# EDGAR Filing Document

**Accession Number:** 0001479359
**File Stem:** 0001193125-23-055683
**Filing Date:** 2023-3
**Character Count:** 333116
**Document Hash:** 582ce755c723e0e1a5727eff1d0eefeb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-055683.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001193125-23-055683

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 12

**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 Equity Series VIT
- **CENTRAL INDEX KEY:** 0001479359
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22376
- **FILM NUMBER:** 23691963

**BUSINESS ADDRESS:**
- **STREET 1:** 650 NEWPORT CENTER DRIVE
- **CITY:** NEWPORT BEACH
- **STATE:** CA
- **ZIP:** 92660
- **BUSINESS PHONE:** 949-720-6000

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PIMCO Equity Variable Insurance Trust
- **DATE OF NAME CHANGE:** 20091223

## Series and Classes Contracts Data

### PIMCO StocksPLUS Global Portfolio (Series ID: S000028118)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000085710 | Institutional Class | PMVIEQS         |
| C000085712 | Advisor Class       | PMVIEAD         |

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

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

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**FORM N-CSR** 

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**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES** 

**Investment Company Act file number: 811-22376** 

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## PIMCO Equity Series VIT
**(Exact name of registrant as specified in charter)** 

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

**(Address of principal executive office)** 

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**Bijal Y. Parikh** 

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

**PIMCO Equity Series VIT** 

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

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

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***Copies to:***

**Adam T. Teufel** 

**Dechert LLP** 

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

**Washington, D.C. 20006** 

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

**Date of fiscal year end: December 31** 

**Date of reporting period: December 31, 2022** 

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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.

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##### [**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;&nbsp;&nbsp;• PIMCO StocksPLUS<sup>®</sup> Global Portfolio

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

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##### [**Table of Contents**](#toc)
![LOGO](g433787g13e39.jpg)

PIMCO EQUITY SERIES VIT<sup>®</sup>

## Annual Report
December 31, 2022

PIMCO StocksPLUS<sup>®</sup> Global Portfolio

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

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| | |
|:---|:---|
|  | Page |
| &nbsp;&nbsp; [Chairman's Letter](#tx433787_1) | 2 |
| &nbsp;&nbsp; [Important Information About the PIMCO StocksPLUS<sup>®</sup> Global Portfolio](#tx433787_2) | 4 |
| &nbsp;&nbsp; [Portfolio Summary](#tx433787_3) | 8 |
| &nbsp;&nbsp; [Expense Example](#tx433787_4) | 10 |
| &nbsp;&nbsp; [Financial Highlights](#tx433787_5) | 12 |
| &nbsp;&nbsp; [Statement of Assets and Liabilities](#tx433787_6) | 14 |
| &nbsp;&nbsp; [Statement of Operations](#tx433787_7) | 15 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets](#tx433787_8) | 16 |
| &nbsp;&nbsp; [Schedule of Investments](#tx433787_9) | 17 |
| &nbsp;&nbsp; [Notes to Financial Statements](#tx433787_10) | 24 |
| &nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm](#tx433787_10a) | 44 |
| &nbsp;&nbsp; [Glossary](#tx433787_11) | 45 |
| &nbsp;&nbsp; [Distribution Information](#tx433787_13) | 46 |
| &nbsp;&nbsp; [Federal Income Tax Information](#tx433787_14) | 47 |
| &nbsp;&nbsp; [Management of the Trust](#tx433787_15) | 48 |
| &nbsp;&nbsp; [Privacy Policy](#tx433787_16) | 50 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements](#tx433787_17) | 51 |

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

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##### [**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 Equity Series VIT 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 EQUITY SERIES VIT** |

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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](g433787g19a01.jpg) | Sincerely,<br>![LOGO](g433787g65f33.jpg) <br>Peter G. Strelow<br> Chairman of the Board<br> PIMCO Equity Series VIT<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 StocksPLUS<sup>®</sup> Global Portfolio**

PIMCO Equity Series VIT (the "Trust") is an open-end management investment company that includes the PIMCO StocksPLUS<sup>®</sup> Global 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 both fixed income instruments and equity securities. We believe that such a portfolio has an important role to play in a well-diversified investment portfolio. Among other things, equity 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 stocks, 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 equity securities.

It is important to note, however, that in an environment where interest rates may trend upward, rising rates would negatively impact the performance of certain 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.

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| **4** | **PIMCO EQUITY SERIES VIT** |

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##### [**Table of Contents**](#toc)
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 Institutional 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 indexes do 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 StocksPLUS<sup>®</sup> Global Portfolio | 04/14/10 | 04/14/10 |  | 04/14/10 | 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

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

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

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| **Important Information About the PIMCO StocksPLUS<sup>®</sup> Global Portfolio** | **(Cont.)** |

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(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 objectives, 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 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.

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| **6** | **PIMCO EQUITY SERIES VIT** |

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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 StocksPLUS<sup>®</sup> Global Portfolio** 

Cumulative Returns Through December 31, 2022

![LOGO](g433787g73h83.jpg)

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

Investment Objective and Strategy Overview

PIMCO StocksPLUS<sup>®</sup> Global Portfolio (the "Portfolio") seeks total return which exceeds that of its secondary benchmark index, the 50% S&P 500 Index/50% MSCI EAFE Net Dividend Index (USD Unhedged), consistent with prudent investment management by investing under normal circumstances in S&P 500 Index derivatives and MSCI Europe Australasia Far East ("EAFE") Net Dividend Index (USD Unhedged) derivatives, backed by a portfolio 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. The Portfolio may invest in common stocks, options, futures, options on futures and swaps. Portfolio strategies may change from time to time. Please refer to the Portfolio's current prospectus for more information regarding the Portfolio's strategy.

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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 | Portfolio Inception<br>(04/14/2010) |
| ![LOGO](g433787g94o20.jpg) | PIMCO StocksPLUS<sup>®</sup> Global Portfolio Institutional Class | (18.52)% | 4.78% | 6.39% | 5.66% |
|  | PIMCO StocksPLUS<sup>®</sup> Global Portfolio Advisor Class | (18.79)% | 4.51% | 6.10% | 5.39% |
| ![LOGO](g433787g08y58.jpg) | MSCI World Index<sup>±</sup> | (18.14)% | 6.14% | 8.85% | 8.05% |
| ![LOGO](g433787g52z21.jpg) | 50% MSCI EAFE Index/50% S&P 500 Index<sup>±±</sup> | (16.19)% | 5.50% | 8.63% | 7.97% |

---

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> 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.

<sup>±±</sup> The benchmark is a blend of 50% MSCI EAFE Index/50% S&P 500 Index. MSCI EAFE Index is an unmanaged index of issuers in countries of Europe, Australia, and the Far East represented in U.S. Dollars on a unhedged basis. It is not possible to invest directly in the 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.

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 or via (888) 87-PIMCO.* 

*The Portfolio's total annual operating expense ratio in effect as of period end was 0.65% for Institutional Class shares and 0.90% 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.* 

---

| | |
|:---|:---|
| **8** | **PIMCO EQUITY SERIES VIT** |

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------

##### [**Table of Contents**](#toc)
Geographic Breakdown as of December 31, 2022<sup>†</sup><sup>§</sup>

---

| | |
|:---|:---|
|  Short-Term Instruments | 54.1% |
|  United States | 27.5% |
|  Cayman Islands | 12.4% |
|  Switzerland | 1.2% |
|  Other | 4.8% |

---

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

<sup>§</sup> Geographic Breakdown and % of Investments exclude securities sold short and financial derivative instruments, if any.

Portfolio Insights

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

---

| | |
|:---|:---|
| » | The Portfolio's exposure to equity index derivatives, linked to the MSCI World Index, detracted from absolute returns, as the MSCI World Index returned -18.14%.  |

---

» The Portfolio's bond alpha strategy detracted from returns. Highlights about the drivers of performance include the following:

» Holdings of 3-month hedged Israeli treasury bills contributed to returns, as interest was accrued.

» There were no other material contributors for this Fund.

» Long exposure to U.S. interest rates detracted from returns, as interest rates increased.

» Holdings of investment grade corporate credit detracted from returns, as spreads widened.

---

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

---

------

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

---

| | |
|:---|:---|
| **Expense Example** | **PIMCO StocksPLUS<sup>®</sup> Global 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 | $1034.60 | $3.21 | $1000.00 | $1022.32 | $3.19 | 0.62% |
| Advisor Class | 1000.00 | 1032.40 | 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.

---

| | |
|:---|:---|
| **10** | **PIMCO EQUITY SERIES VIT** |

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##### [**Table of Contents**](#toc)
(THIS PAGE INTENTIONALLY LEFT BLANK)

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

---

------

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

---

| | |
|:---|:---|
| **Financial Highlights** | **PIMCO StocksPLUS<sup>®</sup> Global 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<br>Gain** | **Total** |
| Institutional Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | $&nbsp;&nbsp;&nbsp;&nbsp;9.73 | $&nbsp;&nbsp;&nbsp;&nbsp;0.09 | $(1.84) | $(1.75) | $&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | $&nbsp;&nbsp;&nbsp;&nbsp;(1.89) | $&nbsp;&nbsp;&nbsp;&nbsp;(1.98) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 9.01 | 0.00 | 1.70 | 1.70 | (0.02) | (0.96) | (0.98) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 8.95 | 0.06 | 0.91 | 0.97 | (0.11) | (0.80) | (0.91) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2019 | 7.12 | 0.17 | 1.80 | 1.97 | (0.14) | 0.00 | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2018 | 9.65 | 0.17 | &nbsp;&nbsp;&nbsp;&nbsp;(1.13) | &nbsp;&nbsp;&nbsp;&nbsp;(0.96) | (0.16) | (1.41) | (1.57) |
| Advisor Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2022 | 9.54 | 0.07 | (1.80) | (1.73) | (0.08) | (1.89) | (1.97) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2021 | 8.85 | (0.02) | 1.68 | 1.66 | (0.01) | (0.96) | (0.97) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2020 | 8.82 | 0.04 | 0.88 | 0.92 | (0.09) | (0.80) | (0.89) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2019 | 7.02 | 0.14 | 1.78 | 1.92 | (0.12) | 0.00 | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2018 | 9.53 | 0.15 | (1.12) | (0.97) | (0.13) | (1.41) | (1.54) |

---

---

| | |
|:---|:---|
| ^ | 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.

---

| | | |
|:---|:---|:---|
| **12** | **PIMCO EQUITY SERIES VIT** | 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>Waivers** | **Net<br>Investment<br>Income (Loss)** |<br>**Portfolio<br>Turnover<br>Rate** |
| $&nbsp;&nbsp;&nbsp;&nbsp;6.00 | (18.52)% | $28321 | 0.62% | 0.66% | 0.61% | 0.65% | 1.21% | 30% |
| 9.73 | 19.51 | 40250 | 0.62 | 0.65 | 0.62 | 0.65 | (0.01) | 111 |
| 9.01 | 13.47 | 37519 | 0.62 | 0.66 | 0.62 | 0.66 | 0.79 | 7 |
| 8.95 | 27.86 | 36643 | 0.62 | 0.64 | 0.62 | 0.64 | 2.04 | 26 |
| 7.12 | (10.60) | 33195 | 0.63 | 0.66 | 0.62 | 0.65 | 1.82 | 44 |
| 5.84 | (18.79) | &nbsp;&nbsp;&nbsp;&nbsp;146952 | 0.87 | 0.91 | 0.86 | 0.90 | 0.96 | 30 |
| 9.54 | 19.33 | 208582 | 0.87 | 0.90 | 0.87 | 0.90 | (0.26) | 111 |
| 8.85 | 13.03 | 209808 | 0.87 | 0.91 | 0.87 | 0.91 | 0.55 | 7 |
| 8.82 | 27.53 | 224521 | 0.87 | 0.89 | 0.87 | 0.89 | 1.79 | 26 |
| 7.02 | (10.74) | 202080 | 0.88 | 0.91 | 0.87 | 0.90 | 1.57 | 44 |

---

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

---

------

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

---

| | |
|:---|:---|
| **Statement of Assets and Liabilities PIMCO StocksPLUS<sup>®</sup> Global 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\* | $168175 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 84 |
|  Deposits with counterparty | 9434 |
|  Foreign currency, at value | 17 |
|  Receivable for investments sold | 4 |
|  Interest and/or dividends receivable | 474 |
|  Reimbursement receivable from PIMCO | 12 |
|  **Total Assets** | 178256 |
|  **Liabilities:** |  |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | $1226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 1546 |
|  Payable for Portfolio shares redeemed | 44 |
|  Overdraft due to custodian | 34 |
|  Accrued investment advisory fees | 49 |
|  Accrued supervisory and administrative fees | 50 |
|  Accrued distribution fees | 34 |
|  **Total Liabilities** | 2983 |
|  **Net Assets** | $175273 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | $&nbsp;&nbsp;&nbsp;&nbsp;222891 |
|  Distributable earnings (accumulated loss) | (47618) |
|  **Net Assets** | $175273 |
|  **Net Assets:** |  |
|  Institutional Class | $28321 |
|  Advisor Class | 146952 |
|  **Shares Issued and Outstanding:** |  |
|  Institutional Class | 4722 |
|  Advisor Class | 25150 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |
|  Institutional Class | $6.00 |
|  Advisor Class | 5.84 |
|  Cost of investments in securities | $170179 |
|  Cost of foreign currency held | $18 |
|  Cost or premiums of financial derivative instruments, net | $(647) |
|  \* Includes repurchase agreements of: | $6115 |

---

---

| | |
|:---|:---|
| <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.

---

| | | |
|:---|:---|:---|
| **14** | **PIMCO EQUITY SERIES VIT** | See Accompanying Notes |

---

------

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

---

| | |
|:---|:---|
| **Statement of Operations** | **PIMCO StocksPLUS<sup>®</sup> Global Portfolio** |

---

---

| | |
|:---|:---|
| Year Ended December 31, 2022 |  |
| (Amounts in thousands<sup>†</sup>) |  |
|  **Investment Income:** |  |
|  Interest | $3600 |
|  Dividends from Investments in Affiliates | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 3601 |
|  **Expenses:** |  |
|  Investment advisory fees | 589 |
|  Supervisory and administrative fees | 608 |
|  Distribution and/or servicing fees - Advisor Class | 412 |
|  Trustee fees | 70 |
|  Interest expense | 10 |
|  Miscellaneous expense | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 1701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (70) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 1631 |
|  **Net Investment Income (Loss)** | 1970 |
|  **Net Realized Gain (Loss):** |  |
|  Investments in securities | (756) |
|  Investments in Affiliates | (3) |
|  Exchange-traded or centrally cleared financial derivative instruments | (34237) |
|  Over the counter financial derivative instruments | 335 |
|  Foreign currency | 31 |
|  **Net Realized Gain (Loss)** | (34630) |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in securities | (1835) |
|  Investments in Affiliates | 1 |
|  Exchange-traded or centrally cleared financial derivative instruments | (9723) |
|  Over the counter financial derivative instruments | (1445) |
|  Foreign currency assets and liabilities | (15) |
|  **Net Change in Unrealized Appreciation (Depreciation)** | (13017) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $&nbsp;&nbsp;&nbsp;&nbsp;(45677) |

---

---

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

---

---

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

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

---

| | |
|:---|:---|
| **Statements of Changes in Net Assets** | **PIMCO StocksPLUS<sup>®</sup> Global 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) | $1970 | $(557) |
|  Net realized gain (loss) | (34630) | 48274 |
|  Net change in unrealized appreciation (depreciation) | (13017) | (3018) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | (45677) | 44699 |
|  **Distributions to Shareholders:** |  |  |
|  From net investment income and/or net realized capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (7626) | (3945) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (40824) | (21186) |
|  **Total Distributions<sup>(a)</sup>** | (48450) | (25131) |
|  **Portfolio Share Transactions:** |  |  |
|  Net increase (decrease) resulting from Portfolio share transactions\* | 20566 | (18061) |
|  **Total Increase (Decrease) in Net Assets** | (73561) | 1507 |
|  **Net Assets:** |  |  |
|  Beginning of year | 248834 | 247327 |
|  End of year | $&nbsp;&nbsp;&nbsp;&nbsp;175273 | $&nbsp;&nbsp;&nbsp;&nbsp;248834 |

---

---

| | |
|:---|:---|
| <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.

---

| | | |
|:---|:---|:---|
| **16** | **PIMCO EQUITY SERIES VIT** | See Accompanying Notes |

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

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO StocksPLUS<sup>®</sup> Global 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 96.0%** | **INVESTMENTS IN SECURITIES 96.0%** | **INVESTMENTS IN SECURITIES 96.0%** |
| **ASSET-BACKED SECURITIES 29.2%** | **ASSET-BACKED SECURITIES 29.2%** | **ASSET-BACKED SECURITIES 29.2%** |
| **CAYMAN ISLANDS 11.8%** | **CAYMAN ISLANDS 11.8%** | **CAYMAN ISLANDS 11.8%** |
|  **522 Funding CLO Ltd.** | **522 Funding CLO Ltd.** | **522 Funding CLO Ltd.** |
|  5.283% due 10/20/2031 •  | 1300 | 1277 |
|  **American Money Management Corp. CLO Ltd.** | **American Money Management Corp. CLO Ltd.** | **American Money Management Corp. CLO Ltd.** |
|  4.949% due 04/17/2029 ~ | 1144 | 1138 |
|  **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.** |
|  5.240% due 12/15/2035 •  | 1200 | 1160 |
|  5.418% due 05/15/2036 ~ | 100 | 97 |
|  **BDS Ltd.** | **BDS Ltd.** | **BDS Ltd.** |
|  5.426% due 08/15/2036 •  | 19 | 19 |
|  **Benefit Street Partners CLO Ltd.** | **Benefit Street Partners CLO Ltd.** | **Benefit Street Partners CLO Ltd.** |
|  5.109% due 01/17/2032 ~ | 500 | 490 |
|  5.159% due 07/15/2032 •  | 1300 | 1271 |
|  **Brightspire Capital Ltd.** | **Brightspire Capital Ltd.** | **Brightspire Capital Ltd.** |
|  5.489% due 08/19/2038 ~ | 100 | 97 |
|  **BSPRT Issuer Ltd.** | **BSPRT Issuer Ltd.** | **BSPRT Issuer Ltd.** |
|  5.418% due 03/15/2036 •  | 1900 | 1855 |
|  **Carlyle Global Market Strategies CLO Ltd.** | **Carlyle Global Market Strategies CLO Ltd.** | **Carlyle Global Market Strategies CLO Ltd.** |
|  5.405% due 04/22/2032 ~ | 1300 | 1275 |
|  5.600% due 08/14/2030 ~ | 1186 | 1174 |
|  **Crestline Denali CLO Ltd.** | **Crestline Denali CLO Ltd.** | **Crestline Denali CLO Ltd.** |
|  5.273% due 04/20/2030 •  | 226 | 223 |
|  5.465% due 10/23/2031 ~ | 1200 | 1178 |
|  **Gallatin CLO Ltd.** | **Gallatin CLO Ltd.** | **Gallatin CLO Ltd.** |
|  5.328% due 01/21/2028 •  | 502 | 498 |
|  **LCM Ltd.** | **LCM Ltd.** | **LCM Ltd.** |
|  5.323% due 04/20/2031 ~ | 600 | 586 |
|  **Mountain View CLO LLC** | **Mountain View CLO LLC** | **Mountain View CLO LLC** |
|  5.119% due 01/16/2031 •  | 2300 | 2264 |
|  **Oaktree CLO Ltd.** | **Oaktree CLO Ltd.** | **Oaktree CLO Ltd.** |
|  5.435% due 04/22/2030 •  | 1300 | 1271 |
|  **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.** |
|  5.293% due 10/20/2028 •  | 272 | 270 |
|  6.043% due 07/20/2032 ~ | 600 | 578 |
|  **Starwood Commercial Mortgage Trust** | **Starwood Commercial Mortgage Trust** | **Starwood Commercial Mortgage Trust** |
|  5.526% due 04/18/2038 ~ | 1000 | 970 |
|  **Venture CLO Ltd.** | **Venture CLO Ltd.** | **Venture CLO Ltd.** |
|  4.959% due 07/15/2027 •  | 64 | 64 |
|  5.233% due 07/20/2030 •  | 1200 | 1179 |
|  5.373% due 04/20/2032 ~ | 250 | 244 |
|  **Wellfleet CLO Ltd.** | **Wellfleet CLO Ltd.** | **Wellfleet CLO Ltd.** |
|  5.133% due 07/20/2029 •  | 874 | 862 |
|  **Total Cayman Islands** |  | **20735** |
| **IRELAND 0.6%** | **IRELAND 0.6%** | **IRELAND 0.6%** |
|  **Accunia European CLO DAC** | **Accunia European CLO DAC** | **Accunia European CLO DAC** |
|  2.328% due 07/15/2030 •  | 357 | 374 |
|  **BlueMountain Fuji EUR CLO III DAC** | **BlueMountain Fuji EUR CLO III DAC** | **BlueMountain Fuji EUR CLO III DAC** |
|  2.098% due 01/15/2031 ~ | 450 | 468 |
|  **Toro European CLO DAC** | **Toro European CLO DAC** | **Toro European CLO DAC** |
|  2.298% (EUR003M + 0.920%) due 07/15/2030 ~ | 176 | 185 |
|  **Total Ireland** |  | **1027** |
| **JAPAN 0.4%** | **JAPAN 0.4%** | **JAPAN 0.4%** |
|  **Oscar U.S. Funding LLC** | **Oscar U.S. Funding LLC** | **Oscar U.S. Funding LLC** |
|  2.820% due 04/10/2029 | 700 | 643 |
|  **Total Japan** |  | **643** |
| **JERSEY, CHANNEL ISLANDS 0.7%** | **JERSEY, CHANNEL ISLANDS 0.7%** | **JERSEY, CHANNEL ISLANDS 0.7%** |
|  **Saranac CLO Ltd.** | **Saranac CLO Ltd.** | **Saranac CLO Ltd.** |
|  5.873% due 08/13/2031 ~ | 1200 | 1163 |
|  **Total Jersey, Channel Islands** |  | **1163** |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **UNITED STATES 15.7%** | **UNITED STATES 15.7%** | **UNITED STATES 15.7%** |
|  **ACC Auto Trust** | **ACC Auto Trust** | **ACC Auto Trust** |
|  1.080% due 04/15/2027 | 133 | 132 |
|  **Affirm Asset Securitization Trust** | **Affirm Asset Securitization Trust** | **Affirm Asset Securitization Trust** |
|  1.030% due 08/17/2026 | 1400 | 1328 |
|  **Avant Loans Funding Trust** | **Avant Loans Funding Trust** | **Avant Loans Funding Trust** |
|  1.210% due 07/15/2030 | 700 | 667 |
|  **Avis Budget Rental Car Funding AESOP LLC** | **Avis Budget Rental Car Funding AESOP LLC** | **Avis Budget Rental Car Funding AESOP LLC** |
|  2.970% due 03/20/2024 | 500 | 498 |
|  **CarNow Auto Receivables Trust** | **CarNow Auto Receivables Trust** | **CarNow Auto Receivables Trust** |
|  3.440% due 07/15/2024 | 30 | 30 |
|  **CIG Auto Receivables Trust** | **CIG Auto Receivables Trust** | **CIG Auto Receivables Trust** |
|  1.490% due 08/12/2026 | 1300 | 1249 |
|  **CIT Mortgage Loan Trust** | **CIT Mortgage Loan Trust** | **CIT Mortgage Loan Trust** |
|  5.739% due 10/25/2037 •  | 65 | 65 |
|  **College Avenue Student Loans LLC** | **College Avenue Student Loans LLC** | **College Avenue Student Loans LLC** |
|  5.189% due 06/25/2052 •  | 1224 | 1143 |
|  **Countrywide Asset-Backed Certificates Trust** | **Countrywide Asset-Backed Certificates Trust** | **Countrywide Asset-Backed Certificates Trust** |
|  4.669% due 12/25/2046 •  | 773 | 714 |
|  4.869% due 10/25/2046 •  | 500 | 480 |
|  **Encina Equipment Finance LLC** | **Encina Equipment Finance LLC** | **Encina Equipment Finance LLC** |
|  0.740% due 12/15/2026 | 75 | 74 |
|  **Foursight Capital Automobile Receivables Trust** | **Foursight Capital Automobile Receivables Trust** | **Foursight Capital Automobile Receivables Trust** |
|  1.310% due 07/15/2027 | 400 | 379 |
|  2.600% due 01/15/2026 | 200 | 196 |
|  3.270% due 06/16/2025 | 675 | 673 |
|  **FREED ABS Trust** | **FREED ABS Trust** | **FREED ABS Trust** |
|  1.010% due 11/20/2028 | 415 | 410 |
|  1.910% due 03/19/2029 | 700 | 679 |
|  **Hertz Vehicle Financing LLC** | **Hertz Vehicle Financing LLC** | **Hertz Vehicle Financing LLC** |
|  1.210% due 12/26/2025 | 1000 | 925 |
|  **Lendingpoint Asset Securitization Trust** | **Lendingpoint Asset Securitization Trust** | **Lendingpoint Asset Securitization Trust** |
|  1.110% due 02/15/2029 | 178 | 176 |
|  **LL ABS Trust** | **LL ABS Trust** | **LL ABS Trust** |
|  1.070% due 05/15/2029 | 284 | 274 |
|  **Mariner Finance Issuance Trust** | **Mariner Finance Issuance Trust** | **Mariner Finance Issuance Trust** |
|  1.860% due 03/20/2036 | 800 | 687 |
|  **MF1 Ltd.** | **MF1 Ltd.** | **MF1 Ltd.** |
|  6.150% due 11/15/2035 ~ | 652 | 643 |
|  **Morgan Stanley Home Equity Loan Trust** | **Morgan Stanley Home Equity Loan Trust** | **Morgan Stanley Home Equity Loan Trust** |
|  4.899% due 02/25/2036 •  | 652 | 586 |
|  **Navient Private Education Loan Trust** | **Navient Private Education Loan Trust** | **Navient Private Education Loan Trust** |
|  5.768% due 07/16/2040 •  | 363 | 358 |
|  **Navient Private Education Refi Loan Trust** | **Navient Private Education Refi Loan Trust** | **Navient Private Education Refi Loan Trust** |
|  0.940% due 07/15/2069 | 619 | 524 |
|  **Navient Student Loan Trust** | **Navient Student Loan Trust** | **Navient Student Loan Trust** |
|  5.298% due 12/15/2059 ~ | 368 | 359 |
|  **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** |
|  4.809% due 11/25/2035 •  | 62 | 61 |
|  5.019% due 02/25/2036 ~ | 100 | 90 |
|  **OneMain Financial Issuance Trust** | **OneMain Financial Issuance Trust** | **OneMain Financial Issuance Trust** |
|  1.750% due 09/14/2035 | 500 | 438 |
|  4.567% due 06/16/2036 •  | 500 | 479 |
|  **Oportun Issuance Trust** | **Oportun Issuance Trust** | **Oportun Issuance Trust** |
|  7.451% due 01/08/2030 | 842 | 842 |
|  **Pagaya AI Debt Selection Trust** | **Pagaya AI Debt Selection Trust** | **Pagaya AI Debt Selection Trust** |
|  1.150% due 05/15/2029 | 480 | 468 |
|  1.530% due 08/15/2029 | 650 | 627 |
|  2.030% due 10/15/2029 | 776 | 745 |
|  4.970% due 01/15/2030 | 231 | 227 |
|  **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** |
|  5.559% due 03/25/2035 •  | 106 | 91 |
|  6.114% due 02/25/2035 ~ | 691 | 597 |
|  **Santander Drive Auto Receivables Trust** | **Santander Drive Auto Receivables Trust** | **Santander Drive Auto Receivables Trust** |
|  0.510% due 08/15/2025 | 447 | 445 |
|  **SLC Student Loan Trust** | **SLC Student Loan Trust** | **SLC Student Loan Trust** |
|  5.574% due 11/25/2042 ~ | 366 | 363 |
|  **SLM Private Credit Student Loan Trust** | **SLM Private Credit Student Loan Trust** | **SLM Private Credit Student Loan Trust** |
|  5.099% due 06/15/2039 ~ | 1298 | &nbsp;&nbsp;&nbsp;&nbsp;1232 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **SMB Private Education Loan Trust** | **SMB Private Education Loan Trust** | **SMB Private Education Loan Trust** |
|  1.290% due 07/15/2053 | 343 | 303 |
|  1.310% due 07/17/2051 | 512 | 457 |
|  1.340% due 03/17/2053 | 881 | 773 |
|  4.668% due 02/16/2055 •  | 998 | 968 |
|  5.038% due 01/15/2037 ~ | 656 | 642 |
|  5.118% due 01/15/2053 ~ | 483 | 461 |
|  **SoFi Professional Loan Program LLC** | **SoFi Professional Loan Program LLC** | **SoFi Professional Loan Program LLC** |
|  5.339% due 01/25/2039 ~ | 7 | 7 |
|  **SoFi Professional Loan Program Trust** | **SoFi Professional Loan Program Trust** | **SoFi Professional Loan Program Trust** |
|  2.540% due 05/15/2046 | 621 | 563 |
|  **Terwin Mortgage Trust** | **Terwin Mortgage Trust** | **Terwin Mortgage Trust** |
|  4.709% due 07/25/2037 ~ | 396 | 394 |
|  **Theorem Funding Trust** | **Theorem Funding Trust** | **Theorem Funding Trust** |
|  1.210% due 12/15/2027 | 199 | 195 |
|  7.600% due 04/15/2029 | 753 | 751 |
|  **Upstart Securitization Trust** | **Upstart Securitization Trust** | **Upstart Securitization Trust** |
|  1.310% due 11/20/2031 | 364 | 349 |
|  3.120% due 03/20/2032 | 1081 | 1042 |
|  **Veros Auto Receivables Trust** | **Veros Auto Receivables Trust** | **Veros Auto Receivables Trust** |
|  0.920% due 10/15/2026 | 663 | 653 |
|  **Total United States** |  | **27512** |
|  **Total Asset-Backed Securities (Cost $53,018)** | **Total Asset-Backed Securities (Cost $53,018)** | **51080** |
| **CORPORATE BONDS & NOTES 7.4%** | **CORPORATE BONDS & NOTES 7.4%** | **CORPORATE BONDS & NOTES 7.4%** |
| **CAYMAN ISLANDS 0.1%** | **CAYMAN ISLANDS 0.1%** | **CAYMAN ISLANDS 0.1%** |
| **INDUSTRIALS 0.1%** | **INDUSTRIALS 0.1%** | **INDUSTRIALS 0.1%** |
|  **Sands China Ltd.** | **Sands China Ltd.** | **Sands China Ltd.** |
|  4.300% due 01/08/2026 | 200 | 185 |
|  **Total Cayman Islands** |  | **185** |
| **DENMARK 0.2%** | **DENMARK 0.2%** | **DENMARK 0.2%** |
| **BANKING & FINANCE 0.2%** | **BANKING & FINANCE 0.2%** | **BANKING & FINANCE 0.2%** |
|  **Danske Bank AS** | **Danske Bank AS** | **Danske Bank AS** |
|  5.795% (US0003M + 1.060%) due 09/12/2023 ~ | 400 | 400 |
|  **Total Denmark** |  | **400** |
| **FRANCE 0.3%** | **FRANCE 0.3%** | **FRANCE 0.3%** |
| **BANKING & FINANCE 0.3%** | **BANKING & FINANCE 0.3%** | **BANKING & FINANCE 0.3%** |
|  **Societe Generale SA** | **Societe Generale SA** | **Societe Generale SA** |
|  7.375% due 10/04/2023 •(e)(f) | 200 | 192 |
|  7.875% due 12/18/2023 •(e)(f) | 300 | 298 |
|  |  | 490 |
|  **Total France** |  | **490** |
| **GERMANY 0.3%** | **GERMANY 0.3%** | **GERMANY 0.3%** |
| **BANKING & FINANCE 0.3%** | **BANKING & FINANCE 0.3%** | **BANKING & FINANCE 0.3%** |
|  **Deutsche Bank AG** | **Deutsche Bank AG** | **Deutsche Bank AG** |
|  1.000% due 11/19/2025 •  | 200 | 200 |
|  2.222% due 09/18/2024 •  | 400 | 386 |
|  |  | 586 |
|  **Total Germany** |  | **586** |
| **IRELAND 0.1%** | **IRELAND 0.1%** | **IRELAND 0.1%** |
| **BANKING & FINANCE 0.1%** | **BANKING & FINANCE 0.1%** | **BANKING & FINANCE 0.1%** |
|  **AerCap Ireland Capital DAC** | **AerCap Ireland Capital DAC** | **AerCap Ireland Capital DAC** |
|  2.450% due 10/29/2026 | 200 | 175 |
|  **Total Ireland** |  | **175** |
| **JAPAN 0.5%** | **JAPAN 0.5%** | **JAPAN 0.5%** |
| **INDUSTRIALS 0.5%** | **INDUSTRIALS 0.5%** | **INDUSTRIALS 0.5%** |
|  **Nissan Motor Co. Ltd.** | **Nissan Motor Co. Ltd.** | **Nissan Motor Co. Ltd.** |
|  3.043% due 09/15/2023 | 400 | 392 |

---

---

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

---

------

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

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO StocksPLUS<sup>®</sup> Global Portfolio** | **(Cont.)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  3.522% due 09/17/2025 | $— | 400 | 372 |
|  4.345% due 09/17/2027 |  | 200 | 182 |
|  |  |  | 946 |
|  **Total Japan** |  |  | **946** |
| **NETHERLANDS 0.6%** | **NETHERLANDS 0.6%** | **NETHERLANDS 0.6%** | **NETHERLANDS 0.6%** |
| **BANKING & FINANCE 0.6%** | **BANKING & FINANCE 0.6%** | **BANKING & FINANCE 0.6%** | **BANKING & FINANCE 0.6%** |
|  **ING Groep NV** | **ING Groep NV** | **ING Groep NV** | **ING Groep NV** |
|  3.869% due 03/28/2026 •  |  | 1000 | 963 |
|  **Total Netherlands** |  |  | **963** |
| **SOUTH KOREA 0.3%** | **SOUTH KOREA 0.3%** | **SOUTH KOREA 0.3%** | **SOUTH KOREA 0.3%** |
| **BANKING & FINANCE 0.3%** | **BANKING & FINANCE 0.3%** | **BANKING & FINANCE 0.3%** | **BANKING & FINANCE 0.3%** |
|  **Hyundai Capital Services, Inc.** | **Hyundai Capital Services, Inc.** | **Hyundai Capital Services, Inc.** | **Hyundai Capital Services, Inc.** |
|  0.750% due 09/15/2023 |  | 500 | 481 |
|  **Total South Korea** |  |  | **481** |
| **SWITZERLAND 1.2%** | **SWITZERLAND 1.2%** | **SWITZERLAND 1.2%** | **SWITZERLAND 1.2%** |
| **BANKING & FINANCE 1.2%** | **BANKING & FINANCE 1.2%** | **BANKING & FINANCE 1.2%** | **BANKING & FINANCE 1.2%** |
|  **Credit Suisse AG** | **Credit Suisse AG** | **Credit Suisse AG** | **Credit Suisse AG** |
|  5.429% (SOFRINDX + 1.260%) due 02/21/2025 ~ |  | 400 | 371 |
|  **Credit Suisse Group AG** | **Credit Suisse Group AG** | **Credit Suisse Group AG** | **Credit Suisse Group AG** |
|  3.091% due 05/14/2032 •  |  | 250 | 173 |
|  6.250% due 12/18/2024 •(e)(f) |  | 200 | 158 |
|  **UBS Group AG** | **UBS Group AG** | **UBS Group AG** | **UBS Group AG** |
|  1.364% due 01/30/2027 •  |  | 400 | 351 |
|  5.706% (SOFRRATE + 1.580%) due 05/12/2026 ~ |  | 1000 | 1008 |
|  |  |  | 2061 |
|  **Total Switzerland** |  |  | **2061** |
| **UNITED KINGDOM 0.5%** | **UNITED KINGDOM 0.5%** | **UNITED KINGDOM 0.5%** | **UNITED KINGDOM 0.5%** |
| **BANKING & FINANCE 0.5%** | **BANKING & FINANCE 0.5%** | **BANKING & FINANCE 0.5%** | **BANKING & FINANCE 0.5%** |
|  **HSBC Holdings PLC** | **HSBC Holdings PLC** | **HSBC Holdings PLC** | **HSBC Holdings PLC** |
|  1.750% due 07/24/2027 •  |  | 300 | 312 |
|  2.357% due 08/18/2031 •  | $— | 300 | 230 |
|  **Lloyds Banking Group PLC** | **Lloyds Banking Group PLC** | **Lloyds Banking Group PLC** | **Lloyds Banking Group PLC** |
|  4.550% due 08/16/2028 |  | 400 | 377 |
|  |  |  | 919 |
|  **Total United Kingdom** |  |  | **919** |
| **UNITED STATES 3.3%** | **UNITED STATES 3.3%** | **UNITED STATES 3.3%** | **UNITED STATES 3.3%** |
| **BANKING & FINANCE 1.7%** | **BANKING & FINANCE 1.7%** | **BANKING & FINANCE 1.7%** | **BANKING & FINANCE 1.7%** |
|  **Bank of America Corp.** | **Bank of America Corp.** | **Bank of America Corp.** | **Bank of America Corp.** |
|  5.653% (SOFRRATE + 1.330%) due 04/02/2026 ~ |  | 200 | 199 |
|  **GA Global Funding Trust** | **GA Global Funding Trust** | **GA Global Funding Trust** | **GA Global Funding Trust** |
|  5.085% (SOFRRATE + 1.360%) due 04/11/2025 ~ |  | 600 | 587 |
|  **Jackson National Life Global Funding** | **Jackson National Life Global Funding** | **Jackson National Life Global Funding** | **Jackson National Life Global Funding** |
|  5.473% (SOFRRATE + 1.150%) due 06/28/2024 ~ |  | 400 | 400 |
|  **JPMorgan Chase & Co.** | **JPMorgan Chase & Co.** | **JPMorgan Chase & Co.** | **JPMorgan Chase & Co.** |
|  5.274% (SOFRRATE + 1.320%) due 04/26/2026 ~ |  | 1000 | 991 |
|  **Nissan Motor Acceptance Co. LLC** | **Nissan Motor Acceptance Co. LLC** | **Nissan Motor Acceptance Co. LLC** | **Nissan Motor Acceptance Co. LLC** |
|  2.750% due 03/09/2028 |  | 200 | 162 |
|  **Toyota Motor Credit Corp.** | **Toyota Motor Credit Corp.** | **Toyota Motor Credit Corp.** | **Toyota Motor Credit Corp.** |
|  5.050% due 12/11/2023 •  |  | 300 | 301 |
|  **VICI Properties LP** | **VICI Properties LP** | **VICI Properties LP** | **VICI Properties LP** |
|  4.375% due 05/15/2025 |  | 300 | 292 |
|  |  |  | 2932 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **INDUSTRIALS 1.4%** | **INDUSTRIALS 1.4%** | **INDUSTRIALS 1.4%** |
|  **Broadcom, Inc.** | **Broadcom, Inc.** | **Broadcom, Inc.** |
|  3.419% due 04/15/2033 | 400 | 322 |
|  4.000% due 04/15/2029 | 500 | 455 |
|  **DAE Funding LLC** | **DAE Funding LLC** | **DAE Funding LLC** |
|  1.550% due 08/01/2024 | 500 | 465 |
|  **Hyatt Hotels Corp.** | **Hyatt Hotels Corp.** | **Hyatt Hotels Corp.** |
|  1.800% due 10/01/2024 | 400 | 375 |
|  **Microchip Technology, Inc.** | **Microchip Technology, Inc.** | **Microchip Technology, Inc.** |
|  0.983% due 09/01/2024 | 300 | 278 |
|  **Warnermedia Holdings, Inc.** | **Warnermedia Holdings, Inc.** | **Warnermedia Holdings, Inc.** |
|  3.428% due 03/15/2024 | 200 | 194 |
|  3.638% due 03/15/2025 | 200 | 190 |
|  3.755% due 03/15/2027 | 200 | 181 |
|  |  | 2460 |
| **UTILITIES 0.2%** | **UTILITIES 0.2%** | **UTILITIES 0.2%** |
|  **Pacific Gas & Electric Co.** | **Pacific Gas & Electric Co.** | **Pacific Gas & Electric Co.** |
|  1.700% due 11/15/2023 | 400 | 387 |
|  **Total United States** |  | **5779** |
|  **Total Corporate Bonds & Notes<br>(Cost $13,966)** | **Total Corporate Bonds & Notes<br>(Cost $13,966)** | **12985** |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES 3.2%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 3.2%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 3.2%** |
| **UNITED KINGDOM 0.2%** | **UNITED KINGDOM 0.2%** | **UNITED KINGDOM 0.2%** |
|  **Uropa Securities PLC** | **Uropa Securities PLC** | **Uropa Securities PLC** |
|  3.116% due 10/10/2040 •  | 227 | 261 |
|  **Total United Kingdom** |  | **261** |
| **UNITED STATES 3.0%** | **UNITED STATES 3.0%** | **UNITED STATES 3.0%** |
|  **Barclays Commercial Mortgage Securities Trust** | **Barclays Commercial Mortgage Securities Trust** | **Barclays Commercial Mortgage Securities Trust** |
|  5.318% due 10/15/2037 ~ | 591 | 569 |
|  **Colony Mortgage Capital Ltd.** | **Colony Mortgage Capital Ltd.** | **Colony Mortgage Capital Ltd.** |
|  5.447% due 11/15/2038 ~ | 600 | 573 |
|  **Commercial Mortgage Trust** | **Commercial Mortgage Trust** | **Commercial Mortgage Trust** |
|  6.068% due 12/15/2038 •  | 740 | 680 |
|  **Countrywide Alternative Loan Trust** | **Countrywide Alternative Loan Trust** | **Countrywide Alternative Loan Trust** |
|  4.749% due 04/25/2046 ~ | 249 | 220 |
|  **Ellington Financial Mortgage Trust** | **Ellington Financial Mortgage Trust** | **Ellington Financial Mortgage Trust** |
|  5.900% due 09/25/2067 þ | 400 | 394 |
|  **GS Mortgage Securities Corp. Trust** | **GS Mortgage Securities Corp. Trust** | **GS Mortgage Securities Corp. Trust** |
|  3.419% due 10/10/2032 | 254 | 247 |
|  **Independence Plaza Trust** | **Independence Plaza Trust** | **Independence Plaza Trust** |
|  3.911% due 07/10/2035 | 300 | 281 |
|  **JP Morgan Chase Commercial Mortgage Securities Trust** | **JP Morgan Chase Commercial Mortgage Securities Trust** | **JP Morgan Chase Commercial Mortgage Securities Trust** |
|  5.568% due 02/15/2035 ~ | 570 | 545 |
|  5.768% due 12/15/2031 •  | 278 | 265 |
|  **MASTR Adjustable Rate Mortgages Trust** | **MASTR Adjustable Rate Mortgages Trust** | **MASTR Adjustable Rate Mortgages Trust** |
|  3.874% due 11/21/2034 ~ | 74 | 66 |
|  **Morgan Stanley Capital Trust** | **Morgan Stanley Capital Trust** | **Morgan Stanley Capital Trust** |
|  5.693% due 11/15/2034 •  | 226 | 215 |
|  **SFO Commercial Mortgage Trust** | **SFO Commercial Mortgage Trust** | **SFO Commercial Mortgage Trust** |
|  5.818% due 05/15/2038 •  | 400 | 357 |
|  **Towd Point Mortgage Trust** | **Towd Point Mortgage Trust** | **Towd Point Mortgage Trust** |
|  2.250% due 12/25/2061 ~ | 584 | 537 |
|  **TTAN** | **TTAN** | **TTAN** |
|  5.168% due 03/15/2038 ~ | 395 | 383 |
|  **Total United States** |  | **5332** |
|  **Total Non-Agency Mortgage-Backed Securities (Cost $5,935)** | **Total Non-Agency Mortgage-Backed Securities (Cost $5,935)** | **5593** |
| **U.S. GOVERNMENT AGENCIES 0.4%** | **U.S. GOVERNMENT AGENCIES 0.4%** | **U.S. GOVERNMENT AGENCIES 0.4%** |
| **UNITED STATES 0.4%** | **UNITED STATES 0.4%** | **UNITED STATES 0.4%** |
|  **Fannie Mae** | **Fannie Mae** | **Fannie Mae** |
|  4.689% due 12/25/2045 ~ | 220 | 215 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Freddie Mac** | **Freddie Mac** | **Freddie Mac** |
|  3.210% due 07/15/2040 •  | 103 | 103 |
|  3.756% due 09/01/2037 •  | 172 | 175 |
|  4.768% due 07/15/2037 •  | 11 | 11 |
|  4.848% due 10/15/2033 •  | 110 | 109 |
|  **Total U.S. Government Agencies (Cost $624)** | **Total U.S. Government Agencies (Cost $624)** | **613** |
| **U.S. TREASURY OBLIGATIONS 4.0%** | **U.S. TREASURY OBLIGATIONS 4.0%** | **U.S. TREASURY OBLIGATIONS 4.0%** |
| **UNITED STATES 4.0%** | **UNITED STATES 4.0%** | **UNITED STATES 4.0%** |
|  **U.S. Treasury Bonds** | **U.S. Treasury Bonds** | **U.S. Treasury Bonds** |
|  4.000% due 11/15/2042 (a) | 400 | 392 |
|  4.000% due 11/15/2052 | 300 | 300 |
|  **U.S. Treasury Inflation Protected Securities (d)** | **U.S. Treasury Inflation Protected Securities (d)** | **U.S. Treasury Inflation Protected Securities (d)** |
|  0.125% due 01/15/2031 (d) | 343 | 305 |
|  0.750% due 02/15/2045 (d) | 127 | 102 |
|  1.000% due 02/15/2048 (d) | 121 | 102 |
|  1.375% due 02/15/2044 (d) | 128 | 119 |
|  **U.S. Treasury Notes** | **U.S. Treasury Notes** | **U.S. Treasury Notes** |
|  2.000% due 04/30/2024 | 100 | 97 |
|  2.875% due 09/30/2023 (i) | 5160 | 5096 |
|  2.875% due 11/30/2023 | 480 | 472 |
|  **Total U.S. Treasury Obligations (Cost $7,272)** | **Total U.S. Treasury Obligations (Cost $7,272)** | **6985** |
| **SHORT-TERM INSTRUMENTS 51.8%** | **SHORT-TERM INSTRUMENTS 51.8%** | **SHORT-TERM INSTRUMENTS 51.8%** |
| **COMMERCIAL PAPER 1.3%** | **COMMERCIAL PAPER 1.3%** | **COMMERCIAL PAPER 1.3%** |
|  **American Electric Power Co., Inc.** | **American Electric Power Co., Inc.** | **American Electric Power Co., Inc.** |
|  4.800% due 01/04/2023 | 600 | 599 |
|  4.800% due 01/19/2023 | 500 | 499 |
|  **AT&T, Inc.** | **AT&T, Inc.** | **AT&T, Inc.** |
|  4.650% due 01/03/2023 | 700 | 700 |
|  **Duke Energy Corp.** | **Duke Energy Corp.** | **Duke Energy Corp.** |
|  4.650% due 01/09/2023 | 300 | 299 |
|  **Fiserv, Inc.** | **Fiserv, Inc.** | **Fiserv, Inc.** |
|  4.630% due 01/09/2023 | 250 | 250 |
|  **Total Commercial Paper (Cost $2,348)** | **Total Commercial Paper (Cost $2,348)** | **2347** |
| **REPURCHASE AGREEMENTS (g) 3.5%** | **REPURCHASE AGREEMENTS (g) 3.5%** | **REPURCHASE AGREEMENTS (g) 3.5%** |
|  |  | 6115 |
| **SHORT-TERM NOTES 0.3%** | **SHORT-TERM NOTES 0.3%** | **SHORT-TERM NOTES 0.3%** |
|  **Enterprise Fleet Financing LLC** | **Enterprise Fleet Financing LLC** | **Enterprise Fleet Financing LLC** |
|  2.764% due 06/20/2023 | 507 | 506 |
| **HUNGARY TREASURY BILLS 0.5%** | **HUNGARY TREASURY BILLS 0.5%** | **HUNGARY TREASURY BILLS 0.5%** |
|  18.250% due 01/03/2023 (b)(c) | 325000 | 871 |
| **ISRAEL TREASURY BILLS 0.2%** | **ISRAEL TREASURY BILLS 0.2%** | **ISRAEL TREASURY BILLS 0.2%** |
|  0.014% due 01/04/2023 (b)(c) | 1400 | 398 |
| **JAPAN TREASURY BILLS 8.4%** | **JAPAN TREASURY BILLS 8.4%** | **JAPAN TREASURY BILLS 8.4%** |
|  (0.177)% due 01/11/2023 - 02/06/2023 (b)(c) | 1940000 | 14784 |
| **U.S. TREASURY BILLS 37.6%** | **U.S. TREASURY BILLS 37.6%** | **U.S. TREASURY BILLS 37.6%** |
|  4.216% due 01/26/2023 - 03/30/2023 (b)(c)(k) | 66300 | 65898 |
| **Total Short-Term Instruments<br>(Cost $89,364)** | **Total Short-Term Instruments<br>(Cost $89,364)** | **90919** |
| **Total Investments in Securities<br>(Cost $170,179)** | **Total Investments in Securities<br>(Cost $170,179)** | **168175** |
| **Total Investments 96.0%**<br>**(Cost $170,179)** | **Total Investments 96.0%**<br>**(Cost $170,179)** | **168175** |
|  **Financial Derivative<br>Instruments (h)(j) (1.5)%**<br> **(Cost or Premiums, net $(647))** |  | **(2632)** |
| **Other Assets and Liabilities, net 5.5%** | **Other Assets and Liabilities, net 5.5%** | **9730** |
| **Net Assets 100.0%** | **Net Assets 100.0%** | **175273** |

---

---

| | | |
|:---|:---|:---|
| **18** | **PIMCO EQUITY SERIES VIT** | 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.** 

---

| | |
|:---|:---|
| **~** | **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)** **Coupon represents a weighted average yield to maturity.** 

**(c)** **Zero coupon security.** 

**(d)** **Principal amount of security is adjusted for inflation.** 

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

**(f)** **Contingent convertible security.** 

**BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;**(g) 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;6115 | U.S. Treasury Bills 0.000% due 06/29/2023 | $(6237) | $6115 | $6116 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** |  | $**(6237)** | $**6115** | $**6116** |

---

**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/<br>(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 | $6116 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6116 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6237) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(121) |
|  **Total Borrowings and Other Financing Transactions** | $**6116** | $**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 $(173) at a weighted average interest rate of 0.271%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** 

&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** |
|  E-Mini S&P 500 Index March Futures  | 03/2023 | 457 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88224 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3235) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(242) |
|  Euro-Bund March Futures  | 03/2023 | 1 | 142 | (9) | 1 | (1) |
|  Mini MSCI EAFE Index March Futures  | 03/2023 | 898 | 87528 | (2203) | 0 | (902) |
|  U.S. Treasury 5-Year Note March Futures  | 03/2023 | 195 | 21046 | (9) | 0 | (17) |
|  U.S. Treasury Long-Term Bond March Futures  | 03/2023 | 12 | 1504 | (10) | 0 | (2) |
|  |  |  |  | $(5466) | $1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1164) |

---

---

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

---

------

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

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO StocksPLUS<sup>®</sup> Global 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** |
|  U.S. Treasury 2-Year Note March Futures  | 03/2023 | 33 | $(6768) | $(9) | $5 | $0 |
|  U.S. Treasury 10-Year Note March Futures  | 03/2023 | 92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10331) | 28 | 13 | 0 |
|  United Kingdom Long Gilt March Futures  | 03/2023 | 1 | (121) | 8 | 0 | 0 |
|  |  |  |  | $27 | $18 | $0 |
|  **Total Futures Contracts** |  |  |  | $**(5439)** | $**19** | $**(1164)** |

---

**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 | 12/20/2023 | 0.867% | $600 | $8 | $(7) | $1 | $0 | $0 |
|  AT&T, Inc. | 1.000 | Quarterly | 12/20/2026 | 1.022 | 100 | 2 | (2) | 0 | 0 | 0 |
|  Boeing Co. | 1.000 | Quarterly | 06/20/2023 | 0.709 | 400 | 1 | 0 | 1 | 0 | 0 |
|  Boeing Co. | 1.000 | Quarterly | 12/20/2023 | 0.847 | 600 | 4 | (3) | 1 | 0 | 0 |
|  General Motors Co. | 5.000 | Quarterly | 12/20/2026 | 1.964 | 700 | 129 | (53) | 76 | 0 | 0 |
|  Southwest Airlines Co. | 1.000 | Quarterly | 12/20/2026 | 0.969 | 100 | 0 | 0 | 0 | 0 | 0 |
|  Stellantis NV | 5.000 | Quarterly | 06/20/2026 | 1.375 | EUR 400 | 94 | (43) | 51 | 0 | 0 |
|  Stellantis NV | 5.000 | Quarterly | 12/20/2026 | 1.519 | 200 | 46 | (18) | 28 | 0 | 0 |
|  Tesco PLC | 1.000 | Quarterly | 12/20/2027 | 1.363 | 400 | 0 | (7) | (7) | 0 | 0 |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(133) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151 | $&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-34 5-Year Index | 1.000% | Quarterly | 12/20/2025 | $368 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) | $(7) | $(18) | $0 | $0 |
|  CDX.EM-36 5-Year Index | 1.000 | Quarterly | 12/20/2026 | 552 | (20) | (1) | (21) | 0 | 0 |
|  CDX.EM-38 5-Year Index | 1.000 | Quarterly | 12/20/2027 | 100 | (8) | 2 | (6) | 0 | 0 |
|  CDX.HY-39 5-Year Index | 5.000 | Quarterly | 12/20/2027 | 2200 | (75) | 92 | 17 | 0 | 0 |
|  CDX.IG-38 5-Year Index | 1.000 | Quarterly | 06/20/2027 | 4300 | 17 | 30 | 47 | 0 | 0 |
|  CDX.IG-39 5-Year Index | 1.000 | Quarterly | 12/20/2027 | 11500 | 97 | (1) | 96 | 1 | 0 |
|  |  |  |  |  | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 | $&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** |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.750% | Annual | 06/15/2024 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13100 | $(534) | $(93) | $(627) | $0 | $(11) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2032 | 300 | 39 | 6 | 45 | 1 | 0 |
|  Receive | 3-Month USD-LIBOR | 0.500 | Semi-Annual | 06/16/2026 | 13000 | 179 | 1396 | 1575 | 23 | 0 |
|  Pay | 3-Month USD-LIBOR | 0.500 | Semi-Annual | 06/16/2028 | 3800 | (207) | (446) | (653) | 0 | (8) |
|  Pay | 3-Month USD-LIBOR | 0.750 | Semi-Annual | 06/16/2031 | 6900 | (465) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1092) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1557) | 0 | (17) |
|  Receive | 3-Month USD-LIBOR | 2.000 | Semi-Annual | 01/15/2050 | 100 | (20) | 47 | 27 | 0 | 0 |
|  Receive | 3-Month USD-LIBOR | 1.625 | Semi-Annual | 01/16/2050 | 200 | (20) | 88 | 68 | 1 | 0 |
|  Receive | 3-Month USD-LIBOR | 1.750 | Semi-Annual | 01/22/2050 | 700 | (93) | 315 | 222 | 3 | 0 |
|  Receive | 3-Month USD-LIBOR | 1.625 | Semi-Annual | 02/03/2050 | 400 | (40) | 176 | 136 | 2 | 0 |
|  Receive | 3-Month USD-LIBOR | 1.250 | Semi-Annual | 06/16/2051 | 1200 | 230 | 267 | 497 | 6 | 0 |
|  |  |  |  |  |  | $(931) | $664 | $(267) | $36 | $(36) |
|  **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | $**(647)** | $**646** | $**(1)** | $**37** | $**(36)** |

---

---

| | | |
|:---|:---|:---|
| **20** | **PIMCO EQUITY SERIES VIT** | 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<sup>(5)</sup>** | **Variation Margin<br>Liability<sup>(5)</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** | $**19** | $**37** | $**56** | $**0** | $**(1190)** | $**(36)** | $**(1226)** |

---

**(i)** **Securities with an aggregate market value of $1,704 and cash of $9,434 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 Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund 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 Fund 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 $(26) for closed futures is outstanding at period end. 

&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** |
|  BOA | 01/2023 | 480000 | $3357 | $0 | $(304) |
|  BPS | 01/2023 | 67889 | 177 | 0 | (5) |
|  BRC | 01/2023 | 73481 | 192 | 0 | (5) |
|  CBK | 01/2023 | 1400 | 444 | 46 | 0 |
|  | 01/2023 | $19 | 18 | 0 | 0 |
|  | 01/2023 | 388 | 366 | 4 | 0 |
|  | 02/2023 | 96 | $64 | 0 | (1) |
|  CLY | 01/2023 | 86227 | 219 | 0 | (12) |
|  GLM | 01/2023 | 91411 | 234 | 0 | (11) |
|  | 03/2023 | $486 | 9990 | 20 | 0 |
|  JPM | 01/2023 | 4458 | $11 | 0 | (1) |
|  MBC | 01/2023 | 1071 | 1121 | 0 | (25) |
|  | 01/2023 | 460 | 561 | 4 | 0 |
|  | 02/2023 | 500000 | 3464 | 0 | (362) |
|  MYI | 01/2023 | $137 | 128 | 1 | 0 |
|  | 01/2023 | 202 | 164 | 0 | (4) |
|  RBC | 03/2023 | 2 | 44 | 0 | 0 |
|  | 04/2023 | 10263 | $495 | 0 | (21) |
|  SCX | 01/2023 | $340 | 45700 | 9 | 0 |
|  TOR | 01/2023 | 960000 | $6540 | 0 | (795) |
|  UAG | 01/2023 | $4 | 1535 | 0 | 0 |
|  | 02/2023 | 189 | 277 | 0 | 0 |
|  **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | $**84** | $**(1546)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **21** |

---

------

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

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO StocksPLUS<sup>®</sup> Global 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** | | | | |
| <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 | $0 | $0 | $0 | $0 | $(304) | $0 | $0 | $(304) | $(304) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313 | $9 |
|  BPS | 0 | 0 | 0 | 0 | (5) | 0 | 0 | (5) | (5) | 0 | (5) |
|  BRC | 0 | 0 | 0 | 0 | (5) | 0 | 0 | (5) | (5) | 0 | (5) |
|  CBK | 50 | 0 | 0 | 50 | (1) | 0 | 0 | (1) | 49 | 0 | 49 |
|  CLY | 0 | 0 | 0 | 0 | (12) | 0 | 0 | (12) | (12) | 0 | (12) |
|  GLM | 20 | 0 | 0 | 20 | (11) | 0 | 0 | (11) | 9 | 0 | 9 |
|  JPM | 0 | 0 | 0 | 0 | (1) | 0 | 0 | (1) | (1) | 0 | (1) |
|  MBC | 4 | 0 | 0 | 4 | (387) | 0 | 0 | (387) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(383) | 282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(101) |
|  MYI | 1 | 0 | 0 | 1 | (4) | 0 | 0 | (4) | (3) | 0 | (3) |
|  RBC | 0 | 0 | 0 | 0 | (21) | 0 | 0 | (21) | (21) | 0 | (21) |
|  SCX | 9 | 0 | 0 | 9 | 0 | 0 | 0 | 0 | 9 | 0 | 9 |
|  TOR | 0 | 0 | 0 | 0 | (795) | 0 | 0 | (795) | (795) | 655 | (140) |
|  **Total Over the Counter** | $**84** | $**0** | $**0** | $**84** | $**(1546)** | $**0** | $**0** | $**(1546)** |  |  |  |

---

**(k)** **Securities with an aggregate market value of $1,250 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 Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

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 | $0 | $0 | $19 | $19 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1 | 0 | 0 | 36 | 37 |
|  | $0 | $1 | $0 | $0 | $55 | $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 | $84 | $0 | $84 |
|  | $0 | $1 | $0 | $84 | $55 | $140 |
|  **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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1170 | $0 | $20 | $1190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 36 | 36 |
|  | $0 | $0 | $1170 | $0 | $56 | $1226 |
|  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;1546 | $0 | $1546 |
|  | $0 | $0 | $1170 | $1546 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2772 |

---

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| | | |
|:---|:---|:---|
| **22** | **PIMCO EQUITY SERIES VIT** | See Accompanying Notes |

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##### [**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 | $(32887) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1178) | $(34065) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (441) | 0 | 0 | 269 | (172) |
|  | $0 | $(441) | $(32887) | $0 | $(909) | $(34237) |
|  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 | $(33) | $0 | $(33) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 35 | 0 | 0 | 0 | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 333 | 0 | 0 | 333 |
|  | $0 | $35 | $333 | $(33) | $0 | $335 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(406) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32554) | $(33) | $(909) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33902) |
|  **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 | $(10123) | $0 | $52 | $(10071) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 348 | 348 |
|  | $0 | $0 | $(10123) | $0 | $400 | $(9723) |
|  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;(1387) | $0 | $(1387) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | (14) | 0 | 0 | (2) | (16) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | (42) | 0 | 0 | (42) |
|  | $0 | $(14) | $(42) | $(1387) | $(2) | $(1445) |
|  | $0 | $(14) | $(10165) | $(1387) | $398 | $(11168) |

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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 Fund'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** |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Cayman Islands | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20735 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20735 |
| &nbsp;&nbsp; Ireland | 0 | 1027 | 0 | 1027 |
| &nbsp;&nbsp; Japan | 0 | 643 | 0 | 643 |
| &nbsp;&nbsp; Jersey, Channel Islands | 0 | 1163 | 0 | 1163 |
| &nbsp;&nbsp; United States | 0 | 27512 | 0 | 27512 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Cayman Islands | &nbsp;&nbsp; Cayman Islands | &nbsp;&nbsp; Cayman Islands | &nbsp;&nbsp; Cayman Islands | &nbsp;&nbsp; Cayman Islands |
| &nbsp;&nbsp; Industrials | 0 | 185 | 0 | 185 |
| &nbsp;&nbsp; Denmark | &nbsp;&nbsp; Denmark | &nbsp;&nbsp; Denmark | &nbsp;&nbsp; Denmark | &nbsp;&nbsp; Denmark |
| &nbsp;&nbsp; Banking & Finance | 0 | 400 | 0 | 400 |
| &nbsp;&nbsp; France | &nbsp;&nbsp; France | &nbsp;&nbsp; France | &nbsp;&nbsp; France | &nbsp;&nbsp; France |
| &nbsp;&nbsp; Banking & Finance | 0 | 490 | 0 | 490 |
| &nbsp;&nbsp; Germany | &nbsp;&nbsp; Germany | &nbsp;&nbsp; Germany | &nbsp;&nbsp; Germany | &nbsp;&nbsp; Germany |
| &nbsp;&nbsp; Banking & Finance | 0 | 586 | 0 | 586 |
| &nbsp;&nbsp; Ireland | &nbsp;&nbsp; Ireland | &nbsp;&nbsp; Ireland | &nbsp;&nbsp; Ireland | &nbsp;&nbsp; Ireland |
| &nbsp;&nbsp; Banking & Finance | 0 | 175 | 0 | 175 |
| &nbsp;&nbsp; Japan | &nbsp;&nbsp; Japan | &nbsp;&nbsp; Japan | &nbsp;&nbsp; Japan | &nbsp;&nbsp; Japan |
| &nbsp;&nbsp; Industrials | 0 | 946 | 0 | 946 |
| &nbsp;&nbsp; Netherlands | &nbsp;&nbsp; Netherlands | &nbsp;&nbsp; Netherlands | &nbsp;&nbsp; Netherlands | &nbsp;&nbsp; Netherlands |
| &nbsp;&nbsp; Banking & Finance | 0 | 963 | 0 | 963 |
| &nbsp;&nbsp; South Korea | &nbsp;&nbsp; South Korea | &nbsp;&nbsp; South Korea | &nbsp;&nbsp; South Korea | &nbsp;&nbsp; South Korea |
| &nbsp;&nbsp; Banking & Finance | 0 | 481 | 0 | 481 |
| &nbsp;&nbsp; Switzerland | &nbsp;&nbsp; Switzerland | &nbsp;&nbsp; Switzerland | &nbsp;&nbsp; Switzerland | &nbsp;&nbsp; Switzerland |
| &nbsp;&nbsp; Banking & Finance | 0 | 2061 | 0 | 2061 |
| &nbsp;&nbsp; United Kingdom | &nbsp;&nbsp; United Kingdom | &nbsp;&nbsp; United Kingdom | &nbsp;&nbsp; United Kingdom | &nbsp;&nbsp; United Kingdom |
| &nbsp;&nbsp; Banking & Finance | 0 | 919 | 0 | 919 |
| &nbsp;&nbsp; United States | &nbsp;&nbsp; United States | &nbsp;&nbsp; United States | &nbsp;&nbsp; United States | &nbsp;&nbsp; United States |
| &nbsp;&nbsp; Banking & Finance | 0 | 2932 | 0 | 2932 |
| &nbsp;&nbsp; Industrials | 0 | 2460 | 0 | 2460 |
| &nbsp;&nbsp; Utilities | 0 | 387 | 0 | 387 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities |
| &nbsp;&nbsp; United Kingdom | $0 | $261 | $0 | $261 |
| &nbsp;&nbsp; United States | 0 | 5332 | 0 | 5332 |
|  U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies |
| &nbsp;&nbsp; United States | 0 | 613 | 0 | 613 |
|  U.S. Treasury Obligations | U.S. Treasury Obligations | U.S. Treasury Obligations | U.S. Treasury Obligations | U.S. Treasury Obligations |
| &nbsp;&nbsp; United States | 0 | 6985 | 0 | 6985 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Commercial Paper | 0 | 2347 | 0 | 2347 |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 6115 | 0 | 6115 |
| &nbsp;&nbsp; Short-Term Notes | 0 | 506 | 0 | 506 |
| &nbsp;&nbsp; Hungary Treasury Bills | 0 | 871 | 0 | 871 |
| &nbsp;&nbsp; Israel Treasury Bills | 0 | 398 | 0 | 398 |
| &nbsp;&nbsp; Japan Treasury Bills | 0 | 14784 | 0 | 14784 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 65898 | 0 | 65898 |
|  Total Investments | $0 | $168175 | $0 | $168175 |
|  **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 | 1 | 55 | 0 | 56 |
|  Over the counter | 0 | 84 | 0 | 84 |
|  | $1 | $139 | $0 | $140 |
|  **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 | (1145) | (55) | 0 | (1200) |
|  Over the counter | 0 | (1546) | 0 | (1546) |
|  | $(1145) | $(1601) | $0 | $(2746) |
|  Total Financial Derivative Instruments | $(1144) | $(1462) | $0 | $(2606) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1144) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166713 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165569 |

---

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 Equity Series VIT<sup>®</sup> (the "Trust") is a Delaware statutory trust established under a trust instrument dated March 30, 2010. 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 and Advisor Class shares of the PIMCO StocksPLUS<sup>®</sup> Global 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.

Distributions received from investments such as real estate investment trust securities, may include a return of capital invested. Such distributions reduce the cost basis of the respective securities. Return of capital distributions, if any, in excess of the cost basis of the security are recognized as capital gain.

(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 class have exclusive voting rights regarding any matter relating solely to

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| | |
|:---|:---|
| **24** | **PIMCO EQUITY SERIES VIT** |

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

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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| | | | |
|:---|:---|:---|:---|
| **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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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.

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

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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.

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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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;129 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(127) | $&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;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $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;61 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61) | $&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 | $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.

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.

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

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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.

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 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.

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(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.

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(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

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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.

(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.

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.

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.

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.

Interest Rate Risk is the risk that fixed income securities and dividend- paying equity 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.

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.

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.

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.

Collateralized Loan Obligations Risk is the risk that investing in collateralized loan obligations ("CLOs") and other similarly structured investments exposes the Portfolio to heightened credit risk, interest rate risk, liquidity risk, market risk and prepayment and extension risk, as well as the risk of default on the underlying asset. In addition,

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investments in CLOs carry additional risks including, but not limited to, the risk that: (i) distributions from the collateral may not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the Portfolio may invest in tranches of CLOs that are subordinate to other tranches; (iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors regarding the characterization of proceeds; and (v) the CLO's manager may perform poorly.

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.

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.

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.

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.

(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.

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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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| **38** | **PIMCO EQUITY SERIES VIT** |

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December 31, 2022

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.

The Investment Advisory Fee and Supervisory and Administrative Fees for all classes, as applicable, are charged at the annual rate as noted in

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

---

the following table (calculated as a percentage of the Portfolio's average daily net assets attributable to each class):

---

| | | | |
|:---|:---|:---|:---|
| **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** |
| 0.30% | 0.31% | 0.31% \* | 0.31% |

---

\* 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 a Distribution and Servicing Plan with respect to the Advisor Class shares of the Portfolio pursuant to Rule 12b-1 under the Act (the "Distribution and Servicing Plan"). The Distribution and Servicing Plan allows 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 Administrative 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. The Distribution and Servicing Plan for Administrative Class 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 0.15% of its average daily net assets attributable to its Administrative Class shares.

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| | | |
|:---|:---|:---|
|  | **Distribution Fee** | **Servicing Fee** |
|  **Administrative Class\*** |  | 0.15% |
|  **Advisor Class** | 0.25% |  |

---

\* 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 ("class-specific expenses"). 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 investment advisory contract or 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. The total recoverable amounts to PIMCO (from the Fee Limitation Agreement and Expense Limitation Agreement combined) at December 31, 2022, were as follows (amounts in thousands<sup>†</sup>):

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| | | | |
|:---|:---|:---|:---|
| **Expiring Within** | **Expiring Within** | **Expiring Within** | |
| **12 months** | **13-24 months** | **25-36 months** | **Total** |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 |

---

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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 EQUITY SERIES VIT** |

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December 31, 2022

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;11873 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10778 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37550 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15675 |

---

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| | |
|:---|:---|
| <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 | 35 | $229 | 27 | $243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 578 | 3668 | 71 | 657 |
|  **Issued as reinvestment of distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 1221 | 7626 | 427 | 3945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | 6709 | 40824 | 2341 | 21186 |
|  **Cost of shares redeemed** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (671) | (4958) | (483) | (4588) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisor Class | (4000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26823) | (4245) | (39504) |
|  **Net increase (decrease) resulting from Portfolio share transactions** | 3872 | $20566 | (1862) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18061) |

---

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| | |
|:---|:---|
| <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 93% of the Portfolio. 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.

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

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

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

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

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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 StocksPLUS<sup>®</sup> Global Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;365 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;(2975) | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;(45008) | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;(47618) |

---

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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 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 StocksPLUS<sup>®</sup> Global Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;18312 | $&nbsp;&nbsp;&nbsp;&nbsp;26696 |

---

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

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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>):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal <br>Tax Cost** | **Unrealized <br>Appreciation** | **Unrealized <br>(Depreciation)** | **Net Unrealized<br>Appreciation/<br>(Depreciation)<sup>(7)</sup>** |
|  PIMCO StocksPLUS<sup>®</sup> Global Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;164239 | $&nbsp;&nbsp;&nbsp;&nbsp;4156 | $&nbsp;&nbsp;&nbsp;&nbsp;(7123) | $&nbsp;&nbsp;&nbsp;&nbsp;(2967) |

---

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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. 

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 StocksPLUS<sup>®</sup> Global Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;19881 | $&nbsp;&nbsp;&nbsp;&nbsp;28569 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;9831 | $&nbsp;&nbsp;&nbsp;&nbsp;15300 | $&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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**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of PIMCO Equity Series VIT<sup>®</sup> and Shareholders of PIMCO StocksPLUS<sup>®</sup> Global Portfolio

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of PIMCO StocksPLUS<sup>®</sup> Global Portfolio (constituting PIMCO Equity Series VIT<sup>®</sup>, 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 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 Equity Series VIT<sup>®</sup> since 2010.

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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 | **RBC** | Royal Bank of Canada |
| **BPS** | BNP Paribas S.A. | **GLM** | Goldman Sachs Bank USA | **SCX** | Standard Chartered Bank, London |
| **BRC** | Barclays Bank PLC | **JPM** | JP Morgan Chase Bank N.A. | **TOR** | The Toronto-Dominion Bank |
| **CBK** | Citibank N.A. | **MBC** | HSBC Bank Plc | **UAG** | UBS AG Stamford |
| **CLY** | Crédit Agricole Corporate and Investment Bank | **MYI** | Morgan Stanley & Co. International PLC |  |  |
|  **Currency Abbreviations:** | **Currency Abbreviations:** |  |  |  |  |
| **AUD** | Australian Dollar | **GBP** | British Pound | **JPY** | Japanese Yen |
| **CHF** | Swiss Franc | **HUF** | Hungarian Forint | **MXN** | Mexican Peso |
| **EUR** | Euro | **ILS** | Israeli Shekel | **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 | **SOFR** | Secured Overnight Financing Rate |
| **CDX.HY** | Credit Derivatives Index - High Yield | **EUR003M** | 3 Month EUR Swap Rate | **SOFRINDX** | Secured Overnight Financing Rate Index |
| **CDX.IG** | Credit Derivatives Index - Investment Grade | **S&P 500** | Standard & Poor's 500 Index | **US0003M** | ICE 3-Month USD LIBOR |
|  **Other Abbreviations:** | **Other Abbreviations:** |  |  |  |  |
| **ABS** | Asset-Backed Security | **LIBOR** | London Interbank Offered Rate | **OIS** | Overnight Index Swap |
| **CLO** | Collateralized Loan Obligation | **MSCI** | Morgan Stanley Capital International | **TBA** | To-Be-Announced  |
| **DAC** | Designated Activity Company |  |  |  |  |

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

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

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| **Distribution Information** | (Unaudited) |

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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.

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| | | | | |
|:---|:---|:---|:---|:---|
| **PIMCO StocksPLUS<sup>®</sup> Global Portfolio** | **PIMCO StocksPLUS<sup>®</sup> Global Portfolio** | **PIMCO StocksPLUS<sup>®</sup> Global Portfolio** | **PIMCO StocksPLUS<sup>®</sup> Global Portfolio** | **PIMCO StocksPLUS<sup>®</sup> Global 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 | $0.0192 | $0.0000 | $0.0000 | $0.0192 |
|  October 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  November 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  December 2022 | $0.0437 | $0.0000 | $0.0000 | $0.0437 |
| **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 | $0.0156 | $0.0000 | $0.0000 | $0.0156 |
|  October 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  November 2022 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  December 2022 | $0.0395 | $0.0000 | $0.0000 | $0.0395 |

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\* 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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| **46** | **PIMCO EQUITY SERIES VIT** |

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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 StocksPLUS<sup>®</sup> Global Portfolio | 0% | 0% | $&nbsp;&nbsp;&nbsp;&nbsp;2250 | $&nbsp;&nbsp;&nbsp;&nbsp;17600 | $&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 StocksPLUS<sup>®</sup> Global Portfolio | 0% |

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|:---|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **47** |

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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* | 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 Variable Insurance Trust, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. Formerly, Chief Administrative Officer, PIMCO. | 158 | Chairman and Trustee, PIMCO Equity Series, PIMCO Funds, PIMCO Variable Insurance Trust and PIMCO ETF Trust. |
| **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 Equity Series, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust. |
| **Independent Trustees** |  |  |  |  |
| **George E. Borst (1948)**<br> *Trustee* | 05/2019 to present | Executive Advisor, McKinsey & Company; Formerly, Executive Advisor, Toyota Financial Services; and CEO, Toyota Financial Services. | 158 | Trustee, PIMCO Equity Series, PIMCO Funds, PIMCO Variable Insurance Trust and PIMCO ETF Trust; Director, MarineMax Inc. |
| **Jennifer Holden Dunbar (1963)**<br> *Trustee* | 02/2016 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 Equity Series, PIMCO Funds; PIMCO Variable Insurance Trust and PIMCO ETF Trust. Director, PS Business Parks; Director, Big 5 Sporting Goods Corporation. |
| **Kym M. Hubbard (1957)**<br> *Trustee* | 05/2019 to present | Formerly, Global Head of Investments, Chief Investment Officer and Treasurer, Ernst & Young. | 158 | Trustee, PIMCO Equity Series, PIMCO Funds, PIMCO Variable Insurance Trust and PIMCO ETF Trust; Director, State Auto Financial Corporation. |
| **Gary F. Kennedy (1955)**<br> *Trustee* | 05/2019 to present | Formerly, Senior Vice President, General Counsel and Chief Compliance Officer, American Airlines and AMR Corporation (now American Airlines Group). | 158 | Trustee, PIMCO Equity Series, PIMCO Funds, PIMCO Variable Insurance Trust and PIMCO ETF Trust. |
| **Peter B. McCarthy (1950)**<br> *Trustee* | 09/2011 to present | Formerly, Assistant Secretary and Chief Financial Officer, United States Department of Treasury; Deputy Managing Director, Institute of International Finance. | 158 | Trustee, PIMCO Equity Series, PIMCO Funds, PIMCO Variable Insurance Trust and PIMCO ETF Trust. |
| **Ronald C. Parker (1951)** <br>*Lead Independent Trustee* | 02/2016 to present<br>Lead Independent Trustee<br> 05/2019 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 Equity Series, PIMCO Funds, PIMCO Variable Insurance Trust and PIMCO ETF Trust. |

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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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| **48** | **PIMCO EQUITY SERIES VIT** |

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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**<br> **and 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 Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, 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 Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series. 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 Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, 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 Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, 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 Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, 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 Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series. 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 Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, 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 Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, 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 Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series. |
| **Mark A. Jelic (1981)** <br>*Vice President* | 08/2021 to present | Senior Vice President, PIMCO. Vice President, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, 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 Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, 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 Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, 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 Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, 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 Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Managed Accounts Trust, PIMCO-Sponsored Interval Funds and PIMCO-Sponsored Closed-End Funds. |
| **Erik C. Brown (1967)\*\*\*** <br>*Assistant Treasurer* | 03/2010 to present | Executive Vice President, PIMCO. Assistant Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, 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 Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series. 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 Variable Insurance Trust, PIMCO ETF Trust and PIMCO Equity Series. |

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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 | **49** |

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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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| **50** | **PIMCO EQUITY SERIES VIT** |

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

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

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Approval of Renewal of the Investment Advisory Contract and Supervision and Administration Agreement

At a meeting held on August 23-24, 2022, the Board of Trustees (the "Board") of PIMCO Equity Series VIT (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 Investment Advisory Contract (the "Investment Advisory Contract") between the Trust, on behalf of the PIMCO StocksPLUS<sup>®</sup> Global Portfolio (the "Portfolio"), 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 Supervision and Administration Agreement (together with the Investment Advisory Contract, the "Agreements") between the Trust, on behalf of the Portfolio, and PIMCO for an 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 to the Trust. At each of its quarterly meetings, the Board reviewed the Portfolio's investment performance and a significant amount of information relating to Portfolio operations, including shareholder services, valuation and custody, the Portfolio's compliance program and other information relating to the nature, extent and quality of services provided by PIMCO to the Trust and the Portfolio. In considering whether to approve the renewal of the 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; information regarding the profitability to PIMCO of its relationship with the Portfolio; information about the personnel providing investment management services, other advisory services and supervisory and administrative services to the Portfolio; and information about the fees charged and services provided to other clients with similar investment mandates as the Portfolio, 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.

(b) Review Process: In connection with considering the renewal of the Agreements, the Board reviewed written materials prepared by PIMCO 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 peer group funds and share classes. The Independent Trustees also requested and received supplemental information, including information regarding 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, its 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 Portfolio's asset level. 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

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|:---|:---|:---|:---|
| **ANNUAL REPORT** | \| | DECEMBER 31, 2022 | **51** |

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

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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 Portfolio, and its commitment to further developing and strengthening these programs; its oversight of matters that may involve conflicts of interest between the Portfolio's investments and those of other accounts managed by PIMCO; and its efforts to keep the Trustees informed about matters relevant to the Portfolio and its 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 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 Funds. Ultimately, the Board concluded that the nature, extent and quality of services provided or procured by PIMCO under the Agreements are likely to continue to benefit the Portfolio and its shareholders.

(b) Other Services: The Board also considered the nature, extent and quality of supervisory and administrative services provided by PIMCO to the Portfolio 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 Portfolio, 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 Portfolio and its shareholders.

3. INVESTMENT PERFORMANCE

The Board reviewed information from PIMCO concerning the Portfolio's 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 Portfolio's 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 Portfolio because it was believed that Morningstar provided a materially improved comparison.

The Board considered information regarding both the short- and long-term investment performance of the Portfolio relative to its 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. PIMCO reported to the Board that, according to the Broadridge Report, the Portfolio (based on Institutional Class performance) outperformed the median for its performance universe over the one-, three-, and five- year periods ended March 31, 2022, but that it underperformed its benchmark index for all periods presented. PIMCO reported to the Board on the reasons for the Portfolio's underperformance and actions that have been taken by PIMCO to attempt to improve performance. Depending on the circumstances, the Independent Trustees may be satisfied with the Portfolio's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

The Board ultimately concluded, within the context of all of its considerations in connection with the Agreements, that PIMCO's performance record and process in managing the Portfolio indicates that its continued management is likely to benefit the Portfolio and its shareholders, and merits the approval of the renewal of the 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 with reference to the total expense ratio of the respective Broadridge median, if available, while providing a premium for innovative investment offerings. PIMCO reported to the Board that, in proposing fees for the 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. The Board also considered that PIMCO reviews the Portfolio's fee levels and carefully considers changes where appropriate.

The Board reviewed the advisory fees, supervisory and administrative fees and total expenses of the Portfolio (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. With respect to advisory fees, the Board reviewed data from the Broadridge Report that

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|:---|:---|
| **52** | **PIMCO EQUITY SERIES VIT** |

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(Unaudited)

compared the average and median advisory fees of other funds in a "Peer Group" of comparable funds, where appropriate, as well as universe of other similar funds. The Board also reviewed data comparing the Portfolio's advisory fees to the fee rates PIMCO charged to separate accounts with similar investment strategies.

The Board considered the Portfolio's 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 Portfolio's business has become increasingly complex, 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 Portfolio, 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 Portfolio's 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 the Portfolio to scale at inception and reinvesting in other important areas of the business that support the Portfolio. The Board considered historical advisory fee reductions implemented for the Portfolio, 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 concluded that the Portfolio's 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 Portfolio and its shareholders.

The Board noted that the Portfolio's total expenses were lower than those of the competitor funds and discussed the Portfolio's expenses with PIMCO. Upon comparing the Portfolio's total expenses to the total expenses of other funds in the expense group in the Broadridge Report, the Board found total expenses of the Portfolio to be reasonable.

Based on the information presented by PIMCO, 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, as well as the total expenses of the 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 Portfolio. Additionally, the Board discussed PIMCO's pre- and post-distribution profit margin ranges with respect to the Trust, 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 Portfolio, PIMCO shares the benefits of such economies of scale with the Portfolio, if any, and its 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 the pricing of the Portfolio to scale from inception and the enhancement of services provided to the Portfolio in return for fees paid. The Board considered that the Portfolio's unified fee rate had been set competitively and/or priced to scale from inception and continued to be competitive compared with peers. The Board also considered that the unified fee is a transparent means of informing Portfolio 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 Portfolio.

The Trustees considered that the unified fee has provided inherent economies of scale because the Portfolio maintains competitive fixed fees over the annual contract period even if the 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

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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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Trustees also considered that, unlike the Portfolio's 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 Portfolio's cost structure was reasonable and that PIMCO is appropriately sharing economies of scale, if any, through the Portfolio's unified fee structure, generally pricing the Portfolio to scale at inception and reinvesting in its business to provide enhanced and expanded services to the Portfolio and its 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 Portfolio and its shareholders, for which they may be compensated through distribution and servicing fees paid pursuant to the Portfolio's 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 Portfolio, 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 Portfolio by PIMCO supported the renewal of the Agreements. The Independent Trustees and the Board as a whole concluded that the Agreements continued to be fair and reasonable to the Portfolio and its shareholders, that the Portfolio's shareholders received reasonable value in return for the fees paid to PIMCO by the Portfolio under the Agreements, and that the renewal of the Agreements was in the best interests of the Portfolio and its shareholders.

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|:---|:---|
| **54** | **PIMCO EQUITY SERIES VIT** |

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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 Equity Series VIT.

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##### [**Table of Contents**](#toc)
**pimco.com/pvit**![LOGO](g433787g06y60.jpg)

EVIT01AR_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>

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| | | |
|:---|:---|:---|
| (a) | <u>Fiscal Year Ended</u> | <u>Audit Fees</u> |
|  | December 31, 2022 | $36423 |
|  | December 31, 2021 | $35487 |
| (b) | <u>Fiscal Year Ended</u> | <u>Audit-Related Fees</u><sup>(1)</sup> |
|  | December 31, 2022 | $— |
|  | December 31, 2021 | $— |
| (c) | <u>Fiscal Year Ended</u> | <u>Tax Fees</u> |
|  | December 31, 2022 | $3000 |
|  | December 31, 2021 | $1500 |
| (d) | <u>Fiscal Year Ended</u> | <u>All Other Fees</u><sup>(2)</sup> |
|  | December 31, 2022 | $— |
|  | December 31, 2021 | $— |

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"Audit Fees" represents aggregate fees billed for each of the last two fiscal years for professional services rendered for the audit of the PIMCO Equity Series VIT (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.

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<sup>(1)</sup> There were no "Audit-Related Fees" for the last two fiscal years.

<sup>(2)</sup> There were no "All Other Fees" for the last two fiscal years.

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&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;(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;(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 Equity Series VIT | $3000 | $1500 |
|  Pacific Investment Management Company LLC ("PIMCO") | 20915827 | 14971260 |
|  Totals | $20918827 | $14972760 |

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&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.

**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 report to shareholders filed under Item 1 of this Form N-CSR.

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

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| | |
|:---|:---|
| (a)(1) | [Exhibit 99.CODE—Code of Ethics pursuant to Section 406 of the Sarbanes-Oxley Act of 2002.](d433787dex99codeeth.htm) |
| (a)(2) | [Exhibit 99.CERT—Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](d433787dex99cert.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. |
| (b) | [Exhibit 99.906CERT—Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](d433787dex99906cert.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.

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| | |
|:---|:---|
| PIMCO Equity Series VIT | PIMCO Equity Series VIT |
| By: | /s/ Eric D. Johnson |
|  | Eric D. Johnson |
|  | President (Principal Executive Officer) |
| Date: | March 1, 2023 |

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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.

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| | |
|:---|:---|
| 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 |

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## Ex-99.Code

**<u>Code of Ethics Pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 for Principal 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.

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<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"<sup>2</sup>) 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.

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<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 reasonable<sup>3</sup> and both the
Covered Person and the giver are present<sup>4</sup>; or (iii) gifts or meals/conferences/events received from the Covered Person's employer;

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<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.<sup>5</sup> 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.

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<sup>5</sup> 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> | <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> 

---

| | | | |
|:---|:---|:---|:---|
| **Trust** | **Principal Executive Officer** | **Principal Financial Officer** | **Principal Accounting Officer** |
|  PIMCO Funds | Eric D. Johnson | Bijal Parikh | Bijal Parikh |
|  PVIT | Eric D. Johnson | Bijal Parikh | Bijal Parikh |
|  ETF | Eric D. Johnson | Bijal Parikh | Bijal Parikh |
|  PES | Eric D. Johnson | Bijal Parikh | Bijal Parikh |
|  PESVIT | Eric D. Johnson | Bijal Parikh | Bijal Parikh |
|  PIMCO Managed Accounts Trust | Eric D. Johnson | Bijal Parikh | Bijal Parikh |
|  PIMCO Sponsored Closed-End Funds | Eric D. Johnson | Bijal Parikh | Bijal Parikh |
|  PIMCO Sponsored Interval Funds | Eric D. Johnson | Bijal Parikh | Bijal Parikh |
|  PIMCO Sponsored BDCs | John W. Lane | Crystal Porter | Crystal Porter |

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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.

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**Exhibit B** 

<u>PIMCO-Affiliated Service Providers</u>\*

---

| | |
|:---|:---|
| Investment Adviser | Pacific Investment Management Company LLC ("PIMCO") |
| Principal Underwriter\*\* | PIMCO Investments LLC |
| 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.

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**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;1. I have reviewed this report on Form N-CSR of PIMCO Equity Series VIT;

&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;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;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;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)  |

---

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**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;1. I have reviewed this report on Form N-CSR of PIMCO Equity Series VIT;

&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;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;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;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 Equity Series VIT (the "Registrant") each certify that to his knowledge:

&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;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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By: | /s/ Bijal Y. Parikh |
| Name: | Eric D. Johnson | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: | Bijal Y. Parikh |
| Title: | President (Principal Executive Officer) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: | Treasurer (Principal Financial & Accounting Officer) |
| Date: | March 1, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.