 | 500 | (45) | 9 | 0 | (36) |
| BRC | Colombia Government International Bond | 1.000 | Quarterly | 12/20/2026 | 2.315 | 4900 | (225) | 0 | 0 | (225) |
| CBK | Colombia Government International Bond | 1.000 | Quarterly | 12/20/2026 | 2.315 | 3000 | (148) | 10 | 0 | (138) |
|  | Colombia Government International Bond | 1.000 | Quarterly | 06/20/2027 | 2.538 | 700 | (25) | (17) | 0 | (42) |
|  | South Africa Government International Bond | 1.000 | Quarterly | 12/20/2026 | 2.103 | 3500 | (169) | 34 | 0 | (135) |
| DUB | South Africa Government International Bond | 1.000 | Quarterly | 12/20/2026 | 2.103 | 5200 | (236) | 35 | 0 | (201) |
| GST | Colombia Government International Bond | 1.000 | Quarterly | 06/20/2027 | 2.538 | 3600 | (135) | (79) | 0 | (214) |
|  | Colombia Government International Bond | 1.000 | Quarterly | 12/20/2027 | 2.715 | 1600 | (143) | 27 | 0 | (116) |
|  | South Africa Government International Bond | 1.000 | Quarterly | 06/20/2024 | 1.155 | 15900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(680) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29) |
| JPM | Colombia Government International Bond | 1.000 | Quarterly | 06/20/2027 | 2.538 | 500 | (19) | (11) | 0 | (30) |
|  | South Africa Government International Bond | 1.000 | Quarterly | 12/20/2023 | 0.850 | 100 | (6) | 6 | 0 | 0 |

---

---

| | | |
|:---|:---|:---|
| **26** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2022<sup>(3)</sup>** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements,<br>at Value<sup>(5)</sup>** | **Swap Agreements,<br>at Value<sup>(5)</sup>** |
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>December 31, 2022<sup>(3)</sup>** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
| MYC | South Africa Government International Bond | 1.000% | Quarterly | 12/20/2026 | 2.103% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23100 | $(1089) | $196 | $0 | $(893) |
|  **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | $**(3748)** | $**983** | $**0** | $**(2765)** |

---

**FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY** 

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2022:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | | | |
| <br>**Counterparty** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Purchased<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** | **Forward<br>Foreign<br>Currency<br>Contracts** | **Written<br>Options** | **Swap<br>Agreements** | **Total<br>Over the<br>Counter** |<br>**Net Market<br>Value of OTC<br>Derivatives** |<br>**Collateral<br>Pledged/<br>(Received)** |<br>**Net<br>Exposure<sup>(6)</sup>** |
|  BOA | $193 | $1186 | $0 | $1379 | $(5390) | $(1428) | $(557) | $(7375) | $(5996) | $5709 | $(287) |
|  BPS | 1223 | 0 | 0 | 1223 | (3020) | (151) | (185) | (3356) | (2133) | 1728 | (405) |
|  BRC | 61 | 0 | 0 | 61 | (83) | 0 | (225) | (308) | (247) | 332 | 85 |
|  CBK | 2763 | 0 | 0 | 2763 | (3656) | 0 | (315) | (3971) | (1208) | 994 | (214) |
|  CLY | 0 | 0 | 0 | 0 | (14) | 0 | 0 | (14) | (14) | 0 | (14) |
|  DUB | 96 | 0 | 0 | 96 | (202) | (93) | (201) | (496) | (400) | 309 | (91) |
|  FAR | 0 | 1117 | 0 | 1117 | 0 | (1116) | 0 | (1116) | 1 | 0 | 1 |
|  GLM | 275 | 0 | 0 | 275 | (221) | (1955) | 0 | (2176) | (1901) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1321 | (580) |
|  GST | 0 | 0 | 0 | 0 | 0 | (2) | (359) | (361) | (361) | 447 | 86 |
|  JPM | 44 | 0 | 0 | 44 | (313) | 0 | (30) | (343) | (299) | 288 | (11) |
|  MBC | 405 | 0 | 0 | 405 | (509) | 0 | 0 | (509) | (104) | (170) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(274) |
|  MYC | 0 | 1116 | 0 | 1116 | 0 | (1265) | (893) | (2158) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1042) | 645 | (397) |
|  MYI | 0 | 0 | 0 | 0 | (73) | 0 | 0 | (73) | (73) | 0 | (73) |
|  NGF | 0 | 0 | 0 | 0 | 0 | (304) | 0 | (304) | (304) | 261 | (43) |
|  SAL | 0 | 0 | 0 | 0 | 0 | (81) | 0 | (81) | (81) | 0 | (81) |
|  SCX | 174 | 0 | 0 | 174 | (361) | 0 | 0 | (361) | (187) | 75 | (112) |
|  SOG | 0 | 0 | 0 | 0 | (105) | 0 | 0 | (105) | (105) | 21 | (84) |
|  UAG | 120 | 0 | 0 | 120 | (490) | 0 | 0 | (490) | (370) | 318 | (52) |
|  **Total Over the Counter** | $**5354** | $**3419** | $**0** | $**8773** | $**(14437)** | $**(6395)** | $**(2765)** | $**(23597)** |  |  |  |

---

**(n)** **Securities with an aggregate market value of $12,793 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2022.** 

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. 

<sup>(3)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(4)</sup> The maximum potential amount the Portfolio could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. 

<sup>(5)</sup> The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(6)</sup> Net Exposure represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information. 

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **27** |

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##### [**Table of Contents**](#toc)

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| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO Total Return Portfolio** | **(Cont.)** |

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**FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS** 

The following is a summary of the fair valuation of the Portfolio's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Portfolio.

Fair Values of Financial Derivative Instruments on the Statement of Assets and Liabilities as of December 31, 2022:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
| | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $0 | $0 | $2501 | $2501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 3 | 0 | 0 | 1693 | 1696 |
|  | $0 | $3 | $0 | $0 | $4194 | $4197 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $5354 | $0 | $5354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 3419 | 3419 |
|  | $0 | $0 | $0 | $5354 | $3419 | $8773 |
|  | $0 | $3 | $0 | $5354 | $7613 | $12970 |
|  **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $5371 | $5371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 1373 | 1373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 108 | 0 | 0 | 2239 | 2347 |
|  | $0 | $108 | $0 | $0 | $8983 | $9091 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $14437 | $0 | $14437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 2 | 0 | 0 | 6393 | 6395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 2765 | 0 | 0 | 0 | 2765 |
|  | $0 | $2767 | $0 | $14437 | $6393 | $23597 |
|  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2875 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14437 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15376 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32688 |

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The effect of Financial Derivative Instruments on the Statement of Operations for the period ended December 31, 2022:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
| | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** | **Net Realized Gain (Loss) on Financial Derivative Instruments** |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $77 | $77 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | (57596) | (57596) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (26857) | 0 | 0 | (9118) | (35975) |
|  | $0 | $(26857) | $0 | $0 | $(66637) | $(93494) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $32375 | $0 | $32375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | 4209 | 4209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 1052 | 0 | 2535 | (9190) | (5603) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 471 | 0 | 0 | 0 | 471 |
|  | $0 | $1523 | $0 | $34910 | $(4981) | $31452 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25334) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $34910 | $(71618) | $(62042) |
|  **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** | **Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments** |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $(4011) | $(4011) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 12687 | 12687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (1642) | 0 | 0 | (50093) | (51735) |
|  | $0 | $(1642) | $0 | $0 | $(41417) | $(43059) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(12856) | $0 | $(12856) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 0 | (236) | (236) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 12 | 0 | 0 | 1158 | 1170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 433 | 0 | 0 | 0 | 433 |
|  | $0 | $445 | $0 | $(12856) | $922 | $(11489) |
|  | $0 | $(1197) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12856) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40495) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54548) |

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|:---|:---|:---|
| **28** | **PIMCO VARIABLE INSURANCE TRUST** | See Accompanying Notes |

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##### [**Table of Contents**](#toc)
December 31, 2022

**FAIR VALUE MEASUREMENTS** 

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Portfolio's assets and liabilities:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** |
|  Loan Participations and Assignments | $0 | $0 | $8799 | $8799 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Banking & Finance | 0 | 842433 | 0 | 842433 |
| &nbsp;&nbsp; Industrials | 0 | 428047 | 0 | 428047 |
| &nbsp;&nbsp; Utilities | 0 | 150816 | 0 | 150816 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; California | 0 | 5689 | 0 | 5689 |
| &nbsp;&nbsp; Florida | 0 | 2614 | 0 | 2614 |
| &nbsp;&nbsp; Illinois | 0 | 7164 | 0 | 7164 |
| &nbsp;&nbsp; New York | 0 | 6055 | 0 | 6055 |
| &nbsp;&nbsp; Ohio | 0 | 4892 | 0 | 4892 |
| &nbsp;&nbsp; Texas | 0 | 1993 | 0 | 1993 |
| &nbsp;&nbsp; West Virginia | 0 | 5695 | 0 | 5695 |
|  U.S. Government Agencies | 0 | 1755746 | 0 | 1755746 |
|  U.S. Treasury Obligations | 0 | 634824 | 0 | 634824 |
|  Non-Agency Mortgage-Backed Securities | 0 | 576349 | 0 | 576349 |
|  Asset-Backed Securities | 0 | 819793 | 0 | 819793 |
|  Sovereign Issues | 0 | 147117 | 0 | 147117 |
|  Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities | Preferred Securities |
| &nbsp;&nbsp; Banking & Finance | 0 | 18695 | 0 | 18695 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 182656 | 0 | 182656 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 338090 | 0 | 338090 |
| &nbsp;&nbsp; Hungary Treasury Bills | 0 | 13308 | 0 | 13308 |
| &nbsp;&nbsp; Israel Treasury Bills | 0 | 20944 | 0 | 20944 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5962920 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8799 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5971719 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** | **Investments in Affiliates, at Value** |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | $141929 | $0 | $0 | $141929 |
|  Total Investments | $141929 | $5962920 | $8799 | $6113648 |
|  **Short Sales, at Value - Liabilities** | **Short Sales, at Value - Liabilities** | **Short Sales, at Value - Liabilities** | **Short Sales, at Value - Liabilities** | **Short Sales, at Value - Liabilities** |
|  U.S. Government Agencies | $0 | $(137322) | $0 | $(137322) |
|  **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** |
|  Exchange-traded or centrally cleared | 2472 | 1725 | 0 | 4197 |
|  Over the counter | 0 | 8773 | 0 | 8773 |
|  | $2472 | $10498 | $0 | $12970 |
|  **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** |
|  Exchange-traded or centrally cleared | (1093) | (7998) | 0 | (9091) |
|  Over the counter | 0 | (23597) | 0 | (23597) |
|  | $(1093) | $(31595) | $0 | $(32688) |
|  Total Financial Derivative Instruments | $1379 | $(21097) | $0 | $(19718) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143308 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5804501 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8799 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5956608 |

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There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **29** |

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##### [**Table of Contents**](#toc)
**Notes to Financial Statements**

1. ORGANIZATION

PIMCO Variable Insurance Trust (the "Trust") is a Delaware statutory trust established under a trust instrument dated October 3, 1997. The Trust is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Trust is designed to be used as an investment vehicle by separate accounts of insurance companies that fund variable annuity contracts and variable life insurance policies and by qualified pension and retirement plans. Information presented in these financial statements pertains to the Institutional Class, Administrative Class and Advisor Class shares of the PIMCO Total Return Portfolio (the "Portfolio") offered by the Trust. Pacific Investment Management Company LLC ("PIMCO") serves as the investment adviser (the "Adviser") for the Portfolio.

Hereinafter, the Board of Trustees of the Funds shall be collectively referred to as the "Board."

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The Portfolio is treated as an investment company under the reporting requirements of U.S. GAAP. The functional and reporting currency for the Portfolio is the U.S. dollar. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

(a) Securities Transactions and Investment Income Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Portfolio is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on

certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statement of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statement of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statement of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivable when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is probable.

(b) Foreign Currency Translation The market values of foreign securities, currency holdings and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies, if any, are translated into U.S. dollars at the exchange rate in effect on the transaction date. The Portfolio does not separately report the effects of changes in foreign exchange rates from changes in market prices on securities held. Such changes are included in net realized gain (loss) and net change in unrealized appreciation (depreciation) from investments on the Statement of Operations. The Portfolio may invest in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains (losses) arising from sales of spot foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in net realized gain (loss) on foreign currency transactions on the Statement of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period are included in net change in unrealized appreciation (depreciation) on foreign currency assets and liabilities on the Statement of Operations.

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|:---|:---|
| **30** | **PIMCO VARIABLE INSURANCE TRUST** |

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##### [**Table of Contents**](#toc)
December 31, 2022

(c) Multi-Class Operations Each class offered by the Trust has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets. Realized and unrealized capital gains (losses) are allocated daily based on the relative net assets of each class of the Portfolio. Class specific expenses, where applicable, currently include supervisory and administrative and distribution and servicing fees. Under certain circumstances, the per share net asset value ("NAV") of a class of the Portfolio's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(d) Distributions to Shareholders Distributions from net investment income, if any, are declared daily and distributed to shareholders monthly. In addition, the Portfolio distributes any net capital gains it earns from the sale of portfolio securities to shareholders no less frequently than annually. A portfolio may revise its distributions policy or postpone the payment of distributions at any time.

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP may cause timing differences between income and capital gain recognition. Further, the character of investment income and capital gains may be different for certain transactions under the two methods of accounting. As a result, income distributions and capital gain distributions declared during a fiscal period may differ significantly from the net investment income (loss) and realized gains (losses) reported on the Portfolio's annual financial statements presented under U.S. GAAP.

Separately, if the Portfolio determines or estimates, as applicable, that a portion of a distribution may be comprised of amounts from sources other than net investment income in accordance with its policies, accounting records (if applicable), and accounting practices, the Portfolio will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, the Portfolio determines or estimates, as applicable, the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is determined or estimated, as applicable, that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between the Portfolio's daily internal accounting records and practices, the Portfolio's financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, the

Portfolio's internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include but are not limited to, for certain Portfolios, the treatment of periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that the Portfolio may not issue a Section 19 Notice in situations where the Portfolio's financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, for additional information regarding the estimated composition of distributions. Final determination of a distribution's tax character will be provided to shareholders when such information is available.

Distributions classified as a tax basis return of capital at the Portfolio's fiscal year end, if any, are reflected on the Statements of Changes in Net Assets and have been recorded to paid in capital on the Statement of Assets and Liabilities. In addition, other amounts have been reclassified between distributable earnings (accumulated loss) and paid in capital on the Statement of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(e) New Accounting Pronouncements and Regulatory Updates In March 2020, the Financial Accounting Standards Board ("FASB") issued an Accounting Standards Update ("ASU"), ASU 2020-04, which provides optional guidance to ease the potential accounting burden associated with transitioning away from the London Interbank Offered Rate and other reference rates that are expected to be discontinued. ASU 2020-04 is effective for certain reference rate-related contract modifications that occured during the period March 12, 2020 through December 31, 2022. In March 2021, the administrator for LIBOR announced the extension of the publication of a majority of the USD LIBOR settings to June 30, 2023. In December 2022, FASB issued ASU 2022-06, which includes amendments to extend the duration of the LIBOR transition relief to December 31, 2024, after which entities will no longer be permitted to apply the reference rate reform relief. Management is continuously evaluating the potential effect a discontinuation of LIBOR could have on the Portfolio's investments and has determined that it is unlikely the ASU's adoption will have a material impact on the Portfolio's financial statements.

In October 2020, the U.S. Securities and Exchange Commission ("SEC") adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover transactions. Subject to certain exceptions, the rule requires funds that

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trade derivatives and other transactions that create future payment or delivery obligations to comply with a value-at-risk leverage limit and certain derivatives risk management program and reporting requirements. The effective date for the rule was February 19, 2021. The compliance date for the new rule and the related reporting requirements was August 19, 2022. Management has implemented changes in connection with the rule and has determined that there was no material impact to the Portfolio's financial statements.

In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value as well as for the performance of fair value determinations, including related oversight and reporting obligations. The new rule also defines "readily available market quotations" for purposes of the definition of "value" under the Act, and the SEC noted that this definition would apply in all contexts under the Act. The effective date for the rule was March 8, 2021. The compliance date for the new rule and the related reporting requirements was September 8, 2022. Management has implemented changes in connection with the rule and has determined that there was no material impact to the Portfolio's financial statements.

In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820), which affects all entities that have investments in equity securities measured at fair value that are subject to a contractual sale restriction. The amendments in ASU 2022-03 clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring the fair value. The amendments also require additional disclosures for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The effective date for the amendments in ASU 2022-03 is for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years. At this time, management is evaluating the implications of these changes on the financial statements.

In October 2022, the SEC adopted changes to the mutual fund and ETF shareholder report and registration statement disclosure requirements and the registered fund advertising rules, which will change the disclosures provided to shareholders. The rule is effective as of January 24, 2023, but the SEC is providing an 18-month compliance period after the effective date other than for rule amendments addressing fee and expense information in advertisements that might be materially misleading. At this time, management is evaluating the implications of these changes on the financial statements.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation PoliciesThe NAV of the Portfolio's shares, or each of its share classes as applicable, is determined by dividing the

total value of portfolio investments and other assets attributable to the Portfolio or class, less any liabilities, as applicable, by the total number of shares outstanding.

On each day that the New York Stock Exchange ("NYSE") is open, the Portfolio's shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) ("NYSE Close"). Information that becomes known to the Portfolio or its agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, the Portfolio may calculate its NAV as of the earlier closing time or calculate its NAV as of the NYSE Close for that day. The Portfolio generally does not calculate its NAV on days on which the NYSE is not open for business. If the NYSE is closed on a day it would normally be open for business, the Portfolio may calculate its NAV as of the NYSE Close for such day or such other time that the Portfolio may determine.

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Portfolio can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Portfolio will normally use pricing data for domestic equity securities received shortly after the NYSE Close and does not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by PIMCO to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange, or the NYSE Close, if the NYSE Close occurs before the end of trading on the foreign exchange.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated PIMCO as the valuation designee ("Valuation Designee") for the Portfolio to perform the fair value determination relating to all Portfolio investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee's policies and

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procedures govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Portfolio investments. The Valuation Designee may value Portfolio securities for which market quotations are not readily available and other Portfolio assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, "Pricing Sources").

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives, and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Exchange-traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Swap agreements are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of the Portfolio's assets that are invested in one or more open-end management investment companies (other than ETFs), the Portfolio's NAV will be calculated based on the NAVs of such investments. Open-end management investment companies may include affiliated funds.

If a foreign (non-U.S.) equity security's value has materially changed after the close of the security's primary exchange or principal market but before the NYSE Close, the security may be valued at fair value. Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, the Portfolio may determine the fair value of investments based on information provided by Pricing Sources, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indices) that occur after the close of the relevant market and before the NYSE Close. The Portfolio may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, unless otherwise determined by the Valuation Designee, any movement in the applicable reference index or instrument ("zero trigger") between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model

(effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Trust is not open for business, which may result in the Portfolio's portfolio investments being affected when shareholders are unable to buy or sell shares.

Whole loans may be fair valued using inputs that take into account borrower- or loan-level data (e.g., credit risk of the borrower) that is updated periodically throughout the life of each individual loan; any new borrower- or loan-level data received in written reports periodically by the Portfolio normally will be taken into account in calculating the NAV. The Portfolio's whole loan investments, including those originated by the Portfolio or through an alternative lending platform, generally are fair valued in accordance with procedures approved by the Board.

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Sources. As a result, the value of such investments and, in turn, the NAV of the Portfolio's shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Trust is not open for business. As a result, to the extent that the Portfolio holds foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in the Portfolio's next calculated NAV.

Fair valuation may require subjective determinations about the value of a security. While the Trust's and Valuation Designee's policies and procedures are intended to result in a calculation of the Portfolio's NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values accurately reflect the price that the Portfolio could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Portfolio may differ from the value that would be realized if the securities were sold. The Portfolio's use of fair valuation may also help to deter "stale price arbitrage" as discussed under the "Frequent or Excessive Purchases, Exchanges and Redemptions" section in the Portfolio's prospectus.

Under certain circumstances, the per share NAV of a class of the Portfolio's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement

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date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2, or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2, and 3 of the fair value hierarchy are defined as follows:

<sup>∎</sup> Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

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| <sup>∎</sup> | Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs. |

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<sup>∎</sup> Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Schedule of Investments for the Portfolio.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between Levels of the Portfolio's assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy, and if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for the Portfolio.

(c) Valuation Techniques and the Fair Value Hierarchy

Level 1, Level 2 and Level 3 trading assets and trading liabilities, at fair value The valuation methods (or "techniques") and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1, Level 2 and Level 3 of the fair value hierarchy are as follows:

Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

Investments in registered open-end investment companies (other than ETFs) will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in unregistered open-end investment companies will be calculated based upon the NAVs of such investments and are considered Level 1 provided that the NAVs are observable, calculated daily and are the value at which both purchases and sales will be conducted.

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities and non-U.S. bonds are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Sources' internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Fixed income securities purchased on a delayed-delivery basis or as a repurchase commitment in a sale-buyback transaction are marked to market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider

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the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or pricing services. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers or Pricing Sources (normally determined as of the NYSE Close). Depending on the product and the terms of the transaction, financial derivative instruments can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as quoted prices, issuer details, indices, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates.

Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Sources (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models may use inputs that are observed from actively quoted markets such as the overnight index swap rate, LIBOR forward rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

Short-term debt instruments (such as commercial paper) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost value of such short-term debt instruments is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price.

When a fair valuation method is applied by the Adviser that uses significant unobservable inputs, investments will be priced by a method that the Valuation Designee believes reflects fair value and are categorized as Level 3 of the fair value hierarchy.

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

The Portfolio may invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III ("Central Funds") to the extent permitted by the Act and rules thereunder. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Portfolio. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC's website at www.sec.gov. A copy of each affiliate fund's shareholder report is also available at the SEC's website at www.sec.gov, on the Portfolio's website at www.pimco.com, or upon request, as applicable. The tables below show the Portfolio's transactions in and earnings from investments in the affiliated Funds for the period ended December 31, 2022 (amounts in thousands<sup>†</sup>):

**Investment in PIMCO Short Asset Portfolio** 

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| **Market Value<br>12/31/2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Market Value<br>12/31/2022** | **Dividend<br>Income<sup>(1)</sup>** | **Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup>** |
| $278454 | $6799 | $(136100) | $(2239) | $(5037) | $141877 | $6799 | $0 |

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**Investment in PIMCO Short-Term Floating NAV Portfolio III** 

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| **Market Value<br>12/31/2021** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Market Value<br>12/31/2022** | **Dividend<br>Income<sup>(1)</sup>** | **Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup>** |
| $39566 | $10025 | $(49500) | $(437) | $398 | $52 | $26 | $0 |

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<sup>(1)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations and may contain a return of capital. The actual tax characterization of distributions received is determined at the end of the fiscal year of the affiliated fund. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

(b) Investments in Securities

The Portfolio may utilize the investments and strategies described below to the extent permitted by the Portfolio's investment policies.

Delayed-Delivery Transactions involve a commitment by the Portfolio to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, the Portfolio will designate or receive as collateral liquid assets in an amount sufficient to meet the purchase price or respective obligations. When purchasing a security on a delayed-delivery basis, the Portfolio assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. The Portfolio may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain (loss). When the Portfolio has sold a security on a delayed-delivery basis, the Portfolio does not participate in future gains (losses) with respect to the security.

Inflation-Indexed Bonds are fixed income securities whose principal value is periodically adjusted by the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Statement of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury Inflation-Protected Securities. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

Loans and Other Indebtedness, Loan Participations and Assignments are direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental, or other borrowers. The Portfolio's investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties or investments in or originations of loans by the Portfolio. A loan is often administered by a bank or other

financial institution (the "agent") that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. The Portfolio may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. When the Portfolio purchases assignments from agents it acquires direct rights against the borrowers of the loans. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing through, for example, the issuance of bonds, frequently high yield bonds issued for the purpose of acquisitions.

The types of loans and related investments in which the Portfolio may invest include, among others, senior loans, subordinated loans (including second lien loans, B-Notes and mezzanine loans), whole loans, commercial real estate and other commercial loans and structured loans. The Portfolio may originate loans or acquire direct interests in loans through primary loan distributions and/or in private transactions. In the case of subordinated loans, there may be significant indebtedness ranking ahead of the borrower's obligation to the holder of such a loan, including in the event of the borrower's insolvency. Mezzanine loans are typically secured by a pledge of an equity interest in the mortgage borrower that owns the real estate rather than an interest in a mortgage.

Investments in loans may include unfunded loan commitments, which are contractual obligations for funding. Unfunded loan commitments may include revolving credit facilities, which may obligate the Portfolio to supply additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full, even though a percentage of the committed amount may not be utilized by the borrower. When investing in a loan participation, the Portfolio has the right to receive payments of principal, interest and any fees to which it is entitled only from the agent selling the loan agreement and only upon receipt of payments by the agent from the borrower. The Portfolio may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. In certain circumstances, the Portfolio may receive a penalty fee upon the prepayment of a loan by a borrower. Fees earned or paid are recorded as a component of interest income or interest expense, respectively, on the Statement of

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Operations. Unfunded loan commitments are reflected as a liability on the Statement of Assets and Liabilities.

Mortgage-Related and Other Asset-Backed Securities directly or indirectly represent a participation in, or are secured by and payable from, loans on real property. Mortgage-related securities are created from pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. These securities provide a monthly payment which consists of both interest and principal. Interest may be determined by fixed or adjustable rates. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with the full faith and credit of the U.S. Government. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Many of the risks of investing in mortgage-related securities secured by commercial mortgage loans reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make lease payments, and the ability of a property to attract and retain tenants. These securities may be less liquid and may exhibit greater price volatility than other types of mortgage-related or other asset-backed securities. Other asset-backed securities are created from many types of assets, including, but not limited to, auto loans, accounts receivable, such as credit card receivables and hospital account receivables, home equity loans, student loans, boat loans, mobile home loans, recreational vehicle loans, manufactured housing loans, aircraft leases, computer leases and syndicated bank loans.

Collateralized Debt Obligations ("CDOs") include Collateralized Bond Obligations ("CBOs"), Collateralized Loan Obligations ("CLOs") and other similarly structured securities. CBOs and CLOs are types of asset-backed securities. A CBO is a trust which is backed by a diversified pool of high risk, below investment grade fixed income securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which the Portfolio invests. In addition to the normal risks associated with fixed income securities discussed elsewhere in this report and the Portfolio's

prospectus and statement of additional information (e.g., prepayment risk, credit risk, liquidity risk, market risk, structural risk, legal risk and interest rate risk (which may be exacerbated if the interest rate payable on a structured financing changes based on multiples of changes in interest rates or inversely to changes in interest rates)), CBOs, CLOs and other CDOs carry additional risks including, but not limited to, (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments, (ii) the quality of the collateral may decline in value or default, (iii) the risk that the Portfolio may invest in CBOs, CLOs, or other CDOs that are subordinate to other classes, and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

Collateralized Mortgage Obligations ("CMOs") are debt obligations of a legal entity that are collateralized by whole mortgage loans or private mortgage bonds and divided into classes. CMOs are structured into multiple classes, often referred to as "tranches", with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including prepayments. CMOs may be less liquid and may exhibit greater price volatility than other types of mortgage-related or asset-backed securities.

Stripped Mortgage-Backed Securities ("SMBS") are derivative multi-class mortgage securities. SMBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. An SMBS will have one class that will receive all of the interest (the interest-only or "IO" class), while the other class will receive the entire principal (the principal-only or "PO" class). Payments received for IOs are included in interest income on the Statement of Operations. Because no principal will be received at the maturity of an IO, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statement of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

Payment In-Kind Securities may give the issuer the option at each interest payment date of making interest payments in either cash and/or additional debt securities. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a dirty price) and require a pro rata adjustment from the unrealized appreciation (depreciation) on investments to interest receivable on the Statement of Assets and Liabilities.

Perpetual Bonds are fixed income securities with no maturity date but pay a coupon in perpetuity (with no specified ending or maturity date).

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Unlike typical fixed income securities, there is no obligation for perpetual bonds to repay principal. The coupon payments, however, are mandatory. While perpetual bonds have no maturity date, they may have a callable date in which the perpetuity is eliminated and the issuer may return the principal received on the specified call date. Additionally, a perpetual bond may have additional features, such as interest rate increases at periodic dates or an increase as of a predetermined point in the future.

Restricted Investments are subject to legal or contractual restrictions on resale and may generally be sold privately, but may be required to be registered or exempted from such registration before being sold to the public. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933. Disposal of restricted investments may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Restricted investments held by the Portfolio as of December 31, 2022, as applicable, are disclosed in the Notes to Schedule of Investments.

Securities Issued by U.S. Government Agencies or Government-Sponsored Enterprises are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the "U.S. Treasury"); and others, such as those of the Federal National Mortgage Association ("FNMA" or "Fannie Mae"), are supported by the discretionary authority of the U.S. Government to purchase the agency's obligations. U.S. Government securities may include zero coupon securities which do not distribute interest on a current basis and tend to be subject to a greater risk than interest-paying securities of similar maturities.

Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac"). FNMA is a government-sponsored corporation. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. Government. FHLMC issues Participation Certificates ("PCs"), which are pass-through securities, each

representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

In June 2019, FNMA and FHLMC started issuing Uniform Mortgage Backed Securities in place of their current offerings of TBA-eligible securities (the "Single Security Initiative"). The Single Security Initiative seeks to support the overall liquidity of the TBA market and aligns the characteristics of FNMA and FHLMC certificates. The effects that the Single Security Initiative may have on the market for TBA and other mortgage-backed securities are uncertain.

Roll-timing strategies can be used where the Portfolio seeks to extend the expiration or maturity of a position, such as a TBA security on an underlying asset, by closing out the position before expiration and opening a new position with respect to substantially the same underlying asset with a later expiration date. TBA securities purchased or sold are reflected on the Statement of Assets and Liabilities as an asset or liability, respectively. Recently finalized FINRA rules include mandatory margin requirements for the TBA market that requires the Portfolio to post collateral in connection with its TBA transactions. There is no similar requirement applicable to the Portfolio's TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the Portfolio and impose added operational complexity.

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Portfolio may enter into the borrowings and other financing transactions described below to the extent permitted by the Portfolio's investment policies.

The following disclosures contain information on the Portfolio's ability to lend or borrow cash or securities to the extent permitted under the Act, which may be viewed as borrowing or financing transactions by the Portfolio. The location of these instruments in the Portfolio's financial statements is described below.

(a) Repurchase Agreements Under the terms of a typical repurchase agreement, the Portfolio purchases an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and the Portfolio to resell, the obligation at an agreed-upon price and time. In an open maturity repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Portfolio or counterparty at any time. The underlying securities for all repurchase agreements are held by the Portfolio's custodian or designated subcustodians under tri-party repurchase agreements and in certain instances will remain in custody with the counterparty. The market

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value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, if any, including accrued interest, are included on the Statement of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Statement of Operations. In periods of increased demand for collateral, the Portfolio may pay a fee for the receipt of collateral, which may result in interest expense to the Portfolio.

(b) Reverse Repurchase Agreements In a reverse repurchase agreement, the Portfolio delivers a security in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed upon price and date. In an open maturity reverse repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Portfolio or counterparty at any time. The Portfolio is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. Cash received in exchange for securities delivered plus accrued interest payments to be made by the Portfolio to counterparties are reflected as a liability on the Statement of Assets and Liabilities. Interest payments made by the Portfolio to counterparties are recorded as a component of interest expense on the Statement of Operations. In periods of increased demand for the security, the Portfolio may receive a fee for use of the security by the counterparty, which may result in interest income to the Portfolio. The Portfolio will segregate assets determined to be liquid by the Adviser or will otherwise cover its obligations under reverse repurchase agreements.

(c) Short Sales Short sales are transactions in which the Portfolio sells a security that it may not own. The Portfolio may make short sales of securities to (i) offset potential declines in long positions in similar securities, (ii) to increase the flexibility of the Portfolio, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When the Portfolio engages in a short sale, it may borrow the security sold short and deliver it to the counterparty. The Portfolio will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Statement of Assets and Liabilities. Short sales expose the Portfolio to the risk that it will be required to cover its short position at a time when the security or other asset has appreciated in value, thus resulting in losses to the Portfolio. A short sale is "against the box" if the Portfolio holds in its portfolio or has the right to acquire the security sold short, or securities identical to the security sold short, at no additional cost. The Portfolio will be subject to additional risks to

the extent that it engages in short sales that are not "against the box." The Portfolio's loss on a short sale could theoretically be unlimited in cases where the Portfolio is unable, for whatever reason, to close out its short position.

(d) Interfund Lending In accordance with an exemptive order (the "Order") from the SEC, each Portfolio of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Portfolio's investment policies and restrictions. Each Portfolio is currently permitted to borrow under the Interfund Lending Program. A lending portfolio may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing portfolio through the Interfund Lending Program. A borrowing portfolio may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the portfolio's investment restrictions). If a borrowing portfolio's total outstanding borrowings exceed 10% of its total assets, each of its outstanding interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending portfolio and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended December 31, 2022, the Portfolio did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

The Portfolio may enter into the financial derivative instruments described below to the extent permitted by the Portfolio's investment policies.

The following disclosures contain information on how and why the Portfolio uses financial derivative instruments, and how financial derivative instruments affect the Portfolio's financial position, results of operations and cash flows. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Statement of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in a table in the Notes to Schedule of Investments. The financial derivative instruments outstanding as of period end and the amounts of net realized gain (loss) and net change in unrealized

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appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Schedule of Investments, serve as indicators of the volume of financial derivative activity for the Portfolio.

(a) Forward Foreign Currency Contracts may be engaged, in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of the Portfolio's securities or as part of an investment strategy. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked to market daily, and the change in value is recorded by the Portfolio as an unrealized gain (loss). Realized gains (losses) are equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed and are recorded upon delivery or receipt of the currency. These contracts may involve market risk in excess of the unrealized gain (loss) reflected on the Statement of Assets and Liabilities. In addition, the Portfolio could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar. To mitigate such risk, cash or securities may be exchanged as collateral pursuant to the terms of the underlying contracts.

(b) Futures Contracts are agreements to buy or sell a security or other asset for a set price on a future date and are traded on an exchange. The Portfolio may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by the Portfolio and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Portfolio is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by the Portfolio ("Futures Variation Margin"). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Statement of Assets and Liabilities. Gains (losses) are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the Futures Variation Margin included within exchange traded or centrally cleared financial derivative instruments on the Statement of Assets and Liabilities.

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(c) Options Contracts may be written or purchased to enhance returns or to hedge an existing position or future investment. The Portfolio may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase the Portfolio's exposure to the underlying instrument. Writing call options tends to decrease the Portfolio's exposure to the underlying instrument. When the Portfolio writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. These amounts are included on the Statement of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The Portfolio as a writer of an option has no control over whether the underlying instrument may be sold ("call") or purchased ("put") and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk the Portfolio may not be able to enter into a closing transaction because of an illiquid market.

Purchasing call options tends to increase the Portfolio's exposure to the underlying instrument. Purchasing put options tends to decrease the Portfolio's exposure to the underlying instrument. The Portfolio pays a premium which is included as an asset on the Statement of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed.

Credit Default Swaptions may be written or purchased to hedge exposure to the credit risk of an investment without making a commitment to the underlying instrument. A credit default swaption is an option to sell or buy credit protection on a specific reference by entering into a pre-defined swap agreement by some specified date in the future.

Foreign Currency Options may be written or purchased to be used as a short or long hedge against possible variations in foreign exchange rates or to gain exposure to foreign currencies.

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Interest Rate Swaptions may be written or purchased to enter into a pre-defined swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, by some specified date in the future. The writer of the swaption becomes the counterparty to the swap if the buyer exercises. The interest rate swaption agreement will specify whether the buyer of the swaption will be a fixed-rate receiver or a fixed-rate payer upon exercise.

Options on Exchange-Traded Futures Contracts ("Futures Option") may be written or purchased to hedge an existing position or future investment, for speculative purposes or to manage exposure to market movements. A Futures Option is an option contract in which the underlying instrument is a single futures contract.

Options on Securities may be written or purchased to enhance returns or to hedge an existing position or future investment. An option on a security uses a specified security as the underlying instrument for the option contract.

(d) Swap Agreements are bilaterally negotiated agreements between the Portfolio and a counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements may be privately negotiated in the over the counter market ("OTC swaps") or may be cleared through a third party, known as a central counterparty or derivatives clearing organization ("Centrally Cleared Swaps"). The Portfolio may enter into asset, credit default, cross-currency, interest rate, total return, variance and other forms of swap agreements to manage its exposure to credit, currency, interest rate, commodity, equity and inflation risk. In connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Centrally Cleared Swaps are marked to market daily based upon valuations as determined from the underlying contract or in accordance with the requirements of the central counterparty or derivatives clearing organization. Changes in market value, if any, are reflected as a component of net change in unrealized appreciation (depreciation) on the Statement of Operations. Daily changes in valuation of centrally cleared swaps ("Swap Variation Margin"), if any, are disclosed within centrally cleared financial derivative instruments on the Statement of Assets and Liabilities. Centrally Cleared and OTC swap payments received or paid at the beginning of the measurement period are included on the Statement of Assets and Liabilities and represent premiums paid or received upon entering into the swap agreement to compensate for differences between the stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). Upfront

premiums received (paid) are initially recorded as liabilities (assets) and subsequently marked to market to reflect the current value of the swap. These upfront premiums are recorded as realized gain (loss) on the Statement of Operations upon termination or maturity of the swap. A liquidation payment received or made at the termination of the swap is recorded as realized gain (loss) on the Statement of Operations. Net periodic payments received or paid by the Portfolio are included as part of realized gain (loss) on the Statement of Operations.

For purposes of applying certain of the Portfolio's investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by the Portfolio at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of the Portfolio's investment policies and restrictions, the Portfolio will value the credit default swap at its notional value or its full exposure value (*i.e.*, the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of the Portfolio's other investment policies and restrictions. For example, the Portfolio may value credit default swaps at full exposure value for purposes of the Portfolio's credit quality guidelines (if any) because such value in general better reflects the Portfolio's actual economic exposure during the term of the credit default swap agreement. As a result, the Portfolio may, at times, have notional exposure to an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in the Portfolio's prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether the Portfolio is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by the Portfolio for purposes of applying investment policies and restrictions may differ from the manner in which those investments are valued by other types of investors.

Entering into swap agreements involves, to varying degrees, elements of interest, credit, market and documentation risk in excess of the amounts recognized on the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of contractual terms in the agreements and that there may be unfavorable changes in interest rates or the values of the asset upon which the swap is based.

The Portfolio's maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from the counterparty over the contract's remaining life, to the extent that amount is positive. The risk may be mitigated by having a master netting arrangement between the Portfolio and the counterparty and by the posting of collateral to the Portfolio to cover the Portfolio's exposure to the counterparty.

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To the extent the Portfolio has a policy to limit the net amount owed to or to be received from a single counterparty under existing swap agreements, such limitation only applies to counterparties to OTC swaps and does not apply to centrally cleared swaps where the counterparty is a central counterparty or derivatives clearing organization.

Credit Default Swap Agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues are entered into to provide a measure of protection against defaults of the issuers (*i.e.*, to reduce risk where the Portfolio owns or has exposure to the referenced obligation) or to take an active long or short position with respect to the likelihood of a particular issuer's default. Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event that the referenced entity, obligation or index, as specified in the swap agreement, undergoes a certain credit event. As a seller of protection on credit default swap agreements, the Portfolio will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, the Portfolio would effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the notional amount of the swap.

If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash, securities or other deliverable obligations equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are estimated by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value. The ability to deliver other obligations may result in a cheapest-to-deliver

option (the buyer of protection's right to choose the deliverable obligation with the lowest value following a credit event).

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset-backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name's weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index. Credit default swaps on credit indices may be used to hedge a portfolio of credit default swaps or bonds, which is less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indices are instruments for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues as of period end, if any, are disclosed in the Notes to Schedule of Investments. They serve as an indicator of the current status of payment/performance risk and represent the likelihood or risk of default for the reference entity. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. For credit default swap agreements on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

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The maximum potential amount of future payments (undiscounted) that the Portfolio as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of period end for which the Portfolio is the seller of protection are disclosed in the Notes to Schedule of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Portfolio for the same referenced entity or entities.

Interest Rate Swap Agreements may be entered into to help hedge against interest rate risk exposure and to maintain the Portfolio's ability to generate income at prevailing market rates. The value of the fixed rate bonds that the Portfolio holds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Portfolio may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by the Portfolio with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap," (ii) interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor," (iii) interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels, (iv) callable interest rate swaps, under which the buyer pays an upfront fee in consideration for the right to early terminate the swap transaction in whole, at zero cost and at a predetermined date and time prior to the maturity date, (v) spreadlocks, which allow the interest rate swap users to lock in the forward differential (or spread) between the interest rate swap rate and a specified benchmark, or (vi) basis swaps, under which two parties can exchange variable interest rates based on different segments of money markets.

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

The principal risks of investing in the Portfolio, which could adversely affect its net asset value, yield and total return, are listed below. Please see "Description of Principal Risks" in the Portfolio's prospectus for a more detailed description of the risks of investing in the Portfolio.

Interest Rate Risk is the risk that fixed income securities will decline in value because of an increase in interest rates; a portfolio with a longer

average portfolio duration will be more sensitive to changes in interest rates than a portfolio with a shorter average portfolio duration.

Call Risk is the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their maturity for a number of reasons (*e.g.*, declining interest rates, changes in credit spreads and improvements in the issuer's credit quality). If an issuer calls a security that the Portfolio has invested in, the Portfolio may not recoup the full amount of its initial investment and may be forced to reinvest in lower- yielding securities, securities with greater credit risks or securities with other, less favorable features.

Credit Risk is the risk that the Portfolio could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations.

High Yield Risk is the risk that high yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") are subject to greater levels of credit, call and liquidity risks. High yield securities are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments, and may be more volatile than higher-rated securities of similar maturity.

Market Risk is the risk that the value of securities owned by the Portfolio may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries.

Issuer Risk is the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services.

Liquidity Risk is the risk that a particular investment may be difficult to purchase or sell and that the Portfolio may be unable to sell illiquid investments at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity.

Derivatives Risk is the risk of investing in derivative instruments (such as forwards, futures, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management

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risks and valuation complexity. Changes in the value of a derivative or other similar investment may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and the Portfolio could lose more than the initial amount invested. Changes in the value of a derivative or other similar instrument may also create margin delivery or settlement payment obligations for the Portfolio. The Portfolio's use of derivatives or other similar investments may result in losses to the Portfolio, a reduction in the Portfolio's returns and/or increased volatility. Over- the-counter ("OTC") derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for OTC derivatives or other similar investments. The primary credit risk on derivatives that are exchange-traded or traded through a central clearing counterparty, resides with the Portfolio's clearing broker or the clearinghouse. Changes in regulation relating to a registered fund's use of derivatives and related instruments could potentially limit or impact the Portfolio's ability to invest in derivatives, limit the Portfolio's ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and the Portfolio's performance.

Equity Risk is the risk that the value of equity securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity securities generally have greater price volatility than fixed income securities.

Mortgage-Related and Other Asset-Backed Securities Risk is the risk of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk.

Foreign (Non-U.S.) Investment Risk is the risk that investing in foreign (non-U.S.) securities may result in the Portfolio experiencing more rapid and extreme changes in value than a portfolio that invests exclusively in securities of U.S. companies, due to smaller markets, differing reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, or political changes, diplomatic developments or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.

Emerging Markets Risk is the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk.

Sovereign Debt Risk is the risk that investments in fixed income instruments issued by sovereign entities may decline in value as a result of default or other adverse credit event resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion.

Currency Risk is the risk that foreign (non-U.S.) currencies will change in value relative to the U.S. dollar and affect the Portfolio's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies.

Leveraging Risk is the risk that certain transactions of the Portfolio, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing the Portfolio to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss.

Management Risk is the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio managers in connection with managing the Portfolio and may cause PIMCO to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of the Portfolio will

be achieved.

Short Exposure Risk is the risk of entering into short sales or other short positions, including the potential loss of more money than the actual cost of the investment, and the risk that the third party to the short sale or other short position will not fulfill its contractual obligations, causing a loss to the Portfolio.

Convertible Securities Risk is the risk that arises when convertible securities share both fixed income and equity characteristics. Convertible securities are subject to risks to which fixed income and equity investments are subject. These risks include equity risk, interest rate risk and credit risk.

LIBOR Transition Risk is the risk related to the anticipated discontinuation of the London Interbank Offered Rate ("LIBOR"). Certain instruments held by a Portfolio rely in some fashion upon LIBOR. Although the transition process away from LIBOR has become increasingly well- defined in advance of the anticipated discontinuation date, there remains uncertainty regarding the nature of any replacement rate, and any potential effects of the transition away from

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LIBOR on a Portfolio or on certain instruments in which the Portfolio invests can be difficult to ascertain. The transition process may involve, among other things, increased volatility or illiquidity in markets for instruments that currently rely on LIBOR and may result in a reduction in the value of certain instruments held by a Portfolio.

(b) Other Risks

In general, the Portfolio may be subject to additional risks, including, but not limited to, risks related to government regulation and intervention in financial markets, operational risks, risks associated with financial, economic and global market disruptions, and cyber security risks. Please see the Portfolio's prospectus and Statement of Additional Information for a more detailed description of the risks of investing in the Portfolio. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments that may impact the Portfolio's performance.

Market Disruption Risk The Portfolio is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets and cause the Portfolio to lose value. These events can also impair the technology and other operational systems upon which the Portfolio's service providers, including PIMCO as the Portfolio's investment adviser, rely, and could otherwise disrupt the Portfolio's service providers' ability to fulfill their obligations to the Portfolio. For example, the recent spread of an infectious respiratory illness caused by a novel strain of coronavirus (known as COVID-19) has caused volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities the Portfolio holds, and may adversely affect the Portfolio's investments and operations. Please see the Important Information section for additional discussion of the COVID-19 pandemic.

Government Intervention in Financial Markets Federal, state, and other governments, their regulatory agencies, or self-regulatory organizations may take actions that affect the regulation of the instruments in which the Portfolio invests, or the issuers of such instruments, in ways that are unforeseeable. Legislation or regulation may also change the way in which the Portfolio itself is regulated. Such legislation or regulation could limit or preclude the Portfolio's ability to achieve its investment objective. Furthermore, volatile financial markets can expose the Portfolio to greater market and liquidity risk and potential difficulty in valuing portfolio instruments held by the Portfolio. The value of the Portfolio's holdings is also generally subject to the risk of future local, national, or global economic disturbances based on

unknown weaknesses in the markets in which the Portfolio invests. In addition, it is not certain that the U.S. Government will intervene in response to a future market disturbance and the effect of any such future intervention cannot be predicted. It is difficult for issuers to prepare for the impact of future financial downturns, although companies can seek to identify and manage future uncertainties through risk management programs.

Regulatory Risk Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/or intervention may change the way the Portfolio is regulated, affect the expenses incurred directly by the Portfolio and the value of its investments, and limit and/or preclude the Portfolio's ability to achieve its investment objective. Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects.

Operational Risk An investment in the Portfolio, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Portfolio. While the Portfolio seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Portfolio.

Cyber Security Risk As the use of technology has become more prevalent in the course of business, the Portfolio has become potentially more susceptible to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional cyber events that may, among other things, cause the Portfolio to lose proprietary information, suffer data corruption and/or destruction or lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Cyber security failures or breaches may result in financial losses to the Portfolio and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with the Portfolio's ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any

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cyber incidents in the future. There is also a risk that cyber security breaches may not be detected. The Portfolio and its shareholders may suffer losses as a result of a cyber security breach related to the Portfolio, its service providers, trading counterparties or the issuers in which the Portfolio invests.

8. MASTER NETTING ARRANGEMENTS

The Portfolio may be subject to various netting arrangements ("Master Agreements") with select counterparties. Master Agreements govern the terms of certain transactions, and are intended to reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that is intended to improve legal certainty. Each type of Master Agreement governs certain types of transactions. Different types of transactions may be traded out of different legal entities or affiliates of a particular organization, resulting in the need for multiple agreements with a single counterparty. As the Master Agreements are specific to unique operations of different asset types, they allow the Portfolio to close out and net its total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single Master Agreement with a counterparty. For financial reporting purposes the Statement of Assets and Liabilities generally presents derivative assets and liabilities on a gross basis, which reflects the full risks and exposures prior to netting.

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Statement of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statement of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. The Portfolio's overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

Master Repurchase Agreements and Global Master Repurchase Agreements (individually and collectively "Master Repo Agreements") govern repurchase, reverse repurchase, and certain sale-buyback

transactions between the Portfolio and select counterparties. Master Repo Agreements maintain provisions for, among other things, initiation, income payments, events of default, and maintenance of collateral. The market value of transactions under the Master Repo Agreement, collateral pledged or received, and the net exposure by counterparty as of period end are disclosed in the Notes to Schedule of Investments.

Master Securities Forward Transaction Agreements ("Master Forward Agreements") govern certain forward settling transactions, such as TBA securities, delayed-delivery or certain sale-buyback transactions by and between the Portfolio and select counterparties. The Master Forward Agreements maintain provisions for, among other things, transaction initiation and confirmation, payment and transfer, events of default, termination, and maintenance of collateral. The market value of forward settling transactions, collateral pledged or received, and the net exposure by counterparty as of period end is disclosed in the Notes to Schedule of Investments.

Customer Account Agreements and related addenda govern cleared derivatives transactions such as futures, options on futures, and cleared OTC derivatives. Such transactions require posting of initial margin as determined by each relevant clearing agency which is segregated in an account at a futures commission merchant ("FCM") registered with the Commodity Futures Trading Commission. In the United States, counterparty risk may be reduced as creditors of an FCM cannot have a claim to Portfolio assets in the segregated account. Portability of exposure reduces risk to the Portfolio. Variation margin, which reflects changes in market value, is generally exchanged daily, but may not be netted between futures and cleared OTC derivatives unless the parties have agreed to a separate arrangement in respect of portfolio margining. The market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin as of period end are disclosed in the Notes to Schedule of Investments.

International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes ("ISDA Master Agreements") govern bilateral OTC derivative transactions entered into by the Portfolio with select counterparties. ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral posting and events of default or termination. Events of termination include conditions that may entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements. The ISDA Master Agreement may contain additional provisions that add counterparty protection beyond coverage of existing daily exposure if the counterparty has a decline in credit quality below a predefined level or as required by regulation. Similarly, if required by regulation, the Portfolio may be required to post

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additional collateral beyond coverage of daily exposure. These amounts, if any, may (or if required by law, will) be segregated with a third-party custodian. To the extent the Portfolio is required by regulation to post additional collateral beyond coverage of daily exposure, it could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedule of Investments.

9. FEES AND EXPENSES

(a) Investment Advisory Fee PIMCO is a majority-owned subsidiary of Allianz Asset Management of America LLC ("Allianz Asset Management") and serves as the Adviser to the Trust, pursuant to an investment advisory contract. The Adviser receives a monthly fee from the Portfolio at an annual rate based on average daily net assets (the "Investment Advisory Fee"). The Investment Advisory Fee for all classes is charged at an annual rate as noted in the table in note (b) below.

(b) Supervisory and Administrative Fee PIMCO serves as administrator (the "Administrator") and provides supervisory and administrative services to the Trust for which it receives a monthly supervisory and administrative fee based on each share class's average daily net assets (the "Supervisory and Administrative Fee"). As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs.

The Investment Advisory Fee and Supervisory and Administrative Fees for all classes, as applicable, are charged at the annual rate as noted in the following table (calculated as a percentage of the Portfolio's average daily net assets attributable to each class):

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| | | | |
|:---|:---|:---|:---|
| **Investment Advisory Fee** | **Supervisory and Administrative Fee** | **Supervisory and Administrative Fee** | **Supervisory and Administrative Fee** |
| **All Classes** | **Institutional<br>Class** | **Administrative<br>Class** | **Advisor<br>Class** |
| 0.25% | 0.25% | 0.25% | 0.25% |

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(c) Distribution and Servicing Fees PIMCO Investments LLC, a wholly-owned subsidiary of PIMCO, serves as the distributor ("Distributor") of the Trust's shares.

The Trust has adopted an Administrative Services Plan with respect to the Administrative Class shares of the Portfolio pursuant to Rule 12b-1 under the Act (the "Administrative Plan"). Under the terms of the Administrative Plan, the Trust is permitted to compensate the Distributor, out of the Administrative Class assets of the Portfolio, in an amount up to 0.15% on an annual basis of the average daily net assets of that class, for providing or procuring through financial intermediaries administrative, recordkeeping and investor services for Administrative Class shareholders of the Portfolio.

The Trust has adopted a separate Distribution and Servicing Plan for the Advisor Class shares of the Portfolio (the "Distribution and Servicing Plan"). The Distribution and Servicing Plan has been adopted pursuant to Rule 12b-1 under the Act. The Distribution and Servicing Plan permits the Portfolio to compensate the Distributor for providing or procuring through financial intermediaries, distribution, administrative, recordkeeping, shareholder and/or related services with respect to Advisor Class shares. The Distribution and Servicing Plan permits the Portfolio to make total payments at an annual rate of up to 0.25% of its average daily net assets attributable to its Advisor Class shares.

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|  | **Distribution Fee** | **Servicing Fee** |
|  **Administrative Class** |  | 0.15% |
|  **Advisor Class** | 0.25% |  |

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(d) Portfolio Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Portfolio, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust's executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Portfolio, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust's Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual portfolio operating expenses per share class.

The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive remuneration for their services to the Trust from the Administrator or its affiliates.

(e) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has agreed, through May 1, 2023, to waive a portion of the Portfolio's Supervisory and Administrative Fee, or reimburse the Portfolio, to the extent that the Portfolio's organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal

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Entity Identifier and pro rata share of Trustee Fees exceed 0.0049% (the "Expense Limit") (calculated as a percentage of the Portfolio's average daily net assets attributable to each class). The Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. The waiver, if any, is reflected on the Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO.

In any month in which the supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by the Portfolio of any portion of the supervisory and administrative fee waived or reimbursed as set forth above (the "Reimbursement Amount") within thirty-six months of the time of the waiver, provided that such amount paid to PIMCO will not: i) together with any organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee fees, exceed, for such month, the Expense Limit (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit); ii) exceed the total Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. At December 31, 2022, there were no recoverable amounts.

On December 4, 2020, the SEC granted an order approving the substitutions of shares of certain mutual funds offered as investment options to certain variable annuity and variable life insurance contracts issued by the insurance company requesting such order with shares of certain other mutual funds, including the Portfolio. As a condition of this order, the SEC required that PIMCO enter into a written contract with the Portfolio to limit expenses as required by the order. Accordingly, pursuant to a Fund Substitution Expense Limitation Agreement dated April 21, 2021, PIMCO has agreed to waive, reduce or reimburse, for the Portfolio, all or any portion of fees by an amount sufficient to reduce the Administrative Class's annualized expenses to 1.15%. This Expense Limitation Agreement will expire on June 20, 2023. The waiver will be, if applicable, reflected on the Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO. For the period ended December 31, 2022, no amounts were waived or reimbursed under this Expense Limitation Agreement.

10. RELATED PARTY TRANSACTIONS

The Adviser, Administrator, and Distributor are related parties. Fees paid to these parties are disclosed in Note 9, Fees and Expenses, and the accrued related party fee amounts are disclosed on the Statement of Assets and Liabilities.

The Portfolio is permitted to purchase or sell securities from or to certain related affiliated portfolios under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the

Portfolio from or to another fund or portfolio that are, or could be, considered an affiliate, or an affiliate of an affiliate, by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with applicable SEC rule and interpretations under the Act. Further, as defined under the procedures, each transaction is effected at the current market price. Purchases and sales of securities pursuant to applicable SEC rule and interpretations under the Act for the period ended December 31, 2022, were as follows (amounts in thousands<sup>†</sup>):

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| | | |
|:---|:---|:---|
| **Purchases** | **Sales** | **Realized<br>Gain/(Loss)** |
| $0 | $13965 | $(10) |

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|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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11. GUARANTEES AND INDEMNIFICATIONS

Under the Trust's organizational documents, each Trustee, officer, employee or other agent of the Trust (including the Trust's investment manager) is indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Portfolio. Additionally, in the normal course of business, the Portfolio enters into contracts that contain a variety of indemnification clauses. The Portfolio's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred. However, the Portfolio has not had prior claims or losses pursuant to these contracts.

12. PURCHASES AND SALES OF SECURITIES

The length of time the Portfolio has held a particular security is not generally a consideration in investment decisions. A change in the securities held by the Portfolio is known as "portfolio turnover." The Portfolio may engage in frequent and active trading of portfolio securities to achieve its investment objective(s), particularly during periods of volatile market movements. High portfolio turnover may involve correspondingly greater transaction costs, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which are borne by the Portfolio. Such sales may also result in realization of taxable capital gains, including short-term capital gains (which are generally taxed at ordinary income tax rates when distributed to shareholders). The transaction costs associated with portfolio turnover may adversely affect the Portfolio's performance. The portfolio turnover rates are reported in the Financial Highlights.

Purchases and sales of securities (excluding short-term investments) for the period ended December 31, 2022, were as follows (amounts in thousands<sup>†</sup>):

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| | | | |
|:---|:---|:---|:---|
| **U.S. Government/Agency** | **U.S. Government/Agency** | **All Other** | **All Other** |
| **Purchases** | **Sales** | **Purchases** | **Sales** |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23494757 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22189799 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;867006 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842772 |

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| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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13. SHARES OF BENEFICIAL INTEREST

The Trust may issue an unlimited number of shares of beneficial interest with a $0.001 par value. Changes in shares of beneficial interest were as follows (shares and amounts in thousands<sup>†</sup>):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br>12/31/2022** | **Year Ended<br>12/31/2022** | **Year Ended<br>12/31/2021** | **Year Ended<br>12/31/2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Receipts for shares sold** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 9508 | $92241 | 24713 | $274753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 22666 | 216289 | 52782 | 585356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 13107 | 125792 | 36278 | 404420 |
|  **Issued as reinvestment of distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 891 | 8439 | 1773 | 19322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 7998 | 75457 | 21226 | 231859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 5421 | 51075 | 14845 | 162101 |
|  **Cost of shares redeemed** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (15793) | (151273) | (3898) | (42533) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (59815) | (571558) | (99122) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1088990) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (25954) | (249385) | (58772) | (638042) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | (41971) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(402923) | (10175) | $(91754) |

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|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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As of December 31, 2022, three shareholders owned 10% or more of the Portfolio's total outstanding shares comprising 41% of the Portfolio. One of the shareholders is a related party and comprises 13% of the Portfolio. Related parties may include, but are not limited to, the investment adviser and its affiliates, affiliated broker dealers, fund of funds and directors or employees of the Trust or Adviser.

14. REGULATORY AND LITIGATION MATTERS

The Portfolio is not named as a defendant in any material litigation or arbitration proceedings and is not aware of any material litigation or claim pending or threatened against it.

On May 17, 2022, Allianz Global Investors U.S. LLC ("AGI U.S.") pleaded guilty in connection with the proceeding United States of America v. Allianz Global Investors U.S. LLC. AGI U.S. is an indirect subsidiary of Allianz SE. The conduct resulting in the matter described above occurred entirely within AGI U.S. and did not involve PIMCO or the Distributor, or any personnel of PIMCO or the Distributor. Nevertheless, because of the disqualifying conduct of AGI U.S., their affiliate, PIMCO would have been disqualified from serving as the investment adviser, and the Distributor would have been disqualified from serving as the principal underwriter, to the Portfolio in the absence of SEC exemptive relief. PIMCO and the Distributor have received exemptive relief from the SEC to permit them to continue serving as investment adviser and principal underwriter for U.S.-registered investment companies, including the Portfolio.

The foregoing speaks only as of the date of this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

15. FEDERAL INCOME TAX MATTERS

The Portfolio intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (the "Code") and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

The Portfolio may be subject to local withholding taxes, including those imposed on realized capital gains. Any applicable foreign capital gains tax is accrued daily based upon net unrealized gains, and may be payable following the sale of any applicable investments.

In accordance with U.S. GAAP, the Adviser has reviewed the Portfolio's tax positions for all open tax years. As of December 31, 2022, the Portfolio has recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions it has taken or expects to take in future tax returns.

The Portfolio files U.S. federal, state, and local tax returns as required. The Portfolio's tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

Shares of the Portfolio currently are sold to segregated asset accounts ("Separate Accounts") of insurance companies that fund variable annuity contracts and variable life insurance policies ("Variable

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **49** |

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##### [**Table of Contents**](#toc)

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| **Notes to Financial Statements** | **(Cont.)** | December 31, 2022 |

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Contracts"). Please refer to the prospectus for the Separate Account and Variable Contract for information regarding Federal income tax treatment of distributions to the Separate Account.

As of December 31, 2022, the components of distributable taxable earnings are as follows (amounts in thousands<sup>†</sup>):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed<br>Ordinary<br>Income<sup>(1)</sup>** | **Undistributed<br>Long-Term<br>Capital Gains** | **Net Tax Basis<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup>** | **Other<br>Book-to-Tax<br>Accounting<br>Differences <sup>(3)</sup>** | **Accumulated<br>Capital<br>Losses<sup>(4)</sup>** | **Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Capital<sup>(5)</sup>** | **Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Ordinary<sup>(6)</sup>** | **Total<br>Components of<br>Distributable<br>Earnings** |
|  PIMCO Total Return Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;63590 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;(711513) | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;(317345) | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;(965268) |

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|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(1)</sup> Includes undistributed short-term capital gains, if any.

<sup>(2)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options and forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on swap contracts, interest accrued from defaulted securities, straddle loss deferrals, return of capital from non-REIT securities, and passive foreign investment companies (PFICs). 

<sup>(3)</sup> Represents differences in income tax regulations and financial accounting principles generally accepted in the United States of America.

<sup>(4)</sup> Capital losses available to offset future net capital gains as shown below.

<sup>(5)</sup> Capital losses realized during the period November 1, 2022 through December 31, 2022 which the Portfolio elected to defer to the following taxable year pursuant to income tax regulations.

<sup>(6)</sup> Specified losses realized during the period November 1, 2022 through December 31, 2022 which the Portfolio elected to defer to the following taxable year pursuant to income tax regulations.

Under the Regulated Investment Company Modernization Act of 2010, the Portfolio is permitted to carry forward any new capital losses for an unlimited period. Additionally, such capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term under previous law.

As of December 31, 2022, the Portfolio had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

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| | | |
|:---|:---|:---|
|  | **Short-Term** | **Long-Term** |
|  PIMCO Total Return Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;255415 | $&nbsp;&nbsp;&nbsp;&nbsp;61930 |

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|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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As of December 31, 2022, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands<sup>†</sup>):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal<br>Tax Cost** | **Unrealized<br>Appreciation** | **Unrealized<br>(Depreciation)** | **Net Unrealized<br>Appreciation/<br>(Depreciation)<sup>(7)</sup>** |
|  PIMCO Total Return Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;6652022 | $&nbsp;&nbsp;&nbsp;&nbsp;75256 | $&nbsp;&nbsp;&nbsp;&nbsp;(787202) | $&nbsp;&nbsp;&nbsp;&nbsp;(711946) |

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|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(7)</sup> Adjusted for open wash sale loss deferrals and the accelerated recognition of unrealized gain or loss on certain futures, options and forward contracts for federal income tax purposes. Also adjusted for differences between book and tax realized and unrealized gain (loss) on swap contracts, interest accrued from defaulted securities, straddle loss deferrals, return of capital from non-REIT securities, and passive foreign investment companies (PFICs). 

For the fiscal years ended December 31, 2022 and December 31, 2021, respectively, the Portfolio made the following tax basis distributions (amounts in thousands<sup>†</sup>):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** | **December 31, 2021** |
|  | **Ordinary<br>Income<br>Distributions<sup>(8)</sup>** | **Long-Term<br>Capital Gain<br>Distributions** | **Return of<br>Capital<sup>(9)</sup>** | **Ordinary<br>Income<br>Distributions<sup>(8)</sup>** | **Long-Term<br>Capital Gain<br>Distributions** | **Return of<br>Capital<sup>(9)</sup>** |
|  PIMCO Total Return Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;134971 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;281238 | $&nbsp;&nbsp;&nbsp;&nbsp;132400 | $&nbsp;&nbsp;&nbsp;&nbsp;0 |

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|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(8)</sup> Includes short-term capital gains distributed, if any.

<sup>(9)</sup> A portion of the distributions made represents a tax return of capital. Return of capital distributions have been reclassified from undistributed net investment income to paid-in capital to more appropriately conform financial accounting to tax accounting.

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| **50** | **PIMCO VARIABLE INSURANCE TRUST** |

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##### [**Table of Contents**](#toc)
**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of PIMCO Variable Insurance Trust and Shareholders of PIMCO Total Return Portfolio

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of PIMCO Total Return Portfolio (one of the portfolios constituting PIMCO Variable Insurance Trust, hereafter referred to as the "Portfolio") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statement of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Portfolio as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements are the responsibility of the Portfolio's management. Our responsibility is to express an opinion on the Portfolio's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolio in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian, transfer agent, brokers and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

February 17, 2023

We have served as the auditor of one or more investment companies in PIMCO Variable Insurance Trust since 1998.

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **51** |

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##### [**Table of Contents**](#toc)

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| **Glossary:** | **(abbreviations that may be used in the preceding statements)** | (Unaudited) |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Counterparty Abbreviations:** | **Counterparty Abbreviations:** | | | | |
| **BOA** | Bank of America N.A. | **FAR** | Wells Fargo Bank National Association | **MYI** | Morgan Stanley & Co. International PLC |
| **BPG** | BNP Paribas Securities Corp. | **FICC** | Fixed Income Clearing Corporation | **NGF** | Nomura Global Financial Products, Inc. |
| **BPS** | BNP Paribas S.A. | **GLM** | Goldman Sachs Bank USA | **RBC** | Royal Bank of Canada |
| **BRC** | Barclays Bank PLC | **GST** | Goldman Sachs International | **SAL** | Citigroup Global Markets, Inc. |
| **BSN** | The Bank of Nova Scotia - Toronto | **JPM** | JP Morgan Chase Bank N.A. | **SCX** | Standard Chartered Bank, London |
| **CBK** | Citibank N.A. | **MBC** | HSBC Bank Plc | **SOG** | Societe Generale Paris |
| **CLY** | Crédit Agricole Corporate and Investment Bank | **MYC** | Morgan Stanley Capital Services LLC | **UAG** | UBS AG Stamford |
| **DUB** | Deutsche Bank AG |  |  |  |  |
|  **Currency Abbreviations:** | **Currency Abbreviations:** |  |  |  |  |
| **ARS** | Argentine Peso | **DKK** | Danish Krone | **KRW** | South Korean Won |
| **AUD** | Australian Dollar | **EUR** | Euro | **MXN** | Mexican Peso |
| **BRL** | Brazilian Real | **GBP** | British Pound | **NZD** | New Zealand Dollar |
| **CAD** | Canadian Dollar | **HUF** | Hungarian Forint | **PEN** | Peruvian New Sol |
| **CLP** | Chilean Peso | **ILS** | Israeli Shekel | **USD (or $)** | United States Dollar |
| **CNH** | Chinese Renminbi (Offshore) | **INR** | Indian Rupee | **ZAR** | South African Rand |
| **CZK** | Czech Koruna | **JPY** | Japanese Yen |  |  |
|  **Exchange Abbreviations:** | **Exchange Abbreviations:** |  |  |  |  |
| **CME** | Chicago Mercantile Exchange | **OTC** | Over the Counter |  |  |
|  **Index/Spread Abbreviations:** | **Index/Spread Abbreviations:** |  |  |  |  |
| **CDX.HY** | Credit Derivatives Index - High Yield | **LIBOR03M** | 3 Month USD-LIBOR | **SONIO** | Sterling Overnight Interbank Average Rate |
| **CDX.IG** | Credit Derivatives Index - Investment Grade | **MUTKCALM** | Tokyo Overnight Average Rate | **US0001M** | ICE 1-Month USD LIBOR |
| **H15T1Y** | 1 Year US Treasury Yield Curve Constant Maturity Rate | **SOFR** | Secured Overnight Financing Rate | **US0003M** | ICE 3-Month USD LIBOR |
|  **Other Abbreviations:** | **Other Abbreviations:** |  |  |  |  |
| **ABS** | Asset-Backed Security | **CDI** | Brazil Interbank Deposit Rate | **OAT** | Obligations Assimilables du Trésor |
| **ALT** | Alternate Loan Trust | **CLO** | Collateralized Loan Obligation | **OIS** | Overnight Index Swap |
| **BBR** | Bank Bill Rate | **DAC** | Designated Activity Company | **PIK** | Payment-in-Kind  |
| **BRL-CDI** | Brazil Interbank Deposit Rate | **EURIBOR** | Euro Interbank Offered Rate | **TBA** | To-Be-Announced  |
| **BTP** | Buoni del Tesoro Poliennali "Long-term Treasury Bond" | **LIBOR** | London Interbank Offered Rate |  |  |

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| **52** | **PIMCO VARIABLE INSURANCE TRUST** |

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##### [**Table of Contents**](#toc)

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| **Federal Income Tax Information** | (Unaudited) |

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As required by the Internal Revenue Code ("Code") and Treasury Regulations, if applicable, shareholders must be notified within 60 days of the Portfolio's fiscal year end regarding the status of qualified dividend income and the dividend received deduction.

Dividend Received Deduction. Corporate shareholders are generally entitled to take the dividend received deduction on the portion of the Portfolio's dividend distribution that qualifies under tax law. The percentage of the following Portfolio's fiscal 2022 ordinary income dividend that qualifies for the corporate dividend received deduction is set forth below.

Qualified Dividend Income. Under the Jobs and Growth Tax Relief Reconciliation Act of 2003, the following percentage of ordinary dividends paid during the fiscal year ended December 31, 2022 was designated as ''qualified dividend income'' as defined in the Jobs and Growth Tax Relief Reconciliation Act of 2003 subject to reduced tax rates in 2022.

Qualified Interest Income and Qualified Short-Term Capital Gain (for non-U.S. resident shareholders only). Under the American Jobs Creation Act of 2004, the following amounts of ordinary dividends paid during the fiscal year ended December 31, 2022 are considered to be derived from "qualified interest income," as defined in Section 871(k)(1)(E) of the Code, and therefore are designated as interest-related dividends, as defined in Section 871(k)(1)(C) of the Code. Further, the following amounts of ordinary dividends paid during the fiscal year ended December 31, 2022 are considered to be derived from "qualified short-term capital gain," as defined in Section 871(k)(2)(D) of the Code, and therefore are designated as qualified short-term gain dividends, as defined by Section 871(k)(2)(C) of the Code.

Section 163(j) Interest Dividends. The Portfolio intends to pass through the maximum amount allowable as Section 163(j) Interest defined in Proposed Treasury Section 1.163(j)-1(b). The 163(j) percentage of ordinary income distributions are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Dividend<br>Received<br>Deduction%** | **Qualified<br>Dividend<br>Income%** | **Qualified<br>Interest<br>Income<br>(000s<sup>†</sup>)** | **Qualified<br>Short-Term<br>Capital Gains<br>(000s<sup>†</sup>)** | **163(j)<br>Interest<br>Dividends<br>(000s<sup>†</sup>)** |
|  PIMCO Total Return Portfolio | 0% | 0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128291 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

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|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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Shareholders are advised to consult their own tax advisor with respect to the tax consequences of their investment in the Trust. In January 2023, you will be advised on IRS Form 1099-DIV as to the federal tax status of the dividends and distributions received by you in calendar year 2022.

Section 199A Dividends. Non-corporate portfolio shareholders of the Portfolio below meeting certain holding period requirements may be able to deduct up to 20 percent of qualified REIT dividends passed through and reported to the shareholders by the Portfolio as IRC section 199A dividends. The IRC section 199A percentage of ordinary dividends are as follows:

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|:---|:---|
|  | **199A Dividends** |
|  PIMCO Total Return Portfolio | 0% |

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|:---|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **53** |

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##### [**Table of Contents**](#toc)
**Management of the Trust**

The charts below identify the Trustees and executive officers of the Trust. Unless otherwise indicated, the address of all persons below is 650 Newport Center Drive, Newport Beach, CA 92660.

The Portfolio's Statement of Additional Information includes more information about the Trustees and Officers. To request a free copy, call PIMCO at (888) 87-PIMCO or visit the Portfolio's website at www.pimco.com/pvit.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Year of Birth and <br>Position Held with Trust\*** | **Term of<br>Office and<br>Length of <br>Time Served<sup>†</sup>** | **Principal Occupation(s) During Past 5 Years** | **Number of Funds<br>in Fund Complex <br>Overseen by Trustee** | **Other Public Company and Investment<br>Company Directorships Held by Trustee<br>During the Past 5 Years** |
| **Interested Trustees<sup>1</sup>** |  |  |  |  |
| **Peter G. Strelow (1970)**<br> *Chairman of the Board <br>and Trustee* | 05/2017 to present<br>Chairman of the Board - 02/2019 to present | Managing Director and Co-Chief Operating Officer, PIMCO. Senior Vice President of the Trust, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. Formerly, Chief Administrative Officer, PIMCO. | 158 | Chairman and Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT. |
| **Kimberley G. Stafford (1978)**<br> *Trustee* | 02/2021 to present | Managing Director, Global Head of Product Strategy, PIMCO; and Member of Executive Committee, PIMCO. Formerly, Head of Asia-Pacific, Global Head of Consultant Relations and Head of US Institutional and Alternatives Sales, PIMCO. | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT. |
| **Independent Trustees** |  |  |  |  |
| **George E. Borst (1948)**<br> *Trustee* | 04/2015 to present | Executive Advisor, McKinsey & Company (since 10/14); Formerly, Executive Advisor, Toyota Financial Services (10/13-12/14); and CEO, Toyota Financial Services (1/01-9/13). | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT; Director, MarineMax Inc. |
| **Jennifer Holden Dunbar (1963)**<br> *Trustee* | 04/2015 to present | Formerly, Managing Director, Dunbar Partners, LLC (business consulting and investments) (05/05-05/21); and Partner, Leonard Green & Partners, L.P. | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT; Director, PS Business Parks; Director, Big 5 Sporting Goods Corporation. |
| **Kym M. Hubbard (1957)**<br> *Trustee* | 02/2017 to present | Formerly, Global Head of Investments, Chief Investment Officer and Treasurer, Ernst & Young. | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT; Director, State Auto Financial Corporation. |
| **Gary F. Kennedy (1955)**<br> *Trustee* | 04/2015 to present | Formerly, Senior Vice President, General Counsel and Chief Compliance Officer, American Airlines and AMR Corporation (now American Airlines Group) (1/03-1/14). | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |
| **Peter B. McCarthy (1950)**<br> *Trustee* | 04/2015 to present | Formerly, Assistant Secretary and Chief Financial Officer, United States Department of Treasury; Deputy Managing Director, Institute of International Finance. | 158 | Trustee, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |
| **Ronald C. Parker (1951)**<br> *Lead Independent Trustee* | 07/2009 to present<br>Lead Independent Trustee - 02/2017 to present | Director of Roseburg Forest Products Company. Formerly, Chairman of the Board, The Ford Family Foundation; and President, Chief Executive Officer, Hampton Affiliates (forestry products). | 158 | Lead Independent Trustee, PIMCO Funds and PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |

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\* Unless otherwise noted, the information for the individuals listed is as of December 31, 2022.

<sup>1</sup> Ms. Stafford and Mr. Strelow are "interested persons" of the Trust (as that term is defined in the 1940 Act) because of their affiliations with PIMCO.

<sup>†</sup> Trustees serve until their successors are duly elected and qualified.

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| **54** | **PIMCO VARIABLE INSURANCE TRUST** |

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##### [**Table of Contents**](#toc)
(Unaudited)

**Executive Officers** 

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| | | |
|:---|:---|:---|
| **Name, Year of Birth and<br>Position Held with Trust\*** | **Term of Office and<br>Length of Time Served** | **Principal Occupation(s) During Past 5 Years<sup>†</sup>** |
| **Eric D. Johnson (1970)**<br> *President* | 06/2019 to present | Executive Vice President and Head of Funds Business Group Americas, PIMCO. President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| **Ryan G. Leshaw (1980)**<br> *Chief Legal Officer and Secretary* | 08/2021 to present | Executive Vice President and Senior Counsel, PIMCO. Chief Legal Officer and Secretary, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Chief Legal Officer, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. Formerly, Associate, Willkie Farr & Gallagher LLP. |
| **Keisha Audain-Pressley (1975)\*\***<br> *Chief Compliance Officer* | 01/2020 to present | Executive Vice President and Deputy Chief Compliance Officer, PIMCO. Chief Compliance Officer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Joshua D. Ratner (1976)\*\***<br> *Senior Vice President* | 05/2019 to present | Executive Vice President and Head of Americas Operations, PIMCO. Senior Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| **Peter G. Strelow (1970)**<br> *Senior Vice President* | 06/2019 to present | Managing Director and Co-Chief Operating Officer, PIMCO. Senior Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. Formerly, Chief Administrative Officer, PIMCO. |
| **Wu-Kwan Kit (1981)**<br> *Assistant Secretary* | 08/2017 to present | Senior Vice President and Senior Counsel, PIMCO. Assistant Secretary, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Vice President, Senior Counsel and Secretary, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. Formerly, Assistant General Counsel, VanEck Associates Corp. |
| **Douglas B. Burrill (1980)\*\***<br> *Vice President* | 08/2022 to present | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Elizabeth A. Duggan (1964)**<br> *Vice President* | 02/2021 to present | Executive Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Jason R. Duran (1977)**<br> *Vice President* | 02/2023 to present | Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |
| **Mark A. Jelic (1981)**<br> *Vice President* | 08/2021 to present | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Kenneth W. Lee (1972)**<br> *Vice President* | 08/2022 to present | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Brian J. Pittluck (1977)**<br> *Vice President* | 01/2020 to present | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Keith A. Werber (1973)**<br> *Vice President* | 05/2022 to present | Executive Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Bijal Y. Parikh (1978)**<br> *Treasurer* | 01/2021 to present | Executive Vice President, PIMCO. Treasurer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| **Erik C. Brown (1967)\*\*\***<br> *Assistant Treasurer* | 02/2001 to present | Executive Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds, PIMCO-Sponsored Closed-End Funds and PIMCO Capital Solutions BDC Corp. |
| **Brandon T. Evans (1982)**<br> *Assistant Treasurer* | 05/2019 to present | Senior Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Deputy Treasurer, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| **Maria M. Golota (1983)\*\***<br> *Assistant Treasurer* | 02/2023 to present | Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. |

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\* Unless otherwise noted, the information for the individuals listed is as of February 8, 2023.

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| <sup>†</sup> | The term "PIMCO-Sponsored Closed-End Funds" as used herein includes: PIMCO Access Income Fund, PIMCO California Municipal Income Fund, PIMCO California Municipal Income Fund II, PIMCO California Municipal Income Fund III, PIMCO Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO Municipal Income Fund III, PIMCO New York Municipal Income Fund, PIMCO New York Municipal Income Fund II, PIMCO New York Municipal Income Fund III, PCM Fund Inc., PIMCO Corporate & Income Opportunity Fund, PIMCO Corporate & Income Strategy Fund, PIMCO Dynamic Income Fund, PIMCO Dynamic Income Opportunities Fund, PIMCO Energy and Tactical Credit Opportunities Fund, PIMCO Global StocksPLUS<sup>®</sup> & Income Fund, PIMCO High Income Fund, PIMCO Income Strategy Fund, PIMCO Income Strategy Fund II and PIMCO Strategic Income Fund, Inc.; the term "PIMCO-Sponsored Interval Funds" as used herein includes: PIMCO Flexible Credit Income Fund, PIMCO Flexible Municipal Income Fund, PIMCO California Flexible Municipal Income Fund and PIMCO Flexible Emerging Markets Income Fund.  |

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\*\* The address of these officers is Pacific Investment Management Company LLC, 1633 Broadway, New York, New York 10019.

\*\*\* The address of these officers is Pacific Investment Management Company LLC, 401 Congress Ave., Austin, Texas 78701.

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **55** |

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| **Privacy Policy<sup>1</sup>** | (Unaudited) |

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The Trust<sup>2,3</sup> consider customer privacy to be a fundamental aspect of their relationships with shareholders and are committed to maintaining the confidentiality, integrity and security of their current, prospective and former shareholders' non-public personal information. The Trust has developed policies that are designed to protect this confidentiality, while allowing shareholder needs to be served.

OBTAINING NON-PUBLIC PERSONAL INFORMATION

In the course of providing shareholders with products and services, the Trust and certain service providers to the Trust, such as the Trust's investment advisers or sub-advisers ("Advisers"), may obtain non-public personal information about shareholders, which may come from sources such as account applications and other forms, from other written, electronic or verbal correspondence, from shareholder transactions, from a shareholder's brokerage or financial advisory firm, financial professional or consultant, and/or from information captured on applicable websites.

RESPECTING YOUR PRIVACY

As a matter of policy, the Trust does not disclose any non-public personal information provided by shareholders or gathered by the Trust to non-affiliated third parties, except as required or permitted by law or as necessary for such third parties to perform their agreements with respect to the Trust. As is common in the industry, non-affiliated companies may from time to time be used to provide certain services, such as preparing and mailing prospectuses, reports, account statements and other information, conducting research on shareholder satisfaction and gathering shareholder proxies. The Trust or its affiliates may also retain non-affiliated companies to market Trust's shares or products which use Trust's shares and enter into joint marketing arrangements with them and other companies. These companies may have access to a shareholder's personal and account information, but are permitted to use this information solely to provide the specific service or as otherwise permitted by law. In most cases, the shareholders will be clients of a third party, but the Trust may also provide a shareholder's personal and account information to the shareholder's respective brokerage or financial advisory firm and/or financial professional or consultant.

SHARING INFORMATION WITH THIRD PARTIES

The Trust reserves the right to disclose or report personal or account information to non-affiliated third parties in limited circumstances where the Trust believes in good faith that disclosure is required under law, to cooperate with regulators or law enforcement authorities, to protect their rights or property, or upon reasonable request by any fund in which a shareholder has invested. In addition, the Trust may disclose information about a shareholder or a shareholder's accounts

to a non-affiliated third party at the shareholder's request or with the consent of the shareholder.

SHARING INFORMATION WITH AFFILIATES

The Trust may share shareholder information with their affiliates in connection with servicing shareholders' accounts, and subject to applicable law may provide shareholders with information about products and services that the Trust or its Advisers, distributors or their affiliates ("Service Affiliates") believe may be of interest to such shareholders. The information that the Trust may share may include, for example, a shareholder's participation in the Trust or in other investment programs sponsored by a Service Affiliate, a shareholder's ownership of certain types of accounts (such as IRAs), information about the Trust's experiences or transactions with a shareholder, information captured on applicable websites, or other data about a shareholder's accounts, subject to applicable law. The Trust's Service Affiliates, in turn, are not permitted to share shareholder information with non-affiliated entities, except as required or permitted by law.

PROCEDURES TO SAFEGUARD PRIVATE INFORMATION

The Trust takes seriously the obligation to safeguard shareholder non-public personal information. In addition to this policy, the Trust has implemented procedures that are designed to restrict access to a shareholder's non-public personal information to internal personnel who need to know that information to perform their jobs, such as servicing shareholder accounts or notifying shareholders of new products or services. Physical, electronic and procedural safeguards are in place to guard a shareholder's non-public personal information.

INFORMATION COLLECTED FROM WEBSITES

The Trust or its service providers and partners may collect information from shareholders via websites they maintain. The information collected via websites maintained by the Trust or their service providers includes client non-public personal information.

CHANGES TO THE PRIVACY POLICY

From time to time, the Trust may update or revise this privacy policy. If there are changes to the terms of this privacy policy, documents containing the revised policy on the relevant website will be updated.

<sup>1</sup> Amended as of June 25, 2020.

<sup>2</sup> PIMCO Investments LLC ("PI") serves as the Trust's distributor and does not provide brokerage services or any financial advice to investors in the Trust solely because it distributes the Trust. This Privacy Policy applies to the activities of PI to the extent that PI regularly effects or engages in transactions with or for a shareholder of a series of a Trust who is the record owner of such shares. For purposes of this Privacy Policy, references to "the Trust" shall include PI when acting in this capacity.

<sup>3</sup> When distributing this Policy, the Trust may combine the distribution with any similar distribution of its investment adviser's privacy policy. The distributed, combined, policy may be written in the first person (*i.e*. by using "we" instead of "the Trust").

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| **Approval of Investment Advisory Contract and Other Agreements** | (Unaudited) |

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At a meeting held on August 23-24, 2022, the Board of Trustees (the "Board") of PIMCO Variable Insurance Trust (the "Trust"), including the Trustees who are not "interested persons" of the Trust under the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered and unanimously approved the renewal of the Amended and Restated Investment Advisory Contract (the "Investment Advisory Contract") between the Trust, on behalf of the Trust's series (each, a "Portfolio" and collectively, the "Portfolios"), and Pacific Investment Management Company LLC ("PIMCO"), for an additional one-year term through August 31, 2023. The Board also considered and unanimously approved the renewal of the Amended and Restated Supervision and Administration Agreement (the "Supervision and Administration Agreement") between the Trust, on behalf of the Portfolios, and PIMCO for an additional one-year term through August 31, 2023. In addition, the Board considered and unanimously approved the renewal of the Amended and Restated Asset Allocation Sub-Advisory Agreement (the "Asset Allocation Agreement" and, together with the Investment Advisory Contract and the Supervision and Administration Agreement, the "Agreements") between PIMCO, on behalf of PIMCO All Asset Portfolio, a series of the Trust, and Research Affiliates, LLC ("Research Affiliates") for an additional one-year term through August 31, 2023. In addition, the Board considered and unanimously approved the renewal of the investment management agreements between PIMCO and each of the wholly-owned subsidiaries (each, a "Subsidiary" and, collectively, the "Subsidiaries") of certain of the Portfolios (collectively, the "Subsidiary Agreements"), each for the same additional one-year term through August 31, 2023.

The information, material factors and conclusions that formed the basis for the Board's approvals are summarized below.

1. INFORMATION RECEIVED

(a) Materials Reviewed: During the course of the past year, the Trustees received a wide variety of materials relating to the services provided by PIMCO and Research Affiliates to the Trust. At each of its quarterly meetings, the Board reviewed the Portfolios' investment performance and a significant amount of information relating to Portfolio operations, including shareholder services, valuation and custody, the Portfolios' compliance program and other information relating to the nature, extent and quality of services provided by PIMCO and Research Affiliates to the Trust and each of the Portfolios, as applicable. In considering whether to approve the renewal of the Agreements and the Subsidiary Agreements, the Board reviewed additional information, including, but not limited to: comparative industry data with regard to investment performance; advisory and supervisory and administrative fees and expenses; financial information for PIMCO and, where relevant, financial information for Research

Affiliates; information regarding the profitability to PIMCO of its relationship with the Portfolios; information about the personnel providing investment management services, other advisory services and supervisory and administrative services to the Portfolios; and information about the fees charged and services provided to other clients with similar investment mandates as the Portfolios, where applicable. In addition, the Board reviewed materials provided by counsel to the Trust and the Independent Trustees ("Counsel"), which included, among other things, a memorandum outlining legal duties of the Board in considering the renewal of the Agreements and Subsidiary Agreements.

With respect to the Subsidiary Agreements, the Trustees considered that each Portfolio that has a Subsidiary may utilize its Subsidiary to execute its investment strategy and that PIMCO provides investment advisory and administrative services to the Subsidiaries pursuant to the Subsidiary Agreements in the same manner as it does for such Portfolios that have Subsidiaries under the Investment Advisory Contract and Supervision and Administration Agreement. The Trustees also considered that, with respect to each Subsidiary, PIMCO does not retain a separate advisory or other fee from the Subsidiary, and that PIMCO's profitability with respect to each Portfolio that has a Subsidiary is not positively impacted as a result of the Subsidiary Agreements. The Trustees determined, therefore, that it was appropriate to consider the approval of the Subsidiary Agreements collectively with their consideration of the continuation of the Agreements.

(b) Review Process: In connection with considering the renewal of the Agreements, the Board reviewed written materials prepared by PIMCO and, where applicable, Research Affiliates in response to requests from Counsel encompassing a wide variety of topics. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from Counsel, and reviewed comparative fee and performance data prepared at the Board's request by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company performance information and fee and expense data. The Board received presentations on matters related to the Agreements and met both as a full Board and in a separate session of the Independent Trustees, without management present, at the August 23-24, 2022 meeting. The Independent Trustees also met via video conference with Counsel on July 14, 2022, and conducted a video conference meeting on August 10, 2022 with management and Counsel to discuss the materials presented and other matters deemed relevant to their consideration of the renewal of the Agreements. In connection with its review of the Agreements, the Board received comparative information on the performance, the risk-adjusted performance and the fees and expenses of other peer group funds and share classes. The Independent Trustees also requested and received supplemental information, including information regarding Broadridge peer classifications, the investment strategies and outflows for certain Portfolios, Portfolio performance and profitability.

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| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **57** |

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| **Approval of Investment Advisory Contract and Other Agreements** | **(Cont.)** |

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The approval determinations were made on the basis of each Trustee's business judgment after consideration and evaluation of all the information presented. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. In deciding to approve the renewal of the Agreements, the Board did not identify any single factor or particular information that, in isolation, was controlling. The discussion below is intended to summarize the broad factors and information that figured prominently in the Board's consideration of the renewal of the Agreements, but is not intended to summarize all of the factors considered by the Board.

2. NATURE, EXTENT AND QUALITY OF SERVICES

(a) PIMCO, Research Affiliates, their Personnel and Resources: The Board considered the depth and quality of PIMCO's investment management process, including, but not limited to: the experience, capability and integrity of its senior management and other personnel; the overall financial strength and stability of its organization; and the ability of its organizational structure to address changes in the Portfolios' asset levels. The Board also considered the various services in addition to portfolio management that PIMCO provides under the Investment Advisory Contract. The Board noted that PIMCO makes available to its investment professionals a variety of resources and systems relating to investment management, compliance, trading, performance and portfolio accounting. The Board also noted PIMCO's commitment to enhancing and investing in its global infrastructure, technology capabilities, risk management processes and the specialized talent needed to stay at the forefront of the competitive investment management industry and to strengthen its ability to deliver services under the Agreements. The Board considered PIMCO's policies, procedures and systems reasonably designed to assure compliance with applicable laws and regulations, including new regulations impacting the Portfolios, and its commitment to further developing and strengthening these programs; its oversight of matters that may involve conflicts of interest between the Portfolios' investments and those of other accounts managed by PIMCO; and its efforts to keep the Trustees informed about matters relevant to the Portfolios and their shareholders. The Board also considered PIMCO's investment in new disciplines and talented personnel, which has enhanced PIMCO's services to the Portfolios and has allowed PIMCO to introduce innovative new portfolios over time. In addition, the Board considered the nature, extent and quality of services provided by PIMCO to the Subsidiaries of certain applicable Portfolios.

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented, including the ongoing development of its own proprietary software and applications to support the Portfolios. Similarly, the Board considered the asset

allocation services provided by Research Affiliates to the PIMCO All Asset Portfolio. The Board further considered PIMCO's oversight of Research Affiliates in connection with Research Affiliates providing asset allocation services to the All Asset Portfolio. The Board also considered the depth and quality of Research Affiliates' investment management and research capabilities, the experience and capabilities of its portfolio management personnel and the overall financial strength of the organization. Ultimately, the Board concluded that the nature, extent and quality of services provided or procured by PIMCO under the Agreements and the Subsidiary Agreements and provided by Research Affiliates under the Asset Allocation Agreement are likely to continue to benefit the Portfolios and their shareholders, as applicable.

(b) Other Services: The Board also considered the nature, extent and quality of supervisory and administrative services provided by PIMCO to the Portfolios under the Supervision and Administration Agreement.

The Board considered the terms of the Supervision and Administration Agreement, under which the Trust pays for the supervisory and administrative services provided pursuant to that agreement under what is essentially an all-in fee structure (the "unified fee"). In return, PIMCO provides or procures certain supervisory and administrative services and bears the costs of various third party services required by the Portfolios, including, but not limited to, audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board also noted that the scope and complexity, as well as the costs, of the supervisory and administrative services provided by PIMCO under the Supervision and Administration Agreement continue to increase. The Board considered PIMCO's provision of supervisory and administrative services and its supervision of the Trust's third party service providers to assure that these service providers continue to provide a high level of service relative to alternatives available in the market.

Ultimately, the Board concluded that the nature, extent and quality of the services provided or procured by PIMCO has benefited, and will likely continue to benefit, the Portfolios and their shareholders.

3. INVESTMENT PERFORMANCE

The Board reviewed information from PIMCO concerning the Portfolios' performance, as available, over short- and long-term periods ended March 31, 2022 and other performance data, as available, over short- and long-term periods ended June 30, 2022 (the "PIMCO Report") and from Broadridge concerning the Portfolios' performance, as available, over short- and long-term periods ended March 31, 2022 (the "Broadridge Report"). The Board also noted that while historically the Broadridge Report included peer classifications from only Lipper, as part of this approval process the Broadridge Report incorporated peer classifications from Morningstar for the Portfolios for which it was believed that Morningstar provided a materially improved comparison.

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(Unaudited)

The Board considered information regarding both the short- and long-term relative and absolute investment performance of each Portfolio relative to its Portfolio peer group, where appropriate, and relevant benchmark index as provided to the Board in advance of each of its quarterly meetings throughout the year, including the PIMCO Report and Broadridge Report. The Trustees reviewed information indicating that classes of each Portfolio would have substantially similar performance to that of the Administrative Class of the relevant Portfolio on a relative basis because all of the classes are invested in the same portfolio of investments and that differences in performance among classes could principally be attributed to differences in the supervisory and administrative fees and distribution and/or servicing expenses of each class. The Board noted that, due to differences (such as specific investment strategies or fee structures) between certain of the Portfolios and their so-called peers in the Broadridge categories, performance comparisons may not be particularly relevant to the consideration of Portfolio performance, but found the comparative information supported its overall evaluation.

The Trustees noted that a majority of the Portfolios (based on the Administrative Class performance) have outperformed their respective benchmark indexes over the three-, five-, and ten-year periods ended March 31, 2022, and that a majority of the Portfolios (based on the Administrative Class performance) have outperformed their benchmarks since inception for the period ended March 31, 2022. The Board also discussed actions that have been taken by PIMCO to attempt to improve performance and took note of PIMCO's plans to monitor performance going forward.

The Board ultimately concluded, within the context of all of its considerations in connection with the Agreements and the Subsidiary Agreements, that PIMCO's performance record and process in managing the Portfolios indicates that its continued management is likely to benefit the Portfolios and their shareholders and merits the approval of the renewal of the Agreements and the Subsidiary Agreements.

4. ADVISORY FEES, SUPERVISORY AND ADMINISTRATIVE FEES AND TOTAL EXPENSES

The Board considered that PIMCO seeks to price new funds to scale at the outset. The Board noted that PIMCO generally seeks to price new funds competitively against the median total expense ratio of the respective Broadridge peer group, if available, while acknowledging that a fee premium may be appropriate for innovative investment offerings. PIMCO reported to the Board that, in proposing fees for any Portfolio or class of shares, it considers a number of factors, including, but not limited to, the type and complexity of the services provided, the cost of providing services, the risk assumed by PIMCO in the development of products and the provision of services and the competitive marketplace for financial products. Fees charged to or

proposed for different Portfolios for advisory services and supervisory and administrative services may vary in light of these various factors.

The Board reviewed the advisory fees, supervisory and administrative fees and total expenses of the Portfolios (each as a percentage of average net assets) and compared such amounts with the average and median fee and expense levels of other similar funds. The Board also reviewed information relating to the sub-advisory fees paid to Research Affiliates with respect to applicable Portfolios, taking into account that PIMCO compensates Research Affiliates from the advisory fees paid by such Portfolios to PIMCO. With respect to advisory fees, the Board reviewed data from the Broadridge Report that compared the average and median advisory fees of other funds in a "Peer Group" of comparable funds, where appropriate, as well as the universe of other similar funds. The Board reviewed materials indicating that, a number of Portfolios have total expense ratios that fall below the average and median expense ratios in their Peer Group and Broadridge universe. In addition, the Board considered the expense limitation agreement in place for all of the Portfolios and fee waivers in place for certain of the Portfolios and also noted the fee waivers in place with respect to the advisory fee and supervisory and administrative fee that might result from investments by applicable Portfolios in their respective Subsidiaries. The Board also considered that PIMCO reviews the Portfolios' fee levels and carefully considers changes where appropriate.

The Board also reviewed data comparing the Portfolios' advisory fees to the fee rates PIMCO charged to registered funds (open-end and closed-end), private funds, and non-U.S. registered funds, separate accounts, sub-advised clients and collective investment trusts with similar investment strategies. In cases where the fees for other clients were lower than those charged to the Portfolios, the Trustees noted that the differences in fees were attributable to various factors, including, but not limited to, differences in the advisory and other services provided by PIMCO to the Portfolios, differences in the number or extent of the services provided by PIMCO to the Portfolios, the manner in which similar portfolios may be managed, different requirements with respect to liquidity management and the implementation of other regulatory requirements, and the fact that separate accounts may have other contractual arrangements or arrangements across PIMCO strategies that justify different levels of fees. The Board considered that, with respect to collective investment trusts, PIMCO performs fewer or less extensive services because collective investment trusts are generally exempt from SEC regulation; investors in a collective investment trust may receive shareholder services from a trustee bank, rather than PIMCO; collective investment trusts have less regulatory disclosure; and the management structure of collective investment trusts differs from that of funds. The Trustees also considered that PIMCO faces increased entrepreneurial, legal and regulatory risk in sponsoring and managing mutual funds and ETFs as

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| **Approval of Investment Advisory Contract and Other Agreements** | **(Cont.)** |

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compared to separate accounts, external sub-advised funds or other investment products. In addition, the Trustees considered that PIMCO may charge certain private funds with similar investment mandates lower fees than the Portfolios because such private funds are not required to accept daily redemptions or price their assets on a daily basis, generally do not accept small investors with small account balances and operate under a less complex regulatory regime.

Regarding advisory fees charged by PIMCO in its capacity as sub-adviser to third party/unaffiliated funds, the Trustees took into account that such fees may be lower than the fees charged by PIMCO to serve as adviser to the Portfolios. The Trustees also took into account that there are various reasons for any such differences in fees, including, but not limited to, the fact that PIMCO may be subject to varying levels of entrepreneurial, legal and regulatory risk and different servicing requirements when PIMCO does not serve as the sponsor of a fund and is not principally responsible for all aspects of a fund's investment program and operations as compared to when PIMCO serves as investment adviser and sponsor.

The Board considered the Portfolios' supervisory and administrative fees, comparing them to similar funds managed by other investment advisers in the Broadridge Report. The Board also considered that, as the Portfolios' business has become increasingly complex and the number of Portfolios has grown over time, PIMCO has provided an increasingly broad array of fund supervisory and administrative functions. In addition, the Board considered the Trust's unified fee structure, under which the Trust pays for the supervisory and administrative services it requires for one set fee. In return for this unified fee, PIMCO provides or procures supervisory and administrative services and bears the costs of various third party services required by the Portfolios, including audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board further considered that many other funds pay for comparable services separately, and thus it is difficult to directly compare the Trust's unified supervisory and administrative fees with the fees paid by other funds for administrative services alone. The Board also considered that the unified supervisory and administrative fee leads to Portfolio fees that are fixed over the contract period, rather than variable. The Board noted that, although the unified fee structure does not have breakpoints, it inherently reflects certain economies of scale by fixing the absolute level of Portfolio fees at competitive levels over the contract period even if the Portfolios' operating costs rise when assets remain flat or decrease. Other factors the Board considered in assessing the unified fee include PIMCO's approach of pricing Portfolios at scale at inception and reinvesting in other important areas of the business that support the Portfolios. The Board considered historical advisory and supervisory and administrative fee reductions implemented for different Portfolios and classes, noting that the unified fee can be

increased or decreased in subsequent contractual periods with Board approval and is subject to the periodic reviews discussed above. The Board noted that, with few exceptions, PIMCO has generally maintained Portfolio fees at the same level as implemented when the unified fee was adopted, and has reduced fees for a number of Portfolios in prior years. The Board concluded that the Portfolios' supervisory and administrative fees were reasonable in relation to the value of the services provided, including the services provided to different classes of shareholders, and that the expenses assumed contractually by PIMCO under the Supervision and Administration Agreement represent, in effect, a cap on overall Portfolio fees during the contractual period, which is beneficial to the Portfolios and their shareholders.

The Board considered the Portfolios' total expenses and discussed with PIMCO certain Portfolios and/or classes of Portfolios that had above median total expenses. Upon comparing the Portfolios' total expenses to other funds in the "Peer Groups" provided by the Broadridge Report, where appropriate, the Board found total expenses of each Portfolio to be reasonable.

The Trustees also considered the advisory fees charged to the Portfolios that operate as funds of funds (the "Funds of Funds") and the advisory services provided in exchange for such fees. The Trustees determined that such services were in addition to the advisory services provided to the underlying funds in which the Funds of Funds may invest and, therefore, such services were not duplicative of the advisory services provided to the underlying funds. The Board also considered the various fee waiver agreements in place for the Funds of Funds. The Board noted that PIMCO is continuing waivers for these Funds of Funds, as well as for certain other Portfolios of the Trust.

Based on the information presented by PIMCO and Research Affiliates, members of the Board determined, in the exercise of their business judgment, that the level of the advisory fees and supervisory and administrative fees charged by PIMCO under the Agreements and the Subsidiary Agreements, that the fees charged by Research Affiliates under the Asset Allocation Agreement, and that the total expenses of each Portfolio, are reasonable.

5. ADVISER COSTS, LEVEL OF PROFITS AND ECONOMIES OF SCALE

The Board reviewed information regarding PIMCO's costs of providing services to, as well as the resulting level of profits from, the Portfolios. To the extent applicable, the Board also reviewed information regarding the portion of a Portfolio's advisory fee retained by PIMCO, following the payment of sub-advisory fees to Research Affiliates, with respect to the Portfolios. Additionally, the Board discussed PIMCO's pre- and post-distribution profit margin ranges with respect to the Portfolios, as compared to the prior year. The Board also noted that it had received

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information regarding the structure and manner in which PIMCO's investment professionals were compensated, and PIMCO's view of the relationship of such compensation to the recruitment and retention of quality personnel. The Board considered PIMCO's investment in global infrastructure, technology capabilities, risk management processes and qualified personnel to reinforce existing services, offer new services, and accommodate changing regulatory requirements.

The Board considered the existence of any economies of scale and noted that, to the extent that PIMCO achieves economies of scale in managing the Portfolios, PIMCO shares the benefits of such economies of scale, if any, with the Portfolios and their shareholders in a number of ways, including investing in portfolio and trade operations management, firm technology, middle and back office support, legal and compliance, and fund administration logistics; senior management supervision, governance and oversight of those services; and through fee reductions or waivers, the pricing of Portfolios to scale from inception and the enhancement of services provided to the Portfolios in return for fees paid. The Board reviewed the history of the Portfolios' fee structure. The Board considered that the Portfolios' unified fee rates had been set competitively and/or priced to scale from inception, had been held steady during the contractual period at that scaled competitive rate for most Portfolios as assets grew, or as assets declined in the case of some Portfolios, and continued to be competitive compared with peers. The Board also considered that the unified fee is a transparent means of informing a Portfolio's shareholders of the fees associated with the Portfolio, and that the Portfolio bears certain expenses that are not covered by the advisory fee or the unified fee. The Board further considered the challenges that arise when managing large funds, which can result in certain "diseconomies" of scale and noted that PIMCO has continued to reinvest in many areas of the business to support the Portfolios.

The Trustees considered that the unified fee has provided inherent economies of scale because a Portfolio maintains competitive fixed fees over the annual contract period even if the particular Portfolio's assets decline and/or operating costs rise. The Trustees further considered that, in contrast, breakpoints may be a proxy for charging higher fees on lower asset levels and that when a fund's assets decline, breakpoints may reverse, which causes expense ratios to increase. The Trustees also considered that, unlike the Portfolios' unified fee structure, funds with "pass through" administrative fee structures may experience increased expense ratios when fixed dollar fees are charged against declining fund assets. In addition, the Trustees considered that the unified fee protects shareholders from a rise in operating costs that may result from, among other things, PIMCO's investments in various business enhancements and infrastructure, including those referenced above. The Trustees noted that PIMCO's investments in these areas are extensive.

The Board concluded that the Portfolios' cost structures were reasonable and that PIMCO is appropriately sharing economies of scale, if any, through the Portfolios' unified fee structure, generally pricing Portfolios to scale at inception and reinvesting in its business to provide enhanced and expanded services to the Portfolios and their shareholders.

6. ANCILLARY BENEFITS

The Board considered other benefits realized by PIMCO and its affiliates as a result of PIMCO's relationship with the Trust. Such benefits may include possible ancillary benefits to PIMCO's institutional investment management business due to the reputation and market penetration of the Trust or third party service providers' relationship-level fee concessions, which decrease fees paid by PIMCO. The Board also considered that affiliates of PIMCO provide distribution and/or shareholder services to the Portfolios and their shareholders, for which they may be compensated through distribution and servicing fees paid pursuant to the Portfolios' Rule 12b-1 plans or otherwise. The Board noted that, while PIMCO has the authority to receive the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the Portfolios, it has adopted a policy not to enter into contractual soft dollar arrangements.

7. CONCLUSIONS

Based on their review, including their comprehensive consideration and evaluation of each of the broad factors and information summarized above, the Independent Trustees and the Board as a whole concluded that the nature, extent and quality of the services rendered to the Portfolios by PIMCO and Research Affiliates supported the renewal of the Agreements and the Subsidiary Agreements. The Independent Trustees and the Board as a whole concluded that the Agreements and the Subsidiary Agreements continued to be fair and reasonable to the Portfolios and their shareholders, that the Portfolios' shareholders received reasonable value in return for the fees paid to PIMCO by the Portfolios under the Investment Advisory Contract, Supervision and Administration Agreement and the Subsidiary Agreements and the fees paid to Research Affiliates by PIMCO under the Asset Allocation Agreement, and that the renewal of the Agreements and the Subsidiary Agreements was in the best interests of the Portfolios and their shareholders.

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**General Information** 

**Investment Adviser and Administrator** 

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

**Distributor** 

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

**Custodian** 

State Street Bank and Trust Company

801 Pennsylvania Avenue

Kansas City, MO 64105

**Transfer Agent** 

SS&C Global Investor & Distribution Solutions, Inc.

430 W 7th Street STE 219024

Kansas City, MO 64105-1407

**Legal Counsel** 

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

**Independent Registered Public Accounting Firm** 

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

This report is submitted for the general information of the shareholders of the Portfolio listed on the Report cover.

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**pimco.com/pvit**![LOGO](g434705g06y60.jpg)

PVIT18AR_123122

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##### [**Table of Contents**](#toc)
**Item 2.** **Code of Ethics.** <br>

As of the end of the period covered by this report, the Registrant has adopted a code of ethics (the "Code") that applies to the Registrant's principal executive officer and principal financial officer. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code to the principal executive officer or principal financial officer during the period covered by this report.

A copy of the Code is included as an exhibit to this report.

**Item 3.** **Audit Committee Financial Expert.** <br>

The Board of Trustees has determined that Peter B. McCarthy, who serves on the Board's Audit Committee, qualifies as an "audit committee financial expert" as such term is defined in the instructions to this Item 3. The Board has also determined that Mr. McCarthy is "independent" as such term is interpreted under this Item 3.

**Item 4.** **Principal Accountant Fees and Services.** <br>

---

| | | |
|:---|:---|:---|
| (a) | <u>Fiscal Year Ended</u> | <u>Audit Fees</u> |
|  | December 31, 2022 | $849015 |
|  | December 31, 2021 | $852478 |
| (b) | <u>Fiscal Year Ended</u> | <u>Audit-Related Fees</u> |
|  | December 31, 2022 | $— |
|  | December 31, 2021 | $8000 |
| (c) | <u>Fiscal Year Ended</u> | <u>Tax Fees</u> |
|  | December 31, 2022 | $11000 |
|  | December 31, 2021 | $4500 |
| (d) | <u>Fiscal Year Ended</u> | <u>All Other Fees<sup>(1)</sup></u> |
|  | December 31, 2022 | $— |

---

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##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; December 31, 2021 | $— |

---

"Audit Fees" represents aggregate fees billed for each of the last two fiscal years for professional services rendered for the audit of the PIMCO Variable Insurance Trust (the "Trust" or "Registrant") annual financial statements or services that are normally provided by the accountant in connection with statutory or regulatory filings or engagements for those fiscal years.

"Audit-Related Fees" represents aggregate fees billed for each of the last two fiscal years for assurance and related services reasonably related to the performance of the audit of the Trust's annual financial statements for those years.

"Tax Fees" represents aggregate fees billed for each of the last two fiscal years for professional services related to tax compliance, tax advice and tax planning, including review of federal and state income tax returns, review of excise tax distribution requirements and preparation of excise tax returns.

"All Other Fees" represents aggregate fees, if any, billed for other products and services rendered by the principal accountant to the Trust for the last two fiscal years.

<sup>(1)</sup> There were no "All Other Fees" for the last two fiscal years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Pre-approval policies and procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Registrant's Audit Committee has adopted pre-approval policies and procedures (the "Procedures") to govern the Audit Committee's pre-approval of (i) all audit services and permissible non-audit services to be provided to the Registrant by its independent accountant, and (ii) all permissible non-audit services to be provided by such independent accountant to the Registrant's investment adviser and to any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant (collectively, the "Service Affiliates") if the services provided directly relate to the Registrant's operations and financial reporting. In accordance with the Procedures, the Audit Committee is responsible for the engagement of the independent accountant to certify the Registrant's financial statements for each fiscal year. With respect to the pre-approval of non-audit services provided to the Registrant and its Service Affiliates, the Procedures provide that the Audit Committee may annually pre-approve a list of types or categories of non-audit services that may be provided to the Registrant or its Service Affiliates, or the Audit Committee may pre-approve such services on a project-by-project basis as they arise. Unless a type of service has received general pre-approval, it will require specific pre-approval by the Audit Committee if it is to be provided by the independent accountant. The Procedures also permit the Audit Committee to delegate authority to one or more of its members to pre-approve any proposed non-audit services that have not been previously pre-approved by the Audit Committee, subject to the ratification by the full Audit Committee no later than its next scheduled meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) With respect to the services described in paragraphs (b) through (d) of this Item 4, no amount was approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not applicable.

(g) ---

| | | |
|:---|:---|:---|
|  | Aggregate Non-Audit Fees Billed to Entity | Aggregate Non-Audit Fees Billed to Entity |
| Entity | December 31, 2022 | December 31, 2021 |
|  PIMCO Variable Insurance Trust | $11000 | $12500 |
|  Pacific Investment Management Company LLC ("PIMCO") | 20915827 | 14971260 |
|  Totals | $20926827 | $14983760 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Registrant's Audit Committee has considered whether the provision of non-audit services that were rendered to the Registrant's investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services
to the Registrant which were not pre-approved (not requiring pre-approval) is compatible with maintaining the principal accountant's independence.

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##### [**Table of Contents**](#toc)
**Item 5.** **Audit Committee of Listed Registrants.** <br>

The Registrant has a separately-designated standing Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended. The Audit Committee is comprised of:

George E. Borst

Jennifer Holden Dunbar

Kym M. Hubbard

Gary F. Kennedy

Peter B. McCarthy

Ronald C. Parker

**Item 6.** **Schedule of Investments.** <br>

The information required by this Item 6 is included as part of the annual reports to shareholders filed under Item 1 of this Form N-CSR.

**Item 7.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** <br>

Not applicable to open-end investment companies.

**Item 8.** **Portfolio Managers of Closed-End Management Investment Companies.** <br>

Not applicable to open-end investment companies.

**Item 9.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** <br>

Not applicable to open-end investment companies.

**Item 10.** **Submission of Matters to a Vote of Security Holders.** <br>

There have been no material changes to the procedures by which shareholders may recommend nominees to the Trust's Board of Trustees since the Trust last provided disclosure in response to this item.

**Item 11.** **Controls and Procedures.** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The principal executive officer and principal financial & accounting officer have concluded that the
Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) provide reasonable assurances that material information relating to the Registrant is made known to them by the appropriate persons, based on their
evaluation of these controls and procedures as of a date within 90 days of the filing of this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule
30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 12.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** <br>

Not applicable to open-end investment companies.

**Item 13.** **Exhibits.** <br>

---

| | |
|:---|:---|
| (a)(1) | [Exhibit 99.CODE—Code of Ethics pursuant to Section 406 of the Sarbanes-Oxley Act of 2002.](d433779dex99codeeth.htm) |
| (a)(2) | [Exhibit 99.CERT—Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](d433779dex99cert.htm) |
| (a)(3) | Not applicable for open-end investment companies. |
| (a)(4) | There was no change in the registrant's independent public accountant for the period covered by the report. |

---

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##### [**Table of Contents**](#toc)
 <br> (b) [Exhibit 99.906CERT—Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](d433779dex99906cert.htm)

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##### [**Table of Contents**](#toc)
**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.

---

| | |
|:---|:---|
| PIMCO Variable Insurance Trust | PIMCO Variable Insurance Trust |
| By: | /s/ Eric D. Johnson |
|  | Eric D. Johnson |
|  | President (Principal Executive Officer) |
| Date: | March 1, 2023 |

---

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 dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Eric D. Johnson |
|  | Eric D. Johnson |
|  | President (Principal Executive Officer) |
| Date: | March 1, 2023 |

---

---

| | |
|:---|:---|
| By: | /s/ Bijal Y. Parikh |
|  | Bijal Y. Parikh |
|  | Treasurer (Principal Financial & Accounting Officer) |
| Date: | March 1, 2023 |

---

## Ex-99.Code

**<u>Code of Ethics Pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 for Principal</u>** 

**<u>Executive and Senior Financial Officers</u>** 

**PIMCO Funds** 

**PIMCO Variable Insurance Trust ("PVIT")** 

**PIMCO ETF Trust ("ETF")** 

**PIMCO Equity Series ("PES")** 

**PIMCO Equity Series VIT ("PESVIT")** 

**PIMCO Managed Accounts Trust** 

**PIMCO Sponsored Closed-End Funds** 

**PIMCO Sponsored Interval Funds** 

**PIMCO Capital Solutions BDC Corp.<sup>1</sup>** 

**I.** **Covered Officers/Purpose of the Code** 

This Code of Ethics (this "Code") pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 has been adopted by the Funds and, except as provided in Section VI below, applies to each Fund's Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer (the "Covered Persons"). Each Covered Person is identified in <u>Exhibit A</u>.)

This Code has been adopted for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely and understandable disclosure in reports and documents that a Fund files with, or
submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to the Code.

Each Covered Person should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to conflicts of interest or the appearance thereof.

------

<sup>1</sup> The listed entities which are open-end investment companies are known as the "Trusts," the listed entities which are publicly-traded closed-end investment companies are known as the "Closed-End Funds," the listed entities which are closed-end investment companies operating as "interval" funds pursuant to Rule 23c-3 under the 1940 Act are known as the "Interval Funds", and the listed entities which are business development companies are known as the "BDCs." The Trusts' respective series, the Closed-End Funds, the Interval Funds and the BDC are referred to herein as the "Funds." References to "Trustees" include Directors, as applicable.

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Sarbanes-Oxley Code of Ethics

**II.** **Covered Persons Should Handle Ethically Any Actual or Apparent Conflicts of Interest** 

**Overview**. A "conflict of interest" occurs when a Covered Person's private interest interferes with the interests of, or his service to, the relevant Fund. For example, a conflict of interest would arise if a Covered Person, or a member of the Covered Person's family, receives improper personal benefits as a result of the Covered Person's position with the relevant Fund.

Certain conflicts of interest arise out of the relationships between Covered Persons and the relevant Fund and already are subject to conflict of interest provisions and procedures in the Investment Company Act of 1940, as amended (including the regulations thereunder, the "1940 Act") and the Investment Advisers Act of 1940, as amended (including the regulations thereunder, the "Investment Advisers Act") and other applicable laws. Indeed, conflicts of interest are endemic for registered management investment companies and those conflicts are both substantially and procedurally dealt with under the 1940 Act. For example, Covered Persons may not engage in certain transactions with a Fund because of their status as "affiliated persons" of such Fund. The compliance program of each Fund and the compliance programs of its investment adviser, principal underwriter (with respect to the Trusts) and administrator (each a "PIMCO-Affiliated Service Provider" and, collectively, the "PIMCO-Affiliated Service Providers"2) are reasonably designed to prevent, or identify and correct, violations of many of those provisions, although they are not designed to provide absolute assurance as to those matters. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code. *See also* Section V of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between a Fund and its applicable PIMCO-Affiliated Service Providers of which the Covered Persons are also officers or employees. As a result, this Code recognizes that the Covered Persons will, in the normal course of their duties (whether for the Funds or for a PIMCO-Affiliated Service Provider, or for both), be involved in establishing policies and implementing decisions that will have different effects on the PIMCO-Affiliated Service Providers and the Funds. The participation of the Covered Persons in such activities is inherent in the contractual relationships between the Funds and their applicable PIMCO-Affiliated Service Providers and is consistent with the performance by the Covered Persons of their duties as officers of the relevant Fund. Thus, if performed in conformity with the provisions of the 1940 Act, the Investment Advisers Act, other applicable law and the relevant Fund's constitutional documents, such activities will be deemed to have been handled ethically. Frequently, the 1940 Act establishes, as a mechanism for dealing with conflicts, requirements that such potential conflicts be disclosed to and approved by the Trustees of a Fund who are not "interested persons" of such Fund under the 1940 Act. In addition, it is recognized by each Fund's Board of Trustees that the Covered Persons may also be officers or employees of one or more other investment companies covered by this or other codes and that such service, by itself, does not give rise to a conflict of interest.

------

<sup>2</sup> Each PIMCO-Affiliated Service Provider is identified in <u>Exhibit B.</u>

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Sarbanes-Oxley Code of Ethics

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not the subject of provisions of the 1940 Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Persons should bear in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Person should not be placed improperly before the interest of the relevant Fund, unless the personal interest is disclosed to and reviewed by other officers of such Fund or such Fund's Chief Compliance Officer ("CCO").

\* \* \* \*

Each Covered Person must not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• use his personal influence or personal relationships to improperly influence investment decisions or financial
reporting by the relevant Fund whereby the Covered Person would benefit personally to the detriment of such Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cause the relevant Fund to take action, or fail to take action, for the individual personal benefit of the
Covered Person rather than the benefit of such Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• retaliate against any other Covered Person or any employee of the Funds or their PIMCO-Affiliated Service
Providers for reports of potential violations that are made in good faith.

There are some conflict of interest situations that should always be submitted for review by the President of the relevant Fund (or, with respect to activities of the President, by the Chairman of the relevant Fund or, if the same person holds the titles of President and Chairman, by the Fund's CCO). These conflict of interest situations are listed below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• service on the board of directors or governing board of a publicly traded entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• knowing acceptance of any investment opportunity or of any material gift or gratuity from any person or entity
that does business, or desires to do business, with the relevant Fund. For these purposes, material gifts do not include (i) gifts from a single giver so long as their aggregate annual value does not exceed the equivalent of $100.00; (ii)
attending business meals, business related conferences, sporting events and other entertainment events at the expense of a giver, so long as the expense is reasonable3 and both the Covered Person and the giver are present4; or (iii) gifts or
meals/conferences/events received from the Covered Person's employer;

------

<sup>3</sup> Whether an entertainment expense is "reasonable" will vary depending on the circumstances. For example, under proposed FINRA (NASD) guidance (Proposed IM 3060, SEC Release No. 34-55765, May 15, 2007), generally, a business entertainment event that is so lavish or extensive in nature that an attendee would likely feel compelled to direct business to the sponsor of the event, or a business entertainment event that is intended or designed to cause, or would be reasonably judged to have the likely effect of causing the attendee to act in a manner that is inconsistent with the best interests of a Fund would be unreasonable *per se*. 

<sup>4</sup> In the event a Covered Person is a registered representative of the Funds' principal underwriter, the aggregate annual gift value from a single giver shall not exceed $100.00 as required by the rules of FINRA.

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Sarbanes-Oxley Code of Ethics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in, or any consulting or employment relationship with, any entities doing business with
the relevant Fund, other than a PIMCO-Affiliated Service Provider or an affiliate of a PIMCO-Affiliated Service Provider.5 This restriction shall not apply to or otherwise limit the ownership of publicly traded securities of such entities doing
business with the relevant Fund so long as the Covered Person's ownership does not exceed more than 2% of the outstanding securities of the relevant class; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• knowingly have a direct or indirect financial interest in commissions, transaction charges or spreads paid by
the relevant Fund for effecting portfolio transactions or for selling or redeeming shares of a Fund other than an interest arising from the Covered Person's employment. This restriction shall not apply to or otherwise limit the direct or
indirect ownership of publicly traded securities of any such company so long as the Covered Person's ownership does not exceed more than 2% of the particular class of security outstanding.

**III.** **Disclosure and Compliance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No Covered Person should knowingly misrepresent, or cause others to misrepresent, facts about the relevant
Fund to others, whether within or outside such Fund, including to such Fund's Board of Trustees and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each Covered Person should, to the extent appropriate within his area of responsibility, consult with other
officers and employees of the Funds, applicable PIMCO Affiliated Service Providers, other service providers, or with counsel to the Funds with the goal of promoting full, fair, accurate, timely and understandable disclosure in the registration
statements or periodic reports that the Funds file with, or submit to, the SEC (which, for sake of clarity, does not include any sales literature, omitting prospectuses, or "tombstone" advertising prepared by the relevant Fund's
principal underwriter(s)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• it is the responsibility of each Covered Person to promote compliance with the standards and restrictions
imposed by applicable laws, rules and regulations.

------

However, PIMCO employees and PIMCO Investments LLC registered representatives are subject to the respective firm's internal policies on accepting gifts and entertainment and must abide by the limitations imposed by such policies.

5 For purposes of the Code, an "affiliate" of a Service Provider is (a) any natural person or entity directly or indirectly owning, controlling, or holding with power to vote, 5% or more of the outstanding voting securities of the Service Provider; (b) any natural person or entity 5% or more of whose outstanding voting securities are directly or indirectly owned by, controlled, or held with power to vote, by the Service Provider; (c) any person directly or indirectly controlling, controlled by, or under common control with, the Service Provider; or (d) any officer, director, partner, copartner, or employee of the Service Provider.

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Sarbanes-Oxley Code of Ethics

**IV.** **Reporting and Accountability** 

Each Covered Person must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Person), affirm in writing to
the relevant Fund that he has received, read, and understood the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually thereafter affirm to the relevant Fund that he has complied with the requirements of the Code by
completing the Annual Certification of Compliance attached hereto as <u>Exhibit C</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provide full and fair responses to all questions asked in any Trustee and Officer Questionnaire provided by
the relevant Fund as well as with respect to any supplemental request for information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify the President of the relevant Fund promptly if he or she is convinced to a moral certainty that there
has been a material violation of this Code (with respect to violations by a President, the Covered Person shall report to the Chairman of the relevant Fund or, if the same person holds the titles of President and Chairman, to the Fund's CCO).

The President of each Fund is responsible for applying this Code to specific situations in which questions are presented under it and, in consultation with the Fund's CCO, has the authority to interpret this Code in any particular situation. However, any reviews sought by the President will be considered by the Chairman of the relevant Fund or, if the same person holds the titles of President and Chairman, by the Fund's CCO.

The Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the President will take all appropriate action to investigate any potential material violations reported to
him, which actions may include the use of internal or external counsel, accountants or other personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if, after such investigation, the President believes that no material violation has occurred, the President is
not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any matter that the President believes is a material violation will be reported to the applicable Fund's
CCO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the CCO concurs that a material violation has occurred, it will inform and make a recommendation to the
Fund's Board of Trustees, which will consider appropriate action, which may include review of, and appropriate modifications to applicable policies and procedures; notification to appropriate personnel of a PIMCO-Affiliated Service Provider or
its board; or a recommendation to dismiss the Covered Person; and

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Sarbanes-Oxley Code of Ethics

A Fund's CCO or Board of Trustees may grant waivers under this Code, as each deems appropriate.

**V.** **Public Disclosure of Changes and Waivers** 

Any changes to this Code will, to the extent required by the SEC's rules, be disclosed on the Fund's website or in the Fund's N-CSR. Any waivers under this Code relating to a Covered Person will, to the extent required by the SEC's rules, be disclosed on the Fund's website or in the Fund's N-CSR.

**VI.** **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds or the Funds' PIMCO-Affiliated Service Providers govern or purport to govern the behavior or activities of the Covered Persons who are subject to this Code, they are superseded by this Code to the extent that they conflict with the provisions of this Code. The Funds' and their PIMCO-Affiliated Service Providers' codes of ethics under Rule 17j-1 under the 1940 Act and the PIMCO-Affiliated Service Providers' more detailed compliance policies and procedures are separate requirements applying to the Covered Persons and others, and are not part of this Code.

This Code will not be interpreted or applied in any manner that would violate the legal rights of any Covered Person as an employee under applicable law. For example, nothing in this Code or the Exhibits attached hereto prohibits or in any way restricts any Covered Person from reporting possible violations of law or regulation to, otherwise communicating directly with, cooperating with or providing information to any governmental or regulatory body or any self-regulatory organization or making other disclosures that are protected under applicable law or regulations of the SEC or any other governmental or regulatory body or self-regulatory organization. A Covered Person does not need prior authorization of PIMCO, a Fund or a PIMCO-Affiliated Service Provider before taking any such action and is not required to inform PIMCO, a Fund or a PIMCO-Affiliated Service Provider if he or she chooses to take such action.

**VII.** **Amendments** 

Any material amendments to this Code must be approved or ratified by a majority vote of the Board of Trustees.

**VIII.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone except as permitted by the Board of Trustees.

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Sarbanes-Oxley Code of Ethics

**IX.** **Internal Use** 

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.

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Sarbanes-Oxley Code of Ethics

**History of Amendments** 

<u>History of adoptions and amendments:</u> 

Adopted: September 29, 2004

Effective: October 5, 2004

Amended: April 1, 2005

Amended: May 24, 2005

Amended: February 24, 2009 (added ETF)

Amended: March 31, 2009

Amended: August 11, 2009

Amended: March 30, 2010 (added PES and PESVIT)

Amended: March 1, 2011

Amended: February 27, 2013

Amended: November 7, 2013 (non-material changes)

Amended: February 26, 2014 (non-material changes)

Amended: August 14, 2014 (added PIMCO Managed Accounts Trust and PIMCO Sponsored Closed-End Funds)

Amended: January 17, 2015

Amended: December 14, 2016 (added PIMCO Sponsored Interval Funds)

Amended: February 15, 2017 (Open-End Funds Boards); March 23, 2017 (Approved by PIMCO Managed Accounts Trust, PIMO Sponsored Closed-End Funds and PIMCO Sponsored Interval Funds)

Amended: May 28, 2019 (updated Exhibit A for PIMCO Managed Accounts Trust, PIMO Sponsored Closed-End Funds and PIMCO Sponsored Interval Funds)

Amended: June 15, 2019 (updated Exhibit A for OEF/ETF)

Amended: January 1, 2021 (updated PFO/PAO in Exhibit A)

Amended: June 22, 2022 (added PIMCO Sponsored BDCs)

------

**Exhibit A** 

<u>Persons Covered by this Code of Ethics</u> 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Trust** | **Principal Executive**<br> **Officer** | **Principal Financial**<br> **Officer** | **Principal Accounting<br>Officer** |
| &nbsp;&nbsp; PIMCO Funds | Eric D. Johnson | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;PVIT | Eric D. Johnson | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;ETF | Eric D. Johnson | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;PES | Eric D. Johnson | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;PESVIT | Eric D. Johnson | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;PIMCO Managed Accounts<br>Trust | Eric D. Johnson | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;PIMCO Sponsored Closed-End<br>Funds | Eric D. Johnson | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;PIMCO Sponsored Interval Funds | Eric D. Johnson | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;PIMCO Sponsored BDCs | John W. Lane | Crystal Porter | Crystal Porter |

---

Note that a listed officer is only a "Covered Person" of the Fund(s) for which he or she serves as a Principal Executive Officer, Principal Financial Officer or Principal Accounting Officer.

------

**Exhibit B** 

<u>PIMCO-Affiliated Service Providers</u>\*

---

| | |
|:---|:---|
| &nbsp;&nbsp; Investment Adviser | Pacific Investment Management Company LLC ("PIMCO") |
| &nbsp;&nbsp; Principal Underwriter\*\* | PIMCO Investments LLC |
| &nbsp;&nbsp; Administrator\*\*\* | PIMCO |

---

\* None of the PIMCO-Affiliated Service Providers are publicly traded companies.

\*\* PIMCO Investments LLC does not serve as the principal underwriter for the Closed-End Funds or the BDC.

\*\*\* Each Fund retains PIMCO to provide administrative services, either under separate administration agreements or under their advisory or management agreements.

------

**Exhibit C** 

ANNUAL CERTIFICATION OF COMPLIANCE

I hereby certify that I have complied with the requirements of the Code of Ethics Pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 for Principal Executive and Senior Financial Officers (the "Code") for the year ended December 31, ___. I also agree to cooperate fully with any investigation or inquiry as to whether a possible violation of the foregoing Code has occurred.

Date: <u> </u> <br> Signature

## Ex-99.Cert

**Exhibit 99.CERT** 

**<u>Certification Under Rule 30a-2(a)</u>**

**CERTIFICATION** 

I, Eric D. Johnson, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of PIMCO Variable Insurance
Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and
have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | March 1, 2023 |
| Signature: | /s/ Eric D. Johnson |
| Title: | President (Principal Executive Officer) |

---

------

**Exhibit 99.CERT** 

**<u>Certification Under Rule 30a-2(a)</u>**

**CERTIFICATION** 

I, Bijal Y. Parikh, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of PIMCO Variable Insurance
Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the
audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | March 1, 2023 |
| Signature: | /s/ Bijal Y. Parikh |
| Title: | Treasurer (Principal Financial & Accounting Officer) |

---

## Exhibit 99.906

**Exhibit 99.906CERT** 

**<u>Certification Under Rule 30a-2(b)</u>**

**CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350** 

**(as adopted pursuant to Section 906 of the Sarbanes-Oxley Act)** 

In connection with the Report on Form N-CSR to which this certification is furnished as an exhibit (the "Report"), the undersigned officers of PIMCO Variable Insurance Trust (the "Registrant") each certify that to his knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report on Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities
Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report on Form N-CSR fairly presents, in all material respects, the financial
condition and results of operations of the Registrant.

---

| | | | |
|:---|:---|:---|:---|
| By: | /s/ Eric D. Johnson | By: | /s/ Bijal Y. Parikh |
| Name: | Eric D. Johnson | Name: | Bijal Y. Parikh |
| Title: | President (Principal Executive Officer)<br>| Title: | Treasurer (Principal Financial & Accounting Officer)<br>|
| Date: | March 1, 2023 | Date: | March 1, 2023 |

---

**A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.** 

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report.